<SEC-DOCUMENT>0001459862-13-000004.txt : 20130508
<SEC-HEADER>0001459862-13-000004.hdr.sgml : 20130508
<ACCEPTANCE-DATETIME>20130508115208
ACCESSION NUMBER:		0001459862-13-000004
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20130331
FILED AS OF DATE:		20130508
DATE AS OF CHANGE:		20130508

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETFS PALLADIUM TRUST
		CENTRAL INDEX KEY:			0001459862
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34589
		FILM NUMBER:		13823405

	BUSINESS ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-918-5954

	MAIL ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>pall-20130331x10q.htm
<DESCRIPTION>10-Q
<TEXT>
<!--HTML document created with Crossfire by Rivet Software-->
<!--Created on: 08/05/2013 16:46:38-->
<html>
	<head>
		<title>
			ab463642f6bf4d3
		</title>
	</head>
	<body><div style="margin-left:36pt;margin-right:36pt;"><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 14pt">
			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;font-size:14pt;">UNITED STATES SECURITIES AND EXCHANGE COMMISSION</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-size:12pt;">Washington, D.C. 20549</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 18pt">
			<font style="display: inline;font-weight:bold;font-size:18pt;">Form 10-Q </font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 18.00pt; display: inline;">
			<p style="font-family:Times New Roman;font-size: 12pt">
				<font style="margin:8pt 0pt 0pt;font-family:Wingdings;font-size:12pt;"> x</font>
			</p>
		</td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-size:12pt;">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 18pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">For the Quarterly Period Ended </font><font style="display: inline;font-weight:bold;">March 31, 2013</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt 18pt;text-indent: -18pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">Or</font>
		</p>
		<div style="width:100%"><table style="" cellpadding="0" cellspacing="0"><tr><td align="left" valign="top" style="width: 18.00pt; display: inline;">
			<p style="font-family:Times New Roman;font-size: 12pt">
				<font style="margin:8pt 0pt 0pt;font-family:Wingdings;font-size:12pt;"> o</font>
			</p>
		</td><td align="left" valign="top">
			<p style="font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-size:12pt;">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 18pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">For the Transition Period from _____________ to _____________</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Commission File Number: 001-34589</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:40.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.00%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:40.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 24pt">
			<font style="display: inline;font-weight:bold;font-size:24pt;">ETFS PALLADIUM TRUST</font>
		</p>
		<p style="margin:0pt 0pt 8pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(Exact name of registrant as specified in its charter)</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">New York</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">26-4733157</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(State or other jurisdiction of incorporation or</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(I.R.S. Employer Identification No.)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">organization)</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">c/o ETF Securities USA LLC</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">48 Wall Street, 11</font><sup style="display: inline;font-weight:bold;line-height:155%">th</sup><font style="display: inline;font-weight:bold;"> Floor</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">New York, NY</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">10005</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Address of principal executive offices)</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Zip Code)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">Registrant&#x2019;s telephone number, including area code: </font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">(212) 918-4954</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Yes </font><font style="display: inline;font-family:Wingdings;">x</font><font style="display: inline;"> No </font><font style="display: inline;font-family:Wingdings;font-family:Wingdings;">o</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#xA7;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Yes </font><font style="display: inline;font-family:Wingdings;">x</font><font style="display: inline;"> No </font><font style="display: inline;font-family:Wingdings;font-family:Wingdings;">o</font>
		</p>
		<p style="margin:8pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#x201C;large accelerated filer&#x201D;, &#x201C;accelerated filer&#x201D;, and &#x201C;smaller reporting company&#x201D; in Rule 12b-2 of the Exchange Act. </font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width:538.50pt;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:155.95pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:113.40pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:163.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:106.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:155.95pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Large accelerated filer</font></p>
				</td>
				<td valign="top" style="width:113.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Wingdings;font-family:Wingdings;">o</font></p>
				</td>
				<td valign="top" style="width:163.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Accelerated filer</font></p>
				</td>
				<td valign="top" style="width:106.30pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Wingdings;font-family:Wingdings;">x</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:155.95pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Non accelerated filer</font></p>
				</td>
				<td valign="top" style="width:113.40pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Wingdings;font-family:Wingdings;">o</font></p>
				</td>
				<td valign="top" style="width:163.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Smaller reporting company</font></p>
				</td>
				<td valign="top" style="width:106.30pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-family:Wingdings;font-family:Wingdings;">o</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Yes </font><font style="display: inline;font-family:Wingdings;font-family:Wingdings;">o</font><font style="display: inline;"> No </font><font style="display: inline;font-family:Wingdings;">x</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">As of </font><font style="display: inline;">May</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">6</font><font style="display: inline;">, 201</font><font style="display: inline;">3</font><font style="display: inline;">, ETFS Palladium Trust h</font><font style="display: inline;">ad </font><font style="display: inline;">8</font><font style="display: inline;">,</font><font style="display: inline;">10</font><font style="display: inline;">0,000 ETFS</font><font style="display: inline;"> Physical Palladium Shares outstanding. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font><font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">FORM 10-Q</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">FOR THE QUARTER ENDED </font><font style="display: inline;font-weight:bold;">MARCH 31, 2013</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">INDEX</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:25.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:205.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:10.00pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="width:92.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART1"><font style="display: inline;">PART I. FINANCIAL INFORMATION</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART1Item1"><font style="display: inline;">Item 1.</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART1Item1"><font style="display: inline;">Condensed Financial Statements (Unaudited)</font></a></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART1Item2"><font style="display: inline;">Item 2.</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART1Item2"><font style="display: inline;">Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations</font></a></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART1Item3"><font style="display: inline;">Item 3.</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART1Item3"><font style="display: inline;">Quantitative and Qualitative Disclosures About Market Risk</font></a></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART1Item4"><font style="display: inline;">Item 4.</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART1Item4"><font style="display: inline;">Controls and Procedures</font></a></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART1Item4T"><font style="display: inline;">Item 4T.</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART1Item4T"><font style="display: inline;">Controls and Procedures</font></a></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="width:92.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2"><font style="display: inline;">PART II. OTHER INFORMATION</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item1"><font style="display: inline;">Item 1.</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item1"><font style="display: inline;">Legal Proceedings</font></a></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item1A"><font style="display: inline;">Item 1.A</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item1A"><font style="display: inline;">Risk Factors</font></a></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item2"><font style="display: inline;">Item 2.</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item2"><font style="display: inline;">Unregistered Sales of Equity Securities and Use of Proceeds</font></a></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item3"><font style="display: inline;">Item 3.</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item3"><font style="display: inline;">Defaults Upon Senior Securities</font></a></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item4"><font style="display: inline;">Item 4.</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item4"><font style="display: inline;">Mine Safety Disclosures</font></a></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item5"><font style="display: inline;">Item 5.</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item5"><font style="display: inline;">Other Information</font></a></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item6"><font style="display: inline;">Item 6.</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<a href="#PART2Item6"><font style="display: inline;">Exhibits</font></a></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:10.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:82.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td colspan="2" valign="top" style="width:92.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<a href="#SIGNATURES"><font style="display: inline;">SIGNATURES</font></a><font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:04.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:04.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			&nbsp;
		</p></div><div style="margin-left:36pt">
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			&nbsp;
		</p></div><div style="margin-left:36pt">
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<a name="PART1"></a><font style="display: inline;font-weight:bold;">P</font><a name="c71085f001_v1"></a><font style="display: inline;font-weight:bold;">ART I. FINANCIAL INFORMATION</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<a name="PART1Item1"></a><font style="display: inline;font-weight:bold;">I</font><a name="c71085f002_v1"></a><font style="display: inline;font-weight:bold;">tem 1. Condensed Financial Statements (Unaudited) </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-size:12pt;">Condensed Statements of </font><font style="display: inline;font-size:12pt;">Financial Condition (Unaudited)</font><br /><font style="display: inline;font-size:12pt;"></font><font style="display: inline;">At</font><font style="display: inline;"> March 31, 2013 and December 31, 2012</font>
		</p>
		<p style="margin:0pt 0pt 0pt 18pt;line-height:normal;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:18.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:18.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012 (3)</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$)</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">ASSETS</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Investment in palladium (1)</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>486,147&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Total assets</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>486,147&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">LIABILITIES</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Fees payable to Sponsor</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>301&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>255&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Total liabilities</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>301&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>255&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">REDEEMABLE SHARES AND SHAREHOLDERS' DEFICIT</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Shares at redemption value to investors (2)</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>589,047&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>497,765&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Shareholders' deficit</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(103,201)
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(52,982)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:60.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Total liabilities, redeemable Shares &amp; shareholders' deficit</font></p>
				</td>
				<td valign="bottom" style="width:01.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:17.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>486,147&nbsp;
				</td>
				<td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:17.32%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:8pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(1)</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:6pt">&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">The investment in palladium is valued at the lower of cost or market value.&nbsp;&nbsp;Refer to note 2.1 for a breakdown of cost and market value of the investment in palladium.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(2)</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:6pt">&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">Authorized</font><font style="display: inline;"> share capital is </font><font style="display: inline;">unlimited</font><font style="display: inline;"> with no par value per </font><font style="display: inline;">S</font><font style="display: inline;">hare. Shares issued and outstanding at </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;"> were </font><font style="display: inline;">7,800,000</font><font style="display: inline;"> and at </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;"> were </font><font style="display: inline;">7,250,000</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(3)</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:6pt">&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">Derived from audited Statement of Financial Condition as of </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;">. &nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt 18pt;text-indent: -18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">See Notes to the Unaudited Condensed Financial Statements</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">1</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font><font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-size:12pt;">Condensed State</font><font style="display: inline;font-size:12pt;">ments of Operations (Unaudited)</font><br /><font style="display: inline;font-size:12pt;"></font><font style="display: inline;">For the</font><font style="display: inline;"> three months ended March 31, 2013 and 2012</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-weight:bold;font-style:italic;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$, except for Share and per Share data)</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">REVENUES</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Value of palladium transferred to pay expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>775&nbsp;
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>632&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Cost of palladium transferred to pay expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(678)
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(575)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Gain on palladium transferred to pay expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97&nbsp;
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Gain on palladium distributed for the redemption of Shares</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>632&nbsp;
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Total gain on palladium</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>729&nbsp;
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">EXPENSES</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Sponsor's Fee</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>821&nbsp;
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>689&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Total expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>821&nbsp;
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>689&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Net loss from operations</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(92)
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(632)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">Net loss per Share</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.01)
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(0.09)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:56.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">Weighted average number of Shares</font></p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,582,222&nbsp;
				</td>
				<td valign="bottom" style="width:03.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:18.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,986,813&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">See Notes to the Unaudited Condensed Financial Statements</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">2</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font><font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-size:12pt;">Condensed Statements of Cash Flows (Unaudited) </font><br /><font style="display: inline;font-size:12pt;"></font><font style="display: inline;">For the</font><font style="display: inline;"> three months ended March 31, 2013 and 2012</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-weight:bold;font-style:italic;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$)</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">INCREASE IN CASH FROM OPERATIONS:</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Cash proceeds received from transfer of palladium</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Cash expenses paid</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Increase in cash resulting from operations</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Cash and cash equivalents at beginning of period</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Cash and cash equivalents at end of period</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">Value of palladium received for creation of Shares </font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,922&nbsp;
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136,427&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">Value of palladium distributed for redemption of Shares - at average cost </font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,135&nbsp;
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">RECONCILIATION OF NET LOSS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:38pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Net loss from operations</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(92)
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(632)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Adjustments to reconcile net loss to net cash provided by operating activities:</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Increase in palladium assets</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(41,109)
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(135,852)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Increase in fees payable to Sponsor</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46&nbsp;
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>57&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Increase / (decrease) in redeemable Shares:</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,922&nbsp;
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>136,427&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt 12pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,767)
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Net cash provided by operating activities</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 3.25pt 0.05pt 0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;"> -&nbsp; </font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:25pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:49.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">Value of palladium transferred to pay expenses</font></p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>775&nbsp;
				</td>
				<td valign="bottom" style="width:03.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:21.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>632&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">See Notes to the Unaudited Condensed Financial Statements</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">3</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-size:12pt;">Condensed Statement of Changes in Shareholders&#x2019; Deficit (Unaudited)</font><font style="display: inline;font-size:12pt;">&nbsp;</font><br /><font style="display: inline;font-size:12pt;"></font><font style="display: inline;">For the </font><font style="display: inline;">three months ended March 31, 2013</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:80.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$)</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Shareholders' deficit - opening balance</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:17.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(52,982)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Net loss for the period</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(92)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Adjustment of redeemable Shares to redemption value</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:17.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(50,127)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:80.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Shareholders' deficit - closing balance</font></p>
				</td>
				<td valign="bottom" style="width:02.14%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:17.46%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(103,201)
				</td>
			</tr>
		</table></div>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">See Notes to the Unaudited Condensed Financial Statements</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			&nbsp;
		</p></div><div style="margin-left:36pt">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">4</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 12pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;">Notes to the Unaudited Condensed Financial Statements</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;">1. Organization </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The ETFS Palladium Trust (the &#x201C;Trust&#x201D;) is an investment trust formed on December 30, 2009</font><font style="display: inline;"> (th</font><font style="display: inline;">e</font><font style="display: inline;"> &#x201C;Date of Inception&#x201D;)</font><font style="display: inline;">, under New York law pursuant to a depositary trust agreement (the &#x201C;Trust Agreement&#x201D;) executed by ETF Securities USA LLC (the &#x201C;Sponsor&#x201D;) and the Bank of New York Mellon (the &#x201C;Trustee&#x201D;) at the time of the Trust&#x2019;s organization. The Trust holds palladium bullion and issues ETF</font><font style="display: inline;">S Physical Palladium Shares (</font><font style="display: inline;">&#x201C;Shares&#x201D;) (in minimum blocks of </font><font style="display: inline;">50,000</font><font style="display: inline;"> Shares, also referred to as &#x201C;Baskets&#x201D;) in exchange for deposits of palladium and distributes palladium in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of ETF Securities Limited, a Jersey, Channel Islands based company. The Trust is governed by the Trust Agreement.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The investment objective of the Trust is for the Shares to reflect the performance of the price of palladium, less the Trust&#x2019;s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a &#x201C;Shareholder&#x201D;) an opportunity to participate in the palladium market through an investment in securities. The fiscal year end for the Trust is December 31.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The accompanying unaudited condensed financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America for interim financial information and with the instructions for the Form 10-Q. In the opinion of the Trust&#x2019;s management, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the </font><font style="display: inline;">three months ended March 31, 2013</font><font style="display: inline;"> and for all periods presented have been made.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed financial statements should be read in conjunction with the Trust&#x2019;s Annual Report on Form 10-K for the fiscal year ended </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;">. The results of operations for the </font><font style="display: inline;">three months ended March 31, 2013</font><font style="display: inline;"> are not necessarily indicative of the operating results for the full year. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			&nbsp;
		</p></div><div style="margin-left:36pt">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2. Significant Accounting Policies </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">5</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 12pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;">2. Significant Accounting Policies (Continued)</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">2.1. Valuation of Palladium</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Palladium is held by JPMorgan Chase Bank, N.A. (the &#x201C;Custodian&#x201D;), on behalf of the Trust, and is valued, for financial statement purposes, at the lower of cost or market. The cost of palladium is determined according to the average cost method and the market value is based on the London PM Fix used to determine the net asset value (the &#x201C;NAV&#x201D;) of the Trust. Realized gains and losses on transfers of palladium, or palladium distributed for the redemption of Shares, are calculated on a trade date basis using average cost. The London PM Fix is set using the afternoon session of the twice daily fix of the price of an ounce of palladium by the four members of the London Platinum and Palladium Market at approximately 2:00 PM London time, on each working day.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Once the value of palladium has been determined, the NAV is computed by the Trustee by deducting all accrued fees and other liabilities of the Trust, including the remuneration due to the Sponsor (the &#x201C;Sponsor&#x2019;s Fee&#x201D;), from the fair value of the palladium and all other assets held by the Trust. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The table below summarizes the unrealized gains on the Trust&#x2019;s palladium holdings as of March 31, 2013 and December 31, 2012</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$)</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Investment in palladium - average cost</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>486,147&nbsp;
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Unrealized gain on investment in palladium</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103,201&nbsp;
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52,982&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Investment in palladium - market value</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>589,348&nbsp;
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>498,020&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust recognizes the diminution in value of the investment in palladium which arises from market declines on an interim basis. Increases in the value of the investment in palladium through market price recoveries in later interim periods of the same fiscal year are recognized in the later interim period. Increases in value recognized on an interim basis may not exceed the previously recognized diminution in value. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The per Share amount of palladium exchanged for a purchase or redemption is calculated daily by the Trustee, using the London PM Fix to calculate the palladium amount in respect of any liabilities for which covering palladium sales have not yet been made, and represents the per Share amount of palladium held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.2. </font><font style="display: inline;font-weight:bold;font-style:italic;">Palladium Receivable and Payable</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Palladium receivable or payable represents the quantity of palladium covered by contractually binding orders for the creation or redemption of Shares respectively, where the palladium has not yet been transferred to or from the Trust&#x2019;s account. Generally, ownership of the palladium is transferred within three business days of the trade date. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">There was no palladium receivable or payable at March 31, 2013 and December 31, 2012.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">6</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 12pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;">2. Significant Accounting Policies (Continued)</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.3. </font><font style="display: inline;font-weight:bold;font-style:italic;">Creations and Redemptions of Shares</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets. The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor, and (4) has established an Authorized Participant Unallocated Account with the Trust&#x2019;s Custodian or other palladium clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the palladium required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated palladium account, either loco London or loco Zurich, established with the Custodian or a palladium clearing bank by an Authorized Participant.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of palladium represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When palladium is exchanged in settlement of a redemption, it is considered a sale of palladium for financial statement purposes.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The amount of palladium represented by the Baskets created or redeemed can only be settled to the nearest 1/1000</font><sup style="display: inline;">th </sup><font style="display: inline;">of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of palladium to be delivered or distributed by the Trust. In order to ensure that the correct amount of palladium is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess. For each transaction, this amount is not more than 1/1000</font><sup style="display: inline;">th</sup><font style="display: inline;"> of an ounce.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Shares of the Trust are classified as &#x201C;Redeemable Shares&#x201D; for financial statement purposes, since they are subject to redemption at the option of Authorized Participants. Outstanding Shares are reflected at redemption value, which represents the maximum obligation (based on NAV per Share), with the difference from historical cost recorded as an offsetting amount to retained earnings. When palladium is exchanged in settlement of a redemption, a gain or loss in the amount of the difference between the market value on the trade date and the historical cost is recorded to the Condensed Statement of Operations. Changes in the Shares for the three months ended March 31, 2013</font><font style="display: inline;"> and for the year ended December 31, 2012 are set out below: </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Year</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$, except for Share and per Share data)</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Number of redeemable Shares</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,250,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,950,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>650,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,900,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(100,000)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,600,000)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,800,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,250,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Redeemable Shares</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>497,765&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>373,935&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,922&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>194,997&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,767)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98,852)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Adjustment to redemption value</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,127&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,685&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>589,047&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>497,765&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemption value per Share at period end</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75.52&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68.66&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">7</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 12pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;">2. Significant Accounting Policies (Continued)</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">2.4. Revenue Recognition Policy</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The primary expense of the Trust is the Sponsor&#x2019;s Fee, which is paid by the Trust through in-kind transfers of palladium to the Sponsor. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust&#x2019;s palladium as necessary to pay these expenses. When selling palladium to pay expenses, the Trustee will endeavor to sell the smallest amounts of palladium needed to pay these expenses in order to minimize the Trust&#x2019;s holdings of assets other than palladium.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Unless otherwise directed by the Sponsor, when selling palladium the Trustee will endeavor to sell at the price established by the London PM Fix. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such palladium only if the sale transaction is made at the next London PM Fix or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the palladium sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.5. </font><font style="display: inline;font-weight:bold;font-style:italic;">Income Taxes</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust is classified as a &#x201C;grantor trust&#x201D; for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust&#x2019;s income and expenses will &#x201C;flow through&#x201D; to the Shareholders, and the Trustee will report the Trust&#x2019;s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of March 31, 2013. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.6. </font><font style="display: inline;font-weight:bold;font-style:italic;">Investment in Palladium</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Changes in ounces of palladium and the respective values for </font><font style="display: inline;">the three months ended March 31, 2013 and for the year ended December 31, 2012 are set out below: </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Year</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$, except for ounces data)</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Ounces of palladium</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>712,474.5&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>588,255.6&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63,811.1&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>286,166.1&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,821.6)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(157,419.8)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Transfers of palladium to pay expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,076.4)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,527.4)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>765,387.6&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>712,474.5&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Investment in palladium (lower of cost or market)</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>351,083&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,922&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>194,997&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,135)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98,236)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Transfers of palladium to pay expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(678)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,806)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>486,147&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">8</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 12pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;font-weight:bold;">2. Significant Accounting Policies (Continued)</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.7. </font><font style="display: inline;font-weight:bold;font-style:italic;">Expenses</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust will transfer palladium to the Sponsor to pay the Sponsor&#x2019;s Fee that will accrue daily at an annualized rate equal to 0.60% of the adjusted net asset value (&#x201C;ANAV&#x201D;) of the Trust, paid monthly in arrears.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#x2019;s monthly fee and out of pocket expenses, the Custodian&#x2019;s fee and the reimbursement of the Custodian&#x2019;s expenses, exchange listing fees, United States Securities and Exchange Commission (the &#x201C;SEC&#x201D;) registration fees, printing and mailing costs, audit fees and certain legal expenses.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">For the three months ended March 31, 2013 and 2012, the Sponsor&#x2019;s Fee was $821,098 and $689,202, respectively. At March 31, 2013 and at December 31, 2012, the fees payable to the Sponsor were $301,152 and $254,522, respectively. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.8. </font><font style="display: inline;font-weight:bold;font-style:italic;">Subsequent Events</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">In accordance with the provisions set forth in Financial Accounting Standards Board Accounting Standards Codification 855-10, </font><font style="display: inline;font-style:italic;">Subsequent Events</font><font style="display: inline;">, the Trust&#x2019;s management has evaluated the possibility of subsequent events existing in the Trust&#x2019;s financial statements through the filing date. During this period, no material subsequent events were identified. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">3. Related Parties </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee&#x2019;s fee is paid by the Sponsor and is not a separate expense of the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants or purchase or sell palladium or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">4. Concentration of Risk </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust&#x2019;s sole business activity is the investment in palladium, and substantially all the Trust&#x2019;s assets are holdings of palladium which creates a concentration of risk associated with fluctuations in the price of palladium. Several factors could affect the price of palladium, including: (i) global palladium supply and demand, which is influenced by factors such as forward selling by palladium producers, purchases made by palladium producers to unwind palladium hedge positions, central bank purchases and sales, and production and cost levels in major palladium-producing countries; (ii) investors&#x2019; expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that palladium will maintain its long-term value in terms of purchasing power in the future. In the event that the price of palladium declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust&#x2019;s financial position and results of operations. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">5. Indemnification </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Under the Trust&#x2019;s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct on its part and without reckless disregard on its part of its obligations and duties under the Trust&#x2019;s organizational documents. The Trust&#x2019;s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			&nbsp;
		</p></div><div style="margin-left:36pt">
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">9</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<a name="PART1Item2"></a><font style="display: inline;font-weight:bold;">I</font><a name="C71085f003_v1"></a><font style="display: inline;font-weight:bold;">tem 2. Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-style:italic;">This information should be read in conjunction with the unaudited condensed financial statements and notes to the unaudited condensed financial statements included in Item 1 of Part 1 of this Form 10-Q. The discussion and analysis that follows may contain forward-looking statements with respect to the Trust&#x2019;s financial conditions, operations, future performance and business. These statements can be identified by the use of the words &#x201C;may&#x201D;, &#x201C;should&#x201D;, &#x201C;expect&#x201D;, &#x201C;plan&#x201D;, &#x201C;anticipate&#x201D;, &#x201C;believe&#x201D;, &#x201C;estimate&#x201D;, &#x201C;predict&#x201D;, &#x201C;potential&#x201D; or similar words and phrases. These statements are based upon certain assumptions and analyses the Sponsor has made based on its perception of historical trends, current conditions and expected future developments. Neither the Trust nor the Sponsor is under a duty to update any of the forward looking statements, to conform such statements to actual results or to reflect a change in management&#x2019;s expectations or predictions.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">Introduction</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust is a common law trust, formed under the laws of the state of New York on December 30, 2009. The Trust is not managed like a corporation or an active investment vehicle. It does not have any officers, directors, or employees and is administered by the Trustee pursuant to the Trust Agreement. The Trust is not registered as an investment company under the Investment Company Act of 1940 and is not required to register under such act. It will not hold or trade in commodity futures contracts, nor is it a commodity pool, subject to regulation as a commodity pool operator or a commodity trading adviser in connection with issuing Shares.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust holds palladium and is expected to issue Baskets in exchange for deposits of palladium, and to distribute palladium in connection with redemptions of Baskets. Shares issued by the Trust represent units of undivided beneficial interest in and ownership of the Trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of palladium, less the Trust&#x2019;s expenses. The Sponsor believes that, for many investors, the Shares will represent a cost effective investment relative to traditional means of investing in palladium.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust issues and redeems Shares only with Authorized Participants in exchange for palladium, only in aggregations of 50,000 or integral multiples thereof. A list of current Authorized Participants is available from the Sponsor or the Trustee.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Shares of the Trust trade on the New York Stock Exchange (the &#x201C;NYSE&#x201D;) Arca under the symbol &#x201C;PALL&#x201D;. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">Valuation of Palladium and Computation of Net Asset Value</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">As of the London PM Fix on each day that the NYSE Arca is open for regular trading or as soon as practicable after 4:00 p.m. New York time on such day, (the &#x201C;Evaluation Time&#x201D;) the Trustee values the palladium held by the Trust and determines both the ANAV and the NAV of the Trust.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">At the Evaluation Time, the Trustee values the Trust&#x2019;s palladium on the basis of that day&#x2019;s London PM Fix, or, if no London PM Fix is made on such day or has not been announced by the Evaluation Time, the next most recent London palladium price (AM or PM) determined prior to the Evaluation Time is used, unless the Sponsor determines that such price is inappropriate as a basis for valuation. In the case this determination is made, the Sponsor will identify an alternative basis for such evaluation to be used by the Trustee.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Once the value of the palladium held by the Trust has been determined, the Trustee subtracts all estimated accrued but unpaid fees and other liabilities of the Trust from the total value of the palladium and all other assets of the Trust. The resulting figure is the ANAV of the Trust. The ANAV is used to compute the Sponsor&#x2019;s Fee.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trustee then subtracts from the ANAV the amount of Sponsor&#x2019;s Fees computed for such day to determine the net asset value (&#x201C;NAV&#x201D;) of the Trust. The Trustee also determines the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding as of the close of trading on the NYSE Arca. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">10</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font><font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">The Quarter Ended </font><font style="display: inline;font-weight:bold;font-style:italic;">March 31, 2013</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The NAV of the Trust is obtained by subtracting the Trust&#x2019;s liabilities on any day from the value of the palladium owned and receivable by the Trust on that day; the NAV per Share is obtained by dividing the NAV of the Trust on a given day by the number of Shares outstanding on that day.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust&#x2019;s NAV </font><font style="display: inline;">increase</font><font style="display: inline;">d from $</font><font style="display: inline;">497,765,121</font><font style="display: inline;"> at </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;"> to $</font><font style="display: inline;">589,047,279</font><font style="display: inline;"> at </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">a</font><font style="display: inline;">n</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">18.34%</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">increase</font><font style="display: inline;"> for the quarter. The </font><font style="display: inline;">increase</font><font style="display: inline;"> in the Trust&#x2019;s NAV resulted primarily from an </font><font style="display: inline;">increase</font><font style="display: inline;"> in the price per ounce of palladium, which </font><font style="display: inline;">rose</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">10.16%</font><font style="display: inline;"> from $</font><font style="display: inline;">699.00</font><font style="display: inline;"> at </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;"> to $</font><font style="display: inline;">770.00</font><font style="display: inline;"> at </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;">,</font><font style="display: inline;"> and</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">a</font><font style="display: inline;">n</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">increase</font><font style="display: inline;"> in outstanding Shares from </font><font style="display: inline;">7,250,000</font><font style="display: inline;"> Shares at </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;"> to </font><font style="display: inline;">7,800,000</font><font style="display: inline;"> Shares at </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;">, a result of </font><font style="display: inline;">650,000</font><font style="display: inline;"> Shares (</font><font style="display: inline;">13</font><font style="display: inline;"> Baskets) being created and </font><font style="display: inline;">100,000</font><font style="display: inline;"> Shares (</font><font style="display: inline;">2</font><font style="display: inline;"> Baskets) being redeemed during the quarter. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">NAV per Share </font><font style="display: inline;">increased</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">9.99%</font><font style="display: inline;"> from $</font><font style="display: inline;">68.66</font><font style="display: inline;"> at </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;"> to $</font><font style="display: inline;">75.52</font><font style="display: inline;"> at </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;">. The Trust&#x2019;s NAV per Share </font><font style="display: inline;">rose</font><font style="display: inline;"> slightly </font><font style="display: inline;">less</font><font style="display: inline;"> than the price per ounce of palladium on a percentage basis due to Sponsor&#x2019;s Fees, which were $</font><font style="display: inline;">821,098</font><font style="display: inline;"> for the quarter, or 0.60% of the Trust&#x2019;s assets on an annualized basis.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The NAV per Share of $</font><font style="display: inline;">75.94</font><font style="display: inline;"> at </font><font style="display: inline;">March 11, 2013</font><font style="display: inline;"> was the highest during the quarter, compared with a low of $</font><font style="display: inline;">66.09</font><font style="display: inline;"> at </font><font style="display: inline;">January 8, 2013</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Net </font><font style="display: inline;">loss</font><font style="display: inline;"> from operations for the quarter ended </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;"> was $</font><font style="display: inline;">92,456</font><font style="display: inline;">, resulting from a </font><font style="display: inline;">net </font><font style="display: inline;">gain</font><font style="display: inline;"> of $</font><font style="display: inline;">96,497</font><font style="display: inline;"> on the transfer of palladium to pay expenses </font><font style="display: inline;">and a </font><font style="display: inline;">net </font><font style="display: inline;">gain</font><font style="display: inline;"> of $</font><font style="display: inline;">632,145</font><font style="display: inline;"> on palladium distributed for the redemption of Shares</font><font style="display: inline;">, offset by Sponsor&#x2019;s Fees of $</font><font style="display: inline;">821,098</font><font style="display: inline;">. Other than the Sponsor&#x2019;s Fee, the Trust had no expenses during the quarter ended </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;">. &nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">11</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font><font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">Liquidity &amp; Capital Resources</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust is not aware of any trends, demands, commitments, events or uncertainties that are reasonably likely to result in material changes to its liquidity needs. In exchange for the Sponsor&#x2019;s Fee, the Sponsor has agreed to assume most of the expenses incurred by the Trust. As a result, the only ordinary expense of the Trust during the period covered by this report was the Sponsor&#x2019;s Fee.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust&#x2019;s palladium as necessary to pay the Trust&#x2019;s expenses not otherwise assumed by the Sponsor. The Trustee will not sell palladium to pay the Sponsor&#x2019;s Fee but will pay the Sponsor&#x2019;s Fee through in-kind transfers of palladium to the Sponsor. At </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;"> the Trust did not have any cash balances.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">Off-Balance Sheet Arrangements</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust has no off-balance sheet arrangements. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">Critical Accounting Policies</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The unaudited condensed financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these unaudited condensed financial statements relies on estimates and assumptions that impact the Trust&#x2019;s financial position and results of operations. These estimates and assumptions affect the Trust&#x2019;s application of accounting policies. In addition, please refer to Note 2 to the unaudited condensed financial statements for further discussion of accounting policies. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<a name="PART1Item3"></a><font style="display: inline;font-weight:bold;">I</font><a name="C71085f004_v1"></a><font style="display: inline;font-weight:bold;">tem 3. Quantitative and Qualitative Disclosures About Market Risk </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Not applicable. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<a name="PART1Item4"></a><font style="display: inline;font-weight:bold;">I</font><a name="C71085f005_v1"></a><font style="display: inline;font-weight:bold;">tem 4. Controls and Procedures </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its reports under the Securities Exchange Act of 1934, as amended (the &#x201C;Exchange Act&#x201D;) is recorded, processed, summarized and reported within the time periods specified in the SEC&#x2019;s rules and forms, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer of the Sponsor, and to the audit committee, as appropriate, to allow timely decisions regarding required disclosure.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted an evaluation of the Trust&#x2019;s disclosure controls and procedures, as defined under Exchange Act Rules 13a-15(e) and 15(d)-15(e). Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer of the Sponsor concluded that, as of </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;">, the Trust&#x2019;s disclosure controls and procedures were effective.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">There have been no changes in the Trust&#x2019;s or Sponsor&#x2019;s internal control over financial reporting that occurred during the Trust&#x2019;s fiscal quarter ended </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;"> that have materially affected, or are reasonably likely to materially affect, the Trust&#x2019;s or Sponsor&#x2019;s internal control over financial reporting. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<a name="PART1Item4T"></a><font style="display: inline;font-weight:bold;">I</font><a name="C71085f006_v1"></a><font style="display: inline;font-weight:bold;">tem 4T. Controls and Procedures a</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Not applicable.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">12</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font><font style="display: inline;font-weight:bold;">ETFS PALLADIUM TRUST</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<a name="PART2"></a><font style="display: inline;font-weight:bold;">P</font><a name="C71085f007_v1"></a><font style="display: inline;font-weight:bold;">ART II. OTHER INFORMATION</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<a name="PART2Item1"></a><font style="display: inline;font-weight:bold;">I</font><a name="C71085f008_v1"></a><font style="display: inline;font-weight:bold;">tem 1. Legal Proceedings</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">None. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<a name="PART2Item1A"></a><font style="display: inline;font-weight:bold;">I</font><a name="C71085f009_v1"></a><font style="display: inline;font-weight:bold;">tem 1A. Risk Factors </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">There have been no material changes to the risk factors previously disclosed in the Trust&#x2019;s Annual Report on Form 10-K for the fiscal year ended </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;">. &nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<a name="PART2Item2"></a><font style="display: inline;font-weight:bold;">I</font><a name="C71085f010_v1"></a><font style="display: inline;font-weight:bold;">tem 2. Unregistered Sales of Equity Securities and Use of Proceeds</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">Item 2(a).</font><font style="display: inline;"> None. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">Item 2(b).</font><font style="display: inline;"> Not applicable. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">Item 2(c).</font><font style="display: inline;"> For the three months ended </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;">: &nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">13</font><font style="display: inline;"> Baskets were created.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"> Baskets were redeemed.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:44.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<a name="PART2Item3"></a><font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:44.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Period</font></p>
				</td>
				<td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Total Baskets Redeemed</font></p>
				</td>
				<td valign="top" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Total Shares Redeemed</font></p>
				</td>
				<td valign="top" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Average Ounces of Palladium Per Share</font></p>
				</td>
				<td valign="top" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:44.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">J</font><font style="display: inline;">anuary 2013</font></p>
				</td>
				<td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2&nbsp;
				</td>
				<td valign="top" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100,000&nbsp;
				</td>
				<td valign="top" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.098&nbsp;
				</td>
				<td valign="top" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:44.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">February 2013</font></p>
				</td>
				<td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">-</font></p>
				</td>
				<td valign="top" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">-</font></p>
				</td>
				<td valign="top" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">-</font></p>
				</td>
				<td valign="top" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:44.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">March 2013</font></p>
				</td>
				<td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">-</font></p>
				</td>
				<td valign="top" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">-</font></p>
				</td>
				<td valign="top" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">-</font></p>
				</td>
				<td valign="top" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:44.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Total</font></p>
				</td>
				<td valign="top" style="width:02.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:14.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2&nbsp;
				</td>
				<td valign="top" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:12.54%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>100,000&nbsp;
				</td>
				<td valign="top" style="width:02.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:19.30%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.098&nbsp;
				</td>
				<td valign="top" style="width:02.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:right;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">I</font><a name="C71085f011_v1"></a><font style="display: inline;font-weight:bold;">tem 3</font><font style="display: inline;">.</font><font style="display: inline;font-weight:bold;"> Defaults Upon Senior Securities </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">None. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<a name="PART2Item4"></a><font style="display: inline;font-weight:bold;">I</font><a name="C71085f012_v1"></a><font style="display: inline;font-weight:bold;">tem 4. Mine Safety Disclosures </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">None. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<a name="PART2Item5"></a><font style="display: inline;font-weight:bold;">I</font><a name="C71085f013_v1"></a><font style="display: inline;font-weight:bold;">tem 5. Other Information </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">None. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">13</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font><a name="PART2Item6"></a><font style="display: inline;font-weight:bold;">I</font><a name="C71085f014_v1"></a><font style="display: inline;font-weight:bold;">tem 6. Exhibits</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0.05pt;">
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">(a) Exhibits</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">31.1</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Chief Executive Officer&#x2019;s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">31.2</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Chief Financial Officer&#x2019;s Certificate, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">32.1</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Chief Executive Officer&#x2019;s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">32.2</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Chief Financial Officer&#x2019;s Certificate, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">101.INS</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">XBRL Instance Document*</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">101.SCH</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">XBRL Taxonomy Extension Schema Document*</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">101.CAL</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">XBRL Taxonomy Extension Calculation Document*</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">101.DEF</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">XBRL Taxonomy Extension Definitions Document*</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">101.LAB</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">XBRL Taxonomy Extension Labels Document*</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:11.90%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">101.PRE</font></p>
				</td>
				<td valign="top" style="width:88.10%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">XBRL Taxonomy Extension Presentation Document*</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:05.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">*</font></p>
				</td>
				<td valign="top" style="width:95.00%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed to be &#x201C;furnished&#x201D; and not &#x201C;filed.&#x201D;</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">14</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font><a name="SIGNATURES"></a><font style="display: inline;font-weight:bold;">S</font><a name="C71085f015_v1"></a><font style="display: inline;font-weight:bold;">IGNATURES</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned in the capacities thereunto duly authorized. </font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:19.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:28.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">ETF SECURITIES USA LLC</font></p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Sponsor of the ETFS Palladium Trust</font></p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">(Registrant)</font></p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Date: May 8, 2013</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">/s/ Graham Tuckwell</font></p>
				</td>
				<td valign="top" style="width:28.54%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Graham Tuckwell</font></p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">President and Chief Executive Officer</font></p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">(Principal Executive Officer)</font></p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Date: May 8, 2013</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">/s/ Christopher Foulds</font></p>
				</td>
				<td valign="top" style="width:28.54%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Christopher Foulds</font></p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Chief Financial Officer and Treasurer</font></p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">(Principal Financial Officer and Principal</font></p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:19.70%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:20.30%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:31.46%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Accounting Officer)</font></p>
				</td>
				<td valign="top" style="width:28.54%;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">*</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:29pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">The Registrant is a trust and the persons are signing in their capacities as officers of ETF Securities USA LLC, the Sponsor of the Registrant. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			&nbsp;
		</p></div><div style="margin-left:36pt">
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			<font style="display: inline;">15</font>

		</p>

		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:6pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr>
	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>2
<FILENAME>pall-20130331_cal.xml
<DESCRIPTION>EX-101.CAL
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Crossfire by Rivet Software version 5.5.125.0 http://www.rivetsoftware.com-->
<!--Based on XBRL 2.1-->
<!--Created on: 08/05/2013 16:46:52-->
<!--Modified on: 08/05/2013 16:46:52-->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#StatementStatementsOfFinancialCondition" roleURI="http://www.etfsecurities.com/role/StatementStatementsOfFinancialCondition" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#StatementStatementsOfOperations" roleURI="http://www.etfsecurities.com/role/StatementStatementsOfOperations" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#StatementStatementsOfCashFlows" roleURI="http://www.etfsecurities.com/role/StatementStatementsOfCashFlows" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureSignificantAccountingPoliciesScheduleOfUnrealizedGainsOrLossesOnTrustSPalladiumHoldingsDetails" roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfUnrealizedGainsOrLossesOnTrustSPalladiumHoldingsDetails" />
  <calculationLink xlink:role="http://www.etfsecurities.com/role/StatementStatementsOfFinancialCondition" xlink:type="extended" xlink:title="00100 - Statement - Statements of Financial Condition">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_InvestmentInPalladium" xlink:label="pall_InvestmentInPalladium_635036284126917955" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="pall_InvestmentInPalladium_635036284126917955" order="1" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities_635036284126917955" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_Liabilities_635036284126917955" order="1" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableRelatedPartiesCurrent" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent_635036284126917955" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities_635036284126917955" xlink:to="us-gaap_AccountsPayableRelatedPartiesCurrent_635036284126917955" order="1" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue_635036284126917955" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_CommonStockValue_635036284126917955" order="2" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_635036284126917955" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_635036284126917955" order="3" use="optional" weight="1" />
  </calculationLink>
  <calculationLink xlink:role="http://www.etfsecurities.com/role/StatementStatementsOfOperations" xlink:type="extended" xlink:title="00300 - Statement - Statements of Operations">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses_635036284126927971" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_OperatingExpenses_635036284126927971" order="1" use="optional" weight="-1" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SponsorFees" xlink:label="us-gaap_SponsorFees_635036284126927971" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingExpenses_635036284126927971" xlink:to="us-gaap_SponsorFees_635036284126927971" order="1" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_TotalGainLossOnPalladium" xlink:label="pall_TotalGainLossOnPalladium_635036284126927971" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="pall_TotalGainLossOnPalladium_635036284126927971" order="2" use="optional" weight="1" priority="2" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GrossProfit" xlink:label="us-gaap_GrossProfit_635036284126927971" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="pall_TotalGainLossOnPalladium_635036284126927971" xlink:to="us-gaap_GrossProfit_635036284126927971" order="1" use="optional" weight="1" priority="2" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ValueOfPalladiumTransferredToPayExpenses" xlink:label="pall_ValueOfPalladiumTransferredToPayExpenses_635036284126927971" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_GrossProfit_635036284126927971" xlink:to="pall_ValueOfPalladiumTransferredToPayExpenses_635036284126927971" order="1" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CostOfPalladiumTransferredToPayExpenses" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses_635036284126927971" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_GrossProfit_635036284126927971" xlink:to="pall_CostOfPalladiumTransferredToPayExpenses_635036284126927971" order="2" use="optional" weight="-1" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares" xlink:label="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares_635036284126927971" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="pall_TotalGainLossOnPalladium_635036284126927971" xlink:to="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares_635036284126927971" order="2" use="optional" weight="1" priority="2" />
  </calculationLink>
  <calculationLink xlink:role="http://www.etfsecurities.com/role/StatementStatementsOfCashFlows" xlink:type="extended" xlink:title="00400 - Statement - Statements of Cash Flows">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromCustomers" xlink:label="us-gaap_ProceedsFromCustomers_635036284126927971" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_ProceedsFromCustomers_635036284126927971" order="1" use="optional" weight="1" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsForOperatingActivities" xlink:label="us-gaap_PaymentsForOperatingActivities_635036284126927971" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_PaymentsForOperatingActivities_635036284126927971" order="2" use="optional" weight="-1" />
  </calculationLink>
  <calculationLink xlink:role="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfUnrealizedGainsOrLossesOnTrustSPalladiumHoldingsDetails" xlink:type="extended" xlink:title="40202 - Disclosure - Significant Accounting Policies (Schedule Of Unrealized Gains Or Losses On The Trust's Palladium Holdings) (Details)">
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_MarketValueOfInvestmentInPalladium" xlink:label="pall_MarketValueOfInvestmentInPalladium" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_InvestmentInPalladium" xlink:label="pall_InvestmentInPalladium_635036284126937987" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="pall_MarketValueOfInvestmentInPalladium" xlink:to="pall_InvestmentInPalladium_635036284126937987" order="1" use="optional" weight="1" priority="2" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_UnrealizedGainOnInvestmentInPalladium" xlink:label="pall_UnrealizedGainOnInvestmentInPalladium_635036284126937987" />
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="pall_MarketValueOfInvestmentInPalladium" xlink:to="pall_UnrealizedGainOnInvestmentInPalladium_635036284126937987" order="2" use="optional" weight="1" priority="2" />
  </calculationLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>3
<FILENAME>pall-20130331.xml
<DESCRIPTION>EX-101.INS
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Crossfire by Rivet Software version 5.5.125.0 http://www.rivetsoftware.com-->
<!--Based on XBRL 2.1-->
<!--Created on: 08/05/2013 16:46:43-->
<xbrl xmlns="http://www.xbrl.org/2003/instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:dei="http://xbrl.sec.gov/dei/2012-01-31" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:pall="http://www.etfsecurities.com/20130331" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:utr="http://www.xbrl.org/2009/utr" xmlns:us-gaap="http://fasb.org/us-gaap/2012-01-31">
  <link:schemaRef xlink:type="simple" xlink:href="pall-20130331.xsd" />
  <!--Context Section-->
  <context id="As_Of_3_31_2012">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001459862</identifier>
    </entity>
    <period>
      <instant>2012-03-31</instant>
    </period>
  </context>
  <context id="As_Of_12_31_2011">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001459862</identifier>
    </entity>
    <period>
      <instant>2011-12-31</instant>
    </period>
  </context>
  <context id="Duration_1_1_2012_To_3_31_2012">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001459862</identifier>
    </entity>
    <period>
      <startDate>2012-01-01</startDate>
      <endDate>2012-03-31</endDate>
    </period>
  </context>
  <context id="As_Of_3_31_2013">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001459862</identifier>
    </entity>
    <period>
      <instant>2013-03-31</instant>
    </period>
  </context>
  <context id="As_Of_12_31_2012">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001459862</identifier>
    </entity>
    <period>
      <instant>2012-12-31</instant>
    </period>
  </context>
  <context id="Duration_1_1_2012_To_12_31_2012">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001459862</identifier>
    </entity>
    <period>
      <startDate>2012-01-01</startDate>
      <endDate>2012-12-31</endDate>
    </period>
  </context>
  <context id="As_Of_5_6_2013">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001459862</identifier>
    </entity>
    <period>
      <instant>2013-05-06</instant>
    </period>
  </context>
  <context id="Duration_1_1_2013_To_3_31_2013">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001459862</identifier>
    </entity>
    <period>
      <startDate>2013-01-01</startDate>
      <endDate>2013-03-31</endDate>
    </period>
  </context>
  <!--Unit Section-->
  <unit id="Unit15">
    <divide>
      <unitNumerator>
        <measure>iso4217:USD</measure>
      </unitNumerator>
      <unitDenominator>
        <measure>xbrli:shares</measure>
      </unitDenominator>
    </divide>
  </unit>
  <unit id="Unit14">
    <measure>utr:oz</measure>
  </unit>
  <unit id="Unit13">
    <measure>xbrli:pure</measure>
  </unit>
  <unit id="Unit12">
    <measure>iso4217:USD</measure>
  </unit>
  <unit id="Unit1">
    <measure>xbrli:shares</measure>
  </unit>
  <!--Tuple Section-->
  <!--Element Section-->
  <dei:AmendmentFlag contextRef="Duration_1_1_2013_To_3_31_2013">false</dei:AmendmentFlag>
  <dei:CurrentFiscalYearEndDate contextRef="Duration_1_1_2013_To_3_31_2013">--12-31</dei:CurrentFiscalYearEndDate>
  <dei:DocumentFiscalPeriodFocus contextRef="Duration_1_1_2013_To_3_31_2013">Q1</dei:DocumentFiscalPeriodFocus>
  <dei:DocumentFiscalYearFocus contextRef="Duration_1_1_2013_To_3_31_2013">2013</dei:DocumentFiscalYearFocus>
  <dei:DocumentPeriodEndDate contextRef="Duration_1_1_2013_To_3_31_2013">2013-03-31</dei:DocumentPeriodEndDate>
  <dei:DocumentType contextRef="Duration_1_1_2013_To_3_31_2013">10-Q</dei:DocumentType>
  <dei:EntityCentralIndexKey contextRef="Duration_1_1_2013_To_3_31_2013">0001459862</dei:EntityCentralIndexKey>
  <dei:EntityCommonStockSharesOutstanding contextRef="As_Of_5_6_2013" unitRef="Unit1" decimals="INF">8100000</dei:EntityCommonStockSharesOutstanding>
  <dei:EntityFilerCategory contextRef="Duration_1_1_2013_To_3_31_2013">Accelerated Filer</dei:EntityFilerCategory>
  <dei:EntityRegistrantName contextRef="Duration_1_1_2013_To_3_31_2013">ETFS PALLADIUM TRUST</dei:EntityRegistrantName>
  <pall:AdjustmentOfRedeemableSharesToRedemptionValue contextRef="Duration_1_1_2012_To_12_31_2012" unitRef="Unit12" decimals="-3">-27685000</pall:AdjustmentOfRedeemableSharesToRedemptionValue>
  <pall:AdjustmentOfRedeemableSharesToRedemptionValue contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">-50127000</pall:AdjustmentOfRedeemableSharesToRedemptionValue>
  <pall:AnnualizedRateOfSponsorsFee contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit13" decimals="4">0.0060</pall:AnnualizedRateOfSponsorsFee>
  <pall:CommonStockSharesAuthorised id="Item-0006" contextRef="As_Of_12_31_2012">unlimited</pall:CommonStockSharesAuthorised>
  <pall:CommonStockSharesAuthorised contextRef="As_Of_3_31_2013">unlimited</pall:CommonStockSharesAuthorised>
  <pall:CostOfPalladiumTransferredToPayExpenses contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">575000</pall:CostOfPalladiumTransferredToPayExpenses>
  <pall:CostOfPalladiumTransferredToPayExpenses contextRef="Duration_1_1_2012_To_12_31_2012" unitRef="Unit12" decimals="-3">2806000</pall:CostOfPalladiumTransferredToPayExpenses>
  <pall:CostOfPalladiumTransferredToPayExpenses contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">678000</pall:CostOfPalladiumTransferredToPayExpenses>
  <pall:CreationsAndRedemptionsOfSharesPolicyTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;

		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style="page-break-after:always"&gt;&amp;nbsp;&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;;font-size: 10pt"&gt;&lt;font style="display: inline;"&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2.3. &lt;/font&gt;&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;Creations and Redemptions of Shares&lt;/font&gt;&lt;font style="display: inline;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets. The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor, and (4) has established an Authorized Participant Unallocated Account with the Trust&amp;#x2019;s Custodian or other palladium clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the palladium required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated palladium account, either loco London or loco Zurich, established with the Custodian or a palladium clearing bank by an Authorized Participant.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of palladium represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When palladium is exchanged in settlement of a redemption, it is considered a sale of palladium for financial statement purposes.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The amount of palladium represented by the Baskets created or redeemed can only be settled to the nearest 1/1000&lt;/font&gt;&lt;sup style="display: inline;"&gt;th &lt;/sup&gt;&lt;font style="display: inline;"&gt;of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of palladium to be delivered or distributed by the Trust. In order to ensure that the correct amount of palladium is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess. For each transaction, this amount is not more than 1/1000&lt;/font&gt;&lt;sup style="display: inline;"&gt;th&lt;/sup&gt;&lt;font style="display: inline;"&gt; of an ounce.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Shares of the Trust are classified as &amp;#x201C;Redeemable Shares&amp;#x201D; for financial statement purposes, since they are subject to redemption at the option of Authorized Participants. Outstanding Shares are reflected at redemption value, which represents the maximum obligation (based on NAV per Share), with the difference from historical cost recorded as an offsetting amount to retained earnings. When palladium is exchanged in settlement of a redemption, a gain or loss in the amount of the difference between the market value on the trade date and the historical cost is recorded to the Condensed Statement of Operations. Changes in the Shares for the &lt;/font&gt;&lt;font style="display: inline;"&gt;three months ended March 31, 2013&lt;/font&gt;&lt;font style="display: inline;"&gt; and for the year ended &lt;/font&gt;&lt;font style="display: inline;"&gt;December 31, 2012&lt;/font&gt;&lt;font style="display: inline;"&gt; are set out below: &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;font-family:Times New Roman;font-size: 1pt"&gt;
			&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt"&gt;
						&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Three Months&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-style:italic;"&gt;(Amounts in 000's of US$, except for Share and per Share data)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;March 31, 2013&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;December 31, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;text-decoration:underline;"&gt;Number of redeemable Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Opening balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,250,000&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,950,000&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Creations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;650,000&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,900,000&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemptions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(100,000)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,600,000)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Closing balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,800,000&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,250,000&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;text-decoration:underline;"&gt;Redeemable Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Opening balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;497,765&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;373,935&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Creations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47,922&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;194,997&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemptions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,767)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(98,852)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Adjustment to redemption value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50,127&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;27,685&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Closing balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;589,047&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;497,765&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemption value per Share at period end&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;75.52&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;68.66&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</pall:CreationsAndRedemptionsOfSharesPolicyTextBlock>
  <pall:CreationsOuncesOfPalladium contextRef="Duration_1_1_2012_To_12_31_2012" unitRef="Unit14" decimals="1">286166.1</pall:CreationsOuncesOfPalladium>
  <pall:CreationsOuncesOfPalladium contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit14" decimals="1">63811.1</pall:CreationsOuncesOfPalladium>
  <pall:CreationsValueOfPalladium contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">136427000</pall:CreationsValueOfPalladium>
  <pall:CreationsValueOfPalladium contextRef="Duration_1_1_2012_To_12_31_2012" unitRef="Unit12" decimals="-3">194997000</pall:CreationsValueOfPalladium>
  <pall:CreationsValueOfPalladium contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">47922000</pall:CreationsValueOfPalladium>
  <pall:ExpensesPolicyTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;

		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style="page-break-after:always"&gt;&amp;nbsp;&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;;font-size: 10pt"&gt;&lt;font style="display: inline;"&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2.7. &lt;/font&gt;&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;Expenses&lt;/font&gt;&lt;font style="display: inline;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Trust will transfer palladium to the Sponsor to pay the Sponsor&amp;#x2019;s Fee that will accrue daily at an annualized rate equal to &lt;/font&gt;&lt;font style="display: inline;"&gt;0.60&lt;/font&gt;&lt;font style="display: inline;"&gt;% of the adjusted net asset value (&amp;#x201C;ANAV&amp;#x201D;) of the Trust, paid monthly in arrears.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&amp;#x2019;s monthly fee and out of pocket expenses, the Custodian&amp;#x2019;s fee and the reimbursement of the Custodian&amp;#x2019;s expenses, exchange listing fees, United States Securities and Exchange Commission (the &amp;#x201C;SEC&amp;#x201D;) registration fees, printing and mailing costs, audit fees and certain legal expenses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;For the &lt;/font&gt;&lt;font style="display: inline;"&gt;three months ended March 31, 2013 and 2012&lt;/font&gt;&lt;font style="display: inline;"&gt;, the Sponsor&amp;#x2019;s Fee was $&lt;/font&gt;&lt;font style="display: inline;"&gt;821,098&lt;/font&gt;&lt;font style="display: inline;"&gt; and $&lt;/font&gt;&lt;font style="display: inline;"&gt;689,202&lt;/font&gt;&lt;font style="display: inline;"&gt;, respectively. At &lt;/font&gt;&lt;font style="display: inline;"&gt;March 31, 2013&lt;/font&gt;&lt;font style="display: inline;"&gt; and at &lt;/font&gt;&lt;font style="display: inline;"&gt;December 31, 2012&lt;/font&gt;&lt;font style="display: inline;"&gt;, the fees payable to the Sponsor were $&lt;/font&gt;&lt;font style="display: inline;"&gt;301,152&lt;/font&gt;&lt;font style="display: inline;"&gt; and $&lt;/font&gt;&lt;font style="display: inline;"&gt;254,522&lt;/font&gt;&lt;font style="display: inline;"&gt;, respectively. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</pall:ExpensesPolicyTextBlock>
  <pall:IncreaseDecreaseInPalladiumAssets contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">135852000</pall:IncreaseDecreaseInPalladiumAssets>
  <pall:IncreaseDecreaseInPalladiumAssets contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">41109000</pall:IncreaseDecreaseInPalladiumAssets>
  <pall:InvestmentInPalladium contextRef="As_Of_12_31_2011" unitRef="Unit12" decimals="-3">351083000</pall:InvestmentInPalladium>
  <pall:InvestmentInPalladium id="Item-0002" contextRef="As_Of_12_31_2012" unitRef="Unit12" decimals="-3">445038000</pall:InvestmentInPalladium>
  <pall:InvestmentInPalladium id="Item-0001" contextRef="As_Of_3_31_2013" unitRef="Unit12" decimals="-3">486147000</pall:InvestmentInPalladium>
  <pall:InvestmentsInPalladiumTableTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;div style="width:100%"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt"&gt;
						&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Three Months&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-style:italic;"&gt;(Amounts in 000's of US$, except for ounces data)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;March 31, 2013&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;December 31, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;text-decoration:underline;"&gt;Ounces of palladium&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Opening balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;712,474.5&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;588,255.6&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Creations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;63,811.1&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;286,166.1&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemptions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,821.6)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(157,419.8)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Transfers of palladium to pay expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,076.4)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,527.4)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Closing balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;765,387.6&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;712,474.5&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;text-decoration:underline;"&gt;Investment in palladium (lower of cost or market)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Opening balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;445,038&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;351,083&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Creations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47,922&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;194,997&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemptions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,135)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(98,236)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Transfers of palladium to pay expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(678)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,806)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Closing balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;486,147&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;445,038&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</pall:InvestmentsInPalladiumTableTextBlock>
  <pall:MarketValueOfInvestmentInPalladium contextRef="As_Of_12_31_2012" unitRef="Unit12" decimals="-3">498020000</pall:MarketValueOfInvestmentInPalladium>
  <pall:MarketValueOfInvestmentInPalladium contextRef="As_Of_3_31_2013" unitRef="Unit12" decimals="-3">589348000</pall:MarketValueOfInvestmentInPalladium>
  <pall:MinimumBlockOfSharesIssuedRedeemedAgainstPalladium contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit1" decimals="INF">50000</pall:MinimumBlockOfSharesIssuedRedeemedAgainstPalladium>
  <pall:OuncesOfPalladium contextRef="As_Of_12_31_2011" unitRef="Unit14" decimals="1">588255.6</pall:OuncesOfPalladium>
  <pall:OuncesOfPalladium contextRef="As_Of_12_31_2012" unitRef="Unit14" decimals="1">712474.5</pall:OuncesOfPalladium>
  <pall:OuncesOfPalladium contextRef="As_Of_3_31_2013" unitRef="Unit14" decimals="1">765387.6</pall:OuncesOfPalladium>
  <pall:PalladiumPayableAtMarketValue contextRef="As_Of_12_31_2012" unitRef="Unit12" decimals="0">0</pall:PalladiumPayableAtMarketValue>
  <pall:PalladiumPayableAtMarketValue contextRef="As_Of_3_31_2013" unitRef="Unit12" decimals="0">0</pall:PalladiumPayableAtMarketValue>
  <pall:PalladiumReceivableAtMarketValue contextRef="As_Of_12_31_2012" unitRef="Unit12" decimals="0">0</pall:PalladiumReceivableAtMarketValue>
  <pall:PalladiumReceivableAtMarketValue contextRef="As_Of_3_31_2013" unitRef="Unit12" decimals="0">0</pall:PalladiumReceivableAtMarketValue>
  <pall:RealizedGainOnPalladiumDistributedForRedemptionOfShares contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">0</pall:RealizedGainOnPalladiumDistributedForRedemptionOfShares>
  <pall:RealizedGainOnPalladiumDistributedForRedemptionOfShares contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">632000</pall:RealizedGainOnPalladiumDistributedForRedemptionOfShares>
  <pall:ReceivableAndPayablePolicyTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2.2. &lt;/font&gt;&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;Palladium Receivable and Payable&lt;/font&gt;&lt;font style="display: inline;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Palladium receivable or payable represents the quantity of palladium covered by contractually binding orders for the creation or redemption of Shares respectively, where the palladium has not yet been transferred to or from the Trust&amp;#x2019;s account. Generally, ownership of the palladium is transferred within three business days of the trade date. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;There was &lt;/font&gt;&lt;font style="display: inline;"&gt;no&lt;/font&gt;&lt;font style="display: inline;"&gt; palladium receivable or payable at &lt;/font&gt;&lt;font style="display: inline;"&gt;March 31, 2013&lt;/font&gt;&lt;font style="display: inline;"&gt; and December 31, 2012.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</pall:ReceivableAndPayablePolicyTextBlock>
  <pall:RedemptionsOuncesOfPalladium contextRef="Duration_1_1_2012_To_12_31_2012" unitRef="Unit14" decimals="1">157419.8</pall:RedemptionsOuncesOfPalladium>
  <pall:RedemptionsOuncesOfPalladium contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit14" decimals="1">9821.6</pall:RedemptionsOuncesOfPalladium>
  <pall:RedemptionValuePerShareAtPeriodEnd contextRef="As_Of_12_31_2012" unitRef="Unit15" decimals="2">68.66</pall:RedemptionValuePerShareAtPeriodEnd>
  <pall:RedemptionValuePerShareAtPeriodEnd contextRef="As_Of_3_31_2013" unitRef="Unit15" decimals="2">75.52</pall:RedemptionValuePerShareAtPeriodEnd>
  <pall:TotalGainLossOnPalladium contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">57000</pall:TotalGainLossOnPalladium>
  <pall:TotalGainLossOnPalladium contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">729000</pall:TotalGainLossOnPalladium>
  <pall:TransfersOfPalladiumOunces contextRef="Duration_1_1_2012_To_12_31_2012" unitRef="Unit14" decimals="1">4527.4</pall:TransfersOfPalladiumOunces>
  <pall:TransfersOfPalladiumOunces contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit14" decimals="1">1076.4</pall:TransfersOfPalladiumOunces>
  <pall:UnrealizedGainOnInvestmentInPalladium contextRef="As_Of_12_31_2012" unitRef="Unit12" decimals="-3">52982000</pall:UnrealizedGainOnInvestmentInPalladium>
  <pall:UnrealizedGainOnInvestmentInPalladium contextRef="As_Of_3_31_2013" unitRef="Unit12" decimals="-3">103201000</pall:UnrealizedGainOnInvestmentInPalladium>
  <pall:ValuationOfPalladiumPolicyTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;2.1. Valuation of Palladium&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Palladium is held by JPMorgan Chase Bank, N.A. (the &amp;#x201C;Custodian&amp;#x201D;), on behalf of the Trust, and is valued, for financial statement purposes, at the lower of cost or market. The cost of palladium is determined according to the average cost method and the market value is based on the London PM Fix used to determine the net asset value (the &amp;#x201C;NAV&amp;#x201D;) of the Trust. Realized gains and losses on transfers of palladium, or palladium distributed for the redemption of Shares, are calculated on a trade date basis using average cost. The London PM Fix is set using the afternoon session of the twice daily fix of the price of an ounce of palladium by the four members of the London Platinum and Palladium Market at approximately 2:00 PM London time, on each working day.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Once the value of palladium has been determined, the NAV is computed by the Trustee by deducting all accrued fees and other liabilities of the Trust, including the remuneration due to the Sponsor (the &amp;#x201C;Sponsor&amp;#x2019;s Fee&amp;#x201D;), from the fair value of the palladium and all other assets held by the Trust. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The table below summarizes the unrealized gains on the Trust&amp;#x2019;s palladium holdings as of &lt;/font&gt;&lt;font style="display: inline;"&gt;March 31, 2013 and December 31, 2012&lt;/font&gt;&lt;font style="display: inline;"&gt;:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;font-family:Times New Roman;font-size: 1pt"&gt;
			&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt"&gt;
						&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;March 31, 2013&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;December 31, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-style:italic;"&gt;(Amounts in 000's of US$)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Investment in palladium - average cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;486,147&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;445,038&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Unrealized gain on investment in palladium&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;103,201&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;52,982&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Investment in palladium - market value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;589,348&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;498,020&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Trust recognizes the diminution in value of the investment in palladium which arises from market declines on an interim basis. Increases in the value of the investment in palladium through market price recoveries in later interim periods of the same fiscal year are recognized in the later interim period. Increases in value recognized on an interim basis may not exceed the previously recognized diminution in value. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The per Share amount of palladium exchanged for a purchase or redemption is calculated daily by the Trustee, using the London PM Fix to calculate the palladium amount in respect of any liabilities for which covering palladium sales have not yet been made, and represents the per Share amount of palladium held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</pall:ValuationOfPalladiumPolicyTextBlock>
  <pall:ValuationOfPalladiumTableTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;div style="width:100%"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt"&gt;
						&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;March 31, 2013&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;December 31, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-style:italic;"&gt;(Amounts in 000's of US$)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Investment in palladium - average cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;486,147&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;445,038&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Unrealized gain on investment in palladium&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;103,201&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;52,982&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Investment in palladium - market value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;589,348&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;498,020&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</pall:ValuationOfPalladiumTableTextBlock>
  <pall:ValueOfPalladiumDistributedForRedemptionOfShares contextRef="Duration_1_1_2012_To_12_31_2012" unitRef="Unit12" decimals="-3">98236000</pall:ValueOfPalladiumDistributedForRedemptionOfShares>
  <pall:ValueOfPalladiumDistributedForRedemptionOfShares contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">6135000</pall:ValueOfPalladiumDistributedForRedemptionOfShares>
  <pall:ValueOfPalladiumTransferredToPayExpenses contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">632000</pall:ValueOfPalladiumTransferredToPayExpenses>
  <pall:ValueOfPalladiumTransferredToPayExpenses contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">775000</pall:ValueOfPalladiumTransferredToPayExpenses>
  <us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="As_Of_12_31_2012" unitRef="Unit12" decimals="0">254522</us-gaap:AccountsPayableRelatedPartiesCurrent>
  <us-gaap:AccountsPayableRelatedPartiesCurrent contextRef="As_Of_3_31_2013" unitRef="Unit12" decimals="0">301152</us-gaap:AccountsPayableRelatedPartiesCurrent>
  <us-gaap:Assets id="Item-0008" contextRef="As_Of_12_31_2012" unitRef="Unit12" decimals="-3">445038000</us-gaap:Assets>
  <us-gaap:Assets contextRef="As_Of_3_31_2013" unitRef="Unit12" decimals="-3">486147000</us-gaap:Assets>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="As_Of_12_31_2011" unitRef="Unit12" decimals="-3">0</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="As_Of_3_31_2012" unitRef="Unit12" decimals="-3">0</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="As_Of_12_31_2012" unitRef="Unit12" decimals="-3">0</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="As_Of_3_31_2013" unitRef="Unit12" decimals="-3">0</us-gaap:CashAndCashEquivalentsAtCarryingValue>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">0</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">0</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>
  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;5. Indemnification &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Under the Trust&amp;#x2019;s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct on its part and without reckless disregard on its part of its obligations and duties under the Trust&amp;#x2019;s organizational documents. The Trust&amp;#x2019;s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
  <us-gaap:CommonStockSharesIssued contextRef="As_Of_12_31_2011" unitRef="Unit1" decimals="INF">5950000</us-gaap:CommonStockSharesIssued>
  <us-gaap:CommonStockSharesIssued id="Item-0005" contextRef="As_Of_12_31_2012" unitRef="Unit1" decimals="INF">7250000</us-gaap:CommonStockSharesIssued>
  <us-gaap:CommonStockSharesIssued contextRef="As_Of_3_31_2013" unitRef="Unit1" decimals="INF">7800000</us-gaap:CommonStockSharesIssued>
  <us-gaap:CommonStockSharesOutstanding id="Item-0007" contextRef="As_Of_12_31_2012" unitRef="Unit1" decimals="INF">7250000</us-gaap:CommonStockSharesOutstanding>
  <us-gaap:CommonStockSharesOutstanding contextRef="As_Of_3_31_2013" unitRef="Unit1" decimals="INF">7800000</us-gaap:CommonStockSharesOutstanding>
  <us-gaap:CommonStockValue contextRef="As_Of_12_31_2011" unitRef="Unit12" decimals="-3">373935000</us-gaap:CommonStockValue>
  <us-gaap:CommonStockValue id="Item-0004" contextRef="As_Of_12_31_2012" unitRef="Unit12" decimals="-3">497765000</us-gaap:CommonStockValue>
  <us-gaap:CommonStockValue id="Item-0003" contextRef="As_Of_3_31_2013" unitRef="Unit12" decimals="-3">589047000</us-gaap:CommonStockValue>
  <us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;4. Concentration of Risk &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Trust&amp;#x2019;s sole business activity is the investment in palladium, and substantially all the Trust&amp;#x2019;s assets are holdings of palladium which creates a concentration of risk associated with fluctuations in the price of palladium. Several factors could affect the price of palladium, including: (i) global palladium supply and demand, which is influenced by factors such as forward selling by palladium producers, purchases made by palladium producers to unwind palladium hedge positions, central bank purchases and sales, and production and cost levels in major palladium-producing countries; (ii) investors&amp;#x2019; expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that palladium will maintain its long-term value in terms of purchasing power in the future. In the event that the price of palladium declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust&amp;#x2019;s financial position and results of operations. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
  <us-gaap:EarningsPerShareBasic contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit15" decimals="2">-0.09</us-gaap:EarningsPerShareBasic>
  <us-gaap:EarningsPerShareBasic contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit15" decimals="2">-0.01</us-gaap:EarningsPerShareBasic>
  <us-gaap:GrossProfit contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">57000</us-gaap:GrossProfit>
  <us-gaap:GrossProfit contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">97000</us-gaap:GrossProfit>
  <us-gaap:IncomeTaxPolicyTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2.5. &lt;/font&gt;&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;Income Taxes&lt;/font&gt;&lt;font style="display: inline;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Trust is classified as a &amp;#x201C;grantor trust&amp;#x201D; for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust&amp;#x2019;s income and expenses will &amp;#x201C;flow through&amp;#x201D; to the Shareholders, and the Trustee will report the Trust&amp;#x2019;s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of &lt;/font&gt;&lt;font style="display: inline;"&gt;March 31, 2013&lt;/font&gt;&lt;font style="display: inline;"&gt;. &amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</us-gaap:IncomeTaxPolicyTextBlock>
  <us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">57000</us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties>
  <us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">46000</us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties>
  <us-gaap:InvestmentPolicyTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2.6. &lt;/font&gt;&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;Investment in Palladium&lt;/font&gt;&lt;font style="display: inline;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Changes in ounces of palladium and the respective values for &lt;/font&gt;&lt;font style="display: inline;"&gt;the &lt;/font&gt;&lt;font style="display: inline;"&gt;three months ended March 31, 2013&lt;/font&gt;&lt;font style="display: inline;"&gt; and for the year ended &lt;/font&gt;&lt;font style="display: inline;"&gt;December 31, 2012&lt;/font&gt;&lt;font style="display: inline;"&gt; are set out below: &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;font-family:Times New Roman;font-size: 1pt"&gt;
			&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt"&gt;
						&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Three Months&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-style:italic;"&gt;(Amounts in 000's of US$, except for ounces data)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;March 31, 2013&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;December 31, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;text-decoration:underline;"&gt;Ounces of palladium&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Opening balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;712,474.5&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;588,255.6&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Creations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;63,811.1&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;286,166.1&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemptions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,821.6)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(157,419.8)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Transfers of palladium to pay expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,076.4)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,527.4)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Closing balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;765,387.6&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;712,474.5&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;text-decoration:underline;"&gt;Investment in palladium (lower of cost or market)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Opening balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;445,038&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;351,083&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Creations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47,922&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;194,997&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemptions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,135)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(98,236)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Transfers of palladium to pay expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(678)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,806)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Closing balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;486,147&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;445,038&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</us-gaap:InvestmentPolicyTextBlock>
  <us-gaap:Liabilities id="Item-0009" contextRef="As_Of_12_31_2012" unitRef="Unit12" decimals="-3">255000</us-gaap:Liabilities>
  <us-gaap:Liabilities contextRef="As_Of_3_31_2013" unitRef="Unit12" decimals="-3">301000</us-gaap:Liabilities>
  <us-gaap:LiabilitiesAndStockholdersEquity id="Item-0011" contextRef="As_Of_12_31_2012" unitRef="Unit12" decimals="-3">445038000</us-gaap:LiabilitiesAndStockholdersEquity>
  <us-gaap:LiabilitiesAndStockholdersEquity contextRef="As_Of_3_31_2013" unitRef="Unit12" decimals="-3">486147000</us-gaap:LiabilitiesAndStockholdersEquity>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">0</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">0</us-gaap:NetCashProvidedByUsedInOperatingActivities>
  <us-gaap:NetIncomeLoss contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">-632000</us-gaap:NetIncomeLoss>
  <us-gaap:NetIncomeLoss contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">-92000</us-gaap:NetIncomeLoss>
  <us-gaap:OperatingExpenses contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">689000</us-gaap:OperatingExpenses>
  <us-gaap:OperatingExpenses contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">821000</us-gaap:OperatingExpenses>
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;1. Organization &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The ETFS Palladium Trust (the &amp;#x201C;Trust&amp;#x201D;) is an investment trust formed on December 30, 2009 (the &amp;#x201C;Date of Inception&amp;#x201D;), under New York law pursuant to a depositary trust agreement (the &amp;#x201C;Trust Agreement&amp;#x201D;) executed by ETF Securities USA LLC (the &amp;#x201C;Sponsor&amp;#x201D;) and the Bank of New York Mellon (the &amp;#x201C;Trustee&amp;#x201D;) at the time of the Trust&amp;#x2019;s organization. The Trust holds palladium bullion and issues ETFS Physical Palladium Shares (&amp;#x201C;Shares&amp;#x201D;) (in minimum blocks of &lt;/font&gt;&lt;font style="display: inline;"&gt;50,000&lt;/font&gt;&lt;font style="display: inline;"&gt; Shares, also referred to as &amp;#x201C;Baskets&amp;#x201D;) in exchange for deposits of palladium and distributes palladium in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of ETF Securities Limited, a Jersey, Channel Islands based company. The Trust is governed by the Trust Agreement.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The investment objective of the Trust is for the Shares to reflect the performance of the price of palladium, less the Trust&amp;#x2019;s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a &amp;#x201C;Shareholder&amp;#x201D;) an opportunity to participate in the palladium market through an investment in securities. The fiscal year end for the Trust is December 31.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The accompanying unaudited condensed financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America for interim financial information and with the instructions for the Form 10-Q. In the opinion of the Trust&amp;#x2019;s management, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the &lt;/font&gt;&lt;font style="display: inline;"&gt;three months ended March 31, 2013&lt;/font&gt;&lt;font style="display: inline;"&gt; and for all periods presented have been made.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed financial statements should be read in conjunction with the Trust&amp;#x2019;s Annual Report on Form 10-K for the fiscal year ended &lt;/font&gt;&lt;font style="display: inline;"&gt;December 31, 2012&lt;/font&gt;&lt;font style="display: inline;"&gt;. The results of operations for the &lt;/font&gt;&lt;font style="display: inline;"&gt;three months ended March 31, 2013&lt;/font&gt;&lt;font style="display: inline;"&gt; are not necessarily indicative of the operating results for the full year. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
  <us-gaap:PaymentsForOperatingActivities contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">0</us-gaap:PaymentsForOperatingActivities>
  <us-gaap:PaymentsForOperatingActivities contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">0</us-gaap:PaymentsForOperatingActivities>
  <us-gaap:PaymentsForRepurchaseOfCommonStock contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">6767000</us-gaap:PaymentsForRepurchaseOfCommonStock>
  <us-gaap:ProceedsFromCustomers contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">0</us-gaap:ProceedsFromCustomers>
  <us-gaap:ProceedsFromCustomers contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">0</us-gaap:ProceedsFromCustomers>
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="-3">136427000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">47922000</us-gaap:ProceedsFromIssuanceOfCommonStock>
  <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;3. Related Parties &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee&amp;#x2019;s fee is paid by the Sponsor and is not a separate expense of the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants or purchase or sell palladium or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
  <us-gaap:RetainedEarningsAccumulatedDeficit id="Item-0010" contextRef="As_Of_12_31_2012" unitRef="Unit12" decimals="-3">-52982000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="As_Of_3_31_2013" unitRef="Unit12" decimals="-3">-103201000</us-gaap:RetainedEarningsAccumulatedDeficit>
  <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;2.4. Revenue Recognition Policy&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The primary expense of the Trust is the Sponsor&amp;#x2019;s Fee, which is paid by the Trust through in-kind transfers of palladium to the Sponsor. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust&amp;#x2019;s palladium as necessary to pay these expenses. When selling palladium to pay expenses, the Trustee will endeavor to sell the smallest amounts of palladium needed to pay these expenses in order to minimize the Trust&amp;#x2019;s holdings of assets other than palladium.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Unless otherwise directed by the Sponsor, when selling palladium the Trustee will endeavor to sell at the price established by the London PM Fix. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such palladium only if the sale transaction is made at the next London PM Fix or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the palladium sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
  <us-gaap:ScheduleOfStockByClassTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;div style="width:100%"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt"&gt;
						&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Three Months&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-style:italic;"&gt;(Amounts in 000's of US$, except for Share and per Share data)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;March 31, 2013&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;December 31, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;text-decoration:underline;"&gt;Number of redeemable Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Opening balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,250,000&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,950,000&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Creations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;650,000&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,900,000&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemptions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(100,000)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,600,000)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Closing balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,800,000&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,250,000&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;text-decoration:underline;"&gt;Redeemable Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Opening balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;497,765&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;373,935&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Creations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47,922&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;194,997&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemptions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,767)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(98,852)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Adjustment to redemption value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50,127&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;27,685&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Closing balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;589,047&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;497,765&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemption value per Share at period end&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;75.52&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;68.66&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</us-gaap:ScheduleOfStockByClassTextBlock>
  <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2. Significant Accounting Policies &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"&gt;

