-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OnFQjYOnj9Itaxk34XhR5M8RbsbUMPiQipy5R2/hwefQPdiSLgyaZJMsML8qCjhM MsQydJ9d5WSBTXFwGhDq4g== 0001104659-06-015054.txt : 20060308 0001104659-06-015054.hdr.sgml : 20060308 20060308165412 ACCESSION NUMBER: 0001104659-06-015054 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20051231 FILED AS OF DATE: 20060308 DATE AS OF CHANGE: 20060308 EFFECTIVENESS DATE: 20060308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BB&T Variable Insurance Funds CENTRAL INDEX KEY: 0001311261 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21682 FILM NUMBER: 06673664 BUSINESS ADDRESS: STREET 1: 3435 STELZER ROAD CITY: COLUMBUS STATE: OH ZIP: 43219-3035 BUSINESS PHONE: 800-228-1872 MAIL ADDRESS: STREET 1: 3435 STELZER ROAD CITY: COLUMBUS STATE: OH ZIP: 43219-3035 0001311261 S000012130 BB&T LARGE CAP VALUE VARIABLE INSURANCE FUND C000033085 BB&T LARGE CAP VALUE VARIABLE INSURANCE FUND 0001311261 S000012131 BB&T CAPITAL MANAGER EQUITY VARIABLE INSURANCE FUND C000033086 BB&T CAPITAL MANAGER EQUITY VARIABLE INSURANCE FUND 0001311261 S000012132 BB&T MID CAP GROWTH VARIABLE INSURANCE FUND C000033087 BB&T MID CAP GROWTH VARIABLE INSURANCE FUND 0001311261 S000012133 BB&T LARGE COMPANY GROWTH VARIABLE INSURANCE FUND C000033088 BB&T LARGE COMPANY GROWTH VARIABLE INSURANCE FUND 0001311261 S000012134 BB&T SPECIAL OPPORTUNITIES EQUITY VARIABLE INSURANCE FUND C000033089 BB&T SPECIAL OPPORTUNITIES EQUITY VARIABLE INSURANCE FUND 0001311261 S000012135 BB&T TOTAL RETURN BOND VARIABLE INSURANCE FUND C000033090 BB&T TOTAL RETURN BOND VARIABLE INSURANCE FUND N-CSR 1 a06-2883_2ncsr.htm CERTIFIED ANNUAL SHAREHOLDER REPORT

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-21682

 

BB&T Variable Insurance Funds

(Exact name of registrant as specified in charter)

 

434 Fayetteville Street, 5th Floor, Raleigh, NC

 

27626-0575

(Address of principal executive offices)

 

(Zip code)

 

BISYS Fund Services, 3435 Stelzer Road, Columbus, OH 43219

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(800) 228-1872

 

 

Date of fiscal year end:

December 31

 

 

Date of reporting period:

December 31, 2005

 

 



 

Item 1. Reports to Stockholders.

 



BB&T Variable Insurance Funds


Table of Contents

Fund Summary

Large Cap Value VIF     1    
Mid Cap Growth VIF     2    
Large Company Growth VIF     3    
Capital Manager Equity VIF     4    
Special Opportunities Equity VIF     5    
Total Return Bond VIF     7    
Summary of Portfolio Holdings     9    
Expense Example     10    

 

Schedule of Portfolio Investments

Large Cap Value VIF     11    
Mid Cap Growth VIF     12    
Large Company Growth VIF     13    
Capital Manager Equity VIF     14    
Special Opportunities Equity VIF     15    
Total Return Bond VIF     16    
Financial Statements     20    
Notes to Financial Statements     26    
Report of Independent Registered Public Accounting Firm     31    

 




 

BB&T Large Cap Value VIF

Performance Overview 6/3/1997 - 12/31/2005

Growth of a $10,000 investment

 

 

Portfolio Manager

Rick B. Jones, CFA

Senior Vice President – Director, Value Equities

BB&T Asset Management, Inc.

 

Average Annual Returns (Inception 6/3/1997)

 

 

 

1 Year

 

5 Year

 

Since Inception

 

BB&T Large Cap Value VIF

 

6.90

%

3.78

%

6.43

%

Russell 1000 Value Index

 

7.05

%

5.28

%

8.74

%

 

The chart represents a comparison of a hypothetical $10,000 investment in the indicated Fund versus a similar investment in the Fund’s benchmark, and includes the reinvestment of dividends and capital gains. (The returns include the Fund level expenses, but exclude the insurance charges). Past performance does not guarantee future results. The value of the contract will fluctuate so that when redeemed, it may be worth more or less than the original investment.

 

Investment Concerns

 

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of the Fund will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

 

The Fund’s 6.90% total return comfortably outpaced the S&P 500 Index which returned 4.91% for the one-year period, but slightly trailed its primary benchmark, the Russell 1000® Value Index(1), which rose 7.05%.

 

Overall the Fund’s returns were solid as traditionally value oriented sectors of the stock market, like Energy and Utilities, continued to do well.

 

The portfolio carried a full weighting in energy throughout the period and not surprisingly our two top contributors to performance were energy stocks: ConocoPhillips and Anadarko Corp. A significant contribution was also made by Hewlett Packard Co., which underwent a management change.

 

Because we have had difficulty finding reasonably valued utility stocks, the portfolio was underweighted in a sector that did very well in 2005. Our consumer stock sector selection was also challenged. Specifically, the Albertson’s Inc. stock position performed poorly, as the company rejected a buy-out bid late in the period (has since accepted a sweetened offer) and its Sara Lee holding had a bumpy start to a dramatic reshaping program, registering disappointing performance.

 

As of December 31, 2005, the top five equity holdings in the Fund were Bank of America Corp. (3.1% of the portfolio’s net assets), ConocoPhillips (2.7%), Citigroup, Inc. (2.7%), J.P. Morgan Chase & Co. (2.6%) and ChevronTexaco Corp. (25%)(2).

 

We continue to be disciplined in applying our diversified value investment approach. We are steadfastly focused on maintaining diversified portfolio of financially strong companies that we believe are currently trading at reasonable valuation levels given our assessment of their prospects. The portfolio enters the new-year being overweighted healthcare and technology stocks while being most underweighted in financial and utility stocks.

 


(1) The Fund is measured against the Russell 1000 Value Index an unmanaged index which consists of 1,000 of the largest capitalized U.S. domiciled companies. Companies in this index generally have low price-to-book and price-to-earnings ratios, higher dividend yields and lower forecasted growth values. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

 

(2) Portfolio composition is as of December 31, 2005, and is subject to change. 

 

A portion of the Fund’s fees have been reduced. If fees had not been reduced, the Fund’s total return for the period would have been lower.

 

1



 

BB&T Mid Cap Growth VIF

Performance Overview 10/15/2001 - 12/31/2005

Growth of a $10,000 investment

 

 

Portfolio Manager

David P. Nolan

Senior Vice President and Portfolio Manager

BB&T Asset Management, Inc.

 

Average Annual Returns (Inception 10/15/2001)

 

 

 

1 Year

 

Since Inception

 

BB&T Mid Cap Growth VIF

 

14.38

%

11.26

%

Russell MidCap Growth Index

 

12.10

%

10.55

%

 

The chart represents a comparison of a hypothetical $10,000 investment in the indicated Fund versus a similar investment in the Fund’s benchmark, and includes the reinvestment of dividends and capital gains. (The returns include the Fund level expenses, but exclude the insurance charges). Past performance does not guarantee future results. The value of the contract will fluctuate so that when redeemed, it may be worth more or less than the original investment.

 

Investment Concerns

 

Mid-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure, and historically, their stocks have experienced a greater degree of market volatility than stocks on average

 

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of the Fund will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

 

The Fund produced robust performance of 14.38% during the last 12 months, nearly tripling the 2005 return of 4.91% for the S&P 500 Index and notably outpacing the Russell MidCap® Growth Index(1) return of 12.10%.

 

Our investments in the energy sector, such as Peabody Energy Corp. (1.7% of the portfolio’s net assets), were especially productive, as we were overweight in energy for much of the period. At one point, the Fund’s allocation to energy was roughly 50% higher than the allocation of our benchmark, and we reaped the benefits of energy stocks’ steady climb. Another positive factor in our performance was our decision to underweight the consumer discretionary and consumer staples sectors in the second half of the year as concerns grew over the consumer’s allocation of discretionary income in the face of rising fuel prices. Technology holdings such as Apple Computer (sold) and Marvell Technology Group, Ltd. (2.0%) were strong performers for the period. Other standouts were Celgene Corp. (2.0%) and the Chicago Mercantile Exchange Holdings, Inc. (1.8%).

 

The mid cap arena has been on a roll for quite some time, outperforming large and small cap stocks for much of the last decade. To some extent, our strong gains reflected a continuation of this long-term trend.

 

The greatest detractors from performance during the period were found in the technology sector. Negative returns were experienced in F5 Networks (sold), and in semiconductor companies Cree, Inc. (sold) and Tessera Technologies (sold).

 

As of December 31, 2005, the top five individual equity holdings in the Fund were American Tower Corp. – Class A (3.0%), Cognizant Technology Solutions Corp. – Class A (2.3%), Comverse Technology, Inc. (2.2%), UTI Worldwide (2.1%), and Celgene Corp. (2.0%)(2).

 

We think energy will continue to play a key role in the market going forward, and we hope to see a further upward revision of earnings estimates. Energy stocks will swing, sometimes dramatically, on short-term movements in the prices of crude oil and natural gas. But we believe energy prices are not going to retreat significantly and that positive earning “surprises” will continue. The energy sector is expected by analysts to lead the mid cap area in 2006 earnings per share growth.

 

For now, as long as higher energy prices and the Fed’s tightening bias do not contribute to a recessionary environment and the economy keeps growing at a three percent-or-better pace, then we believe that mid cap growth stocks in general should continue to provide competitive returns. In that environment, we believe that investment opportunities will be found in numerous sectors in addition to energy. Among these would be technology, health care, industrial and select financial stocks which should all show strong year-over-year earnings gains.

 


(1) The Fund is measured against the Russell MidCap Growth Index, an unmanaged index which measures the performance of those securities in the Russell 1000 Index with higher price-to-book ratios and lower forecasted growth values. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

 

(2) Portfolio composition is as of December 31, 2005, and is subject to change.

 

A portion of the Fund’s fees have been reduced. If fees had not been reduced, the Fund’s total return for the period would have been lower.

 

2



 

BB&T Large Company Growth VIF

Performance Overview 10/15/2001 - 12/31/2005

Growth of a $10,000 investment

 

 

Portfolio Manager

Jeffery J. Schappe, CFA

Senior Vice President and Chief Investment Officer

BB&T Asset Management, Inc.

 

Average Annual Returns (Inception 10/15/2001)

 

 

 

1 Year

 

Since Inception

 

BB&T Large Company Growth VIF

 

1.88

%

0.88

%

Russell 1000 Growth Index

 

5.26

%

2.69

%

 

The chart represents a comparison of a hypothetical $10,000 investment in the indicated Fund versus a similar investment in the Fund’s benchmark, and includes the reinvestment of dividends and capital gains. (The returns include the Fund level expenses, but exclude the insurance charges). Past performance does not guarantee future results. The value of the contract will fluctuate so that when redeemed, it may be worth more or less than the original investment.

 

Investment Concerns

 

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of the Fund will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

 

We were not completely satisfied with the Fund’s performance during the last 12 months. Although we posted a positive total return of 1.88%, we trailed our primary benchmark, the Russell 1000® Growth Index(1) by 3.38%.

 

The Fund underperformed its benchmark due to security selection but also because we have focused on higher quality names, which have lagged for much of the year. We believe, however, that a continued bias towards quality companies boosts return potential over the long run. Lagging behind the broader market was a group of historically strong growth stocks, such as General Electric Co. (4.2% of the portfolio’s net assets), Microsoft Corp. (4.2%), Cisco Systems, Inc. (2.2%), Dell, Inc. (1.0%), and Home Depot, Inc. (1.0%); all of these stocks produced returns for the period that were below the benchmark’s performance.

 

We did, however, enjoy strong returns in a number of traditional growth sectors. In health care, such stalwarts as UnitedHealth Group, Inc. (+41% total return), WellPoint, Inc. (+32%), and Gilead Sciences, Inc. (+50%) delivered results that ranged from robust to outstanding. Technology stocks such as Motorola, Inc. (+32%) and Texas Instruments, Inc. (31%) enhanced fund returns.

 

As of December 31, 2005, the top five equity holdings in the Fund were General Electric Co. (4.2% of the portfolio’s net assets), Microsoft Corp. (4.2%), Intel Corp. (3.3%), Johnson & Johnson (3.0%), and Wal Mart Stores, Inc. (2.4%)(2).

 

Looking out over the next six to 12 months, we believe conditions point to a relatively constructive environment for the type of high-quality growth stocks we favor.

 

Respectable economic growth, low inflation, and the Fed adopting a neutral bias should provide a favorable backdrop for equities, in general. Because growth stocks have trailed value equities the past several years, we hope that a more normal valuation relationship between growth and value will emerge this year.

 

As is our practice, we continue to invest in the stocks of financially strong companies with reasonable earnings growth prospects.  We feel this approach should serve our shareholders well through our next fiscal year.

 


(1)  The Fund is measured against the Russell 1000 Growth Index an unmanaged index which is comprised of 1,000 of the largest capitalized U.S. domiciled companies with higher price-to-book ratios and higher forecasted growth values whose common stock is traded in the United States on the New York Stock Exchange, American Stock Exchange and NASDAQ. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

 

(2)  Portfolio composition is as of December 31, 2005, and is subject to change.

 

A portion of the Fund’s fees have been reduced. If fees had not been reduced, the Fund’s total return for the period would have been lower.

 

3



 

BB&T Capital Manager Equity VIF

Performance Overview 5/1/2001 - 12/31/2005

Growth of a $10,000 investment

 

 

Portfolio Management Team

Managed by the BB&T Balanced Portfolio Management Team

 

Average Annual Returns (Inception 5/1/2001)

 

 

 

1 Year

 

Since Inception

 

BB&T Capital Manager Equity VIF

 

6.77

%

1.76

%

S&P 500 Index

 

4.91

%

1.44

%

 

The chart represents a comparison of a hypothetical $10,000 investment in the indicated Fund versus a similar investment in the Fund’s benchmark, and includes the reinvestment of dividends and capital gains. (The returns include the Fund level expenses, but exclude the insurance charges). Past performance does not guarantee future results. The value of the contract will fluctuate so that when redeemed, it may be worth more or less than the original investment.

 

Investment Concerns

 

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of the Fund will fluctuate as the value of the securities in the portfolio changes. Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

 

For the twelve-month period ended December 31, 2005, the BB&T Capital Manager Equity VIF provided a total return of 6.77%. In comparison, the S&P 500 Index returned 4.91% for the same period.

 

The Fund invests in a diversified selection of underlying portfolios from the BB&T family of mutual funds. As such, our allocation decisions play a big role in the Fund’s performance.

 

In 2005, we benefited from strong, absolute returns from the shares we owned in the BB&T Large Company Value Fund and BB&T International Equity Fund. We have a long-term strategic overweight in the value arena, which did well versus growth. Also, our strategic overweights in mid-cap and small-cap significantly contributed to our outperformance in 2005.

 

Our substantial weighting in the BB&T International Equity Fund demonstrated the potential value of diversifying outside the U.S., as the MSCI EAFE Index(1), which tracks international stocks, gained over twice as much as the S&P 500 Index(2), our domestic equity benchmark.

 

As of December 31, 2005, the portfolio’s five largest allocations in underlying BB&T portfolios were the Large Company Value Fund (30.3% of portfolio’s net assets), the Large Company Growth Fund (20.3%), the International Equity Fund (14.6%), the Equity Index Fund (12.6%), and the Mid Cap Value Fund (7.0%)(3).

 

These five funds are the same, and in the same order, as the allocations we had one year earlier. This similarity reflects our practice of rebalancing the Fund’s assets back to our strategic weightings on a regular basis.

