0001193125-12-418181.txt : 20121009 0001193125-12-418181.hdr.sgml : 20121008 20121009122206 ACCESSION NUMBER: 0001193125-12-418181 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20121009 DATE AS OF CHANGE: 20121009 EFFECTIVENESS DATE: 20121009 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACIFIC SELECT FUND CENTRAL INDEX KEY: 0000813900 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-13954 FILM NUMBER: 121134450 BUSINESS ADDRESS: STREET 1: 700 NEWPORT CTR DR STREET 2: P O BOX 7500 CITY: NEWPORT BEACH STATE: CA ZIP: 92660 BUSINESS PHONE: 9492193233 MAIL ADDRESS: STREET 1: 700 NEWPORT CTR DR STREET 2: P O BOX 7500 CITY: NEWPORT BEACH STATE: CA ZIP: 92660 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PACIFIC SELECT FUND CENTRAL INDEX KEY: 0000813900 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05141 FILM NUMBER: 121134451 BUSINESS ADDRESS: STREET 1: 700 NEWPORT CTR DR STREET 2: P O BOX 7500 CITY: NEWPORT BEACH STATE: CA ZIP: 92660 BUSINESS PHONE: 9492193233 MAIL ADDRESS: STREET 1: 700 NEWPORT CTR DR STREET 2: P O BOX 7500 CITY: NEWPORT BEACH STATE: CA ZIP: 92660 0000813900 S000038268 CURRENCY STRATEGIES PORTFOLIO C000118116 CLASS I C000118117 CLASS P 0000813900 S000038269 GLOBAL ABSOLUTE RETURN PORTFOLIO C000118118 CLASS I C000118119 CLASS P 0000813900 S000038270 PRECIOUS METALS PORTFOLIO C000118120 CLASS I C000118121 CLASS P 485BPOS 1 d411735d485bpos.htm 485BPOS 485BPOS

As filed with the Securities and Exchange Commission on October 9, 2012

Registration No. 033-13954

811-05141

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.                           ¨

Post-Effective Amendment No. 96        þ

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF

1940        ¨

Amendment No. 97        þ

(Check appropriate box or boxes)

Pacific Select Fund

(Exact Name of Registrant as Specified in Charter)

700 Newport Center Drive, P.O. Box 7500, Newport Beach, CA 92660

 

(Address of Principal Executive Offices)   (Zip Code)
Registrant’s Telephone Number, including Area Code:   (949) 219-3202

Audrey L. Cheng, Esq.

Pacific Life Insurance Company

700 Newport Center Drive

Newport Beach, CA 92660

(Name and Address of Agent for Service)

Copies to:

Anthony H. Zacharski, Esq.

Dechert LLP

90 State House Square

Hartford, CT 06103-3702

Approximate Date of Proposed Public Offering                    

It is proposed that this filing will become effective (check appropriate box)

 

  þ immediately upon filing pursuant to paragraph (b)

 

  ¨ on September 28, 2012 pursuant to paragraph (b)

 

  ¨ 60 days after filing pursuant to paragraph (a)(1)

 

  ¨ on (date) pursuant to paragraph (a)(1)

 

  ¨ 75 days after filing pursuant to paragraph (a)(2)

 

  ¨ on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

 

  ¨ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.


SIGNATURES

Pursuant to the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No 96 to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Newport Beach, and State of California, on this 9th day of October 2012.

 

PACIFIC SELECT FUND
By:   /s/ J.G. Lallande
  J.G. Lallande

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 this Post-Effective Amendment No. 96 to the Registration Statement of Pacific Select Fund has been signed below by the following persons in the capacities and on the dates indicated:

 

  SIGNATURE

  

  TITLE

  

  DATE

 

     Chairman of the Board and Trustee      October 9, 2012

  James T. Morris*

     

 

     Chief Executive Officer      October 9, 2012

  Mary Ann Brown*

     

 

     Vice President and Treasurer (Principal Financial and      October 9, 2012

  Brian D. Klemens*

     Accounting Officer)   

 

     Trustee      October 9, 2012

  Gale K. Caruso*

     

 

     Trustee      October 9, 2012

  Lucie H. Moore*

     

 

     Trustee      October 9, 2012

  G. Thomas Willis*

     

 

     Trustee      October 9, 2012

  Frederick L. Blackmon*

     

 

     Trustee      October 9, 2012

  Nooruddin S. Veerjee*

     

 

*By:   /s/ J.G. Lallande       October 9, 2012
 

J.G. Lallande

as attorney-in-fact pursuant to power

of attorney filed herewith.

    


EXHIBIT INDEX

 

Title of Exhibit

  

Exhibit No.

XBRL Instance Document

   Ex-101.ins

XBRL Taxonomy Extension Schema Document

   Ex-101.sch

XBRL Taxonomy Extension Calculation Linkbase Document

   Ex-101.cal

XBRL Taxonomy Extension Labels Linkbase

   Ex-101.lab

XBRL Taxonomy Extension Presentation Linkbase Document

   Ex-101.pre

XBRL Taxonomy Extension Definition Linkbase

   Ex-101.def
EX-101.INS 2 psf2-20120927.xml XBRL INSTANCE DOCUMENT 0000813900 psf2:S000038270Member 2011-09-29 2012-09-28 0000813900 psf2:S000038269Member 2011-09-29 2012-09-28 0000813900 psf2:S000038268Member 2011-09-29 2012-09-28 0000813900 psf2:S000038268Member psf2:C000118116Member 2011-09-29 2012-09-28 0000813900 psf2:S000038268Member psf2:C000118117Member 2011-09-29 2012-09-28 0000813900 psf2:S000038269Member psf2:C000118118Member 2011-09-29 2012-09-28 0000813900 psf2:S000038269Member psf2:C000118119Member 2011-09-29 2012-09-28 0000813900 psf2:S000038270Member psf2:C000118120Member 2011-09-29 2012-09-28 0000813900 psf2:S000038270Member psf2:C000118121Member 2011-09-29 2012-09-28 0000813900 2011-09-29 2012-09-28 pure iso4217:USD <font style="FONT-FAMILY: Times New Roman" size="2"><b>Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Examples</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Examples</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Examples</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Currency Strategies Portfolio</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual fund operating expenses or in the Examples, affect the portfolio&#8217;s performance. This portfolio is new and does not yet have a turnover rate.</font> <font style="FONT-FAMILY: Times New Roman" size="2">&#8220;Other expenses&#8221; are based on estimated amounts for the current fiscal year.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Precious Metals Portfolio</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual fund operating expenses or in the Examples, affect the portfolio's performance. This portfolio is new and does not yet have a turnover rate.</font> <font style="FONT-FAMILY: Times New Roman" size="2">"Other expenses" are based on estimated amounts for the current fiscal year.</font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Global Absolute Return Portfolio</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual fund operating expenses or in the Examples, affect the portfolio&#8217;s performance. This portfolio is new and does not yet have a turnover rate.</font> <font style="FONT-FAMILY: Times New Roman" size="2">This table describes the fees and expenses that you may pay if you buy and hold shares of the portfolio. The table below does not reflect expenses and charges that are, or may be, imposed under your variable annuity contract or variable life insurance policy. For information on these charges, please refer to the applicable contract or policy prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual fund operating expenses </b>(expenses that you pay each year as a percentage of the value of your investment)</font> 91 70 <div style="display:none">~ http://www.PacificLife.com/role/ScheduleAnnualFundOperatingExpensesCURRENCYSTRATEGIESPORTFOLIO column period compact * ~</div> 154 133 <div style="display:none">~ http://www.PacificLife.com/role/ScheduleAnnualFundOperatingExpensesGLOBALABSOLUTERETURNPORTFOLIO column period compact * ~</div> 96 76 <font style="FONT-FAMILY: Times New Roman" size="2">This table describes the fees and expenses that you may pay if you buy and hold shares of the portfolio. The table below does not reflect expenses and charges that are, or may be, imposed under your variable annuity contract or variable life insurance policy. For information on these charges, please refer to the applicable contract or policy prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual fund operating expenses</b> (expenses that you pay each year as a percentage of the value of your investment)</font> <div style="display:none">~ http://www.PacificLife.com/role/ScheduleAnnualFundOperatingExpensesPRECIOUSMETALSPORTFOLIO column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Annual fund operating expenses </b>(expenses that you pay each year as a percentage of the value of your investment)</font> <font style="FONT-FAMILY: Times New Roman" size="2">This table describes the fees and expenses that you may pay if you buy and hold shares of the portfolio. The table below does not reflect expenses and charges that are, or may be, imposed under your variable annuity contract or variable life insurance policy. For information on these charges, please refer to the applicable contract or policy prospectus.</font> <font style="FONT-FAMILY: Times New Roman" size="2">&#8220;Other expenses&#8221; are based on estimated amounts for the current fiscal year.</font> 2012-09-27 485BPOS PACIFIC SELECT FUND 2012-09-27 <font style="FONT-FAMILY: Times New Roman" size="3"><b>Investment goal</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The examples below are intended to help you compare the cost of investing in the portfolio with the cost of investing in other portfolios of Pacific Select Fund or other mutual funds. Each example assumes that you invest $10,000 for the time periods indicated, that your investment has an average annual return of 5%, that all dividends and distributions are reinvested, and that the portfolio&#8217;s annual operating expenses remain as stated in the previous table throughout the periods shown. Although your actual costs may be higher or lower, the examples show what your costs would be based on these assumptions.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">These examples do not reflect fees and expenses of any variable annuity contract or variable life insurance policy, and would be higher if they did. Keep in mind that this is only an estimate; actual expenses and performance may vary.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Principal investment strategies</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">As with any mutual fund, the value of the portfolio&#8217;s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money.</font> 0.0089 0.0069 284 221 <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Diversification Risk: </b>The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments.</font></li></ul> 0000813900 0.0151 0.0131 477 415 0.0094 0.0074 300 237 <font style="FONT-FAMILY: Times New Roman" size="3"><b>Investment goal</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The examples below are intended to help you compare the cost of investing in the portfolio with the cost of investing in other portfolios of Pacific Select Fund or other mutual funds. Each example assumes that you invest $10,000 for the time periods indicated, that your investment has an average annual return of 5%, that all dividends and distributions are reinvested, and that the portfolio's annual operating expenses remain as stated in the previous table throughout the periods shown. Although your actual costs may be higher or lower, the examples show what your costs would be based on these assumptions.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">These examples do not reflect fees and expenses of any variable annuity contract or variable life insurance policy, and would be higher if they did. Keep in mind that this is only an estimate; actual expenses and performance may vary.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Principal investment strategies</b></font> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Diversification Risk: </b>The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="2">As with any mutual fund, the value of the portfolio's investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Investment goal</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Principal investment strategies</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The examples below are intended to help you compare the cost of investing in the portfolio with the cost of investing in other portfolios of Pacific Select Fund or other mutual funds. Each example assumes that you invest $10,000 for the time periods indicated, that your investment has an average annual return of 5%, that all dividends and distributions are reinvested, and that the portfolio&#8217;s annual operating expenses remain as stated in the previous table throughout the periods shown. Although your actual costs may be higher or lower, the examples show what your costs would be based on these assumptions. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">These examples do not reflect fees and expenses of any variable annuity contract or variable life insurance policy, and would be higher if they did. Keep in mind that this is only an estimate; actual expenses and performance may vary.</font><br/><br/> <font style="FONT-FAMILY: Times New Roman" size="2">As with any mutual fund, the value of the portfolio&#8217;s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money.</font> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Non-Diversification Risk: </b>The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </font></li></ul> 2012-09-28 2012-09-28 false <font style="FONT-FAMILY: Times New Roman" size="2">This portfolio seeks to provide total return.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Fees and expenses</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">Under normal market conditions, this portfolio principally invests in derivatives and high quality debt securities to establish exposures to global currencies. &#8220;Currency Strategies&#8221; in the portfolio&#8217;s name refers to the portfolio&#8217;s strategies to provide exposures to global currencies, which may include the U.S. dollar and currencies of other developed countries and emerging market countries, to seek to provide total return based on the manager&#8217;s outlook for such currencies. The manager will primarily implement these currency strategies using non-deliverable forward foreign currency contracts (NDFs), a type of derivative.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The manager seeks to gain positive exposures to currencies that it believes are undervalued and negative exposure to currencies that it believes are overvalued. Such exposures are obtained primarily using NDFs. Generally, positive exposure means having a long position in a specific currency and negative exposure indicates a short position in a specific currency. The portfolio typically gains when currencies in which the portfolio has long positions appreciate relative to the currencies in which the portfolio has short positions. The portfolio incurs a loss when currencies in which it has short positions appreciate relative to the currencies in which the portfolio has long positions. In analyzing a potential investment opportunity and the desired amount of exposure, the manager will consider the economic and investment outlook for the opportunity and the degree of risk the portfolio may assume relative to the potential return on such investment in order to maximize the risk-adjusted return for the portfolio. The manager may also consider quantitative factors to decide whether to increase or decrease currency exposures.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The manager will make extensive use of NDFs in order to gain or increase exposure to various currencies (whether long or short positions) and to hedge against foreign currency fluctuations. The manager also uses currency options as another way of gaining exposure to currency exchange rates. The manager uses these derivatives in a way that typically has a leveraging effect on the portfolio&#8217;s exposure to specific investment opportunities. Such exposure may be several times the value of the portfolio&#8217;s assets. As such, the portfolio&#8217;s use of leverage may result in greater price volatility for the portfolio than if leverage had not been used. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The portfolio may invest in cash deposits and short-term high quality U.S. and <font style="WHITE-SPACE: nowrap">non-U.S. government</font> debt securities for short-term investment, cash management purposes and to maintain asset coverage requirements for the portfolio&#8217;s derivative positions. Foreign currency exposure resulting from investments in foreign debt securities may be hedged back to U.S. dollars if the manager is not seeking to gain exposure to the foreign currency.<br/><br/>The performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods. However, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. The portfolio&#8217;s strategy involves the use of leverage, and the portfolio&#8217;s performance may from time to time be more volatile than many other portfolios. The portfolio is generally intended to complement a balanced portfolio of traditional equity and fixed income investments as a means of seeking diversification and is not intended to be a complete investment program. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The portfolio is a &#8220;non-diversified&#8221; portfolio.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Principal risks</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio turnover</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Portfolio performance</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The portfolio does not have a full calendar year of performance. Thus, a performance bar chart and table are not included for the portfolio.</font> 0.0065 0.0065 0.002 0 0.0004 0.0004 0.002 0 0.0051 0.0051 0.008 0.008 <font style="FONT-FAMILY: Times New Roman" size="2">As with any mutual fund, the value of the portfolio&#8217;s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money. The portfolio may be affected by the following principal risks, among other non-principal risks: </font><br /> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Active Management Risk: </b>There is no guarantee that the manager&#8217;s principal investment strategies and techniques, as well as particular investment decisions, will achieve the portfolio&#8217;s investment goal, which could have an adverse impact on the portfolio&#8217;s performance generally, relative to other portfolios with similar investment goals or relative to its benchmark. </font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Correlation Risk: </b>While the performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when the portfolio&#8217;s performance is correlated with those traditional investments, any intended diversification effect of including this portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the portfolio.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk: </b>An issuer or guarantor of a debt instrument might be unable or unwilling to meet its financial obligations.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Currency Risk: </b>Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S.&nbsp;dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S.&nbsp;and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S.&nbsp;dollar reduces the value in U.S.&nbsp;dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of <i>liquidity risk</i>, particularly in emerging market currencies.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Debt Securities Risk: </b>Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Derivatives Risk: </b>Derivatives can be complex instruments, may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes and the portfolio may not hold the security or index on which the value of a derivative is based. Derivatives can also create investment exposure that exceeds the initial&nbsp;amount invested (known as <i>leverage risk</i>)&nbsp;&#8212; consequently, derivatives may experience very large swings in value. The use of derivatives may result in the portfolio losing more money than it would have lost if it had invested directly in the security or index. Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk and/or the ability of the counterparty to perform in accordance with the terms of the transaction.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Emerging Markets Risk: </b>Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Markets Risk: </b>Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S.&nbsp;investments. In addition, foreign markets can react differently to these conditions than the U.S.&nbsp;market.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Forward Commitments Risk: </b>Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the portfolio may miss the opportunity of obtaining a price or yield considered to be advantageous.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk: </b>Values of debt securities fluctuate as interest rates change. Debt securities with longer durations or fixed interest rates tend to be more sensitive to changes in interest rates, making them generally more volatile than debt securities with shorter durations or floating or adjustable interest rates.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Issuer Risk:</b> The value of a security or instrument may decline for reasons directly related to the issuer, such as management, performance, financial leverage and reduced demand for the issuer&#8217;s goods or services.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Leverage Risk: </b>Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the portfolio&#8217;s principal amount invested. Leverage can magnify the portfolio&#8217;s gains and losses and therefore increase its volatility. The portfolio is required to segregate liquid assets or otherwise cover its obligation created by an investment that is leveraged. The use of leverage may result in the portfolio having to liquidate portfolio holdings when it may not be advantageous to do so in order to satisfy its obligation or to meet segregation requirements.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk: </b>Liquidity is the ability to sell securities or other investments within a reasonable amount of time at approximately the price at which the portfolio has valued the&nbsp;securities or other investments, which relies on the willingness of market participants to buy and sell securities. Certain investments may be difficult to purchase and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. If the portfolio holds illiquid securities, it may be unable to take advantage of market opportunities or it may be forced to sell other, more desirable, liquid securities or sell illiquid securities at a loss if it is required to raise cash to conduct its operations.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Market and Regulatory Risk: </b>Events in the financial markets and in the economy may cause volatility and uncertainty and may affect performance. Events in one market may adversely impact other markets. Future events may impact the portfolio in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions may impair portfolio management and have unexpected consequences on particular markets, strategies, or investments.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Diversification Risk: </b>The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Price Volatility Risk: </b>The market value of the portfolio&#8217;s investments will go up or down, sometimes rapidly or unpredictably, or may fail to rise, as a result of market conditions or for reasons specific to a particular issuer. The volatility of investments in emerging market countries may be greater than for investments in U.S. and certain developed markets.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Redemption&nbsp;Risk:</b> Because the portfolio may serve as an Underlying Portfolio of the Portfolio Optimization Portfolios and thus a significant percentage of its outstanding shares may be held by the Portfolio Optimization Portfolios, a change in asset allocation by a Portfolio Optimization Portfolio could result in large redemptions out of the portfolio, causing potential increases in expenses to the portfolio and sale of securities in a short timeframe, both of which could negatively impact performance.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Regulatory Impact Risk: </b>Certain financial instruments are subject to extensive government regulation, which may change unexpectedly and frequently and may impact a portfolio significantly.</font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Short Exposure Risk: </b>When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (<i>i.e.,</i> spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (foreign forward currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to <i>leverage risk.</i></font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>U.S. Government Securities Risk: </b>Not all U.S.&nbsp;government securities are backed or guaranteed by the U.S.&nbsp;government and different U.S.&nbsp;government securities are subject to varying degrees of credit risk. There is risk that the U.S.&nbsp;government will not provide financial support to U.S.&nbsp;government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.</font></li></ul> 0.0068 0.0068 0.002 0 0.0006 0.0006 <font style="FONT-FAMILY: Times New Roman" size="2">This portfolio seeks long-term growth of capital.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Fees and expenses</b></font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio turnover</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">Under normal circumstances, this portfolio invests at least 80% of its assets in investments related to precious metals. The portfolio emphasizes investments (typically equity securities) in U.S. and foreign companies that are engaged in or derive significant revenue (i.e., at least 50% of their revenue) from the exploration, mining, development, production or distribution of gold, silver, platinum, or other precious metals, with a primary focus on those investments related to gold. The portfolio typically invests a significant amount of its assets in companies that are engaged in or derive significant revenue from such gold-related activities, but it may from time to time emphasize companies engaged in or that derive significant revenue from activities related to other precious metals. The portfolio may also invest in small-, mid- and large-capitalization companies. The portfolio may invest a relatively high percentage of its assets in securities of issuers in a single country, a small number of countries, or a particular geographic region.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The portfolio may invest any amount of its assets in equity securities of foreign issuers, including American Depositary Receipts (ADRs) and similar instruments, and may invest up to 40% of its assets in emerging market countries. The portfolio's foreign securities are typically denominated in non-U.S. currencies. The portfolio may invest up to 25% of its assets in debt securities of U.S. and foreign companies that are engaged in or derive significant revenue from activities related to precious metals.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">When selecting securities for investment, the manager takes a disciplined approach to risk management through top-down analysis and bottom-up stock selection. In the top-down analysis, the manager considers factors such as geopolitical risks, the relative strength of the U.S. dollar, jewelry demand, inflation expectations, the seasonality of gold and other precious metals, investment demand and relative valuation levels for the precious metals universe. From a bottom-up perspective, the manager looks for companies that are positioned to improve their relative value over time. The manager may sell a holding when it changes its country or industry and sector views, the valuation target or investment objective is reached for that position, there is deterioration in the underlying fundamentals of the business or a change of significance in the price of the issuer, or the manager identifies a more attractive investment opportunity.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods. However, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. The performance of the portfolio is also generally expected to have a higher correlation to the price of gold over long-term periods, although the actual performance of the portfolio may not be correlated with the price of gold over short- or long-term periods, including if the portfolio has sizable non-gold-related holdings. The portfolio is generally intended to complement a balanced portfolio of traditional equity and fixed income investments as a means of seeking diversification and is not intended to be a complete investment program.</font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The portfolio is a "non-diversified" portfolio.</font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Principal risks</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">As with any mutual fund, the value of the portfolio&#8217;s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money. The portfolio may be affected by the following principal risks, among other non-principal risks:</font> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Active Management Risk: </b>There is no guarantee that the manager&#8217;s principal investment strategies and techniques, as well as particular investment decisions, will achieve the portfolio&#8217;s investment goal, which could have an adverse impact on the portfolio&#8217;s performance generally, relative to other portfolios with similar investment goals or relative to its benchmark.</font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Correlation Risk: </b>While the performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when the portfolio&#8217;s performance is correlated with those traditional investments, any intended diversification effect of including this portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the portfolio. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk: </b>An issuer or guarantor of a debt instrument might be unable or unwilling to meet its financial obligations. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Currency Risk: </b>Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S.&nbsp;dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S.&nbsp;and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S.&nbsp;dollar reduces the value in U.S.&nbsp;dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of <i>liquidity risk</i>, particularly in emerging market currencies. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Debt Securities Risk:</b> Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade debt securities (including loans), may be relatively greater than for investment grade securities. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Emerging Markets Risk: </b>Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets,&nbsp; and less stringent financial reporting and accounting standards and controls. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Equity Securities Risk: </b>Stock markets are volatile. The price of equity securities tend to go up or down in value, sometimes rapidly and unpredictably, in response to many factors, which may be due to the particular issuer, its industry or broader economic or market events. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Foreign Markets Risk: </b>Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S.&nbsp;investments. In addition, foreign markets can react differently to these conditions than the U.S.&nbsp;market. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Geographic Concentration Risk: </b>Concentrating investments in a single country, a limited number of countries, or a particular geographic region makes the portfolio more susceptible to adverse economic, political, social, regulatory and other developments in that country, countries or region. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Government Regulation Risk: </b>Certain market sectors or industries are subject to extensive government regulation, which may change unexpectedly and frequently and may impact a portfolio significantly. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Growth Companies Risk: </b>Growth companies have the potential for above average or rapid growth but may give the portfolio a higher risk of price volatility than investments in &#8220;undervalued&#8221; companies. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Industry Concentration Risk: </b>Concentrating investments in a single industry or group of related industries makes the portfolio more susceptible to adverse economic, business, regulatory or other developments affecting that industry or group of related industries. Because the portfolio has a policy to concentrate its investments in investments related to precious metals, the portfolio may perform poorly during a downturn in those industries. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk: </b>Values of debt securities fluctuate as interest rates change. Debt securities with longer durations or fixed interest rates tend to be more sensitive to changes in interest rates, making them generally more volatile than debt securities with shorter durations or floating or adjustable interest rates. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Issuer Risk:</b> The value of a security or instrument may decline for reasons directly related to the issuer, such as management, performance, financial leverage and reduced demand for the issuer&#8217;s goods or services.</font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Large-Capitalization Companies Risk: </b>Large-capitalization companies tend to have more stable prices than small- or mid-capitalization companies, but are still subject to the risks of equity securities. In exchange for this potentially lower risk, the portfolio&#8217;s value may not rise as much as the value of a portfolio that emphasizes companies with smaller market capitalizations. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Liquidity Risk: </b>Liquidity is the ability to sell securities or other investments within a reasonable amount of time at approximately the price at which the portfolio has valued the securities or other investments, which relies on the willingness of market participants to buy and sell securities. Certain investments may be difficult to purchase and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. If the portfolio holds illiquid securities, it may be unable to take advantage of market opportunities or it may be forced to sell other, more desirable, liquid securities or sell illiquid securities at a loss if it is required to raise cash to conduct its operations. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Market and Regulatory Risk: </b>Events in the financial markets and in the economy may cause volatility and uncertainty and may affect performance. Events in one market may adversely impact other markets. Future events may impact the portfolio in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions may impair portfolio management and have unexpected consequences on particular markets, strategies, or investments. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Mid-Capitalization Companies Risk: </b>Mid-capitalization companies may be riskier and more susceptible to price swings than larger companies. Mid-capitalization companies may have a shorter history of operations, a more limited ability to raise capital, may have inexperienced management and limited product lines, and more speculative prospects for future growth or sustained earnings or market share than larger, more established companies. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Non-Diversification Risk: </b>The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Precious Metals Risk: </b>Companies engaged in precious metals-related activities may be adversely affected by drops in the prices of the precious metals themselves, and the prices of precious metals can be volatile. Focusing investments in precious metals-related companies and investments makes the portfolio more susceptible to adverse economic, business, regulatory or other developments affecting precious metals-related companies and investments, and the impact may be disproportionate to the broader market. Fluctuations in the price of precious metals may affect the profitability of companies in these industries, however, changes in the value of companies engaged in a precious metals-related business may not directly correlate with changes in the value of the related precious metal. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Price Volatility Risk: </b>The market value of the portfolio&#8217;s investments will go up or down, sometimes rapidly or unpredictably, or may fail to rise, as a result of market conditions or for reasons specific to a particular issuer. The volatility of non-investment grade debt securities (including loans) may be greater than for investment grade securities. The volatility of investments in emerging market countries may be greater than for investments in U.S. and certain developed markets. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Redemption&nbsp;Risk:</b> Because the portfolio may serve as an Underlying Portfolio of the Portfolio Optimization Portfolios and thus a significant percentage of its outstanding shares may be held by the Portfolio Optimization Portfolios, a change in asset allocation by a Portfolio Optimization Portfolio could result in large redemptions out of the portfolio, causing potential increases in expenses to the portfolio and sale of securities in a short timeframe, both of which could negatively impact performance. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Regulatory Impact Risk: </b>Certain financial instruments are subject to extensive government regulation, which may change unexpectedly and frequently and may impact a portfolio significantly.</font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Small-Capitalization Companies Risk: </b>Small-capitalization companies may be riskier, less liquid and more susceptible to price swings than larger companies. Small-capitalization companies, particularly those in their developmental stages, may have a shorter history of operations, a more limited ability to raise capital, may have inexperienced management and limited product lines, and more speculative prospects for future growth or sustained earnings or market share than larger more established companies. </font></li></ul> <ul><li style="margin-left:-20px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Value Companies Risk: </b>Value companies are those that are thought to be undervalued and that a company&#8217;s stock is trading for less than its intrinsic value. There is a risk that the determination that a stock is undervalued is not correct or is not recognized in the market.</font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Portfolio performance</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">The portfolio does not have a full calendar year of performance. Thus, a performance bar chart and table are not included for the portfolio.</font> <font style="FONT-FAMILY: Times New Roman" size="2">The portfolio does not have a full calendar year of performance.</font> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Portfolio turnover</b></font> <font style="FONT-FAMILY: Times New Roman" size="4"><b>Principal risks</b></font> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Portfolio performance</b></font> <font style="FONT-FAMILY: Times New Roman" size="2">This portfolio seeks to provide total return.</font> <font style="FONT-FAMILY: Times New Roman" size="2">This portfolio invests in securities, derivatives and other instruments to establish long and short investment exposures around the world. The manager typically seeks to establish such investment exposures to individual countries based on its view of the investment merits of a country. The portfolio normally invests in multiple countries and may have significant exposure to foreign currencies. The portfolio&#8217;s long and short investments are primarily government (sovereign) exposures, including sovereign debt, currencies, and investments relating to interest rates. The portfolio may also invest in corporate debt of both foreign and domestic issuers, including banks. The portfolio may invest a significant portion of its assets in a single country, a small number of countries, or a particular geographic region, and typically a portion will be invested in emerging market countries. The portfolio normally invests at least 40% of its net assets in foreign investments. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">In seeking its investment goal, the portfolio may invest in fixed income securities of any credit quality, including securities that are non-investment grade (high yield/high risk, sometimes called &#8220;junk bonds&#8221;), and a wide variety of derivative instruments. The portfolio expects to achieve certain exposures primarily through derivative transactions, including (but not limited to): forward foreign currency contracts; futures on securities, indexes, currencies, and other investments; options; and interest rate swaps, cross-currency swaps, total return swaps and credit default swaps, which may create economic leverage in the portfolio. The manager generally will make extensive use of derivatives to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective duration of the portfolio, to manage certain investment risks and as a substitute for direct investment in any security or instrument in which the portfolio may invest. Duration management is part of the investment strategy for this portfolio. Duration is often used to measure a bond&#8217;s sensitivity to interest rates. The longer a portfolio&#8217;s duration, the more sensitive it is to changes in interest rates. The shorter a portfolio&#8217;s duration, the less sensitive it is to changes in interest rates. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The manager may use derivatives that have a leveraging effect to increase the portfolio&#8217;s exposure to specific investment opportunities. Such exposure may be several times the value of the portfolio&#8217;s assets. As such, the portfolio&#8217;s use of leverage may result in greater price volatility for the portfolio than if leverage had not been used. The portfolio may also engage in repurchase agreements and short sales. The portfolio typically has significant exposure to foreign investments and derivatives. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The portfolio employs an absolute return investment approach, which seeks to produce positive returns over a complete market cycle. However, the portfolio may experience negative returns over both shorter and longer-term time horizons. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The manager utilizes top-down economic and political analysis to identify investment opportunities throughout the world, including in both developed and emerging markets. The manager seeks to identify countries and currencies it believes have potential to outperform investments in other countries and currencies through an analysis of global economies, markets, political conditions and other factors. The manager may sell a holding when it fails to perform as expected or when other opportunities appear more attractive. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods. However, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. The portfolio&#8217;s strategy involves the use of leverage, and the portfolio&#8217;s performance may from time to time be more volatile than many other portfolios. The portfolio is generally intended to complement a balanced portfolio of traditional equity and fixed income investments as a means of seeking diversification and is not intended to be a complete investment program. </font><br/><br/><font style="FONT-FAMILY: Times New Roman" size="2">The portfolio is a &#8220;non-diversified&#8221; portfolio.</font> <font style="FONT-FAMILY: Times New Roman" size="2">As with any mutual fund, the value of the portfolio&#8217;s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money. The portfolio may be affected by the following principal risks, among other non-principal risks:</font><br/> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Active Management Risk: </b>There is no guarantee that the manager&#8217;s principal investment strategies and techniques, as well as particular investment decisions, will achieve the portfolio&#8217;s investment goal, which could have an adverse impact on the portfolio&#8217;s performance generally, relative to other portfolios with similar investment goals or relative to its benchmark. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Correlation Risk: </b>While the performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when the portfolio&#8217;s performance is correlated with those traditional investments, any intended diversification effect of including this portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the portfolio. </font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Credit Risk: </b>An issuer or guarantor of a debt instrument might be unable or unwilling to meet its financial obligations. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Currency Risk: </b>Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S.&nbsp;dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S.&nbsp;and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S.&nbsp;dollar reduces the value in U.S.&nbsp;dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of <i>liquidity risk</i>, particularly in emerging market currencies. </font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Debt Securities Risk:</b> Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade debt securities (including loans), may be relatively greater than for investment grade securities. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Derivatives Risk: </b>Derivatives can be complex instruments, may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes and the portfolio may not hold the security or index on which the value of a derivative is based. Derivatives can also create investment exposure that exceeds the initial amount invested (known as <i>leverage risk</i>)&nbsp;&#8212; consequently, derivatives may experience very large swings in value. The use of derivatives may result in the portfolio losing more money than it would have lost if it had invested directly in the security or index. Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk <font style="WHITE-SPACE: nowrap">and/or</font> the ability of the counterparty to perform in accordance with the terms of the transaction. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Emerging Markets Risk: </b>Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Foreign Markets Risk: </b>Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S.&nbsp;investments. In addition, foreign markets can react differently to these conditions than the U.S.&nbsp;market. </font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Forward Commitments Risk: </b>Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the portfolio may miss the opportunity of obtaining a price or yield considered to be advantageous. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Geographic Concentration Risk: </b>Concentrating investments in a single country, a limited number of countries, or a particular geographic region makes the portfolio more susceptible to adverse economic, political, social, regulatory and other developments in that country, countries or region. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>High-Yield or &#8220;Junk&#8221; Securities Risk: </b>High yield securities are typically issued by companies that are highly leveraged, less creditworthy or financially distressed and are considered to be mostly speculative in nature (high risk), potentially less liquid, and subject to a greater risk of loss, that is they are more likely to default than higher rated securities. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Interest Rate Risk: </b>Values of debt securities fluctuate as interest rates change. Debt securities with longer durations or fixed interest rates tend to be more sensitive to changes in interest rates, making them generally more volatile than debt securities with shorter durations or floating or adjustable interest rates. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Issuer Risk:</b> The value of a security or instrument may decline for reasons directly related to the issuer, such as management, performance, financial leverage and reduced demand for the issuer&#8217;s goods or services. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Leverage Risk: </b>Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the portfolio&#8217;s principal amount invested. Leverage can magnify the portfolio&#8217;s gains and losses and therefore increase its volatility. The portfolio is required to segregate liquid assets or otherwise cover its obligation created by an investment that is leveraged. The use of leverage may result in the portfolio having to liquidate portfolio holdings when it may not be advantageous to do so in order to satisfy its obligation or to meet segregation requirements. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Liquidity Risk: </b>Liquidity is the ability to sell securities or other investments within a reasonable amount of time at approximately the price at which the portfolio has valued the securities or other investments, which relies on the willingness of market participants to buy and sell securities. Certain investments may be difficult to purchase and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. If the portfolio holds illiquid securities, it may be unable to take advantage of market opportunities or it may be forced to sell other, more desirable, liquid securities or sell illiquid securities at a loss if it is required to raise cash to conduct its operations. </font></li></ul> <ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"><b>Market and Regulatory Risk: </b>Events in the financial markets and in the economy may cause volatility and uncertainty and may affect performance. Events in one market may adversely impact other markets. Future events may impact the portfolio in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions may impair portfolio management and have unexpected consequences on particular markets, strategies, or investments. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Non-Diversification Risk: </b>The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Price Volatility Risk: </b>The market value of the portfolio&#8217;s investments will go up or down, sometimes rapidly or unpredictably, or may fail to rise, as a result of market conditions or for reasons specific to a particular issuer. The volatility of non-investment grade debt securities (including loans) may be greater than for investment grade securities. The volatility of investments in emerging market countries may be greater than for investments in U.S. and certain developed markets. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Redemption&nbsp;Risk:</b> Because the portfolio may serve as an Underlying Portfolio of the Portfolio Optimization Portfolios and thus a significant percentage of its outstanding shares may be held by the Portfolio Optimization Portfolios, a change in asset allocation by a Portfolio Optimization Portfolio could result in large redemptions out of the portfolio, causing potential increases in expenses to the portfolio and sale of securities in a short timeframe, both of which could negatively impact performance. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Regulatory Impact Risk: </b>Certain financial instruments are subject to extensive government regulation, which may change unexpectedly and frequently and may impact a portfolio significantly. </font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Short Exposure Risk: </b>When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (<i>i.e.,</i> spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (foreign forward currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to <i>leverage risk.</i></font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>Short Sale Risk: </b>A short sale involves the risk that the price at which the portfolio purchases a security to replace the borrowed security may be higher than the price that the portfolio sold the security, resulting in a loss to the portfolio. Such loss is theoretically unlimited. Short sales also involve certain costs and may expose the portfolio to <i>leverage risk</i>.</font></li></ul><ul><li style="margin-left:-20px"> <font style="FONT-FAMILY: Times New Roman" size="2"> <b>U.S. Government Securities Risk: </b>Not all U.S.&nbsp;government securities are backed or guaranteed by the U.S.&nbsp;government and different U.S.&nbsp;government securities are subject to varying degrees of credit risk. There is risk that the U.S.&nbsp;government will not provide financial support to U.S.&nbsp;government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. </font></li></ul> <font style="FONT-FAMILY: Times New Roman" size="2">The portfolio does not have a full calendar year of performance. Thus, a performance bar chart and table are not included for the portfolio.</font> <font style="FONT-FAMILY: Times New Roman" size="2">The portfolio does not have a full calendar year of performance.</font> <div style="display:none">~ http://www.PacificLife.com/role/ScheduleExpenseExampleGLOBALABSOLUTERETURNPORTFOLIO column period compact * ~</div> <div style="display:none">~ http://www.PacificLife.com/role/ScheduleExpenseExamplePRECIOUSMETALSPORTFOLIO column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="3"><b>Fees and expenses</b></font <div style="display:none">~ http://www.PacificLife.com/role/ScheduleExpenseExampleCURRENCYSTRATEGIESPORTFOLIO column period compact * ~</div> <font style="FONT-FAMILY: Times New Roman" size="2">The portfolio does not have a full calendar year of performance.</font> "Other expenses" are based on estimated amounts for the current fiscal year. EX-101.SCH 3 psf2-20120927.xsd XBRL TAXONOMY EXTENSION SCHEMA 000000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 000011 - Document - Risk/Return Summary {Unlabeled} - CURRENCY STRATEGIES PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000012 - Schedule - Shareholder Fees - CURRENCY STRATEGIES PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000013 - Schedule - Annual Fund Operating Expenses {- CURRENCY STRATEGIES PORTFOLIO} link:presentationLink link:calculationLink link:definitionLink 000014 - Schedule - Expense Example {- CURRENCY STRATEGIES PORTFOLIO} link:presentationLink link:calculationLink link:definitionLink 000015 - Schedule - Expense Example, No Redemption {Transposed} - CURRENCY STRATEGIES PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000016 - Schedule - Annual Total Returns - CURRENCY STRATEGIES PORTFOLIO [BarChart] link:presentationLink link:calculationLink link:definitionLink 000017 - Schedule - Average Annual Total Returns {Transposed} - CURRENCY STRATEGIES PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000018 - Document - Risk/Return Detail {Unlabeled} - CURRENCY STRATEGIES PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000019 - Disclosure - Risk/Return Detail Data {Elements} - CURRENCY STRATEGIES PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000021 - Document - Risk/Return Summary {Unlabeled} - GLOBAL ABSOLUTE RETURN PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000022 - Schedule - Shareholder Fees - GLOBAL ABSOLUTE RETURN PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000023 - Schedule - Annual Fund Operating Expenses {- GLOBAL ABSOLUTE RETURN PORTFOLIO} link:presentationLink link:calculationLink link:definitionLink 000024 - Schedule - Expense Example {- GLOBAL ABSOLUTE RETURN PORTFOLIO} link:presentationLink link:calculationLink link:definitionLink 000025 - Schedule - Expense Example, No Redemption {Transposed} - GLOBAL ABSOLUTE RETURN PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000026 - Schedule - Annual Total Returns - GLOBAL ABSOLUTE RETURN PORTFOLIO [BarChart] link:presentationLink link:calculationLink link:definitionLink 000027 - Schedule - Average Annual Total Returns {Transposed} - GLOBAL ABSOLUTE RETURN PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000028 - Document - Risk/Return Detail {Unlabeled} - GLOBAL ABSOLUTE RETURN PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000029 - Disclosure - Risk/Return Detail Data {Elements} - GLOBAL ABSOLUTE RETURN PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000031 - Document - Risk/Return Summary {Unlabeled} - PRECIOUS METALS PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000032 - Schedule - Shareholder Fees - PRECIOUS METALS PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000033 - Schedule - Annual Fund Operating Expenses {- PRECIOUS METALS PORTFOLIO} link:presentationLink link:calculationLink link:definitionLink 000034 - Schedule - Expense Example {- PRECIOUS METALS PORTFOLIO} link:presentationLink link:calculationLink link:definitionLink 000035 - Schedule - Expense Example, No Redemption {Transposed} - PRECIOUS METALS PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000036 - Schedule - Annual Total Returns - PRECIOUS METALS PORTFOLIO [BarChart] link:presentationLink link:calculationLink link:definitionLink 000037 - Schedule - Average Annual Total Returns {Transposed} - PRECIOUS METALS PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000038 - Document - Risk/Return Detail {Unlabeled} - PRECIOUS METALS PORTFOLIO link:presentationLink link:calculationLink link:definitionLink 000039 - Disclosure - Risk/Return Detail Data {Elements} - PRECIOUS METALS PORTFOLIO link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 psf2-20120927_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 psf2-20120927_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 psf2-20120927_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 7 psf2-20120927_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 9 g411735g08p60.jpg GRAPHIC begin 644 g411735g08p60.jpg M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````/```_^X`)D%D M;V)E`&3``````0,`%00#!@H-```&@@``"ND``!!$```7,O_;`(0`!@0$!`4$ M!@4%!@D&!08)"P@&!@@+#`H*"PH*#!`,#`P,#`P0#`X/$`\.#!,3%!03$QP; M&QL<'Q\?'Q\?'Q\?'P$'!P<-#`T8$!`8&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\? M'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?_\(`$0@`3P"?`P$1 M``(1`0,1`?_$`-P```(#`0$!```````````````%`P0&!P(!`0$``P$!```` M`````````````0(#!`40``$#`P(%`P0"`P````````$``@01`P4A,1`P$A,& M(#(402(5%C0V0B,D$0`!`@0#`@D*!0,%```````!`@,`$2$2,1,$03)188&1 ML=$B0E(0,'&AP7(C,Y,4(/#A)`5B4W.2LM)#-!(``@$$`P$````````````` M`$$A,$!082!@`1`3`0`"`@$"!04!`0$```````$`$2$Q05%A$/!Q@9$@,*&Q MT<'A\?_:``P#`0`"$0,1```!ZH```$HFAIE[B=1S==FMP````` M`IWSQO7PN<>C&]G#%-6N6WI-JEGV'2WRVFBP````!\1SOT/-Z%Y_I*=L4>W. MKTR1;\\%J]9\KV&F>R3;G=X]`````!E>GCO4T8YZYSHY46_/#-5^F=FM^L>7 M[`1S%*^;'/4````.;>AY>QY.V.83[89'JXZEZ6J7T&'1HN?JGB98M7FKW'H` M```#G'H>6'N)])GK(318/<3\E#-;=+Z[E[0`$MZ3Q+.M@``````3WHWI?Z`` M!R/MYO1H\KW:VKS"/2C2EK42FO6W$L:3G-:;3#7#=&/5>/IP71CZ(9B&5F)2 MWHYI=3>E:8LQ/5>/IY_TX2Q*'6CS*^7VS[%P]/M/*^SFZIQ]/,>OG^#BEL]I M36XZ9';/J/)TM>8HVC88:87IR8TFK:)XGI?)TM/O7O\`FC!X MC\N5*M1;-JU+S%V3BKW1)Q&1M*'E)<5QF7))#F*.1-D7+4B(^S>MWK?))#1_ MLS&18QK&S,M#BG]F96_8%\W+5V,[K+UC88BQ$\?#O\GR&5VHN&B?'A2F7[EB MWXY%"FLA1[[7T5V8>_B[9D9'A*YK\SCFW/RD&L:38N9#D3/Y2Y.L9O..B/==\MMLR^3G1H>0FS;&&CR_*9%C(9#*1,9>S!B8FW M(\JDLPTB7?AY@#]D60R60M9G/Y.?"DFYY8%D\EEK65M.\H[L[N_M%_$9;(R, MI)BG,XN98CYVW0^6+R_^/F?ZW!FYYD'R[^%F?8SIZ%F/[(LK_9_+J_*@3,]< MFYGO_L4+\[TRG7/V._==;LX2W"[V?LP3/>/U_% M>6`NC3(L:5AXTOR2-9PS9_:S??.;??\`)Y"R`IGO*.I\QIJW+F1^>,WRA[O_ MV@`(`0(``04"]?;74%W2NX>`"/,`JM&H/0>$6`KIIP.BW1'+]H082NT@5OP< M:E;\JT-7FI"[J;4\.E/T'%W)M[=!70FM"'#J6Z+%T%=!1&G(:X4J%4*H50JK M1:+3AHG4]/253F=)]8]K750;J]M$UJ^U-"`UHU`"O3K]J0NJO`:JE$#R_ M>4ZX`N^B*JE.#&T"VY5YVEMM`Y=D)U!P+DS4\6\FY[NX%W`G.*->'25LFW`N MX%UA`Z\AS#7I*Z2J%4*H5JM5JM5JF5KZ*JO,KZSNX(E-*+EJB4=M42JK5!'= M$ZN*U1*U1WHCN-_JGH["J>CQ.Z.[T*H[ZKZH)R*J4Y'9J>OIJ@COJCN[@=ZE M?__:``@!`@(&/P+G-GLG$SAT(0A"$+HD67__V@`(`0,"!C\"YP3[]CVOHBRU M1U6C"L8QC&,8Q]6__]H`"`$!`08_`OQ%:R$I&),96@:+RO&<(_=:O+!_ZT?D M1VBM9X28NFI$N]=*`G3:M:T[SVI">S=EMAO,,UVBX\? MG"ZZ:;!PG@C->.7I$[J1[.N`C1O?;M#N"DSPE0K%Q3F#Q)K^L45.)J,AR8^L?[C"&6ZZ=HYCRO$=@K4\L*>8FZRHW.L''C*.J`XV9H5 M@?-$F@&)C@TK?1UF`A`DE-`(M6;E^!.,48//"BY5Z#&`A!J/A-J_J5\QR)M_*2G+0D^#\U MAN>"3<=F[Y5(6)I4)$06UU<9.6H\,L#RCS*4*W$6@RKQF.R5$^$(5/HB5KH/ M!8?9%B-*Z&^[3&>)YH6ZMM22"2:8&)#@D.7&&BM!2AU00DF`[AV:>\EVJ>:+ M75V+'>50*'"(",V<^\*CGB1XM20J7NB&M1IE*$U2D3@<9@QI=0A=K[H324YTK"\X@O-FLJ4 M.$#3:87:A6.V4\*<,9RIE.)3)!]0K&DU#2P%/)%Z;1C*<,ZI#GQC:5FT2-\) M>:"5-JW=R-*\I81]PU1L[HD@R#D MJGIGR4C9O5',8.;_`'#+_3V?)I_?/1#7NM=$(1IV?VXW7+9[88_R>R/XX*^7 MD)_6$V[LNSZ/(SZ6NGR:;TM],::6-IZ8:1JF4K;JQGA&"T_#F+S(>&,"FL97VQN_N65_P",:-IPW.B:G%J(WCB) MF&$VR)#8K(`2'#A#*2)6S'%CL,,I'CG,D`8<<:0..HT^H0CX68H"?#R0&4,9 MR`/AKE?39(IA;NN)SG#1!V)&%-D9C2>VBRP*(J1Q3G`:6V66U&2UI$I#;6-. MI`FVWE!(F)D#@$ZPQ(;J=I`G79.`<)[#&:PF;B"FQ*B*D<4YP/VV6!6B<95E M4G&/_]H`"`$!`P$_(?JS4S501#T9&O>L8[J0J/;K\8I^X/+#=']$4';UQ>[` M8/CCN39ZX[I0Y>TO:8BV6S'=A6F?MM,W]RN`L-IIUON`>\M MUCFW]?X@887E?T>T./-]$'H#![![$&4K[;0=RN;O\$Q-+50'FMZV3F,4P4L7 ME3%!V6'VGKI6G`;ET%>#T\WR0/!J>@)8Z.\H]=!%:/MHQOXIA37\V]+>8E%W M-4U>JTLT-)+UG@_`2I15WC_FO#CXIPXP]!8^7VE44E>0W@@5U?R3V(8+#N71 MS7>IUW]%'_7\PCQTM&AKH0JH[??'M&!Z5+0CH.I_JY=XWU,"`5D%%&Z\;*C= MLQK=FCR2C]FRYK8M3J#LRG<:1^$-V6T*]]"TPMZK,5@G3*9HR<1,%<%'U$]^8.3N0N8EKH>X M$-A\?9NO4`:!165?$T"]/`,.F?I?Y`?,?B7@%ZET*[>"XL.0O^&!/9%OW!O5 MY!)Y/]1_4'U\D'8P#Z7EU1E'XG0\]J7H-+]QO:6K;^(1ZA9QOU^IT+PX:>2< MV-,0*8#Q"*6Q`6N\Z@7J"%MRCN,/284E.)3:E3@[,#N47V$)"QL7DW`ZT,8! M=5Q5P`TJJ"TUIKD@U.>'7@K""HF@=2`AT=2=5M$"=F8F0)XM]1&"F&[P4J!+ M5"IS69DCM=4&M]Y@*8%!5=%N(R*%S4.2=8.@#Q(48*:NNX@49O$ZTEL9\F4^ MKU/597V1@B\E"^A&:YU3@M+Z$>[B7:P:FJ5;O--\2V;?]8WC# M_+_@(2%:C#6&*^EP-!V5CB[Q.BCT5Z<;J[E6MQZ(` M-+89)84P?)P0#G-W3:XJUR2C>4"-E\#:&CQ+8%!V<5UQ+P`US^ZU_2,NI'BC M8%HNCB"]I"^0E.#6,YBR@RK%9MA8F86W+2)%6C.8+.UBR`"URJ$24.$+([RI M*U$YTM`J:#%FY5`&!EU480NNLH,4%N[*6J.DZ@Y#W"UK<=82ZRZ[LVJPNIAE MH'0E\)*,-)RDQ52%U,*,F>HJBJ5B?__:``@!`@,!/R'Z@N%,JI3H\3H=DR:F M_P!QU1%&B"X6Q_A%(KSY_P"3#?+!,'#UE&/M_/%OPSURCT_SK!(JO'#&N3[5 MMNGAC!S%\1!%?W^$,.\7BC4&;Z_9%>$OV@.24JI43GM+U\ZC\0\, M/B=X^)WOA.Y\)3K\)?\`X2__``GDS+/)@_\`A'3%?5+/N"?6ZC482CB6)?EU M*@52$TB$^/@W\&SG$LOBFT07)%97CPZ'AZ^%/"?_:``@!`P,!/R'ZEJ68-SI" M$:98AL*S4O[@"V(6XA^5$+X+:+\^?^S/1HRQ69DZ?R`EGV\]E`KP'T3F;_WI M[147\0*8AS0I`_S^LR8U#3XI94>*Y/LNX('>^(SAJ9+EPQ M=X%;\[G(C?OPS773[++U.Q\IV/E.U\IV/E.Q\I7_`*2NCY3R8E='X1/_`&AV M#\_36`?N5^L13,,LE7A8(DM!<0(U);C:SXR81#PI=>-6[B/01U]*E2:3C]=E M;/A$,,KS`<07Z^#IX6G@2X$2_/A6_`W^B?_:``P#`0`"$0,1```0DDDG8Q=D MDDDDE>AL:\DDDDP<%F3`4O,N&7E@Q947G$*Z\9.__]H`"`$!`P$_$/J(BE*-W6#5.$3@ MPVA*T'5A/OF31_9!U]R7?T(&,QF9/0T1":.@SO MW7]SKS:#C!Y7_LO)^*09U/<-:.@&T&V@W:%Z=TSY:WLY72"Y9#6S35Y;A=,J M5[&DH&<&RP+[/BQV(]5,4;EGCA:@LV[%`!&W'$>]@7RZ/'8)7XI$38CA'3]H MRJ3E`+2]`@DC;IC+7SGL0=%(-`4`1XM@,%2[:^@6^T&X^B2'6&9>(G'`8&A8 ML`.:[SF9F6&2$0:=%LI[Q-6T:S1@GA3C4+AH#TH=VOM+# M*U.2E^1]"Y@E(KNQ?POO<,/(76W.FN!E@K9!+M62_7SL$00Z$SB9`#!T5IWD MS-EQ'8JP#1HLX-9U0S:M@*`#DJUSXET8#DZ8N?;T!%?^BO[-3>OEF;4O#VA` M$*P8XI*Z0+E?('\U+F!;6JA!Q0;PV:".K05<(RE`0]D$7H&;M9^J+"ELXB), MA@>3?$%<*=D*VU7SW:6MS!,P9#$JT]I:%RT*:`IGM<+&I%#N1WLF'TTX5I"Z M+[)MO!]5&Z$!4#R"_4Y;S]9KDS-A^A.DJJJ4*]&0U[9_,LX%05C2N36XR`^! MFKO8(=3`JL_D@782I^1`D!O!V=S$/ZAK2*JVL/TN48<)L1FX9W3CMT_8'W,+ MF)G8*,[O%;ELB2\50LL`GO\`4]8;*ZRKA#(MZX@*`K?VC2B,C+`X#3CK#@3@R2UVE3?U'(BHJ&OB-H5JT57&Y2$@M&>5 M;-RC*<28R^$EU@ZV0&*4)0@>7'65\1=]K.]`KF6G5^-<`I,YZ0B#2.N!GP#T MLJW>+12EPT;(?MZ(NK&X_1:YARU%K<3+]Q<`1$P:+Q#N=@YX;B=*$3"I+`"@ M>A$#^U`NAO"4XW!Q`LUB+0Q)M7Z3,*+@!#2)ASXB9J+CO&_IX'GG3X,4V$QV MT;8L1V2]CWF^]]"717O`#(!%:`:N*UX>:=/AYKU0`:5W6*#YB"F#Y2VZ`>)_ M&R3M%]98*("J]4*[O;)DZA>?)+5]P_Y,"->L)R9ZPP#'GSNCM%<>?/LAM72.W^?$/.P M?X?[$=MGV@MHF.]\_B(K=S,F#JR_,-6O^!^SQ#*YZ=)T,$OGCCP65VNYT_GV ML@U^TO.AB`$61N@1!;?Z-_R/)]7H0U'E;Z^<2\KG'SXLA-D+!K+S[_914VW$ MMU\D3S?RA%MWG_9A!(S@AM%QN>[\.#\P[8L[<=HHNIV8!I5/[^R`(74?"4E/ M``5_H_L[GR3N?)!ZOA'5?)ZP//R?V.S6[%?2(6$.M/N"6&(_4MAQ<>\$(80` MK3*<`K7]C\-1:C$8IW[P$K"6PP(O;?O.F$W^_@M9DN+$:AY;E<(*8[=97;69 MCU7O+%(91I.CT\-GI-_O'-4;_2;=<.\^&_W\/V/"":K93M9GI%Y@,;XES5U* M.2NURBYUWN55%\7B9+O\P+C4%/WFR8I[2IA1XC=K3\17#4E<'O#,&V;!VW*C MB34=2KFY_]H`"`$#`P$_$/J,6M$1Y#K#\`$Y5OO'.R>\4TB=\^?UWF=H.M>F MJY]N["]97W1&C)Y\LKAVK_NYGTOTS'L-G1CFK?GSJWN0'.//O_KTBKW5G7IW M?>-.@H]/.8][C/QXFBT MQLFROY^/LF(Z*_L3I?A_D0U7R1>CVGGC4%B$S#]9E$H52F[/R9'Q%%*GOB^\ M'2,V_P!R_-B/D^RE"2^('Y'Z\$!^!&%_!_)V?BG_`(*(N/G%&O(](CCXOY!X M$[V^E/F:1^XBTOU@U8%4B!>6.<[FH;B@N"$Y@BV8)9`KS*%=L`61G4FOV\!4 M,5*EP>I@VS+:1/HE0,!P:8=77PU)K]H+`Q-$U]$/#3[>&CVFQ%"F)?7 XML 10 report.css IDEA: XBRL DOCUMENT /* 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; } XML 11 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName PACIFIC SELECT FUND
Prospectus Date rr_ProspectusDate Sep. 28, 2012
GLOBAL ABSOLUTE RETURN PORTFOLIO
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Global Absolute Return Portfolio
Objective [Heading] rr_ObjectiveHeading Investment goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock This portfolio seeks to provide total return.
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the portfolio. The table below does not reflect expenses and charges that are, or may be, imposed under your variable annuity contract or variable life insurance policy. For information on these charges, please refer to the applicable contract or policy prospectus.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual fund operating expenses or in the Examples, affect the portfolio’s performance. This portfolio is new and does not yet have a turnover rate.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other expenses” are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The examples below are intended to help you compare the cost of investing in the portfolio with the cost of investing in other portfolios of Pacific Select Fund or other mutual funds. Each example assumes that you invest $10,000 for the time periods indicated, that your investment has an average annual return of 5%, that all dividends and distributions are reinvested, and that the portfolio’s annual operating expenses remain as stated in the previous table throughout the periods shown. Although your actual costs may be higher or lower, the examples show what your costs would be based on these assumptions.