		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style="page-break-after:always"&gt;&amp;nbsp;&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"&gt;&lt;font style="display: inline;"&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;2.1. Valuation of Palladium&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Palladium is held by JPMorgan Chase Bank, N.A. (the &amp;#x201C;Custodian&amp;#x201D;), on behalf of the Trust, and is valued, for financial statement purposes, at the lower of cost or market. The cost of palladium is determined according to the average cost method and the market value is based on the London PM Fix used to determine the net asset value (the &amp;#x201C;NAV&amp;#x201D;) of the Trust. Realized gains and losses on transfers of palladium, or palladium distributed for the redemption of Shares, are calculated on a trade date basis using average cost. The London PM Fix is set using the afternoon session of the twice daily fix of the price of an ounce of palladium by the four members of the London Platinum and Palladium Market at approximately 2:00 PM London time, on each working day.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Once the value of palladium has been determined, the NAV is computed by the Trustee by deducting all accrued fees and other liabilities of the Trust, including the remuneration due to the Sponsor (the &amp;#x201C;Sponsor&amp;#x2019;s Fee&amp;#x201D;), from the fair value of the palladium and all other assets held by the Trust. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The table below summarizes the unrealized gains on the Trust&amp;#x2019;s palladium holdings as of &lt;/font&gt;&lt;font style="display: inline;"&gt;March 31, 2013 and December 31, 2012&lt;/font&gt;&lt;font style="display: inline;"&gt;:&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;font-family:Times New Roman;font-size: 1pt"&gt;
			&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt"&gt;
						&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;March 31, 2013&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;December 31, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-style:italic;"&gt;(Amounts in 000's of US$)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Investment in palladium - average cost&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;486,147&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;445,038&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Unrealized gain on investment in palladium&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;103,201&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;52,982&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Investment in palladium - market value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;589,348&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;498,020&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Trust recognizes the diminution in value of the investment in palladium which arises from market declines on an interim basis. Increases in the value of the investment in palladium through market price recoveries in later interim periods of the same fiscal year are recognized in the later interim period. Increases in value recognized on an interim basis may not exceed the previously recognized diminution in value. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The per Share amount of palladium exchanged for a purchase or redemption is calculated daily by the Trustee, using the London PM Fix to calculate the palladium amount in respect of any liabilities for which covering palladium sales have not yet been made, and represents the per Share amount of palladium held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2.2. &lt;/font&gt;&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;Palladium Receivable and Payable&lt;/font&gt;&lt;font style="display: inline;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Palladium receivable or payable represents the quantity of palladium covered by contractually binding orders for the creation or redemption of Shares respectively, where the palladium has not yet been transferred to or from the Trust&amp;#x2019;s account. Generally, ownership of the palladium is transferred within three business days of the trade date. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;There was &lt;/font&gt;&lt;font style="display: inline;"&gt;no&lt;/font&gt;&lt;font style="display: inline;"&gt; palladium receivable or payable at &lt;/font&gt;&lt;font style="display: inline;"&gt;March 31, 2013&lt;/font&gt;&lt;font style="display: inline;"&gt; and December 31, 2012.&lt;/font&gt;&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;

		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style="page-break-after:always"&gt;&amp;nbsp;&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;;font-size: 10pt"&gt;&lt;font style="display: inline;"&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2.3. &lt;/font&gt;&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;Creations and Redemptions of Shares&lt;/font&gt;&lt;font style="display: inline;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets. The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor, and (4) has established an Authorized Participant Unallocated Account with the Trust&amp;#x2019;s Custodian or other palladium clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the palladium required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated palladium account, either loco London or loco Zurich, established with the Custodian or a palladium clearing bank by an Authorized Participant.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of palladium represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When palladium is exchanged in settlement of a redemption, it is considered a sale of palladium for financial statement purposes.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The amount of palladium represented by the Baskets created or redeemed can only be settled to the nearest 1/1000&lt;/font&gt;&lt;sup style="display: inline;"&gt;th &lt;/sup&gt;&lt;font style="display: inline;"&gt;of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of palladium to be delivered or distributed by the Trust. In order to ensure that the correct amount of palladium is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess. For each transaction, this amount is not more than 1/1000&lt;/font&gt;&lt;sup style="display: inline;"&gt;th&lt;/sup&gt;&lt;font style="display: inline;"&gt; of an ounce.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Shares of the Trust are classified as &amp;#x201C;Redeemable Shares&amp;#x201D; for financial statement purposes, since they are subject to redemption at the option of Authorized Participants. Outstanding Shares are reflected at redemption value, which represents the maximum obligation (based on NAV per Share), with the difference from historical cost recorded as an offsetting amount to retained earnings. When palladium is exchanged in settlement of a redemption, a gain or loss in the amount of the difference between the market value on the trade date and the historical cost is recorded to the Condensed Statement of Operations. Changes in the Shares for the &lt;/font&gt;&lt;font style="display: inline;"&gt;three months ended March 31, 2013&lt;/font&gt;&lt;font style="display: inline;"&gt; and for the year ended &lt;/font&gt;&lt;font style="display: inline;"&gt;December 31, 2012&lt;/font&gt;&lt;font style="display: inline;"&gt; are set out below: &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;font-family:Times New Roman;font-size: 1pt"&gt;
			&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt"&gt;
						&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Three Months&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-style:italic;"&gt;(Amounts in 000's of US$, except for Share and per Share data)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;March 31, 2013&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;December 31, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;text-decoration:underline;"&gt;Number of redeemable Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Opening balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,250,000&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;5,950,000&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Creations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;650,000&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;2,900,000&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemptions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(100,000)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,600,000)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Closing balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,800,000&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;7,250,000&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;text-decoration:underline;"&gt;Redeemable Shares&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Opening balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;497,765&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;373,935&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Creations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47,922&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;194,997&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemptions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,767)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(98,852)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Adjustment to redemption value&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;50,127&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;27,685&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Closing balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;589,047&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;497,765&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemption value per Share at period end&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;75.52&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;68.66&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"&gt;

		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style="page-break-after:always"&gt;&amp;nbsp;&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"&gt;&lt;font style="display: inline;"&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;2.4. Revenue Recognition Policy&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The primary expense of the Trust is the Sponsor&amp;#x2019;s Fee, which is paid by the Trust through in-kind transfers of palladium to the Sponsor. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust&amp;#x2019;s palladium as necessary to pay these expenses. When selling palladium to pay expenses, the Trustee will endeavor to sell the smallest amounts of palladium needed to pay these expenses in order to minimize the Trust&amp;#x2019;s holdings of assets other than palladium.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Unless otherwise directed by the Sponsor, when selling palladium the Trustee will endeavor to sell at the price established by the London PM Fix. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such palladium only if the sale transaction is made at the next London PM Fix or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the palladium sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2.5. &lt;/font&gt;&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;Income Taxes&lt;/font&gt;&lt;font style="display: inline;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Trust is classified as a &amp;#x201C;grantor trust&amp;#x201D; for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust&amp;#x2019;s income and expenses will &amp;#x201C;flow through&amp;#x201D; to the Shareholders, and the Trustee will report the Trust&amp;#x2019;s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of &lt;/font&gt;&lt;font style="display: inline;"&gt;March 31, 2013&lt;/font&gt;&lt;font style="display: inline;"&gt;. &amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2.6. &lt;/font&gt;&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;Investment in Palladium&lt;/font&gt;&lt;font style="display: inline;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;Changes in ounces of palladium and the respective values for &lt;/font&gt;&lt;font style="display: inline;"&gt;the &lt;/font&gt;&lt;font style="display: inline;"&gt;three months ended March 31, 2013&lt;/font&gt;&lt;font style="display: inline;"&gt; and for the year ended &lt;/font&gt;&lt;font style="display: inline;"&gt;December 31, 2012&lt;/font&gt;&lt;font style="display: inline;"&gt; are set out below: &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;font-family:Times New Roman;font-size: 1pt"&gt;
			&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;div style="width:100%"&gt;&lt;table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt"&gt;
						&lt;font style="display: inline;font-size:1pt;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Three Months&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Year&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;Ended&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-style:italic;"&gt;(Amounts in 000's of US$, except for ounces data)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;March 31, 2013&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;"&gt;December 31, 2012&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;text-decoration:underline;"&gt;Ounces of palladium&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Opening balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;712,474.5&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;588,255.6&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Creations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;63,811.1&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;286,166.1&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemptions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(9,821.6)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(157,419.8)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Transfers of palladium to pay expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(1,076.4)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(4,527.4)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Closing balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;765,387.6&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;712,474.5&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;font-weight:bold;text-decoration:underline;"&gt;Investment in palladium (lower of cost or market)&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Opening balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;445,038&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;351,083&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Creations&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;47,922&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;194,997&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Redemptions&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(6,135)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(98,236)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Transfers of palladium to pay expenses&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(678)
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;(2,806)
				&lt;/td&gt;
			&lt;/tr&gt;
			&lt;tr&gt;
				&lt;td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;Closing balance&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;486,147&amp;nbsp;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt"&gt;
						&amp;nbsp;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;"&gt;
					&lt;p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt"&gt;
						&lt;font style="display: inline;"&gt;$&lt;/font&gt;&lt;/p&gt;
				&lt;/td&gt;
				&lt;td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"&gt;&lt;div style="float:left"&gt;&lt;/div&gt;445,038&amp;nbsp;
				&lt;/td&gt;
			&lt;/tr&gt;
		&lt;/table&gt;&lt;/div&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;

		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;&lt;p style="page-break-after:always"&gt;&amp;nbsp;&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;;font-size: 10pt"&gt;&lt;font style="display: inline;"&gt;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2.7. &lt;/font&gt;&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;Expenses&lt;/font&gt;&lt;font style="display: inline;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Trust will transfer palladium to the Sponsor to pay the Sponsor&amp;#x2019;s Fee that will accrue daily at an annualized rate equal to &lt;/font&gt;&lt;font style="display: inline;"&gt;0.60&lt;/font&gt;&lt;font style="display: inline;"&gt;% of the adjusted net asset value (&amp;#x201C;ANAV&amp;#x201D;) of the Trust, paid monthly in arrears.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&amp;#x2019;s monthly fee and out of pocket expenses, the Custodian&amp;#x2019;s fee and the reimbursement of the Custodian&amp;#x2019;s expenses, exchange listing fees, United States Securities and Exchange Commission (the &amp;#x201C;SEC&amp;#x201D;) registration fees, printing and mailing costs, audit fees and certain legal expenses.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;For the &lt;/font&gt;&lt;font style="display: inline;"&gt;three months ended March 31, 2013 and 2012&lt;/font&gt;&lt;font style="display: inline;"&gt;, the Sponsor&amp;#x2019;s Fee was $&lt;/font&gt;&lt;font style="display: inline;"&gt;821,098&lt;/font&gt;&lt;font style="display: inline;"&gt; and $&lt;/font&gt;&lt;font style="display: inline;"&gt;689,202&lt;/font&gt;&lt;font style="display: inline;"&gt;, respectively. At &lt;/font&gt;&lt;font style="display: inline;"&gt;March 31, 2013&lt;/font&gt;&lt;font style="display: inline;"&gt; and at &lt;/font&gt;&lt;font style="display: inline;"&gt;December 31, 2012&lt;/font&gt;&lt;font style="display: inline;"&gt;, the fees payable to the Sponsor were $&lt;/font&gt;&lt;font style="display: inline;"&gt;301,152&lt;/font&gt;&lt;font style="display: inline;"&gt; and $&lt;/font&gt;&lt;font style="display: inline;"&gt;254,522&lt;/font&gt;&lt;font style="display: inline;"&gt;, respectively. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2.8. &lt;/font&gt;&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;Subsequent Events&lt;/font&gt;&lt;font style="display: inline;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;In accordance with the provisions set forth in Financial Accounting Standards Board Accounting Standards Codification 855-10, &lt;/font&gt;&lt;font style="display: inline;font-style:italic;"&gt;Subsequent Events&lt;/font&gt;&lt;font style="display: inline;"&gt;, the Trust&amp;#x2019;s management has evaluated the possibility of subsequent events existing in the Trust&amp;#x2019;s financial statements through the filing date. During this period, no material subsequent events were identified. &lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
  <us-gaap:SponsorFees contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit12" decimals="0">689202</us-gaap:SponsorFees>
  <us-gaap:SponsorFees contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="0">821098</us-gaap:SponsorFees>
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="Duration_1_1_2012_To_12_31_2012" unitRef="Unit1" decimals="INF">2900000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit1" decimals="INF">650000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Duration_1_1_2012_To_12_31_2012" unitRef="Unit12" decimals="-3">194997000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">47922000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
  <us-gaap:StockRepurchasedDuringPeriodShares contextRef="Duration_1_1_2012_To_12_31_2012" unitRef="Unit1" decimals="INF">1600000</us-gaap:StockRepurchasedDuringPeriodShares>
  <us-gaap:StockRepurchasedDuringPeriodShares contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit1" decimals="INF">100000</us-gaap:StockRepurchasedDuringPeriodShares>
  <us-gaap:StockRepurchasedDuringPeriodValue contextRef="Duration_1_1_2012_To_12_31_2012" unitRef="Unit12" decimals="-3">98852000</us-gaap:StockRepurchasedDuringPeriodValue>
  <us-gaap:StockRepurchasedDuringPeriodValue contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit12" decimals="-3">6767000</us-gaap:StockRepurchasedDuringPeriodValue>
  <us-gaap:SubsequentEventsPolicyPolicyTextBlock contextRef="Duration_1_1_2013_To_3_31_2013">&lt;div&gt; &lt;div style="margin-left:0pt;margin-right:0pt;"&gt;
		&lt;p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;font-weight:bold;"&gt;2.8. &lt;/font&gt;&lt;font style="display: inline;font-weight:bold;font-style:italic;"&gt;Subsequent Events&lt;/font&gt;&lt;font style="display: inline;font-weight:bold;"&gt;&amp;nbsp;&lt;/font&gt;
		&lt;/p&gt;
		&lt;p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"&gt;
			&lt;font style="display: inline;"&gt;In accordance with the provisions set forth in Financial Accounting Standards Board Accounting Standards Codification 855-10, &lt;/font&gt;&lt;font style="display: inline;font-style:italic;"&gt;Subsequent Events&lt;/font&gt;&lt;font style="display: inline;"&gt;, the Trust&amp;#x2019;s management has evaluated the possibility of subsequent events existing in the Trust&amp;#x2019;s financial statements through the filing date. During this period, no material subsequent events were identified.&lt;/font&gt;
		&lt;/p&gt;
		&lt;p&gt;&lt;font size="1"&gt; &lt;/font&gt;&lt;/p&gt;
	&lt;/div&gt; &lt;/div&gt;</us-gaap:SubsequentEventsPolicyPolicyTextBlock>
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="Duration_1_1_2012_To_3_31_2012" unitRef="Unit1" decimals="0">6986813</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="Duration_1_1_2013_To_3_31_2013" unitRef="Unit1" decimals="0">7582222</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
  <!--Footnote Section-->
  <link:footnoteLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <link:loc xlink:type="locator" xlink:href="#Item-0006" xlink:label="Item-0006_lbl" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0006_lbl" xlink:to="Footnote-03" order="1" />
    <link:loc xlink:type="locator" xlink:href="#Item-0002" xlink:label="Item-0002_lbl" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0002_lbl" xlink:to="Footnote-01" order="1" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0002_lbl" xlink:to="Footnote-03" order="2" />
    <link:loc xlink:type="locator" xlink:href="#Item-0001" xlink:label="Item-0001_lbl" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0001_lbl" xlink:to="Footnote-01" order="1" />
    <link:loc xlink:type="locator" xlink:href="#Item-0008" xlink:label="Item-0008_lbl" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0008_lbl" xlink:to="Footnote-03" order="1" />
    <link:loc xlink:type="locator" xlink:href="#Item-0005" xlink:label="Item-0005_lbl" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0005_lbl" xlink:to="Footnote-03" order="1" />
    <link:loc xlink:type="locator" xlink:href="#Item-0007" xlink:label="Item-0007_lbl" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0007_lbl" xlink:to="Footnote-03" order="1" />
    <link:loc xlink:type="locator" xlink:href="#Item-0004" xlink:label="Item-0004_lbl" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0004_lbl" xlink:to="Footnote-02" order="1" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0004_lbl" xlink:to="Footnote-03" order="2" />
    <link:loc xlink:type="locator" xlink:href="#Item-0003" xlink:label="Item-0003_lbl" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0003_lbl" xlink:to="Footnote-02" order="1" />
    <link:loc xlink:type="locator" xlink:href="#Item-0009" xlink:label="Item-0009_lbl" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0009_lbl" xlink:to="Footnote-03" order="1" />
    <link:loc xlink:type="locator" xlink:href="#Item-0011" xlink:label="Item-0011_lbl" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0011_lbl" xlink:to="Footnote-03" order="1" />
    <link:loc xlink:type="locator" xlink:href="#Item-0010" xlink:label="Item-0010_lbl" />
    <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Item-0010_lbl" xlink:to="Footnote-03" order="1" />
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-03" xml:lang="en-US">Derived from audited Statement of Financial Condition as of December 31, 2012.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-01" xml:lang="en-US">The investment in palladium is valued at the lower of cost or market value.  Refer to note 2.1 for a breakdown of cost and market value of the investment in palladium.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-02" xml:lang="en-US">Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at March 31, 2013 were 7,800,000 and at December 31, 2012 were</link:footnote>
  </link:footnoteLink>
</xbrl>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>pall-20130331_lab.xml
<DESCRIPTION>EX-101.LAB
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Crossfire by Rivet Software version 5.5.125.0 http://www.rivetsoftware.com-->
<!--Based on XBRL 2.1-->
<!--Created on: 08/05/2013 16:46:52-->
<!--Modified on: 08/05/2013 16:46:52-->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
  <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
  <labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
    <!-- [WMV3][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt+zoEiIZmtp2K7SL7P1GDa7FvigrF1j0I79JdJpDHQcdXyAsDALlGuho6I9/LYlRVZU4LxEUrZP5sQSb/6dgfCcYEXDAIGi3ixzio2A2045MWHV0kgYXwRihGxgXPIcC2rmc7Z/vctDYszp8/gqrsryQFugK7H+NqgxJb6S0U5vnlhaOp/oDpPBVHcStzNTV1oNOEVhgYi+qTjKbd70PEBzcnxg+LDI8fU7FMb7O+itf5QLsa5TQYmtCyDZTax7Wwk=] CSR-->
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_DocumentAndEntityInformationAbstract" xlink:label="pall_DocumentAndEntityInformationAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_DocumentAndEntityInformationAbstract" xlink:to="pall_DocumentAndEntityInformationAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document and Entity Information [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statements of Financial Condition [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Condensed Statements of Financial Condition</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_InvestmentInPalladium" xlink:label="pall_InvestmentInPalladium" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_InvestmentInPalladium" xlink:to="pall_InvestmentInPalladium_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_InvestmentInPalladium_lbl" xml:lang="en-US">Value of investment in palladium received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_InvestmentInPalladium_lbl" xml:lang="en-US">Investment in palladium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="pall_InvestmentInPalladium_lbl" xml:lang="en-US">Closing balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="pall_InvestmentInPalladium_lbl" xml:lang="en-US">Opening balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_InvestmentInPalladium_lbl" xml:lang="en-US">Investment in palladium - average cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">LIABILITIES [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">LIABILITIES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableRelatedPartiesCurrent" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableRelatedPartiesCurrent" xlink:to="us-gaap_AccountsPayableRelatedPartiesCurrent_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent_lbl" xml:lang="en-US">Fees payable to Sponsor</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent_lbl" xml:lang="en-US">Fees payable to the Sponsor</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_RedeemableSharesAndShareholdersDeficitAbstract" xlink:label="pall_RedeemableSharesAndShareholdersDeficitAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RedeemableSharesAndShareholdersDeficitAbstract" xlink:to="pall_RedeemableSharesAndShareholdersDeficitAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_RedeemableSharesAndShareholdersDeficitAbstract_lbl" xml:lang="en-US">REDEEMABLE SHARES AND SHAREHOLDERS&#x2019; DEFICIT [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_RedeemableSharesAndShareholdersDeficitAbstract_lbl" xml:lang="en-US">REDEEMABLE SHARES AND SHAREHOLDERS&#x2019; DEFICIT</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Shares at redemption value to investors</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Closing balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Opening balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock, Value, Issued, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Shareholders&#x2019; deficit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Shareholders&#x2019; deficit &#x2013; closing balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Shareholders&#x2019; deficit - opening balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained Earnings (Accumulated Deficit), Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Liabilities and Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities, redeemable Shares &amp; shareholders&#x2019; deficit</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CommonStockSharesAuthorised" xlink:label="pall_CommonStockSharesAuthorised" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CommonStockSharesAuthorised" xlink:to="pall_CommonStockSharesAuthorised_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CommonStockSharesAuthorised_lbl" xml:lang="en-US">The maximum number of common stock shares which the Trust is authorised to issue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CommonStockSharesAuthorised_lbl" xml:lang="en-US">Common stock, shares authorised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_CommonStockSharesAuthorised_lbl" xml:lang="en-US">Common stock, shares authorized</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Closing balance (in Shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Opening balance (in Shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common Stock, Shares, Issued, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common Stock, Shares, Outstanding, Ending Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common Stock, Shares, Outstanding, Beginning Balance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Statements of Operations [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Condensed Statements of Operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US">REVENUES [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US">REVENUES</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ValueOfPalladiumTransferredToPayExpenses" xlink:label="pall_ValueOfPalladiumTransferredToPayExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValueOfPalladiumTransferredToPayExpenses" xlink:to="pall_ValueOfPalladiumTransferredToPayExpenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ValueOfPalladiumTransferredToPayExpenses_lbl" xml:lang="en-US">Value of Palladium transferred to pay Trust's expenses during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ValueOfPalladiumTransferredToPayExpenses_lbl" xml:lang="en-US">Value of palladium transferred to pay expenses</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CostOfPalladiumTransferredToPayExpenses" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CostOfPalladiumTransferredToPayExpenses" xlink:to="pall_CostOfPalladiumTransferredToPayExpenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses_lbl" xml:lang="en-US">Cost of Palladium transferred to pay Trust's expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses_lbl" xml:lang="en-US">Cost Of Palladium Transferred To Pay Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses_lbl" xml:lang="en-US">Cost of palladium transferred to pay expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses_lbl" xml:lang="en-US">Transfers of palladium to pay expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GrossProfit" xlink:label="us-gaap_GrossProfit" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GrossProfit_lbl" xml:lang="en-US">Gross Profit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GrossProfit_lbl" xml:lang="en-US">Gain on palladium transferred to pay expenses</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares" xlink:label="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares" xlink:to="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Realized gain or loss during the period on palladium distributed for the redemption of Shares.Realized gains or losses are calculated on a trade date basis using average cost.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Realized gain on palladium distributed for redemption of shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Gain on palladium distributed for the redemption of Shares</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_TotalGainLossOnPalladium" xlink:label="pall_TotalGainLossOnPalladium" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TotalGainLossOnPalladium" xlink:to="pall_TotalGainLossOnPalladium_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_TotalGainLossOnPalladium_lbl" xml:lang="en-US">The net gain or loss in the period on palladium.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_TotalGainLossOnPalladium_lbl" xml:lang="en-US">Total Gain (Loss) on Palladium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="pall_TotalGainLossOnPalladium_lbl" xml:lang="en-US">Total gain on palladium</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ExpensesAbstract" xlink:label="pall_ExpensesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ExpensesAbstract" xlink:to="pall_ExpensesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ExpensesAbstract_lbl" xml:lang="en-US">EXPENSES [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_ExpensesAbstract_lbl" xml:lang="en-US">EXPENSES</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SponsorFees" xlink:label="us-gaap_SponsorFees" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SponsorFees_lbl" xml:lang="en-US">Sponsor&#x2019;s Fee</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SponsorFees_lbl" xml:lang="en-US">Sponsor Fees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Operating Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Total expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss for the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss for the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss from operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss for the period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Net loss per Share (in Dollars per Share)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Earnings Per Share, Basic, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Weighted average number of Shares (in Shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Basic, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statements of Cash Flows [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Condensed Statements of Cash Flows</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_IncreaseDecreaseInCashFromOperationsAbstract" xlink:label="pall_IncreaseDecreaseInCashFromOperationsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_IncreaseDecreaseInCashFromOperationsAbstract" xlink:to="pall_IncreaseDecreaseInCashFromOperationsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_IncreaseDecreaseInCashFromOperationsAbstract_lbl" xml:lang="en-US">INCREASE / (DECREASE) IN CASH FROM OPERATIONS: [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_IncreaseDecreaseInCashFromOperationsAbstract_lbl" xml:lang="en-US">INCREASE IN CASH FROM OPERATIONS:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromCustomers" xlink:label="us-gaap_ProceedsFromCustomers" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromCustomers" xlink:to="us-gaap_ProceedsFromCustomers_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromCustomers_lbl" xml:lang="en-US">Cash proceeds received from transfer of palladium</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsForOperatingActivities" xlink:label="us-gaap_PaymentsForOperatingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForOperatingActivities" xlink:to="us-gaap_PaymentsForOperatingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForOperatingActivities_lbl" xml:lang="en-US">Payments for Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForOperatingActivities_lbl" xml:lang="en-US">Cash expenses paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PaymentsForOperatingActivities_lbl" xml:lang="en-US">Payments for Operating Activities, Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Increase in cash resulting from operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents at end of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents at beginning of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value, Total</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" xlink:label="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" xlink:to="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_lbl" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_lbl" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CreationsValueOfPalladium" xlink:label="pall_CreationsValueOfPalladium" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsValueOfPalladium" xlink:to="pall_CreationsValueOfPalladium_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CreationsValueOfPalladium_lbl" xml:lang="en-US">Amount of creations of palladium in investment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CreationsValueOfPalladium_lbl" xml:lang="en-US">Creations value of palladium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_CreationsValueOfPalladium_lbl" xml:lang="en-US">Creations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="pall_CreationsValueOfPalladium_lbl" xml:lang="en-US">Value of palladium received for creation of Shares</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ValueOfPalladiumDistributedForRedemptionOfShares" xlink:label="pall_ValueOfPalladiumDistributedForRedemptionOfShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValueOfPalladiumDistributedForRedemptionOfShares" xlink:to="pall_ValueOfPalladiumDistributedForRedemptionOfShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ValueOfPalladiumDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Value of palladium distributed at average cost for the redemption of Shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ValueOfPalladiumDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Value of palladium distributed for redemption of Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="pall_ValueOfPalladiumDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Redemptions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_ValueOfPalladiumDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Value of palladium distributed for redemption of Shares - at average cost</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract" xlink:label="pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract" xlink:to="pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract_lbl" xml:lang="en-US">RECONCILIATION OF NET GAIN / (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES: [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract_lbl" xml:lang="en-US">RECONCILIATION OF NET LOSS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:label="pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:to="pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net (loss) / gain to net cash provided by operating activities: [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net loss to net cash provided by operating activities:</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_IncreaseDecreaseInPalladiumAssets" xlink:label="pall_IncreaseDecreaseInPalladiumAssets" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_IncreaseDecreaseInPalladiumAssets" xlink:to="pall_IncreaseDecreaseInPalladiumAssets_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_IncreaseDecreaseInPalladiumAssets_lbl" xml:lang="en-US">Net change during the reporting period in the carrying value of palladium.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_IncreaseDecreaseInPalladiumAssets_lbl" xml:lang="en-US">Increase decrease in palladium assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pall_IncreaseDecreaseInPalladiumAssets_lbl" xml:lang="en-US">Increase in palladium assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_IncreaseDecreaseInPalladiumAssets_lbl" xml:lang="en-US">(Increase) / decrease in palladium assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_lbl" xml:lang="en-US">Increase in fees payable to Sponsor</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_IncreaseDecreaseInRedeemableSharesAbstract" xlink:label="pall_IncreaseDecreaseInRedeemableSharesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_IncreaseDecreaseInRedeemableSharesAbstract" xlink:to="pall_IncreaseDecreaseInRedeemableSharesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_IncreaseDecreaseInRedeemableSharesAbstract_lbl" xml:lang="en-US">Increase / (decrease) in redeemable Shares: [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_IncreaseDecreaseInRedeemableSharesAbstract_lbl" xml:lang="en-US">Increase / (decrease) in redeemable Shares:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US">Creations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xml:lang="en-US">Redemptions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xml:lang="en-US">Redemptions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Total</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_SupplementalDisclosureOfNonCashActivitiesAbstract" xlink:label="pall_SupplementalDisclosureOfNonCashActivitiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_SupplementalDisclosureOfNonCashActivitiesAbstract" xlink:to="pall_SupplementalDisclosureOfNonCashActivitiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_SupplementalDisclosureOfNonCashActivitiesAbstract_lbl" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_SupplementalDisclosureOfNonCashActivitiesAbstract_lbl" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Statement of Changes in Shareholders' Deficit [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US">Condensed Statement of Changes in Shareholders' Deficit</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_AdjustmentOfRedeemableSharesToRedemptionValue" xlink:label="pall_AdjustmentOfRedeemableSharesToRedemptionValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AdjustmentOfRedeemableSharesToRedemptionValue" xlink:to="pall_AdjustmentOfRedeemableSharesToRedemptionValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_AdjustmentOfRedeemableSharesToRedemptionValue_lbl" xml:lang="en-US">Adjustment of redeemable Shares to redemption value.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_AdjustmentOfRedeemableSharesToRedemptionValue_lbl" xml:lang="en-US">Adjustment of redeemable Shares to redemption value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="pall_AdjustmentOfRedeemableSharesToRedemptionValue_lbl" xml:lang="en-US">Adjustment to redemption value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Organization [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_lbl" xml:lang="en-US">Organization</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US">Significant Accounting Policies [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US">Significant Accounting Policies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Parties [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Parties</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RisksAndUncertaintiesAbstract" xlink:label="us-gaap_RisksAndUncertaintiesAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RisksAndUncertaintiesAbstract" xlink:to="us-gaap_RisksAndUncertaintiesAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RisksAndUncertaintiesAbstract_lbl" xml:lang="en-US">Concentration Of Risk [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentration Risk Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_lbl" xml:lang="en-US">Concentration Of Risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US">Indemnification [Abstract]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Indemnification</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ValuationOfPalladiumPolicyTextBlock" xlink:label="pall_ValuationOfPalladiumPolicyTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValuationOfPalladiumPolicyTextBlock" xlink:to="pall_ValuationOfPalladiumPolicyTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ValuationOfPalladiumPolicyTextBlock_lbl" xml:lang="en-US">Disclosure of valuation of palladium policy.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ValuationOfPalladiumPolicyTextBlock_lbl" xml:lang="en-US">Valuation Of Palladium Policy Text Block</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_ValuationOfPalladiumPolicyTextBlock_lbl" xml:lang="en-US">Valuation Of Palladium</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ReceivableAndPayablePolicyTextBlock" xlink:label="pall_ReceivableAndPayablePolicyTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ReceivableAndPayablePolicyTextBlock" xlink:to="pall_ReceivableAndPayablePolicyTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ReceivableAndPayablePolicyTextBlock_lbl" xml:lang="en-US">Disclosure of palladium receivable and payable policy.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ReceivableAndPayablePolicyTextBlock_lbl" xml:lang="en-US">Receivable And Payable Policy Text Block</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_ReceivableAndPayablePolicyTextBlock_lbl" xml:lang="en-US">Palladium Receivable Or Payable</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" xlink:label="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" xlink:to="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_lbl" xml:lang="en-US">Disclosure of creation and redemptions of shares policy.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_lbl" xml:lang="en-US">Creations And Redemptions Of Shares Policy Text Block</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_lbl" xml:lang="en-US">Creations And Redemptions Of Shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xml:lang="en-US">Revenue Recognition, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xml:lang="en-US">Revenue Recognition Policy</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Income Taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentPolicyTextBlock" xlink:label="us-gaap_InvestmentPolicyTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentPolicyTextBlock" xlink:to="us-gaap_InvestmentPolicyTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentPolicyTextBlock_lbl" xml:lang="en-US">Investment, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentPolicyTextBlock_lbl" xml:lang="en-US">Investment In Palladium</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ExpensesPolicyTextBlock" xlink:label="pall_ExpensesPolicyTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ExpensesPolicyTextBlock" xlink:to="pall_ExpensesPolicyTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ExpensesPolicyTextBlock_lbl" xml:lang="en-US">Disclosure of expenses policy.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ExpensesPolicyTextBlock_lbl" xml:lang="en-US">Expenses Policy Text Block</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_ExpensesPolicyTextBlock_lbl" xml:lang="en-US">Expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:to="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xml:lang="en-US">Subsequent Events, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xml:lang="en-US">Subsequent Events</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ValuationOfPalladiumTableTextBlock" xlink:label="pall_ValuationOfPalladiumTableTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_ValuationOfPalladiumTableTextBlock" xlink:to="pall_ValuationOfPalladiumTableTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_ValuationOfPalladiumTableTextBlock_lbl" xml:lang="en-US">Tabular disclosure pertaining to the impact of unrealized gain (loss) on the valuation of palladium investment in the Trust.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_ValuationOfPalladiumTableTextBlock_lbl" xml:lang="en-US">Valuation Of Palladium Table Text Block</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_ValuationOfPalladiumTableTextBlock_lbl" xml:lang="en-US">Schedule Of Unrealized Gains Or Losses On The Trust's Palladium Holdings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfStockByClassTextBlock" xlink:label="us-gaap_ScheduleOfStockByClassTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfStockByClassTextBlock" xlink:to="us-gaap_ScheduleOfStockByClassTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfStockByClassTextBlock_lbl" xml:lang="en-US">Schedule Of Redeemable Capital Shares</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_InvestmentsInPalladiumTableTextBlock" xlink:label="pall_InvestmentsInPalladiumTableTextBlock" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_InvestmentsInPalladiumTableTextBlock" xlink:to="pall_InvestmentsInPalladiumTableTextBlock_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_InvestmentsInPalladiumTableTextBlock_lbl" xml:lang="en-US">Tabular disclosure of movement in the investment in palladium in the Trust.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_InvestmentsInPalladiumTableTextBlock_lbl" xml:lang="en-US">Investments In Palladium Table Text Block</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_InvestmentsInPalladiumTableTextBlock_lbl" xml:lang="en-US">Schedule Of Investment In Palladium</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium" xlink:label="pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium" xlink:to="pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium_lbl" xml:lang="en-US">The minimum block of shares that can be created or redeemed against palladium deposits or distributions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium_lbl" xml:lang="en-US">Minimum Block Of Shares Issued Redeemed Against Palladium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium_lbl" xml:lang="en-US">Minimum block of shares issued redeemed against palladium</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_AnnualizedRateOfSponsorsFee" xlink:label="pall_AnnualizedRateOfSponsorsFee" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_AnnualizedRateOfSponsorsFee" xlink:to="pall_AnnualizedRateOfSponsorsFee_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_AnnualizedRateOfSponsorsFee_lbl" xml:lang="en-US">Annualized rate of sponsors fee.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_AnnualizedRateOfSponsorsFee_lbl" xml:lang="en-US">Annualized Rate Of Sponsors Fee</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_AnnualizedRateOfSponsorsFee_lbl" xml:lang="en-US">Annualized rate of Sponsors Fee</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_UnrealizedGainOnInvestmentInPalladium" xlink:label="pall_UnrealizedGainOnInvestmentInPalladium" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_UnrealizedGainOnInvestmentInPalladium" xlink:to="pall_UnrealizedGainOnInvestmentInPalladium_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_UnrealizedGainOnInvestmentInPalladium_lbl" xml:lang="en-US">Unrealized gain on investment in palladium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_UnrealizedGainOnInvestmentInPalladium_lbl" xml:lang="en-US">Unrealized gain on investment in palladium</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_MarketValueOfInvestmentInPalladium" xlink:label="pall_MarketValueOfInvestmentInPalladium" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_MarketValueOfInvestmentInPalladium" xlink:to="pall_MarketValueOfInvestmentInPalladium_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_MarketValueOfInvestmentInPalladium_lbl" xml:lang="en-US">Market value of investment in palladium received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_MarketValueOfInvestmentInPalladium_lbl" xml:lang="en-US">Market value of investment in Palladium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_MarketValueOfInvestmentInPalladium_lbl" xml:lang="en-US">Investment in palladium - market value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="pall_MarketValueOfInvestmentInPalladium_lbl" xml:lang="en-US">Investment in palladium - market value</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_PalladiumReceivableAtMarketValue" xlink:label="pall_PalladiumReceivableAtMarketValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_PalladiumReceivableAtMarketValue" xlink:to="pall_PalladiumReceivableAtMarketValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_PalladiumReceivableAtMarketValue_lbl" xml:lang="en-US">Amount of palladium receivable at market value as of the reporting date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_PalladiumReceivableAtMarketValue_lbl" xml:lang="en-US">Palladium receivable at market value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_PalladiumReceivableAtMarketValue_lbl" xml:lang="en-US">Palladium receivable</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_PalladiumPayableAtMarketValue" xlink:label="pall_PalladiumPayableAtMarketValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_PalladiumPayableAtMarketValue" xlink:to="pall_PalladiumPayableAtMarketValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_PalladiumPayableAtMarketValue_lbl" xml:lang="en-US">Amount of palladium payable at market value as of the reporting date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_PalladiumPayableAtMarketValue_lbl" xml:lang="en-US">Palladium payable at market value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_PalladiumPayableAtMarketValue_lbl" xml:lang="en-US">Palladium payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Creations (in Shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedDuringPeriodShares_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US">Stock Repurchased During Period, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US">Redemptions (in Shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US">Redemptions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Stock Issued During Period, Value, New Issues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Creations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedDuringPeriodValue_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xml:lang="en-US">Stock Repurchased During Period, Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xml:lang="en-US">Redemptions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xml:lang="en-US">Redemptions</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_RedemptionValuePerShareAtPeriodEnd" xlink:label="pall_RedemptionValuePerShareAtPeriodEnd" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RedemptionValuePerShareAtPeriodEnd" xlink:to="pall_RedemptionValuePerShareAtPeriodEnd_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_RedemptionValuePerShareAtPeriodEnd_lbl" xml:lang="en-US">The net asset value per share redeemable at the period end.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_RedemptionValuePerShareAtPeriodEnd_lbl" xml:lang="en-US">Redemption value per Share at period end</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_RedemptionValuePerShareAtPeriodEnd_lbl" xml:lang="en-US">Redemption value per Share at period end (in Dollars per share)</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_OuncesOfPalladium" xlink:label="pall_OuncesOfPalladium" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_OuncesOfPalladium" xlink:to="pall_OuncesOfPalladium_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_OuncesOfPalladium_lbl" xml:lang="en-US">Quantity of the investment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_OuncesOfPalladium_lbl" xml:lang="en-US">Ounces Of Palladium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="pall_OuncesOfPalladium_lbl" xml:lang="en-US">Closing balance (in Ounces)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="pall_OuncesOfPalladium_lbl" xml:lang="en-US">Opening balance (in Ounces)</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CreationsOuncesOfPalladium" xlink:label="pall_CreationsOuncesOfPalladium" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_CreationsOuncesOfPalladium" xlink:to="pall_CreationsOuncesOfPalladium_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_CreationsOuncesOfPalladium_lbl" xml:lang="en-US">Ounces of palladium received into the Trust's account in respect of creations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_CreationsOuncesOfPalladium_lbl" xml:lang="en-US">Creations ounces of palladium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_CreationsOuncesOfPalladium_lbl" xml:lang="en-US">Creations (in Ounces)</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_RedemptionsOuncesOfPalladium" xlink:label="pall_RedemptionsOuncesOfPalladium" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_RedemptionsOuncesOfPalladium" xlink:to="pall_RedemptionsOuncesOfPalladium_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_RedemptionsOuncesOfPalladium_lbl" xml:lang="en-US">Ounces of palladium paid out of the Trust's account in respect of redemptions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_RedemptionsOuncesOfPalladium_lbl" xml:lang="en-US">Redemptions ounces of palladium</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pall_RedemptionsOuncesOfPalladium_lbl" xml:lang="en-US">Redemptions (in Ounces)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_RedemptionsOuncesOfPalladium_lbl" xml:lang="en-US">Redemptions</label>
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_TransfersOfPalladiumOunces" xlink:label="pall_TransfersOfPalladiumOunces" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="pall_TransfersOfPalladiumOunces" xlink:to="pall_TransfersOfPalladiumOunces_lbl" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="pall_TransfersOfPalladiumOunces_lbl" xml:lang="en-US">Ounces of palladium transferred to pay Trust's expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="pall_TransfersOfPalladiumOunces_lbl" xml:lang="en-US">Transfers Of Palladium Ounces</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="pall_TransfersOfPalladiumOunces_lbl" xml:lang="en-US">Transfers of palladium to pay expenses (in Ounces)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="pall_TransfersOfPalladiumOunces_lbl" xml:lang="en-US">Transfers of palladium (in Ounces)</label>
  </labelLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>pall-20130331_pre.xml
<DESCRIPTION>EX-101.PRE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Crossfire by Rivet Software version 5.5.125.0 http://www.rivetsoftware.com-->
<!--Based on XBRL 2.1-->
<!--Created on: 08/05/2013 16:46:52-->
<!--Modified on: 08/05/2013 16:46:52-->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureDocumentAndEntityInformation" roleURI="http://www.etfsecurities.com/role/DisclosureDocumentAndEntityInformation" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#StatementStatementsOfFinancialCondition" roleURI="http://www.etfsecurities.com/role/StatementStatementsOfFinancialCondition" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#StatementStatementsOfFinancialConditionParenthetical" roleURI="http://www.etfsecurities.com/role/StatementStatementsOfFinancialConditionParenthetical" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#StatementStatementsOfOperations" roleURI="http://www.etfsecurities.com/role/StatementStatementsOfOperations" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#StatementStatementsOfCashFlows" roleURI="http://www.etfsecurities.com/role/StatementStatementsOfCashFlows" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#StatementStatementOfChangesInShareholdersDeficit" roleURI="http://www.etfsecurities.com/role/StatementStatementOfChangesInShareholdersDeficit" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureOrganization" roleURI="http://www.etfsecurities.com/role/DisclosureOrganization" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureSignificantAccountingPolicies" roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPolicies" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureRelatedParties" roleURI="http://www.etfsecurities.com/role/DisclosureRelatedParties" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureConcentrationOfRisk" roleURI="http://www.etfsecurities.com/role/DisclosureConcentrationOfRisk" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureIndemnification" roleURI="http://www.etfsecurities.com/role/DisclosureIndemnification" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureSignificantAccountingPoliciesPolicy" roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesPolicy" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureSignificantAccountingPoliciesTables" roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesTables" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureOrganizationDetails" roleURI="http://www.etfsecurities.com/role/DisclosureOrganizationDetails" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureSignificantAccountingPoliciesNarrativeDetails" roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesNarrativeDetails" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureSignificantAccountingPoliciesScheduleOfUnrealizedGainsOrLossesOnTrustSPalladiumHoldingsDetails" roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfUnrealizedGainsOrLossesOnTrustSPalladiumHoldingsDetails" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureSignificantAccountingPoliciesScheduleOfPalladiumReceivableAndPayableDetails" roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfPalladiumReceivableAndPayableDetails" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureSignificantAccountingPoliciesScheduleOfRedeemableCapitalSharesDetails" roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfRedeemableCapitalSharesDetails" />
  <roleRef xlink:type="simple" xlink:href="pall-20130331.xsd#DisclosureSignificantAccountingPoliciesScheduleOfInvestmentInPalladiumDetails" roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfInvestmentInPalladiumDetails" />
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureDocumentAndEntityInformation" xlink:type="extended" xlink:title="00090 - Disclosure - Document And Entity Information">
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_DocumentAndEntityInformationAbstract" xlink:label="DocumentAndEntityInformationAbstract" />
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType_635036284126937987" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentType_635036284126937987" order="1" use="optional" />
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag_635036284126948003" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_AmendmentFlag_635036284126948003" order="2" use="optional" />
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate_635036284126948003" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentPeriodEndDate_635036284126948003" order="3" use="optional" />
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus_635036284126948003" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentFiscalYearFocus_635036284126948003" order="4" use="optional" />
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus_635036284126948003" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_DocumentFiscalPeriodFocus_635036284126948003" order="5" use="optional" />
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName_635036284126948003" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_EntityRegistrantName_635036284126948003" order="6" use="optional" />
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey_635036284126948003" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_EntityCentralIndexKey_635036284126948003" order="7" use="optional" />
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate_635036284126948003" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_CurrentFiscalYearEndDate_635036284126948003" order="8" use="optional" />
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory_635036284126948003" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_EntityFilerCategory_635036284126948003" order="9" use="optional" />
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding_635036284126948003" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="DocumentAndEntityInformationAbstract" xlink:to="dei_EntityCommonStockSharesOutstanding_635036284126948003" order="10" use="optional" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/StatementStatementsOfFinancialCondition" xlink:type="extended" xlink:title="00100 - Statement - Statements of Financial Condition">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_634848724395920222" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract_635036284126948003" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfFinancialPositionAbstract_634848724395920222" xlink:to="us-gaap_AssetsAbstract_635036284126948003" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_InvestmentInPalladium" xlink:label="pall_InvestmentInPalladium_635036284126948003" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AssetsAbstract_635036284126948003" xlink:to="pall_InvestmentInPalladium_635036284126948003" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets_635036284126958019" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AssetsAbstract_635036284126948003" xlink:to="us-gaap_Assets_635036284126958019" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract_635036284126958019" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfFinancialPositionAbstract_634848724395920222" xlink:to="us-gaap_LiabilitiesAbstract_635036284126958019" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableRelatedPartiesCurrent" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent_635036284126958019" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_LiabilitiesAbstract_635036284126958019" xlink:to="us-gaap_AccountsPayableRelatedPartiesCurrent_635036284126958019" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities_635036284126958019" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_LiabilitiesAbstract_635036284126958019" xlink:to="us-gaap_Liabilities_635036284126958019" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_RedeemableSharesAndShareholdersDeficitAbstract" xlink:label="pall_RedeemableSharesAndShareholdersDeficitAbstract_635036284126958019" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfFinancialPositionAbstract_634848724395920222" xlink:to="pall_RedeemableSharesAndShareholdersDeficitAbstract_635036284126958019" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue_635036284126958019" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_RedeemableSharesAndShareholdersDeficitAbstract_635036284126958019" xlink:to="us-gaap_CommonStockValue_635036284126958019" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_635036284126958019" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_RedeemableSharesAndShareholdersDeficitAbstract_635036284126958019" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_635036284126958019" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_635036284126958019" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_RedeemableSharesAndShareholdersDeficitAbstract_635036284126958019" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_635036284126958019" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/StatementStatementsOfFinancialConditionParenthetical" xlink:type="extended" xlink:title="00200 - Statement - Statements of Financial Condition (Parenthetical)">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_634848724395930223" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CommonStockSharesAuthorised" xlink:label="pall_CommonStockSharesAuthorised_635036284126958019" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfFinancialPositionAbstract_634848724395930223" xlink:to="pall_CommonStockSharesAuthorised_635036284126958019" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued_635036284126958019" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfFinancialPositionAbstract_634848724395930223" xlink:to="us-gaap_CommonStockSharesIssued_635036284126958019" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding_635036284126958019" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfFinancialPositionAbstract_634848724395930223" xlink:to="us-gaap_CommonStockSharesOutstanding_635036284126958019" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/StatementStatementsOfOperations" xlink:type="extended" xlink:title="00300 - Statement - Statements of Operations">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract_634848724927263351" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RevenuesAbstract" xlink:label="us-gaap_RevenuesAbstract_635036284126968035" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_IncomeStatementAbstract_634848724927263351" xlink:to="us-gaap_RevenuesAbstract_635036284126968035" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ValueOfPalladiumTransferredToPayExpenses" xlink:label="pall_ValueOfPalladiumTransferredToPayExpenses_635036284126968035" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_RevenuesAbstract_635036284126968035" xlink:to="pall_ValueOfPalladiumTransferredToPayExpenses_635036284126968035" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CostOfPalladiumTransferredToPayExpenses" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses_635036284126968035" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_RevenuesAbstract_635036284126968035" xlink:to="pall_CostOfPalladiumTransferredToPayExpenses_635036284126968035" order="2" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GrossProfit" xlink:label="us-gaap_GrossProfit_635036284126968035" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_RevenuesAbstract_635036284126968035" xlink:to="us-gaap_GrossProfit_635036284126968035" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares" xlink:label="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares_635036284126968035" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_RevenuesAbstract_635036284126968035" xlink:to="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares_635036284126968035" order="4" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" priority="2" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_TotalGainLossOnPalladium" xlink:label="pall_TotalGainLossOnPalladium_635036284126968035" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_RevenuesAbstract_635036284126968035" xlink:to="pall_TotalGainLossOnPalladium_635036284126968035" order="5" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" priority="3" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ExpensesAbstract" xlink:label="pall_ExpensesAbstract_635036284126968035" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_IncomeStatementAbstract_634848724927263351" xlink:to="pall_ExpensesAbstract_635036284126968035" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SponsorFees" xlink:label="us-gaap_SponsorFees_635036284126968035" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_ExpensesAbstract_635036284126968035" xlink:to="us-gaap_SponsorFees_635036284126968035" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses_635036284126968035" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_ExpensesAbstract_635036284126968035" xlink:to="us-gaap_OperatingExpenses_635036284126968035" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss_635036284126968035" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_IncomeStatementAbstract_634848724927263351" xlink:to="us-gaap_NetIncomeLoss_635036284126968035" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic_635036284126968035" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_IncomeStatementAbstract_634848724927263351" xlink:to="us-gaap_EarningsPerShareBasic_635036284126968035" order="4" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_635036284126968035" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_IncomeStatementAbstract_634848724927263351" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_635036284126968035" order="5" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/StatementStatementsOfCashFlows" xlink:type="extended" xlink:title="00400 - Statement - Statements of Cash Flows">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract_634848724927263351" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_IncreaseDecreaseInCashFromOperationsAbstract" xlink:label="pall_IncreaseDecreaseInCashFromOperationsAbstract_635036284126978051" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfCashFlowsAbstract_634848724927263351" xlink:to="pall_IncreaseDecreaseInCashFromOperationsAbstract_635036284126978051" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromCustomers" xlink:label="us-gaap_ProceedsFromCustomers_635036284126978051" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_IncreaseDecreaseInCashFromOperationsAbstract_635036284126978051" xlink:to="us-gaap_ProceedsFromCustomers_635036284126978051" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsForOperatingActivities" xlink:label="us-gaap_PaymentsForOperatingActivities_635036284126978051" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_IncreaseDecreaseInCashFromOperationsAbstract_635036284126978051" xlink:to="us-gaap_PaymentsForOperatingActivities_635036284126978051" order="2" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_635036284126978051" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_IncreaseDecreaseInCashFromOperationsAbstract_635036284126978051" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_635036284126978051" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_635036284126978051" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_IncreaseDecreaseInCashFromOperationsAbstract_635036284126978051" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_635036284126978051" order="4" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_6350362841269780511" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_IncreaseDecreaseInCashFromOperationsAbstract_635036284126978051" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_6350362841269780511" order="5" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" xlink:label="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_635036284126978051" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfCashFlowsAbstract_634848724927263351" xlink:to="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_635036284126978051" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CreationsValueOfPalladium" xlink:label="pall_CreationsValueOfPalladium_635036284126978051" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_635036284126978051" xlink:to="pall_CreationsValueOfPalladium_635036284126978051" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" priority="2" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ValueOfPalladiumDistributedForRedemptionOfShares" xlink:label="pall_ValueOfPalladiumDistributedForRedemptionOfShares_635036284126978051" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_635036284126978051" xlink:to="pall_ValueOfPalladiumDistributedForRedemptionOfShares_635036284126978051" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" priority="2" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract" xlink:label="pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract_635036284126978051" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfCashFlowsAbstract_634848724927263351" xlink:to="pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract_635036284126978051" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss_635036284126978051" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract_635036284126978051" xlink:to="us-gaap_NetIncomeLoss_635036284126978051" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" priority="4" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:label="pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract_635036284126988067" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract_635036284126978051" xlink:to="pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract_635036284126988067" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_IncreaseDecreaseInPalladiumAssets" xlink:label="pall_IncreaseDecreaseInPalladiumAssets_635036284126988067" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract_635036284126988067" xlink:to="pall_IncreaseDecreaseInPalladiumAssets_635036284126988067" order="1" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" priority="4" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_635036284126988067" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract_635036284126988067" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_635036284126988067" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" priority="1" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_IncreaseDecreaseInRedeemableSharesAbstract" xlink:label="pall_IncreaseDecreaseInRedeemableSharesAbstract_635036284126988067" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract_635036284126978051" xlink:to="pall_IncreaseDecreaseInRedeemableSharesAbstract_635036284126988067" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_635036284126988067" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_IncreaseDecreaseInRedeemableSharesAbstract_635036284126988067" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_635036284126988067" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_635036284126988067" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_IncreaseDecreaseInRedeemableSharesAbstract_635036284126988067" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_635036284126988067" order="2" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" priority="2" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_635036284126988067" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract_635036284126978051" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_635036284126988067" order="4" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_SupplementalDisclosureOfNonCashActivitiesAbstract" xlink:label="pall_SupplementalDisclosureOfNonCashActivitiesAbstract_635036284126988067" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfCashFlowsAbstract_634848724927263351" xlink:to="pall_SupplementalDisclosureOfNonCashActivitiesAbstract_635036284126988067" order="4" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ValueOfPalladiumTransferredToPayExpenses" xlink:label="pall_ValueOfPalladiumTransferredToPayExpenses_635036284126988067" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="pall_SupplementalDisclosureOfNonCashActivitiesAbstract_635036284126988067" xlink:to="pall_ValueOfPalladiumTransferredToPayExpenses_635036284126988067" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/StatementStatementOfChangesInShareholdersDeficit" xlink:type="extended" xlink:title="00500 - Statement - Statement of Changes in Shareholders' Deficit">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_634848724927263351" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_635036284126998083" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract_634848724927263351" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_635036284126998083" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss_635036284126998083" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract_634848724927263351" xlink:to="us-gaap_NetIncomeLoss_635036284126998083" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_AdjustmentOfRedeemableSharesToRedemptionValue" xlink:label="pall_AdjustmentOfRedeemableSharesToRedemptionValue_635036284126998083" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract_634848724927263351" xlink:to="pall_AdjustmentOfRedeemableSharesToRedemptionValue_635036284126998083" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_6350362841269980831" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract_634848724927263351" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_6350362841269980831" order="4" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureOrganization" xlink:type="extended" xlink:title="10101 - Disclosure - Organization">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_634848725197110333" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_635036284126998083" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_634848725197110333" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_635036284126998083" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPolicies" xlink:type="extended" xlink:title="10201 - Disclosure - Significant Accounting Policies">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract_634848725751935810" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_635036284126998083" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751935810" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_635036284126998083" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureRelatedParties" xlink:type="extended" xlink:title="10301 - Disclosure - Related Parties">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_634848726956766281" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_635036284126998083" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_RelatedPartyTransactionsAbstract_634848726956766281" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_635036284126998083" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureConcentrationOfRisk" xlink:type="extended" xlink:title="10401 - Disclosure - Concentration Of Risk">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RisksAndUncertaintiesAbstract" xlink:label="us-gaap_RisksAndUncertaintiesAbstract_634848727379228523" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ConcentrationRiskDisclosureTextBlock" xlink:label="us-gaap_ConcentrationRiskDisclosureTextBlock_635036284127008099" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_RisksAndUncertaintiesAbstract_634848727379228523" xlink:to="us-gaap_ConcentrationRiskDisclosureTextBlock_635036284127008099" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureIndemnification" xlink:type="extended" xlink:title="10501 - Disclosure - Indemnification">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_634848727195960198" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_635036284127008099" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_634848727195960198" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_635036284127008099" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesPolicy" xlink:type="extended" xlink:title="20202 - Disclosure - Significant Accounting Policies (Policy)">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract_634848725751925809" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ValuationOfPalladiumPolicyTextBlock" xlink:label="pall_ValuationOfPalladiumPolicyTextBlock_635036284127008099" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751925809" xlink:to="pall_ValuationOfPalladiumPolicyTextBlock_635036284127008099" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ReceivableAndPayablePolicyTextBlock" xlink:label="pall_ReceivableAndPayablePolicyTextBlock_635036284127008099" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751925809" xlink:to="pall_ReceivableAndPayablePolicyTextBlock_635036284127008099" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" xlink:label="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_635036284127008099" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751925809" xlink:to="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock_635036284127008099" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock_635036284127008099" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751925809" xlink:to="us-gaap_RevenueRecognitionPolicyTextBlock_635036284127008099" order="4" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_635036284127008099" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751925809" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_635036284127008099" order="5" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_InvestmentPolicyTextBlock" xlink:label="us-gaap_InvestmentPolicyTextBlock_635036284127008099" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751925809" xlink:to="us-gaap_InvestmentPolicyTextBlock_635036284127008099" order="6" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ExpensesPolicyTextBlock" xlink:label="pall_ExpensesPolicyTextBlock_635036284127008099" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751925809" xlink:to="pall_ExpensesPolicyTextBlock_635036284127008099" order="7" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock_635036284127008099" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751925809" xlink:to="us-gaap_SubsequentEventsPolicyPolicyTextBlock_635036284127008099" order="8" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesTables" xlink:type="extended" xlink:title="30203 - Disclosure - Significant Accounting Policies (Tables)">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract_634848725751935810" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ValuationOfPalladiumTableTextBlock" xlink:label="pall_ValuationOfPalladiumTableTextBlock_635036284127018115" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751935810" xlink:to="pall_ValuationOfPalladiumTableTextBlock_635036284127018115" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ScheduleOfStockByClassTextBlock" xlink:label="us-gaap_ScheduleOfStockByClassTextBlock_635036284127018115" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751935810" xlink:to="us-gaap_ScheduleOfStockByClassTextBlock_635036284127018115" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_InvestmentsInPalladiumTableTextBlock" xlink:label="pall_InvestmentsInPalladiumTableTextBlock_635036284127018115" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751935810" xlink:to="pall_InvestmentsInPalladiumTableTextBlock_635036284127018115" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureOrganizationDetails" xlink:type="extended" xlink:title="40104 - Disclosure - Organization (Details)">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_634848725197110333" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium" xlink:label="pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium_635036284127018115" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_634848725197110333" xlink:to="pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium_635036284127018115" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesNarrativeDetails" xlink:type="extended" xlink:title="40201 - Disclosure - Significant Accounting Policies (Narrative) (Details)">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract_634848725751925809" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_AnnualizedRateOfSponsorsFee" xlink:label="pall_AnnualizedRateOfSponsorsFee_635036284127018115" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751925809" xlink:to="pall_AnnualizedRateOfSponsorsFee_635036284127018115" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SponsorFees" xlink:label="us-gaap_SponsorFees_635036284127018115" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751925809" xlink:to="us-gaap_SponsorFees_635036284127018115" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableRelatedPartiesCurrent" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent_635036284127018115" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848725751925809" xlink:to="us-gaap_AccountsPayableRelatedPartiesCurrent_635036284127018115" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfUnrealizedGainsOrLossesOnTrustSPalladiumHoldingsDetails" xlink:type="extended" xlink:title="40202 - Disclosure - Significant Accounting Policies (Schedule Of Unrealized Gains Or Losses On The Trust's Palladium Holdings) (Details)">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract_634874596193759750" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_InvestmentInPalladium" xlink:label="pall_InvestmentInPalladium_635036284127018115" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634874596193759750" xlink:to="pall_InvestmentInPalladium_635036284127018115" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_UnrealizedGainOnInvestmentInPalladium" xlink:label="pall_UnrealizedGainOnInvestmentInPalladium_635036284127028131" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634874596193759750" xlink:to="pall_UnrealizedGainOnInvestmentInPalladium_635036284127028131" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_MarketValueOfInvestmentInPalladium" xlink:label="pall_MarketValueOfInvestmentInPalladium_635036284127028131" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634874596193759750" xlink:to="pall_MarketValueOfInvestmentInPalladium_635036284127028131" order="3" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfPalladiumReceivableAndPayableDetails" xlink:type="extended" xlink:title="40203 - Disclosure - Significant Accounting Policies (Schedule Of Palladium Receivable And Payable) (Details)">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract_634953053434540787" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_PalladiumReceivableAtMarketValue" xlink:label="pall_PalladiumReceivableAtMarketValue_635036284127028131" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634953053434540787" xlink:to="pall_PalladiumReceivableAtMarketValue_635036284127028131" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_PalladiumPayableAtMarketValue" xlink:label="pall_PalladiumPayableAtMarketValue_635036284127028131" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634953053434540787" xlink:to="pall_PalladiumPayableAtMarketValue_635036284127028131" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfRedeemableCapitalSharesDetails" xlink:type="extended" xlink:title="40204 - Disclosure - Significant Accounting Policies (Schedule Of Redeemable Capital Shares) (Details)">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract_634848726257846396" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued_635036284127028131" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257846396" xlink:to="us-gaap_CommonStockSharesIssued_635036284127028131" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_635036284127028131" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257846396" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_635036284127028131" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_635036284127028131" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257846396" xlink:to="us-gaap_StockRepurchasedDuringPeriodShares_635036284127028131" order="3" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued_635036284127038147" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257846396" xlink:to="us-gaap_CommonStockSharesIssued_635036284127038147" order="4" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue_635036284127038147" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257846396" xlink:to="us-gaap_CommonStockValue_635036284127038147" order="5" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_635036284127038147" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257846396" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_635036284127038147" order="6" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_635036284127038147" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257846396" xlink:to="us-gaap_StockRepurchasedDuringPeriodValue_635036284127038147" order="7" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_AdjustmentOfRedeemableSharesToRedemptionValue" xlink:label="pall_AdjustmentOfRedeemableSharesToRedemptionValue_635036284127038147" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257846396" xlink:to="pall_AdjustmentOfRedeemableSharesToRedemptionValue_635036284127038147" order="8" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue_6350362841270381471" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257846396" xlink:to="us-gaap_CommonStockValue_6350362841270381471" order="9" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_RedemptionValuePerShareAtPeriodEnd" xlink:label="pall_RedemptionValuePerShareAtPeriodEnd_635036284127038147" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257846396" xlink:to="pall_RedemptionValuePerShareAtPeriodEnd_635036284127038147" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
  </presentationLink>
  <presentationLink xlink:role="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfInvestmentInPalladiumDetails" xlink:type="extended" xlink:title="40205 - Disclosure - Significant Accounting Policies (Schedule Of Investment In Palladium) (Details)">
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract_634848726257856397" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_OuncesOfPalladium" xlink:label="pall_OuncesOfPalladium_635036284127038147" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257856397" xlink:to="pall_OuncesOfPalladium_635036284127038147" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CreationsOuncesOfPalladium" xlink:label="pall_CreationsOuncesOfPalladium_635036284127038147" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257856397" xlink:to="pall_CreationsOuncesOfPalladium_635036284127038147" order="2" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_RedemptionsOuncesOfPalladium" xlink:label="pall_RedemptionsOuncesOfPalladium_635036284127038147" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257856397" xlink:to="pall_RedemptionsOuncesOfPalladium_635036284127038147" order="3" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_TransfersOfPalladiumOunces" xlink:label="pall_TransfersOfPalladiumOunces_635036284127048163" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257856397" xlink:to="pall_TransfersOfPalladiumOunces_635036284127048163" order="4" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_OuncesOfPalladium" xlink:label="pall_OuncesOfPalladium_635036284127048163" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257856397" xlink:to="pall_OuncesOfPalladium_635036284127048163" order="5" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_InvestmentInPalladium" xlink:label="pall_InvestmentInPalladium_635036284127048163" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257856397" xlink:to="pall_InvestmentInPalladium_635036284127048163" order="6" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CreationsValueOfPalladium" xlink:label="pall_CreationsValueOfPalladium_635036284127048163" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257856397" xlink:to="pall_CreationsValueOfPalladium_635036284127048163" order="7" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_ValueOfPalladiumDistributedForRedemptionOfShares" xlink:label="pall_ValueOfPalladiumDistributedForRedemptionOfShares_635036284127048163" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257856397" xlink:to="pall_ValueOfPalladiumDistributedForRedemptionOfShares_635036284127048163" order="8" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_CostOfPalladiumTransferredToPayExpenses" xlink:label="pall_CostOfPalladiumTransferredToPayExpenses_635036284127048163" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257856397" xlink:to="pall_CostOfPalladiumTransferredToPayExpenses_635036284127048163" order="9" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <loc xlink:type="locator" xlink:href="pall-20130331.xsd#pall_InvestmentInPalladium" xlink:label="pall_InvestmentInPalladium_6350362841270481631" />
    <presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="us-gaap_AccountingPoliciesAbstract_634848726257856397" xlink:to="pall_InvestmentInPalladium_6350362841270481631" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
  </presentationLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>6
<FILENAME>pall-20130331.xsd
<DESCRIPTION>EX-101.SCH
<TEXT>
<XBRL>
<?xml version="1.0" encoding="us-ascii"?>
<!--XBRL document created with Crossfire by Rivet Software version 5.5.125.0 http://www.rivetsoftware.com-->
<!--Based on XBRL 2.1-->
<!--Created on: 08/05/2013 16:46:52-->
<!--Modified on: 08/05/2013 16:46:52-->
<xs:schema xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:num="http://www.xbrl.org/dtr/type/numeric" targetNamespace="http://www.etfsecurities.com/20130331" xmlns:xs="http://www.w3.org/2001/XMLSchema" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:us-types="http://fasb.org/us-types/2012-01-31" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" elementFormDefault="qualified" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:pall="http://www.etfsecurities.com/20130331">
  <xs:annotation>
    <xs:appinfo>
      <link:roleType roleURI="http://www.etfsecurities.com/role/StatementStatementsOfFinancialCondition" id="StatementStatementsOfFinancialCondition">
        <link:definition>00100 - Statement - Statements of Financial Condition</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/StatementStatementsOfOperations" id="StatementStatementsOfOperations">
        <link:definition>00300 - Statement - Statements of Operations</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/StatementStatementsOfCashFlows" id="StatementStatementsOfCashFlows">
        <link:definition>00400 - Statement - Statements of Cash Flows</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfUnrealizedGainsOrLossesOnTrustSPalladiumHoldingsDetails" id="DisclosureSignificantAccountingPoliciesScheduleOfUnrealizedGainsOrLossesOnTrustSPalladiumHoldingsDetails">
        <link:definition>40202 - Disclosure - Significant Accounting Policies (Schedule Of Unrealized Gains Or Losses On The Trust's Palladium Holdings) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureDocumentAndEntityInformation" id="DisclosureDocumentAndEntityInformation">
        <link:definition>00090 - Disclosure - Document And Entity Information</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/StatementStatementsOfFinancialConditionParenthetical" id="StatementStatementsOfFinancialConditionParenthetical">
        <link:definition>00200 - Statement - Statements of Financial Condition (Parenthetical)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/StatementStatementOfChangesInShareholdersDeficit" id="StatementStatementOfChangesInShareholdersDeficit">
        <link:definition>00500 - Statement - Statement of Changes in Shareholders' Deficit</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureOrganization" id="DisclosureOrganization">
        <link:definition>10101 - Disclosure - Organization</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPolicies" id="DisclosureSignificantAccountingPolicies">
        <link:definition>10201 - Disclosure - Significant Accounting Policies</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureRelatedParties" id="DisclosureRelatedParties">
        <link:definition>10301 - Disclosure - Related Parties</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureConcentrationOfRisk" id="DisclosureConcentrationOfRisk">
        <link:definition>10401 - Disclosure - Concentration Of Risk</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureIndemnification" id="DisclosureIndemnification">
        <link:definition>10501 - Disclosure - Indemnification</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesPolicy" id="DisclosureSignificantAccountingPoliciesPolicy">
        <link:definition>20202 - Disclosure - Significant Accounting Policies (Policy)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesTables" id="DisclosureSignificantAccountingPoliciesTables">
        <link:definition>30203 - Disclosure - Significant Accounting Policies (Tables)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureOrganizationDetails" id="DisclosureOrganizationDetails">
        <link:definition>40104 - Disclosure - Organization (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesNarrativeDetails" id="DisclosureSignificantAccountingPoliciesNarrativeDetails">
        <link:definition>40201 - Disclosure - Significant Accounting Policies (Narrative) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfPalladiumReceivableAndPayableDetails" id="DisclosureSignificantAccountingPoliciesScheduleOfPalladiumReceivableAndPayableDetails">
        <link:definition>40203 - Disclosure - Significant Accounting Policies (Schedule Of Palladium Receivable And Payable) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfRedeemableCapitalSharesDetails" id="DisclosureSignificantAccountingPoliciesScheduleOfRedeemableCapitalSharesDetails">
        <link:definition>40204 - Disclosure - Significant Accounting Policies (Schedule Of Redeemable Capital Shares) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:roleType roleURI="http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfInvestmentInPalladiumDetails" id="DisclosureSignificantAccountingPoliciesScheduleOfInvestmentInPalladiumDetails">
        <link:definition>40205 - Disclosure - Significant Accounting Policies (Schedule Of Investment In Palladium) (Details)</link:definition>
        <link:usedOn>link:presentationLink</link:usedOn>
        <link:usedOn>link:calculationLink</link:usedOn>
        <link:usedOn>link:definitionLink</link:usedOn>
      </link:roleType>
      <link:linkbaseRef xlink:type="simple" xlink:href="pall-20130331_lab.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" />
      <link:linkbaseRef xlink:type="simple" xlink:href="pall-20130331_pre.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" />
      <link:linkbaseRef xlink:type="simple" xlink:href="pall-20130331_cal.xml" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" />
      <!-- [WMV3][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt+zoEiIZmtp2K7SL7P1GDa7FvigrF1j0I79JdJpDHQcdXyAsDALlGuho6I9/LYlRVZU4LxEUrZP5sQSb/6dgfCcYEXDAIGi3ixzio2A2045MWHV0kgYXwRihGxgXPIcC2rmc7Z/vctDYszp8/gqrsryQFugK7H+NqgxJb6S0U5vnlhaOp/oDpPBVHcStzNTV1oNOEVhgYi+qTjKbd70PEBzcnxg+LDI8fW94OX/x5MpuVXad/VErp2DR5UZ5nnC0EY=] CSR-->
    </xs:appinfo>
  </xs:annotation>
  <xs:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
  <xs:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
  <xs:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
  <xs:import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
  <xs:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd" />
  <import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd" xmlns="http://www.w3.org/2001/XMLSchema" />
  <import namespace="http://xbrl.sec.gov/dei/2012-01-31" schemaLocation="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd" xmlns="http://www.w3.org/2001/XMLSchema" />
  <import namespace="http://fasb.org/us-gaap/2012-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_InvestmentInPalladium" name="InvestmentInPalladium" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xs:element name="RedeemableSharesAndShareholdersDeficitAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_RedeemableSharesAndShareholdersDeficitAbstract" />
  <xs:element name="MarketValueOfInvestmentInPalladium" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="pall_MarketValueOfInvestmentInPalladium" />
  <element id="pall_CommonStockSharesAuthorised" name="CommonStockSharesAuthorised" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xs:element name="ValueOfPalladiumTransferredToPayExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="pall_ValueOfPalladiumTransferredToPayExpenses" />
  <element id="pall_CostOfPalladiumTransferredToPayExpenses" name="CostOfPalladiumTransferredToPayExpenses" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares" name="RealizedGainOnPalladiumDistributedForRedemptionOfShares" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xs:element name="ExpensesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_ExpensesAbstract" />
  <xs:element name="IncreaseDecreaseInCashFromOperationsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_IncreaseDecreaseInCashFromOperationsAbstract" />
  <xs:element name="SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" />
  <element id="pall_CreationsValueOfPalladium" name="CreationsValueOfPalladium" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_ValueOfPalladiumDistributedForRedemptionOfShares" name="ValueOfPalladiumDistributedForRedemptionOfShares" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xs:element name="ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract" />
  <xs:element name="AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract" />
  <element id="pall_IncreaseDecreaseInPalladiumAssets" name="IncreaseDecreaseInPalladiumAssets" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xs:element name="IncreaseDecreaseInRedeemableSharesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_IncreaseDecreaseInRedeemableSharesAbstract" />
  <xs:element name="SupplementalDisclosureOfNonCashActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_SupplementalDisclosureOfNonCashActivitiesAbstract" />
  <element id="pall_AdjustmentOfRedeemableSharesToRedemptionValue" name="AdjustmentOfRedeemableSharesToRedemptionValue" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_ValuationOfPalladiumPolicyTextBlock" name="ValuationOfPalladiumPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_ReceivableAndPayablePolicyTextBlock" name="ReceivableAndPayablePolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_CreationsAndRedemptionsOfSharesPolicyTextBlock" name="CreationsAndRedemptionsOfSharesPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_ExpensesPolicyTextBlock" name="ExpensesPolicyTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_ValuationOfPalladiumTableTextBlock" name="ValuationOfPalladiumTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_InvestmentsInPalladiumTableTextBlock" name="InvestmentsInPalladiumTableTextBlock" nillable="true" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_RedemptionValuePerShareAtPeriodEnd" name="RedemptionValuePerShareAtPeriodEnd" nillable="true" type="num:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_OuncesOfPalladium" name="OuncesOfPalladium" nillable="true" type="num:massItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_CreationsOuncesOfPalladium" name="CreationsOuncesOfPalladium" nillable="true" type="num:massItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_RedemptionsOuncesOfPalladium" name="RedemptionsOuncesOfPalladium" nillable="true" type="num:massItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_TransfersOfPalladiumOunces" name="TransfersOfPalladiumOunces" nillable="true" type="num:massItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium" name="MinimumBlockOfSharesIssuedRedeemedAgainstPalladium" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_AnnualizedRateOfSponsorsFee" name="AnnualizedRateOfSponsorsFee" nillable="true" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xmlns="http://www.w3.org/2001/XMLSchema" />
  <xs:element name="DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="pall_DocumentAndEntityInformationAbstract" />
  <element id="pall_TotalGainLossOnPalladium" name="TotalGainLossOnPalladium" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_UnrealizedGainOnInvestmentInPalladium" name="UnrealizedGainOnInvestmentInPalladium" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_PalladiumReceivableAtMarketValue" name="PalladiumReceivableAtMarketValue" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" xmlns="http://www.w3.org/2001/XMLSchema" />
  <element id="pall_PalladiumPayableAtMarketValue" name="PalladiumPayableAtMarketValue" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" xmlns="http://www.w3.org/2001/XMLSchema" />
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>7
<FILENAME>pall-20130331ex311837837.htm
<DESCRIPTION>EX-31.1
<TEXT>
<!--HTML document created with Crossfire by Rivet Software-->
<!--Created on: 08/05/2013 16:46:56-->
<html>
	<head>
		<title>
			Exhibit 31.1
		</title>
	</head>
	<body><div style="margin-left:36pt;margin-right:36pt;">
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;">Exhibit 31.1</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">CERTIFICATION</font><font style="display: inline;font-weight:bold;"> OF CHIEF EXECUTIVE OFFICER PURSUANT</font><br /><font style="display: inline;font-weight:bold;">TO </font><font style="display: inline;font-weight:bold;">SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">I, Graham Tuckwell, certify that: </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">1. I have reviewed this Report on Form 10-</font><font style="display: inline;">Q</font><font style="display: inline;"> of ETFS</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">P</font><font style="display: inline;">alladium</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Trust; </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">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; </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">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 and cash flows of the registrant as of, and for, the periods presented in this report; </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">4. The registrant&#x2019;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(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; </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(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; </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(c) Evaluated the effectiveness of the registrant&#x2019;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(d) Disclosed in this report any change in the registrant&#x2019;s internal control over financial reporting that occurred during the registrant&#x2019;s most recent fiscal quarter (the registrant&#x2019;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#x2019;s internal control over financial reporting; and </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">5. The registrant&#x2019;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#x2019;s auditors and the audit committee of the registrant&#x2019;s board of directors (or persons performing the equivalent functions): </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(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&#x2019;s ability to record, process, summarize and report financial information; and </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#x2019;s internal control over financial reporting. </font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:50.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">Date: </font><font style="display: inline;">May </font><font style="display: inline;">8, 2013</font></p>
				</td>
				<td valign="top" style="width:50.00%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 3pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">/s/ Graham Tuckwell</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:3pt 0pt 0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">Graham Tuckwell</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">President and Chief Executive Officer</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">(Principal Executive Officer)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">* The Registrant is a trust and Mr. Tuckwell is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><div style="width:100%">

