ࡱ> `c Nbjbj cffh ggg{{{8\{?+2]!s!s!!%jT&,&$>&>&>&>&>&>&>$-BDhJ>g&2%%&&J>s!!g?444&T8s!g!$>4&$>44:O;! 'Rv;>}?0?;^KE>(2KE,;;&KEg<&&4&&&&&J>J>p-&&&?&&&&KE&&&&&&&&& : CHAPTER 24: PORTFOLIO PERFORMANCE EVALUATION PROBLEM SETS The dollar-weighted average will be the internal rate of return between the initial and final value of the account, including additions and withdrawals. Using Excels XIRR function, utilizing the given dates and values, the dollar-weighted average return is as follows: DateAccount1/1/2019-$148,000.001/3/2019$2,500.003/20/2019$4,000.007/5/2019$1,500.0012/2/2019$14,360.003/10/2020-$23,000.004/7/2020$3,000.005/3/2020$198,000.0026.99% =XIRR(C13:C20,B13:B20) Since the dates of additions and withdrawals are not equally spaced, there really is no way to solve this problem using a financial calculator. Excel can solve this very quickly. 2. As established in the following result from the text, the Sharpe ratio depends on both alpha for the portfolio ( EMBED Equation.DSMT4 ) and the correlation between the portfolio and the market index ():  EMBED Equation.3  Specifically, this result demonstrates that a lower correlation with the market index reduces the Sharpe ratio. Hence, if alpha is not sufficiently large, the portfolio is inferior to the index. Another way to think about this conclusion is to note that, even for a portfolio with a positive alpha, if its diversifiable risk is sufficiently large, thereby reducing the correlation with the market index, this can result in a lower Sharpe ratio. 3. The IRR (i.e., the dollar-weighted return) cannot be ranked relative to either the geometric average return (i.e., the time-weighted return) or the arithmetic average return. Under some conditions, the IRR is greater than each of the other two averages, and similarly, under other conditions, the IRR can also be less than each of the other averages. A number of scenarios can be developed to illustrate this conclusion. For example, consider a scenario where the rate of return each period consistently increases over several time periods. If the amount invested also increases each period, and then all of the proceeds are withdrawn at the end of several periods, the IRR is greater than either the geometric or the arithmetic average because more money is invested at the higher rates than at the lower rates. On the other hand, if withdrawals gradually reduce the amount invested as the rate of return increases, then the IRR is less than each of the other averages. (Similar scenarios are illustrated with numerical examples in the text, where the IRR is shown to be less than the geometric average, and in Concept Check 1, where the IRR is greater than the geometric average.) 4. It is not necessarily wise to shift resources to timing at the expense of security selection. There is also tremendous potential value in security analysis. The decision as to whether to shift resources has to be made on the basis of the macro, compared to the micro, forecasting ability of the portfolio management team. 5. a. Arithmetic average: rABC = 10%; rXYZ = 10% Dispersion: ABC = 7.07%; XYZ = 13.91% Stock XYZ has greater dispersion. (Note: We used 5 degrees of freedom in calculating standard deviations.) c. Geometric average: rABC = (1.20 1.12 1.14 1.03 1.01)1/5  1 = 0.0977 = 9.77% rXYZ = (1.30 1.12 1.18 1.00 0.90)1/5 1 = 0.0911 = 9.11% Despite the fact that the two stocks have the same arithmetic average, the geometric average for XYZ is less than the geometric average for ABC. The reason for this result is the fact that the greater variance of XYZ drives the geometric average further below the arithmetic average. d. Your expected rate of return would be the arithmetic average, or 10%. e. Even though the dispersion is greater, your expected rate of return would still be the arithmetic average, or 10%. f. In terms of forward-looking statistics, the arithmetic average is the better estimate of expected rate of return. Therefore, if the data reflect the probabilities of future returns, 10 percent is the expected rate of return for both stocks. 6. a. Time-weighted average returns are based on year-by-year rates of return: YearReturn = (Capital gains + Dividend)/Price2018 " 2019[($120  $100) + $4]/$100 = 24.00%2019  2020[($90  $120) + $4]/$120 =  21.67%2020 " 2021[($100  $90) + $4]/$90 = 15.56%Arithmetic mean: (24%  21.67% + 15.56%)/3 = 5.96% Geometric mean: (1.24 0.7833 1.1556)1/3  1 = 0.0392 = 3.92% b. DateCash FlowExplanation1/1/18$300Purchase of three shares at $100 each1/1/19$228Purchase of two shares at $120 less dividend income on three shares held1/1/20$110Dividends on five shares plus sale of one share at $901/1/21$416Dividends on four shares plus sale of four shares at $100 each 416  110  Date: 1/1/18 1/1/19 1/1/20 1/1/21 (228 (300 Dollar-weighted return = Internal rate of return = 0.1607% (CF 0 = -$300; CF 1 = -$228; CF 2 = $110; CF 3 = $416; Solve for IRR = 16.07%.) 7. TimeCash FlowHolding Period Return03($90) = $2701$100(10090)/90 = 11.11%2$1000%3$1000%a. Time-weighted geometric average rate of return = (1.1111 1.0 1.0)1/3 1 = 0.0357 = 3.57% b. Time-weighted arithmetic average rate of return = (11.11% + 0 + 0)/3 = 3.70% The arithmetic average is always greater than or equal to the geometric average; the greater the dispersion, the greater the difference. c. Dollar-weighted average rate of return = IRR = 5.46% [Using a financial calculator, enter: n = 3, PV =  270, FV = 0, PMT = 100. Then compute the interest rate, or use the CF0="300, CF1=100, F1=3, then compute IRR]. The IRR exceeds the other averages because the investment fund was the largest when the highest return occurred. 8. a. The alphas for the two portfolios are: A = 12%  [5% + 0.7 (13%  5%)] = 1.4% B = 16%  [5% + 1.4 (13%  5%)] =  0.2% Ideally, you would want to take a long position in Portfolio A and a short position in Portfolio B. b. If you will hold only one of the two portfolios, then the Sharpe measure is the appropriate criterion:  EMBED Equation.3   EMBED Equation.3  Using the Sharpe criterion, Portfolio A is the preferred portfolio. 