 

While still providing positive returns, our investment in the BB&T Large Company Growth Fund underperformed the other asset classes for the year.

 

Looking ahead to the next twelve months, we have positive expectations for stocks, and we expect stocks to outperform bonds.

 

Steady economic growth, relatively contained inflation, low long-term interest rates, and reasonable valuation levels all contribute to a favorable backdrop for stocks.

 

One of the risks to this view is that corporate profit margins, currently near record levels, are being pressured by higher short-term interest rates and higher commodity prices. Although decelerating, earnings growth continues and remains healthy in a number of sectors. Other risks to our view include lower housing affordability and a peaking housing market. However, we believe capital management activity will increase. Cash on corporate balance sheets is high, which should support continued solid merger and acquisition activity, as well as potential dividend increases and share repurchases.

 


(1)       The MSCI EAFE Index is an unmanaged index which is generally representative of the performance of stock markets in that region. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

 

(2)       The Fund is measured against the S&P 500 Index, an unmanaged index generally representative of the U.S. stock market as a whole. The Index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

 

(3)       Portfolio composition is as of December 31, 2005, and is subject to change.

 

A portion of the Fund’s fees have been reduced. If fees had not been reduced, the Fund’s total return for the period would have been lower.

 

4



 

BB&T Special Opportunities Equity VIF

Performance Overview 7/22/04 - 12/31/05

 

 

Portfolio Manager

George F. Shipp, CFA

Chief Investment Officer

Scott & Stringfellow, Inc.

 

Average Annual Returns (Inception 7/22/04)

 

 

 

1 Year

 

Since Inception

 

BB&T Special Opportunities Equity VIF

 

6.29

%

19.18

%

S&P 500 Index

 

4.91

%

11.40

%

 

The chart represents a comparison of a hypothetical $10,000 investment in the indicated Fund versus a similar investment in the Fund’s benchmark, and includes the reinvestment of dividends and capital gains. (The returns include the Fund level expenses, but exclude the insurance charges). Past performance doe not guarantee future results. The value of the contract will fluctuate so that when redeemed, it may be worth more or less than the original investment.

 

Investment Concerns

 

Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. A concentrated portfolio may add a measure of volatility to performance, as major fluctuations in any one holding will likely affect the Fund more than a fund with greater diversification.

 

For the full year 2005, the BB&T Special Opportunities Equity VIF produced a 6.29% gain, outpacing both the 4.91% total return of the S&P 500 Index(1) and the 6.1% result of the Russell 3000 Index. This was also only slightly ahead of the Lipper Multi-Cap Value group, which posted a 6.2% gain for the year.

 

We manage a concentrated portfolio and were fortunate to have a few more big winners than losers. We entered October with a decent performance advantage against the market, but Hurricanes Katrina and Rita knocked a few of our companies off track. We became mesmerized by the associated spike in energy quotes and determined to hold our Apache Corp. and Pioneer Natural Resources Co. positions, even though we were well aware their Gulf of Mexico operations had been hard hit. Oil and gas quotes soon topped out due to the “demand destruction” caused by refinery and chemical outages in tandem with $3/gallon gasoline, causing the energy group to under-perform the S&P 500 by 9% in the 4th quarter. In the short term both of these stocks lagged land-focused exploration and production companies (such as Burlington, EOG, or XTO). Another fund holding, MedCath Corp. had a cardiovascular-focused hospital in Hurricane Katrina’s path. Although it managed to keep its doors open throughout the disaster, that facility in a New Orleans suburb contributed to a reduced outlook. MedCath Corp. shares fell 22% during the quarter and the year. At the end of the year, though, our admiration of energy had served our clients well, as Apache Corp., Pioneer Natural Resources Co. and Weatherford International, Ltd. (a driller for energy) all posted gains exceeding 35% over the period.

 

Late in 2005 we waved good-bye to our biggest gainer of the year, managed healthcare leader Coventry Health Care, Inc. Coventry shares were up over 50% from our original purchase price towards the end of 2005, on top of 23% gains in 2004 and a 122% rebound in 2003. That adds up to a cumulative +357%, whereas earnings have advanced 170% over those three years. The resultant doubling in P/E valuation raises risks, while at the same time logic would say that margin gains will become increasingly difficult. Healthcare risk underwriting used to be a cyclical business, so despite our strong admiration for the company’s management, we decided to move on.

 

Digital Insight, Inc. was another of our original purchases for the Fund, after shares fell on some negative short-term news just before our inception date, giving us a chance to enter around $14. Since then, we have trimmed the position on a few occasions to manage risk (wish we hadn’t but hindsight is always 20/20).  As much as we like the company and its prospects, today we find ourselves uncomfortable initiating positions at current levels around $33 (up 30% in 2005 alone), so we sold out of our position and took our profits. Digital Insight, Inc. sees non-GAAPEPS in a $1.04-1.06 range in 2006 (+21%), which puts the stock’s P/E valuation at a “full” 35x forecasts.

 

5



 

There was bad with the good, as there will likely always be. Mistakes will be made, learned from, and actions taken. We can forgive ourselves for riding out the energy storm, but not for the red ink we spilled in printer maker Lexmark International, Inc., which reported two major reductions in its earnings outlook in 2005 on the way to seeing its value nearly cut in half. We should have taken the hint the first time, i.e. “fool me twice, shame on us.” That second miss (October 3) cost us about 30% on our Lexmark position in the quarter as investors (including us) lost faith in the “razor and blade” thesis that had carried the company for about nine years. A 23% quarterly decline in security and storage software leader Symantec Corp. and 12% drop in cable operator Comcast Corp. – Class A were a little more frustrating, only because we did not see material news (“increasing competition” often is cited for both) to fully explain the serious depreciation.

 

Ours is not a dividend-oriented portfolio, but 15 of our 28 year-end equity holdings raised their payouts in 2005, by an average 35% (median +17%). If fourth quarter earnings estimates generally are accurate, our companies’ profits grew by an average 17% in 2005, superior to the still-impressive +13% expectation for the S&P 500.We believe that should be encouraging for our portfolio’s 2006 prospects.

 

As of December 31, 2005, the top five equity holdings in the Fund were Smithfield Foods, Inc. (4.2% of the portfolio’s net assets), CONSOL Energy, Inc. (4.1%), Weatherford International, Ltd. (3.9%), PACCAR, Inc. (3.8%), and Comcast Corp.- Class A (3.8%)(2).

 


(1) The Fund is measured against the S&P 500 Index, an unmanaged index generally representative of the U.S. stock market as a whole. The Index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

 

(2) Portfolio composition is as of December 31, 2005, and is subject to change.

 

A portion of the Fund’s fees have been reduced. If fees had not been reduced, the Fund’s total return for the period would have been lower.

 

6



 

BB&T Total Return Bond VIF

Performance Overview 7/22/04 - 12/31/05

Growth of a $10,000 investment

 

 

Portfolio Manager

David M Ralston, CFA

Managing Director and Chief Investment Officer

Sterling Capital Management, LLC

 

Average Annual Returns (Inception 7/22/04)

 

 

 

1 Year

 

Since Inception

 

 

 

 

 

 

 

BB&T Total Return Bond VIF

 

2.29

%

2.81

%

Lehman Bros. Agg. Bond Index

 

2.43

%

3.98

%

 

The chart represents a comparison of a hypothetical $10,000 investment in the indicated Fund versus a similar investment in the Fund’s benchmark, and includes the reinvestment of dividends and capital gains. (The returns include the Fund level expenses, but exclude the insurance charges). Past performance does not guarantee future results. The value of the contract will fluctuate so that when redeemed, it may be worth more or less than the original investment.

 

Investment Concerns

 

Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.

 

The Fund is subject to the risk that principal value reacts in opposition to the movement of interest rates and that a rising interest rate environment increases the risk of loss of principal.

 

For the twelve-month period ended December 31, 2005, the BB&I Total Return Bond VIF produced a total return of 2.29%, compared to 2.43% for the Lehman Brothers Aggregate Bond Index(1).

 

Effective July 18, 2005, Sterling Capital Management LLC began serving as subadviser to the Fund*.

 

2005 will be remembered as the year of an active Federal Reserve, a flatter yield curve and a benevolent foreign investor. Throughout the year the Fed continued on its “measured” path of removing prior years of monetary accommodation. The Fed raised the overnight borrowing rate a total of eight times in 2005 to 4.25%.

 

As the Fed removed monetary accommodation from an economy exhibiting amazing resilience, yields on Treasury securities from 3  months to approximately 15 years rose. The rather benign increase in core inflation along with a continued inflow of foreign capital provided a consistent bid for the long end of the Treasury curve. In fact, when looking at total returns for the year (coupon and price appreciation), long Treasury securities had the best relative returns, up approximately 9% for the year. Due to the flattening of the curve, the distant second place segment of the yield curve was the return on 6 month Treasury bills which returned 3.1% for the same time period.

 

In 2005 the U.S. became increasingly more dependent upon the foreign investor. Spending to finance the Iraq war and the rebuilding cost associated with hurricanes in the gulf coast led to a further deterioration of the budget deficit. Increased reliance on foreign oil and Americans’ preferences for imported goods led to a ballooning of the trade deficit. The inflow of foreign funds has had an increasing degree of importance in helping fund our internal shortfall. It is estimated that in 2005 70% of all new Treasuries issued were bought by foreign investors. This support has been critically important in maintaining low long-term interest rates, but the magnitude of these flows is worrisome and is a significant risk looking forward.

 

Another important influence on rates during 2005 was the energy price spike due to the dislocation of oil and refinery capacity. The Iraq war and the unprecedented back to back hurricanes hitting the refinery rich gulf coast had a severe impact on prices and consumer confidence. However, the economy weathered these storms and appears to be once again expanding at a healthy pace.

 

As we look forward to the year ahead the economy continues to expand at a pace that is expected to be above trend. While consensus expectations are for a slight slowing of domestic growth, the global economy is solidly gaining momentum. In 2006 corporate spending and manufacturing are expected to have a more prominent leadership role in the economy. The improved health of Corporate America that is flush with liquidity is expected to facilitate the generation of new jobs in the coming year. It is our belief that the strength of the production side of the economy will continue to create new jobs in 2006. During the last few years many of these new jobs have been created by the housing sector. While we acknowledge that there are pockets of excessive residential price appreciation, we do not believe we have a bubble in home values that is getting ready to burst. Yet we do expect the economic contribution of housing to be weaker in 2006 than in 2005.  However, nearly every measure of the sector is stronger that where it was a year ago.

 

7



 

Continued new job creation is critical to our positive outlook on the economy moving forward. With lower rates and increased refinancing, consumers extracted a great deal of equity from their homes over the last several years. As rates rise, this stimulus of personal consumption will decline. Another source of optimism for us toward economic expansion is the continued growth of federal spending. Support for reconstruction of the Gulf states region is expected to go on for years. Spending for defense is expected to remain at elevated levels.

 

On top of robust growth, we are anticipating a higher level of core inflation over the next twelve months. We feel several factors will contribute to an increase in prices. First, we believe the Chinese will eventually capitulate to political pressure from Congress and allow a second more realistic revaluation of their currency. This will reduce the downward pressure we have seen on import prices over the last several years. Second, we believe that the economy is approaching full employment and the pressure on wages will continue to rise.

 

In addition, the “output gap”, or the slack in the economy, is narrowing as the production side of the economy accelerates. History has shown that with capacity utilization above 80%, producers will be able to raise prices.

 

Our belief that the economy is healthy and advancing combined with our expectations of higher inflation leads us to a cynical view of the current level of interest rates. Simply stated, we do not believe an investor is being sufficiently paid to have exposure to current yield levels. We view the interest rate market as range-bound with current prices at the high end and yields at the low end of the range for the next several months. Therefore, we are currently short duration in our core portfolios.

 

From a yield curve perspective, we have shifted our positioning over the last two months. After being barbelled for most of 2005 we have moved to more of a bullet approach.

 

Since we expect the Fed to continue to raise short rates we remain overweight in floating rate securities to participate in the anticipated upward adjustment that accompanies Fed rate increases. Security selection in the treasury, agency and taxable muni sectors detracted about 5 basis points relative to the benchmark, and sector allocations to the taxable muni sector cost us another 2 basis points of excess return. Convexity choice across all sectors was also a small detractor from performance.

 

From a sector perspective, we remain convinced that having a portfolio that is of higher quality and higher yield is the proper strategy. We still believe that the restructuring risk in the market due to the emerging importance of private equity funds favors equity investors over bondholders. As such we are underweight credit and expect to remain so over the next few months.

 

Due to our range-bound view towards interest rates and our concern about credit, we are overweight mortgages and structure product. We believe the high quality and superior yields offered by direct issue mortgages, commercial mortgage-backed securities and AAA rated home equity Asset Backed Securities will provide superior return opportunities over time.

 

As of December 31, 2005, the Fund’s effective duration was 4.30 years2. Approximately 40.1% of the portfolio was invested in corporate obligations, 32.7% in U.S. Treasury and agency securities, 24.8% in collateralized mortgage-backed securities, 7.5% in cash and cash equivalents and 2.2% in municipal bonds.  The Fund’s average credit quality was Aa1 (as rated by Moody’s)(3)(4).

 

We expect a challenging market environment for bonds in the first half of 2006. We feel our conservative posturing of the portfolio will provide us extension opportunities in the months ahead. We believe the Fed will raise rates a few more times and pause when the Fed funds rate reaches 4.75% to 5%. At this point we believe the yield curve will once again steepen and we expect to more heavily invest in Treasury securities in the intermediate part of the curve.

 


*Sterling Capital Management LLC is a majority owned, non-bank subsidiary of BB&T Corporation, and is an affiliate of BB&T Asset Management, Inc.

 

(1)  The Fund is measured against Lehman Brothers Aggregate Bond Index which is a market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed and mortgage-backed securities, with maturities of at least one year. The index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index, although they can invest in its underlying securities.

 

(2)  Duration is a measure of a bond’s or a bond fund’s price risk that is adjusted for any optionality.

 

(3)  Portfolio composition is as of December 31, 2005 and is subject to change.

 

(4)  Moody’s Fund Ratings represent an opinion only, not a recommendation to buy or sell.

 

A portion of the Fund’s fees have been reduced. If fees had not been reduced, the Fund’s total return for the period would have been lower.

 

8



BB&T Variable Insurance Funds

Summary of Portfolio Holdings (Unaudited)
December 31, 2005

The BB&T Variable Insurance Funds portfolio composition was as follows at December 31, 2005:

BB&T Large Cap Value VIF   Percentage
of net assets
 
Consumer Discretionary     7.8 %  
Consumer Staples     6.1    
Energy     13.0    
Financials     30.5    
Health Care     9.0    
Industrials     7.4    
Information Technology     8.3    
Materials     4.9    
Repurchase Agreement     2.7    
Telecommunication Services     5.0    
Utilities     5.3    
      100.0 %  

 

BB&T Mid Cap Growth VIF

Consumer Discretionary     12.6 %  
Energy     13.1    
Exchange Traded Funds     4.3    
Financials     8.3    
Health Care     16.1    
Industrials     13.2    
Information Technology     21.9    
Materials     2.5    
Repurchase Agreement     3.6    
Telecommunication Services     4.8    
      100.4 %  

 

BB&T Large Company Growth VIF

Consumer Discretionary     9.2 %  
Consumer Staples     8.8    
Energy     5.6    
Financials     4.8    
Health Care     20.2    
Industrials     17.3    
Information Technology     28.8    
Repurchase Agreement     4.4    
Telecommunication Services     0.9    
      100.0 %  

 

BB&T Capital Manager Equity VIF

Equity Index     12.6 %  
International Equity     14.7    
Large Company Equity     50.6    
Mid Cap Equity     11.6    
Money Market     3.0    
Small Cap     7.4    
      99.9 %  

 

BB&T Special Opportunities Equity VIF

Commercial Services     6.8 %  
Consumer Discretionary     20.4    
Energy     15.0    
Financials     8.2    
Health Care     13.2    
Industrials     7.6    
Information Technology     18.5    
Repurchase Agreement     10.7    
      100.4 %  

 

BB&T Total Return Bond VIF

Corporate Bonds     40.1 %  
Federal Home Loan Bank     4.4    
Federal Home Loan Mortgage Corporation—Mortgage Backed Securities     7.6    
Federal Home Loan Mortgage Corporation—U.S. Government Agencies     3.2    
Federal National Mortgage Association—Mortgage Backed Securities     17.2    
Federal National Mortgage Association—U.S. Government Agencies     4.7    
Government National Mortgage Association     8.4    
Municipal Bonds     2.2    
Repurchase Agreement     7.5    
Student Loan Marketing Association     1.6    
U.S. Treasury Bonds     9.5    
U.S. Treasury Notes     0.9    
      107.3 %  

 

9



BB&T Variable Insurance Funds

Expense Example (Unaudited)
December 31, 2005

As a shareholder of the BB&T Variable Insurance Funds, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees; and other Fund expenses.