These examples do not reflect fees and expenses of any variable annuity contract or variable life insurance policy, and would be higher if they did. Keep in mind that this is only an estimate; actual expenses and performance may vary.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period
Strategy [Heading] rr_StrategyHeading Principal investment strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock This portfolio invests in securities, derivatives and other instruments to establish long and short investment exposures around the world. The manager typically seeks to establish such investment exposures to individual countries based on its view of the investment merits of a country. The portfolio normally invests in multiple countries and may have significant exposure to foreign currencies. The portfolio’s long and short investments are primarily government (sovereign) exposures, including sovereign debt, currencies, and investments relating to interest rates. The portfolio may also invest in corporate debt of both foreign and domestic issuers, including banks. The portfolio may invest a significant portion of its assets in a single country, a small number of countries, or a particular geographic region, and typically a portion will be invested in emerging market countries. The portfolio normally invests at least 40% of its net assets in foreign investments.

In seeking its investment goal, the portfolio may invest in fixed income securities of any credit quality, including securities that are non-investment grade (high yield/high risk, sometimes called “junk bonds”), and a wide variety of derivative instruments. The portfolio expects to achieve certain exposures primarily through derivative transactions, including (but not limited to): forward foreign currency contracts; futures on securities, indexes, currencies, and other investments; options; and interest rate swaps, cross-currency swaps, total return swaps and credit default swaps, which may create economic leverage in the portfolio. The manager generally will make extensive use of derivatives to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective duration of the portfolio, to manage certain investment risks and as a substitute for direct investment in any security or instrument in which the portfolio may invest. Duration management is part of the investment strategy for this portfolio. Duration is often used to measure a bond’s sensitivity to interest rates. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. The shorter a portfolio’s duration, the less sensitive it is to changes in interest rates.

The manager may use derivatives that have a leveraging effect to increase the portfolio’s exposure to specific investment opportunities. Such exposure may be several times the value of the portfolio’s assets. As such, the portfolio’s use of leverage may result in greater price volatility for the portfolio than if leverage had not been used. The portfolio may also engage in repurchase agreements and short sales. The portfolio typically has significant exposure to foreign investments and derivatives.

The portfolio employs an absolute return investment approach, which seeks to produce positive returns over a complete market cycle. However, the portfolio may experience negative returns over both shorter and longer-term time horizons.

The manager utilizes top-down economic and political analysis to identify investment opportunities throughout the world, including in both developed and emerging markets. The manager seeks to identify countries and currencies it believes have potential to outperform investments in other countries and currencies through an analysis of global economies, markets, political conditions and other factors. The manager may sell a holding when it fails to perform as expected or when other opportunities appear more attractive.

The performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods. However, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. The portfolio’s strategy involves the use of leverage, and the portfolio’s performance may from time to time be more volatile than many other portfolios. The portfolio is generally intended to complement a balanced portfolio of traditional equity and fixed income investments as a means of seeking diversification and is not intended to be a complete investment program.

The portfolio is a “non-diversified” portfolio.
Risk [Heading] rr_RiskHeading Principal risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with any mutual fund, the value of the portfolio’s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money. The portfolio may be affected by the following principal risks, among other non-principal risks:
  • Active Management Risk: There is no guarantee that the manager’s principal investment strategies and techniques, as well as particular investment decisions, will achieve the portfolio’s investment goal, which could have an adverse impact on the portfolio’s performance generally, relative to other portfolios with similar investment goals or relative to its benchmark.
  • Correlation Risk: While the performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when the portfolio’s performance is correlated with those traditional investments, any intended diversification effect of including this portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the portfolio.
  • Credit Risk: An issuer or guarantor of a debt instrument might be unable or unwilling to meet its financial obligations.
  • Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of liquidity risk, particularly in emerging market currencies.
  • Debt Securities Risk: Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade debt securities (including loans), may be relatively greater than for investment grade securities.
  • Derivatives Risk: Derivatives can be complex instruments, may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes and the portfolio may not hold the security or index on which the value of a derivative is based. Derivatives can also create investment exposure that exceeds the initial amount invested (known as leverage risk) — consequently, derivatives may experience very large swings in value. The use of derivatives may result in the portfolio losing more money than it would have lost if it had invested directly in the security or index. Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk and/or the ability of the counterparty to perform in accordance with the terms of the transaction.
  • Emerging Markets Risk: Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls.
  • Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.
  • Forward Commitments Risk: Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the portfolio may miss the opportunity of obtaining a price or yield considered to be advantageous.
  • Geographic Concentration Risk: Concentrating investments in a single country, a limited number of countries, or a particular geographic region makes the portfolio more susceptible to adverse economic, political, social, regulatory and other developments in that country, countries or region.
  • High-Yield or “Junk” Securities Risk: High yield securities are typically issued by companies that are highly leveraged, less creditworthy or financially distressed and are considered to be mostly speculative in nature (high risk), potentially less liquid, and subject to a greater risk of loss, that is they are more likely to default than higher rated securities.
  • Interest Rate Risk: Values of debt securities fluctuate as interest rates change. Debt securities with longer durations or fixed interest rates tend to be more sensitive to changes in interest rates, making them generally more volatile than debt securities with shorter durations or floating or adjustable interest rates.
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management, performance, financial leverage and reduced demand for the issuer’s goods or services.
  • Leverage Risk: Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the portfolio’s principal amount invested. Leverage can magnify the portfolio’s gains and losses and therefore increase its volatility. The portfolio is required to segregate liquid assets or otherwise cover its obligation created by an investment that is leveraged. The use of leverage may result in the portfolio having to liquidate portfolio holdings when it may not be advantageous to do so in order to satisfy its obligation or to meet segregation requirements.
  • Liquidity Risk: Liquidity is the ability to sell securities or other investments within a reasonable amount of time at approximately the price at which the portfolio has valued the securities or other investments, which relies on the willingness of market participants to buy and sell securities. Certain investments may be difficult to purchase and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. If the portfolio holds illiquid securities, it may be unable to take advantage of market opportunities or it may be forced to sell other, more desirable, liquid securities or sell illiquid securities at a loss if it is required to raise cash to conduct its operations.
  • Market and Regulatory Risk: Events in the financial markets and in the economy may cause volatility and uncertainty and may affect performance. Events in one market may adversely impact other markets. Future events may impact the portfolio in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions may impair portfolio management and have unexpected consequences on particular markets, strategies, or investments.
  • Non-Diversification Risk: The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments.
  • Price Volatility Risk: The market value of the portfolio’s investments will go up or down, sometimes rapidly or unpredictably, or may fail to rise, as a result of market conditions or for reasons specific to a particular issuer. The volatility of non-investment grade debt securities (including loans) may be greater than for investment grade securities. The volatility of investments in emerging market countries may be greater than for investments in U.S. and certain developed markets.
  • Redemption Risk: Because the portfolio may serve as an Underlying Portfolio of the Portfolio Optimization Portfolios and thus a significant percentage of its outstanding shares may be held by the Portfolio Optimization Portfolios, a change in asset allocation by a Portfolio Optimization Portfolio could result in large redemptions out of the portfolio, causing potential increases in expenses to the portfolio and sale of securities in a short timeframe, both of which could negatively impact performance.
  • Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change unexpectedly and frequently and may impact a portfolio significantly.
  • Short Exposure Risk: When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (i.e., spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (foreign forward currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to leverage risk.
  • Short Sale Risk: A short sale involves the risk that the price at which the portfolio purchases a security to replace the borrowed security may be higher than the price that the portfolio sold the security, resulting in a loss to the portfolio. Such loss is theoretically unlimited. Short sales also involve certain costs and may expose the portfolio to leverage risk.
  • U.S. Government Securities Risk: Not all U.S. government securities are backed or guaranteed by the U.S. government and different U.S. government securities are subject to varying degrees of credit risk. There is risk that the U.S. government will not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.
Risk Lose Money [Text] rr_RiskLoseMoney As with any mutual fund, the value of the portfolio’s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
  • Non-Diversification Risk: The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Portfolio performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The portfolio does not have a full calendar year of performance. Thus, a performance bar chart and table are not included for the portfolio.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The portfolio does not have a full calendar year of performance.
GLOBAL ABSOLUTE RETURN PORTFOLIO | CLASS I
 
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.80%
Service fee rr_DistributionAndService12b1FeesOverAssets 0.20%
Other expenses rr_OtherExpensesOverAssets 0.51% [1]
Total annual operating expenses rr_ExpensesOverAssets 1.51%
1 year rr_ExpenseExampleYear01 154
3 years rr_ExpenseExampleYear03 477
GLOBAL ABSOLUTE RETURN PORTFOLIO | CLASS P
 