9. a.Stock AStock B (i)Alpha = regression intercept1.0%2.0% (ii)Information ratio =  EMBED Equation.DSMT4 0.09710.1047 (iii)*Sharpe measure =  EMBED Equation.DSMT4  0.49070.3373 (iv)Treynor measure =  EMBED Equation.DSMT4 8.83310.500* To compute the Sharpe measure, note that for each stock, (rP rf ) can be computed from the right-hand side of the regression equation, using the assumed parameters rM = 14% and rf = 6%. The standard deviation of each stocks returns is given in the problem. The beta to use for the Treynor measure is the slope coefficient of the regression equation presented in the problem. b. (i) If this is the only risky asset held by the investor, then Sharpes measure is the appropriate measure. Since the Sharpe measure is higher for Stock A, then A is the best choice. (ii) If the stock is mixed with the market index fund, then the contribution to the overall Sharpe measure is determined by the appraisal ratio; therefore, Stock B is preferred. (iii) If the stock is one of many stocks, then Treynors measure is the appropriate measure, and Stock B is preferred. 10. We need to distinguish between market timing and security selection abilities. The intercept of the scatter diagram is a measure of stock selection ability. If the manager tends to have a positive excess return even when the markets performance is merely neutral (i.e., has zero excess return), then we conclude that the manager has on average made good stock picks. Stock selection must be the source of the positive excess returns. Timing ability is indicated by the curvature of the plotted line. Lines that become steeper as you move to the right along the horizontal axis show good timing ability. The steeper slope shows that the manager maintained higher portfolio sensitivity to market swings (i.e., a higher beta) in periods when the market performed well. This ability to choose more market-sensitive securities in anticipation of market upturns is the essence of good timing. In contrast, a declining slope as you move to the right means that the portfolio was more sensitive to the market when the market did poorly and less sensitive when the market did well. This indicates poor timing. We can therefore classify performance for the four managers as follows: Selection Ability Timing AbilityA.BadGoodB.GoodGoodC.GoodBadD.BadBad 11. a. Bogey: (0.60 2.5%) + (0.30 1.2%) + (0.10 0.5%) = 1.91% Actual: (0.70 2.0%) + (0.20 1.0%) + (0.10 0.5%) = 1.65 Underperformance: 0.26% b. Security Selection: (1)(2)(3) = (1) (2) MarketDifferential Return within Market (Manager Index)Manager's Portfolio Weight Contribution to PerformanceEquity0.5%0.70"0.35%Bonds 0.20.20 0.04Cash0.00.100.00Contribution of security selection:"0.39% c. Asset Allocation: (1)(2)(3) = (1) (2) MarketExcess Weight (Manager  Benchmark)Index ReturnContribution to PerformanceEquity0.10%2.5%0.25%Bonds0.101.20.12Cash0.000.50.00Contribution of asset allocation:0.13%Summary: Security selection 0.39% Asset allocation 0.13 Excess performance 0.26% 12. a. Manager: (0.30 20%) + (0.10 15%) + (0.40 10%) + (0.20 5%) = 12.50% Bogey: (0.15 12%) + (0.30 15%) + (0.45 14%) + (0.10 12%) = 13.80 Added value: 1.30% b. Added value from country allocation: (1)(2)(3) = (1) (2)CountryExcess Weight (Manager Benchmark)Index Return minus BogeyContribution to PerformanceU.K.0.15"1.8%"0.27%Japan 0.201.2 0.24U.S."0.050.2"0.01Germany0.10"1.8"0.18Contribution of country allocation:"0.70% c. Added value from stock selection: (1)(2)(3) = (1) (2) CountryDifferential Return within Country (Manager  Index) Manager s Country weight Contribution to PerformanceU.K.0.080.30%2.4%Japan0.000.100.0U.S."0.040.40"1.6Germany"0.070.20"1.4Contribution of stock selection:"0.6%Summary: Country allocation  0.70% Stock selection "0.60 Excess performance 1.30% 13. Support: A manager could be a better performer in one type of circumstance than in another. For example, a manager who does no timing but simply maintains a high beta, will do better in up markets and worse in down markets. Therefore, we should observe performance over an entire cycle. Also, to the extent that observing a manager over an entire cycle increases the number of observations, it would improve the reliability of the measurement. Contradict: If we adequately control for exposure to the market (i.e., adjust for beta), then market performance should not affect the relative performance of individual managers. It is therefore not necessary to wait for an entire market cycle to pass before evaluating a manager. 14. The use of universes of managers to evaluate relative investment performance does, to some extent, overcome statistical problems, as long as those manager groups can be made sufficiently homogeneous with respect to style. 15. a. The managers alpha is 10% [6% + 0.5 (14% 6%)] = 0 b. From Black-Jensen-Scholes and others, we know that, on average, portfolios with low beta have historically had positive alphas. (The slope of the empirical security market line is shallower than predicted by the CAPM.) Therefore, given the managers low beta, performance might actually be subpar despite the estimated alpha of zero. 16. a. The most likely reason for a difference in ranking is due to the absence of diversification in Fund A. The Sharpe ratio measures excess return per unit of total risk, while the Treynor ratio measures excess return per unit of systematic risk. Since Fund A performed well on the Treynor measure and so poorly on the Sharpe Measure, it seems that the fund carries a greater amount of unsystematic risk, meaning it is not well-diversified and systematic risk is not the relevant risk measure. 17. The within sector selection calculates the return according to security selection. This is done by summing the weight of the security in the portfolio multiplied by the return of the security in the portfolio minus the return of the security in the benchmark:  EMBED Equation.DSMT4  18. Primo Return  EMBED Equation.DSMT4  Benchmark Return EMBED Equation.DSMT4  Primo Benchmark = 18.8% " 20.2% = -1.4% (Primo underperformed benchmark) To isolate the impact of Primo s pure sector allocation decision relative to the benchmark, multiply the weight difference between Primo and the benchmark portfolio in each sector by the benchmark sector returns:  EMBED Equation.DSMT4  To isolate the impact of Primos pure security selection decisions relative to the benchmark, multiply the return differences between Primo and the benchmark for each sector by Primos weightings:  EMBED Equation.DSMT4  19. Because the passively managed fund is mimicking the benchmark, the EMBED Equation.DSMT4 of the regression should be very high (and thus probably higher than the actively managed fund). 