These examples are intended to help you understand your ongoing costs (in dollars) of investing in the BB&T Variable Insurance Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2005 through December 31, 2005.

Actual Example

The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

    Beginning
Account Value
7/1/05
  Ending
Account Value
12/31/05
  Expenses Paid
During Period*
7/1/05 – 12/31/05
  Expense Ratio
During Period
7/1/05 – 12/31/05
 
BB&T Large Cap Value VIF   $ 1,000.00     $ 1,054.40     $ 4.09       0.79 %  
BB&T Mid Cap Growth VIF     1,000.00       1,129.00       4.19       0.78 %  
BB&T Large Company Growth VIF     1,000.00       1,031.30       3.94       0.77 %  
BB&T Capital Manager Equity VIF     1,000.00       1,062.50       0.99       0.19 %  
BB&T Special Opportunities Equity VIF     1,000.00       1,029.00       6.03       1.18 %  
BB&T Total Return Bond VIF     1,000.00       998.80       4.43       0.88 %  

 

* Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and hypothetical expenses based on each BB&T Variable Insurance Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

    Beginning
Account Value
7/1/05
  Ending
Account Value
12/31/05
  Expenses Paid
During Period*
7/1/05 – 12/31/05
  Expense Ratio
During Period
7/1/05 – 12/31/05
 
BB&T Large Cap Value VIF   $ 1,000.00     $ 1,021.22     $ 4.02       0.79 %  
BB&T Mid Cap Growth VIF     1,000.00       1,021.27       3.97       0.78 %  
BB&T Large Company Growth VIF     1,000.00       1,021.32       3.92       0.77 %  
BB&T Capital Manager Equity VIF     1,000.00       1,024.25       0.97       0.19 %  
BB&T Special Opportunities Equity VIF     1,000.00       1,019.26       6.01       1.18 %  
BB&T Total Return Bond VIF     1,000.00       1,020.77       4.48       0.88 %  

 

* Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year.

10



BB&T Large Cap Value VIF

Schedule of Portfolio Investments
December 31, 2005

Shares  
  Fair Value  
COMMON STOCKS (97.3%)      
    Consumer Discretionary (7.8%)  
  8,223     Federated Department Stores, Inc.   $ 545,432    
  45,000     Gannett Co., Inc.     2,725,649    
  70,000     Mattel, Inc.     1,107,400    
  17,475     V.F. Corp.     967,067    
  99,000     Walt Disney Co. (The)     2,373,030    
  13,100     Whirlpool Corp.     1,097,256    
      8,815,834    
    Consumer Staples (6.1%)  
  55,400     Albertson's, Inc.     1,182,790    
  24,000     Altria Group, Inc.     1,793,280    
  38,000     Kimberly-Clark Corp.     2,266,700    
  90,452     Sara Lee Corp.     1,709,543    
      6,952,313    
    Energy (13.0%)  
  19,000     Anadarko Petroleum Corp.     1,800,250    
  9,000     Burlington Resources, Inc.     775,800    
  50,800     ChevronTexaco Corp.     2,883,916    
  53,400     ConocoPhillips     3,106,812    
  47,632     Exxon Mobil Corp.     2,675,489    
  38,500     Royal Dutch Shell PLC, A Shares, ADR     2,367,365    
  12,000     Schlumberger, Ltd.     1,165,800    
      14,775,432    
    Financials (30.5%)  
  6,000     Ambac Financial Group, Inc.     462,360    
  17,000     American International Group, Inc.     1,159,910    
  76,000     Bank of America Corp.     3,507,400    
  37,000     Bank of New York Co., Inc. (The)     1,178,450    
  62,333     Citigroup, Inc.     3,025,020    
  15,000     Equity Residential, REIT     586,800    
  34,000     Fannie Mae     1,659,540    
  11,500     Franklin Resources, Inc.     1,081,115    
  44,677     ING Groep NV, ADR     1,555,653    
  74,490     J.P. Morgan Chase & Co.     2,956,508    
  23,200     Lincoln National Corp.     1,230,296    
  30,000     Merrill Lynch & Company, Inc.     2,031,900    
  37,000     Northern Trust Corp.     1,917,340    
  45,000     Old Republic International Corp.     1,181,700    
  38,000     PNC Financial Services Group, Inc.     2,349,540    
  56,600     St. Paul Travelers Cos, Inc. (The)     2,528,322    
  26,000     SunTrust Banks, Inc.     1,891,760    
  52,000     Washington Mutual, Inc.     2,262,000    
  22,900     Wells Fargo & Co.     1,438,807    
  16,400     Willis Group Holdings, Ltd.     605,816    
      34,610,237    
    Health Care (9.0%)  
  29,200     Abbott Laboratories     1,151,356    
  43,600     Bristol-Myers Squibb Co.     1,001,928    
  17,000     Cigna Corp.     1,898,900    
  25,000     HCA, Inc.     1,262,500    
  17,400     Johnson & Johnson     1,045,740    
  61,000     Merck & Co., Inc.     1,940,410    
  51,000     Pfizer, Inc.     1,189,320    
  15,000     Wyeth     691,050    
      10,181,204    

 

Shares or
Principal
Amount
 
  Fair Value  
COMMON STOCKS — (continued)      
    Industrials (7.4%)  
  15,000     CSX Corp.   $ 761,550    
  9,500     Emerson Electric Co.     709,650    
  31,000     General Electric Co.     1,086,550    
  18,900     Parker-Hannifin Corp.     1,246,644    
  3,500     Phelps Dodge Corp.     503,545    
  27,600     Pitney Bowes, Inc.     1,166,100    
  47,000     Raytheon Co.     1,887,050    
  14,000     Textron, Inc.     1,077,720    
      8,438,809    
    Information Technology (8.3%)  
  25,400     Automatic Data Processing, Inc.     1,165,606    
  29,000     First Data Corp.     1,247,290    
  82,200     Hewlett-Packard Co.     2,353,386    
  4,800     IBM Corp.     394,560    
  40,000     Microsoft Corp.     1,046,000    
  87,000     Nokia Corp., ADR     1,592,100    
  96,000     Time Warner, Inc.     1,674,240    
      9,473,182    
    Materials (4.9%)  
  17,000     Air Products & Chemicals, Inc.     1,006,230    
  41,000     Alcoa, Inc.     1,212,370    
  5,000     E.I. DuPont de Nemours & Co.     212,500    
  39,800     Sonoco Products Co.     1,170,120    
  30,000     Weyerhaeuser Co.     1,990,200    
      5,591,420    
    Telecommunication Services (5.0%)  
  72,399     AT&T, Inc.     1,773,052    
  36,800     BellSouth Corp.     997,280    
  60,000     Sprint Nextel Corp.     1,401,600    
  52,000     Verizon Communications, Inc.     1,566,240    
      5,738,172    
    Utilities (5.3%)  
  16,000     Dominion Resources, Inc.     1,235,200    
  30,000     Duke Energy Corp.     823,500    
  38,200     National Fuel Gas Co.     1,191,458    
  70,000     NiSource, Inc.     1,460,200    
  6,450     SCANA Corp.     254,001    
  59,910     Xcel Energy, Inc.     1,105,939    
      6,070,298    
        Total Common Stocks (Cost $90,964,299)     110,646,901    
REPURCHASE AGREEMENT (2.7%)      
$ 3,042,954     U.S. Bank N.A., 4.05%, dated 12/30/05,
maturing 1/3/06, with a maturity value of
$3,044,323 (Collateralized fully by
U.S. Government Agencies)
    3,042,954    
        Total Repurchase Agreement
(Cost $3,042,954)
    3,042,954    
  Total Investments (Cost $94,007,253) — 100.0%           113,689,855    
  Net other assets (liabilities) — 0.0%           (41,859 )  
  NET ASSETS — 100.0%         $ 113,647,996    

 

See accompanying notes to schedules of portfolio investments and notes to the financial statements.

11



BB&T Mid Cap Growth VIF

Schedule of Portfolio Investments
December 31, 2005

Shares  
  Fair Value  
COMMON STOCKS (92.5%)      
    Consumer Discretionary (12.6%)  
  9,850     Abercrombie & Fitch Co., Class A   $ 642,023    
  11,550     Advance Auto Parts, Inc. (a)     501,963    
  10,000     Carter's, Inc. (a)     588,500    
  14,400     Chico's FAS, Inc. (a)     632,592    
  17,100     Coach, Inc. (a)     570,114    
  5,700     Getty Images, Inc. (a)     508,839    
  3,625     Harman International Industries, Inc.     354,706    
  6,500     Starwood Hotels & Resorts Worldwide, Inc.     415,090    
  28,000     Urban Outfitters, Inc. (a)     708,680    
      4,922,507    
    Energy (13.1%)  
  7,300     Arch Coal, Inc.     580,350    
  15,000     Cal Dive International, Inc. (a)     538,350    
  9,700     Cameco Corp.     614,883    
  19,700     Chesapeake Energy Corp.     625,081    
  15,600     Cooper Cameron Corp. (a)     645,840    
  16,000     Grant Prideco, Inc. (a)     705,920    
  5,950     National-Oilwell Varco, Inc. (a)     373,065    
  8,100     Peabody Energy Corp.     667,602    
  10,300     Rowan Cos., Inc.     367,092    
  1     XTO Energy, Inc.     44    
      5,118,227    
    Financials (8.3%)  
  9,700     Affiliated Managers Group, Inc. (a)     778,425    
  27,000     Ameritrade Holding Corp. (a)     648,000    
  1,950     Chicago Mercantile Exchange Holdings, Inc.     716,606    
  6,000     Legg Mason, Inc.     718,140    
  5,500     T. Rowe Price Group, Inc.     396,165    
      3,257,336    
    Health Care (16.1%)  
  6,100     Aetna, Inc.     575,291    
  13,500     Caremark Rx, Inc. (a)     699,165    
  12,250     Celgene Corp. (a)     793,800    
  4,600     Cerner Corp. (a)     418,186    
  11,700     Covance, Inc. (a)     568,035    
  9,500     Coventry Health Care, Inc. (a)     541,120    
  16,000     Dade Behring Holdings, Inc.     654,240    
  8,000     Genzyme Corp. (a)     566,240    
  8,400     Humana, Inc. (a)     456,372    
  9,100     Omnicare, Inc.     520,702    
  13,400     ResMed, Inc. (a)     513,354    
      6,306,505    
    Industrials (13.2%)  
  9,500     Canadian Pacific Railway, Ltd.     398,525    
  24,500     Gol-Linhas Aereas Inteligentes, ADR     691,145    
  9,300     Goodrich Corp.     382,230    
  10,300     JLG Industries, Inc.     470,298    
  18,300     Joy Global, Inc.     732,000    
  16,700     Monster Worldwide, Inc. (a)     681,694    
  11,400     Precision Castparts Corp.     590,634    
  6,800     Rockwell Automation, Inc.     402,288    

 

Shares or
Principal
Amount
 
  Fair Value  
COMMON STOCKS — (continued)      
    Industrials — (continued)  
  8,750     UTI Worldwide, Inc.   $ 812,350    
      5,161,164    
    Information Technology (21.9%)  
  16,950     Advanced Micro Devices, Inc. (a)     518,670    
  11,300     Amphenol Corp., Class A     500,138    
  11,400     ATI Technologies, Inc. (a)     193,686    
  13,300     AutoDesk, Inc.     571,235    
  10,500     Broadcom Corp., Class A (a)     495,075    
  26,500     CNET Networks, Inc. (a)     389,285    
  17,500     Cognizant Technology Solutions Corp., Class A (a)     881,125    
  32,000     Comverse Technology, Inc. (a)     850,880    
  14,800     Harris Corp.     636,548    
  31,700     Intersil Corp., Class A     788,696    
  19,700     Jabil Circuit, Inc. (a)     730,673    
  14,000     Marvell Technology Group, Ltd. (a)     785,260    
  27,500     MEMC Electronic Materials, Inc. (a)     609,675    
  13,400     Varian Semiconductor Equipment
Associates, Inc. (a)
    588,662    
      8,539,608    
    Materials (2.5%)  
  18,700     Airgas, Inc.     615,230    
  7,750     Florida Rock Industries, Inc.     380,215    
      995,445    
    Telecommunication Services (4.8%)  
  43,000     American Tower Corp., Class A (a)     1,165,300    
  16,600     NII Holdings, Inc. (a)     725,088    
      1,890,388    
        Total Common Stocks (Cost $25,441,356)     36,191,180    
EXCHANGE TRADED FUNDS (4.3%)      
  17,700     iShares Russell Midcap Growth Index Fund     1,664,508    
        Total Exchange Traded Funds (Cost $1,633,913)     1,664,508    
REPURCHASE AGREEMENT (3.6%)      
$ 1,408,006     U.S. Bank N.A., 4.05%, dated 12/30/05,
maturing 1/3/06, with a maturity value of
$1,408,640 (Collateralized fully by
U.S. Government Agencies)
    1,408,006    
        Total Repurchase Agreement
(Cost $1,408,006)
    1,408,006    
  Total Investments (Cost $28,483,275) — 100.4%           39,263,694    
  Net other assets (liabilities) — (0.4)%           (173,196 )  
  NET ASSETS — 100.0%         $ 39,090,498    

 

See accompanying notes to schedules of portfolio investments and notes to the financial statements.