		<p style="margin:0pt;text-align:center;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">

			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr>
	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>8
<FILENAME>pall-20130331ex31204457e.htm
<DESCRIPTION>EX-31.2
<TEXT>
<!--HTML document created with Crossfire by Rivet Software-->
<!--Created on: 08/05/2013 16:46:58-->
<html>
	<head>
		<title>
			Exhibit 31.2
		</title>
	</head>
	<body><div style="margin-left:36pt;margin-right:36pt;">
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;">Exhibit 31.2</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT</font><br /><font style="display: inline;font-weight:bold;">TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">I, Christopher Foulds, certify that: </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">1. I have reviewed this Report on Form 10-</font><font style="display: inline;">Q</font><font style="display: inline;"> of ETFS </font><font style="display: inline;">Palladium</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Trust; </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">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; </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">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 and cash flows of the registrant as of, and for, the periods presented in this report; </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">4. The registrant&#x2019;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(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; </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(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; </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(c) Evaluated the effectiveness of the registrant&#x2019;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(d) Disclosed in this report any change in the registrant&#x2019;s internal control over financial reporting that occurred during the registrant&#x2019;s most recent fiscal quarter (the registrant&#x2019;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&#x2019;s internal control over financial reporting; and </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">5. The registrant&#x2019;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant&#x2019;s auditors and the audit committee of the registrant&#x2019;s board of directors (or persons performing the equivalent functions): </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(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&#x2019;s ability to record, process, summarize and report financial information; and </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#x2019;s internal control over financial reporting. </font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:50.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">Date: </font><font style="display: inline;">May </font><font style="display: inline;">8, 2013</font></p>
				</td>
				<td valign="top" style="width:50.00%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:3pt 0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">/s/ Christopher Foulds</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:3pt 0pt 0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">Christopher Foulds</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">Chief Financial Officer and Treasurer</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:50.00%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">(Principal Financial Officer and Principal Accounting Officer)</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:5pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Arial Unicode MS;font-size: 10pt">
			<font style="display: inline;font-family:Times New Roman;font-size:10pt;">* The Registrant is a trust and Mr. Foulds is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant.</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr>
	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>9
<FILENAME>pall-20130331ex3217ddf5c.htm
<DESCRIPTION>EX-32.1
<TEXT>
<!--HTML document created with Crossfire by Rivet Software-->
<!--Created on: 08/05/2013 16:47:00-->
<html>
	<head>
		<title>
			Exhibit 32.1
		</title>
	</head>
	<body><div style="margin-left:36pt;margin-right:36pt;">
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;">Exhibit 32.1</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">CERTIFICATION PURSUANT TO</font><br /><font style="display: inline;font-weight:bold;">18 U.S.C. SECTION 1350</font><br /><font style="display: inline;font-weight:bold;">AS ADOPTED PURSUANT TO</font><br /><font style="display: inline;font-weight:bold;">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">In connection with the </font><font style="display: inline;">Quarterly</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Report of ETFS </font><font style="display: inline;">Palladium</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Trust (the &#x201C;Company&#x201D;) on Form 10-</font><font style="display: inline;">Q</font><font style="display: inline;"> for the </font><font style="display: inline;">period</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">ended </font><font style="display: inline;">March</font><font style="display: inline;"> 31</font><font style="display: inline;">, 2013</font><font style="display: inline;"> as filed with the Securities and Exchange Commission on </font><font style="display: inline;">the date hereof </font><font style="display: inline;">(the &#x201C;Report&#x201D;), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:32.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:64.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:32.96%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:64.42%;padding:0pt;">
					<p style="margin:0pt 0pt 3pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.60%;padding:0pt;">
					<p style="margin:0pt 0pt 3pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:32.96%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">Date: </font><font style="display: inline;">May </font><font style="display: inline;">8, 2013</font></p>
				</td>
				<td valign="top" style="width:64.42%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 3pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">/s/ Graham Tuckwell</font></p>
				</td>
				<td valign="top" style="width:02.60%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 3pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">**</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:32.96%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:64.42%;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:3pt 0pt 0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">Graham Tuckwell*</font></p>
				</td>
				<td valign="top" style="width:02.60%;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:3pt 0pt 0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:32.96%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:64.42%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">President and Chief Executive Officer</font></p>
				</td>
				<td valign="top" style="width:02.60%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:32.96%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:64.42%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">(Principal Executive Officer)</font></p>
				</td>
				<td valign="top" style="width:02.60%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">* &nbsp;</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:28pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">The Registrant is a trust and Mr. Tuckwell is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant. </font>
		</p>
		<p style="margin:8pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">**</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:28pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">The original executed copy of this Certification will be maintained at the Sponsor&#x2019;s offices and will be made available for inspection upon request.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr>
	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>10
<FILENAME>pall-20130331ex322d88148.htm
<DESCRIPTION>EX-32.2
<TEXT>
<!--HTML document created with Crossfire by Rivet Software-->
<!--Created on: 08/05/2013 16:47:02-->
<html>
	<head>
		<title>
			Exhibit 32.2
		</title>
	</head>
	<body><div style="margin-left:36pt;margin-right:36pt;">
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<a name="_GoBack"></a><font style="display: inline;font-weight:bold;">Exhibit 32.2</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:center;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">CERTIFICATION PURSUANT TO</font><br /><font style="display: inline;font-weight:bold;">18 U.S.C. SECTION 1350</font><br /><font style="display: inline;font-weight:bold;">AS ADOPTED PURSUANT TO</font><br /><font style="display: inline;font-weight:bold;">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">In connection with the </font><font style="display: inline;">Quarterly</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Report of ETFS </font><font style="display: inline;">Palladium</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Trust (the &#x201C;Company&#x201D;) on Form 10-</font><font style="display: inline;">Q</font><font style="display: inline;"> for the </font><font style="display: inline;">period</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">ended </font><font style="display: inline;">March</font><font style="display: inline;"> 31</font><font style="display: inline;">, 2013</font><font style="display: inline;"> as filed with the Securities and Exchange Commission on </font><font style="display: inline;">the date hereof </font><font style="display: inline;">(the &#x201C;Report&#x201D;), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that: </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:32.96%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:64.44%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1pt;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:32.96%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:64.44%;padding:0pt;">
					<p style="margin:0pt 0pt 3pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="top" style="width:02.60%;padding:0pt;">
					<p style="margin:0pt 0pt 3pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:32.96%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">Date: </font><font style="display: inline;">May </font><font style="display: inline;">8, 2013</font></p>
				</td>
				<td valign="top" style="width:64.44%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 3pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">/s/ Christopher Foulds</font></p>
				</td>
				<td valign="top" style="width:02.60%;border-bottom:1pt solid #000000 ;padding:0pt;">
					<p style="margin:0pt 0pt 3pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">**</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:32.96%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:64.44%;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:3pt 0pt 0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">Christopher Foulds *</font></p>
				</td>
				<td valign="top" style="width:02.60%;border-top:1pt solid #000000 ;padding:0pt;">
					<p style="margin:3pt 0pt 0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:32.96%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:64.44%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">Chief Financial Officer and Treasurer</font></p>
				</td>
				<td valign="top" style="width:02.60%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="width:32.96%;padding:0pt;">
					<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:64.44%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						<font style="display: inline;">(Principal Financial Officer and Principal Accounting Officer)</font></p>
				</td>
				<td valign="top" style="width:02.60%;padding:0pt;">
					<p style="margin:0pt;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;text-align:left;font-family:Times New Roman;text-justify:inter-ideograph;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">*</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:29pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">The Registrant is a trust and Mr. Foulds is signing in his capacity as an officer of ETF Securities USA LLC, the Sponsor of the Registrant. </font>
		</p>
		<p style="margin:8pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">**</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:28pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">The original executed copy of this Certification will be maintained at the Sponsor&#x2019;s offices and will be made available for inspection upon request.</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr>
	</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>11
<FILENAME>0001459862-13-000004-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001459862-13-000004-xbrl.zip
M4$L#!!0````(`(I>J$)5QJL0`UP``/"W!0`1`!P`<&%L;"TR,#$S,#,S,2YX
M;6Q55`D``[-TBE&S=(I1=7@+``$$)0X```0Y`0``[%UI<]M&TOZ<5.4_S#+'
MRE4@!?`F97E+D>PJUR:VUY*S[[Y?5$-@2"+"M1A`$O/KMWL&`,%+/"R90Q`Y
M;`(8=/?T^<P!X/4_'EV'W+.0V[YW7C%J>H4PS_0MVQN=5V)>I=RT[<H_WOSP
M_>N_5:O_]^OGWXCEF['+O(B8(:,1L\B#'8W)9>AS/K1#1@83\MF^9Q&Y]H?1
M`X4S"7W2JK5J1KU5T\DXBH+^Z>G#PT,MQ+8\:5HS?;=:3;C]2CE0A_L$VWK-
MR*Y<)IQ]KT_T[JG>.JWK1H,8[7X3_FO(=H^#T"'0/8^?5W+\\'3-#T=PB]XX
MM3T>4<]D%=FR[]C>W1/-\?(`Q$J;/RZT?VB(UD:OUSL55].F%K.SAH(H9V9M
MY-^?P@44OU[5C6K#R"A#$WL+P0/J.#/-630$#G%H1S;CJ%>A([TQ96%SOUDW
M.D\QD2W2&^(H7-FX=PI7LX:\.J(TR!H/*1^(ALF%?'_!5(2\1DWUN3EF+OW,
MAD1HKA]-`G9>X;8;.-A/<6X<LN%Y!7M;3?M3>^16A9Q*0N@=OA>Q1_`_9D;@
M=L(;X(J9G+:M\\H%O_TXO&W<-HQ;%$4*`6W`K>UHDAS!L6WAF:'-0B*$8S/]
M3RUX^?Z?E3>ZKAO-5J_;KK\^G=Z6$CZ=H?PZ8*'M6SD^PIK1&ZF7!NCE]6EZ
M+J60N^?U:=*953TSZDG7#)6Z9E2A=[MW[2H.*1KTUKB59KN]\16R(70IC*X@
M+[U)O5N'KD[/9@V99^6:26.GYW8Q=JJ"QMY5D+-UXUG=>/_6G8G0YW=CA7JZ
MFQ\G*OD:/V[=ME5TXU95;S^7K1OYE+7_CLZ8NK&9J1O;IRRHR5\\>Z$@QW@.
MM807C5:F#<N^AYY,F6.[#P`Y095^F)V&"RZC/`[9FP2F]+]<7[T^34]FMY\N
MOU^0O6*>[]K>*L("A/7Y&)`I7T5YD<3KTUP/9*-E'6YF'4X)`X+J^W_-,EI]
M?V/A?BEN`#\WI5%?H+%2EZN)K)!CF=KR1,`K;F)`=O-N`>??.DR,,.:N`%+N
M7\`%"R^^<^B()&[V&3'ANE@;4H>#8A:(3&E?QF&()VUN4N<_C(9OI8MOQ:::
MIL*G*$YY7B6C*=GDDXBA=W".;\7T7PF_E=16,429MF>'?RYCF%%;9"=EV46A
M^9RSDN(BPQL8/&S%Q]"K_YKE@"2FA-^*5'H)YT/JO/<L]OA/-MF*0SY7KZ2X
MP-!W7=^[CGSS[EI$U,<XPE*$0_09[G-%E&"DB0LR2(G%3-N%&#BOO/_PKO*F
M:^CXSXPD3[":%^N=[;#P$C0_\L/MM'!AFLS!9`P#>$$E+\(,V7F>G]G(YJ`K
M+_I`W>V,^_;FW37Y=/';;Q=7[[_\3FX^?[F^R?.=)2T9XR"S?V']&?,(O>'C
M\#.S&`Q0!PZ3ZKGQ\8P;(.,_J!,_+=(\SILS4#UOH2HFDGJGW6T)$VTOR8OT
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MWO7#]]]]AS<&L[?UNT%$=/G_V1`$J@ZI:SN3_HWM@FX_L`?RV7>I)Z]QR`-]
M8D#;C.9W*>'38(8-'N`/O(_@?><5HY*)?XJGTR:G6>-,N(".6'4`ZKRKTF'$
MPCYU'NB$"P*_4#<X\P8\.%O"=L?>+>W>5'Q)T[)YX-!)G]B0-3QVEC7*>K-"
M%\^M\G6"B1L?F'"`@>]84M)ZK5%;5/Y6=*1$V+AO1U`53$DY\WL""(GD/)_X
M0R)]_^OX+K/[[CK'H*N"]".OCV78'D[DJ>2@;T-8AE48MOJCD`;CE[&1:'DS
M9N0F!+:$038Q(TXB/UE,$JH,!39(5$B&H>^2"`3`5OBW1@9Q1'S/F0!5^)L1
M/R2N'S+R*^5W+.(U,N5@<QX#D806M$_:(+&DRD&1)Y]H&-FF'0#^X[CB1)'P
MR$>(/:#<!I(`SW%0#Z@`J-PS#L-]2,+4\_R(P(C;'%,N!)D5'AA:=@A])(@M
M.36E@X@5LR@5LD8NO!7"@/R$DH"%'(1Z&/ODQ'@ESX4"L#)@1P:A?P>FLQ@%
M[(PR^$`Z)-/5'P+N`)TF08XPC\TQH4AI0+V[Z5U#VZ.>:8MN@F-$,4H,K&UH
M#HRQNR'[;VPC8]!A*D9":D82N,R\$>0T5$-.FKPJ-')23WJ4EPYN0!M>L<#G
M=H0C#&E.0"IP?0)W-5X14#DPD#H`[_71:BO4>#$*F9Q2F%4]DQZ'QPG$T\2)
MDV9"'H8_`\?F8Z"WFOH7#^J@;XH1#8QN_'B!CXCB'Q^AJO7..+F$,[YEHY.E
M:@_2@DM,!P;1TO&\NZ=<8]HG5!_X;'8\HY3!A#`*QEM.1<OW/=-%JAMI]B#T
M<3J+BTMP8#(K%I$)=^`I,TF$6?#*/(AI,(TVO)(VMYACWS,P*5P7%+.N9XZ%
M386#FC,Y=DJ;/Z689>:0*HIS5Z9LJ6RC$68+6T`+G_SF>Y8O#"0._Q^<UQQK
M,PZ1F7C&GG25+=$2*WVH5JCLOH%'V%RF<)=:(C^P1TBA'N2*!3?!M)_E\_0B
M#M;M@4Q.H-=<`^E4U!5FAZ.\>P7@MA@<5GI/*LV`B=F4=%M!FL:9I<U1RQ+A
M(-V<("+`=P>@`(M\N/@CE<"+W0&FX^&T%IA.;(FPW(PWJ`",Y@K""2.+2KG]
MT)()-BF;T\*3TR^$*E0.T#$4(`:ZM(KC9*M*MTNA-@B_FP!*X-"><U2:1H"&
MR41=%ZI;*`/+=+D26T23P#:A1'(61<E4M5S]$-Z;VAL3)J3D&4$$DA",V3V3
M+D6Q(%IH6\0_&27F@?,]0#Z"DWE&:%@FIN0T`0,X0BBP;IK&$FOCU`J&WZF/
MQ64B#A]LQP%WPQ:H!:M&_CUF7BY"@'8:AY8LVAE;(>@TE#5B"U%@-,?!X)BT
M04HH^[,AA^J8(@K(G5&BK3B$RLYX<3SR9ONDLRSD38$\(6;!3%+[5IH`/89N
M%1'C%&=N%X86/`Z>%!#\7=P#[38>YJ'109[8,QD47`D[>>PDJ.%>3!C22&;B
MJ:!9]D\Z-DW^261`E$(&'PX1;@ITGQ&;41V"EZP.2#UE>7^JS01"O_>F29%Y
MN.`$5R&:9'H.!09?9A\$!O?4=F2\0!L(D4AX!K*GYIT$2$+P.;!DFBR()/3*
M9C;Q+ELD(@^`KS@S9'(@,!OTD*`XI+!HB`R!&L0=I(@:>8>_$:_E4#+R13G=
M%,H@"A=9";KH[>X06_L#R3M$H4(W\<RD=DLH@5L738=RCDOJ%HYPIC#^\FPZ
M@YT.]K.+5V=K$Y]&H":8:$`V$8QX//A3C!/]?,PD#NQG$;2B\-5(?E4HZ0R2
M#=G0`;(H?I0G+,)-2^!,EJ,DQ'?IH^U":/@`=$<RDD\RN(,(!RJ4Y/%*FQ92
M&=`,.R6"&CP6!FZB3)H^C[*B(T:*V)<AYC<4-_%KT?.("K@#J<Z#2_RK*A0E
M(VHG$)YG(3A-`G-2#UCTP)B7J$`,F).D),_EJW0R3IKO(TB7=3-)AI<PCL`9
M4XM<9TX`O#\&3$Y]0A<O17<R`=-YCP3J;C6'E`0VH@X7FHUQ@(S"_$Y#L'/#
MT`A.K&Y/<F8`-P'K)'2WIW0%Z$0`XT28^B["A*(X0AZ*P&J._]`G.R2C79(0
M"E$=RSDZSP]=ZFR<E[:>RA3W&>E,]E;S@+EY\@?;BL9]*!`_9Q.WD4A:)G.<
M@%IRI[=>$<<\H&9ZG-P_$%6U:OH0@0%G_?3'F20,^187SGX^FY^/G^UL%&:'
M\MC"V`*U(X,H\MW*K+SM3LVH_WR6,(_\`!4!90\`^8]7/?R7I!<%QY57)?75
MU^5ZP9++4/E'(60*"[ONAWWR(XTC_RRQ/9HE4=Y<;U?ZFBQ\-;VU9OX[Q\$'
MW#-$]Q[;%B21E>[TK!XUZTV)=T76=O;3C5J[6]KO"?OI\P9<L;ZSHP&,1JVM
MEP;8GP'T>JW1+`VP1P.4*6CO*:A5&N!E#""/PV)CK/K+&>A)*VRT`>*8P=-7
M&B8WZ#+%4N7NICHRT+2OB#@R:%00-1<\C2BB9N5ACO)J+L',88,9Z"\/*%BF
M7EF3D:`S13;2,P*;G?:*WHB)_]_%Q/\+P-*"E^U]PM(RA!0)(7R"<:O0*8M7
M6;P*8:1]1]Y;7%`NJU99M8[;"-\H=LJRM;^RM>)YLI,+L3-)[`/2=?WO8C?:
ME^N?-+$W$,3*]A:+W3C9)BS<DD1?E<7OD`-XS?ZLL@J65?"HC+!3$*W?6GB,
M%?'R\NWENW<'41/S%A7.9.%F6K%-M@]=8N%TU/<A>[HJ7-B'?10+LL]KUG))
M]O`BJOB+LL54=.&3B2**5G%A]M`47510=`C3!*+QQX!Y\@4"#K[M_3BPC:*#
MDN(CFP7%;Z8K5%5>T8+C607X/83X%0#Y=_;\4>[II*'CTZB/_9N^5BIYX5='
MJ[=T#1]LS?1>,'BC1!(J/K@IH)I5A#8JY8Z6UMLL=Q05WRB",S=!.-EK](X#
MVY3S-BJI?H\YJEUP=*-("BH^OBFDHE5$.&KEC[K6TX\:XRB!ZS=!.+E7`Q\&
MQN&^8UOD1_%]"'W?ICDJB//\FM]CACHQ9()Z53!DHT3B41_7*)5%%-'S2\":
M@N4,K?UDUB@JFE$$Q6\T8^/X?`]K4LO]?#,#U5K/$2A'/7>CI/KWNC[5W6S\
M=;`X1Y&4]"V0CI+.??C*7@YWE%3V(:QT%Q7[*`'T-T$^W_ZM3U\3*XI9YHCP
MCF*:5T3/*F*<(JJYZ(E$$3T_/[@Y.CV7@&9_@&;;)ZX6OW=Q$&M9*IGRP!!0
M<12OB)I+`'2PBUFEF@]BB\YAJ;FH\$>1N<Q-9G2.\ODJ9=>Q-K'83\]O(Q7A
MCUI3U,U>1^NT6^52ER*5HTP]+U\:7B;1*`>9U$HTC4Y#ZS76)IJB(B<E\.M&
M>X".ZZFM<A9(%<7O$P1UM%Z]7E@,I$3N*3X"*J":580U*B4.H]?4>KW.L8*:
M`\+\!_>HEEJV*:'-P0Z\3MI:I]TIVJ-:BJ2>XJ.:0BI:15RC6-;H=;5NJWYD
MSVHI`>$W@3,7UI\QCUPHQ23RQ9N2);A!E<<'LMBEU&.D1P5P"O5@:4O7C/K:
M(=C!`ATE4I+Z,$>I9**(GLMGTM>]::>CM;M'NR2E"++?:%&J?#!=,9"CU(8>
M)>VT3TC4[6EZL[B82)',I?K372JFH`-,..6#[L^UB["H2$J)L<,F`5(^YJX&
M>BH?<S_("JT@%"JBFHN>2!31<_F8>_F<E\I6V&Y;CUSYRGT\FT9X8/L68=YV
MGU`_V+5Z1=&.4G-%BEEHCX.V3JO6*C<]JU%(RI13F+DAQ>RQQP33[M;:[2WG
MA.0AOHQFGEIZ=8D3G:&9JTFO/3]TJ;.;,WW-)$HF?3`C;=H-219XGE<,08:L
M=LA\MTG^X/5I0!VGGSVC=>%9N8W-'X?R_3V?`,*;DQNPYJ^.;]Z]^>%[0E[/
MWO@Q]DP&-WR"L]2R8Y>8(`C<\9D-SRM7L7Q3T*T!_]9UHWY[X]_"GPUY5"&Q
M9\N67^"'T:P0BYDV:)UCY][4NVVCW:X9\](N,/UZR1HH62,1K+%.L':C:Q@[
MRO4'PLNM%-98I:]Z7JQJH_+&:+2;]0Z,M^8EFV?Z/(*MMN2B9+UFK_=-)'O:
MD@N"-3N]>GT[N=X^!LSC"^&QC51ODN27!68N$<IT)#,]YJ3D6.;NF6JX+(MU
MTU*X:QU\KO0S(UQ`1ZPZ`-W>5>D0Q@!]ZCS0"5^6!H/GZ-W2[FV6E#=(Q<^M
M\G6"B1OS+V(3M]9KG=JB\K>B(R7"QGT[@H)M2LJI@W\=\1UJW!.*S6$*W+%J
M#R?R5'+0MW%H6;4MYH\`8(Q?L&S?C!FY"8$M>;`=AT0A]?B0A23(TE/DDP@:
M70>01_P0#P,ZR9\26OGQ$5)![XR3=XS!19K0HZ89QHQ8%"3'N0?JP7]>#%W_
MBUD$L@HC[+]PB&2W,I`07H>A[/9W_4S\H9"?BNW"((?'0#+.X4\Y77(R[=+E
MV<6'BS^FQU=GK]+;A=HTT(9M$1>8CJ&+-O0OA,P0\EJA7"2U_IAR0D<A`Z6!
MQ4!GL8MZ=&W/YA$6B7LX]$`?-+QC$6Y.8DGX`4DS!M589##)JP]..S&.C:8G
M&9MUJ52Y0R:)^W&$-@B@3(')4@::('`)]_N63;U9$NFMV"1DMCN(0\[$1O'$
MF"ONFQ)GC^:8>B-&'.@IB@LDX3368>C3=02NS,DU@S[:D0T_D=O;])Y+WW5M
MSG%"[@2YY?WK^NWEK'N%;)0H$YI++D$(YD:F4K>V@[]-GT=PC8+V(M%.7#59
M&%%P0X>-(*Q2^8OCC>\P!Z$*MX[[:`Q^*YV)X^PGF.UW&IICTC`T@D!&Z`\!
MX/:TM:<3X@.$S>)0>RW5;MW0]%YW^QM%3W9@V.[VM+J^4_]AA!4P$Q.`,ZF1
MBV@'`\U:8\=>TUTX7S&3N0,H>PGSG3U`A"'41_'>V+G*^<!"MHM1&KJA&:T=
M1-K5"^JMIM:J/X,7[&LF8,68)C?J>>^94*4Y`\.+O]][V=CH`H$`?]Z!;*O;
MR@W+UC)_-D&W'3X:AM[;5<Y[)A^]RK6:D>V"WWX<3D?9QEII&BU#[S;RXBQA
ML58$VSJOO(^86P5"P.()B=8;LMELZ8WN<TID+)-H"X-UVT:SLXM`/-?@!K/5
MGD?^N1N3:61=_SD;PXJI3X`VCI-,I)]7](HXY@$UT^/D_F1ZV/2A>P%G_?3'
MF20,H$.O`?&S>0%G@4CA%JQ?;A4BQ\&_9^'0\1_Z8]NRV"S6V^6%[7(:/A7W
MVV_4*^UWT(]TE@8HTGIUX0U0IJ"]IR"UEZX/V`!S*]K%Q%@J;_4X:O"DSK:_
M(P--!=ECICHT*HB:"YY&%%&S\C!'>3678.:PP0STEP<4+%.OK,E(T)DB&^G;
M/<^P?$?-C5B3_5VLR;X`+"UXV=XG+"U#2)$0^@^CX5:A4Q:OLG@5PDC[CKRW
MN(>HK%IEU3IN(WRCV"G+UO[*UHJM]2<7+G0EPKV]1-?UOW/<3?OE^B>Q6Y:!
M6$,_)+YXCHA8-**ORGIWR#&[9G]F6?C*PG=41M@IB-9O-3[&(G@8KU-<L*AP
M)HN9OMPEV8<NL3#WM6U9^O!9E72OY7&LO2K[@M[BK[XJ$DG%7W\MIJ(+GTP4
M4;2*:["'INBB@J%#F!&0^"9@WAX^0%`<ZY3(YD!?XM0QZEJSTZRM?;GWP<(;
M)9)0\<%-`=6L(K11*7>TNEVMWFK5MGT)7&'PC2(X<Q.$D[U!ZSBP33EOHY+J
M]YBCV@U-O!2PL/!&D1Q4?(!32$6K"''42B#U;EL3KSL]5I"C!+#?!.+D7I5[
M'""GG,!11?%[S$\G/:U;!^=\53!<HT3:*3ZJ*:":5<0T2F4,H]71FD:OUEV1
M,XJ*9!1!\)M@F9OD]<6S>V[2=Q:S56^"5C)%*?:)VJ-".@7[$.V)H>F==JU9
M-+"C2&92'^XHEDL4T?1+()ZB90Y\$W!G9>8H*N11`MYOM#[E^'P/.W#V_Z7W
M(Y[$45#Y^]R)TVYIC6YG_6KZP:(<)9*1ZA^S5B^K**+JY_^>=0%SR*:[^4J\
MLV>\\^U?8EF@+[\?$<Y13/.*Z+E$-P>*;DH]?QMH<W1Z+BJ@462^<@VDV?9Y
M\NGG>_"-*]/UK1/'?V`AKGGA-P&)'R;?7WQU&"M=:AG[P%!2D52OB*)5A$G%
M5'3ADXDBBE9Q;\^A*;JH4$D)P+K)W$_YM+DZR&83>RU^>;:0$$BEB>QFLZ7I
MC6ZY%*9$Q2B33E&2CG+@2:6DTV@9FMYM'.O:F2(X=J/=0N73[$HDLJ.<%]HG
M+.IHO7J]L*A(D0Q4?%QT/`E%.<"C5D(Q>DVMU^L<*^118ABV">`YC&?;#W]D
MIBB@.=`!U4E;,QJMHCVLI4324!2CE!G@A1#(H6:`7E>K-U:]G**HL$*1<<PF
MP*)\T/PHAT7E@^;KD$MGU=LQ#A:W*)*5%$4N91Y18GJE:'FDKG7U8X,_2@R0
M-EI&*A\Z5RH]*;491T$K[7/E"5^#VEP[47RPX$B)G*7ZTUME\OE6FW(4M)+Z
MNP'G\)0\I`.'S=-+KRYQKC,T=C7IM^>'+G5V<ZF-_&G%4^"9],&,M&DW)%G@
M>5XQ_L?>M?4VCB/K]P7V/Q"9/=@TH'A\OR33#:23[D$6W9.@DUY@GP):HFU.
M9-$C2DD\O_Y4D9(M^1+?8UK6PTQ'LD06JXK%KTCJHRJ&S'?+9+-)\N*W7W&V
MYWS\)9:\\>[B^9\'U-H#6/&S*^RG3__\!R&_J<>_J\^Q_DO=D-UVQN\F7B4V
MB`%O_F"=CR>7\O&V\U@J/U9*CWA$[`D)/:Y_^@E_X`V'V1R4+#^>G%5./E5;
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M'3?F[:`YU9AZI3R.FMMHT<B`GA-Y^AV@-'LX&FA7D?Y3!)]&`WL"2FDXH^$B
M8IKH6J._%,J>A8*:,<1>-Y59!'VFOA97KY8+Y<(TD%FI'"T1/GS.`["7K4L>
MA^ZQ#0CU'!)98;-*UP!R;R@\`9W_#&7`.T-]*[HXYYCDG'&'B2[@Z-X.L>E8
M:_Y8:\+'=4'UI\\&X.`('$G08^2OD'H!#X;I=41;/#.?.:0]5+[M4SL(X<<A
M:7,/<SZB\A)).E`PEF)'&[NQ(G_4F[#,J'_#?P-F!_R9N4.+O/2@=/7BN,H>
ME9!M!&3(`M)FS"-!M,2)<@0"2^[XHJ_>>O!!K<IVO[Q"KVI=2$)M&_*@H$!^
M9Q[S45:+B!?X4_;X``5)U\9EJOP7'O0X5-GS&2/M4((VI20.'<KX57C:87`G
M8!/>OIRO[*Q3ZM5@I<\7T.!*?4*]ZXG5WTDH<K:3T6`-26!XM'ND4K((1LHU
MI,+8<`WR]-O,C\LI%_:5HBTQ<*2&F=%.P;>AZ\RA?GD(7:HUU!D"(R'G5[L-
MZ=X>NR>%:ZDC4=8530&K.^:KD',9P%]<.%_`)U;!E[6D2&5`$\U"?5JB>55M
M*M=<34V*U:@5:N5UQ'H0,,(B&OHFI+R=DV)O""=KC3$`FU??IB*M"`H;Y=9J
M,L7[:Q).I[UPFYVQJKBM8ZGF5KFY7*MUPY(BZU]%K)^>GP+:.YABJI4A.HQM
MN%2-6Y!P>1<K%2'Q**TO(79>JI.0<6:=)QIO)`CE0JE`1FI#I#927`;A/$#6
M'G,5)O_/W7?A=ZE'K@`U,_*9>D\6^:-P62"GB%7'R/CJX@HD%@ZGWOCF]<4'
MP,8>H.P>=3LQP%68VE(8"FIZQI'$L13`[W"/>C:G+@@*^%?1?PU"?R`DDQ9"
M/7Q]#@-8@3Q@>J#N==+XVV&@PSXTU%'@W5=Y!0!]+(U"^D&[T8M]%O2$HR3#
MWW3!6D(LIPTJ<+`]^.,WX3GPY]UW\I6_DE#JW&%4E7K&@[>IE*,RIG3VQ^5_
M4]I*J:A`XCD%HN9;E5PN#"1@=#'.6M(;,RT-CN/6.^/IAU$*-2MM`NT"KK>I
M:X<N#70K:2(5P;:#!D*U&R*I,ZWVM#+@06RS?E@IN0-:\00\`;++J&*5Z[QP
M&RL`;P;COXZR)Q]OPP4XGL`1(&U2\$M\JB-",+["X*/D*18$&L$]>%0G\?&+
M>EH,'8D.!KYXA9@:0)I(RN?%(@H?O1U`OU)^RRBD"2_"?\*&0(ZV%,(_B,Y^
MBTI%A6G'3*D7\V.5%X_[C:6>!6]%V]JB/U`.%=E!.2MFLT-XPPDA]T8?<5WL
M;'Z(CL>8=EX!C_O$Y;3-71YP)B="`O=L-W1BK_%9/\0,6WFJ`U)&7?9^`$`=
M?'FJ-T4_I-/UKXQ-!*11<M^AW!\K()VVH[C8!BVRZL3CJ)CHHIGQ".S&:BT4
M;`\AELBP#_)":7KV)AQAC"@816%PQ@1)PI-@2`5K@O&5I3=-U&>GW:N7>K[F
MM,JJQMI@I7AE$*/7UF-`M=)L8P*N13L.BL7_&RVQ:Y^PF>M&NS!P]4%=RP&U
MX^OH_6@7@2W``P:2G<=_7.B"P2^+!2C\8A(6IAN[\A;'>J%H]!;'W>T62M2`
M$ZD=Z+GG/>XX;+X[;=6CMK4/J9';[RW[[7J?=K50K.<&V)\!BN5"->\!^S1`
M'H+R$)15`TQL>\PFQC+Y,Y*C!D_F;.`^LHB5D8\43(=&&5%SQL.((6K.@T8.
M9@RVPCN`&6BO'%`/]Y8LB$C%;!OI_;Y,F[TC=<$FN'S@-AB8YIW(D$ZT>#4J
M'\O,',OF[/0YO>SC[FZ)Q\X5B\5_JX7+G_?_^I!G[H<4((\:A!NK^!P2Y-G]
M<2D^ZZ$FS_?7M8(A9'O+9/SS#N,]2^T$/0Z`9"QSWS*&W`4[C8$!SBR&ORT3
M8QD'H`P)9-D'3(8H.@\TI@::M4BP,@.HC("URW2.G^FM]+B3GL]&6(<!J;+*
M]V=^)I@I#K]2L6*5BZ7,XB0CXI/Y*,FH:&*(GO/8L2!VU,I6J[GPV,NL(I\#
M2@SF3R4E/[9^+]RS?Q+=?#IIF4AGI)WV&>Z:+:M279CI'2Q4,B2@O0=8,M*U
M31T]\H"SKZFE5M,JEHL[YU<WEQI!\1P@!Z'H>B-2!(?WN1<J?@I`,RDFB3DS
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M`^6H2GIAVR'2NB[G?7$4U!ZP'>[/);C<%C"_I8]RV`_Q6TY!LNL)Q[U_OIQ3
MD!RV_0YPBC,WP('/`QR7`?(0E(>@K!H@JTLO1BPV+I-4'C5X,F=9Y<@B5D9F
M[DV'1AE1<\;#B"%JSH-&#F8,ML([@)F</<$0]H2<@L08^^44)`888:U.E%.0
M'.I8EE.0'%#?S$%X)A2?0X(\NS\NQ6<]U.3Y_KI6.*"=OSD%2?[-R"$%.,.V
M;^<4)$8-*'GHR="W(L99)*<@.6I8NTSGR"E(\DS05,WG%"39CD_FHR2CHHDA
M>LYC1TY!DHW$(*<@R:>3<D:`G(+D(`):3D%BV.B1!YR,4Y"@[&CNLZC=GO#[
MU-TAW<.<S:PCZ??#(9!F!9B@$&")!Z^Y#'S>#@/F?!7^CQ'[Q&U'$3;(-PD%
MRD@H`/_7C`+E$Q)Z7#_Y$_[`&PZS.>A??CPYJYQ\`H1=J8,[)P1?199=-6."
M%V%1*^JE2FTGC7CPJ2<[#!DI'L0='7Z)22T6VJ"RM`GJE?)\V><)L&V95U1X
MH_&&OM^6.91G74H'YY>VK3;EP0/8,WXP1:IR1WTD";E"$A#HCTF1+^7C;6=9
MWRZ>?"K7JK5R^;=?5ZEP*R(NIT:0L%(LE6J;22@EPWV-SL>3FX#US\`HS9/U
MM8:FK59KQ4I363==R\R:UVV]JJE9+U4;"VNZHK)WZ3GXSY>_0@XC/[+87`97
MU/>'@&B4^[W5YM)"21(2+%7;=@1</D3L1[X5G&:_"ESL:KN0[T[1<L6D7-=,
M_[O-D6&AU+-%V)'P*PX1VQ%>]/M<32U)+`"D`PLQSX9X"*.Z[0H9^ONF6GJ+
M`VTG('?V5PLU)(@#:./Q#K=5R[-#X/83&N:/V<@4P/_E%>S8NI!$^%WJ\;]5
MDZE+'&&'RF&L)"\;.47:,60K<[C/[$#X\#O@0%<,6<Q)UL6W/JB_\<W[@?"D
M\,=O]M57(?`>-`@>QK\2A8D.Z)W-*!;NNQP&<BS:1VK!R$@L3;$&]5/NX;\)
MXK>AI;;A(0U=Q*<&DD`1=NA+\L*#G@@#`EFFE,1C73`5]`UFD39U2(?"S_CB
M"W?=3NB2/G08X3DATLMYJD$#0!9*QK@D:,R3RR0J2?JL2WTG]:CHJ+]%&RI2
MZM8M=$+%ZQ:N8Z0">9C]0I^^\KYBYANH3CXN'G0`H1K9^E0)2,H7>D^0`GN$
M(IT<7+^(T$4RQ6?A/C/2"0,LP'8I[R?XYMI,T>.-]#ZVA'HD1::W5UJZ]8+A
M="`5WGT`/^BDYT;*D#DKP:9DA+_YX^O)IUH+LX!B6L(9M2PG2A+$UE8#L5.2
M-<K;E&P%Y#$M2;.X#4ENPT`&T-F0?3&IJ,;.%96H>049=ZNR963:0EI0:51:
MT<3"O`H65)\T5773Q*S5:-2W)DUEEC3+H[M:LU6<R-T6">/A\I7&9#^X?,KQ
M6QJ_50LDI2,<;5%/V4%Q<T9Z*5Q&VDB;B\B#V@%_!N"#P_H;3,R:U%:&;8P#
M`8?;0P+_FP<_J)ZM0/S5`XU#W)!IQMN(61=2D`!Q&WIBVA0^F@**$397Y+\(
MF4C'!3051E`HXF[6G-#)P@ODGN$W%2Y@,@46H73$)S1BT9WYDH4HSPW5D@TY
MY1](UQ5M*"+!^1L.!MAJ1&`,K.-842LXR@*B(194&#.N5H;(E*VHA%\0VTGF
MNABLX9%QL0-?`$940#9F098:*,U^#!E_0^\%8&V*0-CI0JN$Y$HW@&*5,EU`
MIMY3HEQE1.0NUO;4A2J5XZ6"OB[HSE7:[=,_`<Z.*CG33^O1)H3B`0==@*I`
M5]IIH,E)+U`(V@XB:RG[Q73+T`2T@H_4S`AR07OJ,54<E*?`GV</1SS1ZE%5
MV_,'S;G-D,P\NOG\(>FV*I_PJ1H6(^]&N`SU:"UU`-G*J+T001UT?G7O0MT\
M?1X;7[%1=S6$'@CD4[:I"PD'>*OH<QM_[W"/`B2$!T!O"(^5BGGLI9@D$EP)
MQ"N5(6%*`MF#0.>&D`L^H_%OHF]``@'*AV;BSE;%^"R\[ADTNA_1D*/KPY7N
M4]JXBI]:O"@:<Z5<C<)5_7BII-,US>X`(_YV*Y6-:2/*-&4[G=QMJ][0RPQ@
MVZ@D=*^!\%4*$C!W6"!?*'0(3<TN6:PPW3D5_*?0;.131VWJSBJ\>2%FK/C8
M[2/>;1FZ@=*,&#`_MD)F@OI>%]M6`1=I./*%^AZ.`G?,5W[R&3S6WF#NKI8$
M2.633V?%0K$U%G!F=9M*]/:$W"R)2BM)]#O.*]SYHL.#;<YJUM*P,5'+>M6O
M."_96K+Z&P_",7N@KQ/D[T<-4LN%6F&ZJZY4SAR.#JUN`OIF<K,*U@A+!Q%I
MQX>FX#$4+@S7>A*1(EX=CT57%R"(!^`'0$=JD+J^4&=(_"S<%TB'.0J0<JWU
M@+[BN`T#%X.QZ1(+U.-68@X5!W[F=C0:P'FQ-D/\_6>$G^84B^.]#!AUK'GC
M9O0LCI6C(R-4'<DF(7]N?/A*JD41<E,A#)&]PJWQ#&X\]ZN*\QF._?.D`&B`
M1Z1(*Y+'@J@105&XIV8(=;GQJ16ZWANT/J*Q'P@>`(S<,_]9(1E/8QM]VDRF
M?#!&8@#R`#*IG2Z8#_48@DF$H.@<&EA2-6\+68)"CLK+XI1`J\=G?X7<9PGP
M!/E<H"9VX^-I1D@*ZW,8XDP0Q]'O`VS%4TW\Y^B`E'F5Z6-V5%VJPP`:6RG(
M+$.NMO#]`LE@5#("_\T;JZ=&]-12XXWWYH:+'6*>%27973-6Q$[5^C:;$2=L
M.<!*`JSZS@!6,D$>;=;*L=:LJ':E9GG4K)/`,65BMC`&&-'\$7^.YB+T(+3Z
MR(!EK?.6#^"F#X_U8"3V`+"038<HU3)L`TJD#JC3Y:Y>TF(2Q26$@5%;XNIK
MB&@3CU!89]YD'<_:8+_RRC%@J3.99C?U\$_Y:A1*IGVH8M8)(<:?\E5OYO;;
MXQ$[E4*]F!M@KZ=\5:JY`?9ZRE<>@O8<@FJY`0P^Y<MTC&7RUZE'#9[,82XX
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MQA"<N0S"N4(:1>3=.`YLD\_;F*3Z/<:H>L5JEDJ%K1UW;!R\,20&91_@9%+1
M)D(<LP)(N5FW2O7ZX@B259!C!+!?!N*,3Y$[$I"33^"8HO@]QJ?3EM4L@W-^
MR!BN,2+L9!_59%#-)F(:HR)&J=:PJJ56H3DG9F05R1B"X)?!,O%YK1,D=X&`
MB^&(E/<P8(YA)Z<?%=+)V/GHIR6KV*@7JED#.X9$)O/ACF&QQ!!-[P+Q9"UR
M5*U:N3$W<F05\A@![Y=:GW*%W,,.G-E>OIQY"K5M=),CGL0Q4/G[W(E3KUF5
M9F/Q:OK!HAPC@M%[8!P#'?OP53T;Y!BHZD/8S9?CG3WCG?<GL=RDIQAFF2/"
M.89IWA`]Y^CF0-%-KN?W@39'I^>L`AI#YBL70)I5OR>_F7V"/#EUU?'4HJ//
M&1<^@78\L>##8:QTF67L`T-)65*](8HV$29E4]&9#R:&*-K$O3V'INBL0B4C
M`.LR<S_YU^;F()ME[/6O[5O(1`ADTD1VM5JSBI5FOA1FQ(B1!YVL!!WCP)-)
M0:=2*UG%9N58U\X,P;%+[1;*OV8W(I`=Y;S0/F%1PVJ5RYE%189$H.SCHN,)
M*,8!'K,"2JE5M5JMQK%"'B/2L&4`SV%\VW[XF9FA@.9`$ZK3NE6JU++VL981
M0<-0C))'@!TAD$.-`*VF5:[,(Z?(*JPP)(]9!ECD'YH?95J4?VB^"+DTYK%C
M'"QN,20J&8I<\CABQ/1*UN)(V6H6CPW^&)$@+;6,E']T;E1X,FHSCH%6VN?*
M$]*@5A=.%!\L.#(B9IG^]58>?-YK4XZ!5C)_-^`$GM*7M.VRR?+B7V<XUP4:
M^RQJMR?\/G77<ZFE_&G.5^`CZ0<I:>-FZ&*ASH\G)54,F>^6R6:3Y,5OOX;R
MK$OIX'S\,=8=.(T]?`#K?7:%_?3IG_\@Y+?XL6^<MKG+`P[MY\['DYN`]<_`
MN5HGQ(::X:4?K//QY%(^WG8>2^7'2ND13X4](:'']4\_X0^\X3";@U[EQY.S
MRLFG<JT&I8S%2=0S7X#I&BM1A96%%5:*I94KO/2<^P!4TA,N]"/YY:^0!\.D
M&DJE#=4`/@XN/D^PF?6O*.TF.H/A'T;_#:3[@P575/;N?/','>9\'OZ4S+GQ
M;@<,OQ#TNI=VP)^G;7L=Z@\('TN/6H^/#V(D]F*E)L1=7H"="%Y)"KY8W]L1
M_,:S19]]$W*K2CVK5\HI3TC5M*X0*RKHK+6T#"--?8EFL[>IC'JSE9)CJK)-
M9%E1)\UR:259_"[U^-^JQBOA*<2@+J`[W_E,PH"@+F\[7[D'^3&G[CW<83A2
MR&LN;<B>0Y^-AHM5FO(I&OQ'PU("".C!6(,=')&C:XU=4AAQUAC>C`'BND!\
MT<`]]:VS>K54($E]DF7&\S<D3R"H/T,9\,Y0WXHNSCEBW3.(!Z(+<*JW0XCR
MT&/DR\/7>W(W6AQZ\$$*<AK`+PK`_/(*-KVZ4+?'-ZXO/A`N"?6@N-'7WH%Z
MM0.XBCD$U#0^1+Z(A\@76]/%7H/+X>(4=&^F=L"DJK"(^K1<-?=_PG\B+GTA
M@]"7(<7J!*'0209"\H#ZPZAZVO69\N(Y;2"7\0/IUK!79H<!"-X>HDK(/5SZ
M.O3_O+\DW[Y=31=X/\">Y:<+HIY#\,'/U'O"IHV$_\Y<%[0R6RS&)DH)5"$!
MF!L+P;\G3-"ZD$0DO+)`'N*'"([5,K'BUPY=%QT79>-2AM`H;?;>4'*;N@G[
MW_<HA`=RFFJGNI<6\)1[I,\]WL?B,4*H1<8IK+K0!6M%"^+:ZN]%@EH$(J0@
M/NLPWP?KH5/(E'H_4_G$@@GI07CV:O>HUV7HL+$;32R4HKJ@\L#G;7"-I$+A
M?0B('K-5/'CA04^9R!_MY,*"HIH+L4Y]-M"15\5Z55?'IZH(,`&X.E<@@+29
MQSH<0S)1H0#Z%U:(TH@7#S!8CP]23D%>>MSN$:A$6U<Y\>A7[1B1KZI>"ST3
M>A(^[O(^1Z=W([R'0+(_H-Y0U4:A8.&ZPS.LUB$R;$ON<.QK4/M$)_FF2P)[
MD/^`B&QHD2O0K\=<<B-=*$V2-@5P$U>0=%>0J2N>F>]-2#[NJX5,A=Q$S!3M
M/]&)GM.]'#6";HDW(N<)E).[\+"Z"Z,_!EJ<V8[?'/A<7XS<U"(N`V0V)WC$
MZ__*U.X8\$]8QF$2U*:[UD#C5!WWE;N&X*3**;'B&8XKT7,3S3BE9"JRZ,QB
M,HH2,1@(/\"N,M1;%OP`RA[@B!&5.>Z/FDD$;OHB[/8FQJ7_;^]+G]O&L7V_
MWZKY'W`]/35.%:UHL3:GTU5NIW,K]W4Z>;$S4_.^I&`2LM"A2`U!6M;\]>\<
M`-QD*5HL6R#$6;I-B@0.SOK#`7@`3XM,4=7H1H!P@,HYHQ%A,/R4V=FH\]C5
MLDOWJ*L-$-=&DH`FGG0`X,T\U`9@18H'H:D4$)(9"!.DST`(\`@Z(V@F\J3Z
M9=X/[R4!8E+416AC"NI'[D`I(A#4''^'(*_>Q^<1Z,*5Q)W2&UY.&.@PE=*0
M7.&3`CD\D!H?IX$LZY<'X*(3Z4=SLWD/SP*/SOYO`\"%O!-.(5PIS[S"(H##
M]$Z.&,.*3ZB',E(<.%4^%H;E)V`!*GL$)@EZ%>&("\^^(A`8P/`D*$&C44Y_
M1'GD*^^6#TJ&':#*@:9$XJNH$"ILC\/!@;HP0R0C/YP)C&WP.RUH[/:1$XR$
M,3*!Q\8"E1]$\)%&,+9."V%:J[-#,$XI0JX!\3Q$^*'&#<V/*?BW6\8`,5"/
MV6-/5RR**0\>:>8H#.,@!#_E91,IH34&%$"KD#2#I<;V(SO;FXWE,LE-'P08
M0A2'%Z27%&R=6Q#C,/$1L(#V4D^CHC^38`$6+3&URR#`T/&%H8_'R4)JK_\G
MT^P%'PTT;*^8!3<N=;N]?1,J8"RW3L.,,$*_%&?>ATME\T#:18`1IHF#;$P9
MPV&6(-G=L&>&:T02?M_)F'*JYS.=RP?!@EXNX_KC3O=&X.Z9U1T)!(>4@!G"
M3.73Z"J<@('*Y/<^B>SU>^5D^_KN%\B-0I<Q3[R/PLD56%0XP2V^SR3G97T]
ME9PG2'4[<CX(3!6Y6\AR2TZU.KWS]H(TU_6_3W*WY.1Y?]AN/X7:+\P'O^1]
MAKG87.XN5^F+.F.\D#'N-(AF%4%>H9NS)J06LTEILE/G,"4$`;D+H$-GXR0V
M5)R8:D[`W87DU*,4*$+$$<-T%KS%LZQ0L5LN)-BA,+>'AC$KH!,:I0E>J?V,
M7.DZ/$Z#]`Z'-D<C[G,)DR=T3D9@$"K]BN3BOT'5<?YUF<3C,`+F:=%B2@*Q
M,)"5^F[\6S"<"F4)"KBC,R`:;4&/X2Q(\;R#+</<,X@+O[N9,\VF5^IIZ.P>
M,*V:D<*S^"T'BUPN2JDEG'Q$3*6&K5$^(_#<%EYPT7WB?)%YO]$(B\2)2]=-
M)HEL[)W,G,6E;0?-)VX[..NVAX.ROU]/P=84/V7KP5FKV6DO;-G8GL1[%B3L
M"W/#NT`F4Q:VNAQK)%(MX<,7/`;K=16![<8Y1B?)-%+@&E%LL\95W*B<^`33
M<,M"`T:00E`I!Y_WC#G:P2[$(/5NFFD&^7_G&$-6?FI7Z*)!_HDI$8@"4YG'
M#_,</(:R$!Z-9NC%*2"Q"5L,>TXIU,ZX[SOI.J''([T6I4>81DJ9225RM0FB
M31X2'!6@5F1G"DM@8B&9225)(HNV`@8U9H%L3F:E5GUF^)AZF?>@]QCOPIP<
M@5DR7/*B$QWKB@P-`*SJM8A'E.!(Y59(_%FN38+JK!HB+CJ@=Y'Y5"$8=H3\
MA^=IH6JY/<G*KX%<#,J53.G,$BV;K9#G6O%I950+42!">NMS,<Y[^#T,//0S
M'\E[_E!&9K)!(!I7L%"$0F4/H0,?+W3V'8%9FH$OX;A7F4%FH"AK&M7#C?4*
MFLLP%88_3[`(_0CIQUVDFF@$6FHG@+8E18RB-4>-2,>M:B;%?'(!3"30=P'T
M!9B!4P8I8"#*2RBP@&X%L^$ITP+0BC*#)(K$!I5>3A/@IHLIWGO*_0+-H+!Q
MR>8]QB9"+C<X<J&;0ALNE6X%Y(0(T_?#&0HW(TP.LT$NR1V51D1\W-+%<<U:
MQ@=$NVKY-@RTPQF!MV.8E[YE\0SSR+*Q5&LR;LJ%(4"K`&YUW?_1PMJ=`$ML
M@)IS;7ZYY()T"31?N\9U2C];LP?JN$J[9R0'N""C5"YB5"@IXH(VCG,S(/QL
MJ'$-3BG#FFL7+"?Q838NY^&_SJ]\\%,'!C6%%_4.]V;S;]F6;KD?F[B@`WK7
M_]L3A+!P+:;43:_U^WK7N@O*2*>"7:1_O%$-@XMK-J#Q-XL$EMV>=9_4/=_7
M*84></J("XH78^YYK!Q9=CD=1'T=D)+[\L>?U?*K='V!6@`V?6!GO0!J%W1P
M%V1<Y4=;!*"NZ[(%!RM;<-3@R9P/AH\,-%GR4;SIT,@2-EON1@QAL_$PQW@V
MUV"FVF`&QBNF%"33/EGCD6`P-@OIY2JA+-_.="-W*W^4NY6?`99:'K8/"4MK
M$S+$A/[%:+25Z=3!JPY>5@CIT);W&WY=4T>M.FH=MQ!>R';JL'6XL+5BP^?I
MI=Y)QP/2;#;_+O>\?;W^R<$:&&RJMIS+W>ERQ\Z4I5<>C>FK.OA5V8#7?%1:
M1\$Z"AZ5$'8RHO5?D1]C1#3DR(EM)2J5R6-NJ+9,7L@28_FL[X]$2AHB)!9S
M8A.YI5$7P#J*!=GC.=_"N"590RS*_D59.QEMO3,QA-$F+LQ6C=&V@J(JI`GD
MPY^F+#C`\3CV2*=&-A4]<*+OM'71V?J\&Q-"0>U-S&&SB=#&)-_1=8:;^0Y;
M\8TA.',3A',5,56F\3BP39VW,8GU!_11/<O1C2$NR'Y\8R6C340X9OF/MC-L
M'C7&,0+7;X)POF3'C50$X]AZO*CY$,>J(T-/6\I!K3AZO;+(Q@C'8SZN,<J+
M&,+GYX`UEOD,I_=#KV$KFC$$Q6^4L?%#<8`UJ<.?QWW4N1LCV7_0]:G!9O.O
MRN(<0US22R`=(Y6[^LQ>#G>,9'855KIMQ3Y&`/U-D,_+5WUZBJT8)IDCPCN&
M<=X0/IN(<6QDL^V.Q!`^[Q_<'!V?:T!S.$"S[1=77X[S.ZLC1D#V,-X0-M<`
MJ+*+636;*[%%IUILMA7^&)++W"2C<Y3?5QF[CK6)Q'[:OXQ,A#]FI:C/AWVG
MW^O62UV&1([:]3Q_:'@>1V,<9#++T73Z'6?86>MH;$5.1N#7C?8`'==76W46
MR!3&'Q($]9UANVTM!C+"]]B/@"QDLXFPQB3'T1J>.\-A_UA!384P?^4^U3)+
M-C6TJ>S$Z[3G]'M]VS[5,L3UV(]JK&2TB;C&,*\Q'#B#;OO(OM4R`L)O`F<N
MO3\3$4\@%),XE)62%;A!EB<56>PRZC/2HP(X5GU8VFTZK?;:*5AE@8X1+LE\
MF&.4,S&$S_4WZ>LJ[?2=WN!HEZ0,0?8;+4K5'Z8;!G*,VM!CI)P."8D&0Z=Y
M;B\F,L1SF?YUEXDNJ((.I_[0?5^["&U%4D;,'38QD/HS=S/04_V9>R4CM(%0
MR$8VV^Y(#.%S_9E[_9V7R5+8;EN/6ODJ')Y-8[S@H4=8L-T1ZI5=JS<4[1B5
M*S),0@><M/6[C6Z]Z=F,0%*['&MR0X;)XX`.IC=H]'I;YH34)1:C66PM_76)
M$KU!,9_I40=A-*'^;LKTE"1*1OVT1&TZ#-4L]/GVI"6;(:L5LCAL4KSX^74B
MSNXHG5Y<NV/F)3[[-+J.0_?[K_,KGPIQ`Q+\U8?K7_[R7X3\G#T,(N4C[M(@
MOG1=T)<8+/0S`'V7L_P=X@(M</&%C=Z>O$M4L:!O+?AON]GJ?+L)OW6^==3%
MR2]:"S(*"QJAY*)4'H6CKY42E]S",G$.4I^PJT-8)T/Y8K$\DGRUW2`%+I&<
M323E$]E$VC\83,&Z<.\6'\W5+7UQP1%DG7&/A7=@:N-G5.";,>#DB$VI$C$)
M1V3$`QJXG/KP(HT9;BP3\`ZAP(?(PS57,N/Q6%YKODPC#F],?2#LC@4LHKX_
MQ]_9-&8>OAM#-U\#CE?7V*C`CBXG@,E=2B+V[X1'<"\>AX+!I9B&@>!8A&H4
M1IH\[&8I97%()O0[(PQ8-Y%-T\`C8`")WN,/S0+^IZ,1<V-)"+071D@*G>``
MU`O`'=</10*]-T#D<0*]P-^)#[_#.'U\`IJ(R"@*)YK2K,L&03Z.0M\/9T@H
MAS8)$`"BG^-(14&=BFQ+U4F]"13=SB6%-Q$H0F,7+=O95/;ELDI$3>D=.[N-
M&/U^1D>@TA?4G]&Y6.8ZGS2JI</:S($_S9!?QBNIEO#A"QZ#VW!3/]5JD'_`
M5#<SW<]@>-3CR<0:_Y2-"&UJS'QI(O_[^6,8W=&`7(TIF.&O-/CND#\:EPUR
MBM8C->NO#Q"<KMY<`<6AQVF0WWSWYI5#@%^W;$S]$;(M,SE'N@+H2280/$?Z
MGR5>ATR3:`H>0#B86L#7T7PC;,L-14S@+>#J=Q8KQZ#NC<BT.!B/`0\G,%!/
M>U;T".#,L#5Z#S[T3K\X8>!M/$D9_J8:UBD.:.<66.#A>/#'W\/`@S\_?R3O
M^0-)\!=H,NM*/A/`V^`>LS8>\>R/RW^4N%5B48-\8:`9_X&6[R@/E/,$QRG0
MIP,1$0T$N$E1&J^#',E'#Y*.(WZ;H`]&#BNGG&5OX$U5?!"X&P$3J.\F/HW5
M*"EVX3'BP0T<.W`@D?N!BCQ3;"\S`Q[$,:N')9/1(P4A/`&T"]TQ_A#/N(L=
M@#:#\!_2VQ#DX#9<@.*!!U=_YX/2KGL4)B!\-KG5/"A*!0;!`W@4698K]D<E
M4(Q1TVD4/LB0`EVW+YI-)%Z_#:&&2;UEU!V361A]QX%X=-ZPQM@_(5.184HQ
M2^P%2P>+94'!;ASY+&@KRM8-)U.I4,40RAA>>H".71EPH34TMBA!Q6,:*H3P
M>$1\3F^YSV/.Q()+`&CC)UZJ-1&;)(API*9Z0*4VV6O$+*#+CZQ)_Y#?&KX1
MY#UC"PY)PPI0(,JCG`%2\3(F2&0#8U`D2R/.O>+3@(.9&H%F+&>`('MPL1I3
M06M"#C<)HK(STFY0LJ',\8(F04@%:8+PI:0?X9BU1('!@@5V6@[!^8\4RCOF
M2I-/[[:W;_5B1[2WK;">,#_>&L2H?$(ZS=MJLER81.H,2[/YMPRR*9UPF>_K
M'-/;D^:)O!93ZJ;7^GV=.7$!9-.I8!?I'V]4PZ"7S08T_F9QLEH>[-9K.;U&
MT^BUG.=+T!5Z""$JC\!R+\;<\]AJ==JK1NTKP]JOY?<C^3WWFO1YH]FK!7`X
M`33;C?/:`@XI@-H%U2[(5@'L9;^,Z1C+Y%70HP9/YNR(.3*/9<GV"].AD25L
MMMR-&,+FVFG48,9@*;P`F('QBBD%R;1/UGBDIMU">KFMOLOWWI1SZ\\`3"T/
MW(<$IK41&6)$ZU>CZEAF9BQ;L=/G]%+O5.,!:3:;?Y<+EU^O?WI5S]RKY""/
M&H0;R_@:$M2S^^-BO.VNII[O[RJ%"A7X^1#<,UWV%E!1OKWKK+03]#@`4ET:
MSGP'9UB5ID'/:>VO+)QQ`,H01V8_8#*$T;6C,=71G'>=9F?P(N7@#`141L#:
M38SC:WDK/>ZDY\L15C4@E5%%P(]J)FA56?!6L^.TFRUK<9(1_LE\E&24-S&$
MS[7O6.,[NFUG.%A;5<E6Y%.AB<'J5%+Q8^N7PCU&%I0V`_P8-<LS4DZ'='>#
MH=,Y7SO3JRQ4,L2AO018,E*U38T>M<,YV$D#`Z?9;CY[53ES2R/(.@<D8FYX
M%V1%$3P^X4$BZU/PM!2NKB2Q(J-#9F/NC@F-.%9QD94H-/#QF(L]RL(*%-N#
MT?&)JKO2(!\"-V(4W]$EOC;J+!Z#4MV-TRY4614<PSVTK=K":B]1UILJW9N5
MY1!TPLB("Y?Z9,YH)(O$9#S(RHTM:V.!9$5NX=4EHP0RYZ"F,6$/+F.>K@3#
M[GF8"']>?'D)WRVKQ%$HJ"SWHY4KM`"#QC2XTS5]*-9(<F5])K@J5/?!6BUY
M11]59:=<L\4I%.DIU_")P_S=Q=(HBB+@/-:/PU)OLE+/O%38!0E3NJZT#6NP
M92T(BO7KQO2>27G/03=EP9D)]9@J#!4QD+Q05>?6LN-1619'51PB=_P>.V:Z
M(%U(.+17H-*1PT3Z@*53%@A=IZ8X$%D(!@>G"B_)"G>HJ)+ZT'63"#AND?9M
M5V?SX`7;='FV=F.[ZC*/VEFQ'32O'?6%N8S?RV(HJJC47`:V)W6Z7X:;HT,Y
MUZ*<:[(NF63:HG7_.Z%!S.-YV:JE7:HJ4U@B-:*R4B2Z,![(&E$24XFLK!E&
M&U74+%I:XBSU5OR>^7,'G!.TON#9L/)5R2&E-=8B5=TMC/+B44L*'^EZDPWR
M/VEE3H>$,_A3C/GT<8DI<,_%]K'2IPRH$=;20K_,A,"J8UDXSLNQ6>1O;J0<
M9E3L4!XJ"+=_IR"`Y<H)_GW[5M=\3+.>JJ6EK1K;-V2A-SEL1%K135D@AZK6
MNNGHE@YO,^97"`1TG@D$7.G(HL!@?OB)R(-+C0-^/'%&>.VJ$M(R3C.-\CW&
M)FE\5J$5")"%'F4-SML$H'X`,5]NDY!N>A)&6(=6P(16%X-6/7`A$FA$MP7/
MZV>PL<LD'H>1G#I^IE',73ZE"#[4)#0,[D)US+&>:GLP;?"P*K6:5X<1SJ,"
M!`:+$ZV<>.C0XY&<9F!,![`B%426[RZ4B[P,5A"C"EG#/$<`4;-Q2$Y;K]2]
MB-UQF*M)*!2%WT%T'H/Y4X0TJ.J4@L$L1,U6TIE^H6&18,(!6[JEP??\K;S8
M+@]`,6(UGU9S-JYPD"X7+K%/2H9NJD0)_,R".]P(S(,B-456..2TK4=4I`Y>
M0!F^8]-0<&#U7(OS*IS`[P"@3CNO)"Z3ZQDRYP"]T95LO+P#^"0S(676,Y:5
M]=5E0M5$\_1<-R\P4<7%&(L$KVS]:P#@(73E?%H7JU_HIXP(LYK(.=L+`-=G
MJM@ZRN5'JI&/"=D'.IM=EY@"0%D6K%W>BE.JG9KR(N6-$OLT"D'S=7(++ESF
M)1%;`K%3X\TQ=FIM^$OZN,=\`-NJ+GL9^F:*A8]*!75+/C9O6_R(,<O$H5B4
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M7CHH+TU'T&)'*%@F4QV.A`%I]B)U8\7Y*YC?Z\(<=L9]']1-YLR!"UZ#_'/,
M@G+N(4\BRZ"==2L)S4W9(3Q65;\#`0)'ITUE`K=L<NO*]]NCD3?;.YUE)N]*
MY(GI+*:Y[Z4.,&"H5C%IO6XUF\U'4PN13']((.B[?`>>VWB:5ZBU#P%7P4X\
MD<4I+#;1.#M*0!.Z-N6&B?+R82Y+*\XC>,GB@.)3\>""<L7U#T'N%%F`Q\BH
MI+QRSY'$X,OD@\#@GG(_3?)@=?=8:@9V3]WO"B#IXQ!*8$D>KZ.@EX<*)S5;
M+R>`0@'PE7=DG7N^:/3@H`2XL'@DR\E'<G5+@'=XCW\C7BN@9.P7Z9RD4`91
MN/1*,,1@=X786A^*AR_89;I:,XL'#ZBS+_`D+S[BZ-]$Z5B!+])DI=KHR7[A
M/($-SBV!F*`.6YC+CD1R^Z=>CBK8C%;@,+.@%8&O03XE,?2B4N!Z,&I9=N1#
MLTA^7&Q8FINCX<Q"XGU"'_@$3",$H'NG+/DT@SN(<+)UMU=.'DB503,<E#1J
MT%B8N,DP*4]128..G"GB6$;HW^2A$$JOY<AC*N$.N+H`CPAX4H2B^D.*2*[2
MI2:8.X$%JF]9/)/9_<4S7C3V*D9I/4]:'",7^3"U,[R">00N(>ISMU)*/TWU
M$18PQ"LYG(S`-.^AH>[VR5Z%.B;PV!@GR$C,7A+1*45RS5^UNWU+>SBH0=D+
MB"=,8G4LQ<6N)W759S<8>G:#Z>=P'[SNL_%G-YA].N[!Y??<WX:8?MZV[0(P
M_AANZP50NZ"#NR"S3^2NL`#4]1._63,=8YG\S<%1@R=SOD<[,M!DR2=/ID,C
M2]ALN1LQA,W&PQSCV5R#F6J#F;KLO"%EYV]DXO^C3/P_`RRU/&S7)S?8)82=
M3.A?C$9;F4X=O.K@9860#FUYO^&"<AVUZJAUW$)X(=NIP];APM:*[\E6G3'D
MR+V!0%:VMUCNQLF+'W@TIJ_JX%=E`WZ!4_?J*%A'P<H(82<C,N#4/0,C8C4*
MN3V2J%0F#S?3RFVR%S`D%N6SOC^RKZNB1_NPCV)!UM@2H?8OR1IB4?8ORMK)
M:.N=B2&,-G%AMFJ,MA4452%-(!_^-&6!*B#@T\!]GA+HQKDC0R<E]B,;DPYO
MZ#OM;M/!#UOW5,_<.'ACA!.R']Q8R&83H8U)OJ/K##?S';;B&T-PYB8()RNC
M=QS8IL[;F,3Z`_JHGN7HQA`79#^^L9+1)B(<L_Q'VQDVCQKC&('K-T$XA=+`
MU<`X1AVV>500QZKC-T];RD&]L@S9&.%XS,<U1GD10_C\'+#&,I_A]'[H-6Q%
M,X:@^(TR-GXH#K`F9>3IB\<#;(QD_T'7IP:;S;\JBW,,<4DO@72,5.[J,WLY
MW#&2V558Z;85^Q@!]#=!/B]?]>DIMF*89(X([QC&>4/X;"+&L9'-MCL20_B\
M?W!S='RN`<WA`,VV7UP]/N^B$FM9)HFR8@C('L8;PN8:`%5V,:MF<R6VZ%2+
MS;;"'T-RF9MD=([R^RICU[$VD=A/^Y>1B?#'K!3U^;#O]'O=>JG+D,A1NY[G
M#PW/XVB,@TQF.9I.O^,,.VL=C:W(R0C\NM$>H./Z:JO.`IG"^$."H+XS;+>M
MQ4!&^![[$9"%;#81UICD.%K#<V<X[!\KJ*D0YJ_<IUIFR::&-I6=>)WVG'ZO
M;]NG6H:X'OM1C96,-A'7&.8UA@-GT&T?V;=:1D#X3>#,I?=G(N()A&(2A[)2
ML@(WR/*D(HM=1GU&>E0`QZH/2[M-I]5>.P6K+-`QPB69#W.,<B:&\+G^)GU=
MI9V^TQL<[9*4(<A^HT6I^L-TPT".41MZC)33(2'18.@TS^W%1(9X+M._[C+1
M!570X=0?NN]K%Z&M2,J(N<,F!E)_YFX&>JH_<Z]DA#80"MG(9ML=B2%\KC]S
MK[_S,ED*VVWK42M?A<.S:8P7//0("[8[0KVR:_6&HAVC<D6&2>B`D[9^M]&M
M-SV;$4AJEV--;L@P>1S0P?0&C5YORYR0NL1B-(NMI;\N4:+=-"?K;EIJ/NU7
M:12\]_:D)5\B*S2H1-24WK&SVXC1[V=T!%'S@OHS.A?+LB_3IXQJZ;`VRP$5
M1[&"!PO$#%([W975ZPB3+Q9+%JF6\.$+'H-*NHKV=N.\0;ZP>Q8`U/O"W/`N
MX!+\?899BSM_XM`*^H^[J_AHKF[IBPN.,.B,>RR\`V,8/P\KY),W8T"R$0<:
MYX0]3%D@&`E')(;;-Q%00[B0%]?3,!!A)!7KKP_M9FOX1I#WC#ED-N;N&!^;
M4IC.W<X+[\9C<!EW\&-P]IT''HDC&H@1BP1V,:6^3SV>3'!?6:&+!ODGC\<D
M8F+*7+GI3-,EP$?$)(1'HQD',JD0R81E7>K7G;Q_QLB,^[Z#`!UO>CR"%E&(
M>H3Z%0+_XP'A,=`U"^`QX48,GW.(8+Z?-U@>?3X`"J0QEPF!7`2"IU22!#2F
MI,.@QBR0S>'J<FGL^'3ZW&/J<4[!Z#V0"(]FY(@)M,"`Q70"3CE>8&C`8++B
M+:<$1RI]/?X\X0&?@.JL&N(8+`3HE<T#NQEVA/R'YVF0=]BPQAR^!L!545`R
MI3-+M&RV0IYKQ:>5$8S.!:D(C$!<C/,>?@\##_W,1_*>/S3(S6*#0#2\*$4H
MX`Z8"G3@X\6I,L4)R)P'KI]X2JY7\'+H<1J\R@Q2/5BD%=7#!?'*/9XNX_?J
MW4D(.C9"^F75-D4T!5-F#\Q-4EM2Q"A:L]XD';>JF6D2N6,J0''@:9%`WSG'
MPL`'>I5!"AB(\A)4&2JXE0GU6,JT`+2BS""T7=F@TLMI`MQTH4%Z3[E?H!D4
M-B[9/%:B$S`T#K($DV`4VG"I="L@)QATZ/OA#(6;$2:'V2"7Y(Y*(R)^"+H"
M)$8J/OP'A0A->#`F[7!&X.U8`/W?LGC&F+J=:4W&3;Q+[UD$(9VXR'+MH'(N
M";#$!J@YU^:72RX(H]+`@!Z?RY&/Y#"G0!VG2E0IR8&;1)%2.0`00DF1!G,Y
MS@:QQIQ7K$*9BD4T\N@V'@/`?6":#X$;3D!QZ,.2RHO;$[HWYIJC+S=%V./Z
M$/+XB(.=@$^@)`^-5V^`D"!&PRO'S'=OI-%];5PWR`AB<$1]-#;D>DP?T`U.
M0XD&+K%!@#B)'Q="/D(0YH^4GT>P`^Y3)+=_:ARTHMD&^1"`)Z">LRJ,ZV>5
MW]8P0/91'!),KV9I@"B-*(5GF.M$0`"NWLF\5BDT16P:1O%*O!2%+@`3X6AZ
M''!.7B+]/-Q#GZK;11_%1-KO!Y1^`"-.T?@UB^[1<4HG"UX=7"X7]D"0FX(O
MAYA)&*:;*4(0@!S2^\,/J!SX-P@5_I]`A(EB#$I2RT(AIRI"L2=B_TX`Q)`1
M#V@`D<"'WJ$Y^45'5)C8(.>Q/X_!2`$8(H#$]P-$!!"Z[V&,J-RK.D-"=%_2
M8""B;.5DY.`_4@`*I--R""A-9_OW&\1"KU3-*-9[MB@&FJ@^2`(=_)PBI#J@
M+=W.#/.T.SWI0\-=F"BF7EQ/MA'UR\4M9>G;FQ^VM<M;$<.I1A"/A9PO>>2I
M?D".;*21\9S12+>[?4OO8#8TN06OJXEI[T),Q.2<(DPPI$.<O=@%8N^B64C$
MF4[2PD1A0OV-E6UK'Z#2NVDR?BMC*F1Y=<*[V?Q;ED.425KBPJQ)I_S?GC1/
MY+684C>]UN_K1+8+TS<Z%>PB_>.-:AB,J-F`QM\HIJIT>7D%P<JE]>=;+RGT
M$,(4%F'DQ9A['ENM3GO5J.-8\#JX_"KX\6DM`)M6UJT70.V"#NZ"S%YDK[``
M%M;>[<18)F]*.6KP9,X&Q2,#39;LAC,=&EG"9LO=B"%L-A[F&,_F&LQ4&\S`
M>,64@F3:)VL\$@S&9B&]W)<7RQ=<;F3B_Z-,_#\#++4\;!\2EM8F9(@)_8O1
M:"O3J8-7';RL$-*A+>\W7%"NHU8=M8Y;""]D.W78.ES86K$1Z_12?WO"`])L
M-O\N]Q9]O?[)(>S!9=-8[K_1NXX\&M-7=;RKLLVNV9)5![XZ\!V5$'8RHO6[
M"8\Q"%:C\.,CB4IE\I@;1O+SJ@L8$HL*YX(_WG!['&NOQI82MG_UU1!+LG_]
MU4Y&6^],#&&TB6NP56.TK6"H"AD!A6^F+#C`40GV2*=&-A4M-]5OM9WS_GEC
M;1GRRL(;(YR0_>#&0C:;"&U,\AW=P<!I=[N-;<O568-O#,&9FR"<JXC1^B#O
M&MT<A/4']%&]CC-HM1HM:^&-(3[(?H!C):--A#AF.9#VH.>T>KWU'L16D&,$
ML-\$XN3'&AP)R*D3.*8P_H#^Z73H#-J@G*\LPS5&N!W[48V%;#81TQCE,5K=
MOG/>&C8&*WR&K4C&$`2_"9:Y65E>OEABO1HPQ[##=(\*Z5AV9.YIRVGV>XUS
MV\".(9[)?+ACF"\QA-//@7AL\QSG3K?=7^DY;(4\1L#[C=:G_%`<8`?.X<^D
M/^(DCH',/^1.G%[7Z0SZZU?3*XMRC'!&IA^[;9Y7,835^S]YVT(?LNENOAKO
M'!COO'P12XO.J#\BG&,8YPWA<XUN*HIN:CZ_#+0Y.C[;"F@,R5>N@33;?D]>
M/O@J7]\Z]<.9.EE5'1T:$1C'=Q:_JL9*EUG"KAA*LHGUAC#:1)AD)Z.M=R:&
M,-K$O3U58[2M4,D(P+I)[J?^VMP<9+.)O'[:OX1,A$`F);+/S[M.LS.HE\*,
MB!BUT['%Z1@'GDQR.IUNRVD..L>Z=F8(CMUHMU#]-;L1CNPH\T*'A$5]9]AN
M6XN*#/%`]N.BXW$HQ@$>LQQ*:WCN#(?]8X4\1DS#-@$\U?BVO?HS,T,!344G
M5*<]I]7IVO:QEA%.PU",4GN`9T(@5?4`PX'3[JPJ3F$KK#!D'K,)L*@_-#_*
M:5']H?DZY-)?51VCLKC%$*]D*'*I_8@1Z17;_$C;&32/#?X8,4'::!FI_NC<
M*/=DU&8<`Z5TR)4G+(-ZOC917%EP9(3/,OWKK=KYO-2F'`.E9/YNP`4\I2[I
MK<\6VTM_752N0:I<Y3'\F8B8C^;JEKZXX*AM9]QCX1T,:+R;WFVD="L^%<^&
M.-UT2#N1N**;E*6*>GCO[4E+OD16F$B)N"F]8V>W$:/?S^@(^'A!_1F=BV7#
MW<OHE@YO,^8?@.7K"'OTM9U\M=WH-QXS?ZMV%$7X<.ET]-]690&W)W)ONFR.
M>=Z,&;F)H%LRX[Y/8IU0+2=38WCH>AH&(HS2W&KAEN3*7Q_:S=;PC2#O&8,?
MJ6Z/NFZ4,.)1H)S`31K`_X($AOX?YI&(QHRP?\,E-KN5@"3Q34"^V[_U-TP6
M(_W40WX#'0$#RH2`?T*P`W)/\R%=O;G\X_(?^?6[-Z_2UR7;'.`&A*H)=#J&
M(7(87P2>(1(-JU0DE?Z8"D+O(@9,`XD!SY()\G'"`RYB_%KV'BX#3W_XBK/3
M-`D/3;H)L,8CM_,B^^"VGR"`RF\R5E:IE+DCIAH/DUCF^T,7^L@Z<&0#5_!^
MZ'$:E)M(7\5'(L8GMTDDF/R"5PMSQ7MYX^S!'=/@CA$?1HKD0I-P^VO`48.N
M8U!E0:X9C)'''/[$WGY+W[D*)Q,N!`\#<HJ]%?7K^K>KLGI%[$XS$QY7O4PC
M$#=VJGC+??P;/S*&WRAP+Y;/R5]=%L44U-!G=V!6*?WV:.-[]$'(PJWM/AZ#
MWBIE`L$&'HCM(XW<<7H$?$?R;^E9\&O;=G[L$&=@-H_1]]I6!^V6TQP.MG]1
MCF2'#GN#H=-N[C3^B(DI<]$!^/,&N8QW$%!9&CN.FN[2\SOFLLDMA#W=^<X:
M(,T0XB/B]L7(.6,1VT4HG6;+:75W(&E7+6AWL=SH'K3`&J=SV$G,KHAZ\$R(
M^CJY%8#:,'K^=@__K*'U4J7Y$"#\#2,/L_,`A^.Q=`?3*+SG"`4$0<0Y"B/X
M`0+V>Q[`@QR"]B6\E:AX#[@B\&CD"?)K"/]:_M,5`)<1=Q5@&'2[9ZVFLX/D
M]RWH@EN4L&X!U-$`IM$2@B&H9(B\*4(IR:,0P-(MP)QXC@!-Y'0P20?@&HW"
M@'$K.AAE_!0(SB;R/<``87*G!#%2,,J#'QOD'>`VB4$Y^&\6\=!S2!`"E:`M
MLHU')$AW#GH$TAAQYFWF[;9./,";Q=P/*5[\_#H19W>43B^N0=VE"@1QKB&?
M0Q`D0-$;4/]??0#+O_SEOPCY.7M'A:7W&+%<Z!>>^L)&;T^`$U*3OK7@OQ@+
MO]V$WSK?.NKBA"2`>.6#"'WQAL=</J&^>'O2//D%$`0`B`)E>2^[==\I=M]9
MUST@)@!,FW0?`T,^P/R%>4KTGZ70K\<40AAX`/G3!HR!?Z[@3)&R#W^\/_FE
M/93IS`)Q&]&P=[I_S-%'9/>ZST;U/W"VO1=FE_3@K'/R2VMX/ASV-R&\3,2^
MZ=Y"?9'L\_ZPW=X+U5_8-`$X3<4R,>U5KUN]97K]P_[W2N^6^MQZ1FJE5/:J
MQ\/!H+M$(7[4_S[)W5)]>_W>$IO;@M@LRBJ\(4/87/TS"V/;$/R+7J;)8F=A
MR4:!1[4LA<A17ZM5IM)J7HWJ#X'JGXVS-3H_/G1^2'"^B5,K^\%_2D-BWN4]
MBT`.?R28G/HT4N'H4Q(+U"[@R*]4</<)Z'T1O`\'O4&KDY.^%1W/-83-XSL,
MH=\=M.$_3QK"?Y^=O0_#.`ACAAE]I.7L3/T$.OG]8J1__!TNR(.\%<^GH"TP
M`IE7/M%WHQ`M;QS'TXO7KV>S6>/A-O(;873W&D)ZYS7^_!H?/)&-I\V#.I1:
MA6L:AU':Z#C"L?_U`QC-&<3:7GK?I[?,!XR3WO_FW_HGY'6IZ93RRZC<!8W<
MM!GX<PW9^HG7(^J";]8MIJ^/HG#RB`C=5?CV).7K61,$*7=UH(TM4+D=`]HK
M&-`V@0'MU0QHK6:`053F8FH_34RM%6)JF2"FUDYBVHX!@Q4,&)C`@,$+&&IW
M!0.Z)C"@^P(,Z*]@0-\$!O1?@`'G*QAP;@(#SE<SH&V.J_X!E7MSU9T58NJ8
M(*;.3F+:C@'#%0P8FL"`X?,;:FM%L&Z9$*Q;/PC6>V-`<P4#FB8PH+D3`](V
M2R3"'"A,(C?K:),9RR)QFD4E(AXF/MP/[F!.%)Q]O3[YY1U,U.^91W`D:LM2
MNFLJW8659UBN0IB1R70)E1]V/]J=T?CY=6E(!QIG:\DX<;,<7W$^!!=J?Z'<
MI((YCA7G1:BG&H3`+)?)'9=R/.U&"_-1A!*Y]]@+9T'V;K[G3F]AU-O:5I!B
M"`/;2QAXF<3C,)+;0P7.T8E+IYCU0NXE@<\G4G-DOB[`K:B1'O`4."4G]0VB
MUPRX7#1)=PRF\WSD_<*V+YDKZCN#9M/!SPWT+J)'6B>?6\:XA7N_PP7<__DU
ML@3^^/]02P,$%`````@`BEZH0NU3)6!G!0``+2D``!4`'`!P86QL+3(P,3,P
M,S,Q7V-A;"YX;6Q55`D``[-TBE&S=(I1=7@+``$$)0X```0Y`0``W5K?4]LX
M$'Z_F?L?=.G#M0^.?X0`R<!U:(`>,W!A$GK3-T:QY42#+*623.#^^EL9)S@$
M8YL$XO8I05FMOMUO=[5K<_#Y+F+HEDA%!3]LN$VG@0CW14#Y^+`1*PLKG]+&
MY[]^_^W@#\OZ_F5PC@+AQQ'A&OF28$T"-*-Z@GI2*!522=#H'@WH+=%H*$(]
MP["2ZD?M9KOI>NVF@R9:3[NV/9O-FM+(JE2TZ8O(LM+3OF`%VF%?<JS7=!>_
M]-*3!>\B9]]VVK;GN"WD[G9W=KMM;R%W`8:$M$B047XS@K,0^(*KPT8&W-U(
MLJ:08]CFM.RY8.-!LGMG%I;D9ZU$VNUT.G;RZT)4T><$0:UK?[\X'_H3$F&+
M<J4Q]\T!BG95LG@N?*P3=@IQH5P)\Y<U%[/,DN5Z5LMMWJF@`3Y`Z$`*1@8D
M1`GLKKZ?DL.&HM&4&33)VD22\+`QQ8Q9QHM.ZV'_AZ$&,DQ$++ZH?GA*.5A"
M,>L)'E!C0`.9([X-SI8L(3I4Q(\EB!!EZ+>-E%U:I_TFZ/M3(A.OJ_519W6]
M#=H>5I-3)F8;`)M1M3;68ZI\)E0LR9"..22BC[D^\GT1<PWUY5(PZ@,B$_M!
MS$@__,8AKQG]CP1?,:1"7YY#32&JSZ]DK/3P$D[``8VCOP4S!4H=$XTIJV;U
M^X%*_>=CYL<L"8!S\%;J,X-EHWF0I8?<:<(#$BQ6J3:G0:UQ'&2AA:KL=X5$
MB!:*T:/FQ`JP@PE_Z1!FZI*0RT&0&I04GQ"K45*!X!H98SPUI=>S"=-JOF+"
MQ;,<-RU$']+EZR-PL%9SS0R/"$LNHZ4?[4K`5J/3K%R?\5NBM+'_C"^8?')P
MON#U;JOMM':]_1W7V^VX>YUV.X,K0_R17(:(I3\_!+ZNQ,)R[4XE;!5'4:+-
MHD#9?'\H1;3JG/0P41F]D`&1T`@T4*P`E)B:`S%KH!FAXXE.?JGF^<V$Q#G%
M(\J2Y#CBP5`+_V8""0>-Q<F/F.K[G&`IWK9E8XIQUR_(RG)APJ^L076-N_1F
M4)?X'H_,1<A,XWF)I;&D%TL).957J$ILK36YSX);I?;5=M:5\YZ((L&3N/X7
MLYCD\/M4K-9<ED[44E:ES'EU8VY@>B].@A,LN>G%(#3C*$[B\9A`JT?S<K5X
MXZ_![BOM3/EN%?-]8#_I=]^L"<Z.5:6:WU9!\YM1N(70_8=`;P86$S->Y$3I
M$YEM9%CJ)#X^N9L2KG(;F!6YY;CR]CI[[I;SYUF/9Y.EG`V%MYBUI6(XG$(H
M"WE*<DG*2-2/GG+>7V6MR*C-=QTYL^65T)B99P8FOOHOCY=YLO6C)3=KJMM1
MIHN82BK@.KA/Q+:115_-<^U+*<+<WB$C41^ZJK.QFDE%AI7)I#7XRTFKI"OM
MAPMCKB3F*B0P9@17`F:0G(NITM[Z\%B6BR=YN):A[U8A>T+I5S)9<NM/3^0Z
M=A;6U^J=20Z1@\P3\DR=.:9*2SJ*8;HX%7)``A(E&/KA<(+E\\2^4E5]B%ZG
M\F[<`Z^\8M]OBLN\;RHUQ.T4#'%&'WI0N(TG1W`ZS.+FP\S@MY@97)<$/!Q`
MUR0)5N28/'SF/56JI&(;'1$4+Y^00)U"N/=BI:$7E'D3QK.R]<G5=7C+=DKE
MS:SK,T^X2Y(<@M*R&+R.?$UO7WI+\?*F7Y#FZO96N(/?I.B^W^ON$N5[Q_$<
M#TKV(RA3OQ]QH4=@:(X,?9QC0_T0/:)#"3S4E^@!(.IS=#4A*('YIT(+H&B.
M]!/ZF(+]5.UNR&EZ+K"\(3KMM$N_2"ZSJW:OMEM[G?V];?93Y7U=Y9UW:M9V
MYMCE1.OSTGR5VOCS\_=Z,S?8]!XL_K<._O@?4$L#!!0````(`(I>J$+QP_(8
M%1L``$E+`0`5`!P`<&%L;"TR,#$S,#,S,5]L86(N>&UL550)``.S=(I1LW2*
M475X"P`!!"4.```$.0$``-5=:W/;MM+^?F;.?\";SIPF4]_3Q$W:GC.R)"=J
M'4FQY#1IIM.A2$AB0Y$J2=E6?OV+"Z\B0((4Q64_Q9%VP>>A=A?``EC\]+_'
ME87NL>N9COWSD_.3LR<(V[ICF/;BYR<;[UCS=--\\K___OM?/_W?\?''J]L;
M9#CZ9H5M'^DNUGQLH`?37Z*NZWC>W'0QFFW1K7F/?31QYOZ#1CX)VD<O3EZ<
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M^LF?O2`*=FRC;_NFOQW8<\==,5?MS#S?U70_;(@9`6])4>\T@DA5.VX:I^;J
M8=/DSP+C"21.=8<$EK5_;''[Y.ISUUF5`A;`<$HH_6G-K%U&*3HN]IR-J^-2
MWI!D4?;]<D0D,!--VL]A^_AN\N2_H2K2;`-Q99301I]#_3]^XL\O94<!'\9E
MKGDS1HCTL`M-6]->Z>(46[X7?D(M[N+X[#R(T=\$'_\Y\4F@H2"GVBR.><$+
MD`DU:TWY4*GIB"4:LY.\QV>,(A)"GYE8&WY[TI_@`?G3*R*6$`2V@0QDH1U$
M4G"VL`,ASQZH*&*R>QN%A_63A7-_:F"3VP/Y8]<,R$=1=)N29G>89+]N]B>7
MP:,_].YWC?V\X@?+(S^5:>JW[)`G&O2IUY:V$.#>^;[Y7U,(,/PY4U\V^GL*
MGISY02,91(6:]LXQ=DV'##^,'HD5.1:Y(P?GKT+`NXZ;$@+Q8`$"N2MS83*.
M,Q`5;]H&KDU/UZQ/6'.OR2>[/76N))P=2$#O6L*.&(@M"#'(K8&+(RJ/F`*,
M/7"C5+.(E"RT30B`BZTB(0AH%QD4A981A(M&;8//,6_QPJ3S2ML?:BM1=R$6
M:]XB\N"&QB"2:=0.Y``R)A!,\6-91(6;_?&[Q`1=S1K8!G[\%6^EA#)R4#^_
M!'#Z]]\1`C``(0*9!03"B$DC(MZ4#70WKIOJR^1C1KEH\Y90!#LT!IE<H_:0
M#R)C$H%X:L#0]!B2F^6U:6&W2QZ[<%QY8-B1@@H+0K#IH)`2`0@)@N?+`@(3
M1:%LPSV"LUHY]L1W]"^3I49>PVCCTU5!NB0K#W>Y2F!]A0*5G8XC1P.B%RF$
M(^U2F"9BJD>(*Z.$=@NRR*/YM6EKMFZ2X;+CF3D+5^54@3/-"K2$N><</;AL
M="$H>7[:0\X<1=K$((G=%2QCU<++3RR"UTV.DL`VW1522!/.P3J>AWVOP)5V
MA6"<1@PUZ1YIB<8=0?3X;+)W,NE/)^!V70)K%>.4[$,8V/?8\ZDG#.PQ^4`S
MS,U*M#`N$038:9`+.=I:()0ZB`&&&]K8*K_RJY/\P!\T:X-I3#(C)?(G6H=J
MR,4Z-N])")MMD;_$:.IN/"9"H*^Q[E-=^KGI>1NZ%XS^/Q@_:#[[QG(>R.B4
M?*P[1--QT4ISOV`?W;-':Y'<3+-8`]X2DV\-$C!/#N(9TKT89=[;0/RZ#@)X
M':XCB-RY-/*N13HO>Q&^[@,B)IV>Z]>">;3&]J$Q2P-F7;:!CI%VCUUM@9DG
M0/?XN=T";`\O[]F!>G19[\B^/(PU.KYF%7??$F!3JDU"JPA><W9V8VHSTR+#
M6UPTO!1*PEA@#NBD.0K$&K=-*8:,/=P,.E>#F\%TT(<?=U9"#1@L==W9D'G;
M6-O2_72WV*);I\>D9R,$@NRKS$655($";0E:J3"LH-=\D%8&E;&Q:TP&JFNN
MAWP'3=:.[3DNT)2L/AYT0"WA`M(!%`>#%@3\@D`/&>!E(3*6@!F&%$/D8Q%+
M#G2/;,(M-C!>49OG4\Z.;;`_EHYE$&?KX;FIFW[>^8:R+0#D'ZJ1C!(3Y=2;
M/?U0!5O&P&[[O7[_7>?JIH\F;SNW9(C3&?;XGV]'-[W^[>0_WSP2VWGU(^KU
MKP?=P11L#`1)&JX;2"Q+L723))1DQ6`Z!!G<9*^P*]-XUR`&D%U>B3)Q+K&Z
MU9JMJ/#$&QDD\)R?XQZF[\A-6Y7DT8*D54G$C:2LBGIGU;>;6OUEDD=HX'D;
M;!PAUG_#!8];[&NFC8V^YM+WZ9$Q\F:U80/C(%)*N*LHP@08=4K)D%.LU7@0
M4H4D#DM!?Q?U4P97@8M%!Z&#^`?/?T1Z>V+889@>(Z<-0:\RN5`1A9KH:4(7
M!<K/P$-B,H-&QHXT:@<_2?_OC>GO;KY35P.?@.?2D:5?13J@N5@YH+SY.S_&
MS83!I_)E*&3F]T=LK,EG..%2\'^TU?I'Y)4(^WMD!3+;X#H;?^FXIA=7L$C.
MQW+%`>;["O"CR7V.+,S>@T)`6?M98K32'LW59H7LS6H6[A5@0U*/-L3MQD,/
M2U-?)C<A$)^)6F?S&3ID;7C30'G"W02UHY!;3`0@(U$OAZ]9#B"Y!DZ%3V.*
MYT=I:?#,@PB\)`&1%(7,0V1QJ)D-\]K#F'W9%(0*A?0H'CTU[:"3>]:2K(0"
MB9WDQ,%)E$E4J)M1:K=Z:Q(6)0Y$J*FT)!9)#D.HR,-'I>*#$,+0Y,A/0`#&
M)V4R.PZ2T#NBA\1H!+B"3T8<AM\57IBVG4.QN8@PL,EH%D='``KV0DFE8>)`
M`?AD")"(-N[]N3@*3J"0GM%EDQL/?*-4.1JRLR8Q(<@<_CVV-X6[`+-B4/EY
M,=QT-CXM`Y![%P$0K!-_Z`_O6K#MKR3>&M-!;#UK-(]V;4]=S?;FV'6Q,77&
MVK;_N*:.L[M%J:0N0**H++$H:Z2J")-"*H=.?J(E:@#Y<0LT3;36MCR#]*V'
M<-`8,C8N'2S0[!(?MS2<1ZJ+]3J/=<BVUF2KYU=T+F55D"1L*5J)A*R2'E1R
MM@0XP0C#\TO[5>/9V+T9CI(,$PV@J4.^V**^Q(?V(R8L(GZH7[!2C*B3W[0@
M';T/R5#<VV&Z?P2L9S#\AMX\,':=N73G2DH"9@@L`)D<_2:^;GS@FWEVQ@*8
M!.(B,.E,!8R::=.[(IKNKF^Q9M$5&OK\47R2L4=+BIFS#?'-:\>]C?8*CN8\
MN2)RT\I-@>RAWHMV8C-UI79@NON]P`IVQ_#6T(*9KHLLZF6987/:J(WX66A.
M=*A<8B=J=%;\)-6Z%S9/%Q5=C'3-TH--.$1)HZYB8'9"',TTS_30ABW))$_7
M-CSN..BKSGNAZ9?)T]8@>]KKY)\-CJIV5&.D9,M(%,D-,<11?K$*N2Q`K"L"
M'@4SF2!,M,I'(]PV8F,_'8W(GY)(U'`\*$N&[:%B9O^4:CRCV".E9L<PU?%G
MHE6-WA@.^O/.<F5E`+Q/!C3RNEV!9D]<B9^>+0OW<=P?3@#3QE7``A:IXR=M
MZ2%<R8P@)0%4<BX+,E59+OZZ^0)RN\_.KM)QB7#7J(>(+%`].%6L%")@GB%8
M^+,7DA1LCAR,?4H!)ZTT(]2XK4H0B/98<;D#90Q5<Q&J>'D?#I\?&V*?KWS3
MH8>$TXX,C+T*@29M-270N)T*GI[YS8D,'SB'<RH^<H8)K*T#7.19Y0`3VZ'G
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M*5%)65:N1O,FI@`G8VNA$DO3Q-GF6*_I':I[L6&>$^W&7VLF4%+O,#\%^`R%
MOMZ.;=!_:#67>\VB>/DMLKO=I.3-E&L"Z-1R!9JI4\PE])L_U5P:G-C+:*$A
M]D>BE:/P1N&P(3*Z"YJ"*@FP/]N(BVDCG1(F0#<6<\V"=#RT8W;\KN:Z6X(T
MMV*JFFZ;7%%"K-@'=Q1;XGQ"5&6\3O-1V`(OO`E89Z`.ALS-<*Q."6+R.1WS
M'FZI3K72P*$8SJ)B`X?E63%HUF^E>XQG)"FER6:]MEC:2K-ZID>+96Y</)H/
M'3YIYU<F)L=B>0FF?5H#2#?M3SY*/E5OJME4U+XXL\G<N_'XIO^N/YQV;E!O
M,.G>C"9WMWTTND;#T?"8)V\&P\ZP.QB^09WN=/"!72T#G*-JSWNH\U`P&7:Q
M<=7NJ6;1&\@1ACCX6P0]/NHKDP0ZW)L/)WMYV8K>-<-J+8::Z1.39-`<7PK9
M]#G>DF0B^:"X?5Z*K0&GK@R_Z6U!E=`*:@W$F4['C>SI(,=R=C%6.;E8OHT6
M5/<H?5:Q;`/MJ/91\<B8P":39\;(`#9Y.C#_+")LX8_#O(#L64&Q9]:9(\X_
MY5\3[U@0XMPC[(]';Y3U][Y45GI2G$8HTS(U3F"(_?!`V-0A_Z&CT['KW)L&
M-JZV@EQY_K5;M34.<IJ\YE>3.%]>4\M-W^-5*VQ!5;#NB,Q7;@9LT9U-9?I3
M]*8S&-)M"&2",WF&IB/V(9O?C&]''P:]?@]=?0K7ZMLTYX-Y7?0UE7M+-4:3
MCO'7AL\D",60/R9<*6E*?O^84OLC`"++@5Y3%%]J;K_9*',0\-EY<?P46H?%
M#9_#3IL_M=CI[%-^UIE\33_4@TT?[)%HM@W7E6A)BNBIP"&G!>^.G18H]<H.
MNF,Q&K.E[YS/WS^646K%WD0)E9P-B3L:,%,_15C"HR?ZDGR"D^5G7+QV7&9!
M0?F'H!B$'BY<9#-##<_TJO*-EK$-'*]GQS,%C>F"E*/;F]'!B53<)ZI&XVFH
M2'N$,C].H[7'=ZCE7C(N658LW0I8K?(J9'=JF)=I`J*V>7E\N?XWW[DY?H];
MXY7[WLP5R*7."LBU6]$;%Y'+Z99EJM"G!/)QR<V+3,[#L/B,VEKF8KC6'1`X
M'--V'!2@E^30VS!&\\2U&Y)8HZ`'?X`@EY#L,(%0"?1@00XB]=5"D,,#MWA-
M7LJ2&+Z232DH@A\B**`D.4@@T8(\3)`+J;FEE$I'!VK#WFCIFG0&Y<[#QL!6
M/UY3I@&PHC<E*>Y4Q%'4ABB74PJ:."NADM8"*U:S/S^V,W2<X/>4MD+&.\_J
M/O52;9=H+9M#6[(44)FJZE90Z'1^17B5-CRV9ND/B'0K2F-DKQ17KY&1IPM>
M+*.8F*1JAEP1LGQ&$2IY'0U6<()EYEDMYDGBOO=O48]?]-ZFXAJEF0JJ;*AP
M/LA"^FB^FZR@*WOA,%AT;JQ*`Z"+X"4H"I:X%;1A%KXJ0,Q9:J4&F$DW\>77
M:,L86_MJ>+D+B"7<CL::"2MP:[":L+O0;/,K,^DN72"P3(/]IV,;8\(O-/?1
M/#BQHEEQ':*";KZFMH&J%M?Y8E*5CNMHN/GJR/6ASE943K2=,XKXASA%//J?
MXD?_RI+G3.M_S#_057)>5VU>(WC&/\N!I`1R?>D(I1[$S@`G'T6[WNAAR?)R
M\>/09_I`Q)X(-*P'>'%PD2=8]#?MQ9CPU.4)+Q4%F&A03"'IUW+IQCVT"$IV
M>FPN;)/,`S4RJ(N54:@-/B&NFQ!@LBD&EB55U,VJ*@.EFTI12^6;E#2;3SB5
M@%7>I<"[HT/2@W.PQ.ZR+;MHERYKR8N]JJO!.)4JG:0[%>DT[DAJ@`0KYOQ&
MS6"G8"LF5#(JZG.E4BVTR^@49S@EU%MCBNK#ZZ15;E&RC7;--NIE"AO33>^+
M1R9)=\1R75\S[9SU<T4=(,=2(9)RI3R%YIVG&(UH/4HG\U=>Q1"-YH@VTHI0
MGD)&4:G'<#55H*J&)6BEBAHJZ#5?TU`95('A,:MK57RNC5K@4Y".M%J9_$PE
MK>SGL*D`MND\(.94$*Y+M@'E6A6(IGVL1`,`SE8:G>"X@8%7?&;8FD40)5[%
M(;]<(RVVT()NH$P+[;31XO@9-<++B2:;:5LO40/?':>LN=99L&81'4AE.:"M
MS)_4U8`JFBG2214Q*]"!JUNF!"QC+PD/<.9L7T>TRA:?&UZSI@!*D57C%&G2
M\5*DRQ.69!H?^3E0B:XZ2=5;8@N;]W23$%VCY$=P%?Q;20VF+)8JG63!JR(=
M&/]6!E;@W[LU,MGN-=HMAD>N03R].KM8$W7H/H&`11L\O3JI.&(EZ(W<D-TA
M*B,3B(DS:V%]0`7O+]L"9`WE4B2SA965U(&K+9?`6!`IHK*Y-#K$.S]956:/
M;W<%B16U4(T+--.HD6B&]JW!9MXVQ)"FR$*NL=UC>X-I#;"%;5)8^4&GA![4
M>IHBH?0J6H$2P-J9$B)!A\ST4$+Q*'2ESQF7`ELNJXU<P`VTI)*SPE/M4<UO
MY.)@19)RX>]40Q+*0I0]R@$B*LM"Q!&1;Y\K5*8"V6D,HHL@5(U>*@]E]04$
MTF8O$0:P^UPD`FL)Y=MH^%6YH(%]D/Q+/[AN5&'6)14%F%X5P([F41(YF`E3
M+IB"F5%\+2S$_*<<\E"Z%;.9:M`!]V]O9A[^>T/LJ'_/;OMDN-6Z'$5=H-W;
M98BE-F^K*#:_=UL=579O<Z2+N'+[>JI:Z1UX/7!*$Y2EEP-WM5JR&B@FD[L8
MF%9ISUJ@"%?&6(C0QM)<>ME+V-VM^=X_5M7:806LS=5:T]GY]XWM8LTROV*#
MUY\/JM$[O-"U9"4QOL,MK(@]=3=>TQ>Z57Y%DI5%IMN^A44E2A-]B8T-76&8
MH[OX)Z55^#VZZD!+\I,!Q,A&T_#7^M9+<'_K6`:Q#\A^.F`05%"YVG8MS2L^
M8%6D!=0WJY%)]<KY*LWWQRIX<NTPKE>!NMK:].E!W[JO[HLG=%ZBPGIQ!Z:F
M!U+[69U0HNISL1+4?0RJR%0Z,M()K9Q[G.QXTEU1LHL"ZY?VX)Q0324HVM`W
M[4$K&14.GX)Y1X8ZJ\V*`0H7V6@M9&SPB(2-#AWJ>'[T<!'=*JT`Q(OJ9*/H
M4;X)F%A2%6<VLI#`L.*-H1EM+;$<[B\U6G/51C/,5\_)*"JX*I$^`6G\$<E;
M%?':\4SBL(X;W[!(5V8;#CNUO9Z@(1YH$FOIO#$4MH:"YN0^W$!0JIWTKCV8
MG+3\]Z^S#I]M;_C`_9;8':'#K\WPKK&XZEZ>.$2-O6+X<44]N2Q0_;PB0-FR
M:I$&<HD*LYE`B5Z`TG1EO'WP4Q7FZ"%^H@5QH5P=OT$>ASU\,YY4TSGUR(Z'
M,8G!D(B4HB*`OY:B%'FNDA:,#Y>`EK&DNYT\F&/+IA;-^C4,IWU&WYK[!?O!
M)=;*7J*B!3&Z5B83CZ8+58!&SXJXLB,CIAA?=2B;<?.]Z+R&?S3UYO<6>6O,
ML\ULQAY<2Y.X<YP,N>DWEO.`7;9MU2&:9#B]2CY:B^1FFL4:\):8?&N0P-_T
M4/LP[Q)T(%V5TD!B#L>I7Z_9"RH@&.T1,B-`B=,&?@*^B%VQ#D"X5"42!<LB
M!9A0J88J.QA=T:):\@,Z?B:>!1$QOF86()95)#M6H`@0QFID<P@'#P[_J'NW
M6`'2M?,H9/U:)`WLU')(2AX=GK%KNSN7H#DN(@?IR/OP@+RBQM&_\$1DC]TG
M/F87B//Q[A`_L*]D5[:I*D-=4E.&6OJ6&A5-@&MJU&$)[JFA^>(@-<[5$=<_
M"F8W1XBTP24:OHB\%H+QP;.GX54TWC-@QXKO<100RGL)!8J`#J5$*>-,N5HP
MCJ0`2>)$"4VQ)T'=(%J95_*89H[W-!@%]F31N@Z5#0<J]J>[NJWJ3L7$%'K3
MM&);.E,1JE)]*6N@M5VI$KT6W+&=%P-$D]$2>NWK.S-34V6E5O6<>3.>PH[S
MPZ&O+ZO:X^2Q.MBEX75TE16![U72*77+&X'!NNN.SP'U;4,T@5;1`BGHI$HF
M4<^I2`6JG),:+N'^,QO[2/.\*'VTQB[?<I2\D3!8[UJS]A"VC<9+.E5D&"LF
MZ#%=RBGF`U+1Z<"<V$B_YUB6YGKQSUIIRBP)"*,-\3$O<41$Q%,@!.#N4JB1
M=V<D8)Q9`B-C!>\WFNV;_C9:S8X6"QOV357`7"ZWW&`M0->A^T@]3Q5QUW(\
M.H8)E_FI/W'=P\R<.?*)K[G^WMA':VPK8J^CXIM2),B3AJSD5AP;Y*+`%=I*
M.I]@29@,U4T[.(T9'L?3^+5,.WMFPAIN3>\G+TTVSA0[6=J0==?*$SB,VR:+
MOZDX;KX\Z.!=P7GSA*$'['LY\%HS#6+BT8:V?/=-5%T$&[TKTTTFK`_NQ,6)
MA#IH''KTH#K;J`*^QMC#+I2:$ZP)`!R1"':>-$#<*08?11VY*$S,*<*C%''\
MH!$22V@%A[6VC8).6,>HX=A2FE:DD*ZYP'5`XLH>%-(_#O]!HH)2L`&G+E82
M%L'?-^2QY/_D?^2/F>9A\I__!U!+`P04````"`"*7JA"+1KHBY<1``"E!P$`
M%0`<`'!A;&PM,C`Q,S`S,S%?<')E+GAM;%54"0`#LW2*4;-TBE%U>`L``00E
M#@``!#D!``#M74MSXS82OF_5_@>N<\CD()MZ2U,SF_+8X\25&4ME>W:SIQ1-
M01)V*%(A2-G.KU^`#Y&4^`!(4"#A+1\LRT"SO^Y&H]%H@!]^?MD8R@[8"%KF
MQ[/NN7JF`%.W%M!<?3QS44=#.H1G/__S[W_[\(].Y_=/]U^4A:6[&V`ZBFX#
MS0$+Y1DZ:^7*MA!:0ALH3Z_*/=P!1WFPELZSAK\)Z"O#\^%YMS<\5Y6UXVS?
M7UP\/S^?VZ0M"IJ>Z]:FTPF>]DE#F#KNYSVV=][=_^<J>+)EOE?4R84ZO.BI
MW;[2';T?C-X/>_MV7S&0)2QJ:$#S^Q-^EH)E8:*/9S'F7IYLX]RR5[B;VK\(
M&Y[Y+=^_D"\2[9_[7NON=#J]\/Z[;XI@6D-,MGOQ^]<O#_H:;+0.-)&CF3IY
M`(+OD??E%TO7'$\[A7PIF2W(7YVP68=\U>GV.OWN^0M:G&$9*,H'VS+`/5@J
M'MOOG=<M^'B&X&9K$&Z\[]8V6'X\VVJ&T2%25/M^_Q^N(=(-"[DVN`Y,X])<
M?#8=Z+S>FDO+WGC\GRGD"=_N;Q-`@+-$0'=MZ$"`B/8O2*L+6I(757E_<+`A
M$?K[#VBVO($FU@+4C"O+7$!FYJEIGHK[.1Y9IK,&#M0UHPXH!P^H!]=L"VQ/
M[:@ZA#BM>KB]TM#ZQK">.3`;(U4#KYC^6C-7`-V:#VNLQ[5E++"_O@9+J$.G
M(O=%Q"OCB1S%S%YI)ORKBJ])DN#(VP-<F7@BTC7LQW3=<K$C,U=SR\!"`&P&
M0DV3(_?WP""S+1[D3GEV#XEPY`^[(1W;FC^@9\M[B+Z79#*5$D=.;\T%V/A:
MJV"F1U1.9:G>[]<Z[#6D?"HDC]J34<_("RG7Y-FN@:-!HRSGJ91.)?,[S28#
M:P>J86!\QJG0D0A^X1I@MOQFXM6)`?\"BU\T'-#/["]X9030S'RT7>0\S/$3
MM`5T-[_BN1`30#6*@P-3IY??GI=[H`.X(^,)!_]S[95\.HFPZ#@XO63NP0+@
M%2%FXDK;0D<SO)CJ-`94].S32^/6W`'DD"CSUMQK["2RR']R((DME@YNX?G:
M+QAX`)\\D><*."YH\.(`'!LL]M]"ASQ,5=6IJG24B"3Y(\SB8+**3U>)$_9`
M8!B&I2>>89!TA&47:9-\\T<>YY=/",=9NA,2,K0G8'P\H^MRP<1=(&PO(X)%
M?;ZR=A<+`$DJJ$<^$,Y[';4;Y$-^P%_M67_$9`]8//SW'Z/^4.V/>I-!MS>:
M]L?3R3C&8=P,+NTDMYJMA[3QQR/+2*9P@A876V^MW='7T-@K>FE;&UK9!0Q8
ME$`L&R_8/IYUSQ078?:L+:$6+?+KU,$E9FQ!F+LQM%6*$A+_3S(_F&"1M4<+
MQ4@"-?0$J"$$-`<VM#"FQ35>R.6,B42[5JN%'E&@GKY`]=Q@[ZX9_P&:?8._
M03D*.F@IA8IH,`5*&@A7DF]/=&J*M95(446H`E4-!:C*1W0/5I``,9T[;9/F
M[=*:M5I!U(`"W8R$Z>;*2]$9)`WV\AMXS53.03L)M$.#*%#/6(!ZKES;3OCB
M[&`AJVFKE<0$*M#31-@PNH$&L*\P>RO+SAY$B5:MU@XMGD`Q4W'^S=IL+//!
ML?3O?I)EYCJD+H`DYK*=74XG"=3&#"]<MZH9:OQP<9B@X9*VH=[[I\K;=%62
MM]F3BG]&BK54]H25B')I(UUJZ,E3IHLZ*TW;^I8*#`>%WQR:;/#U'['MWCU'
M<PO!G#P/2U>LW\%D,!GW!OWI<-I3>[U>E<%8'N<E0L!!!8B2C1HS]"H+/!J5
M#$@SLT<8^1+@V7+QQ9=>)C(/E@-L!+R6K(K/R$RF9G`/%)K=L'%*I=!$I#Y&
M7)Q4:)31'L]AFSM<D\B'$[4[;9%&*;!DY@\9!Z+E:$:I@<A'E5^@]@0-;\XM
M<,,I+1NG9(Z^F!8N+SLH[9`Y#6E_=PX%>[+)XJ)@&98UX"FZ-LY2:-6;XA/*
MPFV_WX\)K=A)2*3R(E3"YX*,H"PJ,?"7>'B5F%(TFN'W2U!HG,HYS`>\Q)"Y
MH=6N>2*6-OB79KB'F<BL9HVQ#%[J/'825)#;/P?<DZH<$RP^:[9)ZMKP=.AN
M7&\.W!>AIYI$<<<W8"0EA<!I@FE&Z$`$249)(,C/?[K0.4R7TW9[`R932@2\
M9INCB$1LEO?@6!15RK?'GO)5WB4>])/T*>`^CGKZG(+.HXV%2]=96S9$D6[B
M$69.\\8,[LJ"/0@G63$+3_IRCQU]V+<(N4=64=!:1J,H`[G](0'#KBQ-ES=E
M&$6X.<W_AJBI/WZ<F&J6[Q?,\C&"`DS]UL1PP9ZC@OD[HW5D*]/>N#?J]X==
M44O`'3#=P@V#PV9)0QU-U/Y0[`!ED7/:4HX"GO"9.R-(\S(4L7-9C[9F(I^A
M1VNNO7Y^V0(3':5YF?HV3M]4&CL(U2J!%9GMR8S.D5-2[Y1=I5![%:Q5([.I
MKW43K$A:2&"\_@NY@6AN6\O,G%ZL1=O53@NIMLQ*Y;V>Z#3R+':(DA2?PR<7
M6]*-99,$U6;KW\7@!Y+IFSZE2+7=`KACSSP>4W[RW]K0P@'TJ^=>N-C-(S%$
M@I:<7Y_EUVYEM95"\TS@,H_3E/<"D6IY9>+"62IO@_>P3>-462Y(I\<F2?W.
MPQ8O;2W[!F269L1:-$;)]&HZGJB+\+1_JS7(69BKC*@\LYT4^J5#);STAH^J
M[X#C.SHR^62H.=&F,2KFDTPIQB8\[N:CZ'#C?PYL+W+\I"&H9R@\M:UDBJ?'
MR"F:%NC/_PW@:HU7$)<[[-E6X,[=/`$[7$'$,OIY-L%$0S);J8Z=4]@N;%LD
M=G$IU:[(H&!7A-!3?()B2QSVP.A+&XZZ<-@?R3S<1&[F1N`:^+]O3>_AV+2C
M;:6\119+_Z3=CB=J`H78;4PZD1^LPBJ#%[Z'PL?:Y[:E`[!`!/F5BQSL".VL
M4"^U;6,L@X]:C_T[/>KVK^WFVJOGA6\L>[_0N=0=N,L[79'?27[[8(<OS5X,
M$=ZEN2"_2-GG3C.()/Q;?PY%G54\PT!">ENJ+`Q)UJ/I<KATKC3;?L7C*_>0
M!TW?-VI)-%+@M*+=>D:+PS3;>6.&]']+"L7`:6&[#>]EY+DS_>!NMX:W@M",
MV,WIRSO+%YE?&QF?RO/64N6I-<83\5I9<1:%\)VPK)(E\FXJ,IP.:[%2BY2R
M&C=&^W6H[K!ZB4D(G!93.V`_6346*AQB*5/9PDKC+1D-%]G4X$/X6](]T"TL
M*`,&;Z6Y`TY8]_%HX3^(,.>VM8,+L/CTFK+4S#\QSXEX8VR/UW15KV0D.5]?
M<2-8M(NJ5\=,^\;U98\CCS3@Y)$N%_]U_<O#L)A"&0(,CL`B`JSNES@_(BGK
MR40="7I'PTG-[F22;&HL?KSJW<<+J9?"T75JEC&=0K^%>V0T$JKJVE*3VQ6<
M&[>S<@>RR+UQ*V..9*3REBV0I\CXGDJ.;+&^G?RC.SN8]O&S>C?+GDXZ/584
MDB1Q?'POFYSB)R\AQ^NFZ!PWQ<Y_:K]F659%9>?7`-#CEZH>X!YL75M?8VE2
M&4QA1]DMIIP`:JD,J)"KXI8^2#KS;P@L;DWZ$A-Z`LTR*P&)ARIR$EG,7&Z;
MCLON7(/S""?:E&-;__,\.MK2>R-$.Q8^^BS8:V$211W!SLF*V/&H6FOF"J!;
M,^5J1,JR]F%V6;M7U>X_08&F$G_&CTKX%+&U[L=7.-(7O6?W;=#M0">Z('8Z
M42?->?<+HV:.(XJ2\#EY@V84D57<_9+,(HJ1-G6;($I@QM]S[R_O2$8SK"5(
M*PID)R"E$7`20QT7`<H\GS2GQD+,A,*[+/FPEK2F0#,6F=LKS81_>82HPLFN
MBG]P"!F1P'\DJ(BX^B'V_"MRSX4!%[X=FHMY3%2QJT6CDYT%X207VGL;'':G
MXVX7NW_F6VL:(*E(YX_8.CX9V6E6WH]IW)Q5GU4<>Z:3"+.V8Z.UN[`'N#(A
M=M":Z00[L-A]S[&0]%C>ML"G]8Y]6HRL$M%5]H3%O74L!J_H7:"9'2+3&V/C
MZP\GY$6U0FYBRM->D9NAZ]PXY\&HEF./4`%W>\=Y>B%+P<#N'P_L@(X2$A(2
MI.^AO'K)3*SZG%L1:+OMK6<T'8[&(ZQY84FM=$;I`P@&"HT;WJ74E+8@J2:"
M]HYT'.3HF)`=1#7W$'VG'.Z#X^&>(*;,EHI'3L2@P,\E[R3ZAOFQR5J3XBVR
MN7WV=C3NCZ>]WF3(_E(:7J^FB(F8L$P_SFFZQJU[K*H3=2KX517L6CD>W:6!
MMW=8W^(AN_'C%H9TP_!X2!\2$O0V%NC7G)(SR)87@0&3Q%\1JP6#FXE&9%;=
MZ7`Z4KO3B;CWT!1R73SL68@TS@%4UUR:0Z@LDO:ZAMP%C??[E<I=]/!*OL>X
MDE?>^0\0\MZZVI;TO2&V"8YE+$$LMJ_!\&66-<YINS5N9#.*-Z50I0QBX7>V
M91_]!7!'-M%(JM$_UD"A>(INDBF^+.*F[DCOKT3`<*)]4Q0>9J>P`38*DID#
M!_"2'.P(7BU!ZHWQ)$PPY-L.=3]Y+*8:9.&EK]R.,5H;\*B]T)E'5G/YK(()
M*:_WK`@WAAWPZWAHK2&CO8SFP`(UL(=1T\*+L&";(H[(:"J/9IE1!DH=MWR0
M/[A/"/SI8K%^WI&DAP^=;L!3]97'1*K##FQF(EEFZ)&LL^BV@OMJ3^TS9X;\
M!\B5&2I5[,&0&?)DQIP82O9*&G%WTNT*?A5'Z9*-*H"%IX4X>7I]#1:N`8(B
MW4^O5X:&BFM[\GO)8R%5`/.]0(33G2%AA(IB]_(4.P6:?O(HO1KDVI)#)ZTW
MOR85]P;=]#U0N^H@K^Q<>1>0$S)9OX4"](SQ_A6:<.-N/&,-$YSD*A*P\(_@
M@,7E2H,F<G(O(F:GTCA?<(J2<)ZRDG2W^$ZS25'-#K"Y%_8*<.7=_E$_B?4^
MK=A$OC1-UW]9^#TV>FRW_@MIT0U(/]*8W;QQ([]:[H<5J2RK@K*O8&ZWRFG!
M"=\9YNJ:TN]$O')M(N=\)Y7;53Z[*(VZO6N"W.D\6A5_,VW@^TER516:V>2<
M/T`S\]%VD?.P#W9^M0SR6E/$.O^SUXV%O)&J\H@[Q6,/+TX4GT%E9BJ/:Z!X
M;/Z(E#VC2LBI9.'#>#"<CO":=SR<CH>\,HW16CFV5,[/(\0:MLU/'(HP,W%0
MA%%XL)"ASN1@GIG4ZJ7JF!1%;](5?5%!-767Q]S`_.!7S?X.G.!*+VJU%_>2
M3.<E`=?VGL6F1`%[^&DEEZQ3/ON&8'S*CR;RB!<%,Z,$W,@UK4^'?778'_0'
MPX$ZGHPY>8,T=3HQVT_S!45]6N8)C@1[X`E*P6WJO!^5Q?MCA%[9:1UDU30U
MUMJR!$UQ]]$U7E?:%N))R4]WLSKZHZTC)D<?,:$$7/@W9<JV<//.I/>&X\E@
MU)^.Q!TO#"XBC^]L9`#*:-TROW`D^..T$`M0J>ZX]"#[8*^Q.\$"]-GRA'`'
MGKU_96:0J3K+9RT5<$N2=_8D$+W@($4,>2:3VU%2<V''7'6MF?I."$GFG/ZD
M.Q!\-?]IYIP`:*VW8`JSAK15258SJ?6?C9#3D:-&!QL>^I*Q1K*O?$92'K;P
MPTGU1QIY_J.PGZ2VP@RYZGDG#F%&X^YM;[<]<,)>]5!3TC`>!?L1?F%'VY<C
M=!`#[4^%1IR9]Z8DK!=[.,^N+YUY^+0T;U#<2S(74!)PF-]2I<UZI^[WLN:\
MAY5RWA$+^&.TU2EKQGN(#937GN;,-76`8EO5:8/]J%%KQW8@NH.Q38>O(:GJ
MHEN0J#2:W5HRU3("%9Y1+IRDZ?2;UUXR#3-#;4`J.$/+X;LBXQ!\3&DZSFZ=
MA#V8=$?-?XE`CH89@59-[]:G7QZ3;>NU28>/:ZJ6\XJ)9WEWZ]5)CY%3#K7N
M^.GP!;ZYX=-A8\F4RX93^&5/.1>_Q)G'"TW'AD\N]NXWEAW%#^'YY#2-L]*0
MS!"XP&]*#C3+`UC(*?G^<\JNDAE%%=15,Z(UVP+W*;XE>>YJ<WR77[Z3X16C
M'RX(MT\:`OB/_P%02P,$%`````@`BEZH0L<T)CTZ"@``PE(``!$`'`!P86QL
M+3(P,3,P,S,Q+GAS9%54"0`#LW2*4;-TBE%U>`L``00E#@``!#D!``#M7.US
MVC@3__[,//^#CB_7FPXQ+R%I,DUO2$A2VB10(&G2FYL;80M0:TNN)!/(7W^2
M7S#@5R!MP_/P)3'V[FIW?ZM=25YX^^?$,L$8,8XI.2F4]TH%@(A.#4R&)P6'
M%R'7,2[\^>Z__WG[6[%X?]JY`@;5'0L1`72&H$`&>,1B!,X8Y7R`&0+]*>C@
M,1*@2P?B$<H[OGQ0VZOME2NUO1(8"6$?:]KCX^,>4[3<)]W3J54L^J.=0BZE
M2SYWV,I>>?;DS!^9DF-0>J.5:EJE5*Z"\L'Q_L%QK3*CNY:&#'`6X80?<WV$
M+`BD,P@_GO29B4\*<SJJ.WN4#25WJ:IAP@4D.BKX],2QXJD-P30QM9$F*1##
M>@$(R(9(W$`+<1OJ:($-B0%'NL.PP(@K1[BZEJK5<C#0A"\P/%8#G<K:_?55
MU[5AIA0E.?2BI#C3S>.3F*M'X4@#R/LN5_!$J54IELK%.<5,3+[%Z58^.CK2
MW*<!:81RT;?J<5_B+L/01"K*+BBS&F@`'5.<%+X[T'0!+<Q!98B9O'E9-<U[
M&)#:T#3S^EM&!0`J+B`A5$`A@]>]Y=^T;4P&U+\C[RFECQDU44_Z!ZB+VTXS
M8RQ%I76E;-?*V05O#2XPD=&%H7E&B8'5V`6`C9-"7N*97H%F!AI@XCY[)T.E
M5`)%,!,Q?\T!'8"90#"3^%9;%K,\@B,G:HN\<Z]MAK@4YCKM2M[PN7V2-$X=
MFKICKL$8:I;,Y]\-4/I1X+5LQ%P+>`IH<T3I8%4SP`H%[3#*C]$9Y*,+DSZF
M0132I".TGX&0D@-<03N$8A%J8*Z;E#L,=?&0R.2N0R+JNDX=(N0BI$U-K$L&
M5=P,QT2MP2V1Q=_$3\BXA+(2M]B57'@@WB(]YG#1;<LT#PWL6.^IJ58QO($$
MQ*:/]4\;+2UJ]DN54D5&2JB,"IM0'Q`J!`*-P*M`)]`:@%`KX*H%6@QXBH$6
M`;T1`JYZOW,P4Q`$&OX!7OE*_K$+R8R0;/A+W3HQSB4>8MJ4=9]9,"S*.6G3
MDTCIJ+0<#H$T(,4!3QZ8$[A#;I/U5%ON-(@8(2&GF[G2XFJ1,QW5RNHK+?!J
M88#=!,T+LRS8(TB&B#=)=R1=.)+)3FXZY<9!9D^1!'$&5SJ\M61XW<+O20:8
M@'G9OP-?^@[:C-S;8D-(\%-LKEUXE@936>YWRLNY=9Y[!\,FJ[*5%E490%6B
M0&6LB7;896#70:8Z)I,U1<2`M?0T'9UJ%!V?'_@"=FADH"&KO"Y-]C;LK4$'
M\V_+D,21I..R'\5E08C:+2@Q.W0RT&D2`UE>MHFK.,N/TU&I15%9$K##8Y.Z
MX_Z?KE1]?)8TW"IK[<L]P;NE^D:`]F#?7'$YX;.D`5J5@%97!M03O`-TE05Z
MPB%;'$GZR9BL:&G+]=W9U?/,MQO(U/I@C-8Y'8TP9QUVKKJP!Z]F0^Q.*Y_]
M`'UV)-Q!.L)CE>WJ1&X#INIJL]/R7**SHF7UC#U_-!X>>(<ZN(>HOA:[@'KV
M@.H@`R%+.?<,VEA`TSWPVO#%2X;0K""*5)&5@B@<'/BC>X=XNY<GSQ\]33)&
M7*ACTR:93=[-8B=59%;DU#:*G'!H>1DFH_^ON%%_5!-/!PV`V_QSK!J'3@H<
M6[:IVJ;<>R.&!B<%U993#!IO_C%A?V]BF0$)9+H:(KVS2+,9M9%[!J4%(P<"
M(MR+W49NQ,HQD7D5JEP`VK/9(^'[Z?8LA\P/,$O&UD\W:RF>XZSZK5@$?WV^
MOJO^_=>];CN3!U([,IX.Q\.'*;EM.(^7A^SH\&/EZVUORLW#L?Y4,C^(UT_T
M'#>_6,*N?#SL7AVVRY<->'@QQD-V4?Y::AX>?3`^V(WWGW3C?EKGC?J5>>F,
MZ$'S2+MZ,#MW7V[WKR;GM^Q+N\8_=?O:@3$<G.D/Y_>->O,25_'D"=-*75:D
MVO7G]W>E;\.'^\<.'EU.AO?MIGY6899^^$4;ZZ+QP)_L-]KP.^-L^NG"&7X\
M?/_ZYOMP\J%_T"W=UL;$',&6K=&&W3Z]>Z]WQ=--[ZY,;UKG=Z/A`W[]O??U
M8]\X++7/3Y]T,AF^OFHTWPP^'^VW[K5)[=IV[NZAH=V=,[O2Z-1NO]0(.2N=
M/YS\#<ZZ';<5TIO:2RUNWHW%1CC5!B>CA#(!2&PS8U+'I-=H>46]4[`4%O6I
M&/`5U:UBN5*LEO<FW`A`7U&+,.I6TR+@VUB+:#]H'D66N90:1TJ-\L&F:LRW
M?ZZF"B4WZVL3WZ:9$Y2`00U<6Q@R=R@<>1F%H*%Z@9%O9).Q!:Z(W6Z7:9[^
MW"QMW2'ETFIO2,>:@?!"OVV"JK$\ZJ(8,C^SFO-]P4,([=QJQC)JR!0\N+.Q
MTG[OL+MZ5)7KG]@58<&UZJ20]!#+R[XJ3((Y,FEXQ=%M#C^V*)'+.39M"F2I
M!9"TV.ES@86C[+UDU+$#4BQ)I`7NM:Q_F!H]5Y"7VT3PJ`]-E>E."@;J8[&Z
MR7*^!59[5H5[&&_K(O?`,4T.=:DU@[I8-$_>DTO<T#CH4P6NB%IC.,Q_;[+L
MM@S'S"!:5=\DNZ\A^X;$'32=I)U`%I2AM0-H\EAS,\!;UP=Y=$\*\3-J25.Z
M@NK??`<Z8D09YBK#>:Y))TD)]^5XV"#8-PUKWSDSA_08)'R`&$-&C[;A]'QB
M(\+5NX2-00YC>@EE70ZV"<SY;4@&FXM<`@+@\Y+_V)R7Z-$UDU[$+YVY9MW6
MW-X?JPCN.[)N7U"F,HUE>Z_8O7E0F.7,==E_D=^"2-QX6@4A\'+J052C)-V;
M1'T3C:,&\OXWB=N]SZ@5?C_BY=BUFK9)-G<=V_9N0'/N?=O@AGKBO-Y2,JSK
M`H_=([J7XX%-=$],B.H;@<IUR[EUE@)3"+8\Z2U;E#?;K<&W[6FN@W0J8\O$
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M$7,G;%VTW?'.B5&8.ZS/I(RW7)IM^^2_XH`V8G3+D:62Q^S`XQXDFF1!SE^$
M.;/<FVA7*L6/,O"'1&FRC1DT6V!E<.8]K[EG2F!C*L466'B-";8<R\U_P=*@
MR;F##&]%C8SZ4/U8A(B@NQ9GVNLB3\*+\$I=%@;O4+\#A=S1=&T9PY3Q"Q1N
M/E))TK*N^I[=+S$SLN=,^_6)E[/-S*=EXA2F<G<:G'&UHN_Q4YYO^WYQ\6=H
M6B2UGR$O\5;U-T1<$O==`S'W`CWP1@ZZ_Q%'^!OD="\D$/T:%ZPU/]Q^1*_!
M2'[Z%U!+`0(>`Q0````(`(I>J$)5QJL0`UP``/"W!0`1`!@```````$```"D
M@0````!P86QL+3(P,3,P,S,Q+GAM;%54!0`#LW2*475X"P`!!"4.```$.0$`
M`%!+`0(>`Q0````(`(I>J$+M4R5@9P4``"TI```5`!@```````$```"D@4Y<
M``!P86QL+3(P,3,P,S,Q7V-A;"YX;6Q55`4``[-TBE%U>`L``00E#@``!#D!
M``!02P$"'@,4````"`"*7JA"\</R&!4;``!)2P$`%0`8```````!````I($$
M8@``<&%L;"TR,#$S,#,S,5]L86(N>&UL550%``.S=(I1=7@+``$$)0X```0Y
M`0``4$L!`AX#%`````@`BEZH0BT:Z(N7$0``I0<!`!4`&````````0```*2!
M:'T``'!A;&PM,C`Q,S`S,S%?<')E+GAM;%54!0`#LW2*475X"P`!!"4.```$
M.0$``%!+`0(>`Q0````(`(I>J$+'-"8].@H``,)2```1`!@```````$```"D
M@4Z/``!P86QL+3(P,3,P,S,Q+GAS9%54!0`#LW2*475X"P`!!"4.```$.0$`
7`%!+!08`````!0`%`+\!``#3F0``````
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	word-wrap: break-word;
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>R9.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Related Parties<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Parties [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Parties</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">3. Related Parties </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Sponsor and the Trustee are considered to be related parties to the Trust. The Trustee&#x2019;s fee is paid by the Sponsor and is not a separate expense of the Trust. The Trustee and the Custodian and their affiliates may from time to time act as Authorized Participants or purchase or sell palladium or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RelatedPartyTransactionsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 1-4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph b<br><br> -Article 3A<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Article 4<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RelatedPartyTransactionsDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>14
<FILENAME>Financial_Report.xls
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xls
M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O
M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y
M/2(M+2TM/5].97AT4&%R=%\Q8CAE9#<X-%]B-#AB7S1C-C%?.34U.%]E-30Y
M,3`Y-&(T860B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7
M96(@4&%G92P@86QS;R!K;F]W;B!A<R!A(%=E8B!!<F-H:79E(&9I;&4N("!)
M9B!Y;W4@87)E('-E96EN9R!T:&ES(&UE<W-A9V4L('EO=7(@8G)O=W-E<B!O
M<B!E9&ET;W(@9&]E<VXG="!S=7!P;W)T(%=E8B!!<F-H:79E(&9I;&5S+B`@
M4&QE87-E(&1O=VYL;V%D(&$@8G)O=W-E<B!T:&%T('-U<'!O<G1S(%=E8B!!
M<F-H:79E+"!S=6-H(&%S($UI8W)O<V]F="!);G1E<FYE="!%>'!L;W)E<BX-
M"@T*+2TM+2TM/5].97AT4&%R=%\Q8CAE9#<X-%]B-#AB7S1C-C%?.34U.%]E
M-30Y,3`Y-&(T860-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,6(X
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M;V9T+6-O;3IO9F9I8V4Z97AC96PB('AM;&YS/3-$(FAT='`Z+R]W=W<N=S,N
M;W)G+U12+U)%0RUH=&UL-#`B/@T*/&AE860^#0H\;65T82!N86UE/3-$(D5X
M8V5L(%=O<FMB;V]K($9R86UE<V5T(CX-"@T*/&UE=&$@;F%M93TS1%!R;V=)
M9"!C;VYT96YT/3-$17AC96PN4VAE970^#0H\;&EN:R!R96P],T1&:6QE+4QI
M<W0@:')E9CTS1")7;W)K<VAE971S+V9I;&5L:7-T+GAM;"(^#0H-"CPA+2U;
M:68@9W1E(&US;R`Y73X\>&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX
M.D5X8V5L5V]R:W-H965T<SX-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@
M(#QX.DYA;64^1&]C=6UE;G1?06YD7T5N=&ET>5]);F9O<FUA=&EO/"]X.DYA
M;64^#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T
M<R]3:&5E=#`Q+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@
M(#QX.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^4W1A=&5M96YT<U]O
M9E]&:6YA;F-I86Q?0V]N9&ET/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T
M4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#`R+FAT;6PB+SX-"B`@
M(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*
M("`@(#QX.DYA;64^4W1A=&5M96YT<U]O9E]&:6YA;F-I86Q?0V]N9&ET,3PO
M>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS
M:&5E=',O4VAE970P,RYH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^
M#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/E-T871E;65N
M='-?;V9?3W!E<F%T:6]N<SPO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O
M=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE970P-"YH=&UL(B\^#0H@("`\
M+W@Z17AC96Q7;W)K<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@
M("`\>#I.86UE/E-T871E;65N='-?;V9?0V%S:%]&;&]W<SPO>#I.86UE/@T*
M("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE
M970P-2YH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@("`\>#I%
M>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/E-T871E;65N=%]O9E]#:&%N
M9V5S7VEN7U-H87)E:#PO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C
M92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE970P-BYH=&UL(B\^#0H@("`\+W@Z
M17AC96Q7;W)K<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\
M>#I.86UE/D]R9V%N:7IA=&EO;CPO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E
M=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE970P-RYH=&UL(B\^#0H@
M("`\+W@Z17AC96Q7;W)K<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-
M"B`@("`\>#I.86UE/E-I9VYI9FEC86YT7T%C8V]U;G1I;F=?4&]L:6-I93PO
M>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS
M:&5E=',O4VAE970P."YH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^
M#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/E)E;&%T961?
M4&%R=&EE<SPO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F
M/3-$(E=O<FMS:&5E=',O4VAE970P.2YH=&UL(B\^#0H@("`\+W@Z17AC96Q7
M;W)K<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE
M/D-O;F-E;G1R871I;VY?3V9?4FES:SPO>#I.86UE/@T*("`@(#QX.E=O<FMS
M:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE970Q,"YH=&UL(B\^
M#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E
M=#X-"B`@("`\>#I.86UE/DEN9&5M;FEF:6-A=&EO;CPO>#I.86UE/@T*("`@
M(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E=',O4VAE970Q
M,2YH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@("`\>#I%>&-E
M;%=O<FMS:&5E=#X-"B`@("`\>#I.86UE/E-I9VYI9FEC86YT7T%C8V]U;G1I
M;F=?4&]L:6-I93$\+W@Z3F%M93X-"B`@("`\>#I7;W)K<VAE9713;W5R8V4@
M2%)E9CTS1")7;W)K<VAE971S+U-H965T,3(N:'1M;"(O/@T*("`@/"]X.D5X
M8V5L5V]R:W-H965T/@T*("`@/'@Z17AC96Q7;W)K<VAE970^#0H@("`@/'@Z
M3F%M93Y3:6=N:69I8V%N=%]!8V-O=6YT:6YG7U!O;&EC:64R/"]X.DYA;64^
M#0H@("`@/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3
M:&5E=#$S+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX
M.D5X8V5L5V]R:W-H965T/@T*("`@(#QX.DYA;64^3W)G86YI>F%T:6]N7T1E
M=&%I;',\+W@Z3F%M93X-"B`@("`\>#I7;W)K<VAE9713;W5R8V4@2%)E9CTS
M1")7;W)K<VAE971S+U-H965T,30N:'1M;"(O/@T*("`@/"]X.D5X8V5L5V]R
M:W-H965T/@T*("`@/'@Z17AC96Q7;W)K<VAE970^#0H@("`@/'@Z3F%M93Y3
M:6=N:69I8V%N=%]!8V-O=6YT:6YG7U!O;&EC:64S/"]X.DYA;64^#0H@("`@
M/'@Z5V]R:W-H965T4V]U<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#$U
M+FAT;6PB+SX-"B`@(#PO>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L
M5V]R:W-H965T/@T*("`@(#QX.DYA;64^4VEG;FEF:6-A;G1?06-C;W5N=&EN
M9U]0;VQI8VEE-#PO>#I.86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(
M4F5F/3-$(E=O<FMS:&5E=',O4VAE970Q-BYH=&UL(B\^#0H@("`\+W@Z17AC
M96Q7;W)K<VAE970^#0H@("`\>#I%>&-E;%=O<FMS:&5E=#X-"B`@("`\>#I.
M86UE/E-I9VYI9FEC86YT7T%C8V]U;G1I;F=?4&]L:6-I934\+W@Z3F%M93X-
M"B`@("`\>#I7;W)K<VAE9713;W5R8V4@2%)E9CTS1")7;W)K<VAE971S+U-H
M965T,3<N:'1M;"(O/@T*("`@/"]X.D5X8V5L5V]R:W-H965T/@T*("`@/'@Z
M17AC96Q7;W)K<VAE970^#0H@("`@/'@Z3F%M93Y3:6=N:69I8V%N=%]!8V-O
M=6YT:6YG7U!O;&EC:64V/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U
M<F-E($A2968],T0B5V]R:W-H965T<R]3:&5E=#$X+FAT;6PB+SX-"B`@(#PO
M>#I%>&-E;%=O<FMS:&5E=#X-"B`@(#QX.D5X8V5L5V]R:W-H965T/@T*("`@
M(#QX.DYA;64^4VEG;FEF:6-A;G1?06-C;W5N=&EN9U]0;VQI8VEE-SPO>#I.
M86UE/@T*("`@(#QX.E=O<FMS:&5E=%-O=7)C92!(4F5F/3-$(E=O<FMS:&5E
M=',O4VAE970Q.2YH=&UL(B\^#0H@("`\+W@Z17AC96Q7;W)K<VAE970^#0H@
M(#PO>#I%>&-E;%=O<FMS:&5E=',^#0H@(#QX.E-T>6QE<VAE970@2%)E9CTS
M1")7;W)K<VAE971S+W)E<&]R="YC<W,B+SX-"B`@/'@Z06-T:79E4VAE970^
M,#PO>#I!8W1I=F53:&5E=#X-"B`@/'@Z4')O=&5C=%-T<G5C='5R93Y&86QS
M93PO>#I0<F]T96-T4W1R=6-T=7)E/@T*("`\>#I0<F]T96-T5VEN9&]W<SY&
M86QS93PO>#I0<F]T96-T5VEN9&]W<SX-"B`\+W@Z17AC96Q7;W)K8F]O:SX-
M"CPO>&UL/CPA6V5N9&EF72TM/@T*/"]H96%D/@T*("`\8F]D>3X-"B`@(#QP
M/E1H:7,@<&%G92!S:&]U;&0@8F4@;W!E;F5D('=I=&@@36EC<F]S;V9T($5X
M8V5L(%A0(&]R(&YE=V5R+CPO<#X-"B`@/"]B;V1Y/@T*/"]H=&UL/@T*#0HM
M+2TM+2T]7TYE>'1087)T7S%B.&5D-S@T7V(T.&)?-&,V,5\Y-34X7V4U-#DQ
M,#DT8C1A9`T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\Q8CAE9#<X
M-%]B-#AB7S1C-C%?.34U.%]E-30Y,3`Y-&(T860O5V]R:W-H965T<R]3:&5E
M=#`Q+FAT;6P-"D-O;G1E;G0M5')A;G-F97(M16YC;V1I;F<Z('%U;W1E9"UP
M<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@=&5X="]H=&UL.R!C:&%R<V5T/2)U
M<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH96%D/@T*("`@(#Q-151!(&AT='`M
M97%U:78],T1#;VYT96YT+51Y<&4@8V]N=&5N=#TS1"=T97AT+VAT;6P[(&-H
M87)S970]=71F+3@G/CQS8W)I<'0@='EP93TS1'1E>'0O:F%V87-C<FEP="!S
M<F,],T13:&]W+FIS/B\J($1O($YO="!296UO=F4@5&AI<R!#;VUM96YT("HO
M/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D>3X-"B`@("`\=&%B;&4@8VQA<W,]
M,T1R97!O<G0@:60],T1)1#!%44%!13X-"B`@("`@(#QT<CX-"B`@("`@("`@
M/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^/'-T<F]N
M9SY$;V-U;65N="!!;F0@16YT:71Y($EN9F]R;6%T:6]N/&)R/CPO<W1R;VYG
M/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0Q/C,@
M36]N=&AS($5N9&5D/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L
M<W!A;CTS1#$^/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@
M("`@(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L(#(P,3,\8G(^/"]T:#X-"B`@
M("`@("`@/'1H(&-L87-S/3-$=&@^36%Y(#`V+"`R,#$S/&)R/CPO=&@^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/D1O8W5M96YT(&%N
M9"!%;G1I='D@26YF;W)M871I;VX@6T%B<W1R86-T73PO<W1R;VYG/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y$;V-U;65N="!4>7!E/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#XQ,"U1/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y!;65N9&UE;G0@
M1FQA9SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^9F%L<V4\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D1O
M8W5M96YT(%!E<FEO9"!%;F0@1&%T93PO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^36%R(#,Q+`T*"0DR,#$S/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y$;V-U;65N="!&:7-C86P@665A
M<B!&;V-U<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^,C`Q,SQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S
M<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^
M1&]C=6UE;G0@1FES8V%L(%!E<FEO9"!&;V-U<SPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^43$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/D5N=&ET>2!296=I<W1R86YT($YA;64\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/D541E,@4$%,3$%$255-(%12
M55-4/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#Y%;G1I='D@0V5N=')A;"!);F1E>"!+97D\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/C`P,#$T-3DX-C(\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-U<G)E;G0@1FES8V%L(%EE
M87(@16YD($1A=&4\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/BTM
M,3(M,S$\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/D5N=&ET>2!&:6QE<B!#871E9V]R>3PO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^06-C96QE<F%T960@1FEL97(\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D5N=&ET>2!#;VUM
M;VX@4W1O8VLL(%-H87)E<R!/=71S=&%N9&EN9SPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^."PQ,#`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-
M"@T*+2TM+2TM/5].97AT4&%R=%\Q8CAE9#<X-%]B-#AB7S1C-C%?.34U.%]E
M-30Y,3`Y-&(T860-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,6(X
M960W.#1?8C0X8E\T8S8Q7SDU-3A?934T.3$P.31B-&%D+U=O<FMS:&5E=',O
M4VAE970P,BYH=&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T
M960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E
M=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H
M='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL
M.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I
M<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N
M="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L
M87-S/3-$<F5P;W)T(&ED/3-$240P15E!044^#0H@("`@("`\='(^#0H@("`@
M("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0Q/CQS
M=')O;F<^4W1A=&5M96YT<R!O9B!&:6YA;F-I86P@0V]N9&ET:6]N("A54T0@
M)"D\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@
M8V]L<W!A;CTS1#(^36%R+B`S,2P@,C`Q,SQB<CX\+W1H/@T*("`@("`@("`\
M=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,CY$96,N(#,Q+"`R,#$R/&)R/CPO
M=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/D%34T54
M4SPO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L
M('9A;&EG;CTS1'1O<#Y);G9E<W1M96YT(&EN('!A;&QA9&EU;3PO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`T.#8L,30W+#`P,#QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\<W5P/ELQ73PO
M<W5P/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`T-#4L,#,X
M+#`P,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F
M;CX\<W5P/ELQ72Q;,ET\+W-U<#X\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')E=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/E1O=&%L(&%S<V5T<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^-#@V+#$T-RPP,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XT-#4L,#,X+#`P,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1F;CX\<W5P/ELR73PO<W5P/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS
M1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/DQ)04))3$E42453/"]S=')O;F<^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/D9E97,@<&%Y86)L92!T;R!3<&]N<V]R/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M<#XS,#$L,34R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^,C4T+#4R,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S
M<STS1')O=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/E1O=&%L(&QI86)I;&ET:65S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XS,#$L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,C4U
M+#`P,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F
M;CX\<W5P/ELR73PO<W5P/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#X\<W1R;VYG/E)%1$5%34%"3$4@4TA!4D53($%.1"!32$%214A/3$1%
M4E/B@)D@1$5&24-)5#PO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y3:&%R97,@870@<F5D96UP=&EO
M;B!V86QU92!T;R!I;G9E<W1O<G,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C4X.2PP-#<L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&9N/CQS=7`^6S-=/"]S=7`^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XT.3<L-S8U+#`P,#QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\<W5P/ELR72Q;,UT\+W-U<#X\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^4VAA<F5H;VQD97)S
MXH"9(&1E9FEC:70\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#$P
M,RPR,#$L,#`P*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1F;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#4R+#DX
M,BPP,#`I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&9N/CQS=7`^6S)=/"]S=7`^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R;W4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#Y4;W1A;"!L:6%B:6QI=&EE<RP@<F5D965M86)L92!3:&%R97,@
M)F%M<#L@<VAA<F5H;VQD97)SXH"9(&1E9FEC:70\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/B0@-#@V+#$T-RPP,#`\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M<#XD(#0T-2PP,S@L,#`P/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CQS=7`^6S)=/"]S=7`^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@("`@(#QT9"!C;VQS<&%N
M/3-$-3X\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1&EN
M;F5R1F]O=&YO=&4^#0H@("`@("`@(#QT9"!V86QI9VX],T1T;W`^6S%=/"]T
M9#X-"B`@("`@("`@/'1D(&-O;'-P86X],T0T('9A;&EG;CTS1'1O<#Y4:&4@
M:6YV97-T;65N="!I;B!P86QL861I=6T@:7,@=F%L=65D(&%T('1H92!L;W=E
M<B!O9B!C;W-T(&]R(&UA<FME="!V86QU92X@(%)E9F5R('1O(&YO=&4@,BXQ
M(&9O<B!A(&)R96%K9&]W;B!O9B!C;W-T(&%N9"!M87)K970@=F%L=64@;V8@
M=&AE(&EN=F5S=&UE;G0@:6X@<&%L;&%D:75M+CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$:6YN97)&;V]T;F]T93X-"B`@("`@("`@
M/'1D('9A;&EG;CTS1'1O<#Y;,ET\+W1D/@T*("`@("`@("`\=&0@8V]L<W!A
M;CTS1#0@=F%L:6=N/3-$=&]P/D1E<FEV960@9G)O;2!A=61I=&5D(%-T871E
M;65N="!O9B!&:6YA;F-I86P@0V]N9&ET:6]N(&%S(&]F($1E8V5M8F5R(#,Q
M+"`R,#$R+CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M:6YN97)&;V]T;F]T93X-"B`@("`@("`@/'1D('9A;&EG;CTS1'1O<#Y;,UT\
M+W1D/@T*("`@("`@("`\=&0@8V]L<W!A;CTS1#0@=F%L:6=N/3-$=&]P/D%U
M=&AO<FEZ960@<VAA<F4@8V%P:71A;"!I<R!U;FQI;6ET960@=VET:"!N;R!P
M87(@=F%L=64@<&5R(%-H87)E+B!3:&%R97,@:7-S=65D(&%N9"!O=71S=&%N
M9&EN9R!A="!-87)C:"`S,2P@,C`Q,R!W97)E(#<L.#`P+#`P,"!A;F0@870@
M1&5C96UB97(@,S$L(#(P,3(@=V5R93PO=&0^#0H@("`@("`\+W1R/@T*("`@
M(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT
M4&%R=%\Q8CAE9#<X-%]B-#AB7S1C-C%?.34U.%]E-30Y,3`Y-&(T860-"D-O
M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,6(X960W.#1?8C0X8E\T8S8Q
M7SDU-3A?934T.3$P.31B-&%D+U=O<FMS:&5E=',O4VAE970P,RYH=&UL#0I#
M;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#
M;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-
M"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N
M=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX
M)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ
M<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO
M:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED
M/3-$240P159%04,^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS
M1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0Q/CQS=')O;F<^4W1A=&5M96YT
M<R!O9B!&:6YA;F-I86P@0V]N9&ET:6]N("A087)E;G1H971I8V%L*3QB<CX\
M+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q
M+"`R,#$S/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P
M86X],T0R/D1E8RX@,S$L(#(P,3(\8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@
M("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@
M=F%L:6=N/3-$=&]P/CQS=')O;F<^4W1A=&5M96YT<R!O9B!&:6YA;F-I86P@
M0V]N9&ET:6]N(%M!8G-T<F%C=%T\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^0V]M;6]N('-T;V-K+"!S:&%R97,@875T:&]R:7IE9#PO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^=6YL:6UI=&5D/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^=6YL:6UI=&5D/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CQS=7`^6S%=
M/"]S=7`^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-O;6UO
M;B!S=&]C:RP@<VAA<F5S(&ES<W5E9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^-RPX,#`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^-RPR-3`L,#`P/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CQS=7`^6S%=/"]S=7`^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-O;6UO;B!S=&]C:RP@<VAA
M<F5S(&]U='-T86YD:6YG/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XW+#@P,"PP,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XW+#(U,"PP,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$9FX^/'-U<#Y;,5T\+W-U<#X\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1D(&-O;'-P86X],T0T/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$:6YN97)&;V]T
M;F]T93X-"B`@("`@("`@/'1D('9A;&EG;CTS1'1O<#Y;,5T\+W1D/@T*("`@
M("`@("`\=&0@8V]L<W!A;CTS1#,@=F%L:6=N/3-$=&]P/D1E<FEV960@9G)O
M;2!A=61I=&5D(%-T871E;65N="!O9B!&:6YA;F-I86P@0V]N9&ET:6]N(&%S
M(&]F($1E8V5M8F5R(#,Q+"`R,#$R+CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT
M4&%R=%\Q8CAE9#<X-%]B-#AB7S1C-C%?.34U.%]E-30Y,3`Y-&(T860-"D-O
M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,6(X960W.#1?8C0X8E\T8S8Q
M7SDU-3A?934T.3$P.31B-&%D+U=O<FMS:&5E=',O4VAE970P-"YH=&UL#0I#
M;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#
M;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-
M"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N
M=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX
M)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ
M<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO
M:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED
M/3-$240P149*044^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS
M1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0R/CQS=')O;F<^4W1A=&5M96YT
M<R!O9B!/<&5R871I;VYS("A54T0@)"D\8G(^/"]S=')O;F<^/"]T:#X-"B`@
M("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#(^,R!-;VYT:',@16YD
M960\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H
M(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q,SQB<CX\+W1H/@T*("`@("`@("`\
M=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$R/&)R/CPO=&@^#0H@("`@("`\
M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S
M<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E)%5D5.5453/"]S=')O;F<^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E9A;'5E(&]F('!A
M;&QA9&EU;2!T<F%N<V9E<G)E9"!T;R!P87D@97AP96YS97,\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/B0@-S<U+#`P,#QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@-C,R+#`P,#QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V]S
M="!O9B!P86QL861I=6T@=')A;G-F97)R960@=&\@<&%Y(&5X<&5N<V5S/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@V-S@L,#`P*3QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#4W-2PP,#`I
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F]U/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^1V%I;B!O;B!P86QL861I=6T@=')A;G-F97)R960@=&\@<&%Y(&5X<&5N
M<V5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XY-RPP,#`\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XU-RPP
M,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/D=A:6X@;VX@<&%L;&%D:75M(&1I<W1R:6)U=&5D(&9O<B!T:&4@<F5D
M96UP=&EO;B!O9B!3:&%R97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6UP/C8S,BPP,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XP/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F]U/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^5&]T86P@9V%I;B!O;B!P86QL861I=6T\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C<R.2PP,#`\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XU-RPP,#`\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O
M;F<^15A014Y315,\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^4W!O;G-O<N*`F7,@1F5E/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XX,C$L,#DX/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^-C@Y+#(P,CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E=3X-"B`@("`@("`@
M/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E1O=&%L(&5X<&5N<V5S/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XX,C$L,#`P/'-P86X^/"]S
M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-C@Y+#`P,#QS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S
M<STS1')O=3X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P
M/DYE="!L;W-S(&9R;VT@;W!E<F%T:6]N<SPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;3XD("@Y,BPP,#`I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;3XD("@V,S(L,#`P*3QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^3F5T(&QO<W,@<&5R
M(%-H87)E("AI;B!$;VQL87)S('!E<B!3:&%R92D\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6T^)"`H,"XP,2D\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M/B0@*#`N,#DI/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y796EG:'1E9"!A=F5R
M86=E(&YU;6)E<B!O9B!3:&%R97,@*&EN(%-H87)E<RD\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6UP/C<L-3@R+#(R,CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C8L.3@V+#@Q,SQS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O
M9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?,6(X960W.#1?8C0X
M8E\T8S8Q7SDU-3A?934T.3$P.31B-&%D#0I#;VYT96YT+4QO8V%T:6]N.B!F
M:6QE.B\O+T,Z+S%B.&5D-S@T7V(T.&)?-&,V,5\Y-34X7V4U-#DQ,#DT8C1A
M9"]7;W)K<VAE971S+U-H965T,#4N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%
M;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT
M+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^
M#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT
M/3-$)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$
M=&5X="]J879A<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V
M92!4:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*
M("`@(#QT86)L92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$5"-D%%/@T*("`@
M("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R
M;W=S<&%N/3-$,CX\<W1R;VYG/E-T871E;65N=',@;V8@0V%S:"!&;&]W<R`H
M55-$("0I/&)R/DEN(%1H;W5S86YD<RP@=6YL97-S(&]T:&5R=VES92!S<&5C
M:69I960\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C
M;VQS<&%N/3-$,CXS($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`@(#QT:"!C
M;&%S<STS1'1H(&-O;'-P86X],T0Q/C$R($UO;G1H<R!%;F1E9#PO=&@^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T
M:#Y-87(N(#,Q+"`R,#$S/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS
M1'1H/DUA<BX@,S$L(#(P,3(\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S
M/3-$=&@^1&5C+B`S,2P@,C`Q,CQB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@
M("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V
M86QI9VX],T1T;W`^/'-T<F]N9SY)3D-214%312!)3B!#05-(($923TT@3U!%
M4D%424].4SH\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX]
M,T1T;W`^0V%S:"!P<F]C965D<R!R96-E:79E9"!F<F]M('1R86YS9F5R(&]F
M('!A;&QA9&EU;3PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`P
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M)"`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#Y#87-H(&5X<&5N<V5S('!A:60\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/C`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M<#XP/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R(&-L87-S/3-$<F]U/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^26YC<F5A<V4@:6X@8V%S:"!R97-U;'1I;F<@9G)O
M;2!O<&5R871I;VYS/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XP
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^
M,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^0V%S:"!A;F0@8V%S:"!E<75I=F%L96YT<R!A="!B96=I;FYI;F<@;V8@
M<&5R:6]D/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XP/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,#QS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C`\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-A
M<V@@86YD(&-A<V@@97%U:79A;&5N=',@870@96YD(&]F('!E<FEO9#PO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,#QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C`\<W!A;CX\+W-P86X^/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XP/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E-54%!,
M14U%3E1!3"!$25-#3$]355)%($]&($Y/3BU#05-(($9)3D%.0TE.1R!!0U1)
M5DE42453.CPO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E
M>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R
M(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS
M1'1O<#Y686QU92!O9B!P86QL861I=6T@<F5C96EV960@9F]R(&-R96%T:6]N
M(&]F(%-H87)E<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-#<L
M.3(R/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;7`^,3,V+#0R-SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/C$Y-"PY.3<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/E9A;'5E(&]F('!A;&QA9&EU;2!D:7-T<FEB
M=71E9"!F;W(@<F5D96UP=&EO;B!O9B!3:&%R97,@+2!A="!A=F5R86=E(&-O
M<W0\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C8L,3,U/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^.3@L,C,V
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#X\<W1R;VYG/E)%0T].0TE,24%424].($]&($Y%5"!,3U-3(%1/($Y%5"!#
M05-((%!23U9)1$5$($)9($]015)!5$E.1R!!0U1)5DE42453.CPO<W1R;VYG
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y.970@;&]S<R!F
M;W(@=&AE('!E<FEO9#PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH
M.3(I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU
M;3XH-C,R*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^/'-T<F]N9SY!9&IU<W1M96YT<R!T;R!R96-O;F-I;&4@;F5T
M(&QO<W,@=&\@;F5T(&-A<V@@<')O=FED960@8GD@;W!E<F%T:6YG(&%C=&EV
M:71I97,Z/"]S=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X
M=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/DEN8W)E87-E(&EN('!A;&QA9&EU;2!A<W-E=',\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6T^*#0Q+#$P.2D\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Q,S4L.#4R*3QS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^26YC<F5A<V4@
M:6X@9F5E<R!P87EA8FQE('1O(%-P;VYS;W(\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C0V/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^-3<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^26YC<F5A<V4@+R`H9&5C<F5A
M<V4I(&EN(')E9&5E;6%B;&4@4VAA<F5S.CPO<W1R;VYG/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#<F5A=&EO;G,\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6UP/C0W+#DR,CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C$S-BPT,C<\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@
M("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E)E9&5M<'1I;VYS
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@V+#<V-RD\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DYE="!C
M87-H('!R;W9I9&5D(&)Y(&]P97)A=&EN9R!A8W1I=FET:65S/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XP/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,#QS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY355!03$5-14Y4
M04P@1$E30TQ/4U5212!/1B!.3TXM0T%32"!!0U1)5DE42453.CPO<W1R;VYG
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y686QU92!O9B!P
M86QL861I=6T@=')A;G-F97)R960@=&\@<&%Y(&5X<&5N<V5S/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#<W-3QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@-C,R/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO8F]D>3X-
M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Q8CAE9#<X-%]B-#AB7S1C
M-C%?.34U.%]E-30Y,3`Y-&(T860-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z
M+R\O0SHO,6(X960W.#1?8C0X8E\T8S8Q7SDU-3A?934T.3$P.31B-&%D+U=O
M<FMS:&5E=',O4VAE970P-BYH=&UL#0I#;VYT96YT+51R86YS9F5R+45N8V]D
M:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E>'0O:'1M
M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*("`\:&5A9#X-"B`@
M("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E(&-O;G1E;G0],T0G
M=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T('1Y<&4],T1T97AT
M+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.;W0@4F5M;W9E(%1H
M:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@/&)O9'D^#0H@("`@
M/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P14Y*04,^#0H@("`@("`\
M='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q(')O=W-P
M86X],T0R/CQS=')O;F<^4W1A=&5M96YT(&]F($-H86YG97,@:6X@4VAA<F5H
M;VQD97)S)R!$969I8VET("A54T0@)"D\8G(^26X@5&AO=7-A;F1S+"!U;FQE
M<W,@;W1H97)W:7-E('-P96-I9FEE9#PO<W1R;VYG/CPO=&@^#0H@("`@("`@
M(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0S/C,@36]N=&AS($5N9&5D/"]T
M:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#(^,3(@36]N
M=&AS($5N9&5D/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@
M("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0R/DUA<BX@,S$L(#(P,3,\
M8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q
M,CQB<CX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$
M,CY$96,N(#,Q+"`R,#$R/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG
M;CTS1'1O<#X\<W1R;VYG/E-T871E;65N="!O9B!#:&%N9V5S(&EN(%-H87)E
M:&]L9&5R<R<@1&5F:6-I="!;06)S=')A8W1=/"]S=')O;F<^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E-H87)E
M:&]L9&5R<^*`F2!D969I8VET("T@;W!E;FEN9R!B86QA;F-E/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M/B0@*#4R+#DX,BD\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/'-U<#Y;,5T\+W-U<#X\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^3F5T(&QO<W,@9F]R('1H92!P97)I;V0\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#DR*3QS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6T^*#8S,BD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/D%D:G5S=&UE;G0@;V8@<F5D965M86)L92!3:&%R97,@=&\@<F5D
M96UP=&EO;B!V86QU93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;3XH
M-3`L,3(W*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1F;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^*#(W+#8X-2D\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T
M9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@
M("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E-H87)E:&]L9&5R<^*`
MF2!D969I8VET(.*`DR!C;&]S:6YG(&)A;&%N8V4\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6T^)"`H,3`S+#(P,2D\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M/B0@*#4R+#DX,BD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$9FX^/'-U<#Y;,5T\+W-U<#X\+W1D/@T*("`@("`@
M/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1D(&-O;'-P86X],T0V/CPO
M=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$:6YN97)&;V]T
M;F]T93X-"B`@("`@("`@/'1D('9A;&EG;CTS1'1O<#Y;,5T\+W1D/@T*("`@
M("`@("`\=&0@8V]L<W!A;CTS1#4@=F%L:6=N/3-$=&]P/D1E<FEV960@9G)O
M;2!A=61I=&5D(%-T871E;65N="!O9B!&:6YA;F-I86P@0V]N9&ET:6]N(&%S
M(&]F($1E8V5M8F5R(#,Q+"`R,#$R+CPO=&0^#0H@("`@("`\+W1R/@T*("`@
M(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT
M4&%R=%\Q8CAE9#<X-%]B-#AB7S1C-C%?.34U.%]E-30Y,3`Y-&(T860-"D-O
M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,6(X960W.#1?8C0X8E\T8S8Q
M7SDU-3A?934T.3$P.31B-&%D+U=O<FMS:&5E=',O4VAE970P-RYH=&UL#0I#
M;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#
M;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-
M"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N
M=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX
M)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ
M<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO
M:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED
M/3-$240P14U%/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T
M;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/D]R9V%N:7IA=&EO
M;CQB<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C
M;VQS<&%N/3-$,3XS($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*
M("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R
M,#$S/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R
M;VYG/D]R9V%N:7IA=&EO;B!;06)S=')A8W1=/"]S=')O;F<^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D]R9V%N:7IA=&EO;CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/&1I=CX@/&1I=B!S='EL93TS1&UA
M<F=I;BUL969T.C!P=#MM87)G:6XM<FEG:'0Z,'!T.SX-"@D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.CAP="`P<'0@,'!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT.F)O;&0[)SXQ+B!/<F=A;FEZ871I
M;VX@/"]F;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@
M,'!T(#!P=#MT97AT+6%L:6=N.FIU<W1I9GD[=&5X="UJ=7-T:69Y.FEN=&5R
M+6ED96]G<F%P:#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN
M93LG/E1H92!%5$93(%!A;&QA9&EU;2!4<G5S="`H=&AE("8C>#(P,4,[5')U
M<W0F(W@R,#%$.RD@:7,@86X@:6YV97-T;65N="!T<G5S="!F;W)M960@;VX@
M1&5C96UB97(@,S`L(#(P,#D@*'1H92`F(W@R,#%#.T1A=&4@;V8@26YC97!T
M:6]N)B-X,C`Q1#LI+"!U;F1E<B!.97<@66]R:R!L87<@<'5R<W5A;G0@=&\@
M82!D97!O<VET87)Y('1R=7-T(&%G<F5E;65N="`H=&AE("8C>#(P,4,[5')U
M<W0@06=R965M96YT)B-X,C`Q1#LI(&5X96-U=&5D(&)Y($541B!396-U<FET
M:65S(%5302!,3$,@*'1H92`F(W@R,#%#.U-P;VYS;W(F(W@R,#%$.RD@86YD
M('1H92!"86YK(&]F($YE=R!9;W)K($UE;&QO;B`H=&AE("8C>#(P,4,[5')U
M<W1E928C>#(P,40[*2!A="!T:&4@=&EM92!O9B!T:&4@5')U<W0F(W@R,#$Y
M.W,@;W)G86YI>F%T:6]N+B!4:&4@5')U<W0@:&]L9',@<&%L;&%D:75M(&)U
M;&QI;VX@86YD(&ES<W5E<R!%5$93(%!H>7-I8V%L(%!A;&QA9&EU;2!3:&%R
M97,@*"8C>#(P,4,[4VAA<F5S)B-X,C`Q1#LI("AI;B!M:6YI;75M(&)L;V-K
M<R!O9B`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^
M-3`L,#`P/"]F;VYT/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG
M/B!3:&%R97,L(&%L<V\@<F5F97)R960@=&\@87,@)B-X,C`Q0SM"87-K971S
M)B-X,C`Q1#LI(&EN(&5X8VAA;F=E(&9O<B!D97!O<VET<R!O9B!P86QL861I
M=6T@86YD(&1I<W1R:6)U=&5S('!A;&QA9&EU;2!I;B!C;VYN96-T:6]N('=I
M=&@@=&AE(')E9&5M<'1I;VX@;V8@0F%S:V5T<RX@4VAA<F5S(')E<')E<V5N
M="!U;FET<R!O9B!F<F%C=&EO;F%L('5N9&EV:61E9"!B96YE9FEC:6%L(&EN
M=&5R97-T(&EN(&%N9"!O=VYE<G-H:7`@;V8@=&AE(%1R=7-T('=H:6-H(&%R
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M#0H)"3PO<#X-"@D)/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E
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M<F5S=',@:6X@=&AE(%-H87)E<R`H82`F(W@R,#%#.U-H87)E:&]L9&5R)B-X
M,C`Q1#LI(&%N(&]P<&]R='5N:71Y('1O('!A<G1I8VEP871E(&EN('1H92!P
M86QL861I=6T@;6%R:V5T('1H<F]U9V@@86X@:6YV97-T;65N="!I;B!S96-U
M<FET:65S+B!4:&4@9FES8V%L('EE87(@96YD(&9O<B!T:&4@5')U<W0@:7,@
M1&5C96UB97(@,S$N/"]F;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE/3-$)VUA
M<F=I;CHX<'0@,'!T(#!P=#MT97AT+6%L:6=N.FIU<W1I9GD[=&5X="UJ=7-T
M:69Y.FEN=&5R+6ED96]G<F%P:#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L
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M:&4@:6YS=')U8W1I;VYS(&9O<B!T:&4@1F]R;2`Q,"U1+B!);B!T:&4@;W!I
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M:"`S,2P@,C`Q,SPO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI
M;F4[)SX@86YD(&9O<B!A;&P@<&5R:6]D<R!P<F5S96YT960@:&%V92!B965N
M(&UA9&4N/"]F;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX
M<'0@,'!T(#!P=#MT97AT+6%L:6=N.FIU<W1I9GD[=&5X="UJ=7-T:69Y.FEN
M=&5R+6ED96]G<F%P:#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN
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M>65A<B!E;F1E9"`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL
M:6YE.R<^1&5C96UB97(@,S$L(#(P,3(\+V9O;G0^/&9O;G0@<W1Y;&4],T0G
M9&ES<&QA>3H@:6YL:6YE.R<^+B!4:&4@<F5S=6QT<R!O9B!O<&5R871I;VYS
M(&9O<B!T:&4@/"]F;VYT/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN
M93LG/G1H<F5E(&UO;G1H<R!E;F1E9"!-87)C:"`S,2P@,C`Q,SPO9F]N=#X\
M9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SX@87)E(&YO="!N96-E
M<W-A<FEL>2!I;F1I8V%T:79E(&]F('1H92!O<&5R871I;F<@<F5S=6QT<R!F
M;W(@=&AE(&9U;&P@>65A<BX@/"]F;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE
M/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MT97AT+6%L:6=N.FIU<W1I9GD[=&5X
M="UJ=7-T:69Y.FEN=&5R+6ED96]G<F%P:#MF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$
M)V1I<W!L87DZ(&EN;&EN93LG/B9N8G-P.SPO9F]N=#X-"@D)/"]P/@T*"0D\
M<#X\9F]N="!S:7IE/3-$,3X@/"]F;VYT/CPO<#X-"@D\+V1I=CX@/"]D:78^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^
M#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Q8CAE
M9#<X-%]B-#AB7S1C-C%?.34U.%]E-30Y,3`Y-&(T860-"D-O;G1E;G0M3&]C
M871I;VXZ(&9I;&4Z+R\O0SHO,6(X960W.#1?8C0X8E\T8S8Q7SDU-3A?934T
M.3$P.31B-&%D+U=O<FMS:&5E=',O4VAE970P."YH=&UL#0I#;VYT96YT+51R
M86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y
M<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*
M("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E
M(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T
M('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.
M;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@
M/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P14U%
M/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N
M/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/E-I9VYI9FEC86YT($%C8V]U;G1I
M;F<@4&]L:6-I97,\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L
M87-S/3-$=&@@8V]L<W!A;CTS1#$^,R!-;VYT:',@16YD960\+W1H/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^
M36%R+B`S,2P@,C`Q,SQB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX]
M,T1T;W`^/'-T<F]N9SY3:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S
M(%M!8G-T<F%C=%T\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^4VEG;FEF:6-A;G0@06-C;W5N=&EN9R!0;VQI8VEE<SPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/&1I=CX@/&1I=B!S='EL93TS
M1&UA<F=I;BUL969T.C!P=#MM87)G:6XM<FEG:'0Z,'!T.SX-"@D)/'`@<W1Y
M;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)/&9O;G0@<W1Y;&4],T0G
M9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT.F)O;&0[)SXR+B!3:6=N:69I
M8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S(#PO9F]N=#X-"@D)/"]P/@T*"0D\
M<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA;&EG;CIJ=7-T
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M"@D)/'`^/&9O;G0@<VEZ93TS1#$^(#PO9F]N=#X\+W`^/'`@<W1Y;&4],T1P
M86=E+6)R96%K+6%F=&5R.F%L=V%Y<SXF;F)S<#L\+W`^#0H)"3QP('-T>6QE
M/3-$)VUA<F=I;CHP<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.SMF
M;VYT+7-I>F4Z(#$P<'0G/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN
M93LG/CPO9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T
M(#!P="`P<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[
M9F]N="UW96EG:'0Z8F]L9#MF;VYT+7-T>6QE.FET86QI8SLG/C(N,2X@5F%L
M=6%T:6]N(&]F(%!A;&QA9&EU;3PO9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL
M93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA;&EG;CIJ=7-T:69Y.W1E
M>'0M:G5S=&EF>3II;G1E<BUI9&5O9W)A<&@[9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D\9F]N="!S='EL93TS
M1"=D:7-P;&%Y.B!I;FQI;F4[)SY086QL861I=6T@:7,@:&5L9"!B>2!*4$UO
M<F=A;B!#:&%S92!"86YK+"!.+D$N("AT:&4@)B-X,C`Q0SM#=7-T;V1I86XF
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M('9A;'5E("AT:&4@)B-X,C`Q0SM.058F(W@R,#%$.RD@;V8@=&AE(%1R=7-T
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M>2`R.C`P(%!-($QO;F1O;B!T:6UE+"!O;B!E86-H('=O<FMI;F<@9&%Y+CPO
M9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P
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M=&\@=&AE(%-P;VYS;W(@*'1H92`F(W@R,#%#.U-P;VYS;W(F(W@R,#$Y.W,@
M1F5E)B-X,C`Q1#LI+"!F<F]M('1H92!F86ER('9A;'5E(&]F('1H92!P86QL
M861I=6T@86YD(&%L;"!O=&AE<B!A<W-E=',@:&5L9"!B>2!T:&4@5')U<W0N
M(#PO9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P
M="`P<'0[=&5X="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E<BUI
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M)SY-87)C:"`S,2P@,C`Q,R!A;F0@1&5C96UB97(@,S$L(#(P,3(\+V9O;G0^
M/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^.CPO9F]N=#X-"@D)
M/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T.W1E>'0M86QI9VXZ:G5S
M=&EF>3MT97AT+6IU<W1I9GDZ:6YT97(M:61E;V=R87!H.VQI;F4M:&5I9VAT
M.FYO<FUA;#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q<'0G/@T*"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O
M;G0M<VEZ93HQ<'0[)SXF;F)S<#L\+V9O;G0^#0H)"3PO<#X-"@D)/&1I=B!S
M='EL93TS1'=I9'1H.C$P,"4^/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C96QL
M<W!A8VEN9STS1#`@<W1Y;&4],T0G8F]R9&5R+6-O;&QA<'-E.F-O;&QA<'-E
M.W=I9'1H.B`Q,#`N,#`E.VUA<F=I;BUL969T.C!P=#LG/@T*"0D)/'1R/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#8V+C`R
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S
M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O;G0M
M<VEZ93H@,7!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN
M;&EN93MF;VYT+7-I>F4Z,7!T.R<^)FYB<W`[/"]F;VYT/CPO<#X-"@D)"0D\
M+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#`Q+C<R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)
M"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI
M;'DZ5&EM97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T
M9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q
M-"XP-B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N
M-#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D96X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C<R
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S
M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O;G0M
M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q-"XP-B4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y
M;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D\
M+W1R/@T*"0D)/'1R/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4]
M,T0G=VED=&@Z(#8V+C`R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T
M;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P
M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF;F)S
M<#L\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,#$N-S(E.R!B;W)D97(M=&]P.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO
M<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4]
M,T0G=VED=&@Z(#$T+C`V)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T
M;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P
M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXT,B4[(&)O<F1E<BUT;W`Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A
M=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN
M.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N
M-S(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P
M.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G=VED=&@Z(#$T+C`V)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB
M;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z
M(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U
M<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P
M="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)
M"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@-C8N,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B9N8G-P.SPO9F]N
M=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@8V]L<W!A;CTS1#(@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,"XP,B4[(&)O<F1E<BUT;W`Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A
M=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN
M.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O
M;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT.F)O;&0[
M)SY-87)C:"`S,2P@,C`Q,SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\
M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXT,B4[(&)O
M<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D(&-O;'-P86X]
M,T0R('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#`N,#(E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE
M/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
M"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E
M:6=H=#IB;VQD.R<^1&5C96UB97(@,S$L(#(P,3(\+V9O;G0^/"]P/@T*"0D)
M"3PO=&0^#0H)"0D\+W1R/@T*"0D)/'1R/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#8V+C`R)3L@8F]R9&5R+71O<#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[
M('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T
M(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M
M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I
M;FQI;F4[9F]N="US='EL93II=&%L:6,[)SXH06UO=6YT<R!I;B`P,#`G<R!O
M9B!54R0I/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX]
M,T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C<R)3L@8F]R9&5R+71O<#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR
M:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U
M=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ
M,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S
M<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T
M>6QE/3-$)W=I9'1H.B`Q-"XP-B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG
M.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP
M-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,#(N-#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L
M:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C<R)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL
M93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q-"XP-B4[(&)O<F1E<BUT;W`Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A
M=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN
M.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D\+W1R/@T*"0D)/'1R/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#8V+C`R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN
M93LG/DEN=F5S=&UE;G0@:6X@<&%L;&%D:75M("T@879E<F%G92!C;W-T/"]F
M;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#`Q+C<R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,30N
M,#8E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W
M(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@
M;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV
M/C0X-BPQ-#<F;F)S<#L-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C0R)3L@8F]R9&5R+71O<#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&
M1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C<R
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,30N,#8E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!F;VYT+69A;6EL>3H@5&EM
M97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I
M9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL969T
M/CPO9&EV/C0T-2PP,S@F;F)S<#L-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)
M"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H
M.B`V-BXP,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)
M"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M
M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)
M/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^56YR96%L:7IE9"!G
M86EN(&]N(&EN=F5S=&UE;G0@:6X@<&%L;&%D:75M/"]F;VYT/CPO<#X-"@D)
M"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED
M=&@Z(#`Q+C<R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P
M="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-
M"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M
M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT
M+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,30N,#8E
M.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T('-O;&ED(",P
M,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M
M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R
M87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^,3`S
M+#(P,29N8G-P.PT*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@,#(N-#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C<R)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*
M"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@,30N,#8E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M9F%M:6QY.B!4
M:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@
M<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE
M9G0^/"]D:78^-3(L.3@R)FYB<W`[#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)
M"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@-C8N,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-
M"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)
M"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^26YV97-T;65N
M="!I;B!P86QL861I=6T@+2!M87)K970@=F%L=64\+V9O;G0^/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,#$N-S(E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R
M9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N
M-7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T
M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT
M97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,30N,#8E.R!B;W)D
M97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O;&ED(",P,#`P
M,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(T-#14-&1CL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA
M;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A
M<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXU.#DL
M,S0X)FYB<W`[#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`P,BXT,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A
M9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P
M="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\
M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XW,B4[(&)O
M<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P
M,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^)#PO9F]N=#X\+W`^#0H)"0D)
M/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H
M.B`Q-"XP-B4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,2XU
M<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!F;VYT+69A;6EL>3H@
M5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ
M(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL
M969T/CPO9&EV/C0Y."PP,C`F;F)S<#L-"@D)"0D\+W1D/@T*"0D)/"]T<CX-
M"@D)/"]T86)L93X\+V1I=CX-"@D)/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P
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M:6UI;G5T:6]N(&EN('9A;'5E+B`\+V9O;G0^#0H)"3PO<#X-"@D)/'`@<W1Y
M;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M86QI9VXZ:G5S=&EF>3MT
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M8W5R<F5D+B`\+V9O;G0^#0H)"3PO<#X-"@D)/'`@<W1Y;&4],T0G;6%R9VEN
M.CAP="`P<'0@,'!T.W1E>'0M86QI9VXZ:G5S=&EF>3MT97AT+6IU<W1I9GDZ
M:6YT97(M:61E;V=R87!H.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@
M:6YL:6YE.R<^)FYB<W`[/"]F;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE/3-$
M)VUA<F=I;CHX<'0@,'!T(#!P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.R<^,BXR+B`\+V9O;G0^/&9O
M;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT.F)O;&0[
M9F]N="US='EL93II=&%L:6,[)SY086QL861I=6T@4F5C96EV86)L92!A;F0@
M4&%Y86)L93PO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[
M9F]N="UW96EG:'0Z8F]L9#LG/B9N8G-P.SPO9F]N=#X-"@D)/"]P/@T*"0D\
M<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA;&EG;CIJ=7-T
M:69Y.W1E>'0M:G5S=&EF>3II;G1E<BUI9&5O9W)A<&@[9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D\9F]N="!S
M='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY086QL861I=6T@<F5C96EV86)L
M92!O<B!P87EA8FQE(')E<')E<V5N=',@=&AE('%U86YT:71Y(&]F('!A;&QA
M9&EU;2!C;W9E<F5D(&)Y(&-O;G1R86-T=6%L;'D@8FEN9&EN9R!O<F1E<G,@
M9F]R('1H92!C<F5A=&EO;B!O<B!R961E;7!T:6]N(&]F(%-H87)E<R!R97-P
M96-T:79E;'DL('=H97)E('1H92!P86QL861I=6T@:&%S(&YO="!Y970@8F5E
M;B!T<F%N<V9E<G)E9"!T;R!O<B!F<F]M('1H92!4<G5S="8C>#(P,3D[<R!A
M8V-O=6YT+B!'96YE<F%L;'DL(&]W;F5R<VAI<"!O9B!T:&4@<&%L;&%D:75M
M(&ES('1R86YS9F5R<F5D('=I=&AI;B!T:')E92!B=7-I;F5S<R!D87ES(&]F
M('1H92!T<F%D92!D871E+B`\+V9O;G0^#0H)"3PO<#X-"@D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M86QI9VXZ:G5S=&EF>3MT97AT
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M<&%Y86)L92!A="`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL
M:6YE.R<^36%R8V@@,S$L(#(P,3,\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3H@:6YL:6YE.R<^(&%N9"!$96-E;6)E<B`S,2P@,C`Q,BX\+V9O;G0^
M/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^)FYB<W`[/"]F;VYT
M/@T*"0D\+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MT
M97AT+6%L:6=N.FIU<W1I9GD[=&5X="UJ=7-T:69Y.FEN=&5R+6ED96]G<F%P
M:#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B9N8G-P
M.SPO9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P
M="`P<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D-"@D)/"]P/@T*"0D\<#X\9F]N="!S:7IE/3-$,3X@/"]F
M;VYT/CPO<#X\<"!S='EL93TS1'!A9V4M8G)E86LM869T97(Z86QW87ES/B9N
M8G-P.SPO<#X-"@D)/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CL[9F]N="US:7IE.B`Q,'!T)SX\
M9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SX\+V9O;G0^#0H)"3PO
M<#X-"@D)/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.V9O;G0M9F%M
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M/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.R<^)FYB<W`[
M/"]F;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T
M(#!P=#MT97AT+6%L:6=N.FIU<W1I9GD[=&5X="UJ=7-T:69Y.FEN=&5R+6ED
M96]G<F%P:#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG
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M;R`H,2D@:7,@82!R96=I<W1E<F5D(&)R;VME<BUD96%L97(@;W(@;W1H97(@
M<V5C=7)I=&EE<R!M87)K970@<&%R=&EC:7!A;G0@<W5C:"!A<R!A(&)A;FL@
M;W(@;W1H97(@9FEN86YC:6%L(&EN<W1I='5T:6]N('=H:6-H(&ES(&YO="!R
M97%U:7)E9"!T;R!R96=I<W1E<B!A<R!A(&)R;VME<BUD96%L97(@=&\@96YG
M86=E(&EN('-E8W5R:71I97,@=')A;G-A8W1I;VYS+"`H,BD@:7,@82!P87)T
M:6-I<&%N="!I;B!4:&4@1&5P;W-I=&]R>2!4<G5S="!#;VUP86YY+"`H,RD@
M:&%S(&5N=&5R960@:6YT;R!A;B!!=71H;W)I>F5D(%!A<G1I8VEP86YT($%G
M<F5E;65N="!W:71H('1H92!4<G5S=&5E(&%N9"!T:&4@4W!O;G-O<BP@86YD
M("@T*2!H87,@97-T86)L:7-H960@86X@075T:&]R:7IE9"!087)T:6-I<&%N
M="!5;F%L;&]C871E9"!!8V-O=6YT('=I=&@@=&AE(%1R=7-T)B-X,C`Q.3MS
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M#0H)"3PO<#X-"@D)/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E
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M="`P<'0[=&5X="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E<BUI
M9&5O9W)A<&@[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[
M)SY!=71H;W)I>F5D(%!A<G1I8VEP86YT<R!M87DL(&]N(&%N>2!B=7-I;F5S
M<R!D87DL('!L86-E(&%N(&]R9&5R('=I=&@@=&AE(%1R=7-T964@=&\@8W)E
M871E(&]R(')E9&5E;2!O;F4@;W(@;6]R92!"87-K971S+B!4:&4@='EP:6-A
M;"!S971T;&5M96YT('!E<FEO9"!F;W(@4VAA<F5S(&ES('1H<F5E(&)U<VEN
M97-S(&1A>7,N($EN('1H92!E=F5N="!O9B!A('1R861E(&1A=&4@870@<&5R
M:6]D(&5N9"P@=VAE<F4@82!S971T;&5M96YT(&ES('!E;F1I;F<L(&$@<F5S
M<&5C=&EV92!A8V-O=6YT(')E8V5I=F%B;&4@86YD+V]R('!A>6%B;&4@=VEL
M;"!B92!R96-O<F1E9"X@5VAE;B!P86QL861I=6T@:7,@97AC:&%N9V5D(&EN
M('-E='1L96UE;G0@;V8@82!R961E;7!T:6]N+"!I="!I<R!C;VYS:61E<F5D
M(&$@<V%L92!O9B!P86QL861I=6T@9F]R(&9I;F%N8VEA;"!S=&%T96UE;G0@
M<'5R<&]S97,N/"]F;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I
M;CHX<'0@,'!T(#!P=#MT97AT+6%L:6=N.FIU<W1I9GD[=&5X="UJ=7-T:69Y
M.FEN=&5R+6ED96]G<F%P:#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ
M(&EN;&EN93LG/E1H92!A;6]U;G0@;V8@<&%L;&%D:75M(')E<')E<V5N=&5D
M(&)Y('1H92!"87-K971S(&-R96%T960@;W(@<F5D965M960@8V%N(&]N;'D@
M8F4@<V5T=&QE9"!T;R!T:&4@;F5A<F5S="`Q+S$P,#`\+V9O;G0^/'-U<"!S
M='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SYT:"`\+W-U<#X\9F]N="!S='EL
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M86YS86-T:6]N+"!T:&ES(&%M;W5N="!I<R!N;W0@;6]R92!T:&%N(#$O,3`P
M,#PO9F]N=#X\<W5P('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/G1H/"]S
M=7`^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^(&]F(&%N(&]U
M;F-E+CPO9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T
M(#!P="`P<'0[=&5X="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E
M<BUI9&5O9W)A<&@[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M
M<VEZ93H@,3!P="<^#0H)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI
M;F4[)SY4:&4@4VAA<F5S(&]F('1H92!4<G5S="!A<F4@8VQA<W-I9FEE9"!A
M<R`F(W@R,#%#.U)E9&5E;6%B;&4@4VAA<F5S)B-X,C`Q1#L@9F]R(&9I;F%N
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M+"`R,#$R/"]F;VYT/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG
M/B!A<F4@<V5T(&]U="!B96QO=SH@/"]F;VYT/@T*"0D\+W`^#0H)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0[=&5X="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S
M=&EF>3II;G1E<BUI9&5O9W)A<&@[;&EN92UH96EG:'0Z;F]R;6%L.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#%P="<^#0H)"0D\
M9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="US:7IE.C%P=#LG
M/B9N8G-P.SPO9F]N=#X-"@D)/"]P/@T*"0D\9&EV('-T>6QE/3-$=VED=&@Z
M,3`P)3X\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$,"!S
M='EL93TS1"=B;W)D97(M8V]L;&%P<V4Z8V]L;&%P<V4[=VED=&@Z(#$P,"XP
M,"4[;6%R9VEN+6QE9G0Z,'!T.R<^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D96X[9F]N="US:7IE.B`Q<'0G/@T*
M"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M<VEZ
M93HQ<'0[)SXF;F)S<#L\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D96X[9F]N="US:7IE.B`Q
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M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O
M;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O;G0M<VEZ93H@,3!P
M="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT
M;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF;VYT+7-I>F4Z(#$P<'0G
M/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D96X[9F]N="US:7IE.B`Q,'!T)SX-
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M,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.VAE
M:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N
M,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B9N8G-P.SPO9F]N=#X\+W`^
M#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E
M>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N
M-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P
M.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB
M;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z
M(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U
M<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P
M="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT
M;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO
M=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
M8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)"3QT<CX-"@D)"0D\
M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ,B4[(&)O
M<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4]
M,T0G9&ES<&QA>3H@:6YL:6YE.R<^)FYB<W`[/"]F;VYT/CPO<#X-"@D)"0D\
M+W1D/@T*"0D)"3QT9"!C;VQS<&%N/3-$,B!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G=VED=&@Z(#`P+C`R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB
M;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z
M(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U
M<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O
M;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.B!I;FQI;F4[9F]N="UW96EG:'0Z8F]L9#LG/E1H<F5E($UO;G1H
M<SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P
M/@T*"0D)"3PO=&0^#0H)"0D)/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,#`N,#(E.R!B;W)D97(M=&]P.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T
M>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.R<^665A
M<CPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E
M.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T
M>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B9N8G-P.SPO9F]N=#X\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@8V]L<W!A;CTS1#(@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`P,"XP,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4]
M,T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT.F)O;&0[)SY%;F1E9#PO
M9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*
M"0D)"3PO=&0^#0H)"0D)/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@,#`N,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE
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M93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL
M93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="US='EL93II=&%L:6,[)SXH06UO
M=6YT<R!I;B`P,#`G<R!O9B!54R0L(&5X8V5P="!F;W(@4VAA<F4@86YD('!E
M<B!3:&%R92!D871A*3PO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M8V]L<W!A;CTS1#(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P
M,"XP,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ
M8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE
M.V9O;G0M=V5I9VAT.F)O;&0[)SY-87)C:"`S,2P@,C`Q,SPO9F]N=#X\+W`^
M#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E
M>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,#`N,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T
M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT
M97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L
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M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.W1E
M>'0M9&5C;W)A=&EO;CIU;F1E<FQI;F4[)SY.=6UB97(@;V8@<F5D965M86)L
M92!3:&%R97,\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M
M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)
M)FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y
M;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P
M/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G
M/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO
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M="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI
M;F4[)SY/<&5N:6YG(&)A;&%N8V4\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E
M.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E
M<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$S+C8P)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(V%U=&\[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ
M93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^
M/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^-RPR-3`L,#`P)FYB<W`[
M#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T
M;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*
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M87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^-2PY
M-3`L,#`P)FYB<W`[#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E
M.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^0W)E871I;VYS/"]F;VYT/CPO
M<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4]
M,T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T
M;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@
M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\
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M($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H
M=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\
M+V1I=CXV-3`L,#`P)FYB<W`[#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#
M0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G
M:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T
M9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P
M,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)
M"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI
M;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF
M;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O
M;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@
M=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL
M93TS1&9L;V%T.FQE9G0^/"]D:78^,BPY,#`L,#`P)FYB<W`[#0H)"0D)/"]T
M9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN
M93LG/E)E9&5M<'1I;VYS/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-C`E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6)O='1O;3H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR
M:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U
M=&\[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@
M,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I
M=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^*#$P,"PP,#`I#0H)"0D)/"]T
M9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P
M,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB
M<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I
M;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P
M+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O<F1E
M<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@<V]L:60@(S`P,#`P,#L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C875T;SL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N
M="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO
M=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXH,2PV,#`L,#`P
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M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I
M<W!L87DZ(&EN;&EN93LG/D-L;W-I;F<@8F%L86YC93PO9F]N=#X\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,2XU<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO
M=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T
M('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@9F]N="UF86UI;'DZ(%1I
M;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R
M:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F
M=#X\+V1I=CXW+#@P,"PP,#`F;F)S<#L-"@D)"0D\+W1D/@T*"0D)"3QT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)
M"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED
M=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P
M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z
M(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P,#`P,#L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C0T-%0T9&.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT
M+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W
M<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/C<L,C4P+#`P,"9N
M8G-P.PT*"0D)"3PO=&0^#0H)"0D\+W1R/@T*"0D)/'1R/@T*"0D)"3QT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#8W+C$R)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O
M;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.B!I;FQI;F4[)SXF;F)S<#L\+V9O;G0^/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N
M-C@E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE
M9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC
M96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E
M<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)
M"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED
M=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*
M"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)
M"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!S
M;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$S+C4X)3L@
M8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y
M;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P
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M:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.B!I;FQI;F4[9F]N="UW96EG:'0Z8F]L9#MT97AT+61E8V]R871I;VXZ
M=6YD97)L:6YE.R<^4F5D965M86)L92!3:&%R97,\+V9O;G0^/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L
M:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)
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M93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^
M#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T
M;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*
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M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\
M+W`^#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G
M;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G
M9&ES<&QA>3H@:6YL:6YE.R<^3W!E;FEN9R!B86QA;F-E/"]F;VYT/CPO<#X-
M"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G
M=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T
M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT
M97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-C`E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C0T-%0T9&.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F
M;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$
M;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/C0Y-RPW-C4F
M;F)S<#L-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB
M;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN
M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$
M)V1I<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E
M.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C0T-%0T9&.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O
M;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W
M<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/C,W
M,RPY,S4F;F)S<#L-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)"3QT<CX-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ,B4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y
M;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^0W)E871I;VYS/"]F;VYT/CPO<#X-
M"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G
M=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG
M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X
M="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O
M;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV
M,"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
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M;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W
M(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
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M.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*
M"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)
M"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY2961E;7!T:6]N
M<SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[
M('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T
M(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\
M+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O;G0M9F%M
M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA
M;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L
M;V%T.FQE9G0^/"]D:78^*#8L-S8W*0T*"0D)"3PO=&0^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G
M;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-
M"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)
M"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&
M.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P
M<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@
M<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/B@Y."PX-3(I#0H)"0D)/"]T9#X-
M"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN
M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG
M/D%D:G5S=&UE;G0@=&\@<F5D96UP=&EO;B!V86QU93PO9F]N=#X\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT
M+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$S+C8P
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C
M,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-A=71O.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O
M;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W
M<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/C4P
M+#$R-R9N8G-P.PT*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*
M"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M9F%M:6QY.B!4
M:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@
M<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE
M9G0^/"]D:78^,C<L-C@U)FYB<W`[#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)
M"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-
M"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)
M"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^0VQO<VEN9R!B
M86QA;F-E/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX]
M,T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@
M,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M8F]T=&]M.B`Q+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)
M"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXD/"]F;VYT/CPO
M<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4]
M,T0G=VED=&@Z(#$S+C8P)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P
M,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O;G0M
M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X
M="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS
M1&9L;V%T.FQE9G0^/"]D:78^-3@Y+#`T-R9N8G-P.PT*"0D)"3PO=&0^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E
M.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[
M/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P
M,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB
M;W1T;VTZ(#$N-7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN
M93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q
M<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O;&ED(",P,#`P,#`[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(T-#14-&1CL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N="US
M:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A
M<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXT.3<L-S8U)FYB<W`[
M#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ(&EN;&EN93LG/B9N8G-P.SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[
M(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E
M<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$S+C8P)3L@8F]R9&5R+71O
M<#H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO
M=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
M8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED
M(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D
M97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W
M(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)
M"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T
M;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ
M(&EN;&EN93LG/E)E9&5M<'1I;VX@=F%L=64@<&5R(%-H87)E(&%T('!E<FEO
M9"!E;F0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T
M;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@9F]N="UF86UI;'DZ(%1I;65S
M($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H
M=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\
M+V1I=CXW-2XU,B9N8G-P.PT*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T
M;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S
M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM
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M)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D
M:78^-C@N-C8F;F)S<#L-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)/"]T86)L
M93X\+V1I=CX-"@D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0T*"0D\
M+W`^#0H)"3QP/CQF;VYT('-I>F4],T0Q/B`\+V9O;G0^/"]P/CQP('-T>6QE
M/3-$<&%G92UB<F5A:RUA9G1E<CIA;'=A>7,^)FYB<W`[/"]P/@T*"0D\<"!S
M='EL93TS1"=M87)G:6XZ,'!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CL[9F]N="US:7IE.B`Q,'!T)SX\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I
M;FQI;F4[)SX\+V9O;G0^#0H)"3PO<#X-"@D)/'`@<W1Y;&4],T0G;6%R9VEN
M.CAP="`P<'0@,'!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT
M+7-I>F4Z(#$P<'0G/@T*"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL
M:6YE.V9O;G0M=V5I9VAT.F)O;&0[9F]N="US='EL93II=&%L:6,[)SXR+C0N
M(%)E=F5N=64@4F5C;V=N:71I;VX@4&]L:6-Y/"]F;VYT/@T*"0D\+W`^#0H)
M"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MT97AT+6%L:6=N.FIU
M<W1I9GD[=&5X="UJ=7-T:69Y.FEN=&5R+6ED96]G<F%P:#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/E1H92!P<FEM87)Y(&5X<&5N
M<V4@;V8@=&AE(%1R=7-T(&ES('1H92!3<&]N<V]R)B-X,C`Q.3MS($9E92P@
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M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S
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M8V4@;W)D97)S('=I=&@@9&5A;&5R<R`H=VAI8V@@;6%Y(&EN8VQU9&4@=&AE
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M8GD@<F5A<V]N(&]F(&%N>2!S86QE+B`\+V9O;G0^#0H)"3PO<#X-"@D)/'`@
M<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M86QI9VXZ:G5S=&EF
M>3MT97AT+6IU<W1I9GDZ:6YT97(M:61E;V=R87!H.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^)FYB<W`[/"]F;VYT/@T*"0D\+W`^
M#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.R<^
M,BXU+B`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O
M;G0M=V5I9VAT.F)O;&0[9F]N="US='EL93II=&%L:6,[)SY);F-O;64@5&%X
M97,\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M
M=V5I9VAT.F)O;&0[)SXF;F)S<#L\+V9O;G0^#0H)"3PO<#X-"@D)/'`@<W1Y
M;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M86QI9VXZ:G5S=&EF>3MT
M97AT+6IU<W1I9GDZ:6YT97(M:61E;V=R87!H.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)/&9O;G0@<W1Y;&4]
M,T0G9&ES<&QA>3H@:6YL:6YE.R<^5&AE(%1R=7-T(&ES(&-L87-S:69I960@
M87,@82`F(W@R,#%#.V=R86YT;W(@=')U<W0F(W@R,#%$.R!F;W(@52Y3+B!F
M961E<F%L(&EN8V]M92!T87@@<'5R<&]S97,N($%S(&$@<F5S=6QT+"!T:&4@
M5')U<W0@:71S96QF('=I;&P@;F]T(&)E('-U8FIE8W0@=&\@52Y3+B!F961E
M<F%L(&EN8V]M92!T87@N($EN<W1E860L('1H92!4<G5S="8C>#(P,3D[<R!I
M;F-O;64@86YD(&5X<&5N<V5S('=I;&P@)B-X,C`Q0SMF;&]W('1H<F]U9V@F
M(W@R,#%$.R!T;R!T:&4@4VAA<F5H;VQD97)S+"!A;F0@=&AE(%1R=7-T964@
M=VEL;"!R97!O<G0@=&AE(%1R=7-T)B-X,C`Q.3MS('!R;V-E961S+"!I;F-O
M;64L(&1E9'5C=&EO;G,L(&=A:6YS+"!A;F0@;&]S<V5S('1O('1H92!);G1E
M<FYA;"!2979E;G5E(%-E<G9I8V4@;VX@=&AA="!B87-I<RX\+V9O;G0^#0H)
M"3PO<#X-"@D)/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M
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M97%U:7)E9"!A<R!O9B`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@
M:6YL:6YE.R<^36%R8V@@,S$L(#(P,3,\+V9O;G0^/&9O;G0@<W1Y;&4],T0G
M9&ES<&QA>3H@:6YL:6YE.R<^+B`F;F)S<#L\+V9O;G0^#0H)"3PO<#X-"@D)
M/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M86QI9VXZ:G5S
M=&EF>3MT97AT+6IU<W1I9GDZ:6YT97(M:61E;V=R87!H.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^)FYB<W`[/"]F;VYT/@T*"0D\
M+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD
M.R<^,BXV+B`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE
M.V9O;G0M=V5I9VAT.F)O;&0[9F]N="US='EL93II=&%L:6,[)SY);G9E<W1M
M96YT(&EN(%!A;&QA9&EU;3PO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y
M.B!I;FQI;F4[9F]N="UW96EG:'0Z8F]L9#LG/B9N8G-P.SPO9F]N=#X-"@D)
M/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA
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M/G1H92`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^
M=&AR964@;6]N=&AS(&5N9&5D($UA<F-H(#,Q+"`R,#$S/"]F;VYT/CQF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B!A;F0@9F]R('1H92!Y96%R
M(&5N9&5D(#PO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[
M)SY$96-E;6)E<B`S,2P@,C`Q,CPO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.B!I;FQI;F4[)SX@87)E('-E="!O=70@8F5L;W<Z(#PO9F]N=#X-"@D)
M/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T.W1E>'0M86QI9VXZ:G5S
M=&EF>3MT97AT+6IU<W1I9GDZ:6YT97(M:61E;V=R87!H.VQI;F4M:&5I9VAT
M.FYO<FUA;#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q<'0G/@T*"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O
M;G0M<VEZ93HQ<'0[)SXF;F)S<#L\+V9O;G0^#0H)"3PO<#X-"@D)/&1I=B!S
M='EL93TS1'=I9'1H.C$P,"4^/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C96QL
M<W!A8VEN9STS1#`@<W1Y;&4],T0G8F]R9&5R+6-O;&QA<'-E.F-O;&QA<'-E
M.W=I9'1H.B`Q,#`N,#`E.VUA<F=I;BUL969T.C!P=#LG/@T*"0D)/'1R/@T*
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M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O;G0M
M<VEZ93H@,7!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN
M;&EN93MF;VYT+7-I>F4Z,7!T.R<^)FYB<W`[/"]F;VYT/CPO<#X-"@D)"0D\
M+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)
M"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI
M;'DZ5&EM97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T
M9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q
M,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N
M,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D96X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S
M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O;G0M
M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y
M;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D\
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M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF;F)S
M<#L\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO
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M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A
M=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN
M.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N
M-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P
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M(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U
M<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P
M="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)
M"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B9N8G-P.SPO9F]N
M=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@8V]L<W!A;CTS1#(@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,"XP,B4[(&)O<F1E<BUT;W`Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A
M=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN
M.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O
M;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT.F)O;&0[
M)SY4:')E92!-;VYT:',\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!C;VQS<&%N/3-$
M,B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`P+C`R)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N
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M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF;F)S<#L\
M+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D(&-O;'-P86X],T0R('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#`N,#(E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB
M;VQD.R<^16YD960\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!C;VQS<&%N/3-$,B!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`P+C`R)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)
M"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="UW96EG:'0Z
M8F]L9#LG/D5N9&5D/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)/"]T<CX-
M"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-
M"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)
M"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M<W1Y;&4Z
M:71A;&EC.R<^*$%M;W5N=',@:6X@,#`P)W,@;V8@55,D+"!E>&-E<'0@9F]R
M(&]U;F-E<R!D871A*3PO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M8V]L<W!A;CTS1#(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P
M,"XP,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ
M8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE
M.V9O;G0M=V5I9VAT.F)O;&0[)SY-87)C:"`S,2P@,C`Q,SPO9F]N=#X\+W`^
M#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E
M>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,#`N,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T
M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT
M97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L
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M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.W1E
M>'0M9&5C;W)A=&EO;CIU;F1E<FQI;F4[)SY/=6YC97,@;V8@<&%L;&%D:75M
M/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO
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M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\
M+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
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M,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)
M/"]T<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G
M/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^3W!E
M;FEN9R!B86QA;F-E/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)
M"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z
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M,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
M8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I
M;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P
M+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O<F1E
M<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B
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M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$
M)V1I<W!L87DZ(&EN;&EN93LG/D-R96%T:6]N<SPO9F]N=#X\+W`^#0H)"0D)
M/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H
M.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*
M"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA
M;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M
M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-#0T5#1D8[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M
M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R
M87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^-C,L
M.#$Q+C$F;F)S<#L-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO
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M;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L
M:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO
M870Z;&5F=#X\+V1I=CXR.#8L,38V+C$F;F)S<#L-"@D)"0D\+W1D/@T*"0D)
M/"]T<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G
M/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^4F5D
M96UP=&EO;G,\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
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M="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS
M1&9L;V%T.FQE9G0^/"]D:78^*#DL.#(Q+C8I#0H)"0D)/"]T9#X-"@D)"0D\
M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O
M<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*
M"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
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M=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S
M='EL93TS1&9L;V%T.FQE9G0^/"]D:78^*#$U-RPT,3DN."D-"@D)"0D\+W1D
M/@T*"0D)/"]T<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A
M9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P
M="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI
M;F4[)SY4<F%N<V9E<G,@;V8@<&%L;&%D:75M('1O('!A>2!E>'!E;G-E<SPO
M9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P
M/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@9F]N="UF86UI
M;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L
M:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO
M870Z;&5F=#X\+V1I=CXH,2PP-S8N-"D-"@D)"0D\+W1D/@T*"0D)"3QT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)
M"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED
M=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P
M="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG
M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$
M8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%
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M="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI
M;F4[)SY#;&]S:6YG(&)A;&%N8V4\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E
M.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O;&ED
M(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC
M96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E
M<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P,#`P
M,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C875T;SL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@
M9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS
M1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXW-C4L,S@W
M+C8F;F)S<#L-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I
M;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P
M+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E
M<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P,#`P
M,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE
M/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-
M"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G
M=VED=&@Z(#$S+C4X)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
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M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF;F)S
M<#L\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@
M<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[
M('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T
M(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\
M+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P
M,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@
M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G
M:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T
M9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P
M,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
M8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#$S+C4X)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED
M(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D\+W1R
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M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
M"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E
M:6=H=#IB;VQD.W1E>'0M9&5C;W)A=&EO;CIU;F1E<FQI;F4[)SY);G9E<W1M
M96YT(&EN('!A;&QA9&EU;2`H;&]W97(@;V8@8V]S="!O<B!M87)K970I/"]F
M;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-
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M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
M"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX]
M,T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR
M:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#
M14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D
M/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q
M+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE
M9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
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M(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)/"]T
M<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^3W!E;FEN
M9R!B86QA;F-E/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G
M:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI
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M<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE
M9G0^/"]D:78^-#0U+#`S."9N8G-P.PT*"0D)"3PO=&0^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\
M+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)
M"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG
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M,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I
M=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^,S4Q+#`X,R9N8G-P.PT*"0D)
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M<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ
M(&EN;&EN93LG/D-R96%T:6]N<SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S
M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT
M97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P
M="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E<BUT
M;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-#0T5#1D8[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M
M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R
M87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^-#<L.3(R)FYB<W`[
M#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P
M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#
M0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G
M:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI
M;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF
M;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O
M;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@
M=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL
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M;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P
M+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[
M)SY2961E;7!T:6]N<SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E
M<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ
M8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-C`E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@9F]N="UF86UI;'DZ(%1I;65S($YE
M=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG
M(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I
M=CXH-BPQ,S4I#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N
M.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
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M)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D
M:78^*#DX+#(S-BD-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)"3QT<CX-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ,B4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S
M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S
M='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY4<F%N<V9E<G,@;V8@<&%L;&%D
M:75M('1O('!A>2!E>'!E;G-E<SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@<V]L:60@(S`P
M,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N
M=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P
M<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-C`E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T('-O;&ED(",P,#`P,#`[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(T-#14-&1CL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N
M="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO
M=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXH-C<X*0T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-
M"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)
M"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&
M1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P
M.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G=VED=&@Z(#$S+C4X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB
M;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O;G0M
M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X
M="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS
M1&9L;V%T.FQE9G0^/"]D:78^*#(L.#`V*0T*"0D)"3PO=&0^#0H)"0D\+W1R
M/@T*"0D)/'1R/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G
M=VED=&@Z(#8W+C$R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG
M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY#;&]S:6YG
M(&)A;&%N8V4\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P
M.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O;&ED(",P,#`P,#`[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)
M"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXD/"]F;VYT/CPO
M<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4]
M,T0G=VED=&@Z(#$S+C8P)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P
M,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!F;VYT+69A
M;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M
M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F
M;&]A=#IL969T/CPO9&EV/C0X-BPQ-#<F;F)S<#L-"@D)"0D\+W1D/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL
M93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^
M#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,2XU<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@
M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I
M<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E.R!B
M;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O;&ED(",P
M,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M
M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R
M87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^-#0U
M+#`S."9N8G-P.PT*"0D)"3PO=&0^#0H)"0D\+W1R/@T*"0D\+W1A8FQE/CPO
M9&EV/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA
M;&EG;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E<BUI9&5O9W)A<&@[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF;F)S<#L\+V9O
M;G0^#0H)"3PO<#X-"@D)/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T
M.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G
M/@T*"0D)#0H)"3PO<#X-"@D)/'`^/&9O;G0@<VEZ93TS1#$^(#PO9F]N=#X\
M+W`^/'`@<W1Y;&4],T1P86=E+6)R96%K+6%F=&5R.F%L=V%Y<SXF;F)S<#L\
M+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[.V9O;G0M<VEZ93H@,3!P="<^/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^/"]F;VYT/@T*"0D\+W`^#0H)
M"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT('-T
M>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.R<^,BXW
M+B`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M
M=V5I9VAT.F)O;&0[9F]N="US='EL93II=&%L:6,[)SY%>'!E;G-E<SPO9F]N
M=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="UW96EG:'0Z
M8F]L9#LG/B9N8G-P.SPO9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M
M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S
M=&EF>3II;G1E<BUI9&5O9W)A<&@[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O
M;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.B!I;FQI;F4[)SY4:&4@5')U<W0@=VEL;"!T<F%N<V9E<B!P86QL861I
M=6T@=&\@=&AE(%-P;VYS;W(@=&\@<&%Y('1H92!3<&]N<V]R)B-X,C`Q.3MS
M($9E92!T:&%T('=I;&P@86-C<G5E(&1A:6QY(&%T(&%N(&%N;G5A;&EZ960@
M<F%T92!E<75A;"!T;R`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@
M:6YL:6YE.R<^,"XV,#PO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I
M;FQI;F4[)SXE(&]F('1H92!A9&IU<W1E9"!N970@87-S970@=F%L=64@*"8C
M>#(P,4,[04Y!5B8C>#(P,40[*2!O9B!T:&4@5')U<W0L('!A:60@;6]N=&AL
M>2!I;B!A<G)E87)S+CPO9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M
M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S
M=&EF>3II;G1E<BUI9&5O9W)A<&@[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O
M;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.B!I;FQI;F4[)SY4:&4@4W!O;G-O<B!H87,@86=R965D('1O(&%S<W5M
M92!A9&UI;FES=')A=&EV92!A;F0@;6%R:V5T:6YG(&5X<&5N<V5S(&EN8W5R
M<F5D(&)Y('1H92!4<G5S="P@:6YC;'5D:6YG('1H92!4<G5S=&5E)B-X,C`Q
M.3MS(&UO;G1H;'D@9F5E(&%N9"!O=70@;V8@<&]C:V5T(&5X<&5N<V5S+"!T
M:&4@0W5S=&]D:6%N)B-X,C`Q.3MS(&9E92!A;F0@=&AE(')E:6UB=7)S96UE
M;G0@;V8@=&AE($-U<W1O9&EA;B8C>#(P,3D[<R!E>'!E;G-E<RP@97AC:&%N
M9V4@;&ES=&EN9R!F965S+"!5;FET960@4W1A=&5S(%-E8W5R:71I97,@86YD
M($5X8VAA;F=E($-O;6UI<W-I;VX@*'1H92`F(W@R,#%#.U-%0R8C>#(P,40[
M*2!R96=I<W1R871I;VX@9F5E<RP@<')I;G1I;F<@86YD(&UA:6QI;F<@8V]S
M=',L(&%U9&ET(&9E97,@86YD(&-E<G1A:6X@;&5G86P@97AP96YS97,N/"]F
M;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P
M=#MT97AT+6%L:6=N.FIU<W1I9GD[=&5X="UJ=7-T:69Y.FEN=&5R+6ED96]G
M<F%P:#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/D9O
M<B!T:&4@/"]F;VYT/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG
M/G1H<F5E(&UO;G1H<R!E;F1E9"!-87)C:"`S,2P@,C`Q,R!A;F0@,C`Q,CPO
M9F]N=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXL('1H92!3
M<&]N<V]R)B-X,C`Q.3MS($9E92!W87,@)#PO9F]N=#X\9F]N="!S='EL93TS
M1"=D:7-P;&%Y.B!I;FQI;F4[)SXX,C$L,#DX/"]F;VYT/CQF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ(&EN;&EN93LG/B!A;F0@)#PO9F]N=#X\9F]N="!S='EL
M93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXV.#DL,C`R/"]F;VYT/CQF;VYT('-T
M>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/BP@<F5S<&5C=&EV96QY+B!!="`\
M+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^36%R8V@@
M,S$L(#(P,3,\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE
M.R<^(&%N9"!A="`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL
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M87DZ(&EN;&EN93LG/BP@<F5S<&5C=&EV96QY+B`\+V9O;G0^#0H)"3PO<#X-
M"@D)/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M86QI9VXZ
M:G5S=&EF>3MT97AT+6IU<W1I9GDZ:6YT97(M:61E;V=R87!H.V9O;G0M9F%M
M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)/&9O
M;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^)FYB<W`[/"]F;VYT/@T*
M"0D\+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB
M;VQD.R<^,BXX+B`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL
M:6YE.V9O;G0M=V5I9VAT.F)O;&0[9F]N="US='EL93II=&%L:6,[)SY3=6)S
M97%U96YT($5V96YT<SPO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I
M;FQI;F4[9F]N="UW96EG:'0Z8F]L9#LG/B9N8G-P.SPO9F]N=#X-"@D)/"]P
M/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA;&EG
M;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E<BUI9&5O9W)A<&@[9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D\
M9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY);B!A8V-O<F1A;F-E
M('=I=&@@=&AE('!R;W9I<VEO;G,@<V5T(&9O<G1H(&EN($9I;F%N8VEA;"!!
M8V-O=6YT:6YG(%-T86YD87)D<R!";V%R9"!!8V-O=6YT:6YG(%-T86YD87)D
M<R!#;V1I9FEC871I;VX@.#4U+3$P+"`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G
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M:65D+B`\+V9O;G0^#0H)"3PO<#X-"@D)/'`^/&9O;G0@<VEZ93TS1#$^(#PO
M9F]N=#X\+W`^#0H)/"]D:78^(#PO9&EV/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^
M#0H-"BTM+2TM+3U?3F5X=%!A<G1?,6(X960W.#1?8C0X8E\T8S8Q7SDU-3A?
M934T.3$P.31B-&%D#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S%B
M.&5D-S@T7V(T.&)?-&,V,5\Y-34X7V4U-#DQ,#DT8C1A9"]7;W)K<VAE971S
M+U-H965T,#DN:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O
M=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S
M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@
M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M
M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R
M:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE
M;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C
M;&%S<STS1')E<&]R="!I9#TS1$E$,$5-13X-"B`@("`@(#QT<CX-"B`@("`@
M("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^/'-T
M<F]N9SY296QA=&5D(%!A<G1I97,\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@
M("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#$^,R!-;VYT:',@16YD960\
M+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L
M87-S/3-$=&@^36%R+B`S,2P@,C`Q,SQB<CX\+W1H/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^/'-T<F]N9SY296QA=&5D(%!A<G1I97,@6T%B<W1R
M86-T73PO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y296QA=&5D(%!A<G1I97,\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQD:78^(#QD:78@<W1Y;&4],T1M87)G:6XM;&5F=#HP<'0[;6%R9VEN
M+7)I9VAT.C!P=#L^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P
M=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E
M:6=H=#IB;VQD.R<^,RX@4F5L871E9"!087)T:65S(#PO9F]N=#X-"@D)/"]P
M/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA;&EG
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M="!D:7-C<F5T:6]N+B`\+V9O;G0^#0H)"3PO<#X-"@D)/'`@<W1Y;&4],T0G
M;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M86QI9VXZ:G5S=&EF>3MT97AT+6IU
M<W1I9GDZ:6YT97(M:61E;V=R87!H.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3H@:6YL:6YE.R<^)FYB<W`[/"]F;VYT/@T*"0D\+W`^#0H)"3QP/CQF
M;VYT('-I>F4],T0Q/B`\+V9O;G0^/"]P/@T*"3PO9&EV/B`\+V1I=CX\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@/"]T86)L93X-"B`@
M/"]B;V1Y/@T*/"]H=&UL/@T*#0HM+2TM+2T]7TYE>'1087)T7S%B.&5D-S@T
M7V(T.&)?-&,V,5\Y-34X7V4U-#DQ,#DT8C1A9`T*0V]N=&5N="U,;V-A=&EO
M;CH@9FEL93HO+R]#.B\Q8CAE9#<X-%]B-#AB7S1C-C%?.34U.%]E-30Y,3`Y
M-&(T860O5V]R:W-H965T<R]3:&5E=#$P+FAT;6P-"D-O;G1E;G0M5')A;G-F
M97(M16YC;V1I;F<Z('%U;W1E9"UP<FEN=&%B;&4-"D-O;G1E;G0M5'EP93H@
M=&5X="]H=&UL.R!C:&%R<V5T/2)U<RUA<V-I:2(-"@T*/&AT;6P^#0H@(#QH
M96%D/@T*("`@(#Q-151!(&AT='`M97%U:78],T1#;VYT96YT+51Y<&4@8V]N
M=&5N=#TS1"=T97AT+VAT;6P[(&-H87)S970]=71F+3@G/CQS8W)I<'0@='EP
M93TS1'1E>'0O:F%V87-C<FEP="!S<F,],T13:&]W+FIS/B\J($1O($YO="!2
M96UO=F4@5&AI<R!#;VUM96YT("HO/"]S8W)I<'0^/"]H96%D/@T*("`\8F]D
M>3X-"B`@("`\=&%B;&4@8VQA<W,],T1R97!O<G0@:60],T1)1#!%344^#0H@
M("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P86X],T0Q
M(')O=W-P86X],T0R/CQS=')O;F<^0V]N8V5N=')A=&EO;B!/9B!2:7-K/&)R
M/CPO<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P
M86X],T0Q/C,@36]N=&AS($5N9&5D/"]T:#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L(#(P,3,\
M8G(^/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-
M"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^
M0V]N8V5N=')A=&EO;B!/9B!2:7-K(%M!8G-T<F%C=%T\+W-T<F]N9SX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*("`@("`@
M("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0V]N8V5N=')A=&EO;B!/
M9B!2:7-K/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV/B`\
M9&EV('-T>6QE/3-$;6%R9VEN+6QE9G0Z,'!T.VUA<F=I;BUR:6=H=#HP<'0[
M/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[9F]N="UF86UI
M;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D\9F]N
M="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="UW96EG:'0Z8F]L9#LG
M/C0N($-O;F-E;G1R871I;VX@;V8@4FES:R`\+V9O;G0^#0H)"3PO<#X-"@D)
M/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M86QI9VXZ:G5S
M=&EF>3MT97AT+6IU<W1I9GDZ:6YT97(M:61E;V=R87!H.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^5&AE(%1R=7-T)B-X,C`Q.3MS
M('-O;&4@8G5S:6YE<W,@86-T:79I='D@:7,@=&AE(&EN=F5S=&UE;G0@:6X@
M<&%L;&%D:75M+"!A;F0@<W5B<W1A;G1I86QL>2!A;&P@=&AE(%1R=7-T)B-X
M,C`Q.3MS(&%S<V5T<R!A<F4@:&]L9&EN9W,@;V8@<&%L;&%D:75M('=H:6-H
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M.R`H:6DI(&EN=F5S=&]R<R8C>#(P,3D[(&5X<&5C=&%T:6]N<R!W:71H(')E
M<W!E8W0@=&\@=&AE(')A=&4@;V8@:6YF;&%T:6]N.R`H:6EI*2!C=7)R96YC
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M9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P
M<'0[=&5X="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E<BUI9&5O
M9W)A<&@[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF
M;F)S<#L\+V9O;G0^#0H)"3PO<#X-"@D)/'`^/&9O;G0@<VEZ93TS1#$^(#PO
M9F]N=#X\+W`^#0H)/"]D:78^(#PO9&EV/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^
M#0H-"BTM+2TM+3U?3F5X=%!A<G1?,6(X960W.#1?8C0X8E\T8S8Q7SDU-3A?
M934T.3$P.31B-&%D#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S%B
M.&5D-S@T7V(T.&)?-&,V,5\Y-34X7V4U-#DQ,#DT8C1A9"]7;W)K<VAE971S
M+U-H965T,3$N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O
M=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S
M970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@
M:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M
M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R
M:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE
M;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C
M;&%S<STS1')E<&]R="!I9#TS1$E$,$5-13X-"B`@("`@(#QT<CX-"B`@("`@
M("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A;CTS1#$@<F]W<W!A;CTS1#(^/'-T
M<F]N9SY);F1E;6YI9FEC871I;VX\8G(^/"]S=')O;F<^/"]T:#X-"B`@("`@
M("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#$^,R!-;VYT:',@16YD960\
M+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L
M87-S/3-$=&@^36%R+B`S,2P@,C`Q,SQB<CX\+W1H/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^/'-T<F]N9SY);F1E;6YI9FEC871I;VX@6T%B<W1R
M86-T73PO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y);F1E;6YI9FEC871I;VX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQD:78^(#QD:78@<W1Y;&4],T1M87)G:6XM;&5F=#HP<'0[;6%R9VEN
M+7)I9VAT.C!P=#L^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P
M=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E
M:6=H=#IB;VQD.R<^-2X@26YD96UN:69I8V%T:6]N(#PO9F]N=#X-"@D)/"]P
M/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA;&EG
M;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E<BUI9&5O9W)A<&@[9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D\
M9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY5;F1E<B!T:&4@5')U
M<W0F(W@R,#$Y.W,@;W)G86YI>F%T:6]N86P@9&]C=6UE;G1S+"!T:&4@5')U
M<W1E92`H86YD(&ET<R!D:7)E8W1O<G,L(&5M<&QO>65E<R!A;F0@86=E;G1S
M*2!A;F0@=&AE(%-P;VYS;W(@*&%N9"!I=',@;65M8F5R<RP@;6%N86=E<G,L
M(&1I<F5C=&]R<RP@;V9F:6-E<G,L(&5M<&QO>65E<R!A;F0@869F:6QI871E
M<RD@87)E(&EN9&5M;FEF:65D(&)Y('1H92!4<G5S="!A9V%I;G-T(&%N>2!L
M:6%B:6QI='DL(&-O<W0@;W(@97AP96YS92!I="!I;F-U<G,@=VET:&]U="!G
M<F]S<R!N96=L:6=E;F-E+"!B860@9F%I=&@@;W(@=VEL;&9U;"!M:7-C;VYD
M=6-T(&]N(&ET<R!P87)T(&%N9"!W:71H;W5T(')E8VML97-S(&1I<W)E9V%R
M9"!O;B!I=',@<&%R="!O9B!I=',@;V)L:6=A=&EO;G,@86YD(&1U=&EE<R!U
M;F1E<B!T:&4@5')U<W0F(W@R,#$Y.W,@;W)G86YI>F%T:6]N86P@9&]C=6UE
M;G1S+B!4:&4@5')U<W0F(W@R,#$Y.W,@;6%X:6UU;2!E>'!O<W5R92!U;F1E
M<B!T:&5S92!A<G)A;F=E;65N=',@:7,@=6YK;F]W;B!A<R!T:&ES('=O=6QD
M(&EN=F]L=F4@9G5T=7)E(&-L86EM<R!T:&%T(&UA>2!B92!M861E(&%G86EN
M<W0@=&AE(%1R=7-T('1H870@:&%V92!N;W0@>65T(&]C8W5R<F5D+B`\+V9O
M;G0^#0H)"3PO<#X-"@D)/'`^/&9O;G0@<VEZ93TS1#$^(#PO9F]N=#X\+W`^
M#0H)/"]D:78^(#PO9&EV/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM
M+3U?3F5X=%!A<G1?,6(X960W.#1?8C0X8E\T8S8Q7SDU-3A?934T.3$P.31B
M-&%D#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z+S%B.&5D-S@T7V(T
M.&)?-&,V,5\Y-34X7V4U-#DQ,#DT8C1A9"]7;W)K<VAE971S+U-H965T,3(N
M:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT
M86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S
M8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I
M=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA<G-E
M=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A<V-R:7!T('-R8STS
M1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\+W-C
M<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S<STS1')E
M<&]R="!I9#TS1$E$,$571T%#/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@
M8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$,CX\<W1R;VYG/E-I
M9VYI9FEC86YT($%C8V]U;G1I;F<@4&]L:6-I97,@*%!O;&EC>2D\8G(^/"]S
M=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS
M1#$^,R!-;VYT:',@16YD960\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^36%R+B`S,2P@,C`Q,SQB<CX\
M+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY3:6=N
M:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S(%M!8G-T<F%C=%T\+W-T<F]N
M9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^5F%L=6%T:6]N
M($]F(%!A;&QA9&EU;3PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^
M/&1I=CX@/&1I=B!S='EL93TS1&UA<F=I;BUL969T.C!P=#MM87)G:6XM<FEG
M:'0Z,'!T.SX-"@D)/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT
M.F)O;&0[9F]N="US='EL93II=&%L:6,[)SXR+C$N(%9A;'5A=&EO;B!O9B!0
M86QL861I=6T\+V9O;G0^#0H)"3PO<#X-"@D)/'`@<W1Y;&4],T0G;6%R9VEN
M.CAP="`P<'0@,'!T.W1E>'0M86QI9VXZ:G5S=&EF>3MT97AT+6IU<W1I9GDZ
M:6YT97(M:61E;V=R87!H.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@
M:6YL:6YE.R<^4&%L;&%D:75M(&ES(&AE;&0@8GD@2E!-;W)G86X@0VAA<V4@
M0F%N:RP@3BY!+B`H=&AE("8C>#(P,4,[0W5S=&]D:6%N)B-X,C`Q1#LI+"!O
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M:7@@=7-E9"!T;R!D971E<FUI;F4@=&AE(&YE="!A<W-E="!V86QU92`H=&AE
M("8C>#(P,4,[3D%6)B-X,C`Q1#LI(&]F('1H92!4<G5S="X@4F5A;&EZ960@
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M<#X-"@D)/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M86QI
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M<V]R("AT:&4@)B-X,C`Q0SM3<&]N<V]R)B-X,C`Q.3MS($9E928C>#(P,40[
M*2P@9G)O;2!T:&4@9F%I<B!V86QU92!O9B!T:&4@<&%L;&%D:75M(&%N9"!A
M;&P@;W1H97(@87-S971S(&AE;&0@8GD@=&AE(%1R=7-T+B`\+V9O;G0^#0H)
M"3PO<#X-"@D)/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M
M86QI9VXZ:G5S=&EF>3MT97AT+6IU<W1I9GDZ:6YT97(M:61E;V=R87!H.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^5&AE('1A8FQE
M(&)E;&]W('-U;6UA<FEZ97,@=&AE('5N<F5A;&EZ960@9V%I;G,@;VX@=&AE
M(%1R=7-T)B-X,C`Q.3MS('!A;&QA9&EU;2!H;VQD:6YG<R!A<R!O9B`\+V9O
M;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^36%R8V@@,S$L
M(#(P,3,@86YD($1E8V5M8F5R(#,Q+"`R,#$R/"]F;VYT/CQF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ(&EN;&EN93LG/CH\+V9O;G0^#0H)"3PO<#X-"@D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P=#MT97AT+6%L:6=N.FIU<W1I9GD[=&5X="UJ
M=7-T:69Y.FEN=&5R+6ED96]G<F%P:#ML:6YE+6AE:6=H=#IN;W)M86P[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,7!T)SX-"@D)
M"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7-I>F4Z,7!T
M.R<^)FYB<W`[/"]F;VYT/@T*"0D\+W`^#0H)"3QD:78@<W1Y;&4],T1W:61T
M:#HQ,#`E/CQT86)L92!C96QL<&%D9&EN9STS1#`@8V5L;'-P86-I;F<],T0P
M('-T>6QE/3-$)V)O<F1E<BUC;VQL87!S93IC;VQL87!S93MW:61T:#H@,3`P
M+C`P)3MM87)G:6XM;&5F=#HP<'0[)SX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-BXP,B4[(&)O<F1E<BUT
M;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF;VYT+7-I>F4Z(#%P="<^
M#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="US
M:7IE.C%P=#LG/B9N8G-P.SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\
M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XW,B4[(&)O
M<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,30N,#8E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D96X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C0R)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O
M;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O;G0M<VEZ93H@,3!P
M="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XW,B4[(&)O<F1E<BUT
M;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF;VYT+7-I>F4Z(#$P<'0G
M/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,30N,#8E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D96X[9F]N="US:7IE.B`Q,'!T)SX-
M"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)"3QT
M<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V
M-BXP,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O
M;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^)FYB<W`[/"]F;VYT/CPO
M<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4]
M,T0G=VED=&@Z(#`Q+C<R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T
M;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P
M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T
M9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q
M-"XP-B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB
M<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@,#(N-#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN
M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C<R)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O
M;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)
M/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H
M.B`Q-"XP-B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)
M"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M
M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)
M)FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D\+W1R/@T*"0D)/'1R/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#8V+C`R)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL
M93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL
M93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF;F)S<#L\+V9O;G0^/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@,#`N,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN
M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$
M)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.R<^36%R8V@@,S$L
M(#(P,3,\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N-#(E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T
M;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P
M.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!C;VQS<&%N/3-$,B!V86QI9VX]
M,T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`P+C`R)3L@8F]R9&5R+71O<#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR
M:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U
M=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ
M,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N
M="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="UW96EG:'0Z8F]L9#LG
M/D1E8V5M8F5R(#,Q+"`R,#$R/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)
M/"]T<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`V-BXP,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G
M/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M
M<W1Y;&4Z:71A;&EC.R<^*$%M;W5N=',@:6X@,#`P)W,@;V8@55,D*3PO9F]N
M=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T
M>6QE/3-$)W=I9'1H.B`P,2XW,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG
M.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP
M-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,30N,#8E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L
M:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C0R)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL
M93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XW,B4[(&)O<F1E<BUT;W`Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A
M=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN
M.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB
M<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@,30N,#8E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN
M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)/"]T<CX-
M"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`V-BXP,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG
M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY);G9E<W1M
M96YT(&EN('!A;&QA9&EU;2`M(&%V97)A9V4@8V]S=#PO9F]N=#X\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`P,2XW,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG
M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X
M="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O
M;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y
M.B!I;FQI;F4[)SXD/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$T+C`V)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(T-#14-&1CL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N
M="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO
M=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXT.#8L,30W)FYB
M<W`[#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`P,BXT,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z
M(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U
M<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P
M="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XW,B4[(&)O<F1E<BUT
M;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O
M;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.B!I;FQI;F4[)SXD/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$T+C`V)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(T-#14-&1CL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA
M;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A
M<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXT-#4L
M,#,X)FYB<W`[#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C8N,#(E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE
M/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ(&EN;&EN93LG/E5N<F5A;&EZ960@9V%I;B!O;B!I;G9E
M<W1M96YT(&EN('!A;&QA9&EU;3PO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XW,B4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@<V]L:60@(S`P
M,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E
M<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$T+C`V)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D
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M=VED=&@Z(#`R+C0R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG
M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$
M8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XW,B4[(&)O<F1E<BUT;W`Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T
M;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$T+C`V
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C
M,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-A=71O.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O
M;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W
M<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/C4R
M+#DX,B9N8G-P.PT*"0D)"3PO=&0^#0H)"0D\+W1R/@T*"0D)/'1R/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#8V+C`R)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T
M>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/DEN=F5S=&UE;G0@:6X@<&%L;&%D
M:75M("T@;6%R:V5T('9A;'5E/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C<R)3L@
M8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q+C5P="!S;VQI9"`C
M,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC
M96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[
M)SXD/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$T+C`V)3L@8F]R9&5R+71O<#H@,7!T
M('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#
M0T5#1D8[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ
M93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^
M/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^-3@Y+#,T."9N8G-P.PT*
M"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@,#(N-#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-S(E.R!B;W)D97(M=&]P.B`Q
M<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O;&ED(",P,#`P,#`[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I
M<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,30N,#8E.R!B
M;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O;&ED(",P
M,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(T-#14-&1CL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2
M;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO
M=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXT
M.3@L,#(P)FYB<W`[#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"3PO=&%B;&4^
M/"]D:78^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MT97AT
M+6%L:6=N.FIU<W1I9GD[=&5X="UJ=7-T:69Y.FEN=&5R+6ED96]G<F%P:#MF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
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M;B!V86QU92X@/"]F;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I
M;CHX<'0@,'!T(#!P=#MT97AT+6%L:6=N.FIU<W1I9GD[=&5X="UJ=7-T:69Y
M.FEN=&5R+6ED96]G<F%P:#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ
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M;VYT/@T*"0D\+W`^#0H)"3QP/CQF;VYT('-I>F4],T0Q/B`\+V9O;G0^/"]P
M/@T*"3PO9&EV/B`\+V1I=CX\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/E!A;&QA9&EU;2!296-E:79A8FQE($]R(%!A
M>6%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQD:78^(#QD
M:78@<W1Y;&4],T1M87)G:6XM;&5F=#HP<'0[;6%R9VEN+7)I9VAT.C!P=#L^
M#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.R<^
M,BXR+B`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O
M;G0M=V5I9VAT.F)O;&0[9F]N="US='EL93II=&%L:6,[)SY086QL861I=6T@
M4F5C96EV86)L92!A;F0@4&%Y86)L93PO9F]N=#X\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.B!I;FQI;F4[9F]N="UW96EG:'0Z8F]L9#LG/B9N8G-P.SPO9F]N
M=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[
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M=7-I;F5S<R!D87ES(&]F('1H92!T<F%D92!D871E+B`\+V9O;G0^#0H)"3PO
M<#X-"@D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P=#MF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ(&EN;&EN93LG/E1H97)E('=A<R`\+V9O;G0^/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^;F\\+V9O;G0^/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^('!A;&QA9&EU;2!R96-E:79A8FQE
M(&]R('!A>6%B;&4@870@/"]F;VYT/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ
M(&EN;&EN93LG/DUA<F-H(#,Q+"`R,#$S/"]F;VYT/CQF;VYT('-T>6QE/3-$
M)V1I<W!L87DZ(&EN;&EN93LG/B!A;F0@1&5C96UB97(@,S$L(#(P,3(N/"]F
M;VYT/@T*"0D\+W`^#0H)"3QP/CQF;VYT('-I>F4],T0Q/B`\+V9O;G0^/"]P
M/@T*"3PO9&EV/B`\+V1I=CX\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/D-R96%T:6]N<R!!;F0@4F5D96UP=&EO;G,@
M3V8@4VAA<F5S/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV
M/B`\9&EV('-T>6QE/3-$;6%R9VEN+6QE9G0Z,'!T.VUA<F=I;BUR:6=H=#HP
M<'0[/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D-
M"@D)/"]P/@T*"0D\<#X\9F]N="!S:7IE/3-$,3X@/"]F;VYT/CPO<#X\<"!S
M='EL93TS1'!A9V4M8G)E86LM869T97(Z86QW87ES/B9N8G-P.SPO<#X-"@D)
M/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CL[9F]N="US:7IE.B`Q,'!T)SX\9F]N="!S='EL93TS
M1"=D:7-P;&%Y.B!I;FQI;F4[)SX\+V9O;G0^#0H)"3PO<#X-"@D)/'`@<W1Y
M;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.V9O;G0M9F%M:6QY.E1I;65S($YE
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M(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.R<^)FYB<W`[/"]F;VYT/@T*"0D\
M+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MT97AT+6%L
M:6=N.FIU<W1I9GD[=&5X="UJ=7-T:69Y.FEN=&5R+6ED96]G<F%P:#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/E1H92!4<G5S="!E
M>'!E8W1S('1O(&-R96%T92!A;F0@<F5D965M(%-H87)E<R!F<F]M('1I;64@
M=&\@=&EM92P@8G5T(&]N;'D@:6X@;VYE(&]R(&UO<F4@0F%S:V5T<RX@5&AE
M(%1R=7-T(&ES<W5E<R!3:&%R97,@:6X@0F%S:V5T<R!T;R!!=71H;W)I>F5D
M(%!A<G1I8VEP86YT<R!O;B!A;B!O;F=O:6YG(&)A<VES+B!);F1I=FED=6%L
M(&EN=F5S=&]R<R!C86YN;W0@<'5R8VAA<V4@;W(@<F5D965M(%-H87)E<R!I
M;B!D:7)E8W0@=')A;G-A8W1I;VYS('=I=&@@=&AE(%1R=7-T+B!!;B!!=71H
M;W)I>F5D(%!A<G1I8VEP86YT(&ES(&$@<&5R<V]N('=H;R`H,2D@:7,@82!R
M96=I<W1E<F5D(&)R;VME<BUD96%L97(@;W(@;W1H97(@<V5C=7)I=&EE<R!M
M87)K970@<&%R=&EC:7!A;G0@<W5C:"!A<R!A(&)A;FL@;W(@;W1H97(@9FEN
M86YC:6%L(&EN<W1I='5T:6]N('=H:6-H(&ES(&YO="!R97%U:7)E9"!T;R!R
M96=I<W1E<B!A<R!A(&)R;VME<BUD96%L97(@=&\@96YG86=E(&EN('-E8W5R
M:71I97,@=')A;G-A8W1I;VYS+"`H,BD@:7,@82!P87)T:6-I<&%N="!I;B!4
M:&4@1&5P;W-I=&]R>2!4<G5S="!#;VUP86YY+"`H,RD@:&%S(&5N=&5R960@
M:6YT;R!A;B!!=71H;W)I>F5D(%!A<G1I8VEP86YT($%G<F5E;65N="!W:71H
M('1H92!4<G5S=&5E(&%N9"!T:&4@4W!O;G-O<BP@86YD("@T*2!H87,@97-T
M86)L:7-H960@86X@075T:&]R:7IE9"!087)T:6-I<&%N="!5;F%L;&]C871E
M9"!!8V-O=6YT('=I=&@@=&AE(%1R=7-T)B-X,C`Q.3MS($-U<W1O9&EA;B!O
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M/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M86QI9VXZ:G5S
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M/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA
M;&EG;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E<BUI9&5O9W)A<&@[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY!=71H;W)I>F5D
M(%!A<G1I8VEP86YT<R!M87DL(&]N(&%N>2!B=7-I;F5S<R!D87DL('!L86-E
M(&%N(&]R9&5R('=I=&@@=&AE(%1R=7-T964@=&\@8W)E871E(&]R(')E9&5E
M;2!O;F4@;W(@;6]R92!"87-K971S+B!4:&4@='EP:6-A;"!S971T;&5M96YT
M('!E<FEO9"!F;W(@4VAA<F5S(&ES('1H<F5E(&)U<VEN97-S(&1A>7,N($EN
M('1H92!E=F5N="!O9B!A('1R861E(&1A=&4@870@<&5R:6]D(&5N9"P@=VAE
M<F4@82!S971T;&5M96YT(&ES('!E;F1I;F<L(&$@<F5S<&5C=&EV92!A8V-O
M=6YT(')E8V5I=F%B;&4@86YD+V]R('!A>6%B;&4@=VEL;"!B92!R96-O<F1E
M9"X@5VAE;B!P86QL861I=6T@:7,@97AC:&%N9V5D(&EN('-E='1L96UE;G0@
M;V8@82!R961E;7!T:6]N+"!I="!I<R!C;VYS:61E<F5D(&$@<V%L92!O9B!P
M86QL861I=6T@9F]R(&9I;F%N8VEA;"!S=&%T96UE;G0@<'5R<&]S97,N/"]F
M;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P
M=#MT97AT+6%L:6=N.FIU<W1I9GD[=&5X="UJ=7-T:69Y.FEN=&5R+6ED96]G
M<F%P:#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/E1H
M92!A;6]U;G0@;V8@<&%L;&%D:75M(')E<')E<V5N=&5D(&)Y('1H92!"87-K
M971S(&-R96%T960@;W(@<F5D965M960@8V%N(&]N;'D@8F4@<V5T=&QE9"!T
M;R!T:&4@;F5A<F5S="`Q+S$P,#`\+V9O;G0^/'-U<"!S='EL93TS1"=D:7-P
M;&%Y.B!I;FQI;F4[)SYT:"`\+W-U<#X\9F]N="!S='EL93TS1"=D:7-P;&%Y
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M:&ES(&%M;W5N="!I<R!N;W0@;6]R92!T:&%N(#$O,3`P,#PO9F]N=#X\<W5P
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/G1H/"]S=7`^/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^(&]F(&%N(&]U;F-E+CPO9F]N=#X-
M"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X
M="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E<BUI9&5O9W)A<&@[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY4:&4@4VAA
M<F5S(&]F('1H92!4<G5S="!A<F4@8VQA<W-I9FEE9"!A<R`F(W@R,#%#.U)E
M9&5E;6%B;&4@4VAA<F5S)B-X,C`Q1#L@9F]R(&9I;F%N8VEA;"!S=&%T96UE
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M/3-$)V1I<W!L87DZ(&EN;&EN93LG/D1E8V5M8F5R(#,Q+"`R,#$R/"]F;VYT
M/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B!A<F4@<V5T(&]U
M="!B96QO=SH@/"]F;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0[=&5X="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E<BUI
M9&5O9W)A<&@[;&EN92UH96EG:'0Z;F]R;6%L.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#%P="<^#0H)"0D\9F]N="!S='EL93TS
M1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="US:7IE.C%P=#LG/B9N8G-P.SPO9F]N
M=#X-"@D)/"]P/@T*"0D\9&EV('-T>6QE/3-$=VED=&@Z,3`P)3X\=&%B;&4@
M8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$,"!S='EL93TS1"=B;W)D
M97(M8V]L;&%P<V4Z8V]L;&%P<V4[=VED=&@Z(#$P,"XP,"4[;6%R9VEN+6QE
M9G0Z,'!T.R<^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN
M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[:&5I9VAT.C%P=#MO
M=F5R9FQO=SIH:61D96X[9F]N="US:7IE.B`Q<'0G/@T*"0D)"0D)/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M<VEZ93HQ<'0[)SXF;F)S
M<#L\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[:&5I9VAT
M.C%P=#MO=F5R9FQO=SIH:61D96X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
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M="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.VAE:6=H=#HQ
M<'0[;W9E<F9L;W<Z:&ED9&5N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF
M;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMH96EG:'0Z,7!T
M.V]V97)F;&]W.FAI9&1E;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB
M<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN
M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[:&5I9VAT.C%P=#MO
M=F5R9FQO=SIH:61D96X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P
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M(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U
M<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E
M<F9L;W<Z:&ED9&5N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\
M+W`^#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I
M<W!L87DZ(&EN;&EN93LG/B9N8G-P.SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV
M."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N
M=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P
M<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-C`E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\
M+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)
M"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI
M;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF
M;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)
M"0D\+W1D/@T*"0D)/"]T<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$
M8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG
M:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O
M.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P
M="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT
M+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@
M:6YL:6YE.R<^)FYB<W`[/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!C;VQS<&%N/3-$,B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#`P+C`R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)
M"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG
M;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI
M;F4[9F]N="UW96EG:'0Z8F]L9#LG/E1H<F5E($UO;G1H<SPO9F]N=#X\+W`^
M#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E
M>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,#`N,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T
M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT
M97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.R<^665A<CPO9F]N=#X\+W`^
M#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ(&EN;&EN93LG/B9N8G-P.SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@8V]L<W!A;CTS1#(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`P,"XP,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-
M"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M
M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT
M+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@
M:6YL:6YE.V9O;G0M=V5I9VAT.F)O;&0[)SY%;F1E9#PO9F]N=#X\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-
M"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M
M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT
M+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)
M"0D)/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@,#`N,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT
M+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ
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M,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O
M;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y
M.B!I;FQI;F4[9F]N="US='EL93II=&%L:6,[)SXH06UO=6YT<R!I;B`P,#`G
M<R!O9B!54R0L(&5X8V5P="!F;W(@4VAA<F4@86YD('!E<B!3:&%R92!D871A
M*3PO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@8V]L<W!A;CTS1#(@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,"XP,B4[(&)O<F1E
M<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L
M;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G
M;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)
M"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT
M.F)O;&0[)SY-87)C:"`S,2P@,C`Q,SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS
M-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N
M=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P
M<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D(&-O
M;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#`N
M,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E
M;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
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M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I
M<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.W1E>'0M9&5C;W)A=&EO
M;CIU;F1E<FQI;F4[)SY.=6UB97(@;V8@<F5D965M86)L92!3:&%R97,\+V9O
M;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*
M"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%
M0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN
M.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N
M-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB
M<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D\+W1R
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M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY/<&5N:6YG
M(&)A;&%N8V4\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
M8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#$S+C8P)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M
M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X
M="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS
M1&9L;V%T.FQE9G0^/"]D:78^-RPR-3`L,#`P)FYB<W`[#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS
M-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[
M/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@
M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
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M93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^
M/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^-2PY-3`L,#`P)FYB<W`[
M#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3H@:6YL:6YE.R<^0W)E871I;VYS/"]F;VYT/CPO<#X-"@D)"0D\+W1D
M/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q
M+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE
M9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N
M.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
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M9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS
M1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXV-3`L,#`P
M)FYB<W`[#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T
M>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I
M;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P
M+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E
M<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L
M;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W
M(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O;G0M9F%M:6QY.B!4
M:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@
M<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE
M9G0^/"]D:78^,BPY,#`L,#`P)FYB<W`[#0H)"0D)/"]T9#X-"@D)"3PO='(^
M#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/E)E9&5M<'1I
M;VYS/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG
M:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O
M.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P
M="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[
M/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M9F%M
M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA
M;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L
M;V%T.FQE9G0^/"]D:78^*#$P,"PP,#`I#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E
M<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L
M;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G
M;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*
M"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)
M"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@
M9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T
M.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T
M>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXH,2PV,#`L,#`P*0T*"0D)"3PO=&0^
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M(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN
M93LG/D-L;W-I;F<@8F%L86YC93PO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[
M(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,2XU<'0@<V]L:60@
M(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ
M8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-C`E.R!B;W)D
M97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O;&ED(",P,#`P
M,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(T-#14-&1CL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA
M;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A
M<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXW+#@P
M,"PP,#`F;F)S<#L-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@
M8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q+C5P="!S;VQI9"`C
M,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S
M<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T
M>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C
M,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!F
M;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[
M('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y
M;&4],T1F;&]A=#IL969T/CPO9&EV/C<L,C4P+#`P,"9N8G-P.PT*"0D)"3PO
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M="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI
M;F4[)SXF;F)S<#L\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M
M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)
M"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!S
M;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL
M93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^
M#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T
M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
M"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX]
M,T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$S+C4X)3L@8F]R9&5R+71O<#H@
M,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A
M=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN
M.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
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M;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P
M+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[
M9F]N="UW96EG:'0Z8F]L9#MT97AT+61E8V]R871I;VXZ=6YD97)L:6YE.R<^
M4F5D965M86)L92!3:&%R97,\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE
M/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
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M,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O
M;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS
M-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[
M/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@
M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
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M:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T
M9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL
M:6YE.R<^3W!E;FEN9R!B86QA;F-E/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E
M;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG
M/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&
M.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P
M<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@
M<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/C0Y-RPW-C4F;F)S<#L-"@D)"0D\
M+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN
M;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M0T-%0T9&.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I
M>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P
M/CQD:78@<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/C,W,RPY,S4F;F)S<#L-
M"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A
M=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN
M.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA
M>3H@:6YL:6YE.R<^0W)E871I;VYS/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S
M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT
M97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P
M="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E<BUT
M;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