20. a. The euro appreciated while the pound depreciated. Primo had a greater stake in the euro-denominated assets relative to the benchmark, resulting in a positive currency allocation effect. British stocks outperformed Dutch stocks resulting in a negative market allocation effect for Primo. Finally, within the Dutch and British investments, Primo outperformed with the Dutch investments and under-performed with the British investments. Since they had a greater proportion invested in Dutch stocks relative to the benchmark, we assume that they had a positive security allocation effect in total. However, this cannot be known for certain with this information. It is the best choice, however. 21. a.  EMBED Equation.DSMT4  b. To compute  EMBED Equation.DSMT4 measure, blend the Miranda Fund with a position in T-bills such that the adjusted portfolio has the same volatility as the market index. Using the data, the position in the Miranda Fund should be .44/.37 = 1.1892 and the position in T-bills should be 1 1.1892 = -0.1892 (assuming borrowing at the risk-free rate). The adjusted return is:  EMBED Equation.DSMT4  Calculate the difference in the adjusted Miranda Fund return and the benchmark:  EMBED Equation.DSMT4  [Note: The adjusted Miranda Fund is now 59.46% equity and 40.54% cash.] c.  EMBED Equation.DSMT4  d. 22. This exercise is left to the student; answers will vary. CFA PROBLEMS 1. a. Manager A Strength. Although Manager As one-year total return was somewhat below the international index return (6.0 percent versus 5.0 percent), this manager apparently has some country/security return expertise. This large local market return advantage of 2.0 percent exceeds the 0.2 percent return for the international index. Weakness. Manager A has an obvious weakness in the currency management area. This manager experienced a marked currency return shortfall, with a return of 8.0 percent versus 5.2 percent for the index. Manager B Strength. Manager Bs total return exceeded that of the index, with a marked positive increment apparent in the currency return. Manager B had a 1.0 percent currency return compared to a 5.2 percent currency return on the international index. Based on this outcome, Manager Bs strength appears to be expertise in the currency selection area. Weakness. Manager B had a marked shortfall in local market return. Therefore, Manager B appears to be weak in security/market selection ability. b. The following strategies would enable the fund to take advantage of the strengths of each of the two managers while minimizing their weaknesses. 1. Recommendation: One strategy would be to direct Manager A to make no currency bets relative to the international index and to direct Manager B to make only currency decisions, and no active country or security selection bets. Justification: This strategy would mitigate Manager As weakness by hedging all currency exposures into index-like weights. This would allow capture of Manager As country and stock selection skills while avoiding losses from poor currency management. This strategy would also mitigate Manager Bs weakness, leaving an index-like portfolio construct and capitalizing on the apparent skill in currency management. 2. Recommendation: Another strategy would be to combine the portfolios of Manager A and Manager B, with Manager A making country exposure and security selection decisions and Manager B managing the currency exposures created by Manager As decisions (providing a currency overlay). Justification: This recommendation would capture the strengths of both Manager A and Manager B and would minimize their collective weaknesses. 2. a. Indeed, the one year results were terrible, but one year is a poor statistical base from which to draw inferences. Moreover, the board of trustees had directed Karl to adopt a long-term horizon. The board specifically instructed the investment manager to give priority to long-term results. b. The sample of pension funds had a much larger share invested in equities than did Alpine. Equities performed much better than bonds. Yet the trustees told Alpine to hold down risk, investing not more than 25 percent of the plans assets in common stocks. (Alpines beta was also somewhat defensive.) Alpine should not be held responsible for an asset allocation policy dictated by the client. c. Alpines alpha measures its risk-adjusted performance compared to the market:  = 13.3%  [7.5% + 0.90 (13.8%  7.5%)] = 0.13% (actually above zero) d. Note that the last five years, and particularly the most recent year, have been bad for bonds, the asset class that Alpine had been encouraged to hold. Within this asset class, however, Alpine did much better than the index fund. Moreover, despite the fact that the bond index underperformed both the actuarial return and T-bills, Alpine outperformed both. Alpines performance within each asset class has been superior on a risk-adjusted basis. Its overall disappointing returns were due to a heavy asset allocation weighting towards bonds which was the boards, not Alpines, choice. e. A trustee may not care about the time-weighted return, but that return is more indicative of the managers performance. After all, the manager has no control over the cash inflows and outflows of the fund. 3. a. Method I does nothing to separately identify the effects of market timing and security selection decisions. It also uses a questionable neutral position, the composition of the portfolio at the beginning of the year. b. Method II is not perfect but is the best of the three techniques. It at least attempts to focus on market timing by examining the returns for portfolios constructed from bond market indexes using actual weights in various indexes versus year-average weights. The problem with this method is that the year-average weights need not correspond to a clients neutral weights. For example, what if the manager were optimistic over the entire year regarding long-term bonds? Her average weighting could reflect her optimism, and not a neutral position. c. Method III uses net purchases of bonds as a signal of bond manager optimism. But such net purchases can be motivated by withdrawals from or contributions to the fund rather than the managers decisions. (Note that this is an open-ended mutual fund.) Therefore, it is inappropriate to evaluate the manager based on whether net purchases turn out to be reliable bullish or bearish signals. 