12



BB&T Large Company Growth VIF

Schedule of Portfolio Investments
December 31, 2005

Shares  
  Fair Value  
COMMON STOCKS (95.6%)      
    Consumer Discretionary (9.2%)  
  3,397     Chico's FAS, Inc. (a)   $ 149,230    
  3,671     Coach, Inc. (a)     122,391    
  2,300     eBay, Inc. (a)     99,475    
  3,933     Hershey Co., (The)     217,298    
  5,814     Home Depot, Inc.     235,351    
  6,410     Kohl's Corp. (a)     311,526    
  1,855     Lowe's Companies, Inc.     123,654    
  1,594     Nike, Inc., Class B     138,343    
  17,297     Starbucks Corp. (a)     519,084    
  2,174     Target Corp.     119,505    
  3,049     Williams Sonoma, Inc. (a)     131,564    
      2,167,421    
    Consumer Staples (8.8%)  
  3,182     Altria Group, Inc.     237,759    
  5,749     Coca-Cola Co.     231,742    
  8,753     PepsiCo, Inc.     517,127    
  9,033     Procter & Gamble Co.     522,830    
  11,936     Wal-Mart Stores, Inc.     558,605    
      2,068,063    
    Energy (5.6%)  
  3,737     Anadarko Petroleum Corp.     354,081    
  5,136     Apache Corp.     351,919    
  6,270     Baker Hughes, Inc.     381,090    
  3,842     ConocoPhillips     223,528    
      1,310,618    
    Financials (4.8%)  
  4,399     American International Group, Inc.     300,143    
  2,355     CIT Group, Inc.     121,942    
  2,553     Franklin Resources, Inc.     240,008    
  1,890     Goldman Sachs Group, Inc. (The)     241,372    
  3,699     PNC Financial Services Group, Inc.     228,709    
      1,132,174    
    Health Care (20.2%)  
  6,940     Abbott Laboratories     273,644    
  6,253     Amgen, Inc. (a)     493,112    
  5,865     Caremark Rx, Inc. (a)     303,748    
  2,385     Genentech, Inc. (a)     220,613    
  2,870     Genzyme Corp. (a)     203,139    
  5,502     Gilead Sciences, Inc. (a)     289,570    
  11,846     Johnson & Johnson     711,944    
  4,449     Medco Health Solutions, Inc. (a)     248,254    
  8,608     Medtronic, Inc.     495,562    
  5,400     Novartis AG, ADR     283,392    
  9,865     Pfizer, Inc.     230,052    
  6,811     UnitedHealth Group, Inc.     423,236    
  3,056     Wellpoint, Inc. (a)     243,838    
  7,140     Wyeth     328,940    
      4,749,044    
    Industrials (17.3%)  
  4,514     Boeing Co.     317,063    
  6,201     Caterpillar, Inc.     358,232    

 

Shares or
Principal
Amount
 
  Fair Value  
COMMON STOCKS — (continued)      
    Industrials — (continued)  
  2,245     Danaher Corp.   $ 125,226    
  6,296     Dow Chemical Co. (The)     275,891    
  1,406     FedEx Corp.     145,366    
  28,213     General Electric Co.     988,866    
  3,300     Honeywell International, Inc.     122,925    
  2,892     Illinois Tool Works, Inc.     254,467    
  11,774     National Semiconductor Corp.     305,889    
  2,415     Phelps Dodge Corp.     347,446    
  4,661     Precision Castparts Corp.     241,486    
  3,158     United Parcel Service, Inc., Class B     237,324    
  6,096     United Technologies Corp.     340,827    
      4,061,008    
    Information Technology (28.8%)  
  4,941     3M Co.     382,928    
  1,887     Apple Computer, Inc. (a)     135,656    
  30,747     Cisco Systems, Inc. (a)     526,389    
  12,768     Corning, Inc. (a)     251,019    
  7,767     Dell, Inc. (a)     232,932    
  8,530     EMC Corp. (a)     116,179    
  605     Google, Inc . (a)     250,990    
  6,442     IBM Corp.     529,532    
  31,504     Intel Corp.     786,340    
  37,536     Microsoft Corp.     981,567    
  9,956     Monster Worldwide, Inc. (a)     406,404    
  19,939     Motorola, Inc.     450,422    
  10,094     Nokia Corp., ADR     184,720    
  30,800     Oracle Corp. (a)     376,068    
  6,100     QUALCOMM, Inc.     262,788    
  11,579     Texas Instruments, Inc.     371,339    
  23,776     Time Warner, Inc.     414,653    
  3,116     Yahoo!, Inc. (a)     122,085    
      6,782,011    
    Telecommunication Services (0.9%)  
  9,423     Sprint Nextel Corp.     220,121    
        Total Common Stocks (Cost $20,175,360)     22,490,460    
REPURCHASE AGREEMENT (4.4%)      
$ 1,026,296     U.S. Bank N.A., 4.05% dated 12/30/05,
maturing 1/3/06, with a maturity value of
$1,026,758 (Collateralized fully by
U.S. Government Agencies)
    1,026,296    
        Total Repurchase Agreement
(Cost $1,026,296)
    1,026,296    
  Total Investments (Cost $21,201,656) — 100.0%           23,516,756    
  Net other assets (liabilities) — 0.0%           6,415    
  NET ASSETS — 100.0%         $ 23,523,171    

 

See accompanying notes to schedules of portfolio investments and notes to the financial statements.

13




BB&T Capital Manager Equity VIF

Schedule of Portfolio Investments
December 31, 2005

Shares     Fair Value  
INVESTMENT COMPANIES (99.9%)      
  432,590     BB&T Equity Index Fund, Class A   $ 3,629,430    
  416,286     BB&T International Equity Fund,
Institutional Class
    4,204,486    
  632,624     BB&T Large Company Growth Fund,
Institutional Class
    5,820,140    
  475,413     BB&T Large Company Value Fund,
Institutional Class
    8,695,304    
  99,177     BB&T Mid Cap Growth Fund,
Institutional Class (a)
    1,334,918    
  163,034     BB&T Mid Cap Value Fund,
Institutional Class
    2,002,055    
  56,293     BB&T Small Company Growth Fund,
Institutional Class (a)
    853,958    

 

Shares     Fair Value  
INVESTMENT COMPANIES — (continued)  
  89,284     BB&T Small Cap Fund,
Institutional Class
  $ 1,279,442    
  865,285     BB&T U.S. Treasury Money Market Fund,
Institutional Class
    865,285    
    Total Investment Companies (Cost $27,080,066)     28,685,018    
Total Investments (Cost $27,080,066) — 99.9%         28,685,018    
Net other assets (liabilities) — 0.1%         36,990    
NET ASSETS — 100.0%       $ 28,722,008    

 

See accompanying notes to schedules of portfolio investments and notes to the financial statements.

14



BB&T Special Opportunities Equity VIF

Schedule of Portfolio Investments
December 31, 2005

Shares     Fair Value  
COMMON STOCKS (89.7%)      
    Commercial Services (6.8%)  
  54,500     Cendant Corp.   $ 940,125    
  44,900     WCI Communities, Inc. (a)     1,205,565    
      2,145,690    
    Consumer Discretionary (20.4%)  
  20,500     Anheuser-Busch Companies, Inc.     880,680    
  46,450     Comcast Corp., Class A (a)     1,205,842    
  16,500     Costco Wholesale Corp.     816,255    
  10,000     Hain Celestial Group, Inc. (a)     211,600    
  65,340     News Corp., Class A     1,016,037    
  43,100     Smithfield Foods, Inc. (a)     1,318,860    
  22,200     YUM! Brands, Inc.     1,040,736    
      6,490,010    
    Energy (15.0%)  
  16,800     Apache Corp.     1,151,136    
  19,900     CONSOL Energy, Inc.     1,297,082    
  20,600     Pioneer Natural Resources Co.     1,056,162    
  34,600     Weatherford International, Ltd. (a)     1,252,520    
      4,756,900    
    Financials (8.2%)  
  2,600     Markel Corp. (a)     824,330    
  11,000     MBIA, Inc.     661,760    
  18,000     Wells Fargo & Co.     1,130,940    
      2,617,030    
    Health Care (13.2%)  
  111,448     Emdeon Corp. (a)     942,850    
  18,900     Laboratory Corporation of America Holdings (a)     1,017,765    
  28,000     Manor Care, Inc.     1,113,560    
  60,503     MedCath Corp. (a)     1,122,331    
      4,196,506    

 

Shares or
Principal
Amount
 

  Fair Value  
COMMON STOCKS — (continued)      
    Industrials (7.6%)  
  16,000     L-3 Communications Holdings, Inc.   $ 1,189,600    
  17,500     PACCAR, Inc.     1,211,525    
      2,401,125    
    Information Technology (18.5%)  
  42,400     Activision, Inc. (a)     582,576    
  175,880     ARM Holdings PLC, ADR     1,092,215    
  49,200     ATI Technologies, Inc. (a)     835,908    
  17,000     Fair Issac Corp.     750,890    
  27,840     First Data Corp.     1,197,398    
  33,000     Packeteer, Inc. (a)     256,410    
  66,400     Symantec Corp. (a)     1,162,000    
      5,877,397    
        Total Common Stocks (Cost $25,531,936)     28,484,658    
REPURCHASE AGREEMENT (10.7%)      
$ 3,403,712     U.S. Bank N.A., 4.05%, dated 12/30/05,
maturing 1/3/06, with a maturity value of
$3,405,244 (Collateralized fully by
U.S. Government Agencies)
    3,403,712    
        Total Repurchase Agreement (Cost $3,403,712)     3,403,712    
  Total Investments (Cost $28,935,648) — 100.4%           31,888,370    
  Net other assets (liabilities) — (0.4)%           (120,128 )  
  NET ASSETS — 100.0%         $ 31,768,242    

 

See accompanying notes to schedules of portfolio investments and notes to the financial statements.

15



BB&T Total Return Bond VIF

Schedule of Portfolio Investments
December 31, 2005

Principal
Amount
 

  Fair Value  
CORPORATE BONDS (40.1%)      
    Aerospace & Defense (0.5%)  
$ 85,000     Raytheon Co., 6.15%, 11/1/08   $ 88,215    
    Airlines (0.6%)  
  125,000     Southwest Airlines Co., 5.25%, 10/1/14     121,219    
    Auto — Cars/Light Trucks (0.7%)  
  125,000     DaimlerChrysler NA Holdings, 4.875%, 6/15/10     122,048    
    Banking & Financial Services (32.5%)  
  87,000     Associates Corp. NA, 6.25%, 11/1/08     90,121    
  355,000     Bank of America Commercial Mortgage, Inc.,
Series 2004-6, Class A5, 4.81%, 12/10/42
    346,119    
  155,000     Bank of America Corp., 4.25%, 10/1/10     150,723    
  184,000     Centex Home Equity, Series 2005-C,
Class AF6, 4.64%, 6/25/35
    178,782    
  345,000     Chase Funding Mortgage Loan Asset-Backed,
Series 2003-4, Class 1A5, 5.42%, 5/25/33
    345,104    
  500,000     Chase Issuance Trust, Series 2005-A1,
Class A1, 4.38%, 12/15/10 (c)*
    500,050    
  82,000     CIT Group, Inc., 5.00%, 2/13/14     80,209    
  200,000     CIT Group, Inc., Series MTN, 4.73%, 9/20/07*     200,661    
  490,000     Countrywide Asset-Backed Certificates,
Series 2004-3, Class 3A3, 4.76%, 8/25/34 (c)*
    491,375    
  284,000     Countrywide Asset-Backed Certificates,
Series 2005-4, Class 3AV2,
4.59%, 10/25/35 (c)*
    284,050    
  250,000     CS First Boston Mortgage Securities Corp.,
Series 2004-C1, Class A2, 3.52%, 1/15/37
    241,005    
  182,000     Gatx Financial Corp., 5.125%, 4/15/10     180,201    
  166,000     GE Capital Commercial Mortgage Corp.,
Series 2005-C4, Class A4, 5.33%, 11/10/45
    168,962    
  173,912     GE Capital Commercial Mortgage Corp.,
Series 2001-3, Class A1, 5.56%, 6/10/38
    175,602    
  310,000     GE Capital Commercial Mortgage Corp.,
Series 2004-C1, Class A2, 3.915%, 11/10/38
    297,767    
  184,000     General Motors Acceptance Corp., 6.75%, 12/1/14     165,530    
  130,000     Goldman Sachs Group, Inc., 4.125%, 1/15/08     128,004    
  175,000     Household Automotive Trust,
Series 2005-1, Class A4, 4.35%, 6/18/12
    172,122    
  150,000     HSBC Finance Corp., 4.75%, 7/15/13     144,927    
  265,000     Lehman Brothers Holdings, Series MTNG,
4.80%, 3/13/14
    258,744    
  190,000     Merrill Lynch & Co., 6.00%, 2/17/09     195,935    
  170,000     Morgan Stanley, 4.25%, 5/15/10     164,326    
  251,602     Residential Asset Mortgage Products, Inc.,
Series 2003-RZ5, Class A3, 3.80%, 7/25/30
    250,607    
  408,000     Residential Asset Securities Corp.,
Series 2005-KS6, Class A2, 4.53%, 7/25/35 (c)*
    407,814    
  147,000     Synovus Financial, 4.875%, 2/15/13     144,383    
  200,000     Wachovia Corp., 4.28%, 10/28/08*     199,979    
  140,000     Wachovia Corp., 4.375%, 6/1/10     136,951    
      6,100,053    
    Telecommunications (4.1%)  
  175,000     America Movil SA de CV, 5.75%, 1/15/15     175,595    
  320,000     Motorola, Inc., 7.50%, 5/15/25     385,028    
  200,000     Sprint Capital Corp., 6.875%, 11/15/28     218,538    
      779,161    

 

Principal
Amount
 

  Fair Value  
CORPORATE BONDS — (continued)      
    Utilities (1.7%)  
$ 215,000     American Electric Power, Series C,
5.375%, 3/15/10
  $ 216,731    
  105,000     General Electric Co., 5.00%, 2/1/13     104,945    
      321,676    
        Total Corporate Bonds (Cost $7,590,167)     7,532,372    
MORTGAGE-BACKED SECURITIES (33.2%)      
    Federal Home Loan Mortgage Corp. (7.6%)  
  795,375     6.00%, 10/1/19, Pool # G11679     811,633    
  94,665     5.50%, 11/1/20, Pool # J02711     95,239    
  166,833     4.50%, 6/1/35, Pool # G01842     156,962    
  152,766     5.50%, 7/1/35, Pool # A36540     151,397    
  121,706     6.00%, 7/1/35, Pool # A36304     122,936    
  91,001     5.50%, 12/1/35, Pool # A40359     90,186    
      1,428,353    
    Federal National Mortgage Assoc. (17.2%)  
  134,396     4.50%, 10/1/18, Pool # 752030     130,782    
  90,659     5.50%, 11/1/20, Pool # 843972     91,250    
  1,451,321     5.50%, 1/1/34, Pool # 757571     1,437,367    
  351,628     6.50%, 9/1/34, Pool # 796569     360,765    
  505,313     6.00%, 2/1/35, Pool # 735269     510,114    
  125,019     6.00%, 5/1/35, Pool # 821037     126,207    
  256,470     7.00%, 6/1/35, Pool # 255820     267,597    
  132,227     5.00%, 9/1/35, Pool # 757857     128,122    
  89,399     6.00%, 11/1/35, Pool # 843803     90,249    
  93,186     6.00%, 11/1/35, Pool # 817636     94,072    
      3,236,525    
    Government National Mortgage Assoc. (8.4%)  
  1,590,000     5.00%, 1/1/36 (b)     1,568,634    
        Total Mortgage-Backed Securities
(Cost $6,281,141)
    6,233,512    
MUNICIPAL BONDS (2.2%)      
    Illinois (0.4%)  
  85,000     Illinois State, 3.75%, 6/1/12     79,865    
    New York (0.5%)  
  100,000     Sales Tax Asset Receivables Corp.,
Series B, 4.06%, 10/15/10, FGIC
    96,694    
    Oregon (0.5%)  
  95,000     Oregon School Boards Association,
4.76%, 6/30/28, AMBAC
    89,122    
    Texas (0.8%)  
  155,000     Brownsville Texas Utility System,
Series B, 4.92%, 9/1/14, AMBAC
    154,525    
        Total Municipal Bonds (Cost $424,345)     420,206    
U.S. GOVERNMENT AGENCIES (13.9%)      
    Federal Home Loan Bank (4.4%)  
  200,000     4.25%, 9/28/06, Callable 3/28/06 @ 100*     199,767    
  150,000     4.25%, 3/24/08, Callable 3/24/06 @ 100     148,260    
  220,000     3.75%, 8/15/08     214,770    
  245,000     Series FB11, 5.875%, 2/15/11     255,989    
      818,786    

 

Continued

16



BB&T Total Return Bond VIF

Schedule of Portfolio Investments — (continued)
December 31, 2005

Principal
Amount
 

  Fair Value  
U.S. GOVERNMENT AGENCIES — (continued)      
    Federal Home Loan Mortgage Corp. (3.2%)  
$ 100,000     3.75%, 2/25/08, Callable 2/25/06 @ 100*   $ 99,371    
  196,000     4.625%, 8/15/08, Callable 8/15/06 @ 100     194,994    
  210,000     4.125%, 7/12/10     204,782    
  109,000     5.50%, 8/20/19, Callable 8/20/07 @ 100     108,142    
      607,289    
    Federal National Mortgage Assoc. (4.7%)  
  385,000     6.625%, 11/15/10     416,054    
  439,000     6.00%, 5/15/11     464,302    
      880,356    
    Student Loan Marketing Assoc. (1.6%)  
  150,000     Series MTNA, 4.28%, 1/25/08*     150,096    
  150,000     Series MTNA, 4.00%, 1/15/09     145,970    
      296,066    
        Total U.S. Government Agencies
(Cost $2,614,263)
    2,602,497    
U.S. TREASURY BONDS (9.5%)      
  455,000     8.875%, 8/15/17     632,272    
  314,000     7.875%, 2/15/21     424,955    
  283,000     7.25%, 8/15/22     368,541    
  300,000     6.25%, 8/15/23     358,242    
        Total U.S. Treasury Bonds (Cost $1,790,054)     1,784,010    
U.S. TREASURY NOTES (0.9%)      
  167,000     4.50%, 11/15/10     167,900    
        Total U.S. Treasury Notes (Cost $166,661)     167,900    

 

Principal
Amount
 

  Fair Value  
REPURCHASE AGREEMENT (7.5%)  
$ 1,409,886     U.S. Bank N.A., 4.05%, dated 12/30/05,
maturing 1/3/06, with a maturity value of
$1,410,520 (Collateralized fully by
U.S. Government Agencies)
  $ 1,409,886    
    Total Repurchase Agreement (Cost $1,409,886)     1,409,886    
Total Investments (Cost $20,276,517) — 107.3%         20,150,383    
Net other assets (liabilities) — (7.3)%         (1,373,668 )  
NET ASSETS — 100.0%       $ 18,776,715    

 

See accompanying notes to schedules of portfolio investments and notes to the financial statements.