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M:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[
M('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T
M(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M
M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
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M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ,B4[(&)O
M<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL
M93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL
M93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY2961E;7!T:6]N<SPO9F]N=#X\+W`^
M#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P
M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T
M9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q
M,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O;G0M9F%M:6QY.B!4:6UE<R!.
M97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[
M)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D
M:78^*#8L-S8W*0T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y
M;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P
M/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!F;VYT+69A;6EL
M>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI
M9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A
M=#IL969T/CPO9&EV/B@Y."PX-3(I#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)
M"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/D%D:G5S=&UE;G0@
M=&\@<F5D96UP=&EO;B!V86QU93PO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@<V]L:60@(S`P
M,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E
M<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$S+C8P)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D
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M:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG
M:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O
M.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P
M="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT
M+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E
M.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T('-O;&ED(",P
M,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M
M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R
M87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^,C<L
M-C@U)FYB<W`[#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y
M;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^0VQO<VEN9R!B86QA;F-E/"]F;VYT
M/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P
M,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M8F]T=&]M.B`Q+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A
M9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P
M="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL
M93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXD/"]F;VYT/CPO<#X-"@D)"0D\+W1D
M/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$S
M+C8P)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q+C5P="!S
M;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O;G0M9F%M:6QY.B!4:6UE
M<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG
M:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^
M/"]D:78^-3@Y+#`T-R9N8G-P.PT*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO
M=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T
M('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^
M/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P
M,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB
M;W1T;VTZ(#$N-7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@9F]N
M="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T
M97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE
M/3-$9FQO870Z;&5F=#X\+V1I=CXT.3<L-S8U)FYB<W`[#0H)"0D)/"]T9#X-
M"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN
M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG
M/B9N8G-P.SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z
M(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
M8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#$S+C8P)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED
M(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)
M"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED
M=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-
M"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)
M"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@
M<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[
M('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T
M(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M
M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)
M"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@
M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/E)E
M9&5M<'1I;VX@=F%L=64@<&5R(%-H87)E(&%T('!E<FEO9"!E;F0\+V9O;G0^
M/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@
M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I
M<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-C`E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C875T;SL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@
M9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS
M1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXW-2XU,B9N
M8G-P.PT*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@
M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G
M:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
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M;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N
M;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^-C@N-C8F;F)S
M<#L-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)/"]T86)L93X\+V1I=CX-"@D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P=#ML:6YE+6AE:6=H=#IN;W)M86P[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF;F)S<#L\+V9O
M;G0^#0H)"3PO<#X-"@D)/'`^/&9O;G0@<VEZ93TS1#$^(#PO9F]N=#X\+W`^
M#0H)/"]D:78^(#PO9&EV/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^4F5V96YU92!296-O9VYI=&EO;B!0;VQI8WD\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQD:78^(#QD:78@<W1Y
M;&4],T1M87)G:6XM;&5F=#HP<'0[;6%R9VEN+7)I9VAT.C!P=#L^#0H)"3QP
M('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.V9O;G0M<W1Y
M;&4Z:71A;&EC.R<^,BXT+B!2979E;G5E(%)E8V]G;FET:6]N(%!O;&EC>3PO
M9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P
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M97(@=&\@;6EN:6UI>F4@=&AE(%1R=7-T)B-X,C`Q.3MS(&AO;&1I;F=S(&]F
M(&%S<V5T<R!O=&AE<B!T:&%N('!A;&QA9&EU;2X\+V9O;G0^#0H)"3PO<#X-
M"@D)/'`@<W1Y;&4],T0G;6%R9VEN.CAP="`P<'0@,'!T.W1E>'0M86QI9VXZ
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M/@T*"0D\+W`^#0H)"3QP/CQF;VYT('-I>F4],T0Q/B`\+V9O;G0^/"]P/@T*
M"3PO9&EV/B`\+V1I=CX\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^
M#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$
M<&P@=F%L:6=N/3-$=&]P/DEN8V]M92!487AE<SPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'1E>'0^/&1I=CX@/&1I=B!S='EL93TS1&UA<F=I;BUL969T
M.C!P=#MM87)G:6XM<FEG:'0Z,'!T.SX-"@D)/'`@<W1Y;&4],T0G;6%R9VEN
M.CAP="`P<'0@,'!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT
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M9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P
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M9"P@=&AE(%1R=7-T)B-X,C`Q.3MS(&EN8V]M92!A;F0@97AP96YS97,@=VEL
M;"`F(W@R,#%#.V9L;W<@=&AR;W5G:"8C>#(P,40[('1O('1H92!3:&%R96AO
M;&1E<G,L(&%N9"!T:&4@5')U<W1E92!W:6QL(')E<&]R="!T:&4@5')U<W0F
M(W@R,#$Y.W,@<')O8V5E9',L(&EN8V]M92P@9&5D=6-T:6]N<RP@9V%I;G,L
M(&%N9"!L;W-S97,@=&\@=&AE($EN=&5R;F%L(%)E=F5N=64@4V5R=FEC92!O
M;B!T:&%T(&)A<VES+CPO9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M
M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S
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M9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY-87)C:"`S,2P@,C`Q
M,SPO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXN("9N
M8G-P.SPO9F]N=#X-"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T
M(#!P="`P<'0[=&5X="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E
M<BUI9&5O9W)A<&@[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M
M<VEZ93H@,3!P="<^#0H)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI
M;F4[)SXF;F)S<#L\+V9O;G0^#0H)"3PO<#X-"@D)/'`^/&9O;G0@<VEZ93TS
M1#$^(#PO9F]N=#X\+W`^#0H)/"]D:78^(#PO9&EV/CQS<&%N/CPO<W!A;CX\
M+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@
M("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^26YV97-T;65N="!)
M;B!086QL861I=6T\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQD
M:78^(#QD:78@<W1Y;&4],T1M87)G:6XM;&5F=#HP<'0[;6%R9VEN+7)I9VAT
M.C!P=#L^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB
M;VQD.R<^,BXV+B`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL
M:6YE.V9O;G0M=V5I9VAT.F)O;&0[9F]N="US='EL93II=&%L:6,[)SY);G9E
M<W1M96YT(&EN(%!A;&QA9&EU;3PO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.B!I;FQI;F4[9F]N="UW96EG:'0Z8F]L9#LG/B9N8G-P.SPO9F]N=#X-
M"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X
M="UA;&EG;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E<BUI9&5O9W)A<&@[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY#:&%N9V5S
M(&EN(&]U;F-E<R!O9B!P86QL861I=6T@86YD('1H92!R97-P96-T:79E('9A
M;'5E<R!F;W(@/"]F;VYT/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN
M93LG/G1H92`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE
M.R<^=&AR964@;6]N=&AS(&5N9&5D($UA<F-H(#,Q+"`R,#$S/"]F;VYT/CQF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B!A;F0@9F]R('1H92!Y
M96%R(&5N9&5D(#PO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI
M;F4[)SY$96-E;6)E<B`S,2P@,C`Q,CPO9F]N=#X\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.B!I;FQI;F4[)SX@87)E('-E="!O=70@8F5L;W<Z(#PO9F]N=#X-
M"@D)/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T.W1E>'0M86QI9VXZ
M:G5S=&EF>3MT97AT+6IU<W1I9GDZ:6YT97(M:61E;V=R87!H.VQI;F4M:&5I
M9VAT.FYO<FUA;#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q<'0G/@T*"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE
M.V9O;G0M<VEZ93HQ<'0[)SXF;F)S<#L\+V9O;G0^#0H)"3PO<#X-"@D)/&1I
M=B!S='EL93TS1'=I9'1H.C$P,"4^/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C
M96QL<W!A8VEN9STS1#`@<W1Y;&4],T0G8F]R9&5R+6-O;&QA<'-E.F-O;&QA
M<'-E.W=I9'1H.B`Q,#`N,#`E.VUA<F=I;BUL969T.C!P=#LG/@T*"0D)/'1R
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M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O
M;G0M<VEZ93H@,7!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ
M(&EN;&EN93MF;VYT+7-I>F4Z,7!T.R<^)FYB<W`[/"]F;VYT/CPO<#X-"@D)
M"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED
M=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*
M"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED
M9&5N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)
M/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H
M.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)
M"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M
M:6QY.E1I;65S($YE=R!2;VUA;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO
M=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D96X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D
M/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q
M+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE
M9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O
M;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU
M."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF;VYT
M+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)
M"0D\+W1R/@T*"0D)/'1R/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G=VED=&@Z(#8W+C$R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB
M;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z
M(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U
M<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P
M="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF
M;F)S<#L\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T
M;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P
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M(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U
M<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P
M="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT
M;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO
M=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
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M;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P
M+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"3PO='(^
M#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B9N8G-P.SPO
M9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@8V]L<W!A;CTS1#(@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,"XP,B4[(&)O<F1E<BUT
M;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M
M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)
M/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT.F)O
M;&0[)SY4:')E92!-;VYT:',\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE
M/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
M"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!C;VQS<&%N
M/3-$,B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`P+C`R)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL
M93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([
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M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF;F)S
M<#L\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D(&-O;'-P86X],T0R
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#`N,#(E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H
M=#IB;VQD.R<^16YD960\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!C;VQS<&%N/3-$
M,B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`P+C`R)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="UW96EG
M:'0Z8F]L9#LG/D5N9&5D/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)/"]T
M<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M<W1Y
M;&4Z:71A;&EC.R<^*$%M;W5N=',@:6X@,#`P)W,@;V8@55,D+"!E>&-E<'0@
M9F]R(&]U;F-E<R!D871A*3PO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\
M=&0@8V]L<W!A;CTS1#(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H
M.B`P,"XP,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)
M"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI
M9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL
M:6YE.V9O;G0M=V5I9VAT.F)O;&0[)SY-87)C:"`S,2P@,C`Q,SPO9F]N=#X\
M+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO
M=&0^#0H)"0D)/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@,#`N,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@
M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I
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M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD
M.W1E>'0M9&5C;W)A=&EO;CIU;F1E<FQI;F4[)SY/=6YC97,@;V8@<&%L;&%D
M:75M/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&
M1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P
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M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)
M"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED
M=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
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M<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*
M"0D)/"]T<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T
M>6QE/3-$)W=I9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG
M.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP
M-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P
M<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^
M3W!E;FEN9R!B86QA;F-E/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$
M8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG
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M:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A
M9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P
M="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\
M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O
M<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y
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M/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ(&EN;&EN93LG/D-R96%T:6]N<SPO9F]N=#X\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG
M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X
M="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O
M;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV
M,"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@
M4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N
M;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^
M-C,L.#$Q+C$F;F)S<#L-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&
M1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P
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M86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT
M+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$
M9FQO870Z;&5F=#X\+V1I=CXR.#8L,38V+C$F;F)S<#L-"@D)"0D\+W1D/@T*
M"0D)/"]T<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T
M>6QE/3-$)W=I9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG
M.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP
M-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P
M<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^
M4F5D96UP=&EO;G,\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
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M=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL
M93TS1&9L;V%T.FQE9G0^/"]D:78^*#DL.#(Q+C8I#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y
M;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P
M/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T
M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
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M,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I
M=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^*#$U-RPT,3DN."D-"@D)"0D\
M+W1D/@T*"0D)/"]T<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[
M('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T
M(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M
M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I
M;FQI;F4[)SY4<F%N<V9E<G,@;V8@<&%L;&%D:75M('1O('!A>2!E>'!E;G-E
M<SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&
M.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P
M="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[
M/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@9F]N="UF
M86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT
M+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$
M9FQO870Z;&5F=#X\+V1I=CXH,2PP-S8N-"D-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE
M/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-
M"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G
M=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ
M(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P
M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
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M(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M
M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I
M;FQI;F4[)SY#;&]S:6YG(&)A;&%N8V4\+V9O;G0^/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N
M-C@E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE
M9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O
M;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)
M"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG
M;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\
M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O
M<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P
M,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C875T;SL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA
M;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A
M<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXW-C4L
M,S@W+C8F;F)S<#L-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A
M9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P
M="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\
M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O
M<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P
M,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO
M<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4]
M,T0G=VED=&@Z(#$S+C4X)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P
M,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N
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M(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U
M<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P
M="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF
M;F)S<#L\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q
M<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR
M:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U
M=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ
M,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S
M<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T
M>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C
M,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN
M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O
M;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)
M/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H
M.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G=VED=&@Z(#$S+C4X)3L@8F]R9&5R+71O<#H@,7!T('-O
M;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D\
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M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT
M+7=E:6=H=#IB;VQD.W1E>'0M9&5C;W)A=&EO;CIU;F1E<FQI;F4[)SY);G9E
M<W1M96YT(&EN('!A;&QA9&EU;2`H;&]W97(@;V8@8V]S="!O<B!M87)K970I
M/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO
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M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
M)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\
M+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
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M,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)
M/"]T<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G
M/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^3W!E
M;FEN9R!B86QA;F-E/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF
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M;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T
M.FQE9G0^/"]D:78^-#0U+#`S."9N8G-P.PT*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)
M"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED
M=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*
M"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA
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M93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^
M/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^,S4Q+#`X,R9N8G-P.PT*
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M;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ(&EN;&EN93LG/D-R96%T:6]N<SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV
M."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC
M96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E
M<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L
M;W(Z("-#0T5#1D8[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O
M;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N
M;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^-#<L.3(R)FYB
M<W`[#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z
M(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U
M<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P
M="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT
M;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)
M"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[
M(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P
M=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S
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M="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI
M;F4[)SY2961E;7!T:6]N<SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\
M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O
M<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)
M"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI
M9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-C`E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@9F]N="UF86UI;'DZ(%1I;65S
M($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H
M=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\
M+V1I=CXH-BPQ,S4I#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L
M:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)
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M:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^
M/"]D:78^*#DX+#(S-BD-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)"3QT<CX-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ
M,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N
M="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY4<F%N<V9E<G,@;V8@<&%L
M;&%D:75M('1O('!A>2!E>'!E;G-E<SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV
M."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@<V]L:60@
M(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ
M8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-C`E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T('-O;&ED(",P,#`P,#`[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(T-#14-&1CL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@
M9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS
M1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXH-C<X*0T*
M"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6)O='1O;3H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR
M:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#
M14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
M8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#$S+C4X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O
M;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@
M=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL
M93TS1&9L;V%T.FQE9G0^/"]D:78^*#(L.#`V*0T*"0D)"3PO=&0^#0H)"0D\
M+W1R/@T*"0D)/'1R/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4]
M,T0G=VED=&@Z(#8W+C$R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T
M;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P
M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY#;&]S
M:6YG(&)A;&%N8V4\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M
M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O;&ED(",P,#`P,#`[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXD/"]F;VYT
M/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G=VED=&@Z(#$S+C8P)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P
M,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M8F]T=&]M.B`Q+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!F;VYT
M+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E
M>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4]
M,T1F;&]A=#IL969T/CPO9&EV/C0X-BPQ-#<F;F)S<#L-"@D)"0D\+W1D/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S
M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\
M+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P
M,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,2XU<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN
M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$
M)V1I<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E
M.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O;&ED
M(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@
M4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N
M;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^
M-#0U+#`S."9N8G-P.PT*"0D)"3PO=&0^#0H)"0D\+W1R/@T*"0D\+W1A8FQE
M/CPO9&EV/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T.VQI;F4M:&5I9VAT
M.FYO<FUA;#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG
M/B9N8G-P.SPO9F]N=#X-"@D)/"]P/@T*"0D\<#X\9F]N="!S:7IE/3-$,3X@
M/"]F;VYT/CPO<#X-"@D\+V1I=CX@/"]D:78^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y%>'!E;G-E<SPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/&1I=CX@/&1I=B!S='EL93TS1&UA
M<F=I;BUL969T.C!P=#MM87)G:6XM<FEG:'0Z,'!T.SX-"@D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.CAP="`P<'0@,'!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)#0H)"3PO<#X-"@D)/'`^/&9O
M;G0@<VEZ93TS1#$^(#PO9F]N=#X\+W`^/'`@<W1Y;&4],T1P86=E+6)R96%K
M+6%F=&5R.F%L=V%Y<SXF;F)S<#L\+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I
M;CHX<'0@,'!T(#!P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[.V9O
M;G0M<VEZ93H@,3!P="<^/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE
M.R<^/"]F;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHX<'0@
M,'!T(#!P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF
M;VYT+7=E:6=H=#IB;VQD.R<^,BXW+B`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G
M9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT.F)O;&0[9F]N="US='EL93II
M=&%L:6,[)SY%>'!E;G-E<SPO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y
M.B!I;FQI;F4[9F]N="UW96EG:'0Z8F]L9#LG/B9N8G-P.SPO9F]N=#X-"@D)
M/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA
M;&EG;CIJ=7-T:69Y.W1E>'0M:G5S=&EF>3II;G1E<BUI9&5O9W)A<&@[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY4:&4@5')U<W0@
M=VEL;"!T<F%N<V9E<B!P86QL861I=6T@=&\@=&AE(%-P;VYS;W(@=&\@<&%Y
M('1H92!3<&]N<V]R)B-X,C`Q.3MS($9E92!T:&%T('=I;&P@86-C<G5E(&1A
M:6QY(&%T(&%N(&%N;G5A;&EZ960@<F%T92!E<75A;"!T;R`\+V9O;G0^/&9O
M;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^,"XV,#PO9F]N=#X\9F]N
M="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXE(&]F('1H92!A9&IU<W1E
M9"!N970@87-S970@=F%L=64@*"8C>#(P,4,[04Y!5B8C>#(P,40[*2!O9B!T
M:&4@5')U<W0L('!A:60@;6]N=&AL>2!I;B!A<G)E87)S+CPO9F]N=#X-"@D)
M/"]P/@T*"0D\<"!S='EL93TS1"=M87)G:6XZ.'!T(#!P="`P<'0[=&5X="UA
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M:6YG('1H92!4<G5S=&5E)B-X,C`Q.3MS(&UO;G1H;'D@9F5E(&%N9"!O=70@
M;V8@<&]C:V5T(&5X<&5N<V5S+"!T:&4@0W5S=&]D:6%N)B-X,C`Q.3MS(&9E
M92!A;F0@=&AE(')E:6UB=7)S96UE;G0@;V8@=&AE($-U<W1O9&EA;B8C>#(P
M,3D[<R!E>'!E;G-E<RP@97AC:&%N9V4@;&ES=&EN9R!F965S+"!5;FET960@
M4W1A=&5S(%-E8W5R:71I97,@86YD($5X8VAA;F=E($-O;6UI<W-I;VX@*'1H
M92`F(W@R,#%#.U-%0R8C>#(P,40[*2!R96=I<W1R871I;VX@9F5E<RP@<')I
M;G1I;F<@86YD(&UA:6QI;F<@8V]S=',L(&%U9&ET(&9E97,@86YD(&-E<G1A
M:6X@;&5G86P@97AP96YS97,N/"]F;VYT/@T*"0D\+W`^#0H)"3QP('-T>6QE
M/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MT97AT+6%L:6=N.FIU<W1I9GD[=&5X
M="UJ=7-T:69Y.FEN=&5R+6ED96]G<F%P:#MF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE/3-$
M)V1I<W!L87DZ(&EN;&EN93LG/D9O<B!T:&4@/"]F;VYT/CQF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ(&EN;&EN93LG/G1H<F5E(&UO;G1H<R!E;F1E9"!-87)C
M:"`S,2P@,C`Q,R!A;F0@,C`Q,CPO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.B!I;FQI;F4[)SXL('1H92!3<&]N<V]R)B-X,C`Q.3MS($9E92!W87,@
M)#PO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXX,C$L
M,#DX/"]F;VYT/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B!A
M;F0@)#PO9F]N=#X\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXV
M.#DL,C`R/"]F;VYT/CQF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG
M/BP@<F5S<&5C=&EV96QY+B!!="`\+V9O;G0^/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3H@:6YL:6YE.R<^36%R8V@@,S$L(#(P,3,\+V9O;G0^/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^(&%N9"!A="`\+V9O;G0^/&9O;G0@
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M96QY+B`\+V9O;G0^#0H)"3PO<#X-"@D)/'`^/&9O;G0@<VEZ93TS1#$^(#PO
M9F]N=#X\+W`^#0H)/"]D:78^(#PO9&EV/CQS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\
M=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^4W5B<V5Q=65N="!%=F5N=',\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQD:78^(#QD:78@<W1Y
M;&4],T1M87)G:6XM;&5F=#HP<'0[;6%R9VEN+7)I9VAT.C!P=#L^#0H)"3QP
M('-T>6QE/3-$)VUA<F=I;CHX<'0@,'!T(#!P=#MF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"3QF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.R<^,BXX+B`\
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M>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/BP@=&AE(%1R=7-T)B-X,C`Q.3MS
M(&UA;F%G96UE;G0@:&%S(&5V86QU871E9"!T:&4@<&]S<VEB:6QI='D@;V8@
M<W5B<V5Q=65N="!E=F5N=',@97AI<W1I;F<@:6X@=&AE(%1R=7-T)B-X,C`Q
M.3MS(&9I;F%N8VEA;"!S=&%T96UE;G1S('1H<F]U9V@@=&AE(&9I;&EN9R!D
M871E+B!$=7)I;F<@=&AI<R!P97)I;V0L(&YO(&UA=&5R:6%L('-U8G-E<75E
M;G0@979E;G1S('=E<F4@:61E;G1I9FEE9"X\+V9O;G0^#0H)"3PO<#X-"@D)
M/'`^/&9O;G0@<VEZ93TS1#$^(#PO9F]N=#X\+W`^#0H)/"]D:78^(#PO9&EV
M/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE
M/@T*("`\+V)O9'D^#0H\+VAT;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?,6(X
M960W.#1?8C0X8E\T8S8Q7SDU-3A?934T.3$P.31B-&%D#0I#;VYT96YT+4QO
M8V%T:6]N.B!F:6QE.B\O+T,Z+S%B.&5D-S@T7V(T.&)?-&,V,5\Y-34X7V4U
M-#DQ,#DT8C1A9"]7;W)K<VAE971S+U-H965T,3,N:'1M;`T*0V]N=&5N="U4
M<F%N<V9E<BU%;F-O9&EN9SH@<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4
M>7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-
M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP
M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP
M="!T>7!E/3-$=&5X="]J879A<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@
M3F]T(%)E;6]V92!4:&ES($-O;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@
M(#QB;V1Y/@T*("`@(#QT86)L92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$5+
M2#X-"B`@("`@(#QT<CX-"B`@("`@("`@/'1H(&-L87-S/3-$=&P@8V]L<W!A
M;CTS1#$@<F]W<W!A;CTS1#(^/'-T<F]N9SY3:6=N:69I8V%N="!!8V-O=6YT
M:6YG(%!O;&EC:65S("A486)L97,I/&)R/CPO<W1R;VYG/CPO=&@^#0H@("`@
M("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X],T0Q/C,@36]N=&AS($5N9&5D
M/"]T:#X-"B`@("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C
M;&%S<STS1'1H/DUA<BX@,S$L(#(P,3,\8G(^/"]T:#X-"B`@("`@(#PO='(^
M#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$
M<&P@=F%L:6=N/3-$=&]P/CQS=')O;F<^4VEG;FEF:6-A;G0@06-C;W5N=&EN
M9R!0;VQI8VEE<R!;06)S=')A8W1=/"]S=')O;F<^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/E-C:&5D=6QE($]F(%5N<F5A;&EZ960@1V%I
M;G,@3W(@3&]S<V5S($]N(%1H92!4<G5S="=S(%!A;&QA9&EU;2!(;VQD:6YG
M<SPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/&1I=CX@/&1I=B!S
M='EL93TS1&UA<F=I;BUL969T.C!P=#MM87)G:6XM<FEG:'0Z,'!T.SX-"@D)
M/&1I=B!S='EL93TS1'=I9'1H.C$P,"4^/'1A8FQE(&-E;&QP861D:6YG/3-$
M,"!C96QL<W!A8VEN9STS1#`@<W1Y;&4],T0G8F]R9&5R+6-O;&QA<'-E.F-O
M;&QA<'-E.W=I9'1H.B`Q,#`N,#`E.VUA<F=I;BUL969T.C!P=#LG/@T*"0D)
M/'1R/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#8V+C`R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)
M"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI
M;'DZ5&EM97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N
M.V9O;G0M<VEZ93H@,7!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ(&EN;&EN93MF;VYT+7-I>F4Z,7!T.R<^)FYB<W`[/"]F;VYT/CPO<#X-
M"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G
M=VED=&@Z(#`Q+C<R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG
M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z
M:&ED9&5N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`Q-"XP-B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-
M"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI
M9&1E;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,#(N-#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D
M96X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\
M+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#`Q+C<R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)
M"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI
M;'DZ5&EM97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T
M9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q
M-"XP-B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D\+W1R/@T*"0D)/'1R/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#8V+C`R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I
M;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P
M+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[
M)SXF;F)S<#L\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-S(E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
M8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#$T+C`V)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I
M;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P
M+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXT,B4[(&)O<F1E
M<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L
M;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G
M;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,#$N-S(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G=VED=&@Z(#$T+C`V)3L@8F]R9&5R+71O<#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A
M9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P
M="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"3PO
M='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@-C8N,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T
M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
M"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B9N8G-P
M.SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@8V]L<W!A;CTS1#(@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,"XP,B4[(&)O<F1E
M<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L
M;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G
M;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)
M"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT
M.F)O;&0[)SY-87)C:"`S,2P@,C`Q,SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXT
M,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N
M=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P
M<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D(&-O
M;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#`N
M,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E
M;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF
M;VYT+7=E:6=H=#IB;VQD.R<^1&5C96UB97(@,S$L(#(P,3(\+V9O;G0^/"]P
M/@T*"0D)"3PO=&0^#0H)"0D\+W1R/@T*"0D)/'1R/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#8V+C`R)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G
M:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.B!I;FQI;F4[9F]N="US='EL93II=&%L:6,[)SXH06UO=6YT<R!I;B`P
M,#`G<R!O9B!54R0I/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C<R)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)
M"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`Q-"XP-B4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P
M/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,#(N-#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T
M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT
M97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D
M/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q
M+C<R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE
M9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC
M96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q-"XP-B4[(&)O<F1E
M<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L
M;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G
M;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)
M"3PO=&0^#0H)"0D\+W1R/@T*"0D)/'1R/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#8V+C`R)3L@8F]R9&5R+71O<#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&
M1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ
M(&EN;&EN93LG/DEN=F5S=&UE;G0@:6X@<&%L;&%D:75M("T@879E<F%G92!C
M;W-T/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C<R)3L@8F]R9&5R+71O<#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&
M1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,30N,#8E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!F;VYT+69A;6EL>3H@5&EM
M97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I
M9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL969T
M/CPO9&EV/C0X-BPQ-#<F;F)S<#L-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C0R)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\
M+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#`Q+C<R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P
M/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,30N,#8E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!F;VYT+69A;6EL
M>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI
M9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A
M=#IL969T/CPO9&EV/C0T-2PP,S@F;F)S<#L-"@D)"0D\+W1D/@T*"0D)/"]T
M<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`V-BXP,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^56YR96%L
M:7IE9"!G86EN(&]N(&EN=F5S=&UE;G0@:6X@<&%L;&%D:75M/"]F;VYT/CPO
M<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4]
M,T0G=VED=&@Z(#`Q+C<R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T
M;VTZ(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO
M=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M,30N,#8E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T('-O
M;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M9F%M:6QY.B!4:6UE<R!.
M97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[
M)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D
M:78^,3`S+#(P,29N8G-P.PT*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N-#(E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T
M;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N
M="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C<R
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C
M,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[
M/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@,30N,#8E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M9F%M
M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA
M;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L
M;V%T.FQE9G0^/"]D:78^-3(L.3@R)FYB<W`[#0H)"0D)/"]T9#X-"@D)"3PO
M='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@-C8N,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G
M/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^26YV
M97-T;65N="!I;B!P86QL861I=6T@+2!M87)K970@=F%L=64\+V9O;G0^/"]P
M/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,#$N-S(E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P
M,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T
M;VTZ(#$N-7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN
M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@
M4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$
M)V1I<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,30N,#8E
M.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O;&ED
M(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@9F]N="UF86UI;'DZ(%1I;65S($YE
M=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG
M(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I
M=CXU.#DL,S0X)FYB<W`[#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$
M8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXT,B4[(&)O<F1E<BUT;W`Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG
M:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#
M1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ
M,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O
M;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XW
M,B4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,2XU<'0@<V]L
M:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)
M"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M
M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)
M/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^)#PO9F]N=#X\+W`^
M#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$
M)W=I9'1H.B`Q-"XP-B4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,2XU<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!F;VYT+69A
M;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M
M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F
M;&]A=#IL969T/CPO9&EV/C0Y."PP,C`F;F)S<#L-"@D)"0D\+W1D/@T*"0D)
M/"]T<CX-"@D)/"]T86)L93X\+V1I=CX-"@D)/'`@<W1Y;&4],T0G;6%R9VEN
M.C!P=#ML:6YE+6AE:6=H=#IN;W)M86P[9F]N="UF86UI;'DZ5&EM97,@3F5W
M(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D\9F]N="!S='EL93TS1"=D
M:7-P;&%Y.B!I;FQI;F4[)SXF;F)S<#L\+V9O;G0^#0H)"3PO<#X-"@D)/'`^
M/&9O;G0@<VEZ93TS1#$^(#PO9F]N=#X\+W`^#0H)/"]D:78^(#PO9&EV/CQS
M<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S
M<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^
M4V-H961U;&4@3V8@4F5D965M86)L92!#87!I=&%L(%-H87)E<SPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/&1I=CX@/&1I=B!S='EL93TS1&UA
M<F=I;BUL969T.C!P=#MM87)G:6XM<FEG:'0Z,'!T.SX-"@D)/&1I=B!S='EL
M93TS1'=I9'1H.C$P,"4^/'1A8FQE(&-E;&QP861D:6YG/3-$,"!C96QL<W!A
M8VEN9STS1#`@<W1Y;&4],T0G8F]R9&5R+6-O;&QA<'-E.F-O;&QA<'-E.W=I
M9'1H.B`Q,#`N,#`E.VUA<F=I;BUL969T.C!P=#LG/@T*"0D)/'1R/@T*"0D)
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M93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O;G0M<VEZ
M93H@,7!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN
M93MF;VYT+7-I>F4Z,7!T.R<^)FYB<W`[/"]F;VYT/CPO<#X-"@D)"0D\+W1D
M/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q
M+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE
M9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O
M;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV
M,"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF;VYT
M+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E
M.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D96X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL
M93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O;G0M<VEZ
M93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\
M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O
M<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D\+W1R
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M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF;F)S<#L\
M+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-
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M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$
M8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG
M:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O
M.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P
M="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT
M+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E
M.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO
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M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\
M='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B9N8G-P.SPO9F]N=#X\
M+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@8V]L<W!A;CTS1#(@=F%L:6=N/3-$
M8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,"XP,B4[(&)O<F1E<BUT;W`Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG
M:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O
M.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P
M="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT.F)O;&0[)SY4
M:')E92!-;VYT:',\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!C;VQS<&%N/3-$,B!V
M86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`P+C`R)3L@8F]R9&5R
M+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF
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M"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)
M"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF;F)S<#L\+V9O
M;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D(&-O;'-P86X],T0R('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#`N,#(E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD
M.R<^16YD960\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
M8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!C;VQS<&%N/3-$,B!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`P+C`R)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G
M:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI
M;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\
M9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="UW96EG:'0Z8F]L
M9#LG/D5N9&5D/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)
M"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H
M.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)
M"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M
M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)
M/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M<W1Y;&4Z:71A
M;&EC.R<^*$%M;W5N=',@:6X@,#`P)W,@;V8@55,D+"!E>&-E<'0@9F]R(%-H
M87)E(&%N9"!P97(@4VAA<F4@9&%T82D\+V9O;G0^/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,#`N,#(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T
M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT
M97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L
M87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.R<^36%R8V@@,S$L(#(P,3,\
M+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-
M"@D)"0D\+W1D/@T*"0D)"3QT9"!C;VQS<&%N/3-$,B!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G=VED=&@Z(#`P+C`R)3L@8F]R9&5R+71O<#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A
M9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P
M="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL
M93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="UW96EG:'0Z8F]L9#LG/D1E8V5M
M8F5R(#,Q+"`R,#$R/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)/"]T<CX-
M"@D)"3QT<CX-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`V-RXQ,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG
M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="UW96EG
M:'0Z8F]L9#MT97AT+61E8V]R871I;VXZ=6YD97)L:6YE.R<^3G5M8F5R(&]F
M(')E9&5E;6%B;&4@4VAA<F5S/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E
M<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
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M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\
M+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T
M;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US
M:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)
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M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO
M<#X-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)"3QT<CX-"@D)"0D\=&0@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ,B4[(&)O<F1E<BUT
M;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES
M<&QA>3H@:6YL:6YE.R<^3W!E;FEN9R!B86QA;F-E/"]F;VYT/CPO<#X-"@D)
M"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED
M=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*
M"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA
M;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M
M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-A=71O.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N
M.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P
M/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/C<L,C4P
M+#`P,"9N8G-P.PT*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W
M(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!F;VYT+69A;6EL>3H@5&EM
M97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I
M9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL969T
M/CPO9&EV/C4L.34P+#`P,"9N8G-P.PT*"0D)"3PO=&0^#0H)"0D\+W1R/@T*
M"0D)/'1R/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED
M=&@Z(#8W+C$R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/D-R96%T:6]N
M<SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[
M('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T
M(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\
M+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O;G0M9F%M
M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA
M;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L
M;V%T.FQE9G0^/"]D:78^-C4P+#`P,"9N8G-P.PT*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y
M;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P
M/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G
M/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M0T-%0T9&.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I
M>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P
M/CQD:78@<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/C(L.3`P+#`P,"9N8G-P
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M:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.B!I;FQI;F4[)SY2961E;7!T:6]N<SPO9F]N=#X\+W`^#0H)"0D)/"]T
M9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P
M,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@<V]L
M:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N
M.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$S+C8P)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-A=71O.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F
M;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$
M;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/B@Q,#`L,#`P
M*0T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T
M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
M"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX]
M,T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A
M=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN
M.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N
M-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T('-O;&ED
M(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@
M4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N
M;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^
M*#$L-C`P+#`P,"D-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)"3QT<CX-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ,B4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S
M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S
M='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY#;&]S:6YG(&)A;&%N8V4\+V9O
M;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@
M(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#$N-7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO
M<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4]
M,T0G=VED=&@Z(#$S+C8P)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P
M,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O;G0M
M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X
M="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS
M1&9L;V%T.FQE9G0^/"]D:78^-RPX,#`L,#`P)FYB<W`[#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS
M-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S
M<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T
M>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C
M,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E.R!B
M;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O;&ED(",P
M,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(T-#14-&1CL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2
M;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO
M=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXW
M+#(U,"PP,#`F;F)S<#L-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)"3QT<CX-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ
M,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@
M<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^)FYB<W`[/"]F;VYT/CPO<#X-
M"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G
M=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[
M(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E
M>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N
M-C`E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE
M9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S
M<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T
M>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG
M.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP
M-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P
M<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M
M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO
M<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O
M;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)
M/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H
M.B`Q,RXU."4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)"3QT<CX-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ,B4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y
M;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT.F)O;&0[=&5X="UD
M96-O<F%T:6]N.G5N9&5R;&EN93LG/E)E9&5E;6%B;&4@4VAA<F5S/"]F;VYT
M/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB
M;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z
M(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U
M<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O
M;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)
M/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H
M.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)
M"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M
M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)
M)FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W
M(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-
M"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)
M"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D\+W1R/@T*"0D)/'1R/@T*
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M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/D]P96YI;F<@8F%L86YC93PO
M9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A
M9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P
M="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@
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M=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG
M(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I
M=CXT.3<L-S8U)FYB<W`[#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$
M8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG
M:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#
M1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ
M,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O
M;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV
M."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ
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M;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R
M:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F
M=#X\+V1I=CXS-S,L.3,U)FYB<W`[#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)
M"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/D-R96%T:6]N<SPO
M9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*
M"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@9F]N="UF86UI;'DZ(%1I
M;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R
M:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F
M=#X\+V1I=CXT-RPY,C(F;F)S<#L-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G
M:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T
M9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P
M,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB
M<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@9F]N="UF
M86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT
M+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$
M9FQO870Z;&5F=#X\+V1I=CXQ.30L.3DW)FYB<W`[#0H)"0D)/"]T9#X-"@D)
M"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG
M.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP
M-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P
M<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^
M4F5D96UP=&EO;G,\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G
M;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)
M"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&
M.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P
M<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@
M<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/B@V+#<V-RD-"@D)"0D\+W1D/@T*
M"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T
M)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P
M.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB
M;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN
M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
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M="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO
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M,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O
M;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y
M.B!I;FQI;F4[)SY!9&IU<W1M96YT('1O(')E9&5M<'1I;VX@=F%L=64\+V9O
M;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I
M;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P
M+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W
M(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@9F]N="UF86UI;'DZ(%1I
M;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R
M:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F
M=#X\+V1I=CXU,"PQ,C<F;F)S<#L-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G
M:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T
M9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P
M,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@<V]L
M:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
M8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#$S+C4X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P
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M9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N
M,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q
M,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG
M/D-L;W-I;F<@8F%L86YC93PO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\
M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O
M<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P
M,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N
M=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P
M<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^
M)#PO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!S
M;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%
M0T9&.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z
M(#$P<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD
M:78@<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/C4X.2PP-#<F;F)S<#L-"@D)
M"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED
M=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T
M('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#
M0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G
M:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS1"=D:7-P
M;&%Y.B!I;FQI;F4[)SXD/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$S+C4X)3L@8F]R
M9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q+C5P="!S;VQI9"`C,#`P
M,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-#0T5#1D8[(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M
M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R
M87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D:78^-#DW
M+#<V-29N8G-P.PT*"0D)"3PO=&0^#0H)"0D\+W1R/@T*"0D)/'1R/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#8W+C$R)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL
M93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@
M3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL
M93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SXF;F)S<#L\+V9O;G0^/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R
M9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*
M"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA
M;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M
M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[
M(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O
M=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO
M<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4]
M,T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T
M;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P
M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z
M(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D
M/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$S
M+C4X)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB
M<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D\+W1R/@T*"0D)/'1R/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#8W+C$R)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W
M(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS
M1"=D:7-P;&%Y.B!I;FQI;F4[)SY2961E;7!T:6]N('9A;'5E('!E<B!3:&%R
M92!A="!P97)I;V0@96YD/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N
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M;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L
M;V%T.FQE9G0^/"]D:78^-S4N-3(F;F)S<#L-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W
M(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)
M"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I
M9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O
M<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-
M"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)
M"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^)#PO9F]N=#X\
M+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!F;VYT+69A;6EL
M>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI
M9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A
M=#IL969T/CPO9&EV/C8X+C8V)FYB<W`[#0H)"0D)/"]T9#X-"@D)"3PO='(^
M#0H)"3PO=&%B;&4^/"]D:78^#0H)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0[
M;&EN92UH96EG:'0Z;F]R;6%L.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA
M>3H@:6YL:6YE.R<^)FYB<W`[/"]F;VYT/@T*"0D\+W`^#0H)"3QP/CQF;VYT
M('-I>F4],T0Q/B`\+V9O;G0^/"]P/@T*"3PO9&EV/B`\+V1I=CX\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E-C:&5D
M=6QE($]F($EN=F5S=&UE;G0@26X@4&%L;&%D:75M/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$=&5X=#X\9&EV/B`\9&EV('-T>6QE/3-$;6%R9VEN+6QE
M9G0Z,'!T.VUA<F=I;BUR:6=H=#HP<'0[/@T*"0D\9&EV('-T>6QE/3-$=VED
M=&@Z,3`P)3X\=&%B;&4@8V5L;'!A9&1I;F<],T0P(&-E;&QS<&%C:6YG/3-$
M,"!S='EL93TS1"=B;W)D97(M8V]L;&%P<V4Z8V]L;&%P<V4[=VED=&@Z(#$P
M,"XP,"4[;6%R9VEN+6QE9G0Z,'!T.R<^#0H)"0D\='(^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D96X[9F]N="US:7IE.B`Q<'0G
M/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M
M<VEZ93HQ<'0[)SXF;F)S<#L\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE
M/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D96X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
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M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W
M(%)O;6%N.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E
M<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L
M;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G
M;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMH96EG:'0Z,7!T.V]V97)F;&]W.FAI9&1E;CMF;VYT+7-I>F4Z(#$P
M<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[:&5I9VAT.C%P=#MO=F5R9FQO=SIH:61D96X[9F]N="US:7IE.B`Q,'!T
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M:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.VAE:6=H=#HQ<'0[;W9E<F9L;W<Z:&ED9&5N.V9O;G0M<VEZ93H@,3!P="<^
M#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\
M='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B9N8G-P.SPO9F]N=#X\
M+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE
M("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO
M=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
M8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I
M;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P
M+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E
M<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L
M;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G
M;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)
M"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
M"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)/"]T<CX-"@D)"3QT<CX-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`V-RXQ,B4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y
M;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^)FYB<W`[/"]F;VYT/CPO<#X-"@D)
M"0D\+W1D/@T*"0D)"3QT9"!C;VQS<&%N/3-$,B!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#`P+C`R)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I
M;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P
M+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W
M(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S='EL93TS
M1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="UW96EG:'0Z8F]L9#LG/E1H<F5E($UO
M;G1H<SPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$
M8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG
M:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O
M.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P