4. Treynor measure =  EMBED Equation.DSMT4  5. Sharpe measure =  EMBED Equation.DSMT4  6. a. Treynor measures  EMBED Equation.DSMT4  Sharpe measures  EMBED Equation.DSMT4  Portfolio X outperforms the market based on the Treynor measure, but underperforms based on the Sharpe measure. b. The two measures of performance are in conflict because they use different measures of risk. Portfolio X has less systematic risk than the market, as measured by its lower beta, but more total risk (volatility), as measured by its higher standard deviation. Therefore, the portfolio outperforms the market based on the Treynor measure but underperforms based on the Sharpe measure. 7. Geometric average = (1.15 0.90)1/2 1 = 0.0173 = 1.73% 8. Geometric average = (0.91 1.23 1.17)1/3 1 = 0.0941 = 9.41% 9. Internal rate of return = 7.5% (CF 0 = -$2,000; CF 1 = $150; CF 2 = $2,150; Solve for IRR = 7.5%) 10. d. 11. Time-weighted average return =  EMBED Equation.DSMT4  [The arithmetic mean is:  EMBED Equation.DSMT4 ] To compute dollar-weighted rate of return, cash flows are: CF0 = "$500,000 CF1 = "$500,000 CF2 = ($500,000 1.15 1.10) + ($500,000 1.10) = $1,182,500 Dollar-weighted rate of return = 11.71% (Solve for IRR in financial calculator). 12. a. Each of these benchmarks has several deficiencies, as described below. Market index: A market index may exhibit survivorship bias. Firms that have gone out of business are removed from the index, resulting in a performance measure that overstates actual performance had the failed firms been included. A market index may exhibit double counting that arises because of companies owning other companies and both being represented in the index. It is often difficult to exactly and continually replicate the holdings in the market index without incurring substantial trading costs. The chosen index may not be an appropriate proxy for the management style of the managers. The chosen index may not represent the entire universe of securities. For example, the S&P 500 Index represents 65 to 70 percent of U.S. equity market capitalization. The chosen index (e.g., the S&P 500) may have a large capitalization bias. The chosen index may not be investable. There may be securities in the index that cannot be held in the portfolio. Benchmark normal portfolio: This is the most difficult performance measurement method to develop and calculate. The normal portfolio must be continually updated, requiring substantial resources. Consultants and clients are concerned that managers who are involved in developing and calculating their benchmark portfolio may produce an easily-beaten normal portfolio, making their performance appear better than it actually is. Median of the manager universe: It can be difficult to identify a universe of managers appropriate for the investment style of the plans managers. Selection of a manager universe for comparison involves some, perhaps much, subjective judgment. Comparison with a manager universe does not take into account the risk taken in the portfolio. The median of a manager universe does not represent an investable portfolio; that is, a portfolio manager may not be able to invest in the median manager portfolio. Such a benchmark may be ambiguous. The names and weights of the securities constituting the benchmark are not clearly delineated. The benchmark is not co-./<= J K P X Y ` a b o p w x y ѹѬjjjjj+hBFB*CJOJPJQJaJnHphtH$hmxhmxCJOJPJQJnHtH1hmxhmxB*CJOJPJQJaJnHphtHhHOJQJnHo(tHhrh&OJQJnHtHhmxOJQJnHtHhmxOJQJnHo(tHhBjUh|OJQJhBjUhs5OJQJhBjUh"OJQJ)-./<=K P X Y [kkd$$IfTl20gg  t644 lBagpyt}!T $$Ifa$gdmx & F ^`gd}!gdF6gdSc ^`gdSc Y b o p y |kkd$$IfTl20gg  t644 lBagpyt}!T $$Ifa$gdmx $$Ifa$gdBF | $$Ifa$gdmx $$Ifa$gdBFkkd$$IfTl20gg  t644 lBagpyt}!T | $$Ifa$gdmx $$Ifa$gdBFkkdW$$IfTl20gg  t644 lBagpyt}!T | $$Ifa$gdmx $$Ifa$gdBFkkd($$IfTl20gg  t644 lBagpyt}!T      ( ) * U ԾԾԾԨ휍qdYYhBjUhHOJQJhmxOJQJnHo(tHhmxhaDOJQJnHo(tHhmxOJQJnHtHhaDhaDOJQJnHtHhaDOJQJnHtH*hmxB*CJOJQJaJnHo(phtH+hBFB*CJOJPJQJaJnHphtH1hmxhmxB*CJOJPJQJaJnHphtH$hmxhmxCJOJPJQJnHtH | $$Ifa$gdmx $$Ifa$gdBFkkd$$IfTl20gg  t644 lBagpyt}!T | $$Ifa$gdmx $$Ifa$gdBFkkd$$IfTl20gg  t644 lBagpyt}!T  | $$Ifa$gdmx $$Ifa$gdBFkkd$$IfTl20gg  t644 lBagpyt}!T   $$Ifa$gdmxkkdl$$IfTl20gg  t644 lBagpyt}!T  ( $Ifgdmxkkd/$$IfTl20gg t644 lBagpyt}!T( ) *  8 yj^UPgdF,^gdH Tx1$^TgdHx^`gdH^gd}!^gdaD^gdaDkkd$$IfTl20gg t644 lBagpyt}!T U V m n o p   0 2 4 6 8    &04𷬷xppeeeZZMZhmxOJQJnHo(tHhBjUhsOJQJhBjUhj_OJQJhrh&OJQJ!jX hBjUhrh&EHOJQJU'jsU hBjUhrh&CJOJQJUVjhBjUhHOJQJUhrh&hHOJQJhBjUhHOJQJ!jahrh&h(EHOJQJU#jO h}!h(OJQJUVh}!h(OJQJjhrh&h(OJQJU}~DH( Tx^TgdSc8x^8`gdSc8^8gdSc & F 8Fx^F`gdSc  !gdSc 8^8`gdaD ^`gd gdSc v^v`gdF,gdF,;=  }~:>X̿⩴⩴̿haDH*OJQJhaD6OJQJhBjUh"OJQJhBjUhF,OJQJhBjUh OJQJhmxOJQJnHo(tHhBjUhsOJQJhBjUhXOJQJhrh&OJQJhBjUh aOJQJhBjUh|OJQJ5 (*0DHJPbdpr~ (DEH ۹ۭۭۥ۝hlu*OJQJhrh&OJQJhBjUh"H*OJQJhBjUhBjUOJQJhBjUh"H*OJQJhBjUh7yOJQJhBjUh"OJQJhaDH*OJQJhaD6OJQJhaDOJQJ:(DEMR|$dh$Ifa$gdSc 8x^8`gdSc  !gdScgdSc*8]*^8`gdlu**8]*^8`gd|  !Z]ZgdSc TZ]Z`gdSc {}MR\]lmvw|}  TVZ\^`bdhlnŖ{s{htpOJQJhBjUh"OJQJnHo(tHhBjUhsOJQJhBFOJQJnHtHhtpOJQJnHo(tHhBjUhtpOJQJhBjUhG{OJQJhmxOJQJnHo(tHhBjUhLOJQJhLOJQJhrh&OJQJhBjUh"OJQJhG{OJQJ-|}TVnDOkd$$Ifl0 l4 laytaD $dh$Ifa$$dh$Ifa$gdBFOkd$$Ifl0 l4 layt}!xD3 8xx^8gdScOkd$$Ifl0 l4 layt}! $dh$Ifa$$dh$Ifa$gdBFOkdl$$Ifl0 l4 layt}!x !"#$*PQUVWX^789=꬟꬟ꬓꬓhx.OJQJnHtHhKOJQJnHo(tHhBjUhsOJQJhBjUh"H*OJQJhBjUhMOJQJhBjUh"OJQJnHo(tHhBFOJQJnHtHhBjUh"OJQJhBjUhtpOJQJ4x $j^ $$Ifa$gdx.[kd4$$If:F@ %p  t    4 :a $If]gdSc $$Ifa$ ]^gdSc  !gdSc 8^8gdSc $*PQX^~ $$Ifa$gdx.]kd$$If:F@ %p  t    4 :a $If]gdSc PC$If $If]gdSc PC$If $$Ifa$gdx.[kdB$$If:F@ %p  t    4 :a7 $If]gdSc PC$If $$Ifa$gdx.[kd$$If:F@ %p  t    4 :a789=?@AFGKLnopv pP^gdScdgdSc^gdSc^gdSc[kd0$$If:F@ %p  t    4 :a =>?@ABFGHIJKLVWX]^_dfkmnopqrswxy}~      % & ȼȼuuhBjUhOJQJhBjUh+OJQJhaDOJQJ j-hBjUh"OJQJhBjUh"OJQJnHo(tHhBjUhMOJQJhx.OJQJnHtHhKOJQJnHo(tHhBjUhsOJQJhBjUh"OJQJ(jhBjUh"OJQJUmHnHu.pqrwx}~    3 $$Ifa$d8gd a d8`gdaD^gd+^gd+ ^ gd+gd+ & , - 3 4 6 7 8 G H I K P e f h m p q s x { | !/!!!!"."0"t"x"""""""" #"#&#$$$ $ԨԨԨhaDOJQJh"OJQJhBjUh5H*OJQJhrh&OJQJh}!h"6OJQJhBjUh"H*OJQJhBjUh5OJQJhBjUhOOJQJhBjUhOJQJhBjUh"OJQJ73 4 6 G H I K <]kd$$IflF   t    4 laz $$Ifa$[kd$$IflF   t    4 lazK P e f h m p q >[kd$$IflF  t    4 laz[kd$$IflF  t    4 laz $$Ifa$q s x { | /!!xl]T8^8gd+Fx^F`gd+  !d$gd a HT]H^Tgd+B8xx]B^8`gd+[kdm$$IflF  t    4 laz $$Ifa$ !!!$ $ $f$$%%%W&o&&&&&&d8gd a8x^8`gd+gd+8^8gd+ Tx^Tgd+ 8x^8`gd a8^8gd| 8^8`gd+  !d$gd a $ $$f$h$j$$$$$$$$%%%&W&X&k&l&m&n&o&p&&&&&&&&&&ݻݬݒݬgVݻ!jhBjUh5EHOJQJU2j!O hBjUh5CJOJQJUVmHnHu!jhBjUh5EHOJQJU2j!O hBjUh5CJOJQJUVmHnHujhBjUh"OJQJUhBjUh+OJQJhBjUh"H*OJQJhBjUh5OJQJhBjUh"OJQJhKOJQJnHo(tHhBjUhaDOJQJ!