17



Schedule of Portfolio Investments

Notes to Schedules of Portfolio Investments
December 31, 2005

(a)  Represents non-income producing security.

(b)  Represents a security purchased on a when-issued basis. At December 31, 2005, total cost of investments purchased on a when-issued basis for the BB&T Total Return Bond VIF was $1,552,304.

(c)  Represents that all or a portion of the security was pledged as collateral for securities purchased on a when-issued basis.

*  The interest rate for this variable rate note, which will change periodically, is based either on the prime rate or an index of market rates. The reflected rate is the rate in effect as of December 31, 2005. The maturity date reflected is the final maturity date.

ADR — American Depository Receipt.

AMBAC — Insured by AMBAC Indemnity Corp.

FGIC — Insured by Financial Guaranty Insurance Corp.

REIT — Real Estate Investment Trust.

See accompanying notes to financial statements.

18




(This page has been left blank intentionally.)

19



BB&T Variable Insurance Funds

Statements of Assets and Liabilities
December 31, 2005

    BB&T
Large Cap
Value VIF
  BB&T
Mid Cap
Growth VIF
  BB&T
Large Company
Growth VIF
  BB&T
Capital
Manager
Equity VIF
  BB&T
Special
Opportunities
Equity VIF
  BB&T
Total Return
Bond VIF
 
Assets:  
Investments:  
Unaffiliated investments, at cost   $ 90,964,299     $ 27,075,269     $ 20,175,360     $     $ 25,531,936     $ 18,866,631    
Investment in affiliates, at cost                       27,080,066                
Total investments, at cost     90,964,299       27,075,269       20,175,360       27,080,066       25,531,936       18,866,631    
Unrealized appreciation
(depreciation)
    19,682,602       10,780,419       2,315,100       1,604,952       2,952,722       (126,134 )  
Investments, at value     110,646,901       37,855,688       22,490,460       28,685,018       28,484,658       18,740,497    
Repurchase agreements, at cost     3,042,954       1,408,006       1,026,296             3,403,712       1,409,886    
Cash     4,402       1,865                   4,478       1,180    
Interest and dividends receivable     209,507       15,779       22,682       41,244       40,516       158,991    
Receivable for investments sold                             320,851          
Receivable from Investment Advisor                       1,357                
Receivable for capital shares issued     14,717       30,512       67             2,834       41,119    
Prepaid expenses     5,069       1,675       1,054       1,267       1,358       805    
Total Assets     113,923,550       39,313,525       23,540,559       28,728,886       32,258,407       20,352,478    
Liabilities:  
Covered options written
(premiums received
$0; $0; $0; $0; $4,501; $0)
                            325          
Payable for investments purchased     182,906       194,297                   391,801       1,557,162    
Payable for capital shares redeemed     9,085       143       1,258       907       58,792       217    
Accrued expenses and other
payables:
 
Investment advisory fees     47,412       14,978       8,109             21,544       6,273    
Administration fees     11,004       3,724       2,280             3,003       1,759    
Fund accounting fees     1,133       488       358       247       424       432    
Transfer agency fees     2,094       1,449       1,319       1,517       1,385       1,273    
Compliance service fees     1,317       435       274       329       352       209    
Other     20,603       7,513       3,790       3,878       12,539       8,438    
Total Liabilities     275,554       223,027       17,388       6,878       490,165       1,575,763    
Net Assets:  
Capital     94,851,983       25,934,212       21,265,528       26,027,366       27,002,115       18,930,134    
Accumulated undistributed
(distributions in excess
of) net investment income
    24,377                   43,617             77,712    
Accumulated realized
gains/(losses) from investment
transactions
    (910,966 )     2,375,867       (57,457 )     1,046,073       1,809,229       (104,997 )  
Net unrealized appreciation/
depreciation on investments
    19,682,602       10,780,419       2,315,100       1,604,952       2,956,898       (126,134 )  
Net Assets   $ 113,647,996     $ 39,090,498     $ 23,523,171     $ 28,722,008     $ 31,768,242     $ 18,776,715    
                                                   
Outstanding units of beneficial
interest (shares)
    8,120,486       2,494,185       2,285,271       2,732,880       2,501,466       1,891,876    
                                                   
Net asset value — offering and
redemption price per share
  $ 14.00     $ 15.67     $ 10.29     $ 10.51     $ 12.70     $ 9.92    
                                                   

 

See accompanying notes to the financial statements.

20



BB&T Variable Insurance Funds

Statements of Operations
For the Year Ended December 31, 2005

    BB&T
Large Cap
Value VIF
  BB&T
Mid Cap
GrowthVIF
  BB&T
Large Company
Growth VIF
  BB&T
Capital
Manager
Equity VIF
  BB&T
Special
Opportunities
Equity VIF
  BB&T
Total Return
Bond VIF
 
Investment Income:  
Interest income   $ 117,232     $ 55,396     $ 30,269     $     $ 61,557     $ 747,023    
Dividend income     2,957,911       117,711       241,567             192,618       1,377    
Dividend income from affiliates                       522,657                
Total investment income:     3,075,143       173,107       271,836       522,657       254,175       748,400    
Expenses:  
Investment advisory fees (See Note 4)     831,024       253,849       169,101       67,370       216,096       102,477    
Administration, transfer agency, and
fund accounting fees (See Note 4)
    93,267       38,338       31,486       14,888       32,320       27,649    
Administration fees (See Note 4)     85,967       27,014       17,717       21,023       21,960       13,412    
Fund accounting fees (See Note 4)     11,917       6,965       5,751       4,009       6,886       7,432    
Transfer agency fees (See Note 4)     13,051       7,878       6,879       7,649       7,335       6,318    
Compliance service fees (See Note 4)     9,936       3,074       2,001       2,329       2,374       1,461    
Custodian fees     14,306       4,345       2,862       3,305       3,293       2,019    
Professional fees     68,366       20,437       13,420       15,803       20,255       13,924    
Trustee fees     15,148       4,606       3,005       3,497       3,865       2,409    
Other     34,906       11,266       7,782       9,087       16,707       13,943    
Total expenses before waivers     1,177,888       377,772       260,004       148,960       331,091       191,044    
Less expenses reimbursed or waived
by the Investment Advisor
    (235,503 )     (109,799 )     (78,732 )     (58,964 )           (20,342 )  
Less expenses waived by the
Administrator and its affiliates
    (54,844 )                 (21,023 )              
Net expenses     887,541       267,973       181,272       68,973       331,091       170,702    
Net investment income (loss)     2,187,602       (94,866 )     90,564       453,684       (76,916 )     577,698    
Realized/Unrealized Gains (Losses) on Investments:  
Net realized gains (losses) on option
contract transactions
                            34,400          
Net realized gains (losses) from
investment security transactions
    5,648,845       2,740,583       761,512             1,851,743       (4,837 )  
Net realized gains (losses) on
investments with affiliates
                      12,893                
Net realized gain distributions
from underlying funds
                      1,484,532                
Change in unrealized appreciation/
depreciation of investments
    (351,242 )     2,171,358       (393,355 )     (123,802 )     (87,895 )     (180,295 )  
Net realized/unrealized gains
(losses) on investments
    5,297,603       4,911,941       368,157       1,373,623       1,798,248       (185,132 )  
Change in net assets from
operations
  $ 7,485,205     $ 4,817,075     $ 458,721     $ 1,827,307     $ 1,721,332     $ 392,566    
                                                   

 

See accompanying notes to the financial statements.

21



BB&T Variable Insurance Funds

Statements of Changes in Net Assets

    BB&T
Large Cap
Value VIF
  BB&T
Mid Cap
Growth VIF
  BB&T
Large Company
Growth VIF
 
    For the
Year Ended
December 31,
2005
  For the
Year Ended
December 31,
2004
  For the
Year Ended
December 31,
2005
  For the
Year Ended
December 31,
2004
  For the
Year Ended
December 31,
2005
  For the
Year Ended
December 31,
2004
 
From Investment Activities:  
Operations:  
Net investment income (loss)   $ 2,187,602     $ 1,778,050     $ (94,866 )   $ (117,831 )   $ 90,564     $ 93,252    
Net realized gains (losses) from investment transactions     5,648,845       890,277       2,740,583       1,562,831       761,512       1,043,147    
Net realized gains (losses) on investments with affiliates                                      
Net realized gain distributions from underlying funds                                      
Change in unrealized appreciation/depreciation of investments     (351,242 )     10,154,949       2,171,358       3,098,166       (393,355 )     62,677    
Change in net assets from operations     7,485,205       12,823,276       4,817,075       4,543,166       458,721       1,199,076    
Dividends to Shareholders:  
Net investment income     (2,163,186 )     (1,778,089 )                 (91,612 )     (93,247 )  
Net realized gains from investment transactions                                      
Change in net assets from shareholder dividends     (2,163,186 )     (1,778,089 )                 (91,612 )     (93,247 )  
Capital Transactions:  
Proceeds from shares issued     2,804,935       8,206,444       3,785,288       5,075,670       1,803,928       3,514,255    
Dividends reinvested     2,712,897       1,648,020                   183,178       1,683    
Value of shares redeemed     (8,803,839 )     (3,970,967 )     (1,919,195 )     (1,114,583 )     (1,130,736 )     (786,493 )  
Change in net assets from capital transactions     (3,286,007 )     5,883,497       1,866,093       3,961,087       856,370       2,729,445    
Change in net assets     2,036,012       16,928,684       6,683,168       8,504,253       1,223,479       3,835,274    
Net Assets:  
Beginning of Period     111,611,984       94,683,300       32,407,330       23,903,077       22,299,692       18,464,418    
End of Period   $ 113,647,996     $ 111,611,984     $ 39,090,498     $ 32,407,330     $ 23,523,171     $ 22,299,692    
                                                   
Share Transactions:  
Issued     208,216       657,552       266,255       415,359       180,801       363,360    
Reinvested     199,567       134,624                   18,107       179    
Redeemed     (646,756 )     (322,025 )     (138,285 )     (93,117 )     (111,804 )     (81,015 )  
Change in shares     (238,973 )     470,151       127,970       322,242       87,104       282,524    
                                                   
Accumulated undistributed (distributions in excess of)
net investment income
  $ 24,377     $ (39 )   $     $     $     $ 5    
                                                   

 

(a) Period from commencement of operations.

See accompanying notes to the financial statements.

22



    BB&T
Capital Manager
Equity VIF
  BB&T
Special Opportunities
Equity VIF
  BB&T
Total Return
Bond VIF
 
    For the
Year Ended
December 31,
2005
  For the
Year Ended
December 31,
2004
  For the
Year Ended
December 31,
2005
  For the Period
July 22, 2004
through
December 31,
2004 (a)
  For the
Year Ended
December 31,
2005
  For the Period
July 22, 2004
through
December 31,
2004 (a)
 
From Investment Activities:  
Operations:  
Net investment income (loss)   $ 453,684     $ 169,566     $ (76,916 )   $ (57,905 )   $ 577,698     $ 157,989    
Net realized gains (losses) from investment transactions                 1,886,143       480,367       (4,837 )     51,592    
Net realized gains (losses) on investments with affiliates     12,893       (18,558 )                          
Net realized gain distributions from underlying funds     1,484,532       35,810                            
Change in unrealized appreciation/depreciation of investments     (123,802 )     2,482,753       (87,895 )     3,044,793       (180,295 )     54,161    
Change in net assets from operations     1,827,307       2,669,571       1,721,332       3,467,255       392,566       263,742    
Dividends to Shareholders:  
Net investment income     (410,067 )     (169,566 )                 (617,780 )     (144,938 )  
Net realized gains from investment transactions                 (425,936 )           (50,547 )        
Change in net assets from shareholder dividends     (410,067 )     (169,566 )     (425,936 )           (668,327 )     (144,938 )  
Capital Transactions:  
Proceeds from shares issued     2,201,817       3,400,142       9,603,027       17,578,780       2,753,417       15,425,182    
Dividends reinvested     481,528       134,465       425,882             704,135       109,130    
Value of shares redeemed     (989,412 )     (1,029,876 )     (599,801 )     (2,297 )     (57,671 )     (521 )  
Change in net assets from capital transactions     1,693,933       2,504,731       9,429,108       17,576,483       3,399,881       15,533,791    
Change in net assets     3,111,173       5,004,736       10,724,504       21,043,738       3,124,120       15,652,595    
Net Assets:  
Beginning of Period     25,610,835       20,606,099       21,043,738             15,652,595          
End of Period   $ 28,722,008     $ 25,610,835     $ 31,768,242     $ 21,043,738     $ 18,776,715     $ 15,652,595    
                                                   
Share Transactions:  
Issued     218,620       369,676       779,800       1,736,446       274,427       1,542,200    
Reinvested     46,889       14,730       33,720             70,239       10,818    
Redeemed     (96,369 )     (112,905 )     (48,297 )     (203 )     (5,756 )     (52 )  
Change in shares     169,140       271,501       765,223       1,736,243       338,910       1,552,966    
                                                   
Accumulated undistributed (distributions in excess of)
net investment income
  $ 43,617     $     $     $     $ 77,712     $ 45,634    
                                                   

 

23




BB&T Variable Insurance Funds

Financial Highlights

Selected data for a share of beneficial interest outstanding throughout the periods indicated.