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.80%
Service fee rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.51% [1]
Total annual operating expenses rr_ExpensesOverAssets 1.31%
1 year rr_ExpenseExampleYear01 133
3 years rr_ExpenseExampleYear03 415
[1] "Other expenses" are based on estimated amounts for the current fiscal year.
EXCEL 12 Financial_Report.xls IDEA: XBRL DOCUMENT 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=%\R9F1D.#,S-%\T.3'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O6QE#I!8W1I=F53:&5E=#X-"B`@ M/'@Z4')O=&5C=%-T#I0#I0#I0&UL/CPA6V5N9&EF72TM/@T* M/"]H96%D/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S:&]U;&0@8F4@ M;W!E;F5D('=I=&@@36EC'1087)T7S)F9&0X M,S,T7S0Y-S5?-#`T85]A-S`R7V4S,60U.#EB.6(T.`T*0V]N=&5N="U,;V-A M=&EO;CH@9FEL93HO+R]#.B\R9F1D.#,S-%\T.3'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M,#`P,#@Q,SDP,#QS<&%N/CPO'0^4V5P(#(X+`T*"0DR,#$R 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=%\R9F1D M.#,S-%\T.3'0O:'1M;#L@8VAA6QE/3-$)T9/ M3E0M1D%-24Q9.B!4:6UEF4],T0T/CQB/D-U6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/E1H:7,@<&]R=&9O;&EO('-E96MS('1O('!R M;W9I9&4@=&]T86P@'!E;G-E M'0^/&9O;G0@6]U(&UA>2!P87D@:68@>6]U(&)U>2!A;F0@:&]L M9"!S:&%R97,@;V8@=&AE('!O2!B92P@:6UP;W-E9"!U;F1E2!P'!E;G-E6]U&%M<&QE'0^/&9O;G0@6]U(&EN=F5S="`D,3`L,#`P(&9O'!E;G-E&%M<&QE'!E;G-E2!C;VYT2!D:60N($ME97`@:6X@;6EN9"!T:&%T('1H:7,@:7,@ M;VYL>2!A;B!E2X\+V9O;G0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`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`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`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/&9O;G0@6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0S/CQB/DEN=F5S=&UE;G0@9V]A;#PO8CX\+V9O;G0^/'-P M86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^ M51E>'1";&]C:SPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0^/&9O;G0@'!E;G-E2&5A9&EN9SPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'0^/&9O;G0@'0@0FQO8VM=/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$=&@^'1" M;&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&9O;G0@6]U(&UA>2!P87D@:68@>6]U(&)U>2!A;F0@:&]L9"!S:&%R97,@;V8@ M=&AE('!O2!B92P@ M:6UP;W-E9"!U;F1E2!P'!E;G-E'0^/&9O;G0@65A7,@=')A;G-A8W1I;VX@ M8V]S=',L('-U8V@@87,@8V]M;6ES&%M<&QE'1=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'!E;G-E&%M<&QE(%M(96%D M:6YG73PO=&0^#0H@("`@("`@(#QT9"!C;&%S&%M<&QE2&5A9&EN9SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/&9O;G0@&%M<&QE($YA'!E;G-E17AA;7!L94YA'1";&]C:SPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/&9O;G0@6]U(&EN=F5S="`D,3`L,#`P(&9O&%M<&QE'!E;G-E2!C;VYT2!D:60N($ME97`@:6X@;6EN9"!T:&%T('1H:7,@:7,@;VYL>2!A;B!E M2X\+V9O;G0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'!E;G-E($5X86UP;&4@8GDL(%EE87(L($-A<'1I;VX@6U1E>'1=/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&@^5EE M87)#87!T:6]N/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\9F]N M="!S='EL93TS1"=&3TY4+49!34E,63H@5&EM97,@3F5W(%)O;6%N)R!S:7IE M/3-$,CX\8CY9;W5R(&5X<&5N6]U4AE861I;F<\+W1D/@T*("`@ M("`@("`\=&0@8VQA6QE/3-$)T9/3E0M1D%- M24Q9.B!4:6UEF4],T0S/CQB/E!R:6YC:7!A;"!I M;G9E2!D96)T('-E8W5R:71I97,@=&\@97-T M86)L:7-H(&5X<&]S=7)E7!E(&]F(&1E'!O'!OFEN9R!A('!O=&5N=&EA;"!I;G9E2!A;F0@=&AE(&1E9W)E92!O9B!R M:7-K('1H92!P;W)T9F]L:6\@;6%Y(&%S2!E>'!O'!O2!E>&-H86YG92!R871E2!T:&%T('1Y<&EC M86QL>2!H87,@82!L979E2!B92!S979E2!R97-U;'0@:6X@9W)E871E6QE/3-$)U=(251%+5-004-% M.B!N;W=R87`G/FYO;BU5+E,N(&=O=F5R;FUE;G0\+V9O;G0^(&1E8G0@2!B92!H961G960@8F%C:R!T;R!5+E,N(&1O;&QA'!O2X\8G(O/CQB2!A;F0@9FEX960@:6YC M;VUE(&EN=F5S=&UE;G1S(&]V97(@;&]N9RUT97)M('!E'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^ M'1";&]C:SPO=&0^#0H@("`@("`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`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`\+V(^3&EQ=6ED:71Y(&ES('1H92!A8FEL:71Y('1O M('-E;&P@2!B92!U;F%B;&4@=&\@=&%K92!A9'9A;G1A9V4@;V8@;6%R M:V5T(&]P<&]R='5N:71I97,@;W(@:70@;6%Y(&)E(&9O2!C875S92!V;VQA=&EL:71Y(&%N9"!U;F-E M2!A;F0@;6%Y(&%F9F5C="!P97)F;W)M86YC92X@179E;G1S(&EN M(&]N92!M87)K970@;6%Y(&%D=F5R2!I;7!A8W0@;W1H97(@;6%R:V5T M#X@/&9O;G0@2!2:7-K.B`\+V(^5&AE(&UA2!O6EN9R!0;W)T9F]L:6\@;V8@=&AE(%!O2!T M:&4@4&]R=&9O;&EO($]P=&EM:7IA=&EO;B!0;W)T9F]L:6]S+"!A(&-H86YG M92!I;B!A#X@/&9O;G0@2!);7!A8W0@4FES:SH@/"]B M/D-E2!C M:&%N9V4@=6YE>'!E8W1E9&QY(&%N9"!F2!C;VYT M2!U;FQI;6ET960N(%-H;W)T('!O M2!E>'!O2!T:&4@52Y3+B9N8G-P.V=O=F5R;FUE;G0@86YD(&1I9F9E2!L872!;5&5X=%T\+W1D/@T*("`@("`@ M("`\=&0@8VQA2!M=71U M86P@9G5N9"P@=&AE('9A;'5E(&]F('1H92!P;W)T9F]L:6\F(S@R,3<[6]U2!G;R!U<"!O2P@>6]U(&-O M=6QD(&QO'1=/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^(#QF;VYT('-T>6QE/3-$ M)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/CQB/DYO M;BU$:79E2!I;G9E2!A;F0@=&AE(')I'0^/&9O;G0@'1";&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&9O;G0@'0^ M/&9O;G0@'!E;G-E&%M<&QE665A'!E;G-E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA'0^/&9O;G0@ M6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4] M,T0S/CQB/DEN=F5S=&UE;G0@9V]A;#PO8CX\+V9O;G0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/&9O;G0@6QE/3-$ M)T9/3E0M1D%-24Q9.B!4:6UEF4],T0S/CQB/D9E M97,@86YD(&5X<&5N6QE/3-$)T9/3E0M1D%-24Q9.B!4 M:6UEF4],T0R/E1H:7,@=&%B;&4@9&5S8W)I8F5S M('1H92!F965S(&%N9"!E>'!E;G-E6]U2X@1F]R(&EN9F]R;6%T:6]N(&]N('1H97-E(&-H87)G M97,L('!L96%S92!R969E'0^/&9O;G0@65A'0^/&9O;G0@6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/E1H92!E>&%M<&QE6]U6]U&%M<&QE'!E;G-E2!C;VYT2!D:60N($ME97`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`\8CY!8W1I=F4@36%N86=E;65N="!2:7-K.B`\+V(^5&AE6QE/3-$;6%R9VEN+6QE9G0Z+3(P M<'@^(#QF;VYT('-T>6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/B`\8CY#;W)R96QA=&EO;B!2:7-K.B`\+V(^5VAI;&4@ M=&AE('!E2!A M;F0@9FEX960@:6YC;VUE(&EN=F5S=&UE;G1S(&]V97(@;&]N9RUT97)M('!E M2!R97-U;'1I;F<@:6X@:6YC2!T:&%T M(&EN8VQU9&5S('1H92!P;W)T9F]L:6\N(#PO9F]N=#X\+VQI/CPO=6P^(#QU M;#X\;&D@#X@/&9O;G0@2!E>&-H86YG92!R871E2!B92!A M9F9E8W1E9"!B>2P@86UO;F<@;W1H97(@9F%C=&]R2X@0W5R#X@/&9O;G0@ M2!G6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^(#QF;VYT('-T>6QE/3-$)T9/ M3E0M1D%-24Q9.B!4:6UEF4],T0R/B`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`\ M8CY(:6=H+5EI96QD(&]R("8C.#(R,#M*=6YK)B,X,C(Q.R!396-U2!I2!L979E2!S<&5C=6QA=&EV M92!I;B!N871U6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^(#QF;VYT('-T>6QE/3-$ M)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/CQB/DEN M=&5R97-T(%)A=&4@4FES:SH@/"]B/E9A;'5E6QE/3-$;6%R M9VEN+6QE9G0Z+3(P<'@^(#QF;VYT('-T>6QE/3-$)T9/3E0M1D%-24Q9.B!4 M:6UEF4],T0R/B`\8CY)&-E960@=&AE('!O#X@/&9O;G0@2!2:7-K.B`\+V(^3&EQ=6ED:71Y M(&ES('1H92!A8FEL:71Y('1O('-E;&P@2!A;F0@2!B92!D:69F:6-U;'0@=&\@<'5R M8VAA2!D=7)I;F<@861V97)S92!M M87)K970@8V]N9&ET:6]N2!B92!F M;W)C960@=&\@6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^(#QF;VYT('-T>6QE/3-$)T9/3E0M M1D%-24Q9.B!4:6UEF4],T0R/CQB/DUA2!2:7-K.B`\+V(^179E;G1S(&EN('1H92!F:6YA;F-I M86P@;6%R:V5T6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^ M(#QF;VYT('-T>6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/B`\8CY.;VXM1&EV97)S:69I8V%T:6]N(%)I#X@/&9O;G0@ M2P@;W(@;6%Y(&9A:6P@=&\@#X@/&9O;G0@2!S97)V92!A M2!B92!H M96QD(&)Y('1H92!0;W)T9F]L:6\@3W!T:6UI>F%T:6]N(%!OF%T:6]N(%!O'!E;G-E2!C:&%N9V4@=6YE>'!E8W1E9&QY(&%N9"!F6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^(#QF;VYT('-T>6QE M/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/B`\ M8CY3:&]R="!386QE(%)I2!T;R!R97!L86-E('1H92!B;W)R;W=E M9"!S96-U2!M87D@8F4@:&EG:&5R('1H86X@=&AE('!R:6-E('1H870@ M=&AE('!O2P@2!U;FQI;6ET960N(%-H;W)T('-A;&5S(&%L6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^(#QF;VYT('-T>6QE/3-$)T9/ M3E0M1D%-24Q9.B!4:6UEF4],T0R/B`\8CY5+E,N M($=O=F5R;FUE;G0@4V5C=7)I=&EE2!T:&4@52Y3+B9N8G-P.V=O=F5R;FUE;G0@86YD(&1I9F9E M2!L87'0^/&9O;G0@'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&9O;G0@ M6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0S/CQB/DEN=F5S=&UE;G0@9V]A;#PO8CX\+V9O;G0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^51E>'1";&]C:SPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/&9O;G0@'!E;G-E2&5A9&EN9SPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/&9O;G0@'!E;G-E($YA'!E;G-E3F%R2!I9B!Y;W4@8G5Y(&%N9"!H;VQD('-H87)E'!E;G-E2!C;VYT'1=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M=&@^'!E;G-E6]U6QE/3-$ M)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/CQB/E!O M'0@0FQO8VM= M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/E1H92!P;W)T9F]L:6\@<&%Y2!I;F1I8V%T92!H:6=H97(@=')A;G-A8W1I;VX@8V]S=',N(%1H97-E M(&-O'!E;G-E6QE/3-$)T9/3E0M1D%-24Q9 M.B!4:6UEF4],T0R/B8C.#(R,#M/=&AE'!E M;G-E'!E;G-E($5X86UP;&4@6TAE861I;F== M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^&%M<&QE'!E;G-E($5X86UP;&4@3F%R&%M<&QE3F%R6]U(&-O;7!A&%M<&QE(&%S2!B92!H:6=H97(@;W(@;&]W97(L('1H92!E>&%M<&QE6]U'!E;G-E2P@665A'!E;G-E17AA M;7!L94)Y665A6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/CQB/EEO=7(@97AP96YS97,@*&EN(&1O;&QA4YA'1";&]C:SPO=&0^#0H@("`@("`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`@("`@("`@/'1D(&-L87-S/3-$=&@^'1";&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^ M/&9O;G0@2!B92!A9F9E8W1E9"!B>2!T:&4@9F]L;&]W:6YG('!R M:6YC:7!A;"!R:7-K2!E>'!E8W1E9"!T;R!H879E(&QO=R!T;R!M;V1E6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^(#QF;VYT M('-T>6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4] M,T0R/CQB/D-R961I="!2:7-K.B`\+V(^06X@:7-S=65R(&]R(&=U87)A;G1O M6QE/3-$;6%R9VEN+6QE9G0Z+3(P M<'@^(#QF;VYT('-T>6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/B`\8CY#=7)R96YC>2!2:7-K.B`\+V(^4V5C=7)I=&EE M2!R:7-K/"]I/BP@<&%R=&EC M=6QA6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^ M(#QF;VYT('-T>6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/CQB/D1E8G0@4V5C=7)I=&EE2!M86YY(&9A8W1O2X@5F]L871I;&ET>2!O9B!B96QO M=R!I;G9E2!B92!D:69F:6-U;'0@=&\@=F%L=64L('-E;&P@;W(@=6YW:6YD M+B!4:&4@=F%L=64@;V8@9&5R:79A=&EV97,@:7,@8F%S960@;VX@=&AE('9A M;'5E(&]F(&]T:&5R('-E8W5R:71I97,@;W(@:6YD97AE2!O"X@1&5R:79A=&EV92!T M2X@ M4W5C:"!T6QE/3-$)U=(251%+5-004-%.B!N;W=R87`G/F%N9"]O M2!T;R!P M97)F;W)M(&EN(&%C8V]R9&%N8V4@=VET:"!T:&4@=&5R;7,@;V8@=&AE('1R M86YS86-T:6]N+B`\+V9O;G0^/"]L:3X\+W5L/CQU;#X\;&D@#X@/&9O;G0@F%T:6]N M2P@ M<&]L:71I8V%L(&%N9"!E8V]N;VUI8R!I;G-T86)I;&ET>2P@;&5S#X@/&9O;G0@2P@9V5O<&]L M:71I8V%L+"!O6]N9"!U2!O9B!T:&4@8V]U;G1E2!M:7-S M('1H92!O<'!O2!O9B!O8G1A:6YI;F<@82!P6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^(#QF;VYT M('-T>6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4] M,T0R/B`\8CY'96]G7!I8V%L;'D@:7-S=65D(&)Y(&-O;7!A;FEE2!L M97-S(&QI<75I9"P@86YD('-U8FIE8W0@=&\@82!G2!T;R!D969A=6QT M('1H86X@:&EG:&5R(')A=&5D('-E8W5R:71I97,N(#PO9F]N=#X\+VQI/CPO M=6P^/'5L/CQL:2!S='EL93TS1&UA2!O2!D96-L:6YE(&9O#X@/&9O M;G0@2!F87(@97AC965D('1H92!P;W)T9F]L:6\F(S@R,3<[2!T M:&4@<&]R=&9O;&EO)B,X,C$W.W,@9V%I;G,@86YD(&QO2!I=',@ M;V)L:6=A=&EO;B!O6QE/3-$;6%R9VEN+6QE M9G0Z+3(P<'@^(#QF;VYT('-T>6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/B`\8CY,:7%U:61I='D@4FES:SH@/"]B/DQI M<75I9&ET>2!I2!T;R!S96QL('-E8W5R:71I97,@;W(@ M;W1H97(@:6YV97-T;65N=',@=VET:&EN(&$@2!C875S M92!V;VQA=&EL:71Y(&%N9"!U;F-E2!A;F0@;6%Y(&%F9F5C="!P M97)F;W)M86YC92X@179E;G1S(&EN(&]N92!M87)K970@;6%Y(&%D=F5R2!I;7!A8W0@;W1H97(@;6%R:V5T6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^ M(#QF;VYT('-T>6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/B`\8CY02!F86EL('1O(')I6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^(#QF;VYT('-T>6QE/3-$)T9/3E0M M1D%-24Q9.B!4:6UEF4],T0R/B`\8CY2961E;7!T M:6]N)FYB6EN9R!0;W)T9F]L:6\@;V8@=&AE(%!O2!T:&4@4&]R=&9O;&EO($]P=&EM:7IA=&EO;B!0;W)T M9F]L:6]S+"!A(&-H86YG92!I;B!A#X@/&9O;G0@2!A;F0@9G)E<75E M;G1L>2!A;F0@;6%Y(&EM<&%C="!A('!O#X@/&9O;G0@2!A="!A('!R961E=&5R M;6EN960@<')I8V4@9F]R(&9U='5R92!D96QI=F5R>2`H9F]R96EG;B!F;W)W M87)D(&-U6QE/3-$ M)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/D%S('=I M=&@@86YY(&UU='5A;"!F=6YD+"!T:&4@=F%L=64@;V8@=&AE('!O2X\+V9O;G0^/'-P86X^/"]S<&%N M/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S#X@/&9O M;G0@2!I;G9E2!A;F0@=&AE(')I6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0S M/CQB/E!O'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^6QE/3-$)T9/3E0M1D%-24Q9.B!4 M:6UEF4],T0R/E1H92!P;W)T9F]L:6\@9&]E65A6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UE MF4],T0R/E1H92!P;W)T9F]L:6\@9&]E65A'!E;G-E65A&%M<&QE665A'0^/'-P86X^/"]S<&%N/CPO M=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'!E;G-E'!E;G-E'!E;G-E17AA;7!L95EE87(P,3PO=&0^#0H@("`@("`@(#QT M9"!C;&%S'0O:F%V M87-C3X-"B`@("`\=&%B M;&4@8VQA6QE/3-$ M)T9/3E0M1D%-24Q9.B!4:6UEF4],T0R/E1H:7,@ M<&]R=&9O;&EO('-E96MS(&QO;F'0^/&9O M;G0@6QE/3-$)T9/ M3E0M1D%-24Q9.B!4:6UEF4],T0R/E1H:7,@=&%B M;&4@9&5S8W)I8F5S('1H92!F965S(&%N9"!E>'!E;G-E6]U2X@1F]R(&EN9F]R;6%T:6]N(&]N M('1H97-E(&-H87)G97,L('!L96%S92!R969E'0^/&9O;G0@&%M<&QE M'0^/&9O;G0@6]U M(&EN=F5S="`D,3`L,#`P(&9O&%M<&QE'!E;G-E2!C;VYT2!D:60N($ME97`@:6X@;6EN M9"!T:&%T('1H:7,@:7,@;VYL>2!A;B!E2X\+V9O;G0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`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`B;F]N+61I=F5R6QE/3-$)T9/3E0M1D%-24Q9.B!4:6UEF4],T0S/CQB/E!R:6YC:7!A;"!R:7-K'0^/&9O;G0@2!B M92!A9F9E8W1E9"!B>2!T:&4@9F]L;&]W:6YG('!R:6YC:7!A;"!R:7-K6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^/&9O;G0@#X\9F]N="!S='EL M93TS1"=&3TY4+49!34E,63H@5&EM97,@3F5W(%)O;6%N)R!S:7IE/3-$,CX\ M8CY#;W)R96QA=&EO;B!2:7-K.B`\+V(^5VAI;&4@=&AE('!E2!A;F0@9FEX960@:6YC;VUE M(&EN=F5S=&UE;G1S(&]V97(@;&]N9RUT97)M('!E2!R97-U;'1I;F<@:6X@:6YC2!T:&%T(&EN8VQU9&5S('1H92!P M;W)T9F]L:6\N(#PO9F]N=#X\+VQI/CPO=6P^("`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`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`@("`@ M("`@/'1D(&-L87-S/3-$=&5X=#Y004-)1DE#(%-%3$5#5"!&54Y$/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^4V5P(#(X+`T*"0DR,#$R M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&9O;G0@'0^/&9O;G0@2!;5&5X="!";&]C:UT\+W1D/@T*("`@("`@("`\=&0@8VQA'!E;G-E2&5A9&EN9SPO=&0^ M#0H@("`@("`@(#QT9"!C;&%S'0^/&9O;G0@'0@0FQO8VM=/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'1";&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&9O;G0@ M6]U(&UA>2!P87D@:68@>6]U(&)U>2!A;F0@:&]L9"!S:&%R97,@ M;V8@=&AE('!O2!B M92P@:6UP;W-E9"!U;F1E2!P'!E;G-E'0^/&9O;G0@65A7,@=')A;G-A8W1I M;VX@8V]S=',L('-U8V@@87,@8V]M;6ES&%M<&QE'1=/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'!E;G-E&%M<&QE(%M(96%D:6YG73PO=&0^#0H@("`@("`@(#QT9"!C;&%S M&%M<&QE2&5A9&EN9SPO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^/&9O;G0@&%M<&QE($YA'!E;G-E17AA;7!L94YA'1" M;&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&9O;G0@6]U(&EN=F5S="`D,3`L M,#`P(&9O'!E;G-E&%M<&QE'!E;G-E2!C;VYT2!D:60N($ME97`@:6X@;6EN9"!T:&%T('1H:7,@ M:7,@;VYL>2!A;B!E2X\+V9O;G0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`@(#QT9"!C;&%S'!E;G-E($5X86UP;&4@8GDL(%EE87(L($-A<'1I;VX@ M6U1E>'1=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^5EE87)#87!T:6]N/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&5X=#X\9F]N="!S='EL93TS1"=&3TY4+49!34E,63H@5&EM97,@3F5W M(%)O;6%N)R!S:7IE/3-$,CX\8CY9;W5R(&5X<&5N6]U4AE861I M;F<\+W1D/@T*("`@("`@("`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`@("`@("`@/'1D(&-L87-S/3-$=&@^'1" M;&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/&9O;G0@2!B92!A9F9E8W1E9"!B>2!T:&4@9F]L;&]W:6YG('!R:6YC:7!A;"!R M:7-K6QE/3-$;6%R9VEN+6QE9G0Z+3(P<'@^/&9O;G0@#X\9F]N M="!S='EL93TS1"=&3TY4+49!34E,63H@5&EM97,@3F5W(%)O;6%N)R!S:7IE M/3-$,CX\8CY#;W)R96QA=&EO;B!2:7-K.B`\+V(^5VAI;&4@=&AE('!E2!A;F0@9FEX960@ M:6YC;VUE(&EN=F5S=&UE;G1S(&]V97(@;&]N9RUT97)M('!E2!R97-U;'1I;F<@:6X@:6YC2!T:&%T(&EN8VQU9&5S M('1H92!P;W)T9F]L:6\N(#PO9F]N=#X\+VQI/CPO=6P^("`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`@("`@(#QT9"!C;&%S#X\9F]N="!S='EL93TS1"=&3TY4+49!34E,63H@5&EM97,@3F5W(%)O M;6%N)R!S:7IE/3-$,CX\8CY.;VXM1&EV97)S:69I8V%T:6]N(%)I'1=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&@^'!E;G-E65A&%M<&QE665A65A'!E;G-E17AA;7!L95EE87(P,SPO=&0^#0H@("`@("`@(#QT M9"!C;&%S'!E;G-E'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA5)E9VES M=')A;G1.86UE/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#Y004-) M1DE#(%-%3$5#5"!&54Y$/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R M/@T*("`@("`@/'1R(&-L87-S/3-$'0^4V5P(#(X+`T*"0DR,#$R/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$&UL/@T*+2TM+2TM M/5].97AT4&%R=%\R9F1D.#,S-%\T.3 XML 13 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
CURRENCY STRATEGIES PORTFOLIO
Currency Strategies Portfolio
Investment goal
This portfolio seeks to provide total return.
Fees and expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the portfolio. The table below does not reflect expenses and charges that are, or may be, imposed under your variable annuity contract or variable life insurance policy. For information on these charges, please refer to the applicable contract or policy prospectus.
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses CURRENCY STRATEGIES PORTFOLIO
Class I
Class P
Management fee 0.65% 0.65%
Service fee 0.20% none
Other expenses [1] 0.04% 0.04%
Total annual operating expenses 0.89% 0.69%
[1] "Other expenses" are based on estimated amounts for the current fiscal year.
Examples
The examples below are intended to help you compare the cost of investing in the portfolio with the cost of investing in other portfolios of Pacific Select Fund or other mutual funds. Each example assumes that you invest $10,000 for the time periods indicated, that your investment has an average annual return of 5%, that all dividends and distributions are reinvested, and that the portfolio’s annual operating expenses remain as stated in the previous table throughout the periods shown. Although your actual costs may be higher or lower, the examples show what your costs would be based on these assumptions.

These examples do not reflect fees and expenses of any variable annuity contract or variable life insurance policy, and would be higher if they did. Keep in mind that this is only an estimate; actual expenses and performance may vary.
Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period
Expense Example CURRENCY STRATEGIES PORTFOLIO (USD $)
Class I
Class P
1 year 91 70
3 years 284 221
Portfolio turnover
The portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual fund operating expenses or in the Examples, affect the portfolio’s performance. This portfolio is new and does not yet have a turnover rate.
Principal investment strategies
Under normal market conditions, this portfolio principally invests in derivatives and high quality debt securities to establish exposures to global currencies. “Currency Strategies” in the portfolio’s name refers to the portfolio’s strategies to provide exposures to global currencies, which may include the U.S. dollar and currencies of other developed countries and emerging market countries, to seek to provide total return based on the manager’s outlook for such currencies. The manager will primarily implement these currency strategies using non-deliverable forward foreign currency contracts (NDFs), a type of derivative.

The manager seeks to gain positive exposures to currencies that it believes are undervalued and negative exposure to currencies that it believes are overvalued. Such exposures are obtained primarily using NDFs. Generally, positive exposure means having a long position in a specific currency and negative exposure indicates a short position in a specific currency. The portfolio typically gains when currencies in which the portfolio has long positions appreciate relative to the currencies in which the portfolio has short positions. The portfolio incurs a loss when currencies in which it has short positions appreciate relative to the currencies in which the portfolio has long positions. In analyzing a potential investment opportunity and the desired amount of exposure, the manager will consider the economic and investment outlook for the opportunity and the degree of risk the portfolio may assume relative to the potential return on such investment in order to maximize the risk-adjusted return for the portfolio. The manager may also consider quantitative factors to decide whether to increase or decrease currency exposures.

The manager will make extensive use of NDFs in order to gain or increase exposure to various currencies (whether long or short positions) and to hedge against foreign currency fluctuations. The manager also uses currency options as another way of gaining exposure to currency exchange rates. The manager uses these derivatives in a way that typically has a leveraging effect on the portfolio’s exposure to specific investment opportunities. Such exposure may be several times the value of the portfolio’s assets. As such, the portfolio’s use of leverage may result in greater price volatility for the portfolio than if leverage had not been used.

The portfolio may invest in cash deposits and short-term high quality U.S. and non-U.S. government debt securities for short-term investment, cash management purposes and to maintain asset coverage requirements for the portfolio’s derivative positions. Foreign currency exposure resulting from investments in foreign debt securities may be hedged back to U.S. dollars if the manager is not seeking to gain exposure to the foreign currency.

The performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods. However, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. The portfolio’s strategy involves the use of leverage, and the portfolio’s performance may from time to time be more volatile than many other portfolios. The portfolio is generally intended to complement a balanced portfolio of traditional equity and fixed income investments as a means of seeking diversification and is not intended to be a complete investment program.


The portfolio is a “non-diversified” portfolio.
Principal risks
As with any mutual fund, the value of the portfolio’s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money. The portfolio may be affected by the following principal risks, among other non-principal risks:
  • Active Management Risk: There is no guarantee that the manager’s principal investment strategies and techniques, as well as particular investment decisions, will achieve the portfolio’s investment goal, which could have an adverse impact on the portfolio’s performance generally, relative to other portfolios with similar investment goals or relative to its benchmark.
  • Correlation Risk: While the performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when the portfolio’s performance is correlated with those traditional investments, any intended diversification effect of including this portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the portfolio.
  • Credit Risk: An issuer or guarantor of a debt instrument might be unable or unwilling to meet its financial obligations.
  • Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of liquidity risk, particularly in emerging market currencies.
  • Debt Securities Risk: Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity.
  • Derivatives Risk: Derivatives can be complex instruments, may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes and the portfolio may not hold the security or index on which the value of a derivative is based. Derivatives can also create investment exposure that exceeds the initial amount invested (known as leverage risk) — consequently, derivatives may experience very large swings in value. The use of derivatives may result in the portfolio losing more money than it would have lost if it had invested directly in the security or index. Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk and/or the ability of the counterparty to perform in accordance with the terms of the transaction.
  • Emerging Markets Risk: Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls.
  • Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.
  • Forward Commitments Risk: Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the portfolio may miss the opportunity of obtaining a price or yield considered to be advantageous.
  • Interest Rate Risk: Values of debt securities fluctuate as interest rates change. Debt securities with longer durations or fixed interest rates tend to be more sensitive to changes in interest rates, making them generally more volatile than debt securities with shorter durations or floating or adjustable interest rates.
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management, performance, financial leverage and reduced demand for the issuer’s goods or services.
  • Leverage Risk: Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the portfolio’s principal amount invested. Leverage can magnify the portfolio’s gains and losses and therefore increase its volatility. The portfolio is required to segregate liquid assets or otherwise cover its obligation created by an investment that is leveraged. The use of leverage may result in the portfolio having to liquidate portfolio holdings when it may not be advantageous to do so in order to satisfy its obligation or to meet segregation requirements.
  • Liquidity Risk: Liquidity is the ability to sell securities or other investments within a reasonable amount of time at approximately the price at which the portfolio has valued the securities or other investments, which relies on the willingness of market participants to buy and sell securities. Certain investments may be difficult to purchase and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. If the portfolio holds illiquid securities, it may be unable to take advantage of market opportunities or it may be forced to sell other, more desirable, liquid securities or sell illiquid securities at a loss if it is required to raise cash to conduct its operations.
  • Market and Regulatory Risk: Events in the financial markets and in the economy may cause volatility and uncertainty and may affect performance. Events in one market may adversely impact other markets. Future events may impact the portfolio in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions may impair portfolio management and have unexpected consequences on particular markets, strategies, or investments.
  • Non-Diversification Risk: The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments.
  • Price Volatility Risk: The market value of the portfolio’s investments will go up or down, sometimes rapidly or unpredictably, or may fail to rise, as a result of market conditions or for reasons specific to a particular issuer. The volatility of investments in emerging market countries may be greater than for investments in U.S. and certain developed markets.
  • Redemption Risk: Because the portfolio may serve as an Underlying Portfolio of the Portfolio Optimization Portfolios and thus a significant percentage of its outstanding shares may be held by the Portfolio Optimization Portfolios, a change in asset allocation by a Portfolio Optimization Portfolio could result in large redemptions out of the portfolio, causing potential increases in expenses to the portfolio and sale of securities in a short timeframe, both of which could negatively impact performance.
  • Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change unexpectedly and frequently and may impact a portfolio significantly.
  • Short Exposure Risk: When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (i.e., spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (foreign forward currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to leverage risk.
  • U.S. Government Securities Risk: Not all U.S. government securities are backed or guaranteed by the U.S. government and different U.S. government securities are subject to varying degrees of credit risk. There is risk that the U.S. government will not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.
Portfolio performance
The portfolio does not have a full calendar year of performance. Thus, a performance bar chart and table are not included for the portfolio.
XML 14 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
GLOBAL ABSOLUTE RETURN PORTFOLIO
Global Absolute Return Portfolio
Investment goal
This portfolio seeks to provide total return.
Fees and expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the portfolio. The table below does not reflect expenses and charges that are, or may be, imposed under your variable annuity contract or variable life insurance policy. For information on these charges, please refer to the applicable contract or policy prospectus.
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses GLOBAL ABSOLUTE RETURN PORTFOLIO
CLASS I
CLASS P
Management fee 0.80% 0.80%
Service fee 0.20% none
Other expenses [1] 0.51% 0.51%
Total annual operating expenses 1.51% 1.31%
[1] "Other expenses" are based on estimated amounts for the current fiscal year.
Examples
The examples below are intended to help you compare the cost of investing in the portfolio with the cost of investing in other portfolios of Pacific Select Fund or other mutual funds. Each example assumes that you invest $10,000 for the time periods indicated, that your investment has an average annual return of 5%, that all dividends and distributions are reinvested, and that the portfolio’s annual operating expenses remain as stated in the previous table throughout the periods shown. Although your actual costs may be higher or lower, the examples show what your costs would be based on these assumptions.

These examples do not reflect fees and expenses of any variable annuity contract or variable life insurance policy, and would be higher if they did. Keep in mind that this is only an estimate; actual expenses and performance may vary.

Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period
Expense Example GLOBAL ABSOLUTE RETURN PORTFOLIO (USD $)
CLASS I
CLASS P
1 year 154 133
3 years 477 415
Portfolio turnover
The portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual fund operating expenses or in the Examples, affect the portfolio’s performance. This portfolio is new and does not yet have a turnover rate.
Principal investment strategies
This portfolio invests in securities, derivatives and other instruments to establish long and short investment exposures around the world. The manager typically seeks to establish such investment exposures to individual countries based on its view of the investment merits of a country. The portfolio normally invests in multiple countries and may have significant exposure to foreign currencies. The portfolio’s long and short investments are primarily government (sovereign) exposures, including sovereign debt, currencies, and investments relating to interest rates. The portfolio may also invest in corporate debt of both foreign and domestic issuers, including banks. The portfolio may invest a significant portion of its assets in a single country, a small number of countries, or a particular geographic region, and typically a portion will be invested in emerging market countries. The portfolio normally invests at least 40% of its net assets in foreign investments.

In seeking its investment goal, the portfolio may invest in fixed income securities of any credit quality, including securities that are non-investment grade (high yield/high risk, sometimes called “junk bonds”), and a wide variety of derivative instruments. The portfolio expects to achieve certain exposures primarily through derivative transactions, including (but not limited to): forward foreign currency contracts; futures on securities, indexes, currencies, and other investments; options; and interest rate swaps, cross-currency swaps, total return swaps and credit default swaps, which may create economic leverage in the portfolio. The manager generally will make extensive use of derivatives to enhance total return, to seek to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective duration of the portfolio, to manage certain investment risks and as a substitute for direct investment in any security or instrument in which the portfolio may invest. Duration management is part of the investment strategy for this portfolio. Duration is often used to measure a bond’s sensitivity to interest rates. The longer a portfolio’s duration, the more sensitive it is to changes in interest rates. The shorter a portfolio’s duration, the less sensitive it is to changes in interest rates.

The manager may use derivatives that have a leveraging effect to increase the portfolio’s exposure to specific investment opportunities. Such exposure may be several times the value of the portfolio’s assets. As such, the portfolio’s use of leverage may result in greater price volatility for the portfolio than if leverage had not been used. The portfolio may also engage in repurchase agreements and short sales. The portfolio typically has significant exposure to foreign investments and derivatives.

The portfolio employs an absolute return investment approach, which seeks to produce positive returns over a complete market cycle. However, the portfolio may experience negative returns over both shorter and longer-term time horizons.

The manager utilizes top-down economic and political analysis to identify investment opportunities throughout the world, including in both developed and emerging markets. The manager seeks to identify countries and currencies it believes have potential to outperform investments in other countries and currencies through an analysis of global economies, markets, political conditions and other factors. The manager may sell a holding when it fails to perform as expected or when other opportunities appear more attractive.

The performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods. However, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. The portfolio’s strategy involves the use of leverage, and the portfolio’s performance may from time to time be more volatile than many other portfolios. The portfolio is generally intended to complement a balanced portfolio of traditional equity and fixed income investments as a means of seeking diversification and is not intended to be a complete investment program.

The portfolio is a “non-diversified” portfolio.
Principal risks
As with any mutual fund, the value of the portfolio’s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money. The portfolio may be affected by the following principal risks, among other non-principal risks:
  • Active Management Risk: There is no guarantee that the manager’s principal investment strategies and techniques, as well as particular investment decisions, will achieve the portfolio’s investment goal, which could have an adverse impact on the portfolio’s performance generally, relative to other portfolios with similar investment goals or relative to its benchmark.
  • Correlation Risk: While the performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when the portfolio’s performance is correlated with those traditional investments, any intended diversification effect of including this portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the portfolio.
  • Credit Risk: An issuer or guarantor of a debt instrument might be unable or unwilling to meet its financial obligations.
  • Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of liquidity risk, particularly in emerging market currencies.
  • Debt Securities Risk: Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade debt securities (including loans), may be relatively greater than for investment grade securities.
  • Derivatives Risk: Derivatives can be complex instruments, may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes and the portfolio may not hold the security or index on which the value of a derivative is based. Derivatives can also create investment exposure that exceeds the initial amount invested (known as leverage risk) — consequently, derivatives may experience very large swings in value. The use of derivatives may result in the portfolio losing more money than it would have lost if it had invested directly in the security or index. Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk and/or the ability of the counterparty to perform in accordance with the terms of the transaction.
  • Emerging Markets Risk: Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls.
  • Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.
  • Forward Commitments Risk: Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the portfolio may miss the opportunity of obtaining a price or yield considered to be advantageous.
  • Geographic Concentration Risk: Concentrating investments in a single country, a limited number of countries, or a particular geographic region makes the portfolio more susceptible to adverse economic, political, social, regulatory and other developments in that country, countries or region.
  • High-Yield or “Junk” Securities Risk: High yield securities are typically issued by companies that are highly leveraged, less creditworthy or financially distressed and are considered to be mostly speculative in nature (high risk), potentially less liquid, and subject to a greater risk of loss, that is they are more likely to default than higher rated securities.
  • Interest Rate Risk: Values of debt securities fluctuate as interest rates change. Debt securities with longer durations or fixed interest rates tend to be more sensitive to changes in interest rates, making them generally more volatile than debt securities with shorter durations or floating or adjustable interest rates.
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management, performance, financial leverage and reduced demand for the issuer’s goods or services.
  • Leverage Risk: Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the portfolio’s principal amount invested. Leverage can magnify the portfolio’s gains and losses and therefore increase its volatility. The portfolio is required to segregate liquid assets or otherwise cover its obligation created by an investment that is leveraged. The use of leverage may result in the portfolio having to liquidate portfolio holdings when it may not be advantageous to do so in order to satisfy its obligation or to meet segregation requirements.
  • Liquidity Risk: Liquidity is the ability to sell securities or other investments within a reasonable amount of time at approximately the price at which the portfolio has valued the securities or other investments, which relies on the willingness of market participants to buy and sell securities. Certain investments may be difficult to purchase and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. If the portfolio holds illiquid securities, it may be unable to take advantage of market opportunities or it may be forced to sell other, more desirable, liquid securities or sell illiquid securities at a loss if it is required to raise cash to conduct its operations.
  • Market and Regulatory Risk: Events in the financial markets and in the economy may cause volatility and uncertainty and may affect performance. Events in one market may adversely impact other markets. Future events may impact the portfolio in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions may impair portfolio management and have unexpected consequences on particular markets, strategies, or investments.
  • Non-Diversification Risk: The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments.
  • Price Volatility Risk: The market value of the portfolio’s investments will go up or down, sometimes rapidly or unpredictably, or may fail to rise, as a result of market conditions or for reasons specific to a particular issuer. The volatility of non-investment grade debt securities (including loans) may be greater than for investment grade securities. The volatility of investments in emerging market countries may be greater than for investments in U.S. and certain developed markets.
  • Redemption Risk: Because the portfolio may serve as an Underlying Portfolio of the Portfolio Optimization Portfolios and thus a significant percentage of its outstanding shares may be held by the Portfolio Optimization Portfolios, a change in asset allocation by a Portfolio Optimization Portfolio could result in large redemptions out of the portfolio, causing potential increases in expenses to the portfolio and sale of securities in a short timeframe, both of which could negatively impact performance.
  • Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change unexpectedly and frequently and may impact a portfolio significantly.
  • Short Exposure Risk: When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (i.e., spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (foreign forward currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to leverage risk.
  • Short Sale Risk: A short sale involves the risk that the price at which the portfolio purchases a security to replace the borrowed security may be higher than the price that the portfolio sold the security, resulting in a loss to the portfolio. Such loss is theoretically unlimited. Short sales also involve certain costs and may expose the portfolio to leverage risk.
  • U.S. Government Securities Risk: Not all U.S. government securities are backed or guaranteed by the U.S. government and different U.S. government securities are subject to varying degrees of credit risk. There is risk that the U.S. government will not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.
Portfolio performance
The portfolio does not have a full calendar year of performance. Thus, a performance bar chart and table are not included for the portfolio.
XML 15 Show.js IDEA: XBRL DOCUMENT /** * 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( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } 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 = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; 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'; } }
XML 16 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
12 Months Ended
Sep. 28, 2012
Risk/Return:  
Document Type 485BPOS
Document Period End Date Sep. 27, 2012
Registrant Name PACIFIC SELECT FUND
Central Index Key 0000813900
Amendment Flag false
Document Creation Date Sep. 27, 2012
Document Effective Date Sep. 28, 2012
Prospectus Date Sep. 28, 2012
XML 17 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName PACIFIC SELECT FUND
Prospectus Date rr_ProspectusDate Sep. 28, 2012
PRECIOUS METALS PORTFOLIO
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Precious Metals Portfolio
Objective [Heading] rr_ObjectiveHeading Investment goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock This portfolio seeks long-term growth of capital.
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the portfolio. The table below does not reflect expenses and charges that are, or may be, imposed under your variable annuity contract or variable life insurance policy. For information on these charges, please refer to the applicable contract or policy prospectus.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual fund operating expenses or in the Examples, affect the portfolio's performance. This portfolio is new and does not yet have a turnover rate.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates "Other expenses" are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The examples below are intended to help you compare the cost of investing in the portfolio with the cost of investing in other portfolios of Pacific Select Fund or other mutual funds. Each example assumes that you invest $10,000 for the time periods indicated, that your investment has an average annual return of 5%, that all dividends and distributions are reinvested, and that the portfolio's annual operating expenses remain as stated in the previous table throughout the periods shown. Although your actual costs may be higher or lower, the examples show what your costs would be based on these assumptions.

These examples do not reflect fees and expenses of any variable annuity contract or variable life insurance policy, and would be higher if they did. Keep in mind that this is only an estimate; actual expenses and performance may vary.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period
Strategy [Heading] rr_StrategyHeading Principal investment strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Under normal circumstances, this portfolio invests at least 80% of its assets in investments related to precious metals. The portfolio emphasizes investments (typically equity securities) in U.S. and foreign companies that are engaged in or derive significant revenue (i.e., at least 50% of their revenue) from the exploration, mining, development, production or distribution of gold, silver, platinum, or other precious metals, with a primary focus on those investments related to gold. The portfolio typically invests a significant amount of its assets in companies that are engaged in or derive significant revenue from such gold-related activities, but it may from time to time emphasize companies engaged in or that derive significant revenue from activities related to other precious metals. The portfolio may also invest in small-, mid- and large-capitalization companies. The portfolio may invest a relatively high percentage of its assets in securities of issuers in a single country, a small number of countries, or a particular geographic region.

The portfolio may invest any amount of its assets in equity securities of foreign issuers, including American Depositary Receipts (ADRs) and similar instruments, and may invest up to 40% of its assets in emerging market countries. The portfolio's foreign securities are typically denominated in non-U.S. currencies. The portfolio may invest up to 25% of its assets in debt securities of U.S. and foreign companies that are engaged in or derive significant revenue from activities related to precious metals.

When selecting securities for investment, the manager takes a disciplined approach to risk management through top-down analysis and bottom-up stock selection. In the top-down analysis, the manager considers factors such as geopolitical risks, the relative strength of the U.S. dollar, jewelry demand, inflation expectations, the seasonality of gold and other precious metals, investment demand and relative valuation levels for the precious metals universe. From a bottom-up perspective, the manager looks for companies that are positioned to improve their relative value over time. The manager may sell a holding when it changes its country or industry and sector views, the valuation target or investment objective is reached for that position, there is deterioration in the underlying fundamentals of the business or a change of significance in the price of the issuer, or the manager identifies a more attractive investment opportunity.

The performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods. However, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. The performance of the portfolio is also generally expected to have a higher correlation to the price of gold over long-term periods, although the actual performance of the portfolio may not be correlated with the price of gold over short- or long-term periods, including if the portfolio has sizable non-gold-related holdings. The portfolio is generally intended to complement a balanced portfolio of traditional equity and fixed income investments as a means of seeking diversification and is not intended to be a complete investment program.

The portfolio is a "non-diversified" portfolio.
Risk [Heading] rr_RiskHeading Principal risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with any mutual fund, the value of the portfolio’s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money. The portfolio may be affected by the following principal risks, among other non-principal risks:
  • Active Management Risk: There is no guarantee that the manager’s principal investment strategies and techniques, as well as particular investment decisions, will achieve the portfolio’s investment goal, which could have an adverse impact on the portfolio’s performance generally, relative to other portfolios with similar investment goals or relative to its benchmark.
  • Correlation Risk: While the performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when the portfolio’s performance is correlated with those traditional investments, any intended diversification effect of including this portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the portfolio.
  • Credit Risk: An issuer or guarantor of a debt instrument might be unable or unwilling to meet its financial obligations.
  • Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of liquidity risk, particularly in emerging market currencies.
  • Debt Securities Risk: Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade debt securities (including loans), may be relatively greater than for investment grade securities.
  • Emerging Markets Risk: Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets,  and less stringent financial reporting and accounting standards and controls.
  • Equity Securities Risk: Stock markets are volatile. The price of equity securities tend to go up or down in value, sometimes rapidly and unpredictably, in response to many factors, which may be due to the particular issuer, its industry or broader economic or market events.
  • Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.
  • Geographic Concentration Risk: Concentrating investments in a single country, a limited number of countries, or a particular geographic region makes the portfolio more susceptible to adverse economic, political, social, regulatory and other developments in that country, countries or region.
  • Government Regulation Risk: Certain market sectors or industries are subject to extensive government regulation, which may change unexpectedly and frequently and may impact a portfolio significantly.
  • Growth Companies Risk: Growth companies have the potential for above average or rapid growth but may give the portfolio a higher risk of price volatility than investments in “undervalued” companies.
  • Industry Concentration Risk: Concentrating investments in a single industry or group of related industries makes the portfolio more susceptible to adverse economic, business, regulatory or other developments affecting that industry or group of related industries. Because the portfolio has a policy to concentrate its investments in investments related to precious metals, the portfolio may perform poorly during a downturn in those industries.
  • Interest Rate Risk: Values of debt securities fluctuate as interest rates change. Debt securities with longer durations or fixed interest rates tend to be more sensitive to changes in interest rates, making them generally more volatile than debt securities with shorter durations or floating or adjustable interest rates.
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management, performance, financial leverage and reduced demand for the issuer’s goods or services.
  • Large-Capitalization Companies Risk: Large-capitalization companies tend to have more stable prices than small- or mid-capitalization companies, but are still subject to the risks of equity securities. In exchange for this potentially lower risk, the portfolio’s value may not rise as much as the value of a portfolio that emphasizes companies with smaller market capitalizations.
  • Liquidity Risk: Liquidity is the ability to sell securities or other investments within a reasonable amount of time at approximately the price at which the portfolio has valued the securities or other investments, which relies on the willingness of market participants to buy and sell securities. Certain investments may be difficult to purchase and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. If the portfolio holds illiquid securities, it may be unable to take advantage of market opportunities or it may be forced to sell other, more desirable, liquid securities or sell illiquid securities at a loss if it is required to raise cash to conduct its operations.
  • Market and Regulatory Risk: Events in the financial markets and in the economy may cause volatility and uncertainty and may affect performance. Events in one market may adversely impact other markets. Future events may impact the portfolio in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions may impair portfolio management and have unexpected consequences on particular markets, strategies, or investments.
  • Mid-Capitalization Companies Risk: Mid-capitalization companies may be riskier and more susceptible to price swings than larger companies. Mid-capitalization companies may have a shorter history of operations, a more limited ability to raise capital, may have inexperienced management and limited product lines, and more speculative prospects for future growth or sustained earnings or market share than larger, more established companies.
  • Non-Diversification Risk: The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments.
  • Precious Metals Risk: Companies engaged in precious metals-related activities may be adversely affected by drops in the prices of the precious metals themselves, and the prices of precious metals can be volatile. Focusing investments in precious metals-related companies and investments makes the portfolio more susceptible to adverse economic, business, regulatory or other developments affecting precious metals-related companies and investments, and the impact may be disproportionate to the broader market. Fluctuations in the price of precious metals may affect the profitability of companies in these industries, however, changes in the value of companies engaged in a precious metals-related business may not directly correlate with changes in the value of the related precious metal.
  • Price Volatility Risk: The market value of the portfolio’s investments will go up or down, sometimes rapidly or unpredictably, or may fail to rise, as a result of market conditions or for reasons specific to a particular issuer. The volatility of non-investment grade debt securities (including loans) may be greater than for investment grade securities. The volatility of investments in emerging market countries may be greater than for investments in U.S. and certain developed markets.
  • Redemption Risk: Because the portfolio may serve as an Underlying Portfolio of the Portfolio Optimization Portfolios and thus a significant percentage of its outstanding shares may be held by the Portfolio Optimization Portfolios, a change in asset allocation by a Portfolio Optimization Portfolio could result in large redemptions out of the portfolio, causing potential increases in expenses to the portfolio and sale of securities in a short timeframe, both of which could negatively impact performance.
  • Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change unexpectedly and frequently and may impact a portfolio significantly.
  • Small-Capitalization Companies Risk: Small-capitalization companies may be riskier, less liquid and more susceptible to price swings than larger companies. Small-capitalization companies, particularly those in their developmental stages, may have a shorter history of operations, a more limited ability to raise capital, may have inexperienced management and limited product lines, and more speculative prospects for future growth or sustained earnings or market share than larger more established companies.
  • Value Companies Risk: Value companies are those that are thought to be undervalued and that a company’s stock is trading for less than its intrinsic value. There is a risk that the determination that a stock is undervalued is not correct or is not recognized in the market.
Risk Lose Money [Text] rr_RiskLoseMoney As with any mutual fund, the value of the portfolio's investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
  • Non-Diversification Risk: The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Portfolio performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The portfolio does not have a full calendar year of performance. Thus, a performance bar chart and table are not included for the portfolio.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The portfolio does not have a full calendar year of performance.
PRECIOUS METALS PORTFOLIO | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.68%
Service fee rr_DistributionAndService12b1FeesOverAssets 0.20%
Other expenses rr_OtherExpensesOverAssets 0.06% [1]
Total annual operating expenses rr_ExpensesOverAssets 0.94%
1 year rr_ExpenseExampleYear01 96
3 years rr_ExpenseExampleYear03 300
PRECIOUS METALS PORTFOLIO | Class P
 
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.68%
Service fee rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.06% [1]
Total annual operating expenses rr_ExpensesOverAssets 0.74%
1 year rr_ExpenseExampleYear01 76
3 years rr_ExpenseExampleYear03 237
[1] "Other expenses" are based on estimated amounts for the current fiscal year.
XML 18 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName PACIFIC SELECT FUND
Prospectus Date rr_ProspectusDate Sep. 28, 2012
Document Creation Date dei_DocumentCreationDate Sep. 27, 2012
XML 19 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName PACIFIC SELECT FUND
Prospectus Date rr_ProspectusDate Sep. 28, 2012
CURRENCY STRATEGIES PORTFOLIO
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Currency Strategies Portfolio
Objective [Heading] rr_ObjectiveHeading Investment goal
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock This portfolio seeks to provide total return.
Expense [Heading] rr_ExpenseHeading Fees and expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the portfolio. The table below does not reflect expenses and charges that are, or may be, imposed under your variable annuity contract or variable life insurance policy. For information on these charges, please refer to the applicable contract or policy prospectus.
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual fund operating expenses or in the Examples, affect the portfolio’s performance. This portfolio is new and does not yet have a turnover rate.
Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates “Other expenses” are based on estimated amounts for the current fiscal year.
Expense Example [Heading] rr_ExpenseExampleHeading Examples
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock The examples below are intended to help you compare the cost of investing in the portfolio with the cost of investing in other portfolios of Pacific Select Fund or other mutual funds. Each example assumes that you invest $10,000 for the time periods indicated, that your investment has an average annual return of 5%, that all dividends and distributions are reinvested, and that the portfolio’s annual operating expenses remain as stated in the previous table throughout the periods shown. Although your actual costs may be higher or lower, the examples show what your costs would be based on these assumptions.

These examples do not reflect fees and expenses of any variable annuity contract or variable life insurance policy, and would be higher if they did. Keep in mind that this is only an estimate; actual expenses and performance may vary.
Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period
Strategy [Heading] rr_StrategyHeading Principal investment strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock Under normal market conditions, this portfolio principally invests in derivatives and high quality debt securities to establish exposures to global currencies. “Currency Strategies” in the portfolio’s name refers to the portfolio’s strategies to provide exposures to global currencies, which may include the U.S. dollar and currencies of other developed countries and emerging market countries, to seek to provide total return based on the manager’s outlook for such currencies. The manager will primarily implement these currency strategies using non-deliverable forward foreign currency contracts (NDFs), a type of derivative.

The manager seeks to gain positive exposures to currencies that it believes are undervalued and negative exposure to currencies that it believes are overvalued. Such exposures are obtained primarily using NDFs. Generally, positive exposure means having a long position in a specific currency and negative exposure indicates a short position in a specific currency. The portfolio typically gains when currencies in which the portfolio has long positions appreciate relative to the currencies in which the portfolio has short positions. The portfolio incurs a loss when currencies in which it has short positions appreciate relative to the currencies in which the portfolio has long positions. In analyzing a potential investment opportunity and the desired amount of exposure, the manager will consider the economic and investment outlook for the opportunity and the degree of risk the portfolio may assume relative to the potential return on such investment in order to maximize the risk-adjusted return for the portfolio. The manager may also consider quantitative factors to decide whether to increase or decrease currency exposures.

The manager will make extensive use of NDFs in order to gain or increase exposure to various currencies (whether long or short positions) and to hedge against foreign currency fluctuations. The manager also uses currency options as another way of gaining exposure to currency exchange rates. The manager uses these derivatives in a way that typically has a leveraging effect on the portfolio’s exposure to specific investment opportunities. Such exposure may be several times the value of the portfolio’s assets. As such, the portfolio’s use of leverage may result in greater price volatility for the portfolio than if leverage had not been used.

The portfolio may invest in cash deposits and short-term high quality U.S. and non-U.S. government debt securities for short-term investment, cash management purposes and to maintain asset coverage requirements for the portfolio’s derivative positions. Foreign currency exposure resulting from investments in foreign debt securities may be hedged back to U.S. dollars if the manager is not seeking to gain exposure to the foreign currency.

The performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods. However, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. The portfolio’s strategy involves the use of leverage, and the portfolio’s performance may from time to time be more volatile than many other portfolios. The portfolio is generally intended to complement a balanced portfolio of traditional equity and fixed income investments as a means of seeking diversification and is not intended to be a complete investment program.


The portfolio is a “non-diversified” portfolio.
Risk [Heading] rr_RiskHeading Principal risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with any mutual fund, the value of the portfolio’s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money. The portfolio may be affected by the following principal risks, among other non-principal risks:
  • Active Management Risk: There is no guarantee that the manager’s principal investment strategies and techniques, as well as particular investment decisions, will achieve the portfolio’s investment goal, which could have an adverse impact on the portfolio’s performance generally, relative to other portfolios with similar investment goals or relative to its benchmark.
  • Correlation Risk: While the performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when the portfolio’s performance is correlated with those traditional investments, any intended diversification effect of including this portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the portfolio.
  • Credit Risk: An issuer or guarantor of a debt instrument might be unable or unwilling to meet its financial obligations.
  • Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of liquidity risk, particularly in emerging market currencies.
  • Debt Securities Risk: Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity.
  • Derivatives Risk: Derivatives can be complex instruments, may experience sudden and unpredictable changes in price or liquidity and may be difficult to value, sell or unwind. The value of derivatives is based on the value of other securities or indexes and the portfolio may not hold the security or index on which the value of a derivative is based. Derivatives can also create investment exposure that exceeds the initial amount invested (known as leverage risk) — consequently, derivatives may experience very large swings in value. The use of derivatives may result in the portfolio losing more money than it would have lost if it had invested directly in the security or index. Derivative transactions may also involve a counterparty. Such transactions are subject to the credit risk and/or the ability of the counterparty to perform in accordance with the terms of the transaction.
  • Emerging Markets Risk: Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets, and less stringent financial reporting and accounting standards and controls.
  • Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.
  • Forward Commitments Risk: Securities or currencies whose terms are defined on a date in the future or transactions that are scheduled to settle on a date in the future (beyond usual and customary settlement), called forward commitments, as well as when-issued securities, are subject to risk of default or bankruptcy of the counterparty. In forward commitment or when-issued transactions, if the counterparty fails to consummate the transaction, the portfolio may miss the opportunity of obtaining a price or yield considered to be advantageous.
  • Interest Rate Risk: Values of debt securities fluctuate as interest rates change. Debt securities with longer durations or fixed interest rates tend to be more sensitive to changes in interest rates, making them generally more volatile than debt securities with shorter durations or floating or adjustable interest rates.
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management, performance, financial leverage and reduced demand for the issuer’s goods or services.
  • Leverage Risk: Leverage is investment exposure which exceeds the initial amount invested. The loss on a leveraged investment may far exceed the portfolio’s principal amount invested. Leverage can magnify the portfolio’s gains and losses and therefore increase its volatility. The portfolio is required to segregate liquid assets or otherwise cover its obligation created by an investment that is leveraged. The use of leverage may result in the portfolio having to liquidate portfolio holdings when it may not be advantageous to do so in order to satisfy its obligation or to meet segregation requirements.
  • Liquidity Risk: Liquidity is the ability to sell securities or other investments within a reasonable amount of time at approximately the price at which the portfolio has valued the securities or other investments, which relies on the willingness of market participants to buy and sell securities. Certain investments may be difficult to purchase and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. If the portfolio holds illiquid securities, it may be unable to take advantage of market opportunities or it may be forced to sell other, more desirable, liquid securities or sell illiquid securities at a loss if it is required to raise cash to conduct its operations.
  • Market and Regulatory Risk: Events in the financial markets and in the economy may cause volatility and uncertainty and may affect performance. Events in one market may adversely impact other markets. Future events may impact the portfolio in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions may impair portfolio management and have unexpected consequences on particular markets, strategies, or investments.
  • Non-Diversification Risk: The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments.
  • Price Volatility Risk: The market value of the portfolio’s investments will go up or down, sometimes rapidly or unpredictably, or may fail to rise, as a result of market conditions or for reasons specific to a particular issuer. The volatility of investments in emerging market countries may be greater than for investments in U.S. and certain developed markets.
  • Redemption Risk: Because the portfolio may serve as an Underlying Portfolio of the Portfolio Optimization Portfolios and thus a significant percentage of its outstanding shares may be held by the Portfolio Optimization Portfolios, a change in asset allocation by a Portfolio Optimization Portfolio could result in large redemptions out of the portfolio, causing potential increases in expenses to the portfolio and sale of securities in a short timeframe, both of which could negatively impact performance.
  • Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change unexpectedly and frequently and may impact a portfolio significantly.
  • Short Exposure Risk: When a portfolio takes a short position using derivative instruments in anticipation of a decline in the market price (i.e., spot price or spot rate) of the underlying reference asset, such as entering into a derivative contract to sell a currency at a predetermined price for future delivery (foreign forward currency contract) in anticipation of a decline in the market price of the underlying currency, it is subject to the risk that the reference asset will increase in value, resulting in a loss. Such loss is theoretically unlimited. Short positions also may expose the portfolio to leverage risk.
  • U.S. Government Securities Risk: Not all U.S. government securities are backed or guaranteed by the U.S. government and different U.S. government securities are subject to varying degrees of credit risk. There is risk that the U.S. government will not provide financial support to U.S. government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.
Risk Lose Money [Text] rr_RiskLoseMoney As with any mutual fund, the value of the portfolio’s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money.
Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus
  • Non-Diversification Risk: The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Portfolio performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The portfolio does not have a full calendar year of performance. Thus, a performance bar chart and table are not included for the portfolio.
Performance One Year or Less [Text] rr_PerformanceOneYearOrLess The portfolio does not have a full calendar year of performance.
CURRENCY STRATEGIES PORTFOLIO | Class I
 
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.65%
Service fee rr_DistributionAndService12b1FeesOverAssets 0.20%
Other expenses rr_OtherExpensesOverAssets 0.04% [1]
Total annual operating expenses rr_ExpensesOverAssets 0.89%
1 year rr_ExpenseExampleYear01 91
3 years rr_ExpenseExampleYear03 284
CURRENCY STRATEGIES PORTFOLIO | Class P
 