&&&&&&&&'' '''','-'D'E'F'G'H'O'V'W'^'p'q''''''''''''''ɸ{sh4OJQJ!j+"hBjUh4EHOJQJU#j tU hBjUh4OJQJUVhBjUhhnOJQJjhBjUhhnOJQJU!jhhBjUh4EHOJQJU#jtU hBjUh4OJQJUVhBjUh5OJQJjhBjUh5OJQJUhBjUh"OJQJ'&&&&&&&' ''tkkk $Ifgd5  $Ifgd5nkdr$$Ifl\ VJJ 88 t4 la. $$Ifa$$If '''H'O'V'xxx $Ifgd5  $Ifgd5pkd$$Ifl\ VJJ 88 t4 la.V'W'^''''zqq $Ifgd5 $Ifgdhn  $Ifgd5nkd!$$Ifl\ VJJ 88 t4 la.''''''thh dh$Ifgd5 dh$Ifgdhn  dh$Ifgd5nkd%$$Ifl\ VJJ 88 t4 la.''''''''''((((!("(#(((((((((((()])^)))***+@+A+B+D+++·«««‰‰yyl‰hKOJQJnHo(tHhaDOJQJh4OJQJhrh&OJQJhBjUh"H*OJQJh}!h"6H*OJQJh}!h"6OJQJhBjUh+OJQJhBjUh"OJQJjhBjUhhnOJQJU!j&hBjUh4EHOJQJU#jtU hBjUh4OJQJUV*''(])^)**A+zuaVC 8x]^8gdaD 8P^8gd+ 88P^8`gd+gd+8^8gd+ 8xx^8gd+nkdv)$$Ifl\ VJJ 88 t4 la.A+B+,/////0 $$Ifa$ $x^a$gd+x]`gd+ x]^`gdaD 8x]^8gdaD+++,,,,-;-=---.E.G.../x/z//////0000 0000000 0%0)0*0-0105060708090:0L0M0\0]0l0m0|000000000000hBjUh"6OJQJhBjUh">*OJQJhBjUhBjUCJOJQJhKOJQJnHo(tHhBjUhsOJQJh4OJQJhrh&OJQJhBjUh"OJQJA000 0002akdZ*$$IfTlFh  t    4 laT $$Ifa$akd)$$IfTlFh  t    4 laT00000 0%0)0akd*$$IfTlFh  t    4 laT $$Ifa$)0*0-01050602akd+$$IfTlFh  t    4 laT $$Ifa$akd8+$$IfTlFh  t    4 laT607080|000000001 $$Ifa$BFx]B^F`gdx> z^gdx> zZ8]Z^8gdx> z8^8`gdx>gdx> 0000000011111 111 1'1(1.191:1@1J1K1T1U1[1\1l1m1x1y1111222&202:2<2>2H2P2Z2d2f2h222222222333 3"3$323@3hJhOJQJhBjUh aOJQJhBjUh">*OJQJhBjUh4OJQJh4OJQJhBjUh[OJQJhBjUh"OJQJhBjUhx>OJQJA1111 1 1.1@1J1[1\1l1x1 $$Ifa$nkd,$$Ifl\ t4 laJ x1y11112znd C$If $dh$Ifa$ Cdh$If dh$Ifnkd,$$Ifl\ t4 laJ222&202<2}tg C$Ifgd4 $$Ifa$ C$Ifgd4$Ifnkd-$$Ifl\ t4 laJ<2>2H2P2Z2d2}tg C$Ifgd4 $$Ifa$ C$Ifgd4$Ifnkd-$$Ifl\ t4 laJd2f2h222w C$If $$Ifa$$Ifnkd.$$Ifl\ t4 laJ2222223 3|||| $$Ifa$BFd]B^F`gd aB]Bgdx>]kd.$$IflF t    4 laJ 3"3$323N3z33333 $$Ifa$nkd/$$Ifl\  t4 laJ @3B3N3d3f3z3333333333344 44444!4%4)4*4+4,4N4T4U4^4x4444444444444444444444444455 5 555555A5F5껻hBjUhJh>*OJQJhBjUh[OJQJhKOJQJnHo(tHhBjUhsOJQJhBjUh">*OJQJhBjUh"OJQJhBjUhJhOJQJE333333zna Cdh$If $dh$Ifa$ Cdh$If dh$Ifnkd/$$Ifl\  t4 laJ344 444}qd C$IfgdJh $$Ifa$gdJh C$IfgdJh$Ifnkd0$$Ifl\  t4 laJ444!4%4*4}qd C$IfgdJh $$Ifa$gdJh C$IfgdJh$Ifnkd0$$Ifl\  t4 laJ*4+4,4N4T4w C$If $$Ifa$$Ifnkd1$$Ifl\  t4 laJT4U4^4x444444nffP #8]^8`gdx>d$gd a  B8]B^8gdx>  H8]H^8gdx>B8dP]B^8gd a]kd1$$IflF t    4 laJF5G5[5\555555555555555555555556 666 6.606<6F6H6P6\6^6h6r6t6|666666666667777b7d7l7t77777777777777888hJhOJQJhBjUh">*OJQJhBjUh2NwOJQJhBjUhJhOJQJhBjUh[OJQJhBjUh"OJQJL4G5[5\555555 $$Ifa$Fx^F`gdx>d$gd a #P]^Pgdx> #8]^8gdx>555555555 $$Ifa$nkd2$$Ifl\4T V  t4 laJ56 66 6.6zm^ ! Cdh$If Cdh$If Cdh$If dh$Ifnkd2$$Ifl\4T V  t4 laJ.606<6H6P6\6si  C$If C$IfgdJh C$If$Ifnkd3$$Ifl\4T V  t4 laJ\6^6h6t6|66si  C$If C$IfgdJh C$If$Ifnkd3$$Ifl\4T V  t4 laJ666666sf  C$IfgdJh C$IfgdJh C$If$Ifnkd4$$Ifl\4T V  t4 laJ66677u  !rC$If $$Ifa$$Ifnkd4$$Ifl\4T V  t4 laJ777b7d7l7t77{{{{ $$Ifa$Fx^F`gdx> Bd$]Bgd a`kd5$$IflF4Vh tf    4 laJ777777788*8H8J8j88 $$Ifa$nkd5$$Ifl\4V  t4 laJ 8*8,8H8J8j8l88888888888888888888999 9"9,9496989:9|999999::::::$:w:y:::;:;<;;;<hrh&OJQJhBjUh"6OJQJhKOJQJnHo(tHhBjUhsOJQJhBjUh aOJQJhBjUh">*OJQJhBjUh2NwOJQJhJhOJQJhBjUhJhOJQJhBjUh"OJQJ:888888zm` Cdh$If dCdh$If Cdh$If dh$Ifnkd6$$Ifl\4V  t4 laJ888888}pc C$IfgdTNT dC$IfgdTNT C$Ifgd2Nw$Ifnkd6$$Ifl\4V  t4 laJ888889sf C$IfgdTNT dC$IfgdTNT C$If$Ifnkd7$$Ifl\4V  t4 laJ999"9,969sf C$IfgdTNT dC$IfgdTNT C$If$Ifnkd7$$Ifl\4V  t4 laJ6989:9|99w C$If $$Ifa$$Ifnkd 8$$Ifl\4V  t4 laJ99999:;<<n]PKgd[' ]^gd['Z]Z^`gd a  B8]B^8gd|  H8]H^8gdx>B8xP]B^8gd a]kd8$$IflF4Vh t    4 laJ<<<<<<<<==========>> >>>>> >!>L>k>l>>>?p?q?r?s?t?v?{?|?}???@n@p@AgAhAiAjAkAmAAAAşퟟퟟ՟hBjUhB>p?q?r?gAhAiAqBrBBBB !^`gdY !8^8`gd}!  !d$gd a 8^8`gd}!  !gd[' 8^8`gd[']^`gd['gd['ABBpBqBrBvBwBBBBBBBBBBBBBBBBBBBBBB꾭ߥuj[jI#jx۠O hBjUhZI<OJQJUVjhBjUhZI<OJQJUhBjUhZI<OJQJ!ja>hBjUhZI<EHOJQJU#j۠O hBjUhZI<OJQJUVhKOJQJnHo(tHhSOJQJ!j9hBjUht OEHOJQJU#jO hBjUht OOJQJUVjhBjUhBMöګq_ThBjUhZI<OJQJ"jhOJQJUmHnHu!j_hBjUh_#EHOJQJU#j8tU hBjUh_#OJQJUVjhBjUhOJQJUh}!OJQJhBjUhOJQJj[hShEHUjO hUVhjhUhOJQJjhOJQJU!j2Wh#hhEHOJQJU &L\L]LLLM2M3M9M:M;MM{M|M}M~MM  !gdY  !d$gd a !^`gdY gd}!gd 8gd}!8^8gd}!^gd h^`hgd}!>M?M@MAMBMzM{M|M}M~MMMMMMMMMMNjNlNNNNO+O-OOOOOOP4P6PPPQQQQOQQQQQǼݼ||s||||s|hrh&6OJQJhrh&OJQJhBjUh"6OJQJhBjUh">*OJQJhBjUhs5OJQJh}!5OJQJhBjUh aOJQJhBjUh"OJQJhBjUhYOJQJhBjUh|OJQJhBjUhsOJQJhKOJQJnHo(tHhBjUhP/OJQJ-MMMMNOOQQQ4RSTUt<]^`gd-hx]h^gd-h<]h^`gd-8x]^8`gdAgdY8^8gd- 8x^8gd- 8<^8gd- 8<^8`gd-  !d$gd a QR4R7RFRSS*SSSTTTTTTUUUVeVfVgVhVVVW.W0W4W5WWWWWWWXXXcXkXXXYYYpYsYZ0Z6ZZZZZZZZÔhBjUhpdOJQJhBjUh"5OJQJhSOJQJhf@f^fϼﰥ|p||pehBjUh'OJQJhBjUh"H*OJQJhBjUh7LOJQJhBjUhsOJQJhBjUhAOJQJhrh&OJQJhBjUh"OJQJh}!h"5OJQJ$j oh}!h7L5EHOJQJU&jFO h}!h7L5OJQJUVh}!h7L5OJQJ jh}!h7L5OJQJU'^f_ffffffffffffffffggggggg g!g\g^g_ghhh h"hD?D@DADBDFDDDE;Eøøp_øThBjUhAOJQJ!jhBjUhEHOJQJU#j?tU hBjUhOJQJUVhBjUh'OJQJhrh&OJQJ!j}hBjUhEHOJQJU#j?tU hBjUhOJQJUVhBjUh"OJQJjhBjUh9wOJQJU!jzhBjUhEHOJQJU#je?tU hBjUhOJQJUVhBjUh9wOJQJ ;E=EEEEEEEEEEEFFFFG/GhGiGmGxGGGGGGH)H+HHIII2I3IIIIIJJJ!J#JJJJJJJKKKK!jhBjUhEHOJQJU#j@tU hBjUhOJQJUVhBjUh9wOJQJjhBjUh9wOJQJUh}!OJQJhSOJQJhBjUh7LOJQJhBjUhsOJQJhBjUh"OJQJhrh&OJQJ6BDEEEFFF/GhGiGHJJ}p 8^8`gd6He8^8gd6He8<^8`gdA  !d8gd6He & F F^F`gdA 8^8`gd6He d8^`gd6He d$^`gd6He !^`gdA JJJK/K]KyKzKMMMMMMMMMMMMMgdNgdA & F 8gd6He 8P^8gd6He 8P^8gd9w 8P^8`gd6He 8^8`gd6HeKKKK+K,K-K.K/KAKBKYKZK[K\K]K^KuKvKwKxKyKzKKKLLLMMMȷڥڂqe]]RhBjUhAOJQJhrh&OJQJhBjUhDl6OJQJ!jhBjUh9wEHOJQJU#j~O hBjUh9wOJQJUV!jshBjUhEHOJQJU#j%@tU hBjUhOJQJUV!jhBjUh9wEHOJQJU#jO hBjUh9wOJQJUVhBjUh9wOJQJhBjUh"OJQJjhBjUh9wOJQJUMMMMMMMMMMMMMMMMMMMMMMMMMNqNrNsNtNuNNNNNɶɶyqfYqjJhhaDEHUj8tU haDUVjhaDUhqDh.DCJOJQJh lCJaJhYRh.DCJaJhaD0JCJOJQJ!hx.0JCJOJQJmHnHu%jhqDhaD0JCJOJQJUhqDhaD0JCJOJQJhaDhNhaDCJOJQJh#jh#UhBjUhDlOJQJ"MMrNsNtNNNNNgdAgd$a$gdO8$a$NNNNNhBjUhDlOJQJh#haDA 000P:pO8/ =!"#$% Dp`!8 p; G8'v kxU_HSQιwS?&EIbnSa1`mK(=D=*Ç{Š|5m v9߹A83f3IbP(h̚u]=GA51\cF34?<5>83L2mD(XpEY51SOLOťhT'Q u}A)`qDo8%e[ čdTMoN%`Z{\Ⱦ`>rG| |{~7!*=˙PgGj o cmgX]L6p{I@=˝8Γ_hkspHSH9 {6;vˁtuTHwb`z}q|(nFzI2vu4( m>\-οD:ƶp!f. {Aehdʖm<1ݎE TT&Kq+`rTTmԔ9zS~KsVC NJZ$$Ifg!vh#v#v :V l2 t6,55 9/ /  / Bagpyt}!T$$Ifg!vh#v#v :V l2 t6,55 9/  / / / / Bagpyt}!T$$Ifg!vh#v#v :V l2 t6,55 9/  / / / / Bagpyt}!T$$Ifg!vh#v#v :V l2 t6,55 9/  / / / / Bagpyt}!T$$Ifg!vh#v#v :V l2 t6,55 9/  / / / / Bagpyt}!T$$Ifg!vh#v#v :V l2 t6,55 9/  / / / / Bagpyt}!T$$Ifg!vh#v#v :V l2 t6,55 9/  / / / / Bagpyt}!T$$Ifg!vh#v#v :V l2 t6,55 9/  / / / / Bagpyt}!T$$Ifg!vh#v#v :V l2 t6,55 9/ / / /  Bagpyt}!T$$Ifg!vh#v#v :V l2 t6,55 9/ Bagpyt}!T$$Ifg!vh#v#v :V l2 t6,55 9/ Bagpyt}!TDd @hb  c $A? ?3"`?2ABiB5.R1`!BiB5.R@ |xuRo@DrB@R J H:dH ㆣXJ( *AOޝ!e1`&${'O~ww'hO q2DH,r%.