      Investment Activities   Dividends  
    Net Asset
Value,
Beginning
of Period
  Net
investment
income (loss)
  Net realized/
unrealized gains
(losses) on
investments
  Total from
Investment
Activities
  Net
investment
income
  Return of
capital
  Net realized
gains on
investments
  Total
Dividends
 
BB&T Large Cap Value VIF  
Year Ended December 31, 2005   $ 13.35       0.26       0.65       0.91       (0.26 )                 (0.26 )  
Year Ended December 31, 2004   $ 12.00       0.22       1.35       1.57       (0.22 )                 (0.22 )  
Year Ended December 31, 2003   $ 9.88       0.19       2.12       2.31       (0.19 )     (0.00 )(b)           (0.19 )  
Year Ended December 31, 2002   $ 12.50       0.17       (2.62 )     (2.45 )     (0.17 )                 (0.17 )  
Year Ended December 31, 2001   $ 12.66       0.17       (0.16 )     0.01       (0.17 )                 (0.17 )  
BB&T Mid Cap Growth VIF  
Year Ended December 31, 2005   $ 13.70       (0.04 )     2.01       1.97                            
Year Ended December 31, 2004   $ 11.69       (0.05 )     2.06       2.01                            
Year Ended December 31, 2003   $ 8.56       (0.06 )     3.19       3.13                            
Year Ended December 31, 2002   $ 10.70       (0.09 )     (2.05 )     (2.14 )                          
October 15, 2001 to December 31, 2001 (a)   $ 10.00       (0.01 )     (0.71 )     0.70                            
BB&T Large Company Growth VIF  
Year Ended December 31, 2005   $ 10.14       0.04       0.15       0.19       (0.04 )                 (0.04 )  
Year Ended December 31, 2004   $ 9.64       0.04       0.50       0.54       (0.04 )                 (0.04 )  
Year Ended December 31, 2003   $ 7.53       (0.02 )     2.13       2.11                            
Year Ended December 31, 2002   $ 10.83       (0.06 )     (3.24 )     (3.30 )                          
October 15, 2001 to December 31, 2001 (a)   $ 10.00       (0.01 )     0.84       0.83                            
BB&T Capital Manager Equity VIF***  
Year Ended December 31, 2005   $ 9.99       0.17       0.50       0.67       (0.15 )                 (0.15 )  
Year Ended December 31, 2004   $ 8.99       0.07       1.00       1.07       (0.07 )                 (0.07 )  
Year Ended December 31, 2003   $ 7.19       0.03       1.80       1.83       (0.03 )                 (0.03 )  
Year Ended December 31, 2002   $ 9.28       0.01       (1.98 )     (1.97 )     (0.01 )           (0.11 )     (0.12 )  
May 1, 2001 to December 31, 2001 (a)   $ 10.00       0.01       (0.72 )     (0.71 )     (0.01 )                 (0.01 )  
BB&T Special Opportunities Equity VIF  
Year Ended December 31, 2005   $ 12.12       (0.03 )     0.79       0.76                   (0.18 )     (0.18 )  
July 22, 2004 to December 31, 2004 (a)   $ 10.00       (0.04 )     2.16       2.12                            
BB&T Total Return Bond VIF  
Year Ended December 31, 2005   $ 10.08       0.33       (0.10 )     0.23       (0.36 )           (0.03 )     (0.39 )  
July 22, 2004 to December 31, 2004 (a)   $ 10.00       0.10       0.08       0.18       (0.10 )                 (0.10 )  

 

  *  During the period certain fees were reduced. If such reductions had not occurred, the ratios would have been as indicated.

  **  Total return ratios are based on a share outstanding throughout the period and assume reinvestment of distributions at a net asset value. Total return ratios do not reflect charges pursuant to the terms of the insurance contracts funded by separate accounts that invest in the Fund's shares.

  ***  The expense ratios exclude the impact of fees/expenses paid at the underlying fund level.

  (a)  Period from commencement of operations.

  (b)  Amount is less than $0.005.

  (c)  Not annualized for periods less than one year.

  (d)  Annualized for periods less than one year.

See accompanying notes to the financial statements.

24



        Ratios/Supplemental Data  
    Net Asset
Value,
End of
Period
  Total
Return** (c)
  Net Assets,
End of
Period (000)
  Ratio of
net expenses
to average
net assets (d)
  Ratio of net
investment
income (loss)
to average
net assets (d)
  Ratio of
expenses to
average
net assets* (d)
  Portfolio
turnover rate
 
BB&T Large Cap Value VIF  
Year Ended December 31, 2005   $ 14.00       6.90 %   $ 113,648       0.79 %     1.95 %     1.05 %     21.76 %  
Year Ended December 31, 2004   $ 13.35       13.18 %   $ 111,612       0.81 %     1.77 %     1.10 %     12.91 %  
Year Ended December 31, 2003   $ 12.00       23.62 %   $ 94,683       0.88 %     1.82 %     1.17 %     13.96 %  
Year Ended December 31, 2002   $ 9.88       (19.64 )%   $ 63,667       0.84 %     1.57 %     1.13 %     15.24 %  
Year Ended December 31, 2001   $ 12.50       0.16 %   $ 77,796       0.86 %     1.17 %     1.15 %     14.47 %  
BB&T Mid Cap Growth VIF  
Year Ended December 31, 2005   $ 15.67       14.38 %   $ 39,090       0.78 %     (0.28 )%     1.10 %     113.04 %  
Year Ended December 31, 2004   $ 13.70       17.19 %   $ 32,407       0.83 %     (0.44 )%     1.22 %     135.55 %  
Year Ended December 31, 2003   $ 11.69       36.57 %   $ 23,903       0.98 %     (0.78 )%     1.37 %     113.75 %  
Year Ended December 31, 2002   $ 8.56       (20.00 )%   $ 10,864       1.23 %     (1.05 )%     1.62 %     96.89 %  
October 15, 2001 to December 31, 2001 (a)   $ 10.70       7.00 %   $ 10,713       1.19 %     (0.55 )%     1.58 %     3.82 %  
BB&T Large Company Growth VIF  
Year Ended December 31, 2005   $ 10.29       1.88 %   $ 23,523       0.79 %     0.40 %     1.14 %     91.61 %  
Year Ended December 31, 2004   $ 10.14       5.63 %   $ 22,300       0.86 %     0.46 %     1.26 %     119.90 %  
Year Ended December 31, 2003   $ 9.64       28.02 %   $ 18,464       1.04 %     (0.32 )%     1.44 %     90.57 %  
Year Ended December 31, 2002   $ 7.53       (30.47 )%   $ 9,328       1.31 %     (0.73 )%     1.71 %     93.65 %  
October 15, 2001 to December 31, 2001 (a)   $ 10.83       8.30 %   $ 10,876       1.19 %     (0.32 )%     1.59 %     16.20 %  
BB&T Capital Manager Equity VIF***  
Year Ended December 31, 2005   $ 10.51       6.77 %   $ 28,722       0.26 %     1.68 %     0.55 %     3.24 %  
Year Ended December 31, 2004   $ 9.99       11.91 %   $ 25,611       0.34 %     0.75 %     0.54 %     1.09 %  
Year Ended December 31, 2003   $ 8.99       25.47 %   $ 20,606       0.56 %     0.40 %     0.66 %     10.06 %  
Year Ended December 31, 2002   $ 7.19       (21.25 )%   $ 14,804       0.64 %     0.15 %     0.74 %     3.47 %  
May 1, 2001 to December 31, 2001 (a)   $ 9.28       (7.08 )%   $ 16,295       0.54 %     0.18 %     0.63 %     9.18 %  
BB&T Special Opportunities Equity VIF  
Year Ended December 31, 2005   $ 12.70       6.29 %   $ 31,768       1.23 %     (0.28 )%     1.23 %     42.15 %  
July 22, 2004 to December 31, 2004 (a)   $ 12.12       21.20 %   $ 21,044       1.45 %     (0.76 )%     1.45 %     13.81 %  
BB&T Total Return Bond VIF  
Year Ended December 31, 2005   $ 9.92       2.29 %   $ 18,777       1.00 %     3.38 %     1.12 %     196.66 %  
July 22, 2004 to December 31, 2004 (a)   $ 10.08       1.76 %   $ 15,653       1.29 %     2.34 %     1.29 %     36.74 %  

 

25




BB&T Variable Insurance Funds

Notes to Financial Statements
December 31, 2005

1.  Organization:

The BB&T Variable Insurance Funds (the "Trust") was organized on November 8, 2004, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company established as a Massachusetts business trust. The Trust commenced operations on May 1, 2005 and presently offers shares of the BB&T Large Cap Value VIF, the BB&T Mid Cap Growth VIF, the BB&T Large Company Growth VIF, the BB&T Capital Manager Equity VIF, the BB&T Special Opportunities Equity VIF, and the BB&T Total Return Bond VIF (referred to individually as a "Fund" and collectively as the "Funds"). The Trust is authorized to issue an unlimited number of shares of beneficial interest without par value. Shares of the Funds are offered through variable annuity contracts offered through the separate accounts of participating insurance companies. The BB&T Capital Manager Equity VIF (the "Fund of Funds") invest s in other Fund Portfolios as opposed to individual securities. Prior to May 1, 2005 the Funds operated as a separate series of the Variable Insurance Funds, an investment company organized as a Massachusetts business trust, and registered under the 1940 Act as a diversified, open-end management investment company.

Under the Funds' organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds may enter into contracts with their vendors and others that provide for general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote.

2.  Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund of Funds seeks its investment objective of capital appreciation by investing solely in a diversified portfolio of mutual funds (the "Underlying Funds"). The Fund of Funds purchases shares of the Underlying Funds at net asset value and without sales charge.

Securities Valuation—Investments in common stocks, commercial paper, corporate bonds, municipal securities, U.S. Government securities, and U.S. Government agency securities, the principal market for which is a securities exchange or an over-the-counter market, are valued at their latest available sale price (except for those securities that are traded on NASDAQ, which will be valued at the NASDAQ official closing price) or in the absence of such a price, by reference to the latest available bid quotations in the principal market in which such securities are normally traded. The Funds may also use an independent pricing service approved by the Board of Trustees to value certain securities. Such prices reflect fair values which may be established through the use of electronic and matrix techniques. Short-term obligations that mature in 60 days or less are valu ed at either amortized cost or original cost plus interest, which approximates fair value. Investments in open-end investment companies, including the Fund of Funds, are valued at their respective net asset values as reported by such companies. Investments in closed-end investment companies are valued at their fair values based upon the latest available bid prices in the principal market in which such securities are normally traded. The differences between cost and fair values of investments are reflected as either unrealized appreciation or depreciation. Securities for which market quotations are not readily available will be valued at fair value using methods determined in good faith by the Pricing Committee under the supervision of the Board of Trustees. Fair value pricing may be used for significant events such as securities whose trading has been suspended, whose price has become stale or for which there is no currently available price.

Securities Transactions and Related Income—Securities transactions are accounted for no later than one business day after trade date. However, for financial reporting purposes security transactions are accounted for on trade date. Interest income is recognized on the accrual basis and includes, where applicable, the pro rata amortization/accretion of premium or discount. Dividend income is recorded on the ex-dividend date. Gains or losses realized from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

When-Issued—The Funds, may purchase securities on a "when-issued" basis. The Funds record when-issued securities on the trade date and pledge assets with a value equal to the purchase commitment for payment of the securities purchased. The value of the securities underlying when-issued securities and any subsequent fluctuation in their fair value is taken into account when determining the net asset value of the Funds, commencing with the date the Funds agree to purchase the securities.

Repurchase Agreements—The Funds may acquire repurchase agreements from member banks of the Federal Deposit Insurance Corporation and from registered broker/dealers that BB&T Asset Management, Inc. ("BB&T") deems creditworthy under guidelines

26



BB&T Variable Insurance Funds

Notes to Financial Statements — (continued)
December 31, 2005

approved by the Board of Trustees, subject to the seller's agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by the Funds plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying collateral. The seller under a repurchase agreement is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price, including accrued interest. Securities subject to repurchase agreements are held by the Funds' custodian or another qualified custodian or in the Federal Reserve/Treasury book-entry system.

Option Contracts—The Funds may write or purchase option contracts. These transactions are to hedge against changes in interest rates, security prices, currency fluctuations, and other market developments, or for the purposes of earning additional income (i.e. speculation).

The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of the premium and change in fair value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put
options are decreased by the premiums paid.

In writing an option, the Funds contract with a specified counterparty to purchase (written put option) or sell (written call option) a specified quantity (notional amount) of an underlying asset at a specified price during a specified period upon demand of the counterparty. The risk associated with writing an option is that the Funds bear the market risk of an unfavorable change in the price of an underlying asset, and may be required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current fair value. The BB&T Special Opportunities Equity VIF had the following transactions in written covered call options during the year ended December 31, 2005.

    BB&T
Special
Opportunities
Equity VIF
 
Covered Call Options   Shares Subject
to Contract
  Premiums  
Balance at beginning of period     291     $ 43,616    
Options written     939       47,965    
Options closed     (90 )     (6,030 )  
Options expired     (574 )     (29,091 )  
Options exercised     (501 )     (51,959 )  
Balance at end of period     65     $ 4,501    

 

The following is a summary of options outstanding as of December 31, 2005:

    Security  
Security  
BB&T Special Opportunities Equity VIF   Shares Subject
to Contract
  Fair Value  
Fair Isaac Corp., $50.00, 1/21/06     65     $ 325    
        $ 325    

 

Dividends and Distributions—Dividends from net investment income are declared and paid quarterly for the Funds, with the exception of the BB&T Total Return Bond VIF, in which case dividends from net investment income are declared daily and paid monthly. Distributable net realized gains, if any, are declared and distributed at least annually.

The character of income and gains distributed are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (i.e. reclass of market discounts, gain/loss, paydowns and distributions), such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends to shareholders which exceed net investment income and net realized gains for tax purposes are reported as distributions of capital or return of capital.

Federal Income Taxes —It is the policy of each Fund to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to

27



BB&T Variable Insurance Funds

Notes to Financial Statements — (continued)
December 31, 2005

make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income tax is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains earned on foreign investments at various rates. Where available, the Funds will file for claims on foreign taxes withheld.

Other—Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among all Funds daily in relation to the net assets of each Fund or on another reasonable basis. Expenses which are attributable to more than one Trust are allocated across the BB&T Variable Insurance Funds and BB&T Funds Trusts, based upon relative net assets or on another reasonable basis. BB&T Asset Management, Inc. ("BB&T") serves as the Investment Advisor for each the BB&T Variable Insurance Fund, and BB&T Funds Trusts.

3.  Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term and U.S. Government securities) for the year ended December 31, 2005 are as follows:

    Purchases   Sales  
BB&T Large Cap Value VIF   $ 23,585,332     $ 26,774,467    
BB&T Mid Cap Growth VIF     38,174,380       36,499,528    
BB&T Large Company Growth VIF     20,590,270       19,523,582    
BB&T Capital Manager Equity VIF     3,964,111       845,000    
BB&T Special Opportunities Equity VIF     16,505,874       10,580,567    
BB&T Total Return Bond VIF     37,247,547       33,207,843    

 

Purchases and sales of long-term U.S. Government Securities for the year ended December 31, 2005 for the BB&T Total Return Bond VIF were $3,315,463 and $4,207,126, respectively.

4.  Related Party Transactions:

Investment advisory services are provided to the Funds by BB&T. Under the terms of the Investment Advisory Agreement, BB&T is entitled to receive fees based on a percentage of the average daily net assets of the Funds. These fees are accrued daily and payable on a monthly basis.

Information regarding these transactions is as follows for the year ended December 31, 2005:

    Contractual
Fee Rate
  Fee Rate after
Contractual
Waiver(1)
  Fee Rate after
Contractual
Waiver(2)*
 
BB&T Large Company Value VIF     0.74 %     0.60 %     0.50 %  
BB&T Mid Cap Growth VIF     0.74 %     0.35 %     0.50 %  
BB&T Large Company Growth VIF     0.74 %     0.34 %     0.50 %  
BB&T Capital Manager Equity VIF     0.25 %     0.15 %     0.00 %  
BB&T Special Opportunities Equity VIF     0.80 %     0.80 %     0.80 %  
BB&T Total Return Bond VIF     0.60 %     0.60 %     0.50 %  

 

*  Effective May 1, 2005, BB&T has contractually agreed to waive a portion of the investment advisory fee as disclosed in the table above. For the period ended December 31, 2005, BB&T voluntarily agreed to waive an additional portion of the investment advisory fees. All contractual and voluntary investment advisory fee waivers are not subject to recoupment in subsequent fiscal periods.

(1)  For the period January 1, 2005 through April 30, 2005.

(2)  For the period May 1, 2005 through December 31, 2005.

Pursuant to a Sub-Advisory agreement with BB&T, Scott & Stringfellow, Inc., a wholly owned subsidiary of BB&T Corporation, serves as the Sub-Advisor to the BB&T Special Opportunities Equity VIF, subject to the general supervision of the Trusts' Board of Trustees and BB&T. Pursuant to a Sub-Advisory agreement with BB&T effective July 18, 2005, Sterling Capital Management LLC, a wholly owned subsidiary of BB&T Corporation, serves as the Sub-Advisor to the BB&T Total Return Bond VIF, subject to the general supervision of the Trusts' Board of Trustees and BB&T. For their services, the Sub-Advisors are entitled to a fee, payable by BB&T.