M="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[
M/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D(&-O;'-P86X],T0R('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#`N,#(E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I
M9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T
M;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP
M<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93MF;VYT+7=E:6=H=#IB;VQD.R<^
M665A<CPO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N
M,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B9N8G-P.SPO9F]N=#X\+W`^
M#0H)"0D)/"]T9#X-"@D)"0D\=&0@8V]L<W!A;CTS1#(@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`P,"XP,B4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y
M;&4],T0G9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT.F)O;&0[)SY%;F1E
M9#PO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P
M/@T*"0D)"3PO=&0^#0H)"0D)/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,#`N,#(E.R!B;W)D97(M=&]P.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T
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M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N="!S
M='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="US='EL93II=&%L:6,[)SXH
M06UO=6YT<R!I;B`P,#`G<R!O9B!54R0L(&5X8V5P="!F;W(@;W5N8V5S(&1A
M=&$I/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!C;VQS<&%N/3-$
M,B!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`P+C`R)3L@8F]R
M9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0D\9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[9F]N="UW96EG
M:'0Z8F]L9#LG/DUA<F-H(#,Q+"`R,#$S/"]F;VYT/CPO<#X-"@D)"0D\+W1D
M/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R
M+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE
M9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\
M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC
M96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@
M,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@
M8V]L<W!A;CTS1#(@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P
M,"XP,B4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A
M8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ
M8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE
M.V9O;G0M=V5I9VAT.F)O;&0[)SY$96-E;6)E<B`S,2P@,C`Q,CPO9F]N=#X\
M+W`^#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A
M;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M
M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G
M;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G
M9&ES<&QA>3H@:6YL:6YE.V9O;G0M=V5I9VAT.F)O;&0[=&5X="UD96-O<F%T
M:6]N.G5N9&5R;&EN93LG/D]U;F-E<R!O9B!P86QL861I=6T\+V9O;G0^/"]P
M/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO
M=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)
M"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M
M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)
M)FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y
M;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S
M($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P
M/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G
M/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D\+W1R/@T*"0D)
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M"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI
M;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\
M9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY/<&5N:6YG(&)A;&%N
M8V4\+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO
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M;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T
M.FQE9G0^/"]D:78^-S$R+#0W-"XU)FYB<W`[#0H)"0D)/"]T9#X-"@D)"0D\
M=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O
M<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*
M"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$S+C4X)3L@8F]R9&5R+71O<#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[
M(&9O;G0M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P
M=#L@=&5X="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S
M='EL93TS1&9L;V%T.FQE9G0^/"]D:78^-3@X+#(U-2XV)FYB<W`[#0H)"0D)
M/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&
M.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P
M="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT
M+7-I>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@
M:6YL:6YE.R<^0W)E871I;VYS/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)
M"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@
M8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N
M9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T
M>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E
M<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T
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M:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A
M<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXV,RPX,3$N,29N8G-P
M.PT*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P
M<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T
M.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G
M/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R
M9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA
M;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO
M=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!F;VYT+69A;6EL>3H@5&EM97,@
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M"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI
M;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\
M9F]N="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY2961E;7!T:6]N<SPO
M9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P
M="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*
M"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@9F]N="UF86UI;'DZ(%1I
M;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R
M:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F
M=#X\+V1I=CXH.2PX,C$N-BD-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX]
M,T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR
M:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U
M=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ
M,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O
M;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-
M"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV
M."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG
M<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@
M<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I
M;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[
M/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@9F]N="UF86UI
M;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L
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M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
M"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/E1R86YS
M9F5R<R!O9B!P86QL861I=6T@=&\@<&%Y(&5X<&5N<V5S/"]F;VYT/CPO<#X-
M"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G
M=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ
M(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P
M=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[
M=&5X="UA;&EG;CIC96YT97([9F]N="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N
M.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T
M9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q
M,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@<V]L
M:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!F;VYT+69A;6EL>3H@5&EM97,@
M3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P<'0[('1E>'0M86QI9VXZ(')I9VAT
M.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@<W1Y;&4],T1F;&]A=#IL969T/CPO
M9&EV/B@Q+#`W-BXT*0T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O
M='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&
M.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P
M="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT
M+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)
M"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E
M.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T('-O;&ED(",P
M,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R
M;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P
M.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y
M;&4],T0G=VED=&@Z(#$S+C4X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB
M;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N
M;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-#0T5#1D8[(&9O;G0M
M9F%M:6QY.B!4:6UE<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X
M="UA;&EG;CH@<FEG:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS
M1&9L;V%T.FQE9G0^/"]D:78^*#0L-3(W+C0I#0H)"0D)/"]T9#X-"@D)"3PO
M='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS
M1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O
M;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T
M.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
M"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/D-L;W-I
M;F<@8F%L86YC93PO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L
M:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT
M;W`Z(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P,#`P,#L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$
M)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#$S+C8P)3L@8F]R9&5R+71O<#H@,7!T
M('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M
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M:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T
M('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M8F]T=&]M.B`Q+C5P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M
M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A
M=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN
M.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N
M-3@E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+6QE
M9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T('-O
M;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M9F%M:6QY.B!4:6UE<R!.
M97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG:'0[
M)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^/"]D
M:78^-S$R+#0W-"XU)FYB<W`[#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\
M='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M
M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF
M;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B9N8G-P.SPO9F]N=#X\
M+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI9"`C,#`P
M,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@
M,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P
M=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\
M+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z
M(#$S+C8P)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E
M<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)
M"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M
M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D)
M)FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE
M.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT
M9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R
M9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL969T.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*
M"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@
M8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG
M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N
M,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY
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M:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E
M>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF
M;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N
M-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)
M/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY
M.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB
M<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D
M:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@
M,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z
M(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D
M('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D
M97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO
M;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O
M;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE
M=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*
M"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG.B`P<'0[
M)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D\+W1R/@T*"0D)/'1R
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M<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ
M5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0D\9F]N
M="!S='EL93TS1"=D:7-P;&%Y.B!I;FQI;F4[)SY/<&5N:6YG(&)A;&%N8V4\
M+V9O;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O
M;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE
M/3-$)V1I<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO=&0^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N
M-C`E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C875T;SL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2
M;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO
M=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXT
M-#4L,#,X)FYB<W`[#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M<FEG:'0Z
M(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P
M861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P
M<'0@,"XP-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)
M/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#$N-C@E.R!B
M;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE
M/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF
M;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-
M"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B0\+V9O
M;G0^/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S
M='EL93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C
M1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@
M;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@9F]N="UF
M86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT
M+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$
M9FQO870Z;&5F=#X\+V1I=CXS-3$L,#@S)FYB<W`[#0H)"0D)/"]T9#X-"@D)
M"3PO='(^#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL
M93TS1"=W:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O
M='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG
M.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP
M-7!T.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P
M<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^
M0W)E871I;VYS/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@
M(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA
M<F=I;CHP<'0@,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A
M;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)
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M9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T
M.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T
M>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXT-RPY,C(F;F)S<#L-"@D)"0D\+W1D
M/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`R
M+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE
M9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!N;VYE
M("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C
M:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)
M"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL
M>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N
M8G-P.SPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@
M<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E
M<BUB;W1T;VTZ(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@<&%D
M9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T
M(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE<R!.
M97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-
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M(%1I;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N
M.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z
M;&5F=#X\+V1I=CXQ.30L.3DW)FYB<W`[#0H)"0D)/"]T9#X-"@D)"3PO='(^
M#0H)"0D\='(^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W
M:61T:#H@-C<N,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@
M,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^
M#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT
M+69A;6EL>3I4:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)
M"0D)"3QF;VYT('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/E)E9&5M<'1I
M;VYS/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI9VX],T1B
M;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O<#H@,7!T
M(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F%C:V=R;W5N9"UC
M;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS
M1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$
M8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
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M=VED=&@Z(#`R+C,T)3L@8F]R9&5R+71O<#H@,7!T(&YO;F4@(T0Y1#E$.3L@
M8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ
M(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[('!A9&1I;F<Z(#!P=#LG
M/@T*"0D)"0D\<"!S='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N
M="UF86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)
M"0D)"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$
M8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P
M="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y
M.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M
M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4]
M,T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O
M;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*
M"0D)"0D))FYB<W`[/"]P/@T*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS
M1&)O='1O;2!S='EL93TS1"=W:61T:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD
M+6-O;&]R.B`C875T;SL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@
M9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS
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M<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M
M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T>6QE/3-$)V1I
M<W!L87DZ(&EN;&EN93LG/E1R86YS9F5R<R!O9B!P86QL861I=6T@=&\@<&%Y
M(&5X<&5N<V5S/"]F;VYT/CPO<#X-"@D)"0D\+W1D/@T*"0D)"3QT9"!V86QI
M9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q+C8X)3L@8F]R9&5R+71O
M<#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6QE9G0Z(#%P="!N;VYE("-$
M.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D
M97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U;F0M8V]L;W(Z
M("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S='EL93TS1"=M
M87)G:6XZ,'!T(#!P="`P+C`U<'0[=&5X="UA;&EG;CIC96YT97([9F]N="UF
M86UI;'DZ5&EM97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)
M"0DF;F)S<#L\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T
M=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXV,"4[(&)O<F1E<BUT;W`Z(#%P="!N
M;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B
M;W)D97(M8F]T=&]M.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&
M.R!F;VYT+69A;6EL>3H@5&EM97,@3F5W(%)O;6%N.R!F;VYT+7-I>F4Z(#$P
M<'0[('1E>'0M86QI9VXZ(')I9VAT.R<@;F]W<F%P/3-$;F]W<F%P/CQD:78@
M<W1Y;&4],T1F;&]A=#IL969T/CPO9&EV/B@V-S@I#0H)"0D)/"]T9#X-"@D)
M"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`P,BXS-"4[
M(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUL969T.B`Q
M<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q<'0@;F]N92`C1#E$
M.40Y.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[(&)A8VMG<F]U
M;F0M8V]L;W(Z("-#0T5#1D8[('!A9&1I;F<Z(#!P=#LG/@T*"0D)"0D\<"!S
M='EL93TS1"=M87)G:6XZ,'!T(#!P="`P+C`U<'0[9F]N="UF86UI;'DZ5&EM
M97,@3F5W(%)O;6%N.V9O;G0M<VEZ93H@,3!P="<^#0H)"0D)"0DF;F)S<#L\
M+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M('-T>6QE
M/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!N;VYE("-$.40Y
M1#D[(&)O<F1E<BUL969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T
M=&]M.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N
M92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C0T-%0T9&.R!P861D:6YG
M.B`P<'0[)SX-"@D)"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP
M-7!T.W1E>'0M86QI9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2
M;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)"0D))FYB<W`[/"]P/@T*"0D)
M"3PO=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T
M:#H@,3,N-3@E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D
M97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T
M('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(T-#14-&1CL@9F]N="UF86UI;'DZ(%1I
M;65S($YE=R!2;VUA;CL@9F]N="US:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R
M:6=H=#LG(&YO=W)A<#TS1&YO=W)A<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F
M=#X\+V1I=CXH,BPX,#8I#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"0D\='(^
M#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@-C<N
M,3(E.R!B;W)D97(M=&]P.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F
M=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@
M(T0Y1#E$.3L@8F]R9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K
M9W)O=6YD+6-O;&]R.B`C875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4
M:6UE<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT
M('-T>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/D-L;W-I;F<@8F%L86YC93PO
M9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N/3-$8F]T=&]M
M('-T>6QE/3-$)W=I9'1H.B`P,2XV."4[(&)O<F1E<BUT;W`Z(#%P="!S;VQI
M9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R
M9&5R+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R+7)I9VAT
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C875T;SL@
M<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I;CHP<'0@
M,'!T(#`N,#5P=#MT97AT+6%L:6=N.F-E;G1E<CMF;VYT+69A;6EL>3I4:6UE
M<R!.97<@4F]M86X[9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"3QF;VYT('-T
M>6QE/3-$)V1I<W!L87DZ(&EN;&EN93LG/B0\+V9O;G0^/"]P/@T*"0D)"3PO
M=&0^#0H)"0D)/'1D('9A;&EG;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@
M,3,N-C`E.R!B;W)D97(M=&]P.B`Q<'0@<V]L:60@(S`P,#`P,#L@8F]R9&5R
M+6QE9G0Z(#%P="!N;VYE("-$.40Y1#D[(&)O<F1E<BUB;W1T;VTZ(#$N-7!T
M('-O;&ED(",P,#`P,#`[(&)O<F1E<BUR:6=H=#H@,7!T(&YO;F4@(T0Y1#E$
M.3L@8F%C:V=R;W5N9"UC;VQO<CH@(V%U=&\[(&9O;G0M9F%M:6QY.B!4:6UE
M<R!.97<@4F]M86X[(&9O;G0M<VEZ93H@,3!P=#L@=&5X="UA;&EG;CH@<FEG
M:'0[)R!N;W=R87`],T1N;W=R87`^/&1I=B!S='EL93TS1&9L;V%T.FQE9G0^
M/"]D:78^-#@V+#$T-R9N8G-P.PT*"0D)"3PO=&0^#0H)"0D)/'1D('9A;&EG
M;CTS1&)O='1O;2!S='EL93TS1"=W:61T:#H@,#(N,S0E.R!B;W)D97(M=&]P
M.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,7!T(&YO;F4@(T0Y1#E$.3L@8F]R9&5R
M+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R.B`C
M875T;SL@<&%D9&EN9SH@,'!T.R<^#0H)"0D)"3QP('-T>6QE/3-$)VUA<F=I
M;CHP<'0@,'!T(#`N,#5P=#MF;VYT+69A;6EL>3I4:6UE<R!.97<@4F]M86X[
M9F]N="US:7IE.B`Q,'!T)SX-"@D)"0D)"29N8G-P.SPO<#X-"@D)"0D\+W1D
M/@T*"0D)"3QT9"!V86QI9VX],T1B;W1T;VT@<W1Y;&4],T0G=VED=&@Z(#`Q
M+C8X)3L@8F]R9&5R+71O<#H@,7!T('-O;&ED(",P,#`P,#`[(&)O<F1E<BUL
M969T.B`Q<'0@;F]N92`C1#E$.40Y.R!B;W)D97(M8F]T=&]M.B`Q+C5P="!S
M;VQI9"`C,#`P,#`P.R!B;W)D97(M<FEG:'0Z(#%P="!N;VYE("-$.40Y1#D[
M(&)A8VMG<F]U;F0M8V]L;W(Z("-A=71O.R!P861D:6YG.B`P<'0[)SX-"@D)
M"0D)/'`@<W1Y;&4],T0G;6%R9VEN.C!P="`P<'0@,"XP-7!T.W1E>'0M86QI
M9VXZ8V5N=&5R.V9O;G0M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I
M>F4Z(#$P<'0G/@T*"0D)"0D)/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL
M:6YE.R<^)#PO9F]N=#X\+W`^#0H)"0D)/"]T9#X-"@D)"0D\=&0@=F%L:6=N
M/3-$8F]T=&]M('-T>6QE/3-$)W=I9'1H.B`Q,RXU."4[(&)O<F1E<BUT;W`Z
M(#%P="!S;VQI9"`C,#`P,#`P.R!B;W)D97(M;&5F=#H@,7!T(&YO;F4@(T0Y
M1#E$.3L@8F]R9&5R+6)O='1O;3H@,2XU<'0@<V]L:60@(S`P,#`P,#L@8F]R
M9&5R+7)I9VAT.B`Q<'0@;F]N92`C1#E$.40Y.R!B86-K9W)O=6YD+6-O;&]R
M.B`C875T;SL@9F]N="UF86UI;'DZ(%1I;65S($YE=R!2;VUA;CL@9F]N="US
M:7IE.B`Q,'!T.R!T97AT+6%L:6=N.B!R:6=H=#LG(&YO=W)A<#TS1&YO=W)A
M<#X\9&EV('-T>6QE/3-$9FQO870Z;&5F=#X\+V1I=CXT-#4L,#,X)FYB<W`[
M#0H)"0D)/"]T9#X-"@D)"3PO='(^#0H)"3PO=&%B;&4^/"]D:78^#0H)"3QP
M('-T>6QE/3-$)VUA<F=I;CHP<'0[;&EN92UH96EG:'0Z;F]R;6%L.V9O;G0M
M9F%M:6QY.E1I;65S($YE=R!2;VUA;CMF;VYT+7-I>F4Z(#$P<'0G/@T*"0D)
M/&9O;G0@<W1Y;&4],T0G9&ES<&QA>3H@:6YL:6YE.R<^)FYB<W`[/"]F;VYT
M/@T*"0D\+W`^#0H)"3QP/CQF;VYT('-I>F4],T0Q/B`\+V9O;G0^/"]P/@T*
M"3PO9&EV/B`\+V1I=CX\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^
M#0H@("`@/"]T86)L93X-"B`@/"]B;V1Y/@T*/"]H=&UL/@T*#0HM+2TM+2T]
M7TYE>'1087)T7S%B.&5D-S@T7V(T.&)?-&,V,5\Y-34X7V4U-#DQ,#DT8C1A
M9`T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\Q8CAE9#<X-%]B-#AB
M7S1C-C%?.34U.%]E-30Y,3`Y-&(T860O5V]R:W-H965T<R]3:&5E=#$T+FAT
M;6P-"D-O;G1E;G0M5')A;G-F97(M16YC;V1I;F<Z('%U;W1E9"UP<FEN=&%B
M;&4-"D-O;G1E;G0M5'EP93H@=&5X="]H=&UL.R!C:&%R<V5T/2)U<RUA<V-I
M:2(-"@T*/&AT;6P^#0H@(#QH96%D/@T*("`@(#Q-151!(&AT='`M97%U:78]
M,T1#;VYT96YT+51Y<&4@8V]N=&5N=#TS1"=T97AT+VAT;6P[(&-H87)S970]
M=71F+3@G/CQS8W)I<'0@='EP93TS1'1E>'0O:F%V87-C<FEP="!S<F,],T13
M:&]W+FIS/B\J($1O($YO="!296UO=F4@5&AI<R!#;VUM96YT("HO/"]S8W)I
M<'0^/"]H96%D/@T*("`\8F]D>3X-"B`@("`\=&%B;&4@8VQA<W,],T1R97!O
M<G0@:60],T1)1#!%5T4^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S
M<STS1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0R/CQS=')O;F<^3W)G86YI
M>F%T:6]N("A$971A:6QS*3QB<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\
M=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,3XS($UO;G1H<R!%;F1E9#PO=&@^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R/@T*("`@("`@("`\=&@@8VQA<W,]
M,T1T:#Y-87(N(#,Q+"`R,#$S/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#X\<W1R;VYG/D]R9V%N:7IA=&EO;B!;06)S=')A8W1=/"]S
M=')O;F<^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R
M;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DUI;FEM
M=6T@8FQO8VL@;V8@<VAA<F5S(&ES<W5E9"!R961E96UE9"!A9V%I;G-T('!A
M;&QA9&EU;3PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-3`L,#`P
M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^
M#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Q8CAE
M9#<X-%]B-#AB7S1C-C%?.34U.%]E-30Y,3`Y-&(T860-"D-O;G1E;G0M3&]C
M871I;VXZ(&9I;&4Z+R\O0SHO,6(X960W.#1?8C0X8E\T8S8Q7SDU-3A?934T
M.3$P.31B-&%D+U=O<FMS:&5E=',O4VAE970Q-2YH=&UL#0I#;VYT96YT+51R
M86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y
M<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH=&UL/@T*
M("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N="U4>7!E
M(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\<V-R:7!T
M('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO*B!$;R!.
M;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A9#X-"B`@
M/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$240P139'
M04,^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L(&-O;'-P
M86X],T0Q(')O=W-P86X],T0R/CQS=')O;F<^4VEG;FEF:6-A;G0@06-C;W5N
M=&EN9R!0;VQI8VEE<R`H3F%R<F%T:79E*2`H1&5T86EL<RD@*%531"`D*3QB
M<CX\+W-T<F]N9SX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS
M<&%N/3-$,CXS($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`@(#QT:"!C;&%S
M<STS1'1H(&-O;'-P86X],T0Q/CPO=&@^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:#Y-87(N(#,Q+"`R,#$S/&)R
M/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L(#(P,3(\
M8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^1&5C+B`S,2P@,C`Q
M,CQB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E
M/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N
M9SY3:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S(%M!8G-T<F%C=%T\
M+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N
M/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS
M1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^06YN
M=6%L:7IE9"!R871E(&]F(%-P;VYS;W)S($9E93PO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&YU;7`^,"XV,"4\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/E-P;VYS;W(@1F5E<SPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&YU;7`^)"`X,C$L,#DX/'-P86X^/"]S<&%N/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`V.#DL,C`R/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y&965S
M('!A>6%B;&4@=&\@=&AE(%-P;VYS;W(\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/B0@,S`Q+#$U,CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1N=6UP/B0@,C4T+#4R,CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT
M;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?,6(X960W.#1?8C0X8E\T8S8Q7SDU
M-3A?934T.3$P.31B-&%D#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z
M+S%B.&5D-S@T7V(T.&)?-&,V,5\Y-34X7V4U-#DQ,#DT8C1A9"]7;W)K<VAE
M971S+U-H965T,38N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@
M<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H
M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%
M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O
M:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A
M<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O
M;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L
M92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$541T%#/@T*("`@("`@/'1R/@T*
M("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$
M,3X\<W1R;VYG/E-I9VYI9FEC86YT($%C8V]U;G1I;F<@4&]L:6-I97,@*%-C
M:&5D=6QE($]F(%5N<F5A;&EZ960@1V%I;G,@3W(@3&]S<V5S($]N(%1H92!4
M<G5S="=S(%!A;&QA9&EU;2!(;VQD:6YG<RD@*$1E=&%I;',I("A54T0@)"D\
M8G(^26X@5&AO=7-A;F1S+"!U;FQE<W,@;W1H97)W:7-E('-P96-I9FEE9#PO
M<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X]
M,T0R/DUA<BX@,S$L(#(P,3,\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S
M/3-$=&@@8V]L<W!A;CTS1#(^1&5C+B`S,2P@,C`Q,CQB<CX\+W1H/@T*("`@
M("`@("`\=&@@8VQA<W,],T1T:#Y$96,N(#,Q+"`R,#$Q/&)R/CPO=&@^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#X\<W1R;VYG/E-I9VYI9FEC86YT
M($%C8V]U;G1I;F<@4&]L:6-I97,@6T%B<W1R86-T73PO<W1R;VYG/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y)
M;G9E<W1M96YT(&EN('!A;&QA9&EU;2`M(&%V97)A9V4@8V]S=#PO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`T.#8L,30W/'-P86X^/"]S<&%N
M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CQS=7`^6S%=/"]S=7`^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#0T-2PP,S@\<W!A
M;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/'-U<#Y;
M,5TL6S)=/"]S=7`^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD
M(#,U,2PP.#,\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/E5N<F5A;&EZ960@9V%I;B!O;B!I;G9E<W1M96YT(&EN('!A
M;&QA9&EU;3PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^,3`S+#(P
M,3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\
M+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C4R+#DX,CQS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O=3X-"B`@("`@("`@/'1D
M(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/DEN=F5S=&UE;G0@:6X@<&%L;&%D
M:75M("T@;6%R:V5T('9A;'5E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XD(#4X.2PS-#@\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD
M(#0Y."PP,C`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@("`@
M(#QT9"!C;VQS<&%N/3-$-CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<B!C;&%S<STS1&EN;F5R1F]O=&YO=&4^#0H@("`@("`@(#QT9"!V86QI9VX]
M,T1T;W`^6S%=/"]T9#X-"B`@("`@("`@/'1D(&-O;'-P86X],T0U('9A;&EG
M;CTS1'1O<#Y4:&4@:6YV97-T;65N="!I;B!P86QL861I=6T@:7,@=F%L=65D
M(&%T('1H92!L;W=E<B!O9B!C;W-T(&]R(&UA<FME="!V86QU92X@(%)E9F5R
M('1O(&YO=&4@,BXQ(&9O<B!A(&)R96%K9&]W;B!O9B!C;W-T(&%N9"!M87)K
M970@=F%L=64@;V8@=&AE(&EN=F5S=&UE;G0@:6X@<&%L;&%D:75M+CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$:6YN97)&;V]T;F]T
M93X-"B`@("`@("`@/'1D('9A;&EG;CTS1'1O<#Y;,ET\+W1D/@T*("`@("`@
M("`\=&0@8V]L<W!A;CTS1#4@=F%L:6=N/3-$=&]P/D1E<FEV960@9G)O;2!A
M=61I=&5D(%-T871E;65N="!O9B!&:6YA;F-I86P@0V]N9&ET:6]N(&%S(&]F
M($1E8V5M8F5R(#,Q+"`R,#$R+CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO
M=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R
M=%\Q8CAE9#<X-%]B-#AB7S1C-C%?.34U.%]E-30Y,3`Y-&(T860-"D-O;G1E
M;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,6(X960W.#1?8C0X8E\T8S8Q7SDU
M-3A?934T.3$P.31B-&%D+U=O<FMS:&5E=',O4VAE970Q-RYH=&UL#0I#;VYT
M96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT
M96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQH
M=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N=&5N
M="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX)SX\
M<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ<SXO
M*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO:&5A
M9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED/3-$
M240P139!04,^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS1'1L
M(&-O;'-P86X],T0Q(')O=W-P86X],T0Q/CQS=')O;F<^4VEG;FEF:6-A;G0@
M06-C;W5N=&EN9R!0;VQI8VEE<R`H4V-H961U;&4@3V8@4&%L;&%D:75M(%)E
M8V5I=F%B;&4@06YD(%!A>6%B;&4I("A$971A:6QS*2`H55-$("0I/&)R/CPO
M<W1R;VYG/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H/DUA<BX@,S$L
M(#(P,3,\8G(^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@^1&5C+B`S
M,2P@,C`Q,CQB<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S
M<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^
M/'-T<F]N9SY3:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S(%M!8G-T
M<F%C=%T\+W-T<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT
M/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^4&%L;&%D:75M(')E8V5I=F%B;&4\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/B0@,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/B0@,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@/"]T
M<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1P;"!V86QI9VX],T1T;W`^4&%L;&%D:75M('!A>6%B;&4\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/B0@,#QS<&%N/CPO<W!A;CX\+W1D/@T*
M("`@("`@("`\=&0@8VQA<W,],T1N=6UP/B0@,#QS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@/"]T<CX-"B`@("`\+W1A8FQE/@T*("`\+V)O9'D^#0H\+VAT
M;6P^#0H-"BTM+2TM+3U?3F5X=%!A<G1?,6(X960W.#1?8C0X8E\T8S8Q7SDU
M-3A?934T.3$P.31B-&%D#0I#;VYT96YT+4QO8V%T:6]N.B!F:6QE.B\O+T,Z
M+S%B.&5D-S@T7V(T.&)?-&,V,5\Y-34X7V4U-#DQ,#DT8C1A9"]7;W)K<VAE
M971S+U-H965T,3@N:'1M;`T*0V]N=&5N="U4<F%N<V9E<BU%;F-O9&EN9SH@
M<75O=&5D+7!R:6YT86)L90T*0V]N=&5N="U4>7!E.B!T97AT+VAT;6P[(&-H
M87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%
M5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O
M:'1M;#L@8VAA<G-E=#UU=&8M."<^/'-C<FEP="!T>7!E/3-$=&5X="]J879A
M<V-R:7!T('-R8STS1%-H;W<N:G,^+RH@1&\@3F]T(%)E;6]V92!4:&ES($-O
M;6UE;G0@*B\\+W-C<FEP=#X\+VAE860^#0H@(#QB;V1Y/@T*("`@(#QT86)L
M92!C;&%S<STS1')E<&]R="!I9#TS1$E$,$5#1$%%/@T*("`@("`@/'1R/@T*
M("`@("`@("`\=&@@8VQA<W,],T1T;"!C;VQS<&%N/3-$,2!R;W=S<&%N/3-$
M,CX\<W1R;VYG/E-I9VYI9FEC86YT($%C8V]U;G1I;F<@4&]L:6-I97,@*%-C
M:&5D=6QE($]F(%)E9&5E;6%B;&4@0V%P:71A;"!3:&%R97,I("A$971A:6QS
M*2`H55-$("0I/&)R/DEN(%1H;W5S86YD<RP@97AC97!T(%-H87)E(&1A=&$L
M('5N;&5S<R!O=&AE<G=I<V4@<W!E8VEF:65D/"]S=')O;F<^/"]T:#X-"B`@
M("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#(^,R!-;VYT:',@16YD
M960\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,CXQ
M,B!-;VYT:',@16YD960\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<CX-
M"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L<W!A;CTS1#(^36%R+B`S,2P@
M,C`Q,SQB<CX\+W1H/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N
M/3-$,CY$96,N(#,Q+"`R,#$R/&)R/CPO=&@^#0H@("`@("`\+W1R/@T*("`@
M("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A
M;&EG;CTS1'1O<#X\<W1R;VYG/E-I9VYI9FEC86YT($%C8V]U;G1I;F<@4&]L
M:6-I97,@6T%B<W1R86-T73PO<W1R;VYG/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1'1E>'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1'1E>'0^/'-P
M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^
M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^#0H@("`@("`@
M(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y/<&5N:6YG(&)A;&%N8V4@
M*&EN(%-H87)E<RD\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C<L
M,C4P+#`P,#QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1F;CX\<W5P/ELQ73PO<W5P/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^-2PY-3`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L
M87-S/3-$<F4^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O
M<#Y#<F5A=&EO;G,@*&EN(%-H87)E<RD\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1N=6UP/C8U,"PP,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M
M<#XR+#DP,"PP,#`\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/E)E
M9&5M<'1I;VYS("AI;B!3:&%R97,I/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M/B@Q,#`L,#`P*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6T^
M*#$L-C`P+#`P,"D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@8VQA<W,]
M,T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-L
M;W-I;F<@8F%L86YC92`H:6X@4VAA<F5S*3PO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^-RPX,#`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@
M("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^-RPR-3`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&9N/CQS=7`^6S%=/"]S=7`^/"]T9#X-"B`@("`@(#PO='(^
M#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$
M<&P@=F%L:6=N/3-$=&]P/D]P96YI;F<@8F%L86YC93PO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^)"`T.3<L-S8U/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CQS=7`^6S%=+%LR73PO<W5P/CPO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^)"`S-S,L.3,U/'-P86X^
M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@
M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@("`@("`@(#QT
M9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#<F5A=&EO;G,\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6UP/C0W+#DR,CQS<&%N/CPO<W!A;CX\+W1D
M/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C$Y-"PY.3<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\
M='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N
M/3-$=&]P/E)E9&5M<'1I;VYS/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M/B@V+#<V-RD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Y."PX
M-3(I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&9N
M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F4^#0H@
M("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y!9&IU<W1M96YT
M('1O(')E9&5M<'1I;VX@=F%L=64\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C4P+#$R-SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP/C(W
M+#8X-3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F
M;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')O/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^0VQO<VEN9R!B
M86QA;F-E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#4X.2PP
M-#<\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^
M/'-U<#Y;,ET\+W-U<#X\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N=6UP
M/B0@-#DW+#<V-3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA
M<W,],T1F;CX\<W5P/ELQ72Q;,ET\+W-U<#X\+W1D/@T*("`@("`@/"]T<CX-
M"B`@("`@(#QT<B!C;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P
M;"!V86QI9VX],T1T;W`^4F5D96UP=&EO;B!V86QU92!P97(@4VAA<F4@870@
M<&5R:6]D(&5N9"`H:6X@1&]L;&%R<R!P97(@<VAA<F4I/"]T9#X-"B`@("`@
M("`@/'1D(&-L87-S/3-$;G5M<#XD(#<U+C4R/'-P86X^/"]S<&%N/CPO=&0^
M#0H@("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&YU;7`^)"`V."XV-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT
M<CX-"B`@("`@("`@/'1D(&-O;'-P86X],T0U/CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$:6YN97)&;V]T;F]T93X-"B`@("`@("`@
M/'1D('9A;&EG;CTS1'1O<#Y;,5T\+W1D/@T*("`@("`@("`\=&0@8V]L<W!A
M;CTS1#0@=F%L:6=N/3-$=&]P/D1E<FEV960@9G)O;2!A=61I=&5D(%-T871E
M;65N="!O9B!&:6YA;F-I86P@0V]N9&ET:6]N(&%S(&]F($1E8V5M8F5R(#,Q
M+"`R,#$R+CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$
M:6YN97)&;V]T;F]T93X-"B`@("`@("`@/'1D('9A;&EG;CTS1'1O<#Y;,ET\
M+W1D/@T*("`@("`@("`\=&0@8V]L<W!A;CTS1#0@=F%L:6=N/3-$=&]P/D%U
M=&AO<FEZ960@<VAA<F4@8V%P:71A;"!I<R!U;FQI;6ET960@=VET:"!N;R!P
M87(@=F%L=64@<&5R(%-H87)E+B!3:&%R97,@:7-S=65D(&%N9"!O=71S=&%N
M9&EN9R!A="!-87)C:"`S,2P@,C`Q,R!W97)E(#<L.#`P+#`P,"!A;F0@870@
M1&5C96UB97(@,S$L(#(P,3(@=V5R93PO=&0^#0H@("`@("`\+W1R/@T*("`@
M(#PO=&%B;&4^#0H@(#PO8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT
M4&%R=%\Q8CAE9#<X-%]B-#AB7S1C-C%?.34U.%]E-30Y,3`Y-&(T860-"D-O
M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO,6(X960W.#1?8C0X8E\T8S8Q
M7SDU-3A?934T.3$P.31B-&%D+U=O<FMS:&5E=',O4VAE970Q.2YH=&UL#0I#
M;VYT96YT+51R86YS9F5R+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#
M;VYT96YT+51Y<&4Z('1E>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-
M"CQH=&UL/@T*("`\:&5A9#X-"B`@("`\345402!H='1P+65Q=6EV/3-$0V]N
M=&5N="U4>7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R<V5T/75T9BTX
M)SX\<V-R:7!T('1Y<&4],T1T97AT+VIA=F%S8W)I<'0@<W)C/3-$4VAO=RYJ
M<SXO*B!$;R!.;W0@4F5M;W9E(%1H:7,@0V]M;65N="`J+SPO<V-R:7!T/CPO
M:&5A9#X-"B`@/&)O9'D^#0H@("`@/'1A8FQE(&-L87-S/3-$<F5P;W)T(&ED
M/3-$240P14)+044^#0H@("`@("`\='(^#0H@("`@("`@(#QT:"!C;&%S<STS
M1'1L(&-O;'-P86X],T0Q(')O=W-P86X],T0R/CQS=')O;F<^4VEG;FEF:6-A
M;G0@06-C;W5N=&EN9R!0;VQI8VEE<R`H4V-H961U;&4@3V8@26YV97-T;65N
M="!);B!086QL861I=6TI("A$971A:6QS*2`H55-$("0I/&)R/DEN(%1H;W5S
M86YD<RP@=6YL97-S(&]T:&5R=VES92!S<&5C:69I960\+W-T<F]N9SX\+W1H
M/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,SXS($UO;G1H
M<R!%;F1E9#PO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS1'1H(&-O;'-P86X]
M,T0R/C$R($UO;G1H<R!%;F1E9#PO=&@^#0H@("`@("`\+W1R/@T*("`@("`@
M/'1R/@T*("`@("`@("`\=&@@8VQA<W,],T1T:"!C;VQS<&%N/3-$,CY-87(N
M(#,Q+"`R,#$S/&)R/F]Z/&)R/CPO=&@^#0H@("`@("`@(#QT:"!C;&%S<STS
M1'1H/DUA<BX@,S$L(#(P,3(\8G(^;WH\8G(^/"]T:#X-"B`@("`@("`@/'1H
M(&-L87-S/3-$=&@@8V]L<W!A;CTS1#(^1&5C+B`S,2P@,C`Q,CQB<CYO>CQB
M<CX\+W1H/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1')E/@T*
M("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T;W`^/'-T<F]N9SY3
M:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S(%M!8G-T<F%C=%T\+W-T
M<F]N9SX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@
M(#QT<B!C;&%S<STS1')O/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI
M9VX],T1T;W`^3W!E;FEN9R!B86QA;F-E("AI;B!/=6YC97,I/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XW,3(L-#<T+C4\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XU.#@L,C4U+C8\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XU.#@L,C4U+C8\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-R96%T:6]N<R`H:6X@3W5N8V5S*3PO
M=&0^#0H@("`@("`@(#QT9"!C;&%S<STS1&YU;7`^-C,L.#$Q+C$\<W!A;CX\
M+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$;G5M<#XR.#8L,38V+C$\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/E)E9&5M<'1I;VYS("AI;B!/=6YC97,I/"]T
M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Y+#@R,2XV*3QS<&%N/CPO
M<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1N=6T^*#$U-RPT,3DN."D\<W!A;CX\+W-P86X^
M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO
M='(^#0H@("`@("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S
M/3-$<&P@=F%L:6=N/3-$=&]P/E1R86YS9F5R<R!O9B!P86QL861I=6T@=&\@
M<&%Y(&5X<&5N<V5S("AI;B!/=6YC97,I/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M/B@Q+#`W-BXT*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@
M("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1T
M97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,],T1N
M=6T^*#0L-3(W+C0I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C
M;&%S<STS1&9N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S
M/3-$<F\^#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y#
M;&]S:6YG(&)A;&%N8V4@*&EN($]U;F-E<RD\+W1D/@T*("`@("`@("`\=&0@
M8VQA<W,],T1N=6UP/C<V-2PS.#<N-CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1T97AT/CQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6UP/C<Q,BPT-S0N-3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C
M;&%S<STS1')E/@T*("`@("`@("`\=&0@8VQA<W,],T1P;"!V86QI9VX],T1T
M;W`^3W!E;FEN9R!B86QA;F-E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$
M;G5M<#XD(#0T-2PP,S@\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$9FX^/'-U<#Y;,5TL6S)=/"]S=7`^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$;G5M<#XD(#,U,2PP.#,\<W!A;CX\+W-P86X^/"]T9#X-
M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XD(#,U,2PP.#,\<W!A;CX\+W-P
M86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@
M(#PO='(^#0H@("`@("`\='(@8VQA<W,],T1R;SX-"B`@("`@("`@/'1D(&-L
M87-S/3-$<&P@=F%L:6=N/3-$=&]P/D-R96%T:6]N<SPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;7`^-#<L.3(R/'-P86X^/"]S<&%N/CPO=&0^#0H@
M("`@("`@(#QT9"!C;&%S<STS1&9N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S
M<STS1&YU;7`^,3,V+#0R-SQS<&%N/CPO<W!A;CX\+W1D/@T*("`@("`@("`\
M=&0@8VQA<W,],T1N=6UP/C$Y-"PY.3<\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@
M("`\='(@8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L
M:6=N/3-$=&]P/E)E9&5M<'1I;VYS/"]T9#X-"B`@("`@("`@/'1D(&-L87-S
M/3-$;G5M/B@V+#$S-2D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\
M<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M/B@Y
M."PR,S8I/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&9N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$<F\^
M#0H@("`@("`@(#QT9"!C;&%S<STS1'!L('9A;&EG;CTS1'1O<#Y4<F%N<V9E
M<G,@;V8@<&%L;&%D:75M('1O('!A>2!E>'!E;G-E<SPO=&0^#0H@("`@("`@
M(#QT9"!C;&%S<STS1&YU;3XH-C<X*3QS<&%N/CPO<W!A;CX\+W1D/@T*("`@
M("`@("`\=&0@8VQA<W,],T1F;CX\+W1D/@T*("`@("`@("`\=&0@8VQA<W,]
M,T1N=6T^*#4W-2D\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D(&-L
M87-S/3-$;G5M/B@R+#@P-BD\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@
M/'1D(&-L87-S/3-$9FX^/"]T9#X-"B`@("`@(#PO='(^#0H@("`@("`\='(@
M8VQA<W,],T1R93X-"B`@("`@("`@/'1D(&-L87-S/3-$<&P@=F%L:6=N/3-$
M=&]P/D-L;W-I;F<@8F%L86YC93PO=&0^#0H@("`@("`@(#QT9"!C;&%S<STS
M1&YU;7`^)"`T.#8L,30W/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT
M9"!C;&%S<STS1&9N/CQS=7`^6S%=/"]S=7`^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$=&5X=#X\<W!A;CX\+W-P86X^/"]T9#X-"B`@("`@("`@/'1D
M(&-L87-S/3-$;G5M<#XD(#0T-2PP,S@\<W!A;CX\+W-P86X^/"]T9#X-"B`@
M("`@("`@/'1D(&-L87-S/3-$9FX^/'-U<#Y;,5TL6S)=/"]S=7`^/"]T9#X-
M"B`@("`@(#PO='(^#0H@("`@("`\='(^#0H@("`@("`@(#QT9"!C;VQS<&%N
M/3-$-CX\+W1D/@T*("`@("`@/"]T<CX-"B`@("`@(#QT<B!C;&%S<STS1&EN
M;F5R1F]O=&YO=&4^#0H@("`@("`@(#QT9"!V86QI9VX],T1T;W`^6S%=/"]T
M9#X-"B`@("`@("`@/'1D(&-O;'-P86X],T0U('9A;&EG;CTS1'1O<#Y4:&4@
M:6YV97-T;65N="!I;B!P86QL861I=6T@:7,@=F%L=65D(&%T('1H92!L;W=E
M<B!O9B!C;W-T(&]R(&UA<FME="!V86QU92X@(%)E9F5R('1O(&YO=&4@,BXQ
M(&9O<B!A(&)R96%K9&]W;B!O9B!C;W-T(&%N9"!M87)K970@=F%L=64@;V8@
M=&AE(&EN=F5S=&UE;G0@:6X@<&%L;&%D:75M+CPO=&0^#0H@("`@("`\+W1R
M/@T*("`@("`@/'1R(&-L87-S/3-$:6YN97)&;V]T;F]T93X-"B`@("`@("`@
M/'1D('9A;&EG;CTS1'1O<#Y;,ET\+W1D/@T*("`@("`@("`\=&0@8V]L<W!A
M;CTS1#4@=F%L:6=N/3-$=&]P/D1E<FEV960@9G)O;2!A=61I=&5D(%-T871E
M;65N="!O9B!&:6YA;F-I86P@0V]N9&ET:6]N(&%S(&]F($1E8V5M8F5R(#,Q
M+"`R,#$R+CPO=&0^#0H@("`@("`\+W1R/@T*("`@(#PO=&%B;&4^#0H@(#PO
M8F]D>3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%\Q8CAE9#<X-%]B
M-#AB7S1C-C%?.34U.%]E-30Y,3`Y-&(T860-"D-O;G1E;G0M3&]C871I;VXZ
M(&9I;&4Z+R\O0SHO,6(X960W.#1?8C0X8E\T8S8Q7SDU-3A?934T.3$P.31B
M-&%D+U=O<FMS:&5E=',O9FEL96QI<W0N>&UL#0I#;VYT96YT+51R86YS9F5R
M+45N8V]D:6YG.B!Q=6]T960M<')I;G1A8FQE#0I#;VYT96YT+51Y<&4Z('1E
M>'0O:'1M;#L@8VAA<G-E=#TB=7,M87-C:6DB#0H-"CQX;6P@>&UL;G,Z;STS
M1")U<FXZ<V-H96UA<RUM:6-R;W-O9G0M8V]M.F]F9FEC93IO9F9I8V4B/@T*
M(#QO.DUA:6Y&:6QE($A2968],T0B+BXO5V]R:V)O;VLN:'1M;"(O/@T*(#QO
M.D9I;&4@2%)E9CTS1")3:&5E=#`Q+FAT;6PB+SX-"B`\;SI&:6QE($A2968]
M,T0B4VAE970P,BYH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,#,N
M:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#`T+FAT;6PB+SX-"B`\
M;SI&:6QE($A2968],T0B4VAE970P-2YH=&UL(B\^#0H@/&\Z1FEL92!(4F5F
M/3-$(E-H965T,#8N:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#`W
M+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE970P."YH=&UL(B\^#0H@
M/&\Z1FEL92!(4F5F/3-$(E-H965T,#DN:'1M;"(O/@T*(#QO.D9I;&4@2%)E
M9CTS1")3:&5E=#$P+FAT;6PB+SX-"B`\;SI&:6QE($A2968],T0B4VAE970Q
M,2YH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T,3(N:'1M;"(O/@T*
M(#QO.D9I;&4@2%)E9CTS1")3:&5E=#$S+FAT;6PB+SX-"B`\;SI&:6QE($A2
M968],T0B4VAE970Q-"YH=&UL(B\^#0H@/&\Z1FEL92!(4F5F/3-$(E-H965T
M,34N:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E=#$V+FAT;6PB+SX-
M"B`\;SI&:6QE($A2968],T0B4VAE970Q-RYH=&UL(B\^#0H@/&\Z1FEL92!(
M4F5F/3-$(E-H965T,3@N:'1M;"(O/@T*(#QO.D9I;&4@2%)E9CTS1")3:&5E
M=#$Y+FAT;6PB+SX-"CPO>&UL/@T*+2TM+2TM/5].97AT4&%R=%\Q8CAE9#<X
A-%]B-#AB7S1C-C%?.34U.%]E-30Y,3`Y-&(T860M+0T*
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2. Significant Accounting Policies </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">2.1. Valuation of Palladium</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Palladium is held by JPMorgan Chase Bank, N.A. (the &#x201C;Custodian&#x201D;), on behalf of the Trust, and is valued, for financial statement purposes, at the lower of cost or market. The cost of palladium is determined according to the average cost method and the market value is based on the London PM Fix used to determine the net asset value (the &#x201C;NAV&#x201D;) of the Trust. Realized gains and losses on transfers of palladium, or palladium distributed for the redemption of Shares, are calculated on a trade date basis using average cost. The London PM Fix is set using the afternoon session of the twice daily fix of the price of an ounce of palladium by the four members of the London Platinum and Palladium Market at approximately 2:00 PM London time, on each working day.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Once the value of palladium has been determined, the NAV is computed by the Trustee by deducting all accrued fees and other liabilities of the Trust, including the remuneration due to the Sponsor (the &#x201C;Sponsor&#x2019;s Fee&#x201D;), from the fair value of the palladium and all other assets held by the Trust. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The table below summarizes the unrealized gains on the Trust&#x2019;s palladium holdings as of </font><font style="display: inline;">March 31, 2013 and December 31, 2012</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$)</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Investment in palladium - average cost</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>486,147&nbsp;
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Unrealized gain on investment in palladium</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103,201&nbsp;
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52,982&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Investment in palladium - market value</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>589,348&nbsp;
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>498,020&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust recognizes the diminution in value of the investment in palladium which arises from market declines on an interim basis. Increases in the value of the investment in palladium through market price recoveries in later interim periods of the same fiscal year are recognized in the later interim period. Increases in value recognized on an interim basis may not exceed the previously recognized diminution in value. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The per Share amount of palladium exchanged for a purchase or redemption is calculated daily by the Trustee, using the London PM Fix to calculate the palladium amount in respect of any liabilities for which covering palladium sales have not yet been made, and represents the per Share amount of palladium held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.2. </font><font style="display: inline;font-weight:bold;font-style:italic;">Palladium Receivable and Payable</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Palladium receivable or payable represents the quantity of palladium covered by contractually binding orders for the creation or redemption of Shares respectively, where the palladium has not yet been transferred to or from the Trust&#x2019;s account. Generally, ownership of the palladium is transferred within three business days of the trade date. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">There was </font><font style="display: inline;">no</font><font style="display: inline;"> palladium receivable or payable at </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;"> and December 31, 2012.</font><font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.3. </font><font style="display: inline;font-weight:bold;font-style:italic;">Creations and Redemptions of Shares</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets. The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor, and (4) has established an Authorized Participant Unallocated Account with the Trust&#x2019;s Custodian or other palladium clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the palladium required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated palladium account, either loco London or loco Zurich, established with the Custodian or a palladium clearing bank by an Authorized Participant.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of palladium represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When palladium is exchanged in settlement of a redemption, it is considered a sale of palladium for financial statement purposes.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The amount of palladium represented by the Baskets created or redeemed can only be settled to the nearest 1/1000</font><sup style="display: inline;">th </sup><font style="display: inline;">of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of palladium to be delivered or distributed by the Trust. In order to ensure that the correct amount of palladium is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess. For each transaction, this amount is not more than 1/1000</font><sup style="display: inline;">th</sup><font style="display: inline;"> of an ounce.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Shares of the Trust are classified as &#x201C;Redeemable Shares&#x201D; for financial statement purposes, since they are subject to redemption at the option of Authorized Participants. Outstanding Shares are reflected at redemption value, which represents the maximum obligation (based on NAV per Share), with the difference from historical cost recorded as an offsetting amount to retained earnings. When palladium is exchanged in settlement of a redemption, a gain or loss in the amount of the difference between the market value on the trade date and the historical cost is recorded to the Condensed Statement of Operations. Changes in the Shares for the </font><font style="display: inline;">three months ended March 31, 2013</font><font style="display: inline;"> and for the year ended </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;"> are set out below: </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Year</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$, except for Share and per Share data)</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Number of redeemable Shares</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,250,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,950,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>650,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,900,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(100,000)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,600,000)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,800,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,250,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Redeemable Shares</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>497,765&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>373,935&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,922&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>194,997&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,767)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98,852)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Adjustment to redemption value</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,127&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,685&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>589,047&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>497,765&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemption value per Share at period end</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75.52&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68.66&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">2.4. Revenue Recognition Policy</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The primary expense of the Trust is the Sponsor&#x2019;s Fee, which is paid by the Trust through in-kind transfers of palladium to the Sponsor. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust&#x2019;s palladium as necessary to pay these expenses. When selling palladium to pay expenses, the Trustee will endeavor to sell the smallest amounts of palladium needed to pay these expenses in order to minimize the Trust&#x2019;s holdings of assets other than palladium.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Unless otherwise directed by the Sponsor, when selling palladium the Trustee will endeavor to sell at the price established by the London PM Fix. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such palladium only if the sale transaction is made at the next London PM Fix or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the palladium sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.5. </font><font style="display: inline;font-weight:bold;font-style:italic;">Income Taxes</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust is classified as a &#x201C;grantor trust&#x201D; for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust&#x2019;s income and expenses will &#x201C;flow through&#x201D; to the Shareholders, and the Trustee will report the Trust&#x2019;s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;">. &nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.6. </font><font style="display: inline;font-weight:bold;font-style:italic;">Investment in Palladium</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Changes in ounces of palladium and the respective values for </font><font style="display: inline;">the </font><font style="display: inline;">three months ended March 31, 2013</font><font style="display: inline;"> and for the year ended </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;"> are set out below: </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Year</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$, except for ounces data)</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Ounces of palladium</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>712,474.5&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>588,255.6&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63,811.1&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>286,166.1&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,821.6)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(157,419.8)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Transfers of palladium to pay expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,076.4)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,527.4)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>765,387.6&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>712,474.5&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Investment in palladium (lower of cost or market)</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>351,083&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,922&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>194,997&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,135)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98,236)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Transfers of palladium to pay expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(678)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,806)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>486,147&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.7. </font><font style="display: inline;font-weight:bold;font-style:italic;">Expenses</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust will transfer palladium to the Sponsor to pay the Sponsor&#x2019;s Fee that will accrue daily at an annualized rate equal to </font><font style="display: inline;">0.60</font><font style="display: inline;">% of the adjusted net asset value (&#x201C;ANAV&#x201D;) of the Trust, paid monthly in arrears.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#x2019;s monthly fee and out of pocket expenses, the Custodian&#x2019;s fee and the reimbursement of the Custodian&#x2019;s expenses, exchange listing fees, United States Securities and Exchange Commission (the &#x201C;SEC&#x201D;) registration fees, printing and mailing costs, audit fees and certain legal expenses.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">For the </font><font style="display: inline;">three months ended March 31, 2013 and 2012</font><font style="display: inline;">, the Sponsor&#x2019;s Fee was $</font><font style="display: inline;">821,098</font><font style="display: inline;"> and $</font><font style="display: inline;">689,202</font><font style="display: inline;">, respectively. At </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;"> and at </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;">, the fees payable to the Sponsor were $</font><font style="display: inline;">301,152</font><font style="display: inline;"> and $</font><font style="display: inline;">254,522</font><font style="display: inline;">, respectively. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.8. </font><font style="display: inline;font-weight:bold;font-style:italic;">Subsequent Events</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">In accordance with the provisions set forth in Financial Accounting Standards Board Accounting Standards Codification 855-10, </font><font style="display: inline;font-style:italic;">Subsequent Events</font><font style="display: inline;">, the Trust&#x2019;s management has evaluated the possibility of subsequent events existing in the Trust&#x2019;s financial statements through the filing date. During this period, no material subsequent events were identified. </font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountingPoliciesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for all significant accounting policies of the reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18861-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18743-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18854-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SignificantAccountingPoliciesTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EYAAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Statements of Financial Condition (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_InvestmentInPalladium', window );">Investment in palladium</a></td>
        <td class="nump">$ 486,147,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">$ 445,038,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">486,147,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">445,038,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>LIABILITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableRelatedPartiesCurrent', window );">Fees payable to Sponsor</a></td>
        <td class="nump">301,152<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">254,522<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump">301,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">255,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_RedeemableSharesAndShareholdersDeficitAbstract', window );"><strong>REDEEMABLE SHARES AND SHAREHOLDERS&#x2019; DEFICIT</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Shares at redemption value to investors</a></td>
        <td class="nump">589,047,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
        <td class="nump">497,765,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2],[3]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Shareholders&#x2019; deficit</a></td>
        <td class="num">(103,201,000)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(52,982,000)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities, redeemable Shares &amp; shareholders&#x2019; deficit</a></td>
        <td class="nump">$ 486,147,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 445,038,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr>
        <td colspan="5"></td>
      </tr>
      <tr>
        <td colspan="5">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">The investment in palladium is valued at the lower of cost or market value.  Refer to note 2.1 for a breakdown of cost and market value of the investment in palladium.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[2]</td>
              <td style="vertical-align: top;" valign="top">Derived from audited Statement of Financial Condition as of December 31, 2012.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[3]</td>
              <td style="vertical-align: top;" valign="top">Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at March 31, 2013 were 7,800,000 and at December 31, 2012 were</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_InvestmentInPalladium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of investment in palladium received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_InvestmentInPalladium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_RedeemableSharesAndShareholdersDeficitAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_RedeemableSharesAndShareholdersDeficitAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 57<br><br><br><br> -Paragraph 2<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph k<br><br><br><br> -Subparagraph 1<br><br><br><br> -Article 4<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableRelatedPartiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br><br><br> -Number 6<br><br><br><br> -Paragraph 25<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 32<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ENJAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statement of Changes in Shareholders' Deficit (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">3 Months Ended</th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th" colspan="2">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfStockholdersEquityAbstract', window );"><strong>Statement of Changes in Shareholders' Deficit [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Shareholders&#x2019; deficit - opening balance</a></td>
        <td class="num">$ (52,982)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss for the period</a></td>
        <td class="num">(92)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(632)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_AdjustmentOfRedeemableSharesToRedemptionValue', window );">Adjustment of redeemable Shares to redemption value</a></td>
        <td class="num">(50,127)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(27,685)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Shareholders&#x2019; deficit &#x2013; closing balance</a></td>
        <td class="num">$ (103,201)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">$ (52,982)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr>
        <td colspan="6"></td>
      </tr>
      <tr>
        <td colspan="6">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Derived from audited Statement of Financial Condition as of December 31, 2012.</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_AdjustmentOfRedeemableSharesToRedemptionValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Adjustment of redeemable Shares to redemption value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_AdjustmentOfRedeemableSharesToRedemptionValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 31<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RetainedEarningsAccumulatedDeficit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfStockholdersEquityAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StatementOfStockholdersEquityAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.1.0.1
 *
 */