\UȹܕU]L_L2N FɽXM2:+ KT. m *6p4 "<>1 (ݟ;%Z"M:n\gpXiJ7ڂd?6K'$Ўh=`qVqx^?TQ_4G-*݆h> #{0 )78P1忏Њ6$TC홝WI@o,}knmmwyvs^K{>oi_YDkKϧsI  ݄Fc@'Jo@Evo6l=;Suҽ%T Ǖޮ hUk3Ew׍0Dd h  s *A? ?3"`?2t JTVhEb+oP 1`!H JTVhEb+on xUMLQ-ö1- b!1ѓDJ[C6[u [ B8&^ꁋN\<`x`hYcunVHоΛ7 Hx489c&x^!v8+jWg]C2;?^S@Pzg8:;H# "M6|TPH]uYD(Y 2apMrLk"P䛥B{ Y跅G6/~~  }Gke Fn,*mkt%(2fƦ8UV;Iq/J{N!I01 aǤFӏh)KN˓e̋0N0jN06H˗5new|!5,Xlʌbvi@x'v;FQ[.{O}Z?Qe blܱiM! ZV_IE=# }Bc8QRBRڗ&`(;oD(EqZ!/J+jnʧnу#Lj{%=h+p$$If!vh#v#v:V l,55/ 4ayt}!p$  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry FЃ򍗙`Data ɘWordDocumentcObjectPool^퍗Ѓ򍗙_1335878076F퍗퍗Ole CompObjiObjInfo "#$%&),-./25678;>?@ADGHIJKLMNOPQRSTUVY\]^_`adghijknqrstuvwz}~ FMathType 6.0 Equation MathType EFEquation.DSMT49q49T\DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  a PEquation Native _1433663746wE F,퍗,퍗Ole CompObj i FMathType 6.0 Equation MathType EFEquation.DSMT49q,ŠTT  DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   E(r PObjInfo Equation Native  _1335894419FS퍗S퍗Ole  "-r f ) P ==  P  P ++S M FMathType 6.0 Equation MathType EFEquation.DSMT49q<T9T\DSMT6WinAllBasicCodePagesCompObjiObjInfoEquation Native X_13358944351FS퍗S퍗Times New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  S A == .12"-.05.12==0.583 FMathType 6.0 Equation MathType EFEquation.DSMT49qOle CompObjiObjInfo Equation Native !X<\9T\DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  S B == .16"-.05.31==0.355_1433665776Fz퍗z퍗Ole 'CompObj(iObjInfo* FMathType 6.0 Equation MathType EFEquation.DSMT49q, TT  DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A    P (e P )Equation Native +(_1433665805"Fz퍗z퍗Ole 0CompObj 1i FMathType 6.0 Equation MathType EFEquation.DSMT49q,TT  DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   r P "ObjInfo!3Equation Native 45_1433665821$Fz퍗z퍗Ole 9-r f  P FMathType 6.0 Equation MathType EFEquation.DSMT49q,TT  DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_CompObj#%:iObjInfo&<Equation Native =5_1335948457)FA   r P "-r f  P FMathType 6.0 Equation MathType EFEquation.DSMT49q<9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APOle BCompObj(*CiObjInfo+EEquation Native F*APAE%B_AC_A %!AHA_D_E_E_A  Large Cap Sector: 0.6(.17-.16)= 0.6%Mid Cap Sector: 0.15(.24-.26)==-0.3%Small Cap Sector: 0.25(.20-.18)= 0.5%Total Within-Sector Selection = 0.6%-0.3%++0.5%==0.8%_1335942040;.FOle WCompObj-/XiObjInfo0Z FMathType 6.0 Equation MathType EFEquation.DSMT49qh9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  ==0.617%++0.1524%++0Equation Native [_13359420083F>Ole bCompObj24ci.2520%==18.8% FMathType 6.0 Equation MathType EFEquation.DSMT49q^9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APObjInfo5eEquation Native fz_1335948020@8F>>Ole lAPAE%B_AC_A %!AHA_D_E_E_A  ==0.516%++0.426%++0.118%==20.2% FMathType 6.0 Equation MathType EFEquation.DSMT49qCompObj79miObjInfo:oEquation Native p_13359481326'=F>>9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  (0.6"-0.5)(.16)++(0.15"-0.4)(.26)++(0.25"-0.1)(.18)=="-2.2%Ole xCompObj<>yiObjInfo?{Equation Native | FMathType 6.0 Equation MathType EFEquation.DSMT49q9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  (.17"-.16)(.6)++(.24"-.26)(.15)++(.2"-0.18)(.25)==0.8% FMathType 6.0 Equation MathType EFEquation.DSMT49q_1335942410BF>>Ole CompObjACiObjInfoDEquation Native _1433679923|GF>>Ole CompObjFHi<9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  R 2 FMathType 6.0 Equation MathType EFEquation.DSMT49qObjInfoIEquation Native _1335956355TLF e eOle ,vTT  DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   r P "-r f  P !S Miranda == .102"-.02.37==.2216S S&P == "-.225"-.02.44==.5568 FMathType 6.0 Equation MathType EFEquation.DSMT49q 9TDSMT6WinAllBasicCodePagesCompObjKMiObjInfoNEquation Native _1335957842QF e eTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  M 2 FMathType 6.0 Equation MathType EFEquation.DSMT49qó<9TDSMT6WinAllBasicCodePagesOle CompObjPRiObjInfoSEquation Native Times New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  r P *  ==(1.1892)10.2%"-(.1892)2%==.1175==11.75%_1335958669OhVF e eOle CompObjUWiObjInfoX FMathType 6.0 Equation MathType EFEquation.DSMT49qà$9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  M 2 ==r P *  "-r M Equation Native _1433680058[F e eOle CompObjZ\i==11.75%"-("-22.50%)==34.25% FMathType 6.0 Equation MathType EFEquation.DSMT49q,TT  DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_ObjInfo]Equation Native _1335951117, `F00Ole APAPAE%B_AC_A %!AHA_D_E_E_A   r P "-r f  P !T Miranda == .102"-.021.10==.0745T S&P == "-.225"-.021.00=="-.245 FMathType 6.0 Equation MathType EFEquation.DSMT49qL9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_ACompObj_aiObjInfobEquation Native ,_1335951220eF00   17"-81.1==8.182 FMathType 6.0 Equation MathType EFEquation.DSMT49q)d9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APOle CompObjdfiObjInfogEquation Native EAPAE%B_AC_A %!AHA_D_E_E_A   (.24"-.08).18==0.888 FMathType 6.0 Equation MathType EFEquation.DSMT49q_1336557401jF00Ole CompObjikiObjInfolEquation Native M_1335951430croF00Ole CompObjnpi19TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  Portfolio X:   (10"-6)0.6==6.67S&P 500:  (12"-6)1.0==6.00 FMathType 6.0 Equation MathType EFEquation.DSMT49q@9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APObjInfoqEquation Native \_1335951783tF0@Ole APAE%B_AC_A %!AHA_D_E_E_A  Portfolio X:   (.10"-.06)0.18==0.222S&P 500:  (.12"-.06).13==0.462 FMathType 6.0 Equation MathType EFEquation.DSMT49q?9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  (1.151CompObjsuiObjInfovEquation Native [_1335951857mJyF@@   "#$%&'*-./036789:;<=>ADEFGJMNOPQRSTUX[\]^_`abcdfghijkmnopqrtuvwyz{|}.1) 1/2 "-1==12.47% FMathType 6.0 Equation MathType EFEquation.DSMT49q9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APOle CompObjxziObjInfo{Equation Native 1APAE%B_AC_A %!AHA_D_E_E_A   15%++10%2==12.5% FMathType 6.0 Equation MathType EFEquation.DSMT49q,TT  DSMT6WinAllBasicCodePages     LK !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJSMNOPQ[R\TUVWXYZ^]_bcdefghijklmnopqrstuvwxyz{|}~_1433681765Y~F@@Ole  CompObj} iObjInfoEquation Native 5_1433681791F@@Ole CompObjiTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   r P "-r f  P FMathType 6.0 Equation MathType EFEquation.DSMT49qObjInfoEquation Native 5_1433681832F@POle ,TT  DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   r P "-r f  P FMathType 6.0 Equation MathType EFEquation.DSMT49qCompObjiObjInfo Equation Native !