Risk/Return: rr_RiskReturnAbstract  
Management fee rr_ManagementFeesOverAssets 0.65%
Service fee rr_DistributionAndService12b1FeesOverAssets none
Other expenses rr_OtherExpensesOverAssets 0.04% [1]
Total annual operating expenses rr_ExpensesOverAssets 0.69%
1 year rr_ExpenseExampleYear01 70
3 years rr_ExpenseExampleYear03 221
[1] "Other expenses" are based on estimated amounts for the current fiscal year.
ZIP 20 0001193125-12-418181-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-12-418181-xbrl.zip M4$L#!!0````(`,9B24&[QC#C+C(``(%O`0`1`!P`<'-F,BTR,#$R,#DR-RYX M;6Q55`D``S1/=%`T3W10=7@+``$$)0X```0Y`0``[#UK<]LVMM\[T_^`JWNW M3>_(DB4[\2-.=A0_6D^=V&,[M^VG#D1"$AJ*5`'2MOIA?_L]YP`@0>H1.99M M)?;NSL82">#@O%^`]OY],XS8E5!:)O&;6JNQ7F,B#I)0QOTWM4RO<1U(6?OW MV^^_V_NOM;7?WYV?L#`)LJ&(4Q8HP5,1LNZ8G9^S@R2.112),3M^S\Y4$@BM M$\4V&^OX7Y9IF)(=97_)5&?L.$YAS93W!?O]-QZ':VNXPDU710P`BO7N2/?: M;VJ#-!WM-IO7U]>-,Q[(G@Q.9$\T@F38;*^WVNL[[:V:'7"C9>G]ZXU&HOKP MVGJK^?O[DXM@((9\3<:P:!P(-RH4Q2AIDL]W:FC.Y?2.? M>P(6BY[6SLY.DY[:5^?-Z7`'I&)L#P?M:D+KN>@QFF0W'8_$FYJ6PU&$&Z/O M!DKTWM20H&N.:(T;'=98TTP4),`,-RF3X9O:0:9X"JSX9WOG0HS@]=:?[6WS M5_MB'?ZSL=W>6O_SO1AVA3*`P`S`C#(=VT_P68;X34\*Q0A`4=J5(]K^\:^U MMSCG=FMC9WU]KUD,*Z;2HH^\GG\!7QE:[(J;420#F1I86"CA/2-%P#N[)Z+/ MHT."JW,C=>TM[G^WV((9M=><.EFQ?+.\_EZSM-6]D5`R"3UH4Z[2`Q#*MXBZ MM?6=M?8.S)%_F[\HXM"]UJ;7MG'JT'MIK^E-OM>T1/HRBKW:^>HI]FKG:5%L M^^NGV/;3I-@^?&ZUMENM5T^&A(NLIM0N."5Z)((TTQ<#KL1^Q+7V5BT0]\09 M9^N9<;Z,<;:>%N/L5!GG&S`:"YKY)3/.$S-5$XSS=/S#)3/.T_)*\\C/[;_] M=$+!Y3).^VD%H).,TWIFG"]CG-:38)Q[9XL5P4<62X.,4:9$ONFAX!H^O\4O M]YKNDQF.(RIC/UX<3`RU"#9[!F"[PYL1,*$XO.&8,GPW_D-PM<]'2!=F M(3W'].$M$X,_1.GK'@QG.AU'0*.CTP^7:T>=]\#'E< M8UK^`^^T:S_TT]`X.@(&G&4Y8.!`.BX!/!@P$S!,&EFEVW:!/AQ0][S?EX MN1?<>2FZKP=W=\38+X)CG>/VN-I>)JXL,'IQ;K!P+WE7RY6>5=G56`Y5J>ZSG0& M-.8:/@Z'4J-+"5]>#T3,P$/H9C"(`S,@^VCX_R!3,D5(#\UPT_F7K=N!Q!THP>(D94KT(O"$10CSL$X<9SQBO0S9&?@8\`Z,E\L);`%> M0GYWNJ'.>*\'P^G+'$BWI=;6:XWBT$O4$(NI"(CT=LC@0PRT0(2%"2R``(U% MR@;\2C!>WFMCDK5F,U#.8Z<`F++RIH'N1["U=UR+\#0^U*DC00+A0Z4[,*[B+N>$(9Q@J;S.2!PB@Y7G<*>C5"[L^( M8Z%U7TQR#7(,Q=9HCU!?<93$``P5-M5:AKGB42;R^%S&5V#E,"G_TQ3[-0-% M,S(7&)^OMX#)`S!MD7Y3._YP5/MR=$XV+3%,$]-$E%[>:4U)$Q@@'AC"K1D0 M;JU_'D)#<'0-)M!]B:R_-.T5RBO'EZ'4HXB/=^,D%L1^_V%SVJI5$HDF-DN' M623F@+O_\?S\\,/^'Q>7YYW+PY^/#R_.3L\OCTY/CD\!]B@;QC;I@W9TA,+\ MO^P_Q'4`&D+Q_7???T<(6Q@G]TOGVF[SDGGW<7IRAQGG5-2K>G%Q")?@ MQ2TI\_#LQ7W+7MQR2UWSO;C"B6.KX,7=G]:O(/7>M?[9^>'^\>G'B_>'EYV3 M!_0^EA=+++4T^37&$LN(VI>3&'K6]ZNH[^^E4+44J5OA0A5V#A[8([K[>$(7 M$(+=8`MCJE;TDFWM-6=--[G8Y7ATFT4VMU^^.SN]**^` MZ0<^O,T*9YW]XZ/C?79Q>'*X?\F./GXX,*M-FW=R/V=D00Y-+]T2L%>:KV#R M[E\@(<#_C]33L%$V(\>Y7F?]A$?S$O]5R&?$&ZN3FA4@IB:M;=4O2J@$4$"% MAJC1!B(:D38GKP$>DGPF.D55;BP>4LCFR(LT][5,![/?3=)2AI_L@G5ZV(4@ MM7]$5EO95X=9ZDRY;K!#-,P6<+#-.AOZ9LBLQ/ZGM5X'7.5*!32"L"Z0S@L( M83T?YQMP-D"+'S-^!5:[;ZP'+*],#0B`??DO.Q";?<"!PF;6T)BH$"5(=C.D MH"9\*F%FQM7P#1HXNWI@%YOBL2@QY(`]@$VGW-8O:!XEKJCJ;0QI.E!)UA\D MF5W%[ED/DNNXP3I1.L#'9L]@G7`QJI-80^J**H`WX`BAZJ9WR?$)3L.NT"&2K6RD5$0^`1_P/815X\?1 MJ1UM=!]REZ>UZN6`8;;T%[C03EL(8./$JMYRR&&\ZCHQ1S]AV0C9-C1B'@2) M0N1$P*E&@2.G1H`=-D3T3&&D$OJJMDN?@C+L:"U`W(M,V>8]53A,\_UZ8WU] M>\=G<@^*!P1P2H&C`/#5H@#ZB;Z-AZL3M;=G9N#)>BT0OW5UKKX]N2+;9$I(2L(.U M`[>%P`26N+-=+Q]1[LH`4'PC)<%R7241;#-"ZVKU&5.P86,0$2BCTXQ^`BV&^@LL:L`S[>G* M1)7,(=KO?`>%^:!=Z"%Z9=XN"I4ZZ80T(YG_:3@A5X73F*T:B>T+]!>B8_"7 M;WZ]AWMAY) M"2]<(MULO5P8Q*61>:&R7F%K=S8?F@\7JNH5`&XM"N!2B;QX<71C?69/QOWR MX>+5T?;&`J)RYQS1'0M>7T..:&DMY\\YHA7($?WXG!EZS@RM:F9HN=KTGC)# M2PD>*SM=/'A\CAV_]MB1+2=XO'.>T78,@M#;8'^#G40]%8INZM]#`/P!X\!SD1H= MY5&"-R_2UWUSR8/I-P[@W89_8<&4RZQ*-Q?$N76/X]!>+2,KG MX_E0N@L-C-D(HBPT=OUCXZ)AKR@SW?+Y"%2D)G8(Q16$-B.!YT`R\.VD8[&A M0*O9+VABG]81!!2T67)6\G)A>`P62Y7V"+YWE"2?*/B@NR1\A%\6@\#IB&ED&VW?O".(AS?R($AE5$:&Z)P\55KKF*L1_A>S'Q4CGSVKVXL/! MD?ZICG#762!+RCTN)L"@.@YY-0QF$`IXQS@R84`IW*OW?`*=-ID]T=NO)N&^P8T!OS:/R/H6'A)?KNVPCGP&)NX2N& M0DN5'_&@VP\M,>N^NC"2#\*I)9H'"K'A4S($6N)4_BJ>,L'WIJ\*3C3)M/55 M_>VAUC1ID@G<%-MRR8W8*"QO?4S8J-"<]QGR&SD$R<[=XC4>_I5A;L--X*"L MG'ARVR98(IT46P:*K$6!`LOX/B!48@-9XFN<].X9JP?^<"E(OO MP^DRHN&0?T*!3?$>;=B!C0)02Y0P1^J.SE=9P'U=A8D&3.!XK/K";9P8$^U( MF>-_,K3'%%V(*2H2[W12__>B#!,+GL@YZ(D,&89`^M&T@XE/&ZRC26KJ,, M!7&IO20+V78-]C8L^ZSDNN$+54!^^^7X\G#MXJRS?[@+^[I6?$3+HL=#@_IH MN6,D;&F;$UYPSPF-6;W@A[H!TW`H,<@H4WB24CN9PCQK:G*MFEQ#BVHE_LY` MNU-L/DF:$KT+9O>MRE%5/',V-+R`'-]3B0\MR8H3Z^H>7*X`VIG/1I4DP^WF.,K?"0 MH=K"Z[^PY(#H3D*A3+I`&0L%XIZ7$*KS*VYB)TR6_ITY*]B3-Y01#Y*A*&&/ M+A=#)6K8P*;#&^R7Y!HER,BL3;[.W8K%M8,15K,@8G+0AVIB=<.%)J,^`2\)]"1W),!C/&D8[_@TKN4GRG0R+^_!T\:HY M`U1:RL!!?-=7?/B@*E/B3KRPNY(@]4/NPHN:76S\3&9_-3([15$5O<:Y>1T/ MZ-G72*[&O?UGA56V<,W;V*Q-Y+M\Q]7^@*NT$X=GA=C2'10K0L4B357`-V_+ MG]]10>+B^:JD[LIBFU_48&^N[&48P?$(E`Q7YMH,4$R5JS`SK$>5E'`7WL/[ M%%*CN$WQT5[4:7-;X90H:@H[S4-8CM;WN9>#R=5'.M+VRC3:SX+EP8&=?[QM M06`/O$H_\/>%4%?@O+?:W=8C8KI-L"\*VJ/O938AOFP?I2LR/+#Q)XJ.4S'\ MLUU[4'*L;T[>W/$E8&\L'>RY(K`@V`_$-;=]3..-ST)4;1@3BO>CN;W_QH2BF`0R[\SNAT?^$-`*`#_ MCL"MET&&Y6AO+,J7^PT!K!CP8(!ER(58AIJJ7?G;$-R$'S'C(:8,!!:-^>RZ&L;`@U_VO?QB ME5-^&YC:T'ST/.;%@+B3E!O.[_J.J9*[&&=BZ^!MH*J33L[S?-5-E5G3#6RS_4#9Q,Z09V`19Z;&XJ37Z'\ENF,O=2_CO+X7^E6< MSTUO&A1,\*_G!?XK)$I*`$DFI*@3>QV:5N$FRO0_4O$"JY2*.OO84/8'A-(L MIBP(O)?%J"%M86(HA.FX[,D8^`.KU$DWDGT^XQ#E%,0\`EY<9:>*F8NB:A,* M+/3'KH>_4FOQZCJ^Z38E5JH&49G5M!;8PFM7I->"Y"S1I8X'5QS`DA#)7=S5 MH]>F-M1@^],KN&[YO"+@6G;+()7]!5NZ-WK(JLBBIZ'H>#.\8+JMQKG6G41 M5G1A3"*K>!;PV+@)6#2[\?2VC4[0]U%2H-W660CL2UC(XA$:AL#DM3V=93H; MT'7(F='3*J'L]9`/4],-`X)3IY_7,8O*(3_TW MH;CQ%&/9+Z+T?F+<&#=PG`_#!8K^,4]/>,5^!TR#59%IVIZHT<-WIXO*.XH\ M*&(A0J-`)#:L\,A3A::GS!TG8R\^Q7CX@&M/U%U72%G2?RHFR;VO]FMJP@*7 M$\#`:,#':87",.F817@)--,8.A))"0&&+K8H79VA:'`IHQIB5E(R&`-3Z&J[ M6E)[G,KZTMA3TC,=?V&QZU`JD%ZCKZ:2R4>]_TMINE"8MJ+N#)%0J`C'MC6H M-`3UAI\HDB>7-X\*$!G M.K>`'@2KJD8.G:5X3WIO4I<QF&H&L.N4[K]/_@(K##3"4CX[AT>F:$535(-DDME\AQMP$R M;UD*A*+NH**UW()-=3NR*!@#4,1?6!0ZYT,MD,9\\)%,>23_X?8@P*P>L#J+ MA-:%WJS3^<,4&^9,([OSL5!%6R:T8PI_B3H\^];I<6Q6^-4@-QGH][%GR:RO M1/-@#AH4.=U0[H8H@?),W;'P&K(T\#OM,^58$;7G89WGM:I\[#JR9K'QH<D\TA:=W1*T#ONB\1[DI^' M+EP/][N/KG$VH-:=3T4#E\_#Y3:?G+J&LXQ`E'W5TE$T[(BVFZI/H`+7!?X% M)8FF7"@R*59ATL]2YKX2+3/I0)N)5C2H.[*G*_;Q]T`M,N?$=QB:%"'8M4EA MD'Y':Q**'ATL2.B,HO$&C#AF*3):HLH6R/WT`]/V!U%">0U6OFD>R MB>0(]#A:?M@+!F@5>R(9ZI MKIK2^A2'#W_>=:*K'EU'.OYA>_^=ZSJ6(@KSSO6BLRR\XG1L-:G^R,7*,/"Q M"V'.$2]5UOT_=.2TH5NEA]9VC^-1_DH<9)U[=+;*8\BEP00A'KZR11J2"9?1 M+,V"N3N+1U)/&OOH75;9BQ\F@S#3OSH00R\A.Z61L;HED];&3.8$?%%B-#0> MRZ5C#13$E%=>50*;I!M1MB!L.6;B%5>Y2,3Q<9X$Z5%BGYR7PM-V*5GK`!M[ M5_AH12=UW<_GUCUO(8]+4!69+`EX\F)HLSO>M*7L<#_!%#(VV]3[+K`6REPG7$LHWI,[,KZ;P8JA,][ MFD3A_[=W;>-!A5E^800=/$Z6VT*XR`3^K.<0VKHC;)FGMB7L?Y+"2YSQQ9MPPR_8 M4,2KPUBPX#@_1':*$)1VW`XQ[1`QS69Y]@')52:LP.C'S;\6S0#R2*GYAXM+ M'UF,M&9S&"TMI`+%38P4HFNS),[XJ-AJ=AT\!+@\/B\L>.A![X3S2R]V;RB4 MS:K<>,@BME<)"KK&NV$$PXWBAN%SX:THI4UN#$MB8C";TCKC[+%6T.>)W0B2 M0RG@@VH6T<1$!6=AVQ'VA[&!$][1.HCDS>(Z0>!G((FQ^T9)T1OF0D=FOVW6 M.A(#`K5#6&6?8@(\-)3_QO=TR_+F@AY^:I8![*J!G M]A#-(8UV+69S>=:#<`.JBJBTMR%H-CLF30J3G*GJ?^\G77NAJ,<*6=S9+Q9$[-)]?/FMO#-Z'8P.6. MN$^3:1PT.C^E.]ZYEU;9$65SAN2##$KM'L,!^,&_#^4%P:36*: MV+0Q%1E:Y#.`#7>31U.SC8;&F<,'-=91&%&!0EM5U/KY,UIS:+;T>+(:>F'[LKU" MI;$]F3J&$V`(FBS!9!$-W#FDSKIKK^0/VIE2HB;-LBC$"$E&AQYJWW;?DT$\ MZ+NNN['T6>G*Q_@;!&8'LL;R2&4:JE#-`X/ZLY M$+/*9IC%P+WQEC8YT=V[A&097NK7C%B-_>Z<,CT!E@HX)^*Q0GO&;M)@X36( M*)G[A"O?2JD+$.'2%@:P&V9A"I6!$135,WR=6G@G5*X4-ROQO3G37%18 MC>;GN16>.F=(@.9$B@LSHUT95`QP,\\@;%3U!+@OU_RHJ$#EP2$@;A[6.\!M MVW/`:YYF]6JGHTIKGFRUZF*W,SFXIJ1;/06YSHMXHBG(5Y\X3KCFZ_CJU6:F M(+_9^+*7;H%5E[TQSMP-G>#5P)GK)E9N\^R!,@V&8.V"-W>SYP=M@C=W8Q0K M&WF'K@BT68J5#;(#;^0Y/7;@49*/JBF4"T9QG1E8V(!-+#,Q,7#9^_:K_ZQ7 M,'6A1[7MD1T3NH_3V&A\C<@IGL[N(EB77R;;=\1\/)GF0K(#KXYD1Q7@G)#4 MDJY"V!:GM]RG)N+&'%(7733)H5Y?F3P*TR?W?"_I^8SQ27+YT`$36-TA@>(D MRSD)GB)8IR]U+,8BY!FT8[B1JD_F0$K#;#(V:58R01:P&:+SJJE"V04RZ_,8 M,#/"`C??J.*6'V%4&R4/MUG,RFI?JB<1U\WT7^ZG2!?EADDEK.A05@BMB'ON MPQG92#>M3A-F542MPK\YKNFQ%;C[:2$U"KQIGEG0V\PWB$7M0WC]XT,"(4!) MZ]#'UKH%-UW1]@=DG!58*(&I<%F?0#!KAWUNA<@0(\R(EK%D"^(B%FY(H-.Z9(=MI[T?BA82M#&F\ M&V5':_SZ9<,:0RR:^B2'1;NK2?5*ZS#%7B2$]:]?5).S<2IAO!ML6<49$K=@0DY^[U_Q@_Q M))\S^@UVR@W#\JEL*_,`--N""!=I`X'EQH=;X*`\T@'$UE'CF9<%%3.Z$]2O M)HK"U+\0I`+8:!_TWJ!&*6$:JXCG?Y@/^.("CFJZ8H,&2XV-=#&90IDEMIY= M+8]XV='CU(FCN<;)2"L+M+(H4<"AD]GE62`WTV!4$.:0[Y/XH7#,'22,$GQ& MZ3?*>YED`(3XB`![S?**7,VP[Y`S6&A-.""1@J@J?@)G2$2%(3OG,X1"-(*$ MED6H#2K1.]0N.RB%PBDF/CUI$&HQ_K$FF\ZQ(IZ'`B MJ0'+X#@`$^H!<`P\M1?>"BKS\V6NW6*`B/C`O0!HL[=+DMJG.H;YHTAJ-T1: MM:O3;C]7TBKOY:W;?=M`!:LCJ6HG2=43]&HWH"T=155'4?7<**J>@NYM$UMI MYQ15;15,QU'5<52IZWPV'%4MW6^-'%4*L+P[CBJ-KC=O8QA#=*##*./5XEK9 M>M\M89*9M/;`D:NX'LH2"#I?5H^\M?/%=20WGSW)C3-ZFZ6[::M&4_2^!`!Z MA=T2.]ZG^!0X59?*7;T/*%P.7@U`077K$S8A91Q`@W&&%!"3,5'E:-OGL.XP M"UNY;WR/12%:-X5B8\\"V5HD:-*S(P MPEKS5!M487X*&Y?:!W"S<5@-0E!%6]^A0Y1?.C^V:'J(C1=U-@O5\6S`R^]H MB*BM5&; MX>--D#3H/"AAHP(>ELI66MM@P;0JG8,,%G`T9V8)%DC,D8TGDM50 MGTT$:$)+"K/DBC($0S<\T#MQ^$:WZ+8J5\=RMB&6L[:^X8[F;)?B/T=T[8F/ MKEWL1L^7@G'MID#G2MN"=!&=(]DP65HTYJR8 M--C*,KVB1+%U`!=,]L".>MGY[J1^TH2!"3]4&5O@\134.\V]U.A[)QW:P4O+ M*6W=I<^;^^NQ-7247QWEUZ.47RW=F1WGUY?(^=56930.?>58XIJ"> M->1WY`3X``N,+G!<*-=I\Z/W84"MQ-8F6J"D\$9M_[[`K\6R*C7 M3%*G:>-0(>0Z/-'6@QA6IF/P0:5;?`^N+D.$?J&I/F3H-0>9P'8$,H(H3U$4 MKA*.2#XM&K:E,49FI.^MKS%T9'([)9-KJ5:\E5K(+S3C4B\Y-4PU!@64AJE) MBSFQ;DIW[L=Y-K..E-,:D7P`M^H;X:?Y=";7FGL#PZ@-Q;)% M3^",&GES[?2V6BU;>X%./.SH;9Q<&-.'7=HL1?I_2OZD\2?]FS=<[4%O'`[7 MA')6X0I]+KM)2G72CULE7\SS'ZQS;E$&__.J:"-KO&)B>Z2I_5IU+?DAJ6"&K#'P0(I76'N M!5?$M`"E_9SF.>$5H#[S^9[87LV-G3%QCSL^5.K0/EFC,)?RM#+=U=Y!KXK' M9C$$'M$@/_W%_)H9<_)';.N5JQ\SMPJIX@]1?F)4ICQ.QV^=2[B&HG-+)EJM M754NR^F")P9\X,>?R!&&N?^W9>K5K^J,LYC4@&W6367"_9&)!`"OVYN;_8\9 MG_;EUR::`NNEZR!#\[D1R(2TGUI.>5% M?@Y;Z%E*=*D4O.?;/!'=J_]M,1'=ITR]?^*#O=CHU/L3V,!/?+XMVL#-,5]N M1%D;F2\Q7"16XS*C&0G0X(]BO=P@?>)3/+"PZ7D,;?[!Y@XVK+,=R'`DR$-4 M%V6-F!TV'-L'45-6<17R(%*=_PXG/YVLLBPY%NRAV7I5=KZYDELY3L?:E4#BR3]8P"#+HU;.K M3?+:G*66A\='TS*51;UJY]3!8SWPR?Q@5HEYZ/^_BFA&32FLFI225*NQI+N/ M_)-XVO`1_DC@,U>:YD.;%1[\GU7ZWJAE.BX4'/R`WG%DWN@8>@#F?5$IM_GD MBQHI[`?*HZ%`S6P@4JIU-LOM79DU4A&X;ZL= M&_B8]`XS%KW2/F&CXO>(M(S'@$W%,UM+"WN61IC23VH\]D,8LSO8/!S'[SL@ M,^&"J+]W'UOP<4-)MQ3@B]4KM14(LXGZBP7N:F@,;%F5A-*DOI?^/)Y/,E^$ M_37_;4+^N9T]Z$G0HHM/B2/?"/RM)<90F%'[(NVE$C`+YJ7!"QL3842$+C3" MS>H73Q@3SH6R)C?%>/-H@9L543,QHP\T)R#;,K@YW4,J>ZO=A.9EU[K)TUIV MO8?@[<).\;8)6%Y.7WDK@D5B(A:4.Q\QL[B'J`,AV\9KI%>D0FR%1SSS=[C< M6^"])STRZ"NR&$)1 M2YLF>AUP%:@?./:S$2'T9VK^Q\4F1/&W/!+U@DH(R=Q+WX;.>5SJDVR.[;UH M6&03,%GL-92."+&MN`J=J\'8`%.,WLMWF=](<0%*)#8?`?[#HZOTWX5",$HK MR[\HAK-VW^-1WF!GB#T),=7F?\D?B&O=WNZM0"7_0,_&/+W6A\(:-3\`T_[" M[B4&U/G"[2AA"C09;?;F\4NF)`_7C4;^@8"[P7?6]N79V_OIE"*[26#C3""8 MXJE"U\\$?K.JE(&LD+6!QZH77%:"KTBQ(`.[YB0;.HH;1PQ2:'Z%@"3$H\I9 MF807P!"DO[S^J'#<8\:HX.?HTO[[,!L!ZH8!6^U6MNQS)%%K&3%MH^^QL1%3 M#9!_"SR20KD]RKK6?"*!#-/YDW!(&!'R!'Z^]*];=6W8I5-99P"3U9/(&R"% M;4N1L>-2;>9250JVO3,->[:NW_&JMI-7=155 MG@6QZBYL3$>LVA&KJNM\6<2JVS=$';'J)HA5=V`H?U05^=!6ZO_QF!LEP!]Z MWM%P06FSJ,9F&]48)6-M.WG,*WG%PG) MB!9E\&+-1><\)<*`=V$4I=?1T`OUFQV^A$VZC#8.TF_,F@6;W'MP&9;Y4,GL M#]#NL$]MQ^WXLK6WHR7NM;\]8`GQ;Y(?C'.PPW-N$WE?"68PX(;JE/O:1OS' MSV?7IX=7;X]/3E\;)7K(HQEN.Z-E1UGN&0+RO&Z,$2^M5J,+N=!8QRVFIR.R_FSYW+>/H/S#O2XHP-^?G3`VX^,WS"6ZB2;3A.6YI*D MU`%[D'J,"B]HX"-D4KK!B:D,&2HH=*#]2--5@!G0?LNBVPHX-;.:"$%364*F MO^`B^\-XGD'P5E1L)T9FAV=XTC9]%9[BH"_@-T&+C=P3>N58J#T=HJ+[S%.! M4Q4"5L%O`5.XR2CS:E:.&ETCZE7]YM+CE%L&T+<&%VL[IA`)5=,I4A;XOK2I MFS]-"HK,U"&>&&<.P<03>:>-L.$UCMXAS\G MMW>'OZ$.FK6JQN'?JO2][A8N.8_@9XN%77Q>-^\Y*)35SQX&!"W0>W%V,N90 M@R+I!_,*[^;$V\J!`K#H)7""$1&3,+VSWH M^V22SG]Q.XH&00#_H.#V1<35:Z%A7^!K'A@>RR MREFA/,;6+.3&L+U=92^&XB?C\S(?_"1L$3;KBAR$$W,G<)[,+8B@(A@3JE-YE[0I M?\TP^`A`(LH[!-TMSNB'6NX[FM%T272J%9IK3 M4\H03C]$@&W_1U+>N3P.N28WIF3CY%XD`F>D3*+Y:Y.ZQ_C@_^K=E>7L]='1 MP\/#X&V$)8#SY"8>C++I49Y-XJ,KQG#YZ_WI_.*'X_/C'ZXNSM]=GUZ>7K^[ M_/7MQ>7UFXOSLPNSX$DU3;D@29@,8W_^N_7I[^>_'9U?7E\??K3V>DV]6!SQO?;9VA\36[V_O5-EI7F+O&Y M^:7W`?]4SF=F35A:,+YNC_\*[_#[/?62/PSSR2#+;X^^-B*@5PP?W,.+R^6- MN+VK8E4JR^6B=SE(^#_.RGCZ^]?RQTDTC"??[UU``XE?:G%A8J5C;`7L]8Z\ M.\@#>+%UU[]6>5:YCO3B;E!>FMDEAZ^N]KK)>,5;O57 M>D"[Z_?^JXCR MD3RO^?&11^9/'`%<_5`].MTASZ9+WA??-%M%_D^VB,TRO=[?QE\]0FB>M$DJA<[%]6+ M%HKJ99.H7NY<5"];**I73:)ZM7-1O6JAJ+YI$M4W.Q?5-T\MJL!+0 M8+GFAW\#4$L#!!0````(`,9B24'.3>>9YP(``*0=```5`!P`<'-F,BTR,#$R M,#DR-U]C86PN>&UL550)``,T3W10-$]T4'5X"P`!!"4.```$.0$``.U96V_: M,!A]G[3_X&7/(1VC`&08A&$>?:K9^HUPH M2M3)OQ,I`;HX3ZFB6EJA930'Y-8`%*FJ&@9VZU8!-#;(*WV4O((G5&E1O,-K@CW\LKY&.XU&PUH?W4(%^1M0T3K6 M0R\8XCEDL;D54#$0:G*60@13I+?CJ+M',(@QF1(1Y'?;W\=CB)OY-]U_>$@C$:=,.B&RJNV?"6? M%M`R!,D6*13?S3E,6\9"3%W3M1W7;KB?:RN1?/Q71:N\I(/(;W?#\;#GC[R@ M])0'U4I,>!>$-U[@W0S#8#SR(W\TCOIEYSRB^9(6QRG.4S60T4`)[EF!E02: M0%*8T6DO-K6)U&*V>CEU9**"57W<$"/-C+;4J.!&SR8J^-%.`&T5?FWN694] M97@OK]J/)>/[Y_XE[GI]$8!K,_9H<6[IJZ&VZZMBVHY9=];7A?-O?9"%EU`M MM)X0($7!F<832%O&`8Q5KK.CMM[`4R^FZJ&@'R\=>,7985C)_FZ)D)Q,#09`G\D&!QWXKSJ]_1A%_0?\B')2!KS/J-G)3@VL.0,H9P#/SIY#Z)*=M=F MV8)1-3.=TWR>@+^48_=,QX?QEW)+6@2.NCYQ M3,G.E?)]3)1>R",@V23G8KWP'K1]RH"7MF']43?>L(,<*YV[_E$_NW\4W&A# M7G6/JGM4W:/J'E7WJ+I'U3VJ[G'BST&[!N*>W4`V"JB00!N-JHA41:0J(E41 MJ8I(542J(O(?%9'F]A].M?,;4$L#!!0````(`,9B24$CC<['\V8``!B!"@`5 M`!P`<'-F,BTR,#$R,#DR-U]D968N>&UL550)``,T3W10-$]T4'5X"P`!!"4. M```$.0$``.V]:V_C2)(N_/T`[W_0U'S9!=;EHEPW-Z;/@6\U;1R7Y;5=VZ>Q M6#1H*65SFB+=).6R4>C__F:22DHB\T;9SHP48[#8=MF1Y!/)C'CR%A'_^#^/ MLWCP0+(\2I.?WP1OW[T9D&2<3J+D]N`X31(2Q^1I,)CGM/F`"1_%Z7PR.";3 M*(D*^HK!693\<1/F9/!/DI`L+-+L[WI,__!3S/]*427Y3X_LWS^_N2N* M^Y]V=[]___[V^][;-+O=#?;W]W?+O[[AHGDD$AR^>Q?L_K^O9U?C.S(+=Z(D M+\)D3!:MUEH\WF0Q;[.WRY'4SZ=_G11U@U7A#[O5'[EH"[3TR7GT4UX".TO' M85%^`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` MS^>]9U79,!N;ZBLY`>+G4.SHYT/9#7?T$=EX?D-V)A%%DI?G*8L7K>I7/R5* MBETJNKN0V14^X+51UZ_:F:2S,.H(N=W:(EXR#>=QL3%@WOS5$9<]LS,CLQN2 M=42[WO2UD89QW`U?V6"!ZF\[.X-?^`A>/83^MX,X_O?RV)ECG]1_9`?4:_C) M8T&2"9EP#=AK7NIL<_&>J&"/?%?^;[`SX&U6?Z3M!]4#!JM/*%7@2L3I>`UY MS$Z5TTS8]64'YF3\]C9]V,VR7>8^Z7]+-[KS+E@<&_\]RWZ_R-+\GHR+>7X= MWBP_9.G(?WXC$MBU@&KI;P]N\B(+QT4;F$AF'=ORLQ]DZRCI>.(/7`PMP[%7 MM9EFZ4R*8?&>5-Q[:4;7(S^_":A<:0P_,88ADY_?%-F<+'^9)@4=F0N*H59& M;MD/]=C?%0SKI56<)G^B:/K8!K/UGRY@NZ)!,Z7>?T+F3"EQ#SA+*:CA=DMN( M?;*D.`]G(I!B,:L8CV@?96%\2LWP\?^2)RG(EIPEE`?T(T[8A_P2A[<"=(V_ MVT9U3/)Q%MVONAP1N#4Q2QCI$I%=S+MZFMVDL0!(70>DW:$QWW4Q MRQA/IE/*M=$#T8!LR-F8T2PG`@)L@K^_YDRF,6OQ'`3KBV?V MW-WJP8/%DP<_ZF?_127X\P?+%PR6;]CFK2C3Z>7*9@/_U<%CE"LFFM(6KVE5 MPFW]AFU)^KKI%:3XFY,^C:4=EX8^^%H:>CY`4]J"0?OJR(\7)SQ2H,=K1T"O M1%&M`Z=52^K0T4W3XN`[6A)R%G*6'A7)RK&8C,E7$K(#;(')*^0`LY,"=7,M MCYP$RU1>=%#:PB@D(:6D#9P'TX)DU^$CR4?),=L4BF[F;+3F!\GD*HQ)_G5M M2;6$;=S0J1:=T8M1VYP):`>XU'G))@*0M3`>1I;V5U]7J88R>SA5\Y)_H&XO MG)';,*ZVR24KLY8$X`F:$&]'R\&IF?7M@F^]B#=#%C_\P:8VO>+V6]^ MOV+?/XBS/-^1;_+*/R^!*NA:FB^#L[E.V7;)6V)EV/JH_+C?@Z" MCW*F;LN\POL_&;S_D_N9@L'`6CB.]E>#LDEA@%_RW:'L2'36X-.+;D/8BY%! M_PULPK/UP34?WO0PN*;'9N8X*L<0VR^DO-JH@E:+V$`VNOE7=>-/"JPM8177 M11:QT79-[>*0/OH/!<"VJ%6D5X3ZE(DA5I&P#;2+O!/2K]W\NT5,YV'&LI@\ M$$7_*42M+7%6\N&&HA`BA9P#C"4I*GI4(V[%@EJ)=V7]*I>TD\G9PFCB*65RMC#JO:)8R@8^GM_S M()FL7,*3RY1W=DK2-"^P=(%M&^C7,_B!%F;6F`VBS5BYZ MVL1/F+1Q@5WO-_0M`"6^N@8?EXMW7$R_.1:@O-F M^,FUU*?0\!-L*8ZGX2?:TA]8PT^XI3S']B+E5H?3[%8V+I`**0ZYN0*P^5=_ MZ,WU@$W(9@?@7!?8Y"PY&^?@O>!E\8$Y5\$+EE8#`G>OC!<D>3NTFQ4-J6'P)[$?EP\;L*?!,AM@-2"P MQ&0+/^02D]MD,,Z'9N_V!;"0Y!:;$TS^P7*17I6+[(]!]'*C['5P8E%(+`H) MLGXB%H7$:5<_IUU8^A%TZ<=M,H!>GJ,88<("CXZN#_6KP.,V.1.8;(IE'#TL MX]A#L]CV(]GGL"X6:\1BC5BL$5RQQAYZ:4B3ET:WR\O8205?TSY$Q1DUB"%7 M:)1`1P,#.92MH#Q*X_DL.0]G`H>@$+63@O8QFLUG1_/9/"X#S\JM]"K+U^B! M9*/IE([VY/8BB\8"]!V;@]"HN!.=\Q@VLZC!"H#3V3WS8Z/D8IZ-[\*U(WR>%NLX3(62![Z2@V8010I[X%U%K;1@Z3:.SZ3#L.FN$D&7> M3%?E=!)"HOD-U("18MX,N&)""B*O?&/&!/'M2/'O!G#WYH+.JOK;[^YGPI!>HV_]8DP-EV8W(^;'NW`X#) M<7IJ:C!Y"Q/G>)DXI]_&TLM--DRJ@TEUU.X+6EP<)M79XJ0Z_68@J-L,F'`' MIV<`M@VV\E0'D_&L&28FXT$6[BD+8Z(>CQ/UH,GTXL@9D_B`2RQ@:>!K M$A_TX.`F/:T/(<^+HA"UG>1'BQIRFA\I>#1"+X>[):2J5$!*83O!_DEX6UH+ MNZ.ISDL@D[2!!/H<)NWM*W'*+N*9E$<9N=ITE4375L; MNAREL_LTH0,B*$/)^!!6J6#0Q"KR87?D\B96D>]U1RYO8L4OFN)UBO)@_.<\ MRLB$D6$929E,3#`;-K.3^D8/UQ4VVC6_AA$+W\\N232[F6=YR2@JK"9M;&`_ M)X5)UTK$W(4&FTZYE5,1YX<-'1213U0@9)PQU<)\V@(A[)=JI1MMZ1> M7KC%-"IH&GC?#5.L@+MUO1CC)X_A[#XF':WH_;H5+9XU6#P,FMD`BV_"-"I> MIE'9!H-Q/C1[MSN`J5*VV)Q@\@^F0_$R'IR?ID5EL^Y$L MIB`!EP`#4Y#`TL#7%"0]\M*0)B_KW2Y/NB"3LYU@1(T7!3JD7,H1OCTC?*UH6FOX/ACA:X61VL+'(MGT^-S& MNQF1@,Y\G&]2;:8(MRX(L>Z;PM^#$=2^*?P/,&+7-X3/3+<9JP[UIOTVS%OP MEB/&0*+1X-4MC'-$:\$3>(QEQ.&/AV,8K[A5\8KGZ269D-D]>]%U%B;Y/=M= M[FA,'Y3&]!^#\W2P?,O@Q_(]?PTT=K;5IQO.EU>@+FML:7QC/PS,^5#NW4X! MQD.B^0'G-XR?W(+X232@GF[:8;PEQENJ71JT*Y,8;]F;>$MD);C;%AB?B=,X MH-L06WF:A/&<:\:*\9S(ULC6&/^Y??&?:$8].A+'>%%PT8H8+PI+@^V(%T6O M#G1R)/],ID%ZXC9NXTY5>O@3@RK2`HW7B?':,1/;V+O&N*K;NM7%+/95U`(` M;FU,K*@%`-S:6%E1"_>X]3&THA90(@D-R*V+V3K?/'Q9!>'&WSY?+9!QN<]7 M"V2\[K/5\C>.MQ_S/;S-BW&_:&1XY1#CA+N&(?L MQ16AJF+P=5J$\24IYEFBJD!\&&9'M!,*D7%]%%8B+A\\6#Q99T6#_^8O^)^M M/N]ROK`#=3UH:R*.M]N4G`_:WNU&8&QQ+PT-)F=A%+&74<1]-I5>;MYAO##& M"ZN=%[0KLQ@OO,7QPGWF'ZC;"Q@9C%,SY]L%6WGR@S'`:V:),<#(P+UD8(SV M]3C:%PVF!T?,&-<++JH4XWIA:>!K7"_Z;V`3'MX%Y2OET8@2,=MQNDJTD$-S MA<#1Y#P:W*]TZE%V8M5[1V%YMU%PTB$2LHY.$>D$2HVKDG"`2^/O*PD' MN#3^OI)P@$OC[RL)![@T_KZ2<(!+X^\K"0>X-/Z^DG"`2^/O*PD'N#3^OI)P M@$OC[RL)^[A$66+:$@YP:?U]X,3?!UI_'SCQ]X'6WP=._'V@]?>!$W\?:/U] MX,3?!UI_'SCQ]X'6WP=._'V@]?>!$W\?:/U]X,3?#[7^?N@T"YC)UKEPH]'Y MU:!-P+8C/@R)?I MZ5I\!QSY^QIYBQ&!(U_FSFMQ)G#D'Y?$Y!6M5MNU'+I7I%KMZ'+H7O%IM>G+ MH7O%H]6^,(?N%9%66\<46FU`\6EU1XUA^X5F5;;V!RZ M5VQ:[73S99)7;%IMAG/H7K%IM5_.H7O%IM66.H?N&9NN)%8>>L:FP4IBU![;;CGJ9 M:P:K#*!A/,]Y]R;9`]83L)ANZ(%DX:W`KC:NVO&I85G5"\06!K=F![`<@%AB MP,\2`WVS+N?CN'<[#EAU`&T/,K-A(0(_"Q&@]?1^<^^58F2P-@'6)H"8QA]K M$^"$SB-*@KI5@>4*<`('<>MA*T^5GI.7&"L88`4#]#Q;R]-8U,#GH@9H0[T\ M^GX.GV.=`ZQS@'4.X-8Y0)<.?EJT]HVJKI/GB%<*VRZ#8(`<A51?U@G M=C-"W&SB"+FNK(:VA;N(1G.FE'L+YSN+S]6#.Q,(F1"?K\B']F+`2T4"(.D1 MGZ5(TT-!R)KX+(7$F3<_FFX?.@N5Z=N,%N\>8[0S6AC>D<0`Z"T(@.Z;:?7R M]@K&1*.MO+B+[\U9,89)O_Z=)CXUO8SR/ZH1?TR*,(J_)>5WZFQ9GP?L0DGU M3/HC>^QN]=Q!]>#!C_K1P,P)V#5CC(CV*B*Z#X;D?,CV;@,"@Y][:&8P^0KC MG+V*5V'88T8TBSVG5!N^&+(!;^#%Z;Y"3G>7GD`=6 MBF1LQQ7+<4(.)VZC1B/S8#B_-K:J[\IQ>DT_]"%]_A\JG&)Y=V%,6F/408<> M6=$'.\);0ABFA,:$5QPP(LF+B*0^6%$O3Z0P^`C-XD6V%;9]4QCCC"P<248Y MVR:AO-@TJ..P"!>[)*I:IR*;VFSNS@2 MEXEK_MVNM_J%A),HN55]TEK$!K+1S;]H7T0/1`JL+6$5UT46S<+L21$ZIQ"U MBO2*4*<\,<0J$K:!]N3QGD[NY%^[^7>+F,[#+`M9WRCZ3R%J;;%XE\:4H;\0 MDA^%DAJ:,CD7&--X/DL$7EHM:@/IU_`QFLUG1_/9/"Z_9GE$>T1!W9+1`\E& MTRF=I22WU*['`O0=FX/0J+@3W1\P;&91@Q4`I[.RSLHHN9AGX[LP)[GYM^GZ M&(L:T@4ER3(RV6C,F34&H(URO*D;N1EMH^221,D#R0LR.8X>H@E=3;#;&VL7 M'_2J/>.)5N:#9$)F)2=0O\O>O?R%8&:H$K:.5H//UHR!NI#DEACTGD+4,E(E M-JOV=C`>I_.D6'3)09Z30K`OKQ1V@M8`HXLYEL05"86LK$CN"9L=)[>+V;)\ MGBJ7=(-3,5=5"ML9C4EX6^X3L;FRVG!DDC9PKO(:N_9(L@96<#H^DUR691$HHG3QL]Q,H) M2)H5TS2.TNMYEJ04C72W5R[I!*=BXU9VSO7K7;U*FQ]97".?G.AL1A6!ZSG.1%-*/DHULV2%LY7D/HU>C4V.IZ M8K5_?PDIJB(+TXQ.K,+LJ89(2'*:C./YRF4IP;*C^Z/L>H&\H/T[N4XOR30F MX^*(V@%1>&-%"YNXS]/B**7OC1=0F"D?S\EUVAQ3\[P M?3#"]\$5ON"="3XFY<#*T^7I\`86KVGM5I].GD#1T*T69AY"U`(`;JWG$+4` M@%OK440MW./6>QI1"_NX.VS8*5K8QWT4ISF=CAFC;LM;N:E!UTL%N7V2SC1; M`C91F;",2M8FUGIK^RA-QG3%EDF.173RMN(ME)$65K\V>Z')EY;)V<)HXHED M#BS[UB?ZBB(JYY-:N22-K5B.; M]Z_]T1H:Q36_YM]M81(CL?/^0[J^N@NSXB"9K"0$+,.!I21FTL9R9E(3BM.( M6T:\DBS[-([G>3ESR?\KS*+P)HJCXFDTK4(RU>E@NSS&LH:CI-Q/&65G)%(K7]Q1%.DGD85^Y?.@L3"EE'IYB5R>1L8SRE MIEQVCSBU@T+4-M)@?U^P_]B6<(!+L'_>EG"`:ZC%U4I\90678-^^+>$`UWLM MKO=.<`G."]H2#G!]U.+ZZ`37)RVN3TYP?=;B^NP$U[X6U[Y]7,-W[S3^OI)P M@$OC[RL)![@T_KZ2<(!+X^\K"0>X-/Z^DG"`2^/O*PD'N#3^OI)P@$OC[RL) M![@T_KZ2<(!+X^\K"?NX1/<+VA(.<&G]?>#$WP=:?Q\X\?>!UM\'3OQ]H/7W M@1-_'VC]?>#$WP=:?Q\X\?>!UM\'3OQ]H/7W@1-_'VC]?>#$WP^U_GYHR=_S MG4V3^QHJ69M8]?(EGVM6]/*3\DF8EQO.T*!/:DVU=(N\9ICM8/SE^CVCN3%?\XI`I+% M3\KOKQ2V>BXH!*(>"ZHV[K%WQ6T'\UGZW7APJ&1M]J\0AWIH*)HX1]X1M?7[ M!>IK5U#N6I4O9R?;!@?AALU<:+!R=>>HS&P@F$69M+&!O7SC>7I,)O-QF>PT M+9-F\WC@LD!O&[U9*Q=]_XU%E%>^^`O+OT#7,>*4-H;M7.A0WNN(R4.8%-'T:OA;RE"SU&255%:33EQ9ZO[M+OZO+NZH8NM%A)B\'1E`-%D!"D0U,G MXZK;559I&Q?8ZY5^M>P4WU/EB[2-U[9VWNJT_SI\>U>[*TT<^ET6?0LK.VL/ ME#=NB=GE.(6L*ZRJJW)J<4>()6L+BYM&B)M-'"'774S5MK"!>R5X[HH\$/KFI]\B$D^DKE?;P"EJA1,V M:>,2NR141"/N$K$Y6&L) MF_>5%5FY"K!G`8VBK1PT;.I7U'+E"L"F_[6"KWQ-YP7ABZO`5FN0K0V5A6AI;CA\VRYN5HN3ZP*;=+45JN M$6P^-JA1RQ6!S]A\K:C$RQ6`S=/ZRKQ<#]B$;5:EE^OB!5\+:_=R#6#S=O?:O5POV"QN5L>7 MZP*;U,UJ^G)=8+-XI\*^7"78Q&Y6Y)?K`IOB.U7ZY7=?O"#^30K\<@7]F!C( M"_YR/?R8&'2H]\L5\V*6T"P%S,%[,4$0UP?F*G@R%Y#6"^9Z>#$/$!<1YBIX M0?^-`L,<.VR>%Q*%G/L7G"S8>%BKI,7/*VO8,S5 M\8F=116-N1X^$;6HPC'7PRNV%E0\YGKXQ-:B"LA<#Y\H6[%_^M$G^FYG8^!: MP";R5A%E'@D!F\-5I96Y!K"97%=LF6L!F[O7*C)SR+#Y65:KF:.'SL.E871&;ZP";EPV+8_.@=-C,;%8HF^L"F[);E;0Y;-B]>`5',_3 MHDRV3":GR;)6Q8I6L*FY69M^4?2N1@^;G_DW:6JQ=E86`$_-)5-B10'8G"VN M8]\<2;#IN[XL(=2E,9Y@$[I:E14U8-/[6?I=/ZC\H'>A*NMC"GAV+J4F*UK` MIG#=O=H`>&JN)GYVP4A^NR@`GIRKJ):N$O1Y>DPF\S&# M1">'+`$*SYAR'3Z2U>\"F\Z;W^4;R\=3<':NIBKU9DNUXA='2?"U<>(E4$)3#`Y[%2Z!%8[4&/'V70(%&AID`>/8NF08K M!V[`>R4N@P554TN/B'O]2$^!YO02:B(,1`N!)O@2E[M=+R-=Z MP.9LJ1X"L@">U$NFRGKD8P`\I9=,BQ4%8'.V0`%1:?M:&]@$?GT79<63W+IA MDW<#OCR^LOH['14=T=4L/>]H_\+]@=,$_Y@^@_V[-WJX8/JZ0/V^,$/ M_H*_J!!_R6#YEL'R-6LC@"Z/UW2G_PZ+M/YZ=QF9KG_XG(S?WJ8/NQ,2[;*; MDNR''?;#SKM@9R]X^YA/_DY_]?MQ.IXS0"L[*?Q7!X]1SE\0LU75SV^,6NS: M17Y<#F<%4"[PJC;%A_'.I!K&ZW;5H:>9E8G0<\M"NP)A5UE6#7VGF,#_,*@AFA0(`Q*Y^[/R&T8GR14 MF2<),;4D+!%1]4HI#:W_V3$)27J1D\XZUH6%[*&%@+`0M3NOKX&69CLV_7)YV["JQ;,'/^JG,Y.JWC#@KQA4[W!E5>6!IW(^+S1%0/*5`W76W`=G)@;WT1`OC8=1TS%XJU5#&=,<. M)VT`20CJEL.S-^!!3=6$>+MN>.,DS!1EANL^GP_*][_:'G\JWLM_\ M?L4^Y][GX<=]X;Q$(N-V>V*3DRAW5WYE'Y?!E70O;J#XX&M@ M'Z@B!28&T) MJ[@NLH@-N)7T%E*`;5&K2*\(=2P30ZPB81MH%XFMI%^[^7>+F$2Y=B3P1*+6 M%CMW:4Q9AF4)JP-5A4L>@9P#C"4S*GI4(V[%@N@DE7[-Y)9G79/VJUS2RCEV MF4_ARSR9M'#H>KE#4XL6)\J")+$XD:A%I#G/]<9R6=Z:`%:TL(G[DJ5#'$U/ M'L=E8L32Q/38U:TLXC]Y#&?WL98NFF+V$1X^L6PSAC@;PO;1=J`Z10M7O2QU MSTIA^VA_C8J[2S(ALQ*!SD5W:>M@Q*1+-!N,'DUKM_IT&E6*AFZUZ#:^5"WM MZ]%A(J!H81]W._>A&G5;WLI18YH5TS2.TFNZND\?B)RFY)).<"KZ525K9953 M4"=&;I^D7=D2L(G*Q$.K9&WM22EWHZSV''NA2:_)Y&QA-/&4,CE;&/5>42QE M`Q\O1W"03*0Y_9MH3=I8CAHP&:H:<9N];0)7)6L3JW886/WF_*6ZV9U,SB9& M$]^DDK6)5>^CY)*6;5WMG*!X)&FZ>AU@5_;>Q-$!LF6D*^5-.H`V:^6BITW\ MA$D;%]CU?D/?`G!:2,$IL/-;VR:XVX?$ENY:O1#L]M%Q\Z85;/RBX^3F+5^0 M&C3/FY."#5A2'@9UN678\O0`/.]NRYL!ZH0/LA,OR<^P%?-@YESN<9G/V M@IV-67'(S16`S;_Z0^^ZKK87>J@/P.LBHC[HTCP;KRNA>02^<6!>%W3Q2`55 M)3?8;*T\5:]3Q7ND@OILG6L$F\&[G:]SG6#3NO%!.U_;>4'J!@?N7!\O.%YQ M`,_U\(+CI4?R7`O8["X_JN?X81.\Z@"?:P";WULG_!PV;#I7G?MS#6"S^=KE M``X9-EW+K@UP]+")67:A@.]1PN9A\64#CATVYYI":P&9=S6T$K@1LTE7= M4>`:P*;=UB4&#ALVU\JN-W#TL"E7=>F!:P";KF-]CHXL;0DEI8$68412TOB!`P`U4#="L`"DCCAPJ,6+!.)92*W MI$SDUGD4F+R*Q2`]+`;95]O8]J/;Y_`OEGS$DH]8\A%^NFI(TYA&W\OK MX$D%7]-(1"4>-8@AUWF40$K:`\2N/Y+#D/9P*OH!"UD\CV,9K-9T?S MV3PNP]?*C?8J5]CH@62CZ90.^>3V(HO&`O0=FX/0J+@3G0(9-K.HP0J`T]D] MC>_"G.3FWZ;K8RQJR%/3;33FS!H#T$8YWM2-W(RV47))HN2!Y`69 M'$]>_F+MDI*8>MH-?ALE5VJ$S'J M>D\A:AFI$IM5>SL8C]-Y4BRZY"#/22'8U5$*.T%K@-'%'$OBBH1"[H*FS=8V MBBFA\X,88R4ZS@PAY(9_(<6J008A67PGA;K.$R'DDN^DH-F$$4*V^1=1:VT8 M.DW&L^DP[#IKA)"KWDQ7Y7020KKZ#=2`D:C>#+AB0@HB.WUG+8`DI>]DZ>)) M+8BD]!OJ`20-_2:SS'47&H!-R;-UN]T81X>)=]!R7GQWH)]Q09A>!TT&;W:[ M)I*M2J*S=3:`]RW=4$6/4^4HBN-UMJ.]=3NJ'CU@SQ[4#Q_PIP]^Z,WJKZV^ M'.=\>07JUO_6I-'IA44Y'[N]VQK`%#M]MC>8#(;I=[Q,OX,6T\\M.$S-@ZEY MU#X,6B0=IN;9XM0\2$-@MQXP;0].U*!L)6SEP0^F]%FS3DSI@WS<9S[&=#\> MI_M!N^G/T32F`@*7B`93`<'2P-=40.C&84Y_6E]#GEA%(6H[59`6->1D05+P M:(EV+/$UQKPEI*J$0DIA.RD#DO"V-!EVL5.=W4`F:0/GZI8_.\8@V4,T)L'P M)M#A-F]I6X]1=A7-HCC,SM.DJR:ZMC9T.4IG]VE"!T10!J3Q(:Q2P:")5>3# M[LCE3:PBW^N.7-[$BE\TQ>L4Y<'XSWF4D0GCPS(>,YF88#9L9B>!CAZN*VRT M:WX-(Y8$(+LDT>QFGN4EHZBPFK2Q@?V<%"9=*Q%S%V!L.N]63D6<'T!T4$0^ M48&0M\94"_-I"X3D-9MHI9O"0,A98ZJ7P;P&0JZ:SNK()SL0R<5D+&@?>!L.$[7`O)V]&.8GC^'L M/B:=3>G]NBDMGC98/`Z@[0"+B,)D+%XF8]D:JW$^/GNW;8`)5[;=IF`R$295 M\3*I2D^LHI=;:9@X!1.GJ/T4M+@C3)RRQ8E3>D(U4+<",#D*3KCPL`43H&`" ME"U+@+(U'@4FKV*2$X^3G/3--K;]Z!83F8!+HX&)3&!IX&LBD[ZY:DC3F/6^ MEV=MD,G93E.BQ@LY1XD8.5H8U+%L`^/ATV\DS%092'3R]C$S!.\"'5(NY0C? MGA&^5DRN-7P?C/"U@E%MX6/Q<'I\;J/FC)A`9S[.-ZXV4X1;%X2(^4WA[\$( MC=\4_@<8$?`;PF>FVXQXAWI!?VLF+W@E$B,IT7)>?F'=RRM>&"V))H.']*Z) M9"LC(K?&!O#HS`U58-3C8K"?IY=D0F;W[$7769CD]VS;N;-%?5!:U'\,SM/! M\CV#'\LW_370&]M6GWTX7W*!NM2QI5&2/;(RY^.Y=UL(&%6)-N@#TV$4YA9$ M8:(5]7E+#Z,V,6I3[=>@7;+$J,W>1&TB-0'?RL`H3YS00=Z:V,H#)XP*7;-8 MC`I%WD;>QBC2U47,%D61HBWU[>@%/)*M("[1@=Q9LQU9L8^\:*:MNZU87LPA:40L`N+61M:(6`'!K M(VY%+=SCUD?BBEI`B4%E$8Q.1IN!2DN].9+%:&9[5XFJ`L;7 M:1'&EZ289XFZ)/)AF!W1;BA$%O916!JY?/1@\6P#4QK\-W_'_VSU:9CSQ1ZH M:T1;$[?<`WMR/G)[MTV!$7GJYM8=1QQAUK/9@T"[9 M8M3Q%D<=]YZ$H&XY8'PQ3M)@;"%LY>$01A*OV29&$B,7]Y>+,6;8XYAAM)J^ M'$5C=#"XV%2,#H:E@:_1P>C$(4Y]>!>4KY2',TK$;$?[*M%"#O`5`D>[LV%W M+SG"7^E,I.S'J@./PO)"I.`<1"1D'9TB6E@F9QOC*;7!LGN.PT(#LR%J&VFP MOR^(16U+.,`EB*5N2SC`-=3B:DWHK.`2Q'"W)1S@>J_%U8JZM()+$#O>EG"` MZZ,6UT,:TCF4&E$`E\;?5Q(.<&G\?27A`)?&WU<2#G!I_'TEX0"7QM]7$@YP:?Q])>$`E\;? M5Q+V<8ERS;0E'.#2^OO`B;\/M/X^<.+O`ZV_#YSX^T#K[P,G_C[0^OO`B;\/ MM/X^<.+O`ZV_#YSX^T#K[P,G_C[0^OO`B;\?:OW]T&DN,9/]<^%&H_/K0IN` M;^;+)*_8M-H,Y]"]8M-JOYQ#]XI-JRUU#MTS-EU)SSSTC$V#E?3FGK%IL&33 MH6=L&BS9=.@9FP9+-AUZQJ;!DDV'GK%IL&33/<_8-%BRZ9YG;!HLV73/,S8- MEFRZYQF;#I=LNF<<1^@JV6T/KL-CPD"L:X`VA6G.L(*!CQ4,>F!,O4Q'@[4* MT#HP%016)0"9ENB!9.&MP+B>40#D4\.\JE>(S0QT^0]@60.Q4(&?A0IZ:6+. M!W/OMB*P=@$:('B.PW(&?I8S0!/"K;_7PXD5#K#"`?#TG)S&6`:6P[6(*!L@AEU10P$<3=62BKV4,UM">,71& M4!>2CG#^1L),F+19+NH2J2@=I%S4(5)APE:YJ".D5Q%UBG5Z."/$S2:.D.N* M%=2@RCWI8PZE[:5R\ON&!D-1H,GB1C ML#7PNT]\IGH9Y7]4@_Z8%&$4?TO*[[2!>7T>L%LGU5/IC^S!N]63!]6C!S_J MA\.S*6`7DS&NVJNXZMY8D_-QV[N="0RA[JNMP60NC);V*EH:K:6_FWD8&(V! MT6K_!>U.,`9&;V%@-%(0Z*T&C('&"1J$K8.M/`W"<.J@0P_-Z(TQX94B#'9"B\*K M$!C7Y$]<4V],J9>'5AC"A+:!6\88K03HZ#+*V?X)9:6,4%+@8'(R"@J6!=U%0Z,U]F`QA0-16!42A MT8&*C3+;^+@DMVR?.DR*\W#6=`QR,;MK)7')NN;?[;JL7T@XB9);U2>M16P@ M&]W\B_9%]$"DP-H25G%=9-$LS)X4`7@*4:M(KPCUS!-#K")A&VA/'N_I-$_^ MM9M_MXCI/,RRD/6-HO\4HM:6C7=I3&GZ"R'Y42BIYRF3>S1."EU:(V MD'X-'Z/9?'8TG\WC\FN6![A'%-0M&3V0;#2=TJE*BQ`W[$Y"(V*.]'M M`L-F%C58`7`Z*TN\C)*+>3:^"W.2FW^;KH^QJ"%=6I(L(Y.-QIQ98P#:*,>; MNI&;T39*+DF4/)"\()/CZ"&:T"4%N]NQ=BU"K]HSGFAE/D@F9%9R`O6[[-W+ M7PAFABIAZV@U^&S-&*@+26Z)0>\I1"TC56*S:F\'XW$Z3XI%EQSD.2D$._1* M82=H#3"ZF&-)7)%0R,J*Y)ZPV7%RNY@MR^>I=^3R)E;\HBE>IR@/QG_.([IZ M^#)/)LRFJ,/*TT4.LG("D63%-XRB]GF=)2M%(=WOEDDYP M*C9^5;).L%Z*#Y?$8A:]V9$\HZP?HU2MA*_[3?!1<9^&DF@O1N>,UA%Z-3HVMKB=6^_>7D*(JLC#-Z,0JS)YJB(0D MI\DXGJ_K*8H6 MKGI9NOVO%+:/EKW^7:"#R:40)%`W=:F'F(40M`.#6>@Y1"P"XM1Y%U,(];KVG$;6PC[O#AIVB MA7W<1W&:T^F8,>JVO)6;&G2]5)#;)^E,LR5@$Y4)RZAD;6*MM[:/TF1,5VR9 MY%A$)V\KWD(9:6'U:[,7FGQIF9PMC":>2"9G"Z/>ZXBE;.$[2W/R-4W(DQC8 MRI^MC;PTF;!3RCR:1F1R583%7+"M(9>TA;/LEJ]A]@)Z7,Y?\O\(L"F^B M."J>1M,J)%.=++;+8RQK.$K*_911=D9RM1(-2:VM$.\OY*;JZA@'9GI!H>JF64-+L*\.$[+\Q?Z MR2/Z=/)E3HU+W?.*5C8]O-:=6_7=_*4FCELE:Q/KXB,N#@_+,*^S-)P(AJ^^ MA943[B29AW'E_J6S,*&0=72*69E,SC;&4VK*9?>(4SLH1&TC#?;W!?N/;0D' MN`3[YVT)![B&6ERM%%A6<`GV[=L2#G"]U^)Z[P27X+R@+>$`UTX-/Z^DG"`2^/O*PD'N#3^OI)P M@$OC[RL)![@T_KZ2<(!+X^\K"0>X-/Z^DG"`2^/O*PD'N#3^OI*PCTMTOZ`M MX0"7UM\'3OQ]H/7W@1-_'VC]?>#$WP=:?Q\X\?>!UM\'3OQ]H/7W@1-_'VC] M?>#$WP=:?Q\X\?>!UM\'3OS]4.OOAY;\/=_9-+FOH9*UB55_;T,N:1/G)0GS M-+DB;*^83*I,\A%+Z\:RN63I['0V(Y,H+$C\=)&1,6&[]1*9= MWIVSGMP)UQL"VD4O$;/9Y M$X)X8ULM[1*O.58[.'^);N](7OSGG"(@6?RD_/Y*8:OG@D(@ZK&@:N,>>U?< M=C"?I=^-!X=*UF;_"G&HAX:BB7/D'5%;OU^@OG8%Y:Y5^7)VLFUP$&[8S(4& M*U=WCLK,!H)9E$D;&]C+-YZGQV0R'Y?)3M,R:3:/!R[+][;1F[5RT???6$1Y MY8N_L/P+=!TC3FECV,Z%#N6]CI@\A$EQG=*^Y/EA]%K(6[K08Y14]91&4UX* M^NHN_:XN_JYNZ$*+E;08'$TY4`0)03HT=3*NNEUEE;9Q@;U>Z5?+3O$]5;Y( MVWAM:^>M3ONOP[=WM;O2Q*'?9=&WL+*S]D!YXY:878Y3R+K"JKHJIQ9WA%BR MQI%+.L(I"_!6B+I$*CH*D8LZ1"H\K)2+.D)Z%95\L;BX:82XV<01NR`.A;W[Z+2+Q1.IZM0V5UZ#U%)!\&=@S]I%2BW5`'\>:$$)TV;E;Y"X MVQ5.%[!;]ZM@PF[7/5T6DO8!_Y6@%NI"@]:-+5`:-(NE+D"WKG-!!"W:KES@ M;UW[`H5?5EMU`;YU-PPT^)69$N>EUO(;E`(=BZYRI6"SK6']5:X,;!;>L/0J M5PXV57>JO\I5@DWC1L58N2JP&?WYQ5>YGK!Y7UF1E:L`>Q;0*-K*0<.F?D4M M5ZX`;/I?*_C*UW1>$+ZX"BQ7P0MZ7RW.P8'#IG)A!5D.'391RRO+CI;K`YMRNQ2EY1K!YF.#&K5<$=B\;%"REN]DPF9K M@PJV7!'8G*V%#YNY#:O<:28KD;NUL:7*Z>F+Z'S=>*2KQ<`=@\K:_,R_6`3=AF M57JY+E[PM;!V+]<`-F]WK]W+]8+-XF9U?+DNL$G=K*8OUP4VBW<'3^@K&7!V?V%E4T9CKX1-1BRH<:1$+`Y7%5:F6L`F\EU MQ9:Y%K"Y>ZTB,X<,FY]EM9HY>MBL+*OBS-'#YF)QA6>.'3;_-HI`<]"PR59> M')KCATVRPLK1'#IL9C4J(\WC]F"S[5JM:0X9-KTVJU%SU/#I=(D5-H^:U+'F MFL#F5$UI:ZX$;&K=L*HU5PXV]\JK77/\L&E87_V:ZP&;CM45L;D.L'G9L#@V M#TJ'S%B48Y=-CL+4LZ MRM'#IF=%=D2N`&Q^;E?WYKAA\W&[^C?'#9N#V]7!ZQPJL/FV73Z\!@Z;7-OU MQ6O@L.FU78"\!@Z;5=L5RFO@_M!H5<*\!NX/B58USFO@_O!G502]!NX/;U95 MTFO@_A!G54:]!NX/)KX/XP9U5.O@;N$W.NW-X*@&?R:A>DKX'[Q)S! M"G,"S^/5+FE?`_>).8,5Y@2>O:L!?(4Y@>?N:@!?84[@2;L:P%>8$WBJK@;P M%>8$GJ.K`7R%.8$GXUH'/EQA3N`YM_@QB^+Z7@`\VQ9707J'+P">9>NPKGC/ M:AU>$7;012;=2AO6JL)FWZ6JY54/7L'Q/"W*9,MD,Y+>+`N#) MN9K:K-S?/"J30JW,#8%GZ2I!GZ?'9#(?,TATHN_;[JE6$3?5.?E=1C7*%R^&4K&L'F_=:0DU]E#8!GYVJJ M4F^V5"M^<90$7QMWW@(`GLE+VAFB[^K75$*^`P4\>9>@H'CSKG(`/(672`5! M.3S@6;P$6C16:\#3=PD4:&28"8!G[Y)IL'+@!CR'ET2#U?-\X)F\!!I<124] M+N[Q+S4!GM=+H(DX&"$`GN1+4.I^O81\K0=LSI;J(2`+X$F]9*JL1SX&P%-Z MR;1840`V9PL4$)6VK[6!3>#7=U%6/,FM&S9Y-]"+;!HV=Z\KT+1DV*R]CGT) M&WC:KAJVRFJ7B;O^L=M0X8S^L_K+WW9V!L?1C"0L\_[@F$S#>5SD@YV=ZL^" M=FNZTV4C2 MDR*,8CJ_"$_BLC1._L^ST>'!V<'AU>CLV_7)YFH[I"H M8&]\1_\WW!\P7?BCZ3_8TW>KQP^JYP_8"P8_^"O^HD+5:P;\/8/J18/EF]:& M`5TCKW4`_7=8I/4GO,O(=/WKYV3\]C9]V)V0:)==EV0_[+`?=MX%.WO!V\=\ M\G?ZJ]^/T_&<85K93N&_.GB,N#CW-3$V$GIL7&A<'H])Z$85GPQMZ!>J0S:>WQ!F0PN)P;]1&3(X+<@L'Q3I4N;?7]F\%G/1 MI7%=S6>S,'OZEI0?BDPN+D^.3D??KKZ>7!^<7:F,:B]@1K5X8,.D%D\=_*B? MR^R)/WM0/=R5(97GEBK[60A87OZ\VL+M90WKC@_5G=K$%*:UUM?-%9$4?][7-N-?!R6_)DGR4T-5QD44W93I\5AVVC`OXNG:\M(1MW-"I%IW1BU';9/X7 MVP=][8LU+Z*%\3!J^F(OE6HH8[H%AU,S&+P#=?O@V9OHH"9D0KQ=-ZUQ*H8G M.,\XP3'"=)]/A^5[W^T//Y5O9;_Y_:K\CI^'G]X)9Q\2&;=;#9L<(+F[N"O[ MN`RNI'MQ,P2H>X')N);/XT#QKQ)WQX,OY&$\(G[9(^+G,/,1_;!!\)G^6L[, M;9E7>']@\/[`_=)OA((YQ@M.O"8X\=F`) M3"3SFG82QG'+-/21ZLW>6UC$!RI'7S0I?F+7P5YT*3]*I>TP]E]K*6+IIA]A(=/+/^+ M(D2S0:C1]/: MK3Z=1I6BH5LMNHTO54O[>G28""A:V,?=SD:H1MV6MW*&F&;%-(VC])JN[M,' M(J44U(F1VR=I5[8$;*(R\=`J65M[4LK=**L]QUYHTFLR M.5L833RE3,X61KU7%$O9P,<+!!PD$VF6_29:DS:6[_F;#%6-N,W>-H&KDK6) M53L,K'YS_E+=[$XF9Q.CB6]2R=K$JO=1J7@AV M^^BX>9\*-G[1<7+S^BY(#9KGS7H"'G?]8JM?)VSU207VVSC6"S>#=SM>Y3K!IW?B@ MG:_MO"!U@P-WKH\7'*\X@.=Z>,'QTB-YK@5L=I=8#/-8#-[ZT3 M?@X;-IVKSOVY!K#9?.UR`(<,FZYEUP8X>MC$++M0P/D<8&R@_4,J4'PI[`?EP\:L"?!,1=@-1NPY&,+/^22C]M@ M*,Z'9._6^UC8<0O-"";?8/E&K\HW;K\A]'+CZW5P8I%&+-((LIXA%FG$:5:_ MIEE8BA%T*<9M&/B]/`\QPH0%%QU=]^E7P<5M<"(PV1/+*GI85K%'YK#M1ZK/ M85DLGHC%$[%X(KCBB3WRSI`F*XWNEI>7DPJ^IEV(BB5J$$.NF"B!CH8%:@A; M07F4QO-9QC-)O/CN:S>5P&@I5;XU76K=$#R4;3*1WER>U% M%HT%Z#LV!Z%1<2I_.D6'3)09Z3 M0K!WHQ1V@M8`HXLYEL05"87N[F:[*Z22$Q.\; MJ`$CY;L9<,6$%$2>]\Y:`$GOWLG2Q9-:$.G=-]0#2$+W36:9ZRXT`)O<9ALV MN#&D#5/8H+%@O(X>)0`SV?Y$-=M@);V\?HWI:/H^[/&&I!M"Z''2&47)N`ZF ML[=N.M5#!^RI@_JQ`_[>&-,EI?0!YOA*%J.VD.UK4D-/N2,&C\7DUS"TA5:7F40K;";Y/PMO2 M2MA]2G6>`)FD#9RKF_3LX(%D#]&8!,.;0(?;O*5M/4;9532+XC`[3Y.NFNC: MVM#E*)W=IPD=$$$9VL6'L$H%@R96D0^[(Y1,K?M$4KU.4!^,_ MYU%&)HP(R\C&9&*"V;"9G50T>KBNL-&N^36,6#A]=DFBV0V$K"^=U9%/=B!D?>FLCGP&!"&QB[&GUBCA-*V+J1*&,R8("5],55+@ M=YOKQ50!DZD6B"0PI@I))F.M!#!0`V>W=:L/@Y@P/0D:$D9A8.H2;U*7;*L% M]?+B+*8U09/`^VN8\@3,K>G%^#YY#&?W,>E@/>_7K6?QG,'B09#,!5@\$J8U M\3*MB<^&XGQ(]F[5CZE+MM",8/(-IB?Q,CW)]AI"+S>_,`4)IB!1NR9H43^8 M@F2+4Y!L+[M`7=9CFA&<5D$?8A!/1#"5R)K182H19,\M9$],%^)QNI`>F,.V M'ZEB2A!P"2DP)0@L#7Q-"=(#[PQILK+>W?)D"#(YVPD_U'@A9_L0(T>C`C1\ M;6`\?/J-A)DJEX=.WCYFAN!=H$/*I1SAVS/"UXINM8;O@Q&^5EBG+7PLLDR/ MSVW\F9'SUYF/\TVHS13AU@4A]GQ3^'LP@LPWA?\!1BSYAO"9Z39CQZ'>B/=Y MOH*W$S$F$8T%KU[I40(PD_[$'?IL);T\2SSL]%U%B;Y/=LU[F!$'Y1&]!^#\W2P?,/@Q_(=?PT4]K75IQ7.ET^@+EML M:;SA=AN6\R',Q]R>>$PTGQX<:6/\ M)KCH08S?A*7!=L1OHC<'-AF2?Q[3X#EQ&[=QH"H]_(D)%6F!1FO5:.V8AVWL M76-.U6W=ZF(6BRIJ`0"W-D95U`(`;FWLJJB%>]SZF%91"RB1?0:DUL5LG6\. MOJR"<.-AGZ\6R#C9YZL%,G[VV6KY&U>[W?,\O(6+<;AH7'AE$.-VMRAN=[NM MJIT`PJ147T45N@M M'SI8/%5E/8/_Y@__GZT^OW*^<`-UO6=K(H"WTX2<#];>[3)@K&^O#`PF1V%4 MKY=1O7TTD5YNQF'\+L;OJIT6M"NN&+^[Q?&[?>0=J-L'&*F+4S%GVP%;>8*# M,;EKYH@QN!KG&VO_3:D"0[O M@O*5\BA!B9CMN%DE6LBALD+@:&H>#.I7.L4H.[#JN:.PO(:W&UXA>MX!)$8;5A`-<&G]?23C`I?'WE80#7!I_ M7TDXP*7Q]Y6$`UP:?U]).,"E\?>5A'UL:FP9)-AYZQ:;!DTZ%G;!HL MV73/,S8-EFRZYQF;!DLVW?.,38,EF^YYQJ;#)9ON&0<(NLHNNYTWX#%W'U8( M0#/"]&-8"\"36@#;:3^]S!F#6?_1(#!Y`^;WAY(NZ(%DX:W`GC:JGO&I85'5 MP\66!;-V!K"-E+#+@'5T_A[^Q[@#6'<"Z`W#K#J`K!SL-6OLV5;?)<[D(YV\DS(3IC^6B+I&*$BO*11TB M%:8^E8LZ0GH543]8)UHS0MQLX@BYKLR%MH6["$-SAI1["^<[A\_5@SL3")D) MGZ_(A_;DWTM%`B#I"I^E2--#0G+3!;O#&/T,5H6 MWG'$@&2/`Y+[8E*]O(6",N:@>NC@1_U80&8$[%HP1BA[%:&\S0;D?*CV M;F,!@Y%[9%XP^0GCCKV*.^ZO@?1R^PU#C#'$6.VRH-W(Q1#C+0PQ[B_K0-TV MP&ABG(;AD0T&#F/@\/8%#F^S&I8%O MX<#HM4%-;I:?01[P*)*Q'>-&HT+\#!^;6Q5OY7C\YI^X$/Z_#]4 M.,7R[L**M$:H@PX]XF&;[0=O]V#8$!H17E'`""'0$4+;;#V]/%G"8"`T!]SD MQ;@?MT>*4Z'K`:HR);VF2W5#Q5;$WOTX`=_.""+`G:7 M!T.`_`H!ZHT*[I M8(S0-L8((0'!W6+`<"&;?[7JI7T@XB9);U2>M16P@&]W\B_9%]$"DP-H25G%=9-$L MS)X4H6P*4:M(KPAUQA-#K")A&VA/'N_I9$[^M9M_MXCI/,RRD/6-HO\4HM86 MAW=I3)GY"R'Y42BI,2F3>S1."EU:(VD'X-'Z/9?'8TG\WC\FN61ZY' M%-0M&3V0;#2=TME)BQ`W[$Y"(V*.]%]`,-F%C58`7`Z*VN4C)*+>3:^ M"W.2FW^;KH^QJ"%=0)(L(Y.-QIQ98P#:*,>;NI&;T39*+DF4/)"\()/CZ"&: MT%4$NXVQ=I%!K]HSGFAE/D@F9%9R`O6[[-W+7PAFABIAZV@U^&S-&*@+26Z) M0>\I1"TC56*S:F\'XW$Z3XI%EQSD.2D$^_!*82=H#3"ZF&-)7)%0R,J*Y)ZP MV7%RNY@MR^>I=^3R)E;\HBE>IR@/QG_.([IZ^#)/)LRFJ,/*TT4.LG("D63%-XRB]GF=)2M%(=WOEDDYP*C9^5;).L%Z*#Y?$8A:]V9$\HZP?HU2MA*_[3?!1<9^&D MF@O1N>,U MA%Z-3HVMKB=6^_>7D*(JLC#-Z,0JS)YJB(0DI\DXGJ]K*8H6KGI9NOVO%+:/EKW^7:"#R:4< MX=LSPK?G#-\'(WP?7.$+WIG@8U(.K#Q=G@YO8/&:UF[UZ>0)%`W=:F'F(40M M`.#6>@Y1"P"XM1Y%U,(];KVG$;6PC[O#AIVBA7W<1W&:T^F8,>JVO)6;&G2] M5)#;)^E,LR5@$Y4)RZAD;6*MM[:/TF1,5VR9Y%A$)V\KWD(9:6'U:[,7FGQI MF9PMC":>2"9G"Z/>ZXBE;.$[2W/R-4W(DQC8RI^MC;PTF;!3RCR:1F1R583% M7+"M(9>TA;/LEJ]A]@)Z7,Y?\O\(L"F^B."J>1M,J)%.=WK7+8RQK.$K* M_911=D9RM1(-2:V MM$.\OY*;JZA@'9GI!H>JF64-+L*\.$[+\Q?ZR2/Z=/)E3HU+W?.*5C8]O-:= M6_7=_*4FCELE:Q/KXB,N#@_+,*^S-)P(AJ^^A943[B29AW'E_J6S,*&0=72* M69E,SC;&4VK*9?>(4SLH1&TC#?;W!?N/;0D'N`3[YVT)![B&6ERM1%=6<`GV M[=L2#G"]U^)Z[P27X+R@+>$`UTX-/Z^DG"`2^/O*PD'N#3^OI)P@$OC[RL)![@T_KZ2<(!+X^\K M"0>X-/Z^DG"`2^/O*PD'N#3^OI*PCTMTOZ`MX0"7UM\'3OQ]H/7W@1-_'VC] M?>#$WP=:?Q\X\?>!UM\'3OQ]H/7W@1-_'VC]?>#$WP=:?Q\X\?