Effective May 1, 2005, BB&T began serving the Funds as administrator. BB&T receives compensation for providing administration services at a rate of 0.12% of the BB&T Variable Insurance Funds and BB&T Funds aggregate average daily net assets up to

28



BB&T Variable Insurance Funds

Notes to Financial Statements — (continued)
December 31, 2005

$5 billion, and a rate of 0.08% of the average daily net assets in excess of $5 billion. This fee is accrued daily and payable on a monthly basis. Expenses incurred are reflected on the Statements of Operations as "Administration fees." During the period ended December 31, 2005, BB&T voluntarily waived administration fees of $21,023 for the BB&T Capital Manager Equity VIF, and this waiver is not subject to recoupment in subsequent fiscal periods. Pursuant to a sub-administration agreement with BB&T, BISYS serves as Sub-Administrator to the Trust subject to the general supervision of the Trusts' Board of Trustees and BB&T. For these services, BISYS is entitled to a fee, payable by BB&T.

BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services ("BISYS"), an Ohio Limited Partnership, and BISYS Fund Services Ohio, Inc. ("BISYS Ohio") are subsidiaries of the BISYS Group, Inc. BISYS, with whom certain officers of the Funds are affiliated, serves the Funds as distributor. BISYS Ohio serves the Funds as fund accountant and transfer agent. Prior to May 1, 2005, BISYS and BISYS Ohio received compensation for providing administration, fund accounting and transfer agency services at a percentage of the average net assets of each Fund. In addition, for each Fund an additional flat fee was charged. The fee was accrued daily and payable on a monthly basis. Expenses incurred are reflected on the Statements of Operations as "Administration, transfer agency and fund accounting fees". BISYS voluntarily waived fees totaling $54,844 of administration fees for the period January 1, 2005 through April 30, 2005, for the BB&T Large Ca p Value VIF, and this waiver is not subject to recoupment in subsequent fiscal periods.

Effective May 1, 2005, BISYS Ohio serves the Funds as fund accountant and transfer agent and receives compensation for providing fund accounting and transfer agency services at a rate of 0.02% (0.01% for each service) of the average daily net assets of each Fund, the fee is accrued daily and payable on a monthy basis. Expenses incurred are reflected on the Statements of Operations as "Fund accounting fees" and "Transfer agency fees", respectively.

Under a Compliance Services Agreement between the Funds' and BISYS Ohio (the "CCO Agreement"), BISYS Ohio makes an employee available to serve as the Funds' Chief Compliance Officer (the "CCO"). Under the CCO Agreement, BISYS Ohio also provides infrastructure and support in implementing the written policies and procedures comprising the Funds' compliance program, including support services to the CCO. For the services provided under the CCO Agreement, the Funds paid BISYS Ohio $19,750 for the reporting period ended December 31, 2005, plus certain out of pocket expenses. Effective September 24, 2005, the CCO Agreement was increased to $35,000, plus certain out of pocket expenses. Expenses incurred are reflected on the Statements of Operations as "Compliance service fees". BISYS Ohio pays the salary and other compensation earned by any such individuals as employees of BISYS Ohio.

For the year ended December 31, 2005, the Funds' paid $34,335 in brokerage fees to Scott & Stringfellow, Inc., a wholly owned subsidiary of BB&T Corporation, on the execution of purchases and sales of the Funds' portfolio investments.

The Trust has adopted a Variable Contract Owner Servicing Plan (the "Service Plan") under which the Funds may pay a fee computed daily and paid monthly, at an annual rate of up to 0.25% of the average daily net assets of the Fund. A servicing agent may periodically waive all or a portion of its servicing fees. For the year ended December 31, 2005 the Funds did not participate in any service plans.

Certain Officers and Trustees of the Trust are affiliated with the Adviser or the Administrator. Such Officers and Trustees receive no compensation from the Funds for serving in their respective roles. Each of the non-interested Trustees who served both on the Board and the audit committee are compensated $1,750 ($33,250 in total) for meeting or retainer fees, plus reimbursement for certain expenses.

5.  Federal Income Tax Information:

At December 31, 2005, the following Funds have net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by the Treasury regulations. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders.

    Amount   Expires  
BB&T Large Cap Value VIF   $ 891,424       2011    
BB&T Total Return Bond VIF     96,285       2013    

 

29



BB&T Variable Insurance Funds

Notes to Financial Statements — (continued)
December 31, 2005

The tax character of dividends paid to shareholders during the fiscal year ended December 31, 2005 were as follows:

        Distributions paid from    
    Ordinary
Income
  Net
Long-Term
Gains
  Total Taxable
Distributions
  Tax Exempt
Distributions
  Total
Distributions
Paid*
 
BB&T Large Cap Value VIF   $ 2,712,891     $     $ 2,712,891     $     $ 2,712,891    
BB&T Large Company Growth VIF     183,178             183,178             183,178    
BB&T Capital Manager Equity VIF     481,528             481,528             481,528    
BB&T Special Opportunities Equity VIF     425,882             425,882             425,882    
BB&T Total Return Bond VIF     704,135             704,135             704,135    

 

The tax character of dividends paid to shareholders during the fiscal year ended December 31, 2004, were as follows:

        Distributions paid from    
    Ordinary
Income
  Net
Long-Term
Gains
  Total Taxable
Distributions
  Tax Exempt
Distributions
  Total
Distributions
Paid*
 
BB&T Large Cap Value VIF   $ 1,648,020     $     $ 1,648,020     $     $ 1,648,020    
BB&T Large Company Growth VIF     1,683             1,683             1,683    
BB&T Capital Manager Equity VIF     134,465             134,465             134,465    
BB&T Total Return Bond VIF     109,130             109,130             109,130    

 

* Total Distributions paid may differ from the Statement of Changes in Net Assets because distributions are recognized when actually paid for tax purposes.

As of December 31, 2005, the components of accumulated earnings (deficit) on a tax basis were as follows:

    Undistributed
Ordinary
Income
  Undistributed
Long Term
Capital Gains
(Lossses)
  Accumulated
Earnings
  Dividends
Payable
  Accumulated
Capital and
Other Losses
  Unrealized
Appreciation
(Depreciation)
  Total
Accumulated
Earnings
(Deficit)
 
BB&T Large Cap
Value VIF
  $ 24,377     $     $ 24,377     $     $ (891,424 )   $ 19,663,060     $ 18,796,013    
BB&T Mid Cap
Growth VIF
          2,384,160       2,384,160                   10,772,126       13,156,286    
BB&T Large Company
Growth VIF
          62,259       62,259                   2,195,384       2,257,643    
BB&T Capital Manager
Equity VIF
    143,333       967,984       1,111,317                   1,583,325       2,694,642    
BB&T Special
Opportunities Equity VIF
    283,514       1,526,429       1,809,943                   2,956,184       4,766,127    
BB&T Total Return
Bond VIF
    77,712             77,712             (96,285 )     (134,846 )     (153,419 )  

 

At December 31, 2005, the cost, gross unrealized appreciation and gross unrealized depreciation on securities for federal income tax purposes were as follows:

    Tax Cost   Tax
Unrealized
Appreciation
  Tax
Unrealized
Depreciation
  Net
Unrealized
Appreciation
(Depreciation)
 
BB&T Large Cap Value VIF   $ 94,026,795     $ 22,625,981     $ (2,962,921 )   $ 19,663,060    
BB&T Mid Cap Growth VIF     28,491,568       10,907,628       (135,502 )     10,772,126    
BB&T Large Company Growth VIF     21,321,372       2,588,396       (393,012 )     2,195,384    
BB&T Capital Manager Equity VIF     27,101,693       1,908,444       (325,119 )     1,583,325    
BB&T Special Opportunities Equity VIF     28,936,362       3,435,042       (483,034 )     2,952,008    
BB&T Total Return Bond VIF     20,285,229       29,231       (164,077 )     (134,846 )  

 

30



Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
BB&T Variable Insurance Funds:

We have audited the accompanying statements of assets and liabilities of BB&T Variable Insurance Funds (previously the Variable Insurance Funds) – BB&T Large Cap Value Variable Insurance Fund, BB&T Mid Cap Growth Variable Insurance Fund, BB&T Large Company Growth Variable Insurance Fund, BB&T Capital Manager Equity Variable Insurance Fund, BB&T Special Opportunities Equity Variable Insurance Fund and BB&T Total Return Bond Variable Insurance Fund (referred to individually as a Fund and collectively as the Funds) including the schedules of portfolio investments, as of December 31, 2005, and the related statements of operations for the year then ended, the statements of changes in net assets for each period in the two-year period then ended, and the financial highlights for each period in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Funds' ma nagement. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The accompanying financial highlights for the periods ended December 31, 2001 were audited by other auditors whose report thereon dated February 15, 2002, expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2005, by correspondence with custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of December 31, 2005, the results of its operations for the year then ended, the changes in their net assets for each period in the two-year period then ended, and the financial highlights for each period in the four-year period then ended, in conformity with U.S. generally accepted accounting principles.

KPMG LLP

Columbus, Ohio
February 17, 2006

31



BB&T Variable Insurance Funds

Other Information (Unaudited)
December 31, 2005

Other Federal Income Tax Information (Unaudited):

For corporate shareholders, the following percentage of the total ordinary income dividends paid during the fiscal year ended December 31, 2005 qualify for the corporate dividends received deduction for the following Funds:

    Dividends
Received
Deduction
 
BB&T Large Cap Value VIF     100.00 %  
BB&T Large Company Growth VIF     100.00 %  
BB&T Capital Manager Equity VIF     100.00 %  

 

Special Meeting of Shareholders (Unaudited):

On July 8, 2005, there was a special meeting of the shareholders of the BB&T Variable Insurance Funds. The purpose of the meeting was: (1) to approve Investment Sub-Advisory Agreements between the Advisor and Sterling Capital Management LLC with repect to the BB&T Total Return Bond VIF. A description of the proposal and the number of shares voted is as follows:

1.  Approve Investment Sub-Advisory Agreements between the Advisor and Sterling Capital Management with respect to the BB&T Total Return Bond VIF.

    Affirmative   Against   Abstain  
BB&T Total Return Bond Fund     1,655,759                

 

Other Information (Unaudited):

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (i) without charge, upon request, by calling 1-800-228-1872; and (ii) on the Securities and Exchange Commission's ("the Commission") website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30th is available (i) without charge, upon request, by calling 1-800-228-1872 and (ii) on the Commission's website at http://www.sec.gov.

The BB&T Variable Insurance Funds file complete Schedules of Portfolio Holdings with the Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available without charge on the Commission's website at http://www.sec.gov, or may be reviewed and copied at the Commission's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room, may be obtained by calling 1-800-SEC-0330.

32



BOARD CONSIDERATION OF ADVISORY AND SUB-ADVISORY AGREEMENTS (UNAUDITED)

The Board of Trustees, at a meeting held on August 30, 2005, formally considered the Trust's investment advisory agreement with BB&T Asset Management, Inc. ("BB&TAM" or the "Adviser") with respect to all funds of the Trust and sub-advisory agreement of BB&TAM with Scott & Stringfellow, Inc. (the "Sub-Adviser" or, collectively with the Adviser, the "Advisers") with respect to the Special Opportunities Equity VIF (collectively, the "Advisory Agreements"). The Trustees reviewed extensive material in connection with their review of the Advisory Agreements, including data from an independent provider of mutual fund data which included comparisons with industry averages for comparable funds for advisory fees and total fund expenses. The data reflected BB&TAM fee waivers in place, as well as BB&TAM's contractual investment advisory fee levels. The Board was assisted in its review by independent legal counsel, who provided a memorandum detailing the legal standards for review of the Advisory Agreements. The Board received a detailed presentation by BB&TAM, which included a fund-by-fund analysis of performance. A presentation was also provided by the Sub-Adviser. The Board also deliberated outside the presence of management and the Advisers.

In their deliberations, each Trustee attributed different weights to various factors involved in an analysis of whether each Advisory Agreement should be continued, and no factor alone was considered determinative. The Trustees determined that the overall arrangements between the Trust and the Advisers, as provided in the Advisory Agreements, were fair and reasonable and that continuance of the Advisory Agreements was in the best interests of each Fund and its shareholders.

The matters addressed below were considered and discussed by the Trustees in reaching their conclusions.

Nature, Extent and Quality of Services Provided by the Adviser

The Trustees received and considered information regarding the nature, extent, and quality of the services provided to each Fund under the Advisory Agreements. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as materials furnished specifically in connection with the annual review process. The Trustees considered the background and experience of each Adviser's senior management and the expertise of investment personnel of each Adviser responsible for the day-to-day management of each Fund. The Trustees considered the overall reputation, and the capabilities and commitment of the Advisers to provide high quality service to the Trust, and the Trustees' overall confidence in each Adviser's integrity.

The Trustees received information concerning the investment philosophy and investment processes applied by the Advisers in managing the Funds. The Trustees also considered information regarding regulatory compliance and compliance with the investment policies of the Funds. The Trustees evaluated the trading practices of Scott & Stringfellow, which engages in affiliated brokerage for a majority of the portfolio trades for the Fund it sub-advises. As part of this evaluation, the Trustees received information regarding safeguards employed, such as prohibitions on principal and cross-agency trades. The Trustees also evaluated the procedures of the Advisers designed to fulfill the Advisers' fiduciary duty to the Funds with respect to possible conflicts of interest, including the Advisers' codes of ethics (regulating the personal trading of its officers and employees).

With respect to BB&TAM, the Trustees particularly noted recent increased staffing and enhancements to the investment processes and systems and administration, including the retention of, and improvements initiated by, a chief investment officer. Based on their review, the Trustees concluded that, with respect to the quality and nature of services to be provided by the Advisers, the scope of responsibilities was typical of those of investment advisers and sub-advisers to open-end mutual funds generally, and that the quality of the services was very satisfactory.

Investment Performance

The Trustees considered performance results of each Fund in absolute terms and relative to each Fund's benchmark index. It was noted that performance of the Funds over the last twelve months was generally strong. During their review, the Trustees particularly considered the strong one-year performance of the Special Opportunities Equity VIF relative to its benchmark index.

After reviewing the performance of each Fund, and taking into consideration the management style, investment strategies, and prevailing market conditions during the prior year and for longer periods, the Trustees concluded that the performance of each of the Funds was satisfactory or better.

Cost of Services, Including the Profits Realized by the Advisers and Affiliates

The Trustees considered peer group comparable information with respect to the advisory fees charged by BB&TAM to each of the Funds, taking into consideration both contractual and actual (i.e., after waiver) fee levels. The Trustees concluded that the investment advisory fees fell within an acceptable range as compared to peer groups. The Trustees particularly noted, however, that investment advisory fees for the Special Opportunities Equity VIF exceeded the industry average. The Trustees considered that the total expense ratio for the Special Opportunities Equity VIF exceeded the industry average by only 10 basis points. The Trustees also considered the strong performance of this fund over the past twelve months, as compared to its benchmark index, and concluded that the strong performance supported the somewhat higher investment advisory fee.

33



As part of their review, the Trustees considered benefits to the Adviser aside from investment advisory fees. The Trustees reviewed administration fees received by BB&TAM and considered the fallout benefits to BB&TAM such as the research services available to the Adviser by reason of brokerage commissions generated by the Funds' turnover. The Trustees also considered benefits to BB&TAM's affiliates, including brokerage commissions received by Scott & Stringfellow for executing trades on behalf of the Special Opportunities Equity VIF. With respect to Scott & Stringfellow, the Trustees noted that brokerage commissions were paid on the same commission schedule as employed by BB&TAM and that such brokerage arrangements were considered by the Sub-Adviser to be advantageous in terms of superior access to the market.