_1433681936FPP,yTT  DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   P ==r P "-[r f ++ P (r M "-r f )]Ole (CompObj)iObjInfo+Equation Native ,5 FMathType 6.0 Equation MathType EFEquation.DSMT49q,TT  DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   r P "-r f  P FMathType 6.0 Equation MathType EFEquation.DSMT49q<9TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A_1335952776FPPOle 1CompObj2iObjInfo4Equation Native 5X_1433681957F``Ole ?CompObj@i  S Williamson :  22.1%"-5.0%16.8%==1.02S Joyner :  24.2%"-5.0%20.2%==0.95$If!vh#v#v:V l,55/ 4aytaDb$$If!vh#v#v:V l,554ayt}!b$$If!vh#v#v:V l,554ayt}!$$If!vh#v#vp#v :V : t,55p5 / 44 :a$$If!vh#v#vp#v :V : t,55p5 / 44 :au$$If!vh#v#vp#v :V : t,55p5 44 :au$$If!vh#v#vp#v :V : t,55p5 44 :au$$If!vh#v#vp#v :V : t,55p5 44 :at$$Ifz!vh#v#v#v :V l t555 / 4az~$$Ifz!vh#v#v#v :V l t,555 / 4azf$$Ifz!vh#v#v#v :V l t555 4azf$$Ifz!vh#v#v#v :V l t555 4azf$$Ifz!vh#v#v#v :V l t555 4azDd lh  s *A? ?3"`?2>yeq1`!>yeq* @PxTKkQ>NijIEݘENXDPWIc 4DbvE +]΅k)q(~gf҂қG J=qK!nℇ A oJ{x@)6Z&Q:FK0kho{h҇!jQIjdfZGń} 4ڭjhѝw?EtmWnwFCLb*Y%䰏ʂLc.2S,mr8>IĤw?v[I.qt">ܱ yYa[mƩ i5N#N$.Ջ%1vʽ U|9 #(˒Sō'b*9@ WW뙫鴠+0Y//[Q*VɼݰJ LRvWVr)]off" Q<3"tQlֲE|Q+ &/t䵼팟ѳN}Xc1uƵX u|,_hp@N(]ԀxhtҷB( ?I`x6 zt"L/6W$Y{Y88mթ*Nsn7tA?rئ Uo"|c;q ~+7/hDd lh  s *A? ?3"`?2&%qa˧w7xw1`!&%qa˧w7xw* @PxTKkQ>Ni$I[)Vk'MXD]ƱIi*1PDԅօ?.\ t q(sgҖbAM|y]AD I-.WBz=⸏ a/,hC΄"\y~fuhG '􈢐;XCAf-$_r7&m4-Tkvøa7Z١;o7ؽ#E? LG%GeI&1Ix13\2 &f{M'|>n2fqVwZ<-0dZũ$h5*P'{suG1vXr}ք~r ;;%yIrxDL>H쯈Z#w%tr_ǰ*U۩NŤPhڷNzu5SnT+];_^ O f֫zޢX W0nQlbZL结yX$M{mgXE#YLIuW4rsNj%HX~ . 2K[O )!C@ l(0J{y{C=J?|oUQy@Z琱MSVa׈%TT눪vj+/t$$If.!vh#vJ#vJ #v8:V l t5J5J 58/ 4a.~$$If.!vh#vJ#vJ #v8:V l t,5J5J 58/ 4a.UDd b  c $A? ?3"`?2{'o-^Y{1`!s{'o-^Y@@2AxS;oAݵC@ D@ H$HA6–;f 'lgU!$B KJZ js͝Q;vݙ JAK L&.NMbiYQ,\Tqz냎&N StaB>e@aERh%*DZF1_ѫ9툿>bnX#%gF"71a>֌cp/ +׊EAi}wen5%fNqAsRRB"mY㻍b:ڧ\|9UxMG]WwUFyu0pűm͍U/EA98 lHLxx;N3NCKv.2>~VDAG,a'{Ji+Ϫ36QIz’=IV %wsx.B\GscCqs6{4E_կy5I0l$$If.!vh#vJ#vJ #v8:V l t,5J5J 584a.nDd b  c $A? ?3"`?2ً̈H_E29o"1`!ً̈H_E29hZxS;QɚȮNVT+&Id0AdȋH l-l"łdFx̬BT09#!G9ò !X#Ki]Џd~ d꘎vjzF ZZYUl˦{#(O|eβu}K'uؽ7ZS+(yxVMLW^ǡB*IլS;1"d6R*9lVZv\Bc=@%UJ{z챇6s/"*dfv6n ;o~7߼p ">n|%!lMHgggSuw7,=|;C>V_nUtcq `jXk]$Zm =i#ѬQkc}C\J䧗Go|vs!@{'zi.ꚮruN: N'dBP[hzV&+`v~VY0 #9l-,QK>$S D8NP,!mH< A2E4pD G)eJbAdbsfNwA<3鲒rP˖뚩,u kj3%Ū0"kbMQ5#OjͪU(nUc T[AOLk. QcɪvA4zڂNkfl?:n{7r 6'}O/v2[4aX#PHHp2qМ ߹US3M Qpo$`Kߦ>wcmB`E!6"w=3NSYDf4{0ivI68zw$e,2suȒUمL&u,ƫr.*NF י<"Aӓ֓}&'>f'0M> ;0ynH̉0=c(CD%>tĺG):3[^S>~qGFO-| EjDd b   c $A ? ?3"`?2`@ߨʼn>1`!`@ߨʼn,HVxuSoQ]EclhR(1!q!BRoqm7+An1MMx'cl}f~3oޏA`P? @i) e2HMg؂Bļ-E߮ ;& ]e~mYv k)S6EC #H^0&XM3vƒ7?5Z͟׋]( b1=_x2F["i=6ll⫰aºzx'p̱l7)w5r=CZ BOfU:T.HNx+ئfjieun-07/+)2lgsGfep/f@Qs']߭ѳkjhZ]5JKF933VIrWca!q.8#—jyQHlM%2v3(؋Np@ju _t''8|p>.٧*HSx}SMkQofm̗RlN,Q0v: m(bi?`2Ʊ$D.RKэ`z$T;y{w#hH~+$zGl. IpF4qzMKbmny3:ISpvް7G#)MbtR*8Sz  aqU3MjԌ:yk`k߻; }kI3KDtm9s,Z<Pދ X|Ô|2E`u^mQ%X<)uXWUJF$GW.JP>u}&Rf;w5t<2fڬe+%FK۝) V=Umn3Ʀ٦2+xزV@%WT:-B. K~xZ)ΟMSY;bK@~_p^}9 n}L)k/ #P6>*QJRRmjW@1&dG"#FG\t'P8Mq:\50=' %"q?p-Dd @b   c $A ? ?3"`? 2ZofovE1`!Zofo)? xT͋RQ?>:NE<K1ߨrԾj8fI 5MDmU@*f5/Th2" s{c|t߻=H79889#Hd"N962GRgl!_- @M" ]#?.Zk,K~?qñ)΄QZC*Wrը4ƫo N;C=j'[ _$HDa5TTPQ"$K>ӺoG|fdKB6:B|*i/-Ày9p7"߁L}cTqUw݇ψ43o*%%-bݔX $+OLjzS)VkZS.7*Xlb^kJVʹnkʺ\L^u EpY%%wש`xVΎ˞gb9]/N49ݧWˈ ne؎<2븤ԇ_,g9޴Cfǁcx#$:v*#?.O„TB yofmP68.7v?:G79 5=3ȇ1vq p}cz-!X]oqi  ZOn!=/!"aDd @b   c $A ? ?3"`? 2 @i*9I1`! @i*9–%h: xMoRApv$@c4(y 3"$zϖr1ƃi`<`@< [k'@]to \O7"\/) Β-Ն|Gmw|#WLż(G0@o(ۥJ?DOG> lAr{oclwat=םhtF+zϫˇuyQJ`^ ^U-.?*kƯ>Y/8=/ڗv/tiGwKM ujFZ<IP튜)JA"߬30T6 vXJF>TmV|8>^}\/tTVN6y˃c_cim-9fOs`U~30"ώ ohWr\R/f61Džc $6F*3m n{~6/930ɸ#Lo< 5[&N09mGBӨ#ydT[(:4yxn\)AXGGhe( %M; t{S. ?{FDd @,b   c $A ? ?3"`? 27t$ /n"~njL1`! t$ /n"~nj xR1oP҄6䄶>#AJq0Eq$`Lx'7$*u`!+C fBj%,|ww}ςV2/ĖKDBf3[ ( dr [I_)@7 3 sp޵l5RMF[*L}+®3=R^7ŷ]ystB%m\r1kQ6"!4!ݼ[pʶ쥛8۲lY6BnJ֚5'p%a=Ǖ#ZN>4t72= ֢VEDFNjjs)0d|>,0urIrT8b&hpHHWF^A@2-g ,+&u;:: ks6s)~~ߣġ> N{󋏨Q[s rnFѧMv[cY8)rL+$26EvGa8٣x]vx_,UxEUyFȞj/0 ku'xTc= Bߕs|ZgVTD]= QzvGGGC|zq&iCϦ]l: U zxXFjy#=/Y.b#r:~9Tz/4,Tp6z8Ml&kQ(gyc+lQ\( #uY7zREz^|86 8ú"a"k8a:$P+ M1HH?¨x=81G奧eшd ] ]LD"xa#P8bJдb+q0Ũ(:+L3YJSD(-1va^_Mn'2aFvfN`th +kF!輄jr'ΘM1vMLfml-=W0rW\^@R+@FltC|]9 ^h!Ɖ:߲"R?y-{NPp^jmK[.%}K!.ت^Z;pZ1ɈLK`񋤃f@{|CZ{HHYYX O)r8p@Vm6mxh&l?>D'~ANŁ`0A<e9H}؉::]i=u,^ 6rH׋֤{s/o ~h?]s98CD;YR%Wq0!+ZM_/鼮5v)/˵Nf怍KBaYxR׵'/a򣪮USi;1YU2fvRK:c)7F,R>o΄FLBQ-B|t[cv>8E {zebzmS+d)3Ӏ&Q󎇰>VH` Dd b  c $A? ?3"`?2A\+|62 3\[1`!\+|62 3,hxT=lRQ>> kmhmii'L)?ku0J_2`btҁAݝ\8fMs{ /˹|?.iD[BtL]:7-Gl 8il.IZk;ћ`ȧ1U/(R|8piM_7X( ņ%S~i'H|xR'MjDz^˯T.rYR)\NiyRPXD̮5˽W/eDN5W);rw+{$0u .dHq͸-.~S_1`!>q͸-.~F)?xUMhQvSӤ6IjnV6&YLK\ӭڴ$Z ET<A!z(uݤowgۙo~cP*fÁgBl%ssdUaguh1v"51j&K ha"rw)n،N}Ak4&e Ώ\j#YgZزmՓ\*~e'pf!6rpq@߇ ԊHH"7rF];aQx](2:f7[<*NJ`dG7" GBxG"=: E>1zgYI@7M <᰼ v"=- l'J羚ZW]P8?uP|/3u_Dem,}ܩ2ZJ5BʩD! q"aT+HI>۬_QԢRϛlv>62uۿѮJm1.66TT4lmbW/ꐛš}t]sŝ nh!;c0'nsd&k2fG`_.x20 2 Lldԍf|O9b#'Y3O|j"?57:JtsO:ZFrO]i伞J[%ʂ(@goyeyxLw/Sΰ(8njNN8G~5[Lt2pquiX$m0*^ qEmRdDD "9"rjBoŹs!\E$L$džLXBFu qXVMϤ6$*Mj5ޡeU8;FGXgX8qEh@ w4ƭ~%Buɉ˜9 @Y %a$ИR9ُAtDd lb  c $A? ?3"`?2p;/d1`!p;,  `xSoAfjKIR5.5Ջ҃ҤCDoq$4܌Ѧ1&o`0pu)u׍s/?tq$0΃Rwz #^mbNs&5}0D7&ڳ (ҏpiGTkXmmj6*6]!?_QX!:b~OiXzC׃'C*ٌpL*Y Gp/FB OxxdSA"_HJrW66@g6rwǏL?bl߶%GjeQe\N!ʃBVijͲe]M!02Z̗BolRiת=Pٴڈ?ws͇* KڣNM_ꗓ{kl?}>[pNGp֜YgoL.qO!TPuOWkHX`_̗۠ eZdL̑?Iy;v5j_]` * }%9?#W4o8I3nc51Eҩ/q񧚤;hBυDd Dlb  c $A? ?3"`?2&u+]50 L:U#g!`!&u+]50 L:U#R rxSKoQ> ^5D-L)i RBbwt$0 c\4Ƙҥ.ゟnj"~gfhU/3wyZ"RE[ pBsKk. 7~?N=A P1|Xt)E !œ(:\^+D^ȎuX4aYܲ(8ò%FUO>XS>Rv; v5խѝ6(>v⛬iM-I<:L?";6^]FÓ1w6˱SZ&M^*txI'm#0e8LVƝ6טK?gkL4i&jr!L06 ݰ<)Y† 8lmɬϚ>ɴY]35ݸje<"V woü$Dd Plb  c $A? ?3"`?2n-bjF˗t1]J)k!`!B-bjF˗t1](p>xToA3 RC#KHKnRZ?'@\X^LۃiI=6ƫoz?By0bE]SӞ:073͛y _8 9sF^dqv֨#(E\>Bܾ\W:0NZQ {}) /Q 6@k<΁nbAduo.pkTg;s([p絺oFC2vq{7I\5ф$Fl cx>f3,%yxeZCȔF]mԴXHsE\$ ]#a@(8".:ԅ뚼cβG?> n{<]ȤKG-6w5ogwxa1ZL+iŘX5.{Ed~_?!uaTw͘2P?]\)O DZ!2#e)B h ]6Eb$)h_9ۉ"&$|fbHefv4C;9)Hsjq¾ΡB ,О,Gu\@'DZIDͰU7(^JȭgZ+R)3ˁW|u`G(ul]h|4]i?t0ǁȰ䱻t2NP%{QjZ%tX6 Ha'C]!o& < M7M]zoa;l d`0Ԅ0't$sEg3pPR;Xu_EӠ u3 ^NoJ^1O;ѻ1m&nDd  hb  c $A? ?3"`?28 L{0S}s!`!8 L{0S @p|ZxS͋PV7 $AbulKJ=7֏C؂1f@h*=,' ,Aŋ,5 XgLoy{3 p1>1Z8#܅~r=h<""DNimQXCjmtCE6|l p΋$h<Gx Gx FJGRhYm eUz&L $O‡эn 3wJ|}77C?TW{=zTbp-uӶ:uV1f9`kvGo6 6KVض#&tcRn߶:BՆZ7S3fj]li^s:774>hK%;FRܬSŰ_1"ng?{?VvVc9By̜^-B1؂ y4y$k!O{A~>rVL`LCρ>ҧk59i sDd lb  c $A? ?3"`?2a;WfP-)t?v!`!a;WfP-)t?2 x_xSoQ_$ ƴ,<g0DHk%$`<1G&??zѤR[{y;{f-)+Co Bƒb_סE.T Q9|Xu rUBQ FB 3,I[3"Eg%`COZ-}u}}Ԅj[?F7<9<#4S ξ+y$ajȽɘ$K YU1;;If`P r2>I~]dq^uܽ}\ |O8G␣!rqql|o q8֢nw jFK]7ZI r2蝶tfU+ݤ(%"BѠ*Ux5x8h8zl?qL+ֲ'dŭ:Z4]Nb׬>z^WC$PA4Y ( J:2H9v'|nvw9?&lWSKa!>]"=;kkԮu.^zpDd b  c $A? ?3"`?2Gctm ^z!