>!UM\'3OS] M4.OOAY;\/=_9-+FOH9*UB55_;T,N:1/G)0GS-+DB;*^83*I\\1%+Z\:RN63I M['0V(Y,H+$C\=)&1,6&[]1*9=WIVSGMP)UQL"VD4O$;/9Y$X)X8ULM[1*O.58[.'^);N]( M7OSGG"(@6?RD_/Y*8:OG@D(@ZK&@:N,>>U?<=C"?I=^-!X=*UF;_"G&HAX:B MB7/D'5%;OU^@OG8%Y:Y5^7)VLFUP$&[8S(4&*U=WCLK,!H)9E$D;&]C+-YZG MQV0R'Y?)3M,R:3:/!RX+[K;1F[5RT???6$1YY8N_L/P+=!TC3FECV,Z%#N6] MCI@\A$EQG=*^Y/EA]%K(6[K08Y1459-&4UZ\^>HN_:XNUZYNZ$*+E;08'$TY M4`0)03HT=3*NNEUEE;9Q@;U>Z5?+3O$]5;Y(VWAM:^>M3ONOP[=WM;O2Q*'? M9=&WL+*S]D!YXY:878Y3R+K"JKHJIQ9WA%BRQI%+.L(I"_!6B+I$*CH*D8LZ M1"H\K)2+.D)Z%95\L;BX:82XV<01NR`.A;W[Z+2+Q1.IZ MM0V+HL-[TS6ZM$;EA1 M5UZ#U%+9[V=@S]I%2BU5^GX>:$$)TV9];Y"XVQ5.%[!;]ZM@PF[7/5W6CO8! M_Y6@%NI"@]:-+5`:-(NE+D"WKG-!!"W:KES@;UW[`H5?5EMU`;YU-PPT^)69 M$N>EUO(;E`(=BZYRI6"SK6']5:X,;!;>L/0J5PXV57>JO\I5@DWC1L58N2JP M&?WYQ5>YGK!Y7UF1E:L`>Q;0*-K*0<.F?D4M5ZX`;/I?*_C*UW1>$+ZX"BQ7 MP0MZ7RW.P8'#IG)A!5D.'391RRO+CI;K M`YMRNQ2EY1K!YF.#&K5<$=B\;%"REN]DPF9K@PJV7!'8G*V%#YNY#:O<:28KD; MNUL:7*Z>F+Z'S=>*2KQ<`=@\K:_,R_6`3=AF57JY+E[PM;!V+]<`-F]WK]W+ M]8+-XF9U?+DNL$G=K*8OUP4VBW<'3^@K&7!V?V%E4T9CKX1-1BRH<:1$+`Y7%5:F6L`F\EUQ9:Y%K"Y>ZTB,X<,FY]EM9HY M>MBL+*OBS-'#YF)QA6>.'3;_-HI`<]"PR59>')KCATVRPLK1'#IL9C4J(\WC M]F"S[5JM:0X9-KTVJU%SU/#I=(D5-H^:U+'FFL#F5$UI:ZX$;&K=L*HU5PXV M]\JK77/\L&E87_V:ZP&;CM45L;D.L'G9L#@V#TJ'S%B48Y=-CL+4LZRM'#IF=%=D2N`&Q^;E?WYKAA M\W&[^C?'#9N#V]7!ZQPJL/FV73Z\!@Z;7-OUQ6O@L.FU78"\!@Z;5=L5RFO@ M_M!H5<*\!NX/B58USFO@_O!G502]!NX/;U95TFO@_A!G54:]!NX/)K MX/XP9U5.O@;N$W.NW-X*@&?R:A>DKX'[Q)S!"G,"S^/5+FE?`_>).8,5Y@2> MO:L!?(4Y@>?N:@!?84[@2;L:P%>8$WBJK@;P%>8$GJ.K`7R%.8$GXUH'/EQA M3N`YM_@QB^+Z7@`\VQ9707J'+P">9>NPKGC/:AU>$7;012;=2AO6JL)FWZ6J MY54/7L'Q/"W*9,MD,Y+>+`N#)N9K:K-S?/"J30JW,#8%GZ2I! MGZ?'9#(?,TATHN_;[JE6$3 M?5.?E=1C7*%R^&4K&L'F_=:0DU]E#8!GYVJJ4F^V5"M^<90$7QMWW@(`GLE+ MVAFB[^K75$*^`P4\>9>@H'CSKG(`/(672`5!.3S@6;P$6C16:\#3=PD4:&28 M"8!G[Y)IL'+@!CR'ET2#U?-\X)F\!!I<124]+N[Q+S4!GM=+H(DX&"$`GN1+ M4.I^O81\K0=LSI;J(2`+X$F]9*JL1SX&P%-ZR;1840`V9PL4$)6VK[6!3>#7 M=U%6/,FM&S9Y-]"+;!HV=Z\KT+1DV*R]CGT)&WC:KAJVRFJ7B;O^L=M0X8S^ ML_K+WW9V!L?1C"0L\_[@F$S#>5SD@YV=ZL^"=FNZTV4C2DR*,8CJ_"$_BLC1.?G%Y3ZX.SJ8G1Y_65T=CJJNR(JV+O>T?_M[0^8%ORA]!_LN;O5@P?5DP?L MT8,?_.%_42'^@D'UAL'R%6M?GBZ+UW2F_PZ+M/YJ=QF9KG_PG(S?WJ8/NQ,2 M[;(;DNR''?;#SKM@9R]X^YA/_DY_]?MQ.IXS,"L[*/Q7!X]1SE\0L]74SV^, M6NS:17Y<#F,%4"[PJK;$A^_.I!J^Z_;4H:>9=8G0W)J3UE6#7V'F,#_,*0AFA(H(GIC-R&\4E" M%7F2$%%+PA+Q5*^4TL[ZGQV3CJ07.I/.;!:_9__O)LP)_`L``00E#@``!#D!``#E76MOY+B5_;[`_@=NYTL"V..6 MW=-N#V84^)D8Z[:]MGLG@\9B(%>Q;*6K)$=2N>U_OR1557KQ)>GRX>?T766 M3G">IQGZ\,-[^C^TS$F1Z&SYS[C(E^@\*8C.(GK`Z!^_1LET>YMJF,?)M_LH MQXA4*LE_>LGC7]X]%L733SL[W[]__^'[W@]I]K"S^_Y]L/./SQ>WDT>\B+;C MA)233/`[1.1_RMG#BW02%:Q%M>PO]]E\7<#>SD:74(+^VEZ+;=-'V\'N]E[P MPTL^?5=64:/\=^O&D-18(E]K1BE/"^`U/S@X.-AAJ>^(S1#Z.4OG^`;/$/WW MR\VY4,?!#I782?`#1>TBNL=SHHP6]%/Q^H1_>9?'BZ/+#0_J\0]JP^S[8)?]NTW^WWP%(L\[OH MOC():\,O[SJI.YO:4(%&?3*)\7630I6B#Q!(9"+58&@S:G_)`^VRD?.D%(/+('1\$S6\3 M0F)T4XPX)!YI2KW2V3QZ:`'82AO*`*X*&.2;18>;GXC^=@$WMZT5S$*+&H?W M!.>3+'ZB<0$1R@V1T6!S%`)C7M=0@[[VV"D#.`;@$$%@=%-\N,LB&MVZ?5W< MI_,6@*VTH0S@JH"!OEETN/J)RM\NP.:VM4)9:%'32X!C&IPDE)*L`)HB8Q<` M/(6P\_^&AFKZOW[L?/+/LT!W[B^RNFE"G,YF>%+$SUC"B);,6$IP5<)RHJFB M(L7FN7-6<(W0I870](8#O!PVM!/'AW?A\6^570ON.@.?-=VUS]/9FFV M*+W.ZM'A2YP+G(!0>JP[4%0#UC&(E%4NXBO]_7\N78/"(%TGH0&-:2Z=I(LH M;B\@VHECF=)4`DN,5=DUC^&2`LV6=A'O6M3,>(`SQBQ2W\\XRI<9YC@(D=#@ M\4&J%&B6= M#M^\8EEO=L&Q2C4!OL`/T;S3AV(G4@2#7Z?TL'J"OI;/G/134;,K4,V9^/?=/D9^ MQME]FN.+WK8F:L+C+SHNNKF[NSJXOSJ[=A=VJM M-)OB[)=WN_0X.Q@*>WU06!^2CU:;GSU@V%/`@$JY-X+&W@:-O28:AN/ZMX]1 MAH_G49[S(CE"L?&Q?KYBZ*A_2TO(?B/VP&4<1V$%WF:`&`$C#*G4<23! M_D.@"&B@;)=>9X";.8^HP37G(#'NB+G/,7$Y0?`I"#YRYS[=Y*&0BA3!0-HI M/:R>.)W[B)I=`6O.Q(;F/APU8>D\S]^&A:%F.9UR#JWVP&&W^#:%JC0L"9!OHRR+*(\$WD)B=Q(Z,6J M05G`4;,AQ";-N7-0VJ1#%#DBYG8*'M,Y6>^<89P?1[Q71T5"HW8-A$H!]PZZ M.L+:I.5H["U(8;%"$W5LDW,B9ME@UZ$R;HV8ST]ZD^3+3%MND,].6 M(V*2,_D)GN$LP]-C,AP_**DC$1_)(&5%0(DDUA9NO-):!*UD?.&5TE(=>FFA M9I1E-P0-?#4[?9D\TK_8A$_!-'F6L6S3J1`LXZ0:*]8Q,93.T%IP/:_W@WLZ M=NOR3Q=+DQP\?8GH5(P9+(4 M]A9KZ]#*NRBXTE(B@CF(B?,8SH]6224A'961F)5,$<=1;3%/M>5!]$K#0G)_ M92N&U=3]:UP\WN`I7C#ETB!6GXPP/-.IG`G:2?6V6;B%J#BJY%U&LOK;3T1* M77QMC*EI59&^XZLB*]!8JU5!(^.N7'.7JY=IG:G>#LE:!A4.S]J@6R:O_K`M MR05/66O#N5BI@JA;Z.C5TY%>:4@=EKJ<`=3KT6/\EV6#IZB]L5^B5>5-O1GW MU9;3(:73,5]W&TLB#L-"2YM:8FV=58]W>UQ*2XG8YF[':U6!XWE*OXZHQ[&N M,`S#1)4PP:^.K@Z[5A*><4MD(Q&S9%B9N?\BS8I9.H_3NV66I,]8$$46BPV^ M_T*A&.C^"Y&6<)."UDENX\8J>]1NPM#`P@Y71/Y')@C&%T-^1Z*'RQG'[D9M M%@EQ+!Z-+LAJ%C^\\KU+)W7PV5:^&J#3K*W"P_4#MXY#T.;:656Q=8UBK0QY MR03',L!T.$NBI^*%/V$JM5FZ?'$0@J+O#8M?W09Y:=O8Z]J-%[7=OZ$M?3?; MEBN@NI1N0"0T!F73W5^@H\3>GVXO-T63$XZZNS)@(A(:0P_3P1&!CI(>_L1! MY*9HTL-!S(.J540Z^")CJ&$VJL'54-+"EP"&S`A-2E@/5AQ%&3T$7!PFT]KG M&UB\ES]KT,DPE"SZE8&ACH:^D,BP`]\%^R9"_9,M3,[MK$3?8!7-^@%H^ELN MRJF,0A;@JRZF)S9R58VO`/DSS=&R#_?3+PXF/6M**\DD$QSKM$S32**GYJ3\ M89#:+EV?Y)`[\M$.;&@S.HYQ!BTOAB?E6&1KX%GKDQYN$`F-A=[DP06!CCH1 MW)U(D!N@RP;+IPW6:I7+9IG@6'*87CY+]-1(XL\Z6FV7+F\[`T M9GK[K(^%&:"(8W&E+-+'H=-&R@="]5PL:T!FA6:Z[#)`*DM<$E#(X;18:0@Q M8^P1Y7.4?3+%+[JK&GHXXR#&RD?G)G.NJT?9%9HIEC'J<6A*&9V7:?4QJ&7+^L\ M74N)>69]W=>ZVO+P/B^R:%*TB""4`KJ6M*T6Z-2>0$GG*M*?/+B#M&T"X>VC M/.-;N>`XG2\7R66T:",JD8.ZYKBCV@A!:FHXEQVS1(_N.N[81'S=,1<10W/R MEWBQ7!PO%\LY6S?>1G-2`7:7V]4SSJYF,YP1!W>=Q1WH>^8=/DL?4$6HZ7H? MU>%*'%7RB&58W?*'_ASE*$)/F+0T*:+R*K9U$8B5\1(IS?'T*KDFA'F, M)43I0G:Y/7<$P\S?8?ZPPECLBNL[XOM M/]'0RSF2]GVJ!TIV+<4;BF\N$'Y#$XP^INV0N2_X+B@LGEK(=4K1F,BFX@,YY>9=Y@VUQ*= M8=:-JP+=)D4[%8JO,!3)_34,%;M M!2C+<&E^^/V@!"S!#Q'I`!=C<*/?@/\W0T[\%7GSSD'F#H`89;#+MZGBG`4* MW($L:J-7=ONA[\:UW(UJ7^:0CK`2N>$WHBE4PW0UL9JP_J45;_VSTDSU^]`T M0#)-(S%Q0*ABC!Q-.CA&6HJMK87LX61"Z;]BTV&>XR+GKU'YDB.7GS+UH"M+ MKJ+-HG&5*O813-[EFE!FJ,YR3P65'4*I:`1('L.4X1+%"S)H4,#RJ1=>E(LK M`7/2Q4`LBJ>@?;IE"['G[D^U".(^"HO;^>JRX&B<1`[LN\MFCL>)U7"^O.SD MB)S2$)*/+5L[)O62>8=(;/BX(5>LPQ*2Z3[-L7J-*E065BEH MYFHX&#W M/I#V;A*)D=BDW0VUN:0D`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`+-DFM4A'(!A;](O^:^RXB30U0WIKAW>S&G;Y$BZ?L[NP\2NUO@Q&\XRMX'4D:L16#XT%1H8F^JJ2@,T"OY MRST1F@T7T<"$L0UMS+9UM#O?%OH>%X^H>I%M"P7HMS>'A5.7S:JPI^Z>>Z", M,;IUW%04[K'NZ7*+F-MR*2>`K6VA?^[I]<\]UC_?&!A..^C1*ZV$<-M>)0Q# M(U$E3-"IHZM+JZ-71J,M]]OX>F82T)+91497Z"1L-0_F:+P;1K<:0>]3"O&:L4G^1E@*".KC(FN MS-77[=B7::U;>Q#2E)E)1#45;):IUFO9)L\(3SV;RSFI7@45_5WIZ5A3AZDN MT+8P8BG4>[,R-`6C-R.>QNX+3QR>A/UW9<8XFO76C,J]^+)=(+:4#OM,HV;9 M853[/7\D>/QR"?(='YZX(7+UV@D:[1+VU"[!FQT*L:FT26<0-A<^@>TQ_:'P M\9H4SH%;^*B8E-ID\X@;"Z<@E]Q:PA\O'(*BM@V3]P, MN\S&O#G:U(L';X*Q8EOILLXD;@Z\@F_1<@B`++N%HRBCG_TIV*?2!8%S@J`7@?D*`C+AZA\BE:/'8:<)5:HO>=GV.Y&O#=?3[CZ\RW9VK)7;M1` MM+DD$@)AA:%-(X&.9I_T8!M(;@L!58QA8+YS>K)M,\[L#COI.6L2<10G42'K MIRTY")IP5309"''ASO%-Z%_'``\0Y M.ZDR"]M`?%>.^"X8XL!O975*[R*^ZP'BNTK$=VTCWMX-[R8#(0Z\V]TIO8OX MG@>((?P!#_8!3Q#QS$/WB`^`W.XF`R$.O'G= M*;V+^(\>(,[9YY19V`;B'^6(?P1#_*-1Q#]R$/_H`>(?E8A_M(WXOASQ?3#$ M]XTBOL]!?-\#Q/>5B._;1OR3'/%/8(A_,HKX)P[BGSQ`_),2\4^V$3^0(WX` MAOB!4<0/.(@?>(#X@1+Q`ZN(DV;(8FYE,@3B=47PB+/26XC39ZX1K[>:CWC; MPC80E\78"X(N;6MK`-Q&4QMS(9"'&#,3=6 M>A=QYS&W>JN%B-N-N1&%LIA;F0R$N,&8&RN]B[CSF%N]U4+$[<;)V8VY$H2SF5B8#(6XPYL9*[R+N/.96;[40<;LQ M-Z)0%G,KDX$0-QAS8Z5W$7<>#$W`(/8FZ!,N86V(ZY!?*86P`6 M#$W`(/8FZ!,N86V(ZY M!?*86P`6#$W`(/8FZ! M,N86V(ZY!?*86P`6#$ MW`(/8FZ!,N86V(ZY!?*86P`6<%VOX&HEJ>1@'JC5`U%"HBA<):(& M2YQG/$I%F)`3*FH=@874HM(?O'$VHT&B[E1Y=(@=("Q,7O(O5.+P:7-EV*36ZEK?*C4YT2"P'S0WH>)%0CRP\:^<%?S;4R:M+F%1\V2MCP@6_A5 M,<::EKJ0_:XNM?*$1'RC2,DDAL@6J:0WHRG%`2EE\IXTE38?+N72M(B43D)T MC+#I)LZ_E7I/R0LC;+].LV*6SN/TCO0W:OF;[O`KD!G*6*E*&$[R582;QVC]?`O= M.!IGI5:H.*.TO"*+[+ MHBF>GBV3Z7&Z6,1Y3@9L@8-49!G]K1V-"H%R5JZQ]JVD4@R5U>J M93K.5WDTX31)P_P&/Q%VD&YPE!:/GZ.\(-/(9$IFF5.<\6FHR#*2AEH5`J6A M7..:ACG:B"$JATI!%!$REJ+N>:AENPX/M?$TRD/R+X&)K5>N9I=IDN'),LOB MY.%PPB8.XHJC-6FZX*W+HU4&RE8/J-K#H%W&]H3< M"'&OBD>CXW^A(?X](A8HL2K-I MG$39ZZ9V&--MH?F23)@%LX$!Y8R=&PRN.NQ,H7\UJGE#TT<1@XW=G%:.H8WB1EA>D-T[OTAL\F^-)<4RF.U@4\Y*(CU^9NZP>1`HC-+\E M+KW`#Z^;+;%C:H"$/NWNP:N$AQ)8KQ(P;%7H"M?IJ-K7;$@X)*">F2JVZ<-E M[`3119KCSVF"7SD'AFII8\X'=53`'0>JBF:G?Q#]C=@#ARS@MKEYT(=K66,8 M7Z;)E![`R.-9C*>W9+A>M@=#L=@8Y&6*X4C`U5+RH9F$RC3'U)`9II`.ABYPK6O*=!*#%5RJ";H MW/%HV:WM@[21-,:_XXCWRD4C90R?6L7#\69=<,F/U2]7Z+=:V4298T=S:':^ M7%\'M)8X"M..$D!8J[)7R+('CGMWM\4MB+F6-88R!]MQB,+CN$+/+6Q\L,P? M@,;9+,T6$7O_B?U%^__Y?+[,V9HT_]\HBZ/[>!X7KU>S\KV$]IIA8!F##U"/ MJ3+0`>M!50AKV5`M'ZIE1+6<]!S$*J]#":"7I'_7XQE-R4`RI:3)>1WEQDK*-5N)58U(Z M/EN2R9_$PTFR`%!162%P)HHU-HA(Q1"56T482TE4BOK!1*7MN$34PM,(#X^B M[/@QRM;:5P=7;J,YSB_2:-KVAVKQH?S3K0@,]Y3:0B*!F$A%N/49)2:&F)Q# MTND:K")<'_",DNT&1WF:W&*J'D^/YU&>G\2S&::'I8OUYG M>$+^3AY(;XG3]OX;1(%C"3N^,;"4'E&?BO1;J"P&KFVWE@J&:X>['0T5F:L>J1KG[%*C@]3ZZS-'\B->^<>NB9=WRG MZ5%%Z/ZAH[K9%2>U0\45I?:,NKJV=< M7'2L`Y-5`-9?<375W1.7/JYNC].Q3]?IJ#"RRB5-'L%SR`Y_5-SQB37ZC#'. MEK_'#X\X+_YG293C;/XJ'I>DDD,YHZ$>AC8R1>$J$6U2W0]7&H:IV&,;FM][ M?>J2Y,[QQ1B$B#YW5^1#(4&-EF93G/WR;O<'\_<;KST*OT:2B84LP]BA05T9 MV$%"HD_2Z5U/,M16Z@X<>J@Y8%HOEIEBF$UVB9GE'Z?Z\LDXER[2[WJS$9G@ M4`ZIEOJA-%%WM-`"S#[%^M#+$+4LTDI(*>_(U)-(-D^ML$OYZ4ZR MZLB`9AZ`6M%#TPH/:V=2C]F] MK.V#`CH9H!@HKHP9^G'T<;C7.(2\DO.!=V)KB4DG1\\(XYBRR_0$3Y<3>@[Z M+,WHG2?K2U+NHI?.K3IZ68:RKD^%8'BGI3$L"7:9HHTGDENU"_F8M,/= M\C[FJXC8%U(KSN\+O?&LC$*2'G&"9SC+E".R.!L4)545,T-* MH58.+ZYA1S$\-@*W0LW8Y M^KHBS*6W/^?0(Q\41955,T-2L5H.3>M7Z%5]X*?2AF*&:B%LA:-G:5HD M:4'7_?0H-/^U]O7YT6'G^NVHA.H9)@UBIE,9J3&G/V[T;-XG$%T`49VM?ANO M&-CD@-@IF.X7MK[]S+_62B8(^+UG(Y=>2?2$#J^_4C=?^EEG6Y=C\52+[LI2 MR$(2Q=!-6G)58?FW+VR1W*VEC801SM2N@[S%SS@YB5Y_B_%\RO3`01&<2$MM;W\#D<1C6M57&L!VYV629R3SH9P+EFR%%IZ),R MSOWU@/H6TZ"<>]_&NPA'(0O--0-7XCG]US)^CN9D-:E)'%X>0!:)JV2,4AR5(G[1*&0EZQ7= MQ(:3?D80^^?WV/?EO[]/NQX//>''?.6G131[\Y4"!(A@6 M=$H/JR?H:_G,S9<`!'%^CPZ/;J MXLO=*;HYO?MRANG%[SV.!&*O#Q#3=+)5D^'<3NI$S>;`#&YBTQ[NH.WAKM^&A<$]G.&Y&T?/VN!OPL/I M`V/"PZTGBOOOI%E:TU->'US M>GQ^]>46?3Z].[RX]6.]JF]SZ/7JIES#Z]6:'C$$'BQ4>R!A2Q M8UY;$>PT;E-Z6#WQ8AK7;G9W+(,WL>%I7$U-6+Y8XG2AJF]AZ&G`L``00E#@``!#D!``#M?6MSX[B2Y?>-V/^@[?TZU65*?DYT M[X;+CVG'NBR/[)J>&Q,3-V@)MGF;(MTDY;:CH__[@J1`4B"0(&TYF;B%.Q-1 M;B%!')SD`P>9`'[ZOR_++Y:LFB;#1/F)^QQ>CN=32;C4[C*&)AR%Y' M%U]'UTD\9VD:)Z/='W?R_QNM4G[)T?GJ'T&6KD874<;;S/P'-OK/7_UH\>E3 MWD(81+_=^2D;<5!1^O,/CUGV]*^?/__QQQ\_OMPEX8]Q\O!YO+,S^2P,?R@M M_S4O#0#[(.)M1?/:/K_`AOT?D\+:.SHZ^ER45J9IH#+DE_4^_^?7RYOY(UOZ MGZH&>#=&HY^2.&0S=C_*__TVN]BXP+4_#^Z#^65PSWZG]'[\:;SC MC7>.Q@<_OJ2+_]WMNI]AU`67*9O_^!`_?TZ2$O$L2'^;L6R51*NW*/3O6,@6)]]FL[.K MD[_=W,Z.;\_^[>+LYGHZNSV?7EY,WT/^&QM\:S_S6W*Q"MG-HY^PQSAC6^>(G M)_R)RMY_T_9N\-W]Y,,(_D%OM_[A+GYOR]O[HI3?*;P/2I_VWMS+()V'<;I* MF.I[?!:R'-*V7\!;:/3CQ@G_=CG]OGM]FQV=OMM=O7!(P5#DUL> M*VR]@V]KYP/'"Q_6P[>WN=UO[(=UL%]N^\/&$`@?FWXM?NPX8OO=W4:S'S>6N)Z=G5Q,O]U\/;L]OOSH^09M M8UL>/VRQ4WU;^,`QPP?TZBVM;?>;^@&=ZM@`QMC@PWO7L]GMCPPG>T^F'?_0_],'1MZV._]=OLXOL:7/?S*6%I'B7)G^9+WMP&$/:2 ML6C!%@)*WM$M1W:"++_D3O&_T:>1J-/\D]WAX[LT2_QY)@%2&528 MFCX^3C;Q^QSE[F_@&XNV: M)4','^8%?\/H")1LZ#(I`5U3.D:BM'RAG7`\)?LR_]CKQ*E&AMZE&J` MKBG=1:+TF'MUD7OV//0?)"JE,GH42@#7U.UA4W?*TGD2/#4_T3*#&R:$B=S` MN>9S'XE//HK.\XEN7I=W<2@1*9718U`"N*;N`/E;JW>\8>@AQ@E%WY2YE/M0D]/M4X MUWQ.ML1G1Z&EN"WE0GH$R@BKD7F#NY\^RRK[O=J[?W[B6F?O"IU=31[P_\@K M?BYKCLJJH[SNZ$\QB?#7!XOM]\E;]]Y\YWMS6\^Y>V]N5Y9_A^_-\8>^-C\X M4;J>R_2\S;G,YAMV?>71G]6U_^(6XOJCNH%1W<(_V5QGUQ=O8[I7_'3\$J2: M=[#6FMA$J!'O0+-[I_'2#V39+Q<.P67'VZ')K8"+^D9F28$OFK.OS,_'5HJ; M56=$[![5P=SR+&E//I5WJ-YL$$[!FT!-K72SHI![?)^QY-9_8>DT.LT',<'= M*J<<2B>O.M6A2WQD^I@#6@NKG`4N9EQC'BA5'X_U# MY;/;+AZ"'Y7SO<_@+?+7O) MOO#+_Z:Z+_6V].9V#8#%L`+E9@66&X"D]ZA'SP$]P`MG;"MV#CIC&);63J@)\1Z$I!WG1$] MEG5(A7[9UC1/U_ECD%;`CAZS`%A!+LH-^]5/?F-9D>O;E>=N5>A1W@UW-7K$ M'8+_PHID3>T(O"JGQZL"Y)83(T$.IW?_*',RU12VB^DQV,:H2C_[>`:ODR!/ M:=`]^(`=84[;8`6Y*-'D"L<-F\?1H@N]*DO"!*O@"HI18J#KL:#Z^9<+Z1$I M(Q3KWJL@MEM+=J!=5:<9/=Q&,2W'&?\S!+U"U5O1H]9/581:QUD49RPU?,14=O38!<"*UP**OA(OI=-U/#"? M$'HP<@R8DZ4:P%RE]&$R/O.C!S:]/WN9/^9_%3$8`^MP%;K,P[@%^RB";7-F M&105L@U9?F6@@E!,>;;&\.7U;\S7#"U`2^KD2G`%Q9@?0!$-Z2CF`'/J9`/2 M;HPB[52^5RL1T)(ZSQ)<03&*TM.'^/K>X(:JU)U@PB^\@J(2]="Z/P1`+9M\ MH7DX!DC!Z*I\`'/JQ`,Z:((Y*A=GCH1Q?BQ4-[[;QM39;B,67*.,P6\XO(P] MO*J'B:U2>FRV(`KZ<.:=UZT;OY.0(5U2@6_@!&5DDL/4!^P)WY8;\`1E:,G& MQMM19T232.@V1!F*Y2",7WZ=$4U.H:\\RK@J!V'XMJM-:/*I_XZCID,>1PLY MY4K]_NQ2@1[375!72[Z04R:-+UV#+3VV#8`%T2@#5>%Y^&ZVX-9MW:--"AG2)16Z/5&FW@40XR@!,J3++S!:V$41`@*(8<2@-Z/+K7;DL(NB%[H- M%RP:(Q@'!C@Y/A**/J,#;07Z9$,O8A19(0,ROI"[5*#/._""WL/>RZL`9'A1 MF\WI\-M"GC.TYU;^S$.!Y]&HDKY7_6%QOE5_O>ME[LDW>L6=ZOM2*V MQE^+<\"%_B=QN%I&BHUO`;LA:#7<":JL[@9BS&5<7_V78+E:GJR6J[#X5!<; MN969>--GEDSO[UG"WVO723"72>]9EZ@C>O8"=8F8$5OVV-H*IV,=6[U1HD== M2[;&U$!RL2S.^)M&UZMD_NBG+.WXK/2]!FTO]>T-ZO*T-4:17-S_O=:M)FT/ M=>L#ZM(W`S+]&PVN8:_INK'3 MJ,$Y[[@<;<^]HV.H"_3J_#C>H1Q$_8,<2(4LB3H#Q(RZ(]8&$HA9.[A$7NS8 M6&D"WJ.`'5%6`<3(FX15./2O^>#Z/5U&V]N)QFK),W@@7M"3* M*X@9=95="XF)77LX15XQMPE1-3936A!E4XEUVPOFW,DY[N0<=W*..SFG+Y_N MY)RMD>M.SG$GYU!@WIV_OJO\QQ;WF@Q( MP([8!Q%`BID%V;ZI=7F0H.40Y!KO"?5.K(-E0T;^`\OG\?)I:B`"I#,C2[$> M\BKES<=%J-(/\\]H$"=\G/[S#V,YV9'P%[8I[?,Y%98\!W/FC>\\T)'=JY%U M;/@G5W'4R]6FBE8XV]0)U&3+DWCY%$>\:UX1N1-] MT'JC@SU9)W3`CII06>$9]^1>;T^?>SUVU&3*"L^D)_=Z>_K-8B[O(!WZ?^`3^>_[X*.+)<4A>Y(-'"Z,..=K9*TT'!:IW6I0-:)7<"CYH1>L.>9=IYS+M7*:=R[1[UT#! M9=J]^99UF78NT^Z-1+M,.Y=IMYEI)YU7TR^Y;GL*?+HS,9#S*J`V\([2&"`Z72;6+)D>QX(,G"Q`9J!=9_ MBMPY1=B^UM9]K5Q?9<;,_%]EQL MS\7V",3VKN)Z#^O;Q(_2XH"/GA&_/3#B]R^CJWA4MS+ZLV[G+W>RF'::LNF9 M3G%!=05BG\TND(>+%S;Q](H=PA6'GT:&;B;8+93BBTU<'6*-*G.;72'Z@'HX MF0$.'$-4F5OO@0GRP60&.'!L4&5NO0>&C1_*<`RQ1)6Y[1YP\487;W3Q1A=O M=/%&%V]T\49,3[AXHXLWNGBCBS>Z>*.+-[IXHXLW4B/:Q1M=O%&U:_]MOIW: MC&6K)((VZ__B)_DIW/545"/*N*_8/81(/[2#QB* MA3 M4BQEL0TDUHIEC*Y8>/.08BF+;2"Q5BQC=,7"FX<42UEL`XFU8AFC*Q;>/*18 MRF(;2*P5RQA=L?#F(<52%MM`XF$C&VX`$B'%4A;;0&*M6"8#*);6*IMVL04D M-A;.3`90+!ZL6#P[%(M7*Y;)`(K%@Q6+9X=B\6K%,AE`L7BP8O'L4"Q>K5@F M`R@6#U8LGAV*Q:L5RV0`Q>+!BL6S0[%XM6*9#*!8/%BQ>'8H%J]6+),!%(L' M*Q;/#L7BU8IE,H!B\6#%XMFA6+Q:L>P.H%@\6+%X=B@6KU8LNP,HEC&L6,9V M*)9QK5AVMZ58W%)_M]3?+?5W2_W=4G^WU!^3>K?4GQSS;JF_6^KOEOJ[I?[O M&BBXI?YOOF7=4G^WU/^-1+NE_FZIO[34G[O3?U"L^'_SSN('TIK_L@'UVG^W MK[A.833=4K*EV0,`M"3VE02QHNX'T`:R?I^9N)5?>XC$=K@G-"2O0:-N$M!& MH=S^&["SB^-!=OK6X6C%Q_5V%K+<6)N($R-2XVBGM^GM[&.YN5\TSO1F&\=- M$,U9M6>$F6W9WB[69?2X>Q*T\8";D!C-[>)>LS$)UMRFBYZZZ&F#2Q<]==%3 M%SUUT5,7/7714Q<]==%3%SUUT5,7/7714Q<]==%3%STE$#T5JGL6I+^5$TBG M+/.#\%M44-L[9GHX^C02U^1_YI?]7%YW5%YX]&=UZ>\N4.HFS]SDF9L\29FSRS@&@W>49Z\NS#:*RG MR#0)["H#8J]8%43,='5YFK$`>,M>LB_\^K]I^50;#\&M_B;8I%>-6)&WCCG7 M&Z3S,,YEBHSSU,_\LY#E,TC0`9FJ"=^C?,*WNK!ZRC>__.A/T8";]G73OF[: MUTW[$KI'W;2OF_9UT[YNVM=-^U)\.[MI7S?MZZ9]W;2OF_9UT[YNVM=-^[II M7X+3OMT&43/VD`^'_2B[\I?RU)O:A-XLKQHGYIXDM:L5*]KE0GH$R@A1=QJI MH?W"_$40/6@?YZJ<'H,*D*@;B4SO_L']%SPS-8?M8GH4MC&B;A)2-7^=!$L_ M>=4%P0`[PIRVP:+N`5+AN&'S.%ITH5=E29A@%=QM[_4!4GSV\L2B5//\RX7T MB)01"NY0HN#KQJ_\)/%S9^IN3L".+*,JL()XY`W>N*KMES2 M&=&C58=4<(IRWI8,(@Y7RT@Q@@?LZ#/;`"O(13F'ZZO_$BQ7RY/563._O6<)?4OR;.I<)[UF7GA-Z=D`X!D5E&;%ECZV)K8YU+'1$ M";P*VB(ZH('D8EELL3N-KE?)_-%/6=KQ">E[#;(.ZML1X3`46;C&>+J>$^W_ M(NM6DZQSNL$7+D'1F09D^E<87,,Z%VR^OE!4:/N)G48S%D3/+,W8XC1X#A8L M6N39&!LY`@:_O.-R9)WVCCX)CZ*(WAE;L&4Q`.QIHX%-U[]L+'`-$#,]V9@!T]0@&P@EP4`=S`H:>3.($U99BR M]G@^CU=1MG;@<9JR3,Y4`2WI40K"%11C"M0:B8E8*^ALY/?ASVVI!EY*"WI$ M*F$**G&B@D\LG_N-'M9SP9K)5[T9/5+U6`6S.-'"%@S=%"QH:0._[6G8"9): MB_R'8H5:/AL,?*QT9O3(U6-=I;S=N+B3_3#/8@OB),A>^8>K9GV7>H);4Q+F M2QI8\AS,F3>^\T`/=J]&SZ/=L7?Q\)Y-'IXF-\$R"/WD*HYZ^=A4D;:73>B% M+U$TYDF\?(HCWB>O&%Z(=[;6#1WLZ;'?`;0@'45[5GC&/4G7VQ,F70]:D(ZB M7BL\DYZDZ^T)DZX'+4A'T;/=J+:(8"W4#E_GW1WJ7^?C^>^K@",[7T6+_+/$ M!R1&YW6L0\^5'8$+YZ'H;2/;=E#[U@=D3/T!X??)KWZ0QZJ2&0N6=ZLD+=28 MUE]=*M#S7Q?4PF\J1O"52CQT^LXR>[C,(AO>1=B#DN=H:TWHT>Z'JM@%D7\MF#HTK8A M0PO8;2=N[Z+HW!:0F6)MF]K&`E9GS95NNR@:=OW9.(_C+(HSEAJ6&:CLZ!$+ M@!7DHFA5\4T6^69E]I*)8\"<+-4`YFH-,2;CLSR?87K?R&PPL@Y7H)ORBG@T[BY3)(TSPQ5>T50Q6R MGC#@%NQCKC=-9VS-TI_SJIQD77L6,W**5M].M"EGV#;@%^Y@K5E/^;^B7 MNG9Z?Q5'"9NODGQI@S8'K5=-NK[H!%^X!$6.;L06KM@?^>/YQ2_6`YVE6;#D M>@.,G&BKT'-"-]R"?12Q"H0##$[H59.>+WK!%R[!E+OIQMWRB\_A\4YP)$'D M)Z\55L:BBV@>KAJ[J,M!D_[7H>>N=W1&.`]53L_X2(_?.XO;>,;N0S;/3OAK MENF&NX`Y75?H,5?;FF$R?A5G)S$'$*XQY42=KMAM+#_I&A?TJ$_7)STZ(9R$ MJ;K/7OSE4PAOMB+;D"5;!BH(Q939:PQ?7O_&?$V$!+2D3JX$5U",JY,+)%TW MN0',J9,-;'FSCZF--WRO7GH!6E+G68(K*,84P&LD.8X=#^16F%`G5>#LD'"S MOT\]X4;1M8G92Q-+O#3IYB7L':"WX:4]LY?V+/'27NT)3-G;@.#M&-GT=NQ@ M,\++'M#V`.1A`O"+\"-N`)RE`T7MZR\='7&=$D$GCD#U%4 M7`[".,K2&='D%!A1':+HM!R$81RE-J')IW;,=(BSL2V'U-+(_0!(^",:H\ MU>R@:)LO?I*O8`W2 MCNG3$>$P%-W5P#B-BHR7:7+)4L`GDAEIVB6L@EF+15!FS)4C\(MH MP5[T#&O,23.MP2P8Q]D?IP'GV0_"]:-U_:U-:T"-6";/B$D5!;D#03<+I MC(@SJCC@>P=%Y3517/"/:>'9T_;NAH`=;6HEL!6[*$JO"<3CHQ"`U+*8-I+R5/H-2C$V1!FL_TQ3.'8`@K'#0I1E)74OKRXH5U,GL)) M@T(4>22UOPM3N&L!A;LUA1Z*0I+:EQ=\M(O)4[C7H!!%`TGM[\,4[EM`X7Z# M0G1-P]L_@"D\L(#"@P:%Z%*&MW\(4WAH`86'#0K1A0MO_PBF\,@""H\:%**K M$]XA2)V4Q;0I+#%6%**K$]X^I$[*8O(4-M2)AZY.>/N0.BF+R5/84"<>NCK) M.P132%Z=E!@K"M'5"6\?4B=E,7D*&^IDC*Y.>(N0.BF+R5/84"=C='7"VX?4 M25E,GL*&.AFCJQ/>/J1.RF+R%#;4R1A=G?#V(752%I.GL*%.QNCJA++`Z\2Q0)UY#G8P'4"<>K$X\"]2) MUU`GXP'4B0>K$\\"=>(UU,EX`'7BP>K$LT"=>`UU,AE`G7BP.O$L4"=>0YU, M!E`G'JQ./`O4B==0)Y,!U(D'JQ//`G7B-=3)9`!UXL'JQ+-`G7@-=3(90)UX ML#KQ+%`G7D.=3`90)V-8G8PM4"?CACJ9H*@3D:MKW'X&,J1'*X2V(AA%NP@D MAKUH]&9TR=7N2>--4#2-P#%C?AI'-RS/,F>+D]!/T]/@_I[EO3OG_;E8+MDB M\#,6OEXG;,[R=177+`EB><.0;5R0KKO>TZO*L:B+>,H^I>=Q4J"]BK-I@7=Q M$5TG]C?,L[A+>^D"(#0]H;.@QK0%: M,8JZ'D@&HTC_ATWI\0OCK6A&T7PZ+!TIMHG>!K4H6O"7X.&1I=F_KS@6EH2O M^C<#:$F/8!!NQ3&*6*Q6A2HA`>\*J`(]QKN@KHA'D9@PHEZDVT=X@VP4,7H9 M_]'M10(9TB,90EL1C"I&E8B`MPA@3X_N#J`KUE%UJA)0'\:M8[O!-(IP[+9K MFT5;M9GV9_/V4&2?#"-?V6_:N:!C'?J<:X!7'D"1B3*HQC9._/&+'EJGU'>I M0)][%>J*>!3A6+1]%9^RQ6J>TW,>)_DYW^)@\%O_I77R>;KYXP#\<-9>]C2M1(]%W1%7CD!>Q?"`E6QJ4O(GOTHNXWY;7&Z M/DK6X`9]-?J.T&.O7(&];6&!:QJQ8GIX>G]\SP=>'-G-8_R'/*KL7(N^([30 M*S]@;V98P.(OR="/2KK6N(KG-C%X`JA'WQ<`^,H;*+JV];3VV$586X$^_]!N M9GO8FQT6B*IX>QEL5&^Q*T):;PO2XC1)W_D?T^_J]AE$KQNS4+I4L,AUBN=V M?Q!!;\A.,9O3)UV?K;*/D[C[S(?O#ZS#9H2`(3V:(;05P3AIO0HDVAT*85L[ M:%;L5[B/D_W;!J.*TNC-K.!7BM#LXV0%MW&(@^5-W`H[*\@58"MV<1*&-4!: M"U'T=O:PVUB:LH^STE$-I+UJ5&]G#;O-=:3[.(L@VT!N@F*TO]Y;U[CR(*&V2:.=X`B#75@.I)L M$[\-:E&TH`+'K?]R]OLJ>/9#WK../*OJ6$&Z"GCE`13)>/L8)-DK_)74V-!C M6`.T8A1%)DH@=-]!O1EY7E7?/!2-N(E#]:536E`G5/ZJH2C"30@@C?09;)"' M(NRJUHU?*]"2,*W@EZFIY'[ZW`1_R2]4_BS_NM$G]I*Q:%'G_+1Z=>W/@_M@ M?AG+Y:\FO67;A9+9=^\OHM*MAFBW^[G'XYOCS^VP_\W]D:?1N*R_,_\RI_+2X_6UQ[]65W] M+VY1MC`238S*-D9U(Q\<>JL6;Q9A*3G2)I>^_S%8L*"$P_^0\?"?_B[(:X2- MQ4_'+X&^H$\3),+A^"RX^W0Y%;` MW3*572/87YF?KA*FN%EU1L3N41W,-9_89["O,2CO4+W9()R"-X&:6NEFQ0E- MK[/C6#J-3@/^S0[N5CD]Z7&T*-84?&7+NU:N8.=:-*GO#'_M"9S0M0Y4/P]8 MRKS$^+:F)TS?O$OVX(=G$1^UO2I>TJU28F_G%KXMWZ\F]LJFE6_CS:(A>-.X M-N=M$]R:M+?,WSRE]^."F)VC\4%!2_[+WV_RX?_D<+Q_I'QVV\5#\*-R7DY. M&]W&X(DC+-<77):=T2(HFG]FR5V<,CFYYJ/UR\TC[W:17JH:>FG-B#W>>J#O M>$MJ;MD3[G3/.^3_K[QEV\7#8+V@M M\.E2W0VV].9[#8#K=05H&[*>KZ+%](GE2Y.BAWKU,$!ZCWKT'-`#O'`&2H1C M#>+LQ5\^A>S7('N'8!'85O\D;4#7JOH"P M"T^@[B\*\JXSHL>R#JG0+X/L$=!U*1EI9@&P@ERK0H_R;KBK MT2/N$%R]GY2BG!ZO"I!K$E'NX.G=/[@V")XU6W*UB^DQV,983=FA,GB=!'E6 M@^[!!^P(<]H&6QT]BTKN#9O'T:(+O2I+P@2KX-9'T^(-?]7/OUQ(CT@987UP M%AYWQFU-`#NRC$*;F*",7*4)%'4"MKWJL M]7(M#)T5)]E]'`;Q+<<9/[-$L\>IUHP>LWJL(M*.DP$EP]!*6,#0`G;;[UF< M,^/6SXUQCQ_`CAZ[`%CQ6D#15^*E)/8ES">$'HP<`^9DJ08P5RE]F(S/\FUI MI_=G+_-B@]HB!F-@':Y"EWD8MV`?1;!MSBR#HD*V(FRV(`KZ<.:=UZT;OY.0(5U2 M@6\@SNGP.4Q]P)[P;;D!3U"&EFQLO!UU1C2)A&Y#E*%8#L+XY=<9T>04^LJC MC*MR$(9ON]J$)I_Z[SAJ.N1QM.AV@%Z7"O28[H*Z6O*%G#+9Y\`2.]Z]!L"" M:-0SUN&[V8);MW6?HLQ;BM:--RED2)=4Z/9$/9O>.$J`#.GR"XP6<,_P-HP8 M]&9TN=6.''`.[/[NSMO%.:;;'6?6NIV'/FCO;=C'(\^C<2U\C_KRXWRZWV'^R_V23[6K/'76A%;Z*_%.>!J M?^WVS8#=$+0:[@15:G=[%V>DU8@OP7*U/%DM5V'QO2YVO8ZHULXTABG+,]2DP-)!?+ISAE MBVETO4KFCW[*TH[/2M]KT/92W]Z@KE%;8Q09QOW?:]UJTO90MSZ@KG\S(-._ MT>`:=OIA\VV&DJK0?G:GT8P%T3-+,[8X#9Z#!9<<^<:N&]N-&ISSCLO1]MP[ M.H:Z2J].DN,=RD'4/\C15,B2J#-`S*C;8FT@@9BU@TOD%8^-Y2;@/0K8$645 M0(R\4UB%0\^I#2PB+[I;O^Z/Y_-X%65K+QZG*XXW/Z\NF.S]D:N>[X''=\ M#@7FW?$Y[O@<=WR..S[G70,%=WS.FV]9=WR..S[GC42[XW.&$^H]60=+B8S\!Y9/YN5SU4`82&=&EF(]Y%7*FX^+>*4? MYM_2($[X8/WG'\9RQB/ASVQ3W^<3*RQY#N;,&]]YH".[5R/KV.Y=Z.)H\KJK MV=UII=21XYYEU+G4NI<2IU+J7O70,&EU+WYEG4I=2ZE M[HU$NY0ZEU*WF5*W>3I-[RRZWVK/(4WO("6IM"-Z.D5%OQQY&=:5<7X',!/A?@""CB[HZ(*.+NCH@HXNZ.B"CIB> M<$%'%W1T04<7='1!1Q=T=$%'%W2D1K0+.KJ@HVJC_MM\8[49RU9)!._/_\5/ M\J.WZ\FH1JAQ7[E/?W'IT?K:'6**H_\2;?SW=Q5>%+TN6M-$%#4VQ+Z%&I28 M<%$# MZT/B&"9Q;`>)C86[*'NZ2\W+F0WM8AM(;"0KH(^+>/.[,(F[=I"X*^^SCDNB MG.'1+K:!Q$;2!LI&YU+S^S")^W:0N"]O;XY+X@%,XH$=)!X@;S4N-7\(DWAH M!XF'V]]7O`^)1S")1W:0>%23B*Y8>)<@Q5(6DR>QA"E(1%)9A$&Q1+"5.0B*Y8>/.08BF+;2"Q5BQC M=,7"FX<42UEL`XFU8AFC*Q;>/*18RF(;2*P5RQA=L?#F(<52%MM`8JU8QNB* MA3K%@\.Q2+5RN6R0"*Q8,5BV>'8O%JQ3(90+%XL&+Q[%`L M7JU8)@,H%@]6+)X=BL6K%+5BF0R@6#Q8L7AV*!:O5BR3 M`12+!RL6SP[%XM6*97<`Q>+!BL6S0[%XM6+9'4"QC&'%,K9#L8QKQ;*[+<7B MUON[]?YNO;];[^_6^[OU_IC4N_7^Y)AWZ_W=>G^WWM^M]W_70,&M]W_S+>O6 M^[OU_F\DVJWW=^O]I?7^W)W^@V+9_SOV&#^0%OZ73:@W`'`[C`,RH^F;DC#- M1@"@);%/)8@5=5.`-I#U2\W$K?SN0R2VPSVA(7D-&G6G@#8*Y4;@@)U='`^R MY[<.1RM(KK>SD.7&`D6<0)$:1SO'36]G'\O-G:-QYCC;.&Z":,ZJC2/,;,OV M=K$NH\?=F*"-!]R)Q&AN%_>:W4FP)CA="-6%4!M#YF;0W`S:\(^WFT%S,V@6$.UFT$C/H'T8C?4\F2:+765`[!6K M@HB9LR[/-18`;]E+]H5?_SQKE,D7&> M^IE_%K)\!@D^+U,UZWN4S_I6EU;/^^8-C/X43;BY7S?WZ^9^W=POK7O4S?VZ MN5\W]^OF?MW<+\6WLYO[=7._;N[7S?VZN5\W]^OF?MW@C!!USY$:VB_,7P31@_9Q MKLKI,:@`B;JER/3N']Q_P3-3<]@NID=A&R/J=B%5\]=)L/235UTD#+`CS&D; M+.IN(!6.&S:/HT47>E66A`E6P=WVKA\@Q6,"./K,-L())?PEQ;^I4P*N@+:(#&D@N MEL5^N]/H>I7,'_V4I1V?D+[7(.N@OAT1#D.1A6N,I^LYT?XOLFXUR3JG&WSA M$A2=:4"F?X7!-:QSP>;K"T6%MI_8:31C0?3,THPM3H/G8,&B19Z-L9$C8/#+ M.RY'UFGOZ)/P*(KHG;$%6Q8#<#YBS$'4/\BSB)`E/3^`<`7%.&GB3200J>1I MK(E#T;UG+WP,$#TPTYT)V-$C%``KR$41P`T<>CJ)$UA3ABEKC^?S>!5E:P<> MIRG+Y$P5T)(>I2!<03&F0*V1F(BU@LY&?A_^W)9JX*6TH$>D$J:@$BI)[@U)6&^I($ES\&<>>,[ M#_1@]VKT/-H=>Q'OL=0`O24;1GA6?W:'^=3Z>_[X*.++S5;3(/TM\0&)T7L-K)M![5O?4#&U!\0?I_\Z@=YK"J9L6!YMTK20HUI_=6E`CW_=4$M M?(8BY:]89GPT-#;TV-4`%82BQ#W-'LX7?WIBO0<\:;NB%< MA1(_O8Z3[#X.@_B6=R'FL-09VGHS>J3KL0IF4<1O"X8N;1LRM(#==N+V+HK. M;0&9*=:VJ6TL8'767.FVBZ)AUY^-\SC.HCACJ6&9@-S`8CZW`5NLS#N`7[F%KS2\+\WY[B M(,KR?1_SB+U&)OXBW(ZZ"1>+H,TS1-3U5XQ5"'K"0-NP3[F>M-T MQM8L?8FSQZ]^FG'A57_AGZI:Z?W5W&4L/DJ MR9M6DZXM.\(5+4.3H1FSABOV1/YY?_&(]T%F:!4NN-\#(B;8*/2=T MPRW81Q&K0#C`X(1>->GYHA=\X1),N9MNW"V_^!P>[P1'$D1^\EIA92RZB.;A MJK&5NAPTZ7\=>NYZ1V>$\U#E](R/]/B]L[B-9^P^9//LA+]FF6ZX"YC3=84> M<[6M&2;C5W%V$G,`X1I33M3IBMW&\I.N<4&/^G1]TJ,3PDF8JOOLQ5\^A?!F M*[(-6;)EH()03)F]QO#E]6_,UT1(0$OJY$IP!<6X.KE`TG63&\"<.MG`EC?[ MF-IXP_?JI1>@)76>);B"8DP!O$:2X]CQ0&Z%"752!`7H;7MHS>VG/$B_MU9[`E+T-"-Z.D4UOQPXV'``Q65N76,UP.8@P'4JPS',)A1F=O&>&.0 MU70V"BCR5\#H"`.9[O: M_/T21XM\36@:W`=L<<,96@*,@M65! MD\\63$$EBB(J/9I=1/E9Y8M3]L3?-?RJK_R'+,A6JNVKN]2@2;41MJ`>14T5 M[W9E=&*CA":54"XD2U][$\@A-\"@8H\I3S0Z*MOGB)_D: MUNPX6ERSY#Y.EC[7IL5IN6J5V*4"/6:[H!:\H^B?!@JCM#38TF/;`%@0C2** M&E@NHN*OG)Z+,%REQ;1,^A]^$OAW01ADK]/[LD_R4/6-UR#MF#X=$0Y#T5T- MC-.HR'B9)I&<;Q8!&7&7#D"OX@6[$7/L,:<--,: MS()QG/UQ&G">_2!;Z85DO\2P.N+N,_87\:C:; MTR5;C[FB'$5>'D?1R@]+O.JY-J4%/6*5,"LN413D!@3=))S.B#BCB@.^=U!4 M7A/%!?^8%IX];>]N"-C1IE8"6[&+HO2:0#P^"@%(+8MI@T*<#6$VVQ_#%(XMH'#<%'NY@\A7L-"E$TD-3^/DSAO@44[CU#ZJ0L)D]A0YUXZ.J$MP^ID[*8/(4-=>*AJY.\0S"%Y-5)B;&B M$%V=\/8A=5(6DZ>PH4[&Z.J$MPBID[*8/(4-=3)&5R>\?4B=E,7D*6RHDS&Z M.N'M0^JD+"9/84.=C-'5"6\?4B=E,7D*&^IDC*Y.>/N0.BF+R5/84"?C`=1) M:Z^-=C%U"AM[:7CC`=2)!ZL3SP)UXC74R7@`=>+!ZL2S0)UX#74R'D"=>+`Z M\2Q0)UY#G8P'4"<>K$X\"]2)UU`GDP'4B0>K$\\"=>(UU,ED`'7BP>K$LT"= M>`UU,AE`G7BP.O$L4"=>0YU,!E`G'JQ./`O4B==0)Y,!U(D'JQ//`G7B-=3) M9`!U,H;5R=@"=3)NJ),)BCH1N;K&[6<@0WJT0F@K@E&TBT!BV(M&;T:77.V> M--X$1=,('#/FIW%TP_(L<[8X"?TT/0WN[UG>NW/>GXOEDBT"/V/AZW7"YBQ? M5W'-DB"6-PS9Q@7INNL]O:HAXG!=JK.)L6>!<7T742IT^\(ZV= M='K6I>RN3AT0GME%$7#YOS#>BF84S:?#TI%BF^AM4(NB!7\)'AY9FOW[BF-A2?BJ?S.`EO0(!N%6 M'*.(Q6I5J!(2\*Z`*M!CO`OJBG@4B0DCZD6Z?80WR$81HY?Q']U>))`A/9(A MM!7!J&)4B0AXBP#V].CN`+IB'56G*@'U8=PZMAM,HPC';KNV6;15FVE_-F\/ M1?;),/*5_::="SK6H<^Y!GCE`129*(-J;./$'[_HH75*?9<*]+E7H:Z(1Q&. M1=M7\2E;K.8Y/>=QDI_S+0X&O_5?6B>?=ZM"C_QNN"OZL7K!Z MSC@0/YRUARU=*]%S05?DE1.P=R$L4!6;NH3LV8^RVYC?%J?KHV0-;M!7H^\( M/?;*%=C;%A:XIA$KIH>G]\?W?.#%D=T\QG_(H\K.M>@[0@N]\@/V9H8%+/Z2 M#/VHI&N-JWAN$X,G@'KT?0&`K[R!HFM;3VN/782U%>CS#^UFMH>]V6&!J(JW ME\%&]1:[(J3UMB`M3I/TG?\Q_:YNGT'TNC$+I4L%BURG>&[W!Q'TANP4LSE] MTO79*OLXB;O/?/C^P#IL1@@8TJ,90EL1C)/6JT"BW:$0MK6#9L5^A?LXV;]M M,*HHC=[,"GZE",T^3E9P&X0F*$;[Z[U5S2S+]E:P+8.N6,=9-]D& M!.[0:S2W@G/-?KW[***P<1;B#7MF',/KWP(6+M2C9:,U/<*-D`7?!RA:4`M' M-WCN4L$BUA7#Z`,41:A#I#H1QV!K#]V;9^)X!RC24`>F(\DV\=N@%D4+*G#< M^B]GOZ^"9S_D/>O(LZJ.%:2K@%<>0)&,MX]!DKW"7TF-#3V&-4`K1E%DH@1" M]QW4FY'G5?7-0]&(FSA47SJE!75"Y:\:BB++S\7 MG3J-YZLEOV;=A9O57%].J MAT&6M[/#_S?Q1I]&XH+\S_R:G\N+CM97'?U97?V3^.E'\@C,[EP""X[W@Y-;@7<+5/9-6C]E?GI*F&*FU5G1.P> MU<%<\XE][/H:@_(.U9L-PBEX$ZBIE6Y6G&CT.B&.I=/H-."?Z>!NE=.3'D>+ M8AG!5[:\:Z4'=JY%D_K.\->>P(E6ZT#U\X"ES$N,;VM&PO3-NV0/?G@6\>': MJ^(EW2HE]G9NX=OR_6IBKVQ:^3;>+!J"-XUK<]XVP:U)>\N4S5-Z/RZ(V3D: M'Q2TY+_\_:88]Q^.#W:4SVZ[>`A^5,[+R6FCVQ@\<83EDH++LC-:!$7SSRRY MBU,FY]-\M'ZY>>3=+C)*54,OK1FQQUL/=,MO29#5NFWE@]XN'I9%M>N+&[N% M=$WC6V84-4_^"7]V/.^0_ZQ\\MO%5,EJ(UV3=8#\%C`1[<%$>]80[4E$'U)_ MW>KG]]9.4!D0>\6J(+YC//"VE^MC'/(6\S6L!3Y==KO!EMX4KP%PO90`;0_6 M\U6TF#ZQ?#52]%`O&`9([U&/G@-Z@!?.0`EJK$&=N5>A1W@UW-7K$8+\&K-Y"2E%.CU<%R#6) M*'?P].X?7!L$SYI=N-K%]!AL8ZRF[%`9O$Z"/)U!]^`#=H0Y;8.M3IM%)?>& MS>-HT85>E25A@E5PZ]-H\8:_ZN=?+J1'I(RP/BL+CSOC3B:`'5E&H7U+\*;> MZPD4=K3JD]2:1&.]3>29$S:K>C!ZO>JSU"BT,G14GV7TJPBTHZ3`27#T$I8P-`"=MOO69QCXM;/C7%;'\".'KL`6/%: M0-%7XJ4DMB+,)X0>C!P#YF2I!C!7*7V8C,_RG6BG]V1BW8!]%L&W.+(.B0K8ARZ\,5!"**<_6&+Z\YOM:=*%5LJ1.K@174(SY`131 MD(YB#C"G3C8@[<8HTD[E>[42`2VI\RS!%12C*#U]B*_O#6ZH2MT))OS"*R@J M40^M^T,`U++)%YJ'8X`4C*[*!S"G3CR@@R:8H_(U',-.IB9CZFQK=S&=H(S! M;SB\C#V\JH>)K5)Z;+8@"OIPYIW7K1N_DY`A75*!;R#.@?`Y3'W`GO!MN0%/ M4(:2HI:W;+P==48TB81N0Y2A6`["^.77&='D%/K*HXRKEPKTF.Z"NEKRA9PRV>>,$CO>O0;`@FC48]7AN]F"6[=UGZ+, M6XK6C3Z]FI`6(+\%RM3Q9+5=A\8DN-G`K,_"FSRR9YB=*YB=')L&\=5I!O[I$'=&S M%ZA+PXS8LO;9PQWKV.J-;./@89P3/$I,#207RZH"Y+6V,42<7]WVO=:M+V4+<^H"YY,R#3O]'@&G;Z8?-MAI*=T'YV MI]&,!=$S2S.V.`V>@P57&?E>KAL[C!J<\X[+T?;<.SJ&NC"OSHOC'!5E:R\>IRG+Y`UP04NBO(*845?7M9"8V+6'4^25[$''=BCCLQ MYUT#!7=BSD?I6G=BCCLQQYV8\Z%$?]2).0/D-@(G=?3(__JN\AY;G&LR'P$[8A]"`"EF]F-[9U)=_B-H.02YQGM"O?/J M8%F0D?_`\OF[?'H:B/SHS,A2K(>\F)3=E.WY?`E+GH,Y\\9W'NBL[M7( M.J][%U8IAQ,7\68_S+T9Q`D76S__,)9S)2UQ]#2Y"99!Z"=7<=3+U::*5CC; MU`G41,J3>/D41[QK7A&5$WW0>J.#/5DG=,".FBQ9X1GWY%YO3Y][/7;41,D* MSZ0G]WI[^MSKL>,>,]")T<+HPXYU MR'JT(W[D+$L#Z58Q#-'YECFK+,[\$.>!X#?$KWZ09X0G,Q8L[U9)6F@QK6.Z M5"#KJ"[@47,ZKUAF?!0T-F1)UN#==@ZGRY1SF7(N4\YERKE,.92X M]75&ZPNY;#C-046:5#B=$;'/G`XF9A*<\D0\71ZVK/(D_M(>>D MM2%X.T9&O1U[&,VQ;CO3S,7T7$S/Q?1<3,_%]%Q,#Y-Z%],CQ[R+Z;F8GHOI MN9C>=J9=74S/Q?1<3,_%]%Q,CT!,[RJN]YZ^3?PH+0[FZ!'IVP,C??\RNHI' M=0NC/^LV_G(G@2FG)YL>Z10/5%<@]KGL`GFX.&$33Z^8(5QQ^.ECZ&:"W4(I MKMC$U2'&J#*WV16B#ZB'B1G@P+%#E;GU'I@@'R1F@`/'!%7FUGM@V+BA#,<0 M0U29V^X!%V=T<4879W1Q1A=G='%&%V?$](2+,[HXHXLSNCBCBS.Z.*.+,[HX MHXLSNC@C[3ACN2'^;;Y]VHQEJR32;:[_Q4_R$[/K::A&='%?N=/ZVT&()(T.^% M]%(AQ0SL;0#0Q5AU1O0I;8=+<:)U31`77'D7GCWU,XA9R8X\N1)>U%A<$X=W M="1'?MK%Y-DL8:*&TZ3FY2!^N]@&$KWM1\3ZD#B&21S;06)C>2Z*G)6:EY,9 MVL4VD-C(3T`?%_'F=V$2=^T@<5?>0!V71#FIHUUL`XF-/`V4'_87@?$H]@$H_L(/&H)A%= ML?`N08JE+"9/8@E3D(BN6'CSD&(IBVT@L58L8W3%PIN'%$M9;`.)M6(9HRN6 MO$LPB38HEA*F(!%=L?#F(<52%MM`8JU8QNB*A3+!BL6S0[%XM6*9#*!8/%BQ>'8H%J]6 M+),!%(L'*Q;/#L7BU8IE,H!B\6#%XMFA6+Q:L4P&4"P>K%@\.Q2+5RN6R0"* MQ8,5BV>'8O%JQ3(90+%XL&+Q[%`L7JU8)@,H%@]6+)X=BL6K%\^_V$5:#4FP MYC1=U-1%31MC3R-Q/?YG?LG/Y35'Y45'?U:7 M_:X"I&[2S$V:N4DS-VGF)LW8FS=RDF9LTLJ`V*O6!5$S#1U>7JQ`'C+7K(O_/J_:?E4 M&P_!K?XFV*17C5B1KXXYQQND\S#.98J,\]3/_+.0Y3-(NH,P51.]1_E$;W51 M]51O?NG1G^+B;KK73?>ZZ5XWW4OD'G73O6ZZUTWWNNE>-]U+\>WLIGO==*^; M[G73O6ZZUTWWNNE>-]WKIGL)3O=V&T3-V$,^'/:C[,I?RE-O:A-ZL[MJG)A[ MD-2N5JQ@EPOI$2@C1-U9I(;V"_,70?2@?9RK15%_P"[`ASV@:+NN='A>.&S>-HT85>E25A@E5P MM[VW!TCQVK3JD`I.4<[5DD'$X6H9*4;P@!U]9AM@!;DH MYVU]]5^"Y6IYLEJNPN+)*6(S^7$X#VS*I>[TGDMC_I+BW]2Y3'C/NO2_Q=9MYIDG=,-OG`)BLXT(-._PN`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`6["/N:8TG;$U2U_B[/&KGV9<>!6S;HM6;DZW M*F39-^`6[&.N2DWYOZ%?ZMKI_54<)6R^2O+E"]H\LUXUZ?JB$WSA$A0YNA$_ MN&)_Y(_G%[]8\W.69L&2ZPTP.J*M0L\)W7`+]E'$*C#E;W!"KYKT?-$+OG`) MIMQ--^Z67WP.CW>"(PDB/WFML#(6743S<-78(5T.C/2_#CUWO:,SPGFH$D3-5]]N(OGT)X0Q79ABS9,E!!**;,7F/X\OHWYFLB M)*`E=7(EN()B7)U<(.FZD0U@3IUL8%N;?4QMO.%[]?(*T)(ZSQ)<03&F`%XC MR7'L>""WPH0ZJ0)GAZRS_7WJ"3>*KDW,7II8XJ5)-R]A;T^\#2_MF;VT9XF7 M]FI/8,K>!@1OQ\BFMV,'FSE.P2:F#A5?]KA>5=YW(&.H2IU]$_YJ+_1AO=)] ML`/4LLD7ZD'0P0!JM(FJPX!(96X3\0*S8'P`N=J"`P]N5.;6,3ZI&1]"O7M73NJU2>FRV(`KZ4/2D:-VH=R!# MNJ1"6@9%80H@58;X21S->9<2U;(9DS%=GG6(JZ.=L,YST9_D0O@5L`%/4(:B M\?*6C8^^SH@FD<`C?XBBXG(0QE&6SH@FI\"(ZA!%I^4@#.,HM0E-/K5CID.< MS6LYA,LX95_CB+TJ:&R4T>2O`5`0A[,E;?Y^B:-%OB8T#>X#MKCAC*SD9!F] M&4TZU5@%LRB2*8=1>/2KG_S&LCP!1T%JRX(FGRV8@DH4151Z-+N(\O/(%Z?L MB;]K^%5?^0]9D*U46U1WJ4&3:B-L03V*FBK>[:'11M\\5/\C6LV7&TN&;)?9PL?:Y-BQ-QU2JQ M2P5ZS'9!+7A'T3\-%$9I:;"EQ[8!L"`:110UL%Q$Q5\Y/1=AN$J+:9GT/_PD M\.^",,A>I_=EG^2AZANO0=HQ?3HB'(:BNQH8IU&1\3)-+ED*^$0R(TV[A%4P MB[,/3@WC>+$(RHRY<@1^$2W8BYYAC3EIIC68!>,X^^,TX#S[0;A^M*X?N?8! MV&Z;TF:ZC5>PC+-+CAK*K^SN)LCR^R`!7Q]0'6MXEX$+!Z`HN@:F:S_-3N-B M]1!_X`)^=7:^XGT!;G>@"FGZ`=R"?11Q*,:V\'C=@L%YZW3I'12!*)HWCL,A M0[JL0B=,[Z!JS/7#LE[B61QB=QG["_G5;#:G2[8>'P4`I!:%M/FLL1848@BW:3VY43^=C%Y"KT&A3@;PFRV/X8I'%M` MX;A!(8JRDMJ7%S>TB\E3.&E0B"*/I/9W80IW+:!PMZ;00U%(4OOR@H]V,7D* M]QH4HF@@J?U]F,)]"RC<;U"(KFEX^PT?P10>64#A48-"='7".P2ID[*8-H4EQHI"='7"VX?425E,GL*&.O'0 MU0EO'U(G93%Y"AOJQ$-7)WF'8`K)JY,28T4ANCKA[4/JI"PF3V%#G8S1U0EO M$5(G93%Y"AOJ9(RN3GC[D#HIB\E3V%`G8W1UPMN'U$E93)["ACH9HZL3WCZD M3LIB\A0VU,D879WP]B%U4A:3I["A3L8#J)/67AOM8NH4-O;2\,8#J!,/5B>> M!>K$:ZB3\0#JQ(/5B6>!.O$:ZF0\@#KQ8'7B6:!.O(8Z&0^@3CQ8G7@6J!.O MH4XF`Z@3#U8GG@7JQ&NHD\D`ZL2#U8EG@3KQ&NID,H`Z\6!UXEF@3KR&.ID, MH$X\6)UX%J@3KZ%.)@.H$P]6)YX%ZL1KJ)/)`.ID#*N3L07J9-Q0)Q,4=2)R M=8W;ST"&]&B%T%8$HV@7@<2P%XW>C"ZYVCUIO`F*IA$X9LQ/X^B&Y5GF;'$2 M^FEZ&MS?L[QWY[P_%\LE6P1^QL+7ZX3-6;ZNXIHE02QO&+*-"])UUWMZ53D6 M=1%/V:?T/$X*M%=Q-BWP+BZBZR1.GWA'6COI]*Q+V5V=.B`\LXLBX/+ENK=Q MGL5=PEL?"+'A`8T-/:8U0"M&4=<#R6`4Z?^P*3U^8;P5S2B:3X>E(\4VT=N@ M%D4+_A(\/+(T^_<5Q\*2\%7_9@`MZ1$,PJTX1A&+U:I0)23@70%5H,=X%]05 M\2@2$T;4BW3["&^0C2)&+^,_NKU(($-Z)$-H*X)1Q:@2$?`6`>SIT=T!=,4Z MJDY5`NK#N'5L-YA&$8[==FVS:*LVT_YLWAZ*[)-AY"O[33L7=*Q#GW,-\,H# M*#)1!M78QHD_?M%#ZY3Z+A7H^=UP5_1C[UA8W!#?.)#U8/6<<2!^.&L/6[I6HN>"KL@K)V#O M0EB@*C9U"=FS'V6W,;\M3M='R1K$%GKE!^S-#`M8_"49^E%)UQI7\=PF!D\`]>C[`@!? M>0-%U[:>UAZ["&LKT.ZN:69;MK6!;!EVQCK-NL@T(W*'7:&X%YYK]>O=11&'C+,0; M]LPXAM>_!2QNC?/Q/$.4*2A#DQ'DFWBMT$MBA94X+CU7\Y^7P7/?LA[UI%G51TK2%X6_DAH;>@QK@%:,HLA$"83N.Z@W(\^KZIN'HA$W<:B^=$H+ MZH3*7S441;@)`:21/H,-\E"$7=6Z\6L%6A*F%?PR-97<3Y^;X"_YA?C//WW. MKWCGIXS_Q_\'4$L#!!0````(`,9B24'<'BHP-@8``%='```1`!P`<'-F,BTR M,#$R,#DR-RYXO9K[_T?M/U;Q?6"#B^'7J(<&!3!#ERP.P56!:X\@E!KHM>P?`6W%/?1HSY M%'QNM>4O")F`!-?A/YBS$`P)%SDY7"#P[0]('%V7&9C]B#P(.*0+Q.^@AU@` M;=37'CD/3@WC^?FY=0]M/,?V",]1R_8]H],V.^UNYT24[2)9U;5/O2LTAZ'+ M^]J_(71%=^1H0(R3L#6HYZ.63Q<"H6T:WVY'DRAYTO$T8/-.SL1QP(N+R8\L M?+/;[1I1:]IUH^?+C+II+4>&;)Y!AI;(HA7OZ(^)>)#$7O8G@HC0RPYP.#7X M:X`,T4D7O1#%MB8>/0`]2(C/(1Z1HWM?D4]33)_4]H*@E2DR[<,Q=$7=/$1.\19G!2#2P3P"Z MRU[4=]&.P\>`4=O@;>AF#/X2NG;H M5AF[O4(XU*$[:)XQ=/$EQ017&+FS!#C4@;MPEC'P$9PAM^2871F[W^%*G*D8 M()`7#]9PYRP8%765+`CI7S&?#X@8[.M0S![4B[2I`>P(SO/T7-:35K0B^JP= M_0`=I`CO+P4:B.'`.[R>\1'D(W[(D#,F9]'UQZDDB4ZZ[(K\\$7,'[BNX^RX MY&[*36V469C]L!`/*9F$G@?IZP.))(:R'(2*9--<)UEF,>(T(,D#WI:9?HH>:3:P2@>6^1H19(A`OO$XH8LF MCY"B1]]U$+U&B"F9+Q&GI+LC&$QQY>4*&DCLAM\*_)Z+]T'H7H?$&8OI7Q1/ M%H.7`!%6@.N2&$K>C]9YC],`F0X^`%RA>7W-3G M#U.R_7F=[009)-`-O372>^=;R$%>(&N94DA8X+,N!%$:D.11,0_^ M2M/]W8A@EPB>Q,JZR""RQ$11$4LIBY,/LHC39(0ZQ6V576`!! M*88OVS>%<9IF3UA5`9C9KL]"BCXR>`4Y',0>NWK;4!U&J86NU,(R3;8:9#+P MEJ9K%+$?J^AF-+XX'YU?3,:CA^G`&DP?K+O"9M%N$)4:.H7MHC@?2!.".&.C MA3*.40X!E(I4LJYVC1J:]V,<%:"\-(J2_L+FD4H-C<&0WV`HH(`B@4K2U1Y2 MP_*^;:32W)>!4RJBDI74+!"UNDD[JHBGZ.D$D!C*M5F*A5Y::B* MIE1'!6.IF3/VX2V5VD86PE!JHJB_U`AA;Q93'C74`*241#F;J1'&7IRF>VMP M.1P_3&X'T_-1\7](VA:N$L%1871RE%"IX/OV.SF[J*T$H^2_GXOP?5=`SWA_[%9_6CP7WL!?XE`.2>3I[V\'D^&#W MR+QNGREFYV]".S]<*<]*ABD1+D".-CCL5*2.,*EQ!A,62W%OZ3 MX2`BX+WD7=QH.2@*SDP MC]=*20[\1[6(UXAXGN\%J1YW&_;S;%!WCC@_*GCN]!3(8<>?)K M(,H,9XQC'LHB;Z@?!GTM.H)_BD47#4#12J'-^]H=:93("6ER"#:S],OHO.,7TSS>*'VSZ4!+/]E>^LEAEKY417>[8+J' M6?KRT6YJ?;/I0$O??.J;38=5>JJ*D_96P:R:#JOT]-%V-DO?;#K0TLWMI9L' M47K/B!&UL550%``,T3W10=7@+``$$)0X` M``0Y`0``4$L!`AX#%`````@`QF))03(``'!S9C(M,C`Q,C`Y,C=?8V%L+GAM;%54!0`#-$]T4'5X"P`!!"4. M```$.0$``%!+`0(>`Q0````(`,9B24$CC<['\V8``!B!"@`5`!@```````$` M``"D@:\U``!P`L``00E M#@``!#D!``!02P$"'@,4````"`#&8DE!P[T.=VLD``"6)@(`%0`8```````! M````I('QG```<'-F,BTR,#$R,#DR-U]L86(N>&UL550%``,T3W10=7@+``$$ M)0X```0Y`0``4$L!`AX#%`````@`QF))04Z-5L)@50``-B0'`!4`&``````` M`0```*2!J\$``'!S9C(M,C`Q,C`Y,C=?<')E+GAM;%54!0`#-$]T4'5X"P`! M!"4.```$.0$``%!+`0(>`Q0````(`,9B24'<'BHP-@8``%='```1`!@````` M``$```"D@5H7`0!P XML 21 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
PRECIOUS METALS PORTFOLIO
Precious Metals Portfolio
Investment goal
This portfolio seeks long-term growth of capital.
Fees and expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the portfolio. The table below does not reflect expenses and charges that are, or may be, imposed under your variable annuity contract or variable life insurance policy. For information on these charges, please refer to the applicable contract or policy prospectus.
Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses PRECIOUS METALS PORTFOLIO
Class I
Class P
Management fee 0.68% 0.68%
Service fee 0.20% none
Other expenses [1] 0.06% 0.06%
Total annual operating expenses 0.94% 0.74%
[1] "Other expenses" are based on estimated amounts for the current fiscal year.
Examples
The examples below are intended to help you compare the cost of investing in the portfolio with the cost of investing in other portfolios of Pacific Select Fund or other mutual funds. Each example assumes that you invest $10,000 for the time periods indicated, that your investment has an average annual return of 5%, that all dividends and distributions are reinvested, and that the portfolio's annual operating expenses remain as stated in the previous table throughout the periods shown. Although your actual costs may be higher or lower, the examples show what your costs would be based on these assumptions.