Consideration of the reasonableness of advisory fees also took into account, where relevant, the profitability of the Advisers. In determining whether the investment advisory and sub-advisory fees (collectively, the "investment advisory fees") were reasonable, the Trustees reviewed profitability information provided by the Advisers with respect to investment advisory services. With respect to such information, the Trustees recognized that such profitability data was generally unaudited and represented an Adviser's own determination of its and its affiliates' revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and were calculated using an allocation methodology developed by the Adviser. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory and sub-advisory contracts, because comparative information is not generally publicly available and is affected by numerous factors. Based on their review, the Trustees concluded that the profitability to BB&TAM and its affiliates as a result of their relationships with the Funds was acceptable. With respect to Sub-Adviser profitability, the Trustees noted that sub-advisory fees are paid by BB&TAM, rather than directly from the Trust's assets. The Board also concluded that the fees under the Advisory Agreements were fair and reasonable, in light of the services and benefits provided to each Fund.

Economies of Scale

The Trustees also considered whether fee levels reflect economies of scale and whether economies of scale would be produced by the growth of the Trust's assets. The Trustees noted that the Funds were not of a comparable size and had yet to attract assets sufficient to generate economies of scale.

34



Information about Trustees and Officers (Unaudited)

Overall responsibility for the management of the Funds rests with its Board of Trustees', who are elected by the Shareholders of the Funds. The Trustees' elect the officers of the Funds to supervise its day-to-day operations. The names of the Trustees', their addresses, birthdate, length of tenure, principal occupations during the past five years, number of portfolios overseen and directorships held outside of the Funds are set below:

Name, Address, and Birthdate   Position(s) Held
with BB&T
  Term of Office/
Length of
Time Served
  Principal Occupation
During the Past 5 Years
  Number of
Portfolios
Overseen in
Complex by
Trustee
 

 

Thomas W. Lambeth
700 Yorkshire Road
Winston-Salem, NC 27106
Birthdate: 1/35
  Trustee, Chairman of the Board of Trustees   Indefinite,
8/92—present
  From January 2001 to present, Senior Fellow,
Z. Smith Reynolds
Foundation; From 1978 to January 2001, Executive Director, Z. Smith Reynolds Foundation.
    31    
Drew T. Kagan
Montecito Advisors, Inc. 810 N. Jefferson St.,
Ste 101. Lewisburg,
WV 24901
Birthdate: 2/48
  Trustee   Indefinite,
8/00—present
  From December 2003 to present, President and
Director, Montecito
Advisors, Inc..; from March 1996 to December 2003, President,
Investment Affiliate, Inc.
    31    
Laura C. Bingham
Peace College
Office of the President
15 East Peace Street Raleigh, NC 27604-1194 Birthdate: 11/56
  Trustee   Indefinite,
2/01—present
  From July 1998 to present, President of Peace College.     31    
Douglas R. Van Scoy
841 Middle St.
Sullivans Island, SC 26481 Birthday: 11/43
  Trustee   Indefinite,
5/04—present
  Retired; From November 1974 to July 2001, Deputy Director of Private Client Group and Senior Executive Vice President of Smith Barney (investment banking).     31    
James L. Roberts
207 Highland Terrace
Breckenridge, CO 80424
Birthday: 11/42
  Trustee   Indefinite,
11/04—present
  Retired; From January 1999 to December 2003 President, CEO and Director, Covest Bancshares, Inc.     31    
The Funds Statement of Additional Information includes information about the Fund's Trustees. To receive your free copy of the Statement of Additional Information, call toll free: 1-800-453-7348.  

 

35



The following table shows information for trustees who are "interested persons" of BB&T Variable Insurance Funds as defined in the 1940 act:

Name, Address and Birthdate   Position(s) Held
with BB&T
  Term of Office/
Length of
Time Served
  Principal Occupation
During the Past 5 Years
  Overseen
Complex
 
*Kenneth L. Miller
200 W. Second Street,
16th Floor Winston-Salem, NC 2710
Birthdate: 9/46
  Trustee   Indefinite,
11/03—present
  From August 1997 to present, Executive Vice President, Branch Banking and Trust Company; Employee of Branch Banking and Trust Company since 1989.     31    

 

*  Mr. Miller is treated by the Funds as an "interested person" (as defined in Section 2(e)(19) of the 1940 Act) of the Funds. Mr. Miller is an "interested person" because he owns shares of BB&T Corporation and is an Executive Vice President of Branch Banking and Trust Company, the parent of the adviser.

The following table shows information for officers of BB&T Variable Insurance Funds:

Name and Birthdate   Position(s) Held
with BB&T Fund
  Term of Office/
Length of
Time Served
  Principal Occupation
During the Past 5 Years
 
Keith F. Karlawish
Birthdate: 8/64
  President   Indefinite, 2/05—Present   From May 2002 to present, President, BB&T Asset Management, Inc.; from 1996 to 2002, Senior Vice President and Director of Fixed Income, BB&T Asset Management, Inc.  
E.G. Purcell, III
Birthdate: 1/55
  Vice President   Indefinite, 11/00—Present   From 1995 to present, Senior Vice President, BB&T Asset Management, Inc. and its predecessors  
James T. Gillespie
Birthdate: 11/66
  Vice President   Indefinite, 5/02—Present   From February 2005 to present, Vice President of BB&T Asset Management; from 1992 to 2005, Director, BISYS Fund Services  
Todd M. Miller
Birthdate: 9/71
  Vice President   Indefinite, 8/05—Present   From June 2005 to present, Mutual Fund Administrator, BB&T Asset Management; from May 1993 to May 2005, Manager, BISYS Fund Services  
Rodney Ruehle
Birthdate: 4/68
  Anti-Money Laundering Officer and Chief Compliance Officer   Indefinite, 2/06—Present   From August 1995 to present, Fund Compliance Officer, BISYS Fund Services.  

 

36



Name and Birthdate   Position(s) Held
with BB&T Fund
  Term of Office/
Length of
Time Served
  Principal Occupation
During the Past 5 Years
 
C. David Bunstine
Birthdate: 7/65
  Secretary   Indefinite, 5/05—Present   From December 1987 to present, Vice President, BISYS Fund Services  
Troy A. Sheets
Birthdate: 5/71
  Treasurer   Indefinite, 5/02—Present   From April 2002 to present, Vice President, BISYS Fund Services; from September 1993 to April 2002, Senior Manager, KPMG LLP  
Christopher E. Sabato
Birthdate: 12/68
  Assistant Treasurer   Indefinite 11/02—Present   From February 1993 to present, Director, BISYS Fund Services  
Alaina V. Metz
Birthdate: 4/67
  Assistant Secretary   Indefinite 9/95—Present   From June 1995 to present, Vice President of BISYS Fund Services.  

 

37




 

Item 2. Code of Ethics.

 

(a) The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. This code of ethics is included as Exhibit 12(a)(1).

 

(b) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2. The BB&T Variable Insurance Funds (“Funds”) commenced operations on May 1, 2005. Prior to May 1, 2005 the Funds operated as a separate series of the Variable Insurance Funds, an investment company organized as a Massachusetts business trust, and registered under the 1940 Act as a diversified, open-end management investment company.

 

Item 3. Audit Committee Financial Expert.

 

3(a)(1)  The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

 

3(a)(2) The audit committee financial expert is Drew Kagan, who is “independent” for purposes of this Item 3 of Form N-CSR.

 

Item 4. Principal Accountant Fees and Services.

 

(a) Audit Fees

 

2004

 

$

54,150

*

 

 

2005

 

$

57,300

 

 

 

 

 

 

 

(b) Audit - Related Fees

 

2004

 

$

4,400

 

 

2005

 

$

4,600

 

 

2004- Fees of $4,400 relate to the review and consent of the N-1A filing.

2005- Fees of $4,600 relate to the review and consent of the N-1A filing.

 

(c) Tax Fees

 

2004

 

$

12,600

*

 

 

2005

 

$

13,200

 

 

Fees for both 2004 & 2005 relate to the preparation of federal income & excise tax returns and review of the     excise tax calculations

 



 

(d) All Other Fees

 

2004

 

$

0

*

 

 

2005

 

$

0

 

 

e(1) Except as permitted by Rule 2-01(c)(7)(i)(C) of Regulation S-X, the Trust’s Audit Committee must pre-approve all audit and non-audit services provided by the independent accountants relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

 

e(2) None of the services summarized in (b)-(d), above, were approved by the Audit Committee pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X.

 

(f) Not applicable.

 

(g)

 

2004

 

$

165,000

*

 

 

2005

 

$

512,000

 

 

(h) In regards to Item 4 (g), the audit committee considered the nonaudit services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser, and believes the principal accountants independence has not been compromised.

 


*The Funds commenced operations on May 1, 2005. Prior to May 1, 2005 the Funds operated as a separate series of the Variable Insurance Funds, an investment company organized as a Massachusetts business trust, and registered under the 1940 Act as a diversified, open-end management investment company. Fees disclosed for fiscal year 2004 were related to the Funds operating as a series of the Variable Insurance Funds.

 

Item 5.    Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6.    Schedule of Investments.

 

Not applicable.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 11. Controls and Procedures.

 

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

 

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits.

 

(a)(1) The code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

 



 

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

 

(a)(3) Not applicable.

 

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

 



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant)

BB&T Variable Insurance Funds

 

 

 

 

 

By (Signature and Title)*

  /s/ Troy A. Sheets, Treasurer

 

 

  Troy A. Sheets, Treasurer

 

 

Date

March 8, 2006

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By (Signature and Title)*

  /s/ Keith F. Karlawish, President

 

  Keith F. Karlawish, President

 

 

 

 

Date

March 8, 2006

 

 

 

By (Signature and Title)*

s/ Troy A. Sheets, Treasurer

 

 

  Troy A. Sheets, Treasurer

 

 

 

 

Date

March 8, 2006

 

 


* Print the name and title of each signing officer under his or her signature.

 


EX-99.CODEETH 2 a06-2883_2ex99dcodeeth.htm CODE OF ETHICS

Exhibit 99.CODEETH

 

BB&T Variable Insurance Funds

 

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

 

I.    Covered Officers/Purpose of the Code

 

BB&T Variable Insurance Funds’ (the “Company” or the “Funds”) code of ethics (this “Code”) applies to the Company’s Principal Executive Officer (“President”) and Principal Financial Officer (“Treasurer”) (the “Covered Officers” each of whom is identified in Exhibit A) for the purpose of promoting:

 

                  honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

 

                  full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Company;

 

                  compliance with applicable laws and governmental rules and regulations;

 

                  the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

 

                  accountability for adherence to the Code.

 

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to apparent as well as actual conflicts of interest.

 

II.    Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

 

Overview. A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position in the Company.

 

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act. For example, Covered Officers may not individually engage in certain transactions (such as

 



 

the purchase or sale of securities or other property) with the Company because of their status as “affiliated persons” of the Company. Each Covered Officer is an employee of the Company’s Administrator (“Service Provider”). The Company’s and the Service Provider’s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

 

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the Service Provider of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the Service Provider, or for both), be involved in establishing policies and implementing decisions which will have different effects on the Service Provider and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the Service Provider and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act, will be deemed to have been handled ethically. In addition, it is recognized by the Board of Trustees (the “Board”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other Codes.

 

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

 

Each Covered Officer must:

 

                  not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

 

                  not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Company;

 

                  not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions;

 



 

III.    Disclosure & Compliance

 

                  Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;

 

                  each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company’s Trustees and auditors, and to governmental regulators and self-regulatory organizations;

 

                  each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Company and the Company’s adviser or subadviser and administrator with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company files with, or submit to, the SEC and in other public communications made by the Company; and

 

                  it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

 

IV.    Reporting and Accountability

 

Each Covered Officer must:

 

                  upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read, and understands the Code;

 

                  annually thereafter affirm to the Board that he/she has complied with the requirements of the Code;

 

                  not retaliate against any employee or Covered Officer or their affiliated persons for reports of potential violations that are made in good faith;

 

                  notify the Qualified Legal Compliance Committee (“QLCC”) promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code; and

 

                  report at least annually any change in his affiliations from the prior year.

 

The QLCC is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.

 



 

The Company will follow these procedures in investigating and enforcing this Code:

 

                  the QLCC will take all appropriate action to investigate any potential violations reported to it;

 

                  if, after such investigation, the QLCC believes that no violation has occurred, the QLCC is not required to take any further action;

 

                  if the QLCC concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the Service Provider or its board; or a recommendation to dismiss the Covered Officer; and

 

                  any changes to this Code will, to the extent required, be disclosed as provided by SEC rules.

 

V.    Other Policies and Procedures

 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superceded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds’ and their investment adviser’s, principal underwriter’s and service providers’ codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser’s more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

 

VI.    Amendments

 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Company’s board, including a majority of independent directors/trustees.

 



 

VII.    Confidentiality

 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Board and its counsel, the investment adviser and the respective Service Providers.

 

VIII.    Internal Use

 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of the Company, as to any fact, circumstance, or legal conclusion.

 



 

Exhibit A

 

Persons Covered by this Code of Ethics – As of May 1, 2005

 

Principal Executive Officer and President – Keith F. Karlawish

 

Principal Financial Officer and Treasurer - Troy A. Sheets

 


EX-99.CERT 3 a06-2883_2ex99dcert.htm CERTIFICATION

Exhibit 99.CERT

 

CERTIFICATIONS

 

I, Keith F. Karlawish, certify that:

 

1. I have reviewed this report on Form N-CSR of the BB&T Variable Insurance Funds (the “Registrant”);

 

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

 

4.   The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)   Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d)  Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.   The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

March 8, 2006

 

  /s/ Keith F. Karlawish

 

 

Date

Keith F. Karlawish

 

 

President

 

 



 

CERTIFICATIONS

 

I, Troy A.Sheets, certify that:

 

1. I have reviewed this report on Form N-CSR of the BB&T Variable Insurance Funds (the “Registrant”);

 

2.   Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

 

4.   The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

 

a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)   Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

d)  Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

 

5.   The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

 

a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

 

b)  Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

 

March 8, 2006

 

  /s/ Troy A. Sheets

 

 

Date

Troy A. Sheets

 

 

Treasurer

 

 


EX-99.906CERT 4 a06-2883_2ex99d906cert.htm CERTIFICATION

Exhibit 99.906CERT

 

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2005 of the BB&T Variable Insurance Funds (the “Registrant”).

 

I, Keith F. Karlawish, the President of the Registrant, certify that, to the best of my knowledge,:

 

1.               the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

 

2.               the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

March 8, 2006

 

 

 

Date

 

 

 

 

 

/s/ Keith F. Karlawish

 

 

Keith F. Karlawish

 

President

 

 

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

 



 

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2005 of the BB&T Variable Insurance Funds (the “Registrant”).

 

I, Troy A. Sheets, the Treasurer of the Registrant, certify that, to the best of my knowledge,:

 

1.               the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m(a) or 78o(d)); and

 

2.               the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

March 8, 2006

 

 

Date

 

 

 

 

 

/s/ Troy A. Sheets

 

 

Troy A. Sheets

 

Treasurer

 

 

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

 


GRAPHIC 5 g28832bg03i001.jpg GRAPHIC begin 644 g28832bg03i001.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V6LRZ\1:5 M9:DNGW%VL<[*6P0=JXV\%N@/S+P3W'J*TZY'5_#NKW/BI=2LC:I'Y,@+EF7? MGRL1R+R'!V,,^A]57(!KGQ1I`C#^?,Q:01K&MK*TC$J6&$"[B"JL00,$`\U< MN=3M+.SCNYVD2.3`1?)#7-'PSJEPB7%W!;/?)*',RZE,K2 M?*R\.D:%`N\X4`@[CTR2;TMAJ[MIZ;HKFXTI8I5N)F*+=2%)(Y`<`[>"&!`/ M6@#07Q#I+2Q1K>*3*@=6VML`(R`6QA3P>"0>.E3:?JUEJBN;.4OY>-P:-D.# MT.&`)!['H>UZET^[TN2YB^RZE/]JNI59A)'+G)5!C!7(')(P,\'-;VD M:=>PW\]_J!MUFDMXK94MV++MC+G<20.27/';'4T`'_"6>&O^AATO_P`#8_\` M&M>LCPG_`,B=HO\`V#X/_1:UKT`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`&1X3_