`!Gctm h\xS;Qn^d";YQAD,2DQ 1NցQ&4v 66V93 QA\% %DK hBf3+#5F QV=]yIV^ $Y 9,˼{Z*c,JCw9A?]N%$Um:-s{}0_{Gpe[6=B}(s]#[R? dќ}Gɩ7Ѣ h[A%ĵ~*#-G -`q9z'1Ϸ5_Iֆ2t_yzNj BE** 4 ڍNc!HR^Hߵ:zYwF4ۦTh")%H4*tٖi3RUo׉Lܴgrj1];qǛ5Ғkd%,CqwLjX+鉸 IBmԅ(k4SܽgT>N1ocHa;dk'o?љɨ7~ !$oze6s3x9)9+3FZ-qDd b  c $A? ?3"`?2HΠý;}!`!HΠý;h]xS;Q>dM$;*dEl@J$$>`Mdw /f"1ET4vZ[liacm!FY̹߽y#(F\D*M%%5!gm[^Bԑم$%bkÞEBtaF~KJ "Q92/A;228}4IlO moZVmvΫKkGAӅ8۲!)=udβw}K]bpFs"D%^"(rcG +%8߯oo!8Juؾmmkq-~WuH ]W^z=rX"x,ՆmuyFAA RRDBmw ֦ڍbe[KplaPZþcLܴgrcz`xǒoYJiXu7R/dBuBB&(أ q0Sܽ(N- %gKkæ֒V3q&}A>g fCI}lתCo1##˟^ ɵ$ Dd  |b  c $A? ?3"`?2\8s)@w?!`!\8s)@wH `p0xSkQv6nXnJՔDăI8,&PJ\.l$"1/ <z&7'8ow[iC^fp0ᡄx-.֮]ަD_z^U3j0ig# $7{( +Qmr#c䤜Y6,єoTznjxKf,Rh@k ϗնo{NViLID!܇iEM-n0#IvjӸXqG!tskd9ԑ~ЗGS]Q,4$ +*ߩ "b% :,,hӄ!`!n~>,,hh^xS͋@3I6-K]MWTOMT-(^BhӒTjaUo=,gDJ7^M UAGy=)a $ \Xc|> l-X /7ZjR,MJKfViFx(AXO \VmNg b%^W̚YӲcĐ) i8SԽGX>H ˏ k˶$k^JѣI_3H$l598 D^v9 N[-㖮O\3ª1)cÈ 8xZN-IWez FMathType 6.0 Equation MathType EFEquation.DSMT49q,TT  DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   r P "-r f  PObjInfoBEquation Native C5_1335952766F``Ole H FMathType 6.0 Equation MathType EFEquation.DSMT49q29TDSMT6WinAllBasicCodePagesTimes New RomanSymbolCourierPSMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A  T WilliCompObjIiObjInfoKEquation Native LN_1433680092F``amson :  22.1%"-5.0%1.2==14.25T Joyner :  24.2%"-5.0%0.8==24.00 FMathType 6.0 Equation MathTyOle VCompObjWiObjInfoYEquation Native Zpe EFEquation.DSMT49q,ŸTT  DSMT6WinAllBasicCodePagesTimes New RomanSymbolCourier NewMT Extra!/'_!!/G_APAPAE%B_AC_A %!AHA_D_E_E_A   P ==r P "-[r f ++ P (r M "-r f )]==0.102"-[0.02++1.10("-0.225"-0.02)]==.3515==35.15% Oh+'0|   , 8 D P\dlt>4Ni۲u~Q͠W\"~yP ʡ%d0mk-5`hfyph8 < ʽ@FnTWQ) @옇0<-631pc)r(Y8k;%Fe<"^Z6s>/j<$C*fY'2niԇQ QD8P*xϊZgw\9\> ձ*lDw@n,?k JncG Rb4B9]g4UϨ+zFs2K %5=NKZ&Τ9_6H#WL채4uƫ;[M}RjOwdvTMOzHϫ.QZZgm]T8L"'ᢤ>xшd$戔8"#fg-dU~$2GI6,Aa赵mشѺ0-?u.do8A`-Q}_)@761+AH2hVW'; 1L^8bh_ӵ3퍗KKj؅ɣ3}?8~1'C?oDd b  c $A? ?3"`?2_"!`!_"h[xS;QɚȮNVT+&QDPlBu /g"1ET?[ZX[ıQ033BT09#!G9 !X#KGiCҏd~d꘎vj{F7_}6hiog=?q6ʶliQ[YoI.cpFk*w%^"(rcK *׺Jlזx:7}[Z$gCR̯}rXX"xLjզevjRTCdnX]h8VػcMA*H$ {m˴?HV~0Dp6jVNuݘ PB[vO:iD~Um:%;!|^]D\$6 bB{B5)c*G1$BIIz-xZk3~t"w2ͤǃ3,lȀ5I7L^v:rf9bY<_ 앀\ /XwhDd 8lb  c $A? ?3"`?2&mcvYQ 2h1g_&!`!&mcvYQ 2h1g_&<TxUkSA|&Ikh4}R AӴV `"S y I%V B{Q" Mg%MQty33ٝǠt`6 vΈ%f);92BoM1;JcV'8 ^À.k=ž>>{P6nFGyߵAn9d^z G56h=._l"&J9$]R|._iҹ!JSdd901:ʓY05m kY͇CT>iUr3™U0Ol iK!a-$m$V&r00M;MwgOm[Ocw!TY5+|ESl)CHBzH^cYZx:!R?2C? :JD<`D(x%b>zKu3e h/k<\(#2B>UMgTE(Z&V\<8̓Tp6;.HK*%p[_,J19oxiz)w|!GNcAgl 93nCu^hml~85ov:ñ&2!x6 ؅$J$&BL#R"'amc`1ↄlqH6G8Q"Y}&2fA:^"l󧽤;EìQP齨̎1U c6QjTqFď瘅?xE/?xi7+((F"Dd 8b   c $A ? ?3"`?28 p; G!`!8 p; G8'v kxU_HSQιwS?&EIbnSa1`mK(=D=*Ç{Š|5m v9߹A83f3IbP(h̚u]=GA51\cF34?<5>83L2mD(XpEY51SOLOťhT'Q u}A)`qDo8%e[ čdTMoN%`Z{\Ⱦ`>rG| |{~7!*=˙PgGj o cmgX]L6p{I@=˝8Γ_hkspHSH9 {6;vˁtuTHwb`z}q|(nFzI2vu4( m>\-οD:ƶp!f. {Aehdʖm<1ݎE TT&Kq+`rTTmԔ9zS~KsVC NJZ1TableawESummaryInformation(eDocumentSummaryInformation8lMsoDataStore Bathurst, NoelleNormalMccabe, Allison5Microsoft Office Word@G@8ȂI@ַ@N X ՜.+,D՜.+,D hp  The McGraw-Hill Companies5g  TitleH 6> MTWinEqns X1DEWXINVY1==2 Item sPropertiesxUCompObj~r   F Microsoft Word 97-2003 Document MSWordDocWord.Document.89q#w2 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@ 0@6666 OJPJQJ_HmH nH sH tH D`D NormalCJOJQJ_HmH sH tH DA`D Default Paragraph FontVi@V  Table Normal :V 44 la (k (No List 4 @4 Footer  !4@4 Header  !D& D Footnote ReferenceCJEH:":  Footnote TextCJ.)@1. Page NumberDBD Paragraph d`BARB Insert Text8^8`NQbN Quotation! ]^`D>@rD Title$^`a$5CJTT@T Block Text% T8]^8`ZC@Z Body Text Indent  8T^T`PR@P Body Text Indent 2^`\S@\ Body Text Indent 3 ^`HH mx Balloon TextCJOJQJ^JaJR/R mxBalloon Text CharCJOJQJ^JaJtH B' B rh&Comment ReferenceCJaJ88  rh& Comment TextCJB/B rh&Comment Text CharOJQJ@j@ "rh&Comment Subject!5\N/!N !rh&Comment Subject Char5OJQJ\PK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭VGRU1a$N% ʣꂣKЛjVkUDRKQj/dR*SxMPsʧJ5$4vq^WCʽ D{>̳`3REB=꽻Ut Qy@֐\.X7<:+& 0h @>nƭBVqu ѡ{5kP?O&Cנ Aw0kPo۵(h[5($=CVs]mY2zw`nKDC]j%KXK 'P@$I=Y%C%gx'$!V(ekڤք'Qt!x7xbJ7 o߼W_y|nʒ;Fido/_1z/L?>o_;9:33`=—S,FĔ觑@)R8elmEv|!ո/,Ә%qh|'1:`ij.̳u'k CZ^WcK0'E8S߱sˮdΙ`K}A"NșM1I/AeހQתGF@A~eh-QR9C 5 ~d"9 0exp<^!͸~J7䒜t L䈝c\)Ic8E&]Sf~@Aw?'r3Ȱ&2@7k}̬naWJ}N1XGVh`L%Z`=`VKb*X=z%"sI<&n| .qc:?7/N<Z*`]u-]e|aѸ¾|mH{m3CԚ .ÕnAr)[;-ݑ$$`:Ʊ>NVl%kv:Ns _OuCX=mO4m's߸d|0n;pt2e}:zOrgI( 'B='8\L`"Ǚ 4F+8JI$rՑVLvVxNN";fVYx-,JfV<+k>hP!aLfh:HHX WQXt,:JU{,Z BpB)sֻڙӇiE4(=U\.O. +x"aMB[F7x"ytѫиK-zz>F>75eo5C9Z%c7ܼ%6M2ˊ 9B" N "1(IzZ~>Yr]H+9pd\4n(Kg\V$=]B,lוDA=eX)Ly5ot e㈮bW3gp : j$/g*QjZTa!e9#i5*j5ö fE`514g{7vnO(^ ,j~V9;kvv"adV݊oTAn7jah+y^@ARhW.GMuO "/e5[s󿬅`Z'WfPt~f}kA'0z|>ܙ|Uw{@՘tAm'`4T֠2j ۣhvWwA9 ZNU+Awvhv36V`^PK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 0_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!g theme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK]  i  i` :: U =& $&'+0@3F58<ABGJYL>MQZcc^fbiA;EKMNN9?FHIKNTV[\adiqwY  ( (|x$7p3 K q !&'V'''A+00)0601x12<2d22 3334*4T4455.6\666778889699<B&LMUk^cftkoBDJMN:;<=>@ABCDEGJLMOPQRSUWXYZ]^_`bcefghjklmnoprstuvxyz{|}~Umo`xz50M0O0e0}0000011122234363a6y6{6666788l888888HM`MbMyMMMMMMMMMQQQ6QNQPQ\\\L]d]f]^^^eeeeeeeeeeff i:::::::::::::::::::::::::::::::=DF! :l  ,2$8 p; GC`@, (  \B  C D#" ?bB  S D#" ?bB  S D#" ?bB  S D#" ?bB  S D#" ?   6 A ? ? C"`??B S  ?qu{|}8 iMtt ut((t(8t 8t OLE_LINK1 OLE_LINK2 OLE_LINK3 OLE_LINK4 OLE_LINK5L]L]i!ig]g]i!i V Z L{OQa6|688MMt\\:]g]^^ueeeeh!h"h$h%h'h(h*h+h\hfhiiii!i  h!i33333KK`avvwx)) //23449:;__bcdeffhjVWX^ $&',?`{!!!@"t"""""""""############L$%%D%%%%%%%&&&&&&K&q&&&&'''*',';'<'@'B'T'U'Y'\''1-7-S0022X6a6|6~678888888=9L9eMMMMMMBRKRRRNVjV\\L]g]^^neqeeeeeeeehh!h"h$h%h'h(h*h+hWhYh\hfhhiiii!iKK`avvwx))2 2 x x uu//23449:__bcdeffhjVW$&@@;;`{xxn!n!!!""""""""############L$L$k$k$%%%%%%%%&&&&&&&'&'*'*';';'@'@'T'T'Y'Y'''''a(a(**++++--3-3-*/*/V0V02233[6[6\6]6a6|666666666777777777788888888;9=9BBACACOCOC"D"DEEGGIIeMeMMMPPR?RBRBR[U[UaUaUXX[[\\L]g]^^ccmeneeeeehh!h"h"h$h%h'h(h*h+hfhhiiii!in. \6Sn$I$4564 >h:F%ΊB364ZVT0T^T`0o(.88^8`o(. TT^T`hH. $ L$ ^$ `LhH.   ^ `hH. ^`hH. L^`LhH. dd^d`hH. 44^4`hH. L^`LhH.88^8`o(. h^h`OJQJo(^`o(. ^`hH. pL^p`LhH. @ ^@ `hH. ^`hH. L^`LhH. ^`hH. ^`hH. PL^P`LhH.88^8`o(. h^h`OJQJo(^`o(.:F%ZV5n. B3I$6S >n j        /        #A86Jzyu\:Oj_Sc4[F, _#SaD(##h}!rh& *lu*x.I/P/ 4F6}7>8Hh9@:ZI<.D7Lt O":P4pPB`6\W7BFoG^Dl{ ls"[ aSK['u8F-]HN+Xh h!h@ 44444"#%&'012E2FQRZ i@ @0@<@"$L@2h@68t@D@Z@h@@Unknown G.[x Times New Roman5Symbol3. .Cx Arial7.*{$ CalibriY New YorkTimes New RomanG=  jMS Mincho-3 fg3.[x Times5. .[`)TahomaC.,*{$ Calibri LightA$BCambria Math"sǛc{Gl{X 5X 5!;gg3q;HP?\2! xx Bathurst, NoelleMccabe, Allison,