These examples do not reflect fees and expenses of any variable annuity contract or variable life insurance policy, and would be higher if they did. Keep in mind that this is only an estimate; actual expenses and performance may vary.
Your expenses (in dollars) if you sell/redeem or hold all of your shares at the end of each period
Expense Example PRECIOUS METALS PORTFOLIO (USD $)
Class I
Class P
1 year 96 76
3 years 300 237
Portfolio turnover
The portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in Annual fund operating expenses or in the Examples, affect the portfolio's performance. This portfolio is new and does not yet have a turnover rate.
Principal investment strategies
Under normal circumstances, this portfolio invests at least 80% of its assets in investments related to precious metals. The portfolio emphasizes investments (typically equity securities) in U.S. and foreign companies that are engaged in or derive significant revenue (i.e., at least 50% of their revenue) from the exploration, mining, development, production or distribution of gold, silver, platinum, or other precious metals, with a primary focus on those investments related to gold. The portfolio typically invests a significant amount of its assets in companies that are engaged in or derive significant revenue from such gold-related activities, but it may from time to time emphasize companies engaged in or that derive significant revenue from activities related to other precious metals. The portfolio may also invest in small-, mid- and large-capitalization companies. The portfolio may invest a relatively high percentage of its assets in securities of issuers in a single country, a small number of countries, or a particular geographic region.