var moreDialog = null;
var Show = {
    Default:'raw',

    more:function( obj ){
        var bClosed = false;
        if( moreDialog != null )
        {
			try
			{
				bClosed = moreDialog.closed;
			}
			catch(e)
			{
				//Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control
				// that somtimes causes it to throw when checking the closed property on a child window that has been
				//closed.  So if the exception occurs we assume the window is closed and move on from there.
				bClosed = true;
			}

			if( !bClosed ){
				moreDialog.close();
			}
        }

        obj = obj.parentNode.getElementsByTagName( 'pre' )[0];
		var hasHtmlTag = false;
		var objHtml = '';
		var raw = '';

		//Check for raw HTML
		var nodes = obj.getElementsByTagName( '*' );
		if( nodes.length ){
			objHtml = obj.innerHTML;
		}else{
			if( obj.innerText ){
				raw = obj.innerText;
			}else{
				raw = obj.textContent;
			}

			var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g );
			if( matches && matches.length ){
				objHtml = raw;

				//If there is an html node it will be 1st or 2nd,
				//   but we can check a little further.
				var n = Math.min( 5, matches.length );
				for( var i = 0; i < n; i++ ){
					var el = matches[ i ].toString().toLowerCase();
					if( el.indexOf( '<html' ) >= 0 ){
						hasHtmlTag = true;
						break;
					}
				}
			}
		}

        if( objHtml.length ){
			var html = '';

			if( hasHtmlTag ){
				html = objHtml;
			}else{
				html = '<html>'+
					"\n"+'<head>'+
					"\n"+'    <title>Report Preview Details</title>'+
					"\n"+'    <style type="text/css">'+
					"\n"+'    body {'+
					"\n"+'    }'+
					"\n"+'    table {'+
					"\n"+'    }'+
					"\n"+'    </style>'+
					"\n"+'</head>'+
					"\n"+'<body>'+
						objHtml +
					"\n"+'</body>'+
					"\n"+'</html>';
			}

			moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes");
			moreDialog.document.write( html );
			moreDialog.document.close();

			if( !hasHtmlTag ){
				moreDialog.document.body.style.margin = '0.5em';
			}
        }
        else
        {
			//default view logic
			var lines = raw.split( "\n" );
			var longest = 0;

			if( lines.length > 0 ){
				for( var p = 0; p < lines.length; p++ ){
					longest = Math.max( longest, lines[p].length );
				}
			}

			//Decide on the default view
			this.Default = longest < 120 ? 'raw' : 'formatted';

			//Build formatted view
			var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ;
			var formatted = '';

			if( text.length > 0 ){
				if( text.length == 1 ){
					text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ;
					formatted = "<p>"+ text.join( "<br /><br />\n" ) +"</p>";
				}else{
					for( var p = 0; p < text.length; p++ ){
						formatted += "<p>" + text[p] + "</p>\n";
					}
				}
			}else{
				formatted = '<p>' + raw + '</p>';
			}

			html = '<html>'+
				"\n"+'<head>'+
				"\n"+'    <title>Report Preview Details</title>'+
				"\n"+'    <style type="text/css">'+
				"\n"+'    body {'+
				"\n"+'       background-color: #f0f9ee;'+
				"\n"+'       font-family: Arial, san-serif; font-size: 0.8em;'+
				"\n"+'    }'+
				"\n"+'    table {'+
				"\n"+'       font-size: 1em;'+
				"\n"+'    }'+
				"\n"+'    </style>'+
				"\n"+'</head>'+
				"\n"+'<body>'+
				"\n"+'    <table border="0" width="100%">'+
				"\n"+'    <tr>'+
				"\n"+'        <td>'+
				"\n"+'            formatted: <a href="javascript:void(0);" onclick="opener.Show.toggle( window, this );">'+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +'</a>'+
				"\n"+'        </td>'+
				"\n"+'    </tr>'+
				"\n"+'    <tr>'+
				"\n"+'        <td>'+
				"\n"+'            <div id="formatted" style="display: none;">'+formatted+'</div>'+
				"\n"+'        </td>'+
				"\n"+'    </tr>'+
				"\n"+'    <tr>'+
				"\n"+'        <td>'+
				"\n"+'            <pre id="raw" style="display: none; font-size: 1.2em;">'+raw+'</pre>'+
				"\n"+'        </td>'+
				"\n"+'    </tr>'+
				"\n"+'    </table>'+
				"\n"+'</body>'+
				"\n"+'</html>';

			moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes");
			moreDialog.document.write(html);
			moreDialog.document.close();

			this.toggle( moreDialog );
        }

		moreDialog.document.title = 'Report Preview Details';
    },

    toggle:function( win, domLink ){
        var domId = this.Default;

        var doc = win.document;
        var domEl = doc.getElementById( domId );
        domEl.style.display = 'block';

        this.Default = domId == 'raw' ? 'formatted' : 'raw';

        if( domLink ){
            domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed';
        }

        var domElOpposite = doc.getElementById( this.Default );
        domElOpposite.style.display = 'none';
    },

	LastAR : null,
	showAR : function ( link, id, win ){
		if( Show.LastAR ){
			Show.hideAR();
		}

		var ref = link;
		do {
			ref = ref.nextSibling;
		} while (ref && ref.nodeName != 'TABLE');

		if (!ref || ref.nodeName != 'TABLE') {
			var tmp = win ?
				win.document.getElementById(id) :
				document.getElementById(id);

			if( tmp ){
				ref = tmp.cloneNode(true);
				ref.id = '';
				link.parentNode.appendChild(ref);
			}
		}

		if( ref ){
			ref.style.display = 'block';
			Show.LastAR = ref;
		}
	},

	toggleNext : function( link ){
		var ref = link;

		do{
			ref = ref.nextSibling;
		}while( ref.nodeName != 'DIV' );

		if( ref.style &&
			ref.style.display &&
			ref.style.display == 'none' ){
			ref.style.display = 'block';

			if( link.textContent ){
				link.textContent = link.textContent.replace( '+', '-' );
			}else{
				link.innerText = link.innerText.replace( '+', '-' );
			}
		}else{
			ref.style.display = 'none';

			if( link.textContent ){
				link.textContent = link.textContent.replace( '-', '+' );
			}else{
				link.innerText = link.innerText.replace( '-', '+' );
			}
		}
	},

	hideAR : function(){
		Show.LastAR.style.display = 'none';
	}
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Organization<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Organization</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">1. Organization </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The ETFS Palladium Trust (the &#x201C;Trust&#x201D;) is an investment trust formed on December 30, 2009 (the &#x201C;Date of Inception&#x201D;), under New York law pursuant to a depositary trust agreement (the &#x201C;Trust Agreement&#x201D;) executed by ETF Securities USA LLC (the &#x201C;Sponsor&#x201D;) and the Bank of New York Mellon (the &#x201C;Trustee&#x201D;) at the time of the Trust&#x2019;s organization. The Trust holds palladium bullion and issues ETFS Physical Palladium Shares (&#x201C;Shares&#x201D;) (in minimum blocks of </font><font style="display: inline;">50,000</font><font style="display: inline;"> Shares, also referred to as &#x201C;Baskets&#x201D;) in exchange for deposits of palladium and distributes palladium in connection with the redemption of Baskets. Shares represent units of fractional undivided beneficial interest in and ownership of the Trust which are issued by the Trust. The Sponsor is a Delaware limited liability company and a wholly-owned subsidiary of ETF Securities Limited, a Jersey, Channel Islands based company. The Trust is governed by the Trust Agreement.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The investment objective of the Trust is for the Shares to reflect the performance of the price of palladium, less the Trust&#x2019;s expenses and liabilities. The Trust is designed to provide an individual owner of beneficial interests in the Shares (a &#x201C;Shareholder&#x201D;) an opportunity to participate in the palladium market through an investment in securities. The fiscal year end for the Trust is December 31.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The accompanying unaudited condensed financial statements were prepared in accordance with the accounting principles generally accepted in the United States of America for interim financial information and with the instructions for the Form 10-Q. In the opinion of the Trust&#x2019;s management, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the </font><font style="display: inline;">three months ended March 31, 2013</font><font style="display: inline;"> and for all periods presented have been made.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These condensed financial statements should be read in conjunction with the Trust&#x2019;s Annual Report on Form 10-K for the fiscal year ended </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;">. The results of operations for the </font><font style="display: inline;">three months ended March 31, 2013</font><font style="display: inline;"> are not necessarily indicative of the operating results for the full year. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 852<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2209116<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122150<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 205<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7668296&amp;loc=d3e288-107754<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2134480<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 720<br><br> -SubTopic 15<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2122524<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS140-4/FIN46(R)-8<br><br> -Paragraph 8, C1, C7<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2197480<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 94-6<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 46R<br><br> -Paragraph 4, 14, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 272<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7880789&amp;loc=SL6228881-111685<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 2-6<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 810<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=d3e5614-111684<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 915<br><br> -SubTopic 235<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6472506&amp;loc=d3e38932-110933<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EVEAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Statements of Financial Condition (Parenthetical)<br></strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>Statements of Financial Condition [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_CommonStockSharesAuthorised', window );">Common stock, shares authorized</a></td>
        <td class="text">unlimited<span></span></td>
        <td class="text">unlimited<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
        <td class="nump">7,800,000<span></span></td>
        <td class="nump">7,250,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
        <td class="nump">7,800,000<span></span></td>
        <td class="nump">7,250,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr>
        <td colspan="4"></td>
      </tr>
      <tr>
        <td colspan="4">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Derived from audited Statement of Financial Condition as of December 31, 2012.</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CommonStockSharesAuthorised">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common stock shares which the Trust is authorised to issue.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_CommonStockSharesAuthorised</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfFinancialPositionAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StatementOfFinancialPositionAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E6AAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Significant Accounting Policies (Schedule Of Palladium Receivable And Payable) (Details) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_PalladiumReceivableAtMarketValue', window );">Palladium receivable</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_PalladiumPayableAtMarketValue', window );">Palladium payable</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 0<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_PalladiumPayableAtMarketValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of palladium payable at market value as of the reporting date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_PalladiumPayableAtMarketValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_PalladiumReceivableAtMarketValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of palladium receivable at market value as of the reporting date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_PalladiumReceivableAtMarketValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountingPoliciesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EQAAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Document And Entity Information<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>May 06, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
        <td class="text">10-Q<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
        <td class="text">false<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
        <td class="text">Mar. 31,
         2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
        <td class="text">2013<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
        <td class="text">Q1<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
        <td class="text">ETFS PALLADIUM TRUST<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
        <td class="text">0001459862<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
        <td class="text">--12-31<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
        <td class="text">Accelerated Filer<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">8,100,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_AmendmentFlag</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:booleanItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_CurrentFiscalYearEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gMonthDayItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:fiscalPeriodItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalYearFocus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:gYearItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentType</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCentralIndexKey</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_DocumentAndEntityInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_DocumentAndEntityInformationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ECDAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Accounting Policies (Schedule Of Redeemable Capital Shares) (Details) (USD $)<br>In Thousands, except Share data, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th" colspan="2">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Opening balance (in Shares)</a></td>
        <td class="nump">7,250,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">5,950,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Creations (in Shares)</a></td>
        <td class="nump">650,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">2,900,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodShares', window );">Redemptions (in Shares)</a></td>
        <td class="num">(100,000)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(1,600,000)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Closing balance (in Shares)</a></td>
        <td class="nump">7,800,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">7,250,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Opening balance</a></td>
        <td class="nump">$ 497,765<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
        <td class="nump">$ 373,935<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Creations</a></td>
        <td class="nump">47,922<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">194,997<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodValue', window );">Redemptions</a></td>
        <td class="num">(6,767)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(98,852)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_AdjustmentOfRedeemableSharesToRedemptionValue', window );">Adjustment to redemption value</a></td>
        <td class="nump">50,127<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">27,685<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Closing balance</a></td>
        <td class="nump">$ 589,047<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
        <td class="nump">$ 497,765<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_RedemptionValuePerShareAtPeriodEnd', window );">Redemption value per Share at period end (in Dollars per share)</a></td>
        <td class="nump">$ 75.52<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 68.66<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr>
        <td colspan="5"></td>
      </tr>
      <tr>
        <td colspan="5">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Derived from audited Statement of Financial Condition as of December 31, 2012.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[2]</td>
              <td style="vertical-align: top;" valign="top">Authorized share capital is unlimited with no par value per Share. Shares issued and outstanding at March 31, 2013 were 7,800,000 and at December 31, 2012 were</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_AdjustmentOfRedeemableSharesToRedemptionValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Adjustment of redeemable Shares to redemption value.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_AdjustmentOfRedeemableSharesToRedemptionValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_RedemptionValuePerShareAtPeriodEnd">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net asset value per share redeemable at the period end.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_RedemptionValuePerShareAtPeriodEnd</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountingPoliciesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesIssued</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of new stock issued during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodSharesNewIssues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockIssuedDuringPeriodValueNewIssues</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedDuringPeriodShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section B<br><br> -Paragraph 11A<br><br> -Chapter 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockRepurchasedDuringPeriodShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedDuringPeriodValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 43<br><br> -Section B<br><br> -Paragraph 11A<br><br> -Chapter 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29, 30, 31<br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_StockRepurchasedDuringPeriodValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EFJAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statements of Operations (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>REVENUES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ValueOfPalladiumTransferredToPayExpenses', window );">Value of palladium transferred to pay expenses</a></td>
        <td class="nump">$ 775,000<span></span></td>
        <td class="nump">$ 632,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_CostOfPalladiumTransferredToPayExpenses', window );">Cost of palladium transferred to pay expenses</a></td>
        <td class="num">(678,000)<span></span></td>
        <td class="num">(575,000)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gain on palladium transferred to pay expenses</a></td>
        <td class="nump">97,000<span></span></td>
        <td class="nump">57,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares', window );">Gain on palladium distributed for the redemption of Shares</a></td>
        <td class="nump">632,000<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_TotalGainLossOnPalladium', window );">Total gain on palladium</a></td>
        <td class="nump">729,000<span></span></td>
        <td class="nump">57,000<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ExpensesAbstract', window );"><strong>EXPENSES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor&#x2019;s Fee</a></td>
        <td class="nump">821,098<span></span></td>
        <td class="nump">689,202<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
        <td class="nump">821,000<span></span></td>
        <td class="nump">689,000<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss from operations</a></td>
        <td class="num">$ (92,000)<span></span></td>
        <td class="num">$ (632,000)<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Net loss per Share (in Dollars per Share)</a></td>
        <td class="num">$ (0.01)<span></span></td>
        <td class="num">$ (0.09)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of Shares (in Shares)</a></td>
        <td class="nump">7,582,222<span></span></td>
        <td class="nump">6,986,813<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CostOfPalladiumTransferredToPayExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cost of Palladium transferred to pay Trust's expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_CostOfPalladiumTransferredToPayExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ExpensesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_ExpensesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Realized gain or loss during the period on palladium distributed for the redemption of Shares.Realized gains or losses are calculated on a trade date basis using average cost.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_RealizedGainOnPalladiumDistributedForRedemptionOfShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_TotalGainLossOnPalladium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net gain or loss in the period on palladium.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_TotalGainLossOnPalladium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ValueOfPalladiumTransferredToPayExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of Palladium transferred to pay Trust's expenses during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_ValueOfPalladiumTransferredToPayExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 128<br><br><br><br> -Paragraph 36, 37, 38<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.23)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number 07-4<br><br><br><br> -Paragraph 4<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 52<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=16381557&amp;loc=d3e4984-109258<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br><br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br><br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1,2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GrossProfit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 130<br><br><br><br> -Paragraph 10, 15<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number 87-21<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 28, 29, 30<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br><br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br><br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph A7<br><br><br><br> -Appendix A<br><br><br><br><br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 38<br><br><br><br> -Subparagraph a<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 38<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenuesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SponsorFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fees paid to advisors who provide certain management support and administrative oversight services including the organization and sale of stock, investment funds, limited partnerships and mutual funds.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SponsorFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 128<br><br><br><br> -Paragraph 40<br><br><br><br> -Subparagraph a<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 128<br><br><br><br> -Paragraph 8<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number 07-4<br><br><br><br> -Paragraph 4<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 128<br><br><br><br> -Paragraph 171<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br><br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R12.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EWGAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Accounting Policies (Policy)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ValuationOfPalladiumPolicyTextBlock', window );">Valuation Of Palladium</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">2.1. Valuation of Palladium</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Palladium is held by JPMorgan Chase Bank, N.A. (the &#x201C;Custodian&#x201D;), on behalf of the Trust, and is valued, for financial statement purposes, at the lower of cost or market. The cost of palladium is determined according to the average cost method and the market value is based on the London PM Fix used to determine the net asset value (the &#x201C;NAV&#x201D;) of the Trust. Realized gains and losses on transfers of palladium, or palladium distributed for the redemption of Shares, are calculated on a trade date basis using average cost. The London PM Fix is set using the afternoon session of the twice daily fix of the price of an ounce of palladium by the four members of the London Platinum and Palladium Market at approximately 2:00 PM London time, on each working day.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Once the value of palladium has been determined, the NAV is computed by the Trustee by deducting all accrued fees and other liabilities of the Trust, including the remuneration due to the Sponsor (the &#x201C;Sponsor&#x2019;s Fee&#x201D;), from the fair value of the palladium and all other assets held by the Trust. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The table below summarizes the unrealized gains on the Trust&#x2019;s palladium holdings as of </font><font style="display: inline;">March 31, 2013 and December 31, 2012</font><font style="display: inline;">:</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$)</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Investment in palladium - average cost</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>486,147&nbsp;
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Unrealized gain on investment in palladium</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103,201&nbsp;
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52,982&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Investment in palladium - market value</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>589,348&nbsp;
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>498,020&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust recognizes the diminution in value of the investment in palladium which arises from market declines on an interim basis. Increases in the value of the investment in palladium through market price recoveries in later interim periods of the same fiscal year are recognized in the later interim period. Increases in value recognized on an interim basis may not exceed the previously recognized diminution in value. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The per Share amount of palladium exchanged for a purchase or redemption is calculated daily by the Trustee, using the London PM Fix to calculate the palladium amount in respect of any liabilities for which covering palladium sales have not yet been made, and represents the per Share amount of palladium held by the Trust, after giving effect to its liabilities, to cover expenses and liabilities and any losses that may have occurred. </font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ReceivableAndPayablePolicyTextBlock', window );">Palladium Receivable Or Payable</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.2. </font><font style="display: inline;font-weight:bold;font-style:italic;">Palladium Receivable and Payable</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Palladium receivable or payable represents the quantity of palladium covered by contractually binding orders for the creation or redemption of Shares respectively, where the palladium has not yet been transferred to or from the Trust&#x2019;s account. Generally, ownership of the palladium is transferred within three business days of the trade date. </font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">There was </font><font style="display: inline;">no</font><font style="display: inline;"> palladium receivable or payable at </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;"> and December 31, 2012.</font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_CreationsAndRedemptionsOfSharesPolicyTextBlock', window );">Creations And Redemptions Of Shares</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.3. </font><font style="display: inline;font-weight:bold;font-style:italic;">Creations and Redemptions of Shares</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust expects to create and redeem Shares from time to time, but only in one or more Baskets. The Trust issues Shares in Baskets to Authorized Participants on an ongoing basis. Individual investors cannot purchase or redeem Shares in direct transactions with the Trust. An Authorized Participant is a person who (1) is a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) is a participant in The Depository Trust Company, (3) has entered into an Authorized Participant Agreement with the Trustee and the Sponsor, and (4) has established an Authorized Participant Unallocated Account with the Trust&#x2019;s Custodian or other palladium clearing bank. An Authorized Participant Agreement is an agreement entered into by each Authorized Participant, the Sponsor and the Trustee which provides the procedures for the creation and redemption of Baskets and for the delivery of the palladium required for such creations and redemptions. An Authorized Participant Unallocated Account is an unallocated palladium account, either loco London or loco Zurich, established with the Custodian or a palladium clearing bank by an Authorized Participant.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of palladium represented by the Baskets being created or redeemed, the amount of which is based on the combined NAV of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Authorized Participants may, on any business day, place an order with the Trustee to create or redeem one or more Baskets. The typical settlement period for Shares is three business days. In the event of a trade date at period end, where a settlement is pending, a respective account receivable and/or payable will be recorded. When palladium is exchanged in settlement of a redemption, it is considered a sale of palladium for financial statement purposes.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The amount of palladium represented by the Baskets created or redeemed can only be settled to the nearest 1/1000</font><sup style="display: inline;">th </sup><font style="display: inline;">of an ounce. As a result, the value attributed to the creation or redemption of Shares may differ from the value of palladium to be delivered or distributed by the Trust. In order to ensure that the correct amount of palladium is available at all times to back the Shares, the Sponsor accepts an adjustment to its management fees in the event of any shortfall or excess. For each transaction, this amount is not more than 1/1000</font><sup style="display: inline;">th</sup><font style="display: inline;"> of an ounce.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Shares of the Trust are classified as &#x201C;Redeemable Shares&#x201D; for financial statement purposes, since they are subject to redemption at the option of Authorized Participants. Outstanding Shares are reflected at redemption value, which represents the maximum obligation (based on NAV per Share), with the difference from historical cost recorded as an offsetting amount to retained earnings. When palladium is exchanged in settlement of a redemption, a gain or loss in the amount of the difference between the market value on the trade date and the historical cost is recorded to the Condensed Statement of Operations. Changes in the Shares for the </font><font style="display: inline;">three months ended March 31, 2013</font><font style="display: inline;"> and for the year ended </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;"> are set out below: </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Year</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$, except for Share and per Share data)</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Number of redeemable Shares</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,250,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,950,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>650,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,900,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(100,000)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,600,000)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,800,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,250,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Redeemable Shares</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>497,765&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>373,935&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,922&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>194,997&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,767)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98,852)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Adjustment to redemption value</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,127&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,685&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>589,047&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>497,765&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemption value per Share at period end</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75.52&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68.66&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue Recognition Policy</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">2.4. Revenue Recognition Policy</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The primary expense of the Trust is the Sponsor&#x2019;s Fee, which is paid by the Trust through in-kind transfers of palladium to the Sponsor. With respect to expenses not otherwise assumed by the Sponsor, the Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust&#x2019;s palladium as necessary to pay these expenses. When selling palladium to pay expenses, the Trustee will endeavor to sell the smallest amounts of palladium needed to pay these expenses in order to minimize the Trust&#x2019;s holdings of assets other than palladium.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Unless otherwise directed by the Sponsor, when selling palladium the Trustee will endeavor to sell at the price established by the London PM Fix. The Trustee will place orders with dealers (which may include the Custodian) through which the Trustee expects to receive the most favorable price and execution of orders. The Custodian may be the purchaser of such palladium only if the sale transaction is made at the next London PM Fix or such other publicly available price that the Sponsor deems fair, in each case as set following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the palladium sold. Neither the Trustee nor the Sponsor is liable for depreciation or loss incurred by reason of any sale. </font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.5. </font><font style="display: inline;font-weight:bold;font-style:italic;">Income Taxes</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust is classified as a &#x201C;grantor trust&#x201D; for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust&#x2019;s income and expenses will &#x201C;flow through&#x201D; to the Shareholders, and the Trustee will report the Trust&#x2019;s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Sponsor has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;">. &nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentPolicyTextBlock', window );">Investment In Palladium</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.6. </font><font style="display: inline;font-weight:bold;font-style:italic;">Investment in Palladium</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Changes in ounces of palladium and the respective values for </font><font style="display: inline;">the </font><font style="display: inline;">three months ended March 31, 2013</font><font style="display: inline;"> and for the year ended </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;"> are set out below: </font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;line-height:normal;font-family:Times New Roman;font-size: 1pt">
			<font style="display: inline;font-size:1pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Year</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$, except for ounces data)</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Ounces of palladium</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>712,474.5&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>588,255.6&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63,811.1&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>286,166.1&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,821.6)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(157,419.8)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Transfers of palladium to pay expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,076.4)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,527.4)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>765,387.6&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>712,474.5&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Investment in palladium (lower of cost or market)</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>351,083&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,922&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>194,997&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,135)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98,236)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Transfers of palladium to pay expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(678)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,806)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>486,147&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ExpensesPolicyTextBlock', window );">Expenses</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.7. </font><font style="display: inline;font-weight:bold;font-style:italic;">Expenses</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust will transfer palladium to the Sponsor to pay the Sponsor&#x2019;s Fee that will accrue daily at an annualized rate equal to </font><font style="display: inline;">0.60</font><font style="display: inline;">% of the adjusted net asset value (&#x201C;ANAV&#x201D;) of the Trust, paid monthly in arrears.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Sponsor has agreed to assume administrative and marketing expenses incurred by the Trust, including the Trustee&#x2019;s monthly fee and out of pocket expenses, the Custodian&#x2019;s fee and the reimbursement of the Custodian&#x2019;s expenses, exchange listing fees, United States Securities and Exchange Commission (the &#x201C;SEC&#x201D;) registration fees, printing and mailing costs, audit fees and certain legal expenses.</font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">For the </font><font style="display: inline;">three months ended March 31, 2013 and 2012</font><font style="display: inline;">, the Sponsor&#x2019;s Fee was $</font><font style="display: inline;">821,098</font><font style="display: inline;"> and $</font><font style="display: inline;">689,202</font><font style="display: inline;">, respectively. At </font><font style="display: inline;">March 31, 2013</font><font style="display: inline;"> and at </font><font style="display: inline;">December 31, 2012</font><font style="display: inline;">, the fees payable to the Sponsor were $</font><font style="display: inline;">301,152</font><font style="display: inline;"> and $</font><font style="display: inline;">254,522</font><font style="display: inline;">, respectively. </font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsPolicyPolicyTextBlock', window );">Subsequent Events</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">2.8. </font><font style="display: inline;font-weight:bold;font-style:italic;">Subsequent Events</font><font style="display: inline;font-weight:bold;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">In accordance with the provisions set forth in Financial Accounting Standards Board Accounting Standards Codification 855-10, </font><font style="display: inline;font-style:italic;">Subsequent Events</font><font style="display: inline;">, the Trust&#x2019;s management has evaluated the possibility of subsequent events existing in the Trust&#x2019;s financial statements through the filing date. During this period, no material subsequent events were identified.</font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CreationsAndRedemptionsOfSharesPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of creation and redemptions of shares policy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_CreationsAndRedemptionsOfSharesPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ExpensesPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of expenses policy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_ExpensesPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ReceivableAndPayablePolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of palladium receivable and payable policy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_ReceivableAndPayablePolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ValuationOfPalladiumPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of valuation of palladium policy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_ValuationOfPalladiumPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountingPoliciesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 17<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32809-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 48<br><br> -Paragraph 20<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e32247-109318<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 4<br><br> -Paragraph 11<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 19<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32840-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 109<br><br> -Paragraph 6-34, 43, 47, 49<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=21917399&amp;loc=d3e32280-109318<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 954<br><br> -SubTopic 740<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 30<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144749<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 740<br><br> -SubTopic 10<br><br> -URI http://asc.fasb.org/subtopic&amp;trid=2144681<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncomeTaxPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for investments in financial assets, including marketable securities (debt and equity securities with readily determinable fair values), investments accounted for under the equity method and cost method, securities borrowed and loaned, and repurchase and resale agreements. For marketable securities, the disclosure may include the entity's accounting treatment for transfers between investment categories and how the fair values for such securities are determined. Also, for all investments, an entity may describe its policy for assessing, recognizing and measuring impairment of the investment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.2,12)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 10, 11<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 325<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (c)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872867&amp;loc=d3e40691-111596<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 115<br><br> -Paragraph 7-16<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13433-108611<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 2, 12<br><br> -Article 5<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Staff Position (FSP)<br><br> -Number FAS115-1/124-1<br><br> -Paragraph 7-18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 320<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -Subparagraph (b)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6872113&amp;loc=d3e27290-111563<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 323<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -Subparagraph (a)(2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 5<br><br> -Section M<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_InvestmentPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 605<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SAB TOPIC 13.B.Q1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6600647&amp;loc=d3e214044-122780<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8, 12, 13<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18823-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Staff Accounting Bulletin (SAB)<br><br> -Number Topic 13<br><br> -Section B<br><br> -Paragraph Question 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenueRecognitionPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsPolicyPolicyTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Disclosure of accounting policy for reporting subsequent events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SubsequentEventsPolicyPolicyTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>R11.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Indemnification<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Indemnification [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Indemnification</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">5. Indemnification </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">Under the Trust&#x2019;s organizational documents, the Trustee (and its directors, employees and agents) and the Sponsor (and its members, managers, directors, officers, employees and affiliates) are indemnified by the Trust against any liability, cost or expense it incurs without gross negligence, bad faith or willful misconduct on its part and without reckless disregard on its part of its obligations and duties under the Trust&#x2019;s organizational documents. The Trust&#x2019;s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. </font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingenciesDisclosureAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for commitments and contingencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 460<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6398077&amp;loc=d3e12565-110249<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 450<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14435-108349<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 14<br><br> -Paragraph 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 440<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 9, 10, 11, 12<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommitmentsAndContingenciesDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R19.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EBKAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Accounting Policies (Schedule Of Investment In Palladium) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="3">3 Months Ended</th>
        <th class="th" colspan="2">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th" colspan="2">
          <div>Mar. 31, 2013

</div>
          <div>oz</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012

</div>
          <div>oz</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2012

</div>
          <div>oz</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_OuncesOfPalladium', window );">Opening balance (in Ounces)</a></td>
        <td class="nump">712,474.5<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">588,255.6<span></span></td>
        <td class="nump">588,255.6<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_CreationsOuncesOfPalladium', window );">Creations (in Ounces)</a></td>
        <td class="nump">63,811.1<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">286,166.1<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_RedemptionsOuncesOfPalladium', window );">Redemptions (in Ounces)</a></td>
        <td class="num">(9,821.6)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(157,419.8)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_TransfersOfPalladiumOunces', window );">Transfers of palladium to pay expenses (in Ounces)</a></td>
        <td class="num">(1,076.4)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(4,527.4)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_OuncesOfPalladium', window );">Closing balance (in Ounces)</a></td>
        <td class="nump">765,387.6<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">712,474.5<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_InvestmentInPalladium', window );">Opening balance</a></td>
        <td class="nump">$ 445,038<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
        <td class="nump">$ 351,083<span></span></td>
        <td class="nump">$ 351,083<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_CreationsValueOfPalladium', window );">Creations</a></td>
        <td class="nump">47,922<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">136,427<span></span></td>
        <td class="nump">194,997<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ValueOfPalladiumDistributedForRedemptionOfShares', window );">Redemptions</a></td>
        <td class="num">(6,135)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="num">(98,236)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_CostOfPalladiumTransferredToPayExpenses', window );">Transfers of palladium to pay expenses</a></td>
        <td class="num">(678)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(575)<span></span></td>
        <td class="num">(2,806)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_InvestmentInPalladium', window );">Closing balance</a></td>
        <td class="nump">$ 486,147<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 445,038<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
      </tr>
      <tr>
        <td colspan="6"></td>
      </tr>
      <tr>
        <td colspan="6">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">The investment in palladium is valued at the lower of cost or market value.  Refer to note 2.1 for a breakdown of cost and market value of the investment in palladium.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[2]</td>
              <td style="vertical-align: top;" valign="top">Derived from audited Statement of Financial Condition as of December 31, 2012.</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CostOfPalladiumTransferredToPayExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cost of Palladium transferred to pay Trust's expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_CostOfPalladiumTransferredToPayExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CreationsOuncesOfPalladium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Ounces of palladium received into the Trust's account in respect of creations.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_CreationsOuncesOfPalladium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:massItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CreationsValueOfPalladium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of creations of palladium in investment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_CreationsValueOfPalladium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_InvestmentInPalladium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of investment in palladium received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_InvestmentInPalladium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_OuncesOfPalladium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Quantity of the investment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_OuncesOfPalladium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:massItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_RedemptionsOuncesOfPalladium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Ounces of palladium paid out of the Trust's account in respect of redemptions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_RedemptionsOuncesOfPalladium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:massItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_TransfersOfPalladiumOunces">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Ounces of palladium transferred to pay Trust's expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_TransfersOfPalladiumOunces</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:massItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ValueOfPalladiumDistributedForRedemptionOfShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of palladium distributed at average cost for the redemption of Shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_ValueOfPalladiumDistributedForRedemptionOfShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountingPoliciesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R15.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E6GAC">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Accounting Policies (Narrative) (Details) (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_AnnualizedRateOfSponsorsFee', window );">Annualized rate of Sponsors Fee</a></td>
        <td class="nump">0.60%<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor Fees</a></td>
        <td class="nump">$ 821,098<span></span></td>
        <td class="nump">$ 689,202<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableRelatedPartiesCurrent', window );">Fees payable to the Sponsor</a></td>
        <td class="nump">$ 301,152<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">$ 254,522<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_AnnualizedRateOfSponsorsFee">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Annualized rate of sponsors fee.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_AnnualizedRateOfSponsorsFee</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:percentItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountingPoliciesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 2<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableRelatedPartiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SponsorFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fees paid to advisors who provide certain management support and administrative oversight services including the organization and sale of stock, investment funds, limited partnerships and mutual funds.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SponsorFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R13.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EKH">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Accounting Policies (Tables)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ValuationOfPalladiumTableTextBlock', window );">Schedule Of Unrealized Gains Or Losses On The Trust's Palladium Holdings</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$)</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Investment in palladium - average cost</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>486,147&nbsp;
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Unrealized gain on investment in palladium</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>103,201&nbsp;
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52,982&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:66.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Investment in palladium - market value</font></p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>589,348&nbsp;
				</td>
				<td valign="bottom" style="width:02.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.72%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:14.06%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>498,020&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfStockByClassTextBlock', window );">Schedule Of Redeemable Capital Shares</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Year</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$, except for Share and per Share data)</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Number of redeemable Shares</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,250,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,950,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>650,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,900,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(100,000)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,600,000)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,800,000&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,250,000&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Redeemable Shares</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>497,765&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>373,935&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,922&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>194,997&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,767)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98,852)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Adjustment to redemption value</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,127&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>27,685&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>589,047&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>497,765&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemption value per Share at period end</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75.52&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>68.66&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_InvestmentsInPalladiumTableTextBlock', window );">Schedule Of Investment In Palladium</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;">
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 1pt">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;height:1pt;overflow:hidden;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Three Months</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Year</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">Ended</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-style:italic;">(Amounts in 000's of US$, except for ounces data)</font></p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">March 31, 2013</font></p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td colspan="2" valign="bottom" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;">December 31, 2012</font></p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Ounces of palladium</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>712,474.5&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>588,255.6&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>63,811.1&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>286,166.1&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,821.6)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(157,419.8)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Transfers of palladium to pay expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,076.4)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,527.4)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>765,387.6&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>712,474.5&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">&nbsp;</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;text-decoration:underline;">Investment in palladium (lower of cost or market)</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Opening balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>351,083&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Creations</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,922&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>194,997&nbsp;
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Redemptions</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6,135)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(98,236)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Transfers of palladium to pay expenses</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(678)
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCECFF;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,806)
				</td>
			</tr>
			<tr>
				<td valign="bottom" style="width:67.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">Closing balance</font></p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.60%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>486,147&nbsp;
				</td>
				<td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;font-family:Times New Roman;font-size: 10pt">
						&nbsp;</p>
				</td>
				<td valign="bottom" style="width:01.68%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;padding:0pt;">
					<p style="margin:0pt 0pt 0.05pt;text-align:center;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;">$</font></p>
				</td>
				<td valign="bottom" style="width:13.58%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:12pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>445,038&nbsp;
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_InvestmentsInPalladiumTableTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of movement in the investment in palladium in the Trust.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_InvestmentsInPalladiumTableTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ValuationOfPalladiumTableTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure pertaining to the impact of unrealized gain (loss) on the valuation of palladium investment in the Trust.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_ValuationOfPalladiumTableTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountingPoliciesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfStockByClassTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information.  Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 480<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=14643745&amp;loc=d3e177068-122764<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21506-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21538-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 7<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21521-112644<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.28,29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21553-112644<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 150<br><br> -Paragraph 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 29<br><br> -Article 5<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(d),(e))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21488-112644<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6403732&amp;loc=d3e21300-112643<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ScheduleOfStockByClassTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R14.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EWE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Organization (Details)<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium', window );">Minimum block of shares issued redeemed against palladium</a></td>
        <td class="nump">50,000<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The minimum block of shares that can be created or redeemed against palladium deposits or distributions.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_MinimumBlockOfSharesIssuedRedeemedAgainstPalladium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R16.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ETGAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Significant Accounting Policies (Schedule Of Unrealized Gains Or Losses On The Trust's Palladium Holdings) (Details) (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant Accounting Policies [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_InvestmentInPalladium', window );">Investment in palladium - average cost</a></td>
        <td class="nump">$ 486,147<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">$ 445,038<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
        <td class="nump">$ 351,083<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_UnrealizedGainOnInvestmentInPalladium', window );">Unrealized gain on investment in palladium</a></td>
        <td class="nump">103,201<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">52,982<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_MarketValueOfInvestmentInPalladium', window );">Investment in palladium - market value</a></td>
        <td class="nump">$ 589,348<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 498,020<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr>
        <td colspan="6"></td>
      </tr>
      <tr>
        <td colspan="6">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">The investment in palladium is valued at the lower of cost or market value.  Refer to note 2.1 for a breakdown of cost and market value of the investment in palladium.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[2]</td>
              <td style="vertical-align: top;" valign="top">Derived from audited Statement of Financial Condition as of December 31, 2012.</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_InvestmentInPalladium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of investment in palladium received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_InvestmentInPalladium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_MarketValueOfInvestmentInPalladium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Market value of investment in palladium received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_MarketValueOfInvestmentInPalladium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_UnrealizedGainOnInvestmentInPalladium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Unrealized gain on investment in palladium</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_UnrealizedGainOnInvestmentInPalladium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountingPoliciesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EB6AE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Statements of Cash Flows (USD $)<br>In Thousands, unless otherwise specified</strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
        <th class="th" colspan="1">12 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Dec. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_IncreaseDecreaseInCashFromOperationsAbstract', window );"><strong>INCREASE IN CASH FROM OPERATIONS:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromCustomers', window );">Cash proceeds received from transfer of palladium</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForOperatingActivities', window );">Cash expenses paid</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Increase in cash resulting from operations</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of period</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of period</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_CreationsValueOfPalladium', window );">Value of palladium received for creation of Shares</a></td>
        <td class="nump">47,922<span></span></td>
        <td class="nump">136,427<span></span></td>
        <td class="nump">194,997<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ValueOfPalladiumDistributedForRedemptionOfShares', window );">Value of palladium distributed for redemption of Shares - at average cost</a></td>
        <td class="nump">6,135<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">98,236<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract', window );"><strong>RECONCILIATION OF NET LOSS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss for the period</a></td>
        <td class="num">(92)<span></span></td>
        <td class="num">(632)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash provided by operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_IncreaseDecreaseInPalladiumAssets', window );">Increase in palladium assets</a></td>
        <td class="num">(41,109)<span></span></td>
        <td class="num">(135,852)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties', window );">Increase in fees payable to Sponsor</a></td>
        <td class="nump">46<span></span></td>
        <td class="nump">57<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_IncreaseDecreaseInRedeemableSharesAbstract', window );"><strong>Increase / (decrease) in redeemable Shares:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Creations</a></td>
        <td class="nump">47,922<span></span></td>
        <td class="nump">136,427<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Redemptions</a></td>
        <td class="num">(6,767)<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_SupplementalDisclosureOfNonCashActivitiesAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_pall_ValueOfPalladiumTransferredToPayExpenses', window );">Value of palladium transferred to pay expenses</a></td>
        <td class="nump">$ 775<span></span></td>
        <td class="nump">$ 632<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_AdjustmentsToReconcileNetLossGainToNetCashProvidedByOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_CreationsValueOfPalladium">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of creations of palladium in investment.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_CreationsValueOfPalladium</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_IncreaseDecreaseInCashFromOperationsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_IncreaseDecreaseInCashFromOperationsAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_IncreaseDecreaseInPalladiumAssets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net change during the reporting period in the carrying value of palladium.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_IncreaseDecreaseInPalladiumAssets</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_IncreaseDecreaseInRedeemableSharesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_IncreaseDecreaseInRedeemableSharesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_ReconciliationOfNetGainLossToNetCashProvidedByOperatingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_SupplementalDisclosureOfNonCashActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_SupplementalDisclosureOfNonCashActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ValueOfPalladiumDistributedForRedemptionOfShares">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of palladium distributed at average cost for the redemption of Shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_ValueOfPalladiumDistributedForRedemptionOfShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_pall_ValueOfPalladiumTransferredToPayExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of Palladium transferred to pay Trust's expenses during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>pall_ValueOfPalladiumTransferredToPayExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>pall_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the obligations due for goods and services provided by the following types of related parties: a parent company and its subsidiaries, subsidiaries of a common parent, an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management, an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total amount of cash paid for operating activities during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (d)-(g)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to reacquire common stock during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForRepurchaseOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromCustomers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash receipts from customers during the current period which are usually for sales of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromCustomers</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the additional capital contribution to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R10.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EME">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Concentration Of Risk<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2013</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RisksAndUncertaintiesAbstract', window );"><strong>Concentration Of Risk [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">Concentration Of Risk</a></td>
        <td class="text"><div> <div style="margin-left:0pt;margin-right:0pt;">
		<p style="margin:8pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;">4. Concentration of Risk </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">The Trust&#x2019;s sole business activity is the investment in palladium, and substantially all the Trust&#x2019;s assets are holdings of palladium which creates a concentration of risk associated with fluctuations in the price of palladium. Several factors could affect the price of palladium, including: (i) global palladium supply and demand, which is influenced by factors such as forward selling by palladium producers, purchases made by palladium producers to unwind palladium hedge positions, central bank purchases and sales, and production and cost levels in major palladium-producing countries; (ii) investors&#x2019; expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; and (vi) global or regional political, economic or financial events and situations. In addition, there is no assurance that palladium will maintain its long-term value in terms of purchasing power in the future. In the event that the price of palladium declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust&#x2019;s financial position and results of operations. </font>
		</p>
		<p style="margin:8pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p>
	</div> </div><span></span></td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskDisclosureTextBlock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13537-108611<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6404-108592<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 16<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6327-108592<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 107<br><br> -Paragraph 15A<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 21<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6442-108592<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 20<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7491637&amp;loc=d3e13531-108611<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Statement of Position (SOP)<br><br> -Number 94-6<br><br> -Paragraph 21, 22, 24<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 275<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 18<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6927468&amp;loc=d3e6351-108592<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ConcentrationRiskDisclosureTextBlock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>nonnum:textBlockItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RisksAndUncertaintiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RisksAndUncertaintiesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="utf-8"?>
<FilingSummary xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xsd="http://www.w3.org/2001/XMLSchema">
  <Version>2.4.0.6</Version>
  <ProcessingTime />
  <ReportFormat>Html</ReportFormat>
  <ContextCount>8</ContextCount>
  <ElementCount>73</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>true</FootnotesReported>
  <SegmentCount>0</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>5</UnitCount>
  <MyReports>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>00090 - Disclosure - Document And Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureDocumentAndEntityInformation</Role>
      <ShortName>Document And Entity Information</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>00100 - Statement - Statements of Financial Condition</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/StatementStatementsOfFinancialCondition</Role>
      <ShortName>Statements of Financial Condition</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>00200 - Statement - Statements of Financial Condition (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/StatementStatementsOfFinancialConditionParenthetical</Role>
      <ShortName>Statements of Financial Condition (Parenthetical)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R4.htm</HtmlFileName>
      <LongName>00300 - Statement - Statements of Operations</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/StatementStatementsOfOperations</Role>
      <ShortName>Statements of Operations</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R5.htm</HtmlFileName>
      <LongName>00400 - Statement - Statements of Cash Flows</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/StatementStatementsOfCashFlows</Role>
      <ShortName>Statements of Cash Flows</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R6.htm</HtmlFileName>
      <LongName>00500 - Statement - Statement of Changes in Shareholders' Deficit</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/StatementStatementOfChangesInShareholdersDeficit</Role>
      <ShortName>Statement of Changes in Shareholders' Deficit</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R7.htm</HtmlFileName>
      <LongName>10101 - Disclosure - Organization</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureOrganization</Role>
      <ShortName>Organization</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R8.htm</HtmlFileName>
      <LongName>10201 - Disclosure - Significant Accounting Policies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureSignificantAccountingPolicies</Role>
      <ShortName>Significant Accounting Policies</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R9.htm</HtmlFileName>
      <LongName>10301 - Disclosure - Related Parties</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureRelatedParties</Role>
      <ShortName>Related Parties</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R10.htm</HtmlFileName>
      <LongName>10401 - Disclosure - Concentration Of Risk</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureConcentrationOfRisk</Role>
      <ShortName>Concentration Of Risk</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R11.htm</HtmlFileName>
      <LongName>10501 - Disclosure - Indemnification</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureIndemnification</Role>
      <ShortName>Indemnification</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R12.htm</HtmlFileName>
      <LongName>20202 - Disclosure - Significant Accounting Policies (Policy)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesPolicy</Role>
      <ShortName>Significant Accounting Policies (Policy)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R13.htm</HtmlFileName>
      <LongName>30203 - Disclosure - Significant Accounting Policies (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesTables</Role>
      <ShortName>Significant Accounting Policies (Tables)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R14.htm</HtmlFileName>
      <LongName>40104 - Disclosure - Organization (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureOrganizationDetails</Role>
      <ShortName>Organization (Details)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R15.htm</HtmlFileName>
      <LongName>40201 - Disclosure - Significant Accounting Policies (Narrative) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesNarrativeDetails</Role>
      <ShortName>Significant Accounting Policies (Narrative) (Details)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R16.htm</HtmlFileName>
      <LongName>40202 - Disclosure - Significant Accounting Policies (Schedule Of Unrealized Gains Or Losses On The Trust's Palladium Holdings) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfUnrealizedGainsOrLossesOnTrustSPalladiumHoldingsDetails</Role>
      <ShortName>Significant Accounting Policies (Schedule Of Unrealized Gains Or Losses On The Trust's Palladium Holdings) (Details)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R17.htm</HtmlFileName>
      <LongName>40203 - Disclosure - Significant Accounting Policies (Schedule Of Palladium Receivable And Payable) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfPalladiumReceivableAndPayableDetails</Role>
      <ShortName>Significant Accounting Policies (Schedule Of Palladium Receivable And Payable) (Details)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R18.htm</HtmlFileName>
      <LongName>40204 - Disclosure - Significant Accounting Policies (Schedule Of Redeemable Capital Shares) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfRedeemableCapitalSharesDetails</Role>
      <ShortName>Significant Accounting Policies (Schedule Of Redeemable Capital Shares) (Details)</ShortName>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R19.htm</HtmlFileName>
      <LongName>40205 - Disclosure - Significant Accounting Policies (Schedule Of Investment In Palladium) (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.etfsecurities.com/role/DisclosureSignificantAccountingPoliciesScheduleOfInvestmentInPalladiumDetails</Role>
      <ShortName>Significant Accounting Policies (Schedule Of Investment In Palladium) (Details)</ShortName>
    </Report>
    <Report>
      <IsDefault>true</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <Logs>
    <Log type="Info">'Monetary' elements on report '00100 - Statement - Statements of Financial Condition' had a mix of different decimal attribute values.</Log>
    <Log type="Info">'Monetary' elements on report '00300 - Statement - Statements of Operations' had a mix of different decimal attribute values.</Log>
    <Log type="Info">Process Flow-Through: 00100 - Statement - Statements of Financial Condition</Log>
    <Log type="Info">	Process Flow-Through: Removing column 'Dec. 31, 2011'</Log>
    <Log type="Info">Process Flow-Through: 00200 - Statement - Statements of Financial Condition (Parenthetical)</Log>
    <Log type="Info">	Process Flow-Through: Removing column 'Dec. 31, 2011'</Log>
    <Log type="Info">Process Flow-Through: 00300 - Statement - Statements of Operations</Log>
    <Log type="Info">	Process Flow-Through: Removing column '12 Months Ended
Dec. 31, 2012'</Log>
    <Log type="Info">Process Flow-Through: 00400 - Statement - Statements of Cash Flows</Log>
    <Log type="Info">Process Flow-Through: 00500 - Statement - Statement of Changes in Shareholders' Deficit</Log>
  </Logs>
  <InputFiles>
    <File>pall-20130331.xml</File>
    <File>pall-20130331.xsd</File>
    <File>pall-20130331_cal.xml</File>
    <File>pall-20130331_lab.xml</File>
    <File>pall-20130331_pre.xml</File>
  </InputFiles>
  <SupplementalFiles />
  <BaseTaxonomies />
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XBRL>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