The portfolio may invest any amount of its assets in equity securities of foreign issuers, including American Depositary Receipts (ADRs) and similar instruments, and may invest up to 40% of its assets in emerging market countries. The portfolio's foreign securities are typically denominated in non-U.S. currencies. The portfolio may invest up to 25% of its assets in debt securities of U.S. and foreign companies that are engaged in or derive significant revenue from activities related to precious metals.

When selecting securities for investment, the manager takes a disciplined approach to risk management through top-down analysis and bottom-up stock selection. In the top-down analysis, the manager considers factors such as geopolitical risks, the relative strength of the U.S. dollar, jewelry demand, inflation expectations, the seasonality of gold and other precious metals, investment demand and relative valuation levels for the precious metals universe. From a bottom-up perspective, the manager looks for companies that are positioned to improve their relative value over time. The manager may sell a holding when it changes its country or industry and sector views, the valuation target or investment objective is reached for that position, there is deterioration in the underlying fundamentals of the business or a change of significance in the price of the issuer, or the manager identifies a more attractive investment opportunity.

The performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods. However, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. The performance of the portfolio is also generally expected to have a higher correlation to the price of gold over long-term periods, although the actual performance of the portfolio may not be correlated with the price of gold over short- or long-term periods, including if the portfolio has sizable non-gold-related holdings. The portfolio is generally intended to complement a balanced portfolio of traditional equity and fixed income investments as a means of seeking diversification and is not intended to be a complete investment program.

The portfolio is a "non-diversified" portfolio.
Principal risks
As with any mutual fund, the value of the portfolio’s investments, and therefore the value of your shares, may go up or down. Accordingly, you could lose money. The portfolio may be affected by the following principal risks, among other non-principal risks:
  • Active Management Risk: There is no guarantee that the manager’s principal investment strategies and techniques, as well as particular investment decisions, will achieve the portfolio’s investment goal, which could have an adverse impact on the portfolio’s performance generally, relative to other portfolios with similar investment goals or relative to its benchmark.
  • Correlation Risk: While the performance of the portfolio is generally expected to have low to moderate correlation with the performance of traditional equity and fixed income investments over long-term periods, the actual performance of the portfolio may be correlated with those traditional investments over short- or long-term periods. Should there be periods when the portfolio’s performance is correlated with those traditional investments, any intended diversification effect of including this portfolio as part of an asset allocation strategy may not be achieved, thereby resulting in increased volatility of an asset allocation strategy that includes the portfolio.
  • Credit Risk: An issuer or guarantor of a debt instrument might be unable or unwilling to meet its financial obligations.
  • Currency Risk: Securities denominated in foreign currencies may be affected by changes in rates of exchange between those currencies and the U.S. dollar. Currency exchange rates may be volatile and may be affected by, among other factors, the general economic conditions of a country, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls, and speculation. A decline in the value of a foreign currency versus the U.S. dollar reduces the value in U.S. dollars of investments denominated in that foreign currency. Currency risk may also entail some degree of liquidity risk, particularly in emerging market currencies.
  • Debt Securities Risk: Debt securities are affected by many factors, including prevailing interest rates, market conditions and market liquidity. Volatility of below investment grade debt securities (including loans), may be relatively greater than for investment grade securities.
  • Emerging Markets Risk: Investments in or exposure to investments in emerging markets, such as those in Latin America, Asia, the Middle East, Eastern Europe and Africa, may be riskier than investments in or exposure to investments in U.S. and certain developed markets for many reasons, including smaller market capitalizations, greater price volatility, less liquidity, political and economic instability, less governmental regulation of the financial industry and markets,  and less stringent financial reporting and accounting standards and controls.
  • Equity Securities Risk: Stock markets are volatile. The price of equity securities tend to go up or down in value, sometimes rapidly and unpredictably, in response to many factors, which may be due to the particular issuer, its industry or broader economic or market events.
  • Foreign Markets Risk: Exposure to foreign markets through issuers can involve additional risks relating to market, economic, political, regulatory, geopolitical, or other conditions. These factors can make foreign investments more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.
  • Geographic Concentration Risk: Concentrating investments in a single country, a limited number of countries, or a particular geographic region makes the portfolio more susceptible to adverse economic, political, social, regulatory and other developments in that country, countries or region.
  • Government Regulation Risk: Certain market sectors or industries are subject to extensive government regulation, which may change unexpectedly and frequently and may impact a portfolio significantly.
  • Growth Companies Risk: Growth companies have the potential for above average or rapid growth but may give the portfolio a higher risk of price volatility than investments in “undervalued” companies.
  • Industry Concentration Risk: Concentrating investments in a single industry or group of related industries makes the portfolio more susceptible to adverse economic, business, regulatory or other developments affecting that industry or group of related industries. Because the portfolio has a policy to concentrate its investments in investments related to precious metals, the portfolio may perform poorly during a downturn in those industries.
  • Interest Rate Risk: Values of debt securities fluctuate as interest rates change. Debt securities with longer durations or fixed interest rates tend to be more sensitive to changes in interest rates, making them generally more volatile than debt securities with shorter durations or floating or adjustable interest rates.
  • Issuer Risk: The value of a security or instrument may decline for reasons directly related to the issuer, such as management, performance, financial leverage and reduced demand for the issuer’s goods or services.
  • Large-Capitalization Companies Risk: Large-capitalization companies tend to have more stable prices than small- or mid-capitalization companies, but are still subject to the risks of equity securities. In exchange for this potentially lower risk, the portfolio’s value may not rise as much as the value of a portfolio that emphasizes companies with smaller market capitalizations.
  • Liquidity Risk: Liquidity is the ability to sell securities or other investments within a reasonable amount of time at approximately the price at which the portfolio has valued the securities or other investments, which relies on the willingness of market participants to buy and sell securities. Certain investments may be difficult to purchase and sell, particularly during adverse market conditions, because there is a limited market for the investment or there are restrictions on resale. If the portfolio holds illiquid securities, it may be unable to take advantage of market opportunities or it may be forced to sell other, more desirable, liquid securities or sell illiquid securities at a loss if it is required to raise cash to conduct its operations.
  • Market and Regulatory Risk: Events in the financial markets and in the economy may cause volatility and uncertainty and may affect performance. Events in one market may adversely impact other markets. Future events may impact the portfolio in unforeseen ways. Traditionally liquid investments may experience periods of diminished liquidity. Governmental and regulatory actions may impair portfolio management and have unexpected consequences on particular markets, strategies, or investments.
  • Mid-Capitalization Companies Risk: Mid-capitalization companies may be riskier and more susceptible to price swings than larger companies. Mid-capitalization companies may have a shorter history of operations, a more limited ability to raise capital, may have inexperienced management and limited product lines, and more speculative prospects for future growth or sustained earnings or market share than larger, more established companies.
  • Non-Diversification Risk: The portfolio is classified as non-diversified and may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified portfolio. This increases potential price volatility and the risk that its value could go down because of the poor performance of a single investment or a small number of investments.
  • Precious Metals Risk: Companies engaged in precious metals-related activities may be adversely affected by drops in the prices of the precious metals themselves, and the prices of precious metals can be volatile. Focusing investments in precious metals-related companies and investments makes the portfolio more susceptible to adverse economic, business, regulatory or other developments affecting precious metals-related companies and investments, and the impact may be disproportionate to the broader market. Fluctuations in the price of precious metals may affect the profitability of companies in these industries, however, changes in the value of companies engaged in a precious metals-related business may not directly correlate with changes in the value of the related precious metal.
  • Price Volatility Risk: The market value of the portfolio’s investments will go up or down, sometimes rapidly or unpredictably, or may fail to rise, as a result of market conditions or for reasons specific to a particular issuer. The volatility of non-investment grade debt securities (including loans) may be greater than for investment grade securities. The volatility of investments in emerging market countries may be greater than for investments in U.S. and certain developed markets.
  • Redemption Risk: Because the portfolio may serve as an Underlying Portfolio of the Portfolio Optimization Portfolios and thus a significant percentage of its outstanding shares may be held by the Portfolio Optimization Portfolios, a change in asset allocation by a Portfolio Optimization Portfolio could result in large redemptions out of the portfolio, causing potential increases in expenses to the portfolio and sale of securities in a short timeframe, both of which could negatively impact performance.
  • Regulatory Impact Risk: Certain financial instruments are subject to extensive government regulation, which may change unexpectedly and frequently and may impact a portfolio significantly.
  • Small-Capitalization Companies Risk: Small-capitalization companies may be riskier, less liquid and more susceptible to price swings than larger companies. Small-capitalization companies, particularly those in their developmental stages, may have a shorter history of operations, a more limited ability to raise capital, may have inexperienced management and limited product lines, and more speculative prospects for future growth or sustained earnings or market share than larger more established companies.
  • Value Companies Risk: Value companies are those that are thought to be undervalued and that a company’s stock is trading for less than its intrinsic value. There is a risk that the determination that a stock is undervalued is not correct or is not recognized in the market.
Portfolio performance
The portfolio does not have a full calendar year of performance. Thus, a performance bar chart and table are not included for the portfolio.
XML 22 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 10 37 1 true 9 0 false 2 false false R1.htm 000000 - Document - Document and Entity Information Sheet http://www.PacificLife.com/role/DocumentDocumentandEntityInformation Document and Entity Information false true R2.htm 000011 - Document - Risk/Return Summary {Unlabeled} - CURRENCY STRATEGIES PORTFOLIO Sheet http://www.PacificLife.com/role/DocumentRiskReturnSummaryUnlabeledCURRENCYSTRATEGIESPORTFOLIO Risk/Return Summary - CURRENCY STRATEGIES PORTFOLIO false false R5.htm 000019 - Disclosure - Risk/Return Detail Data {Elements} - CURRENCY STRATEGIES PORTFOLIO Sheet http://www.PacificLife.com/role/DisclosureRiskReturnDetailDataElementsCURRENCYSTRATEGIESPORTFOLIO Risk/Return Detail Data - CURRENCY STRATEGIES PORTFOLIO false true R6.htm 000021 - Document - Risk/Return Summary {Unlabeled} - GLOBAL ABSOLUTE RETURN PORTFOLIO Sheet http://www.PacificLife.com/role/DocumentRiskReturnSummaryUnlabeledGLOBALABSOLUTERETURNPORTFOLIO Risk/Return Summary - GLOBAL ABSOLUTE RETURN PORTFOLIO false false R9.htm 000029 - Disclosure - Risk/Return Detail Data {Elements} - GLOBAL ABSOLUTE RETURN PORTFOLIO Sheet http://www.PacificLife.com/role/DisclosureRiskReturnDetailDataElementsGLOBALABSOLUTERETURNPORTFOLIO Risk/Return Detail Data - GLOBAL ABSOLUTE RETURN PORTFOLIO false true R10.htm 000031 - Document - Risk/Return Summary {Unlabeled} - PRECIOUS METALS PORTFOLIO Sheet http://www.PacificLife.com/role/DocumentRiskReturnSummaryUnlabeledPRECIOUSMETALSPORTFOLIO Risk/Return Summary - PRECIOUS METALS PORTFOLIO false false R13.htm 000039 - Disclosure - Risk/Return Detail Data {Elements} - PRECIOUS METALS PORTFOLIO Sheet http://www.PacificLife.com/role/DisclosureRiskReturnDetailDataElementsPRECIOUSMETALSPORTFOLIO Risk/Return Detail Data - PRECIOUS METALS PORTFOLIO false false R14.htm 040000 - Disclosure - Risk/Return Detail Data {Elements} Sheet http://xbrl.sec.gov/rr/role/RiskReturnDetailData Risk/Return Detail Data true false All Reports Book All Reports psf2-20120927.xml psf2-20120927.xsd psf2-20120927_cal.xml psf2-20120927_def.xml psf2-20120927_lab.xml psf2-20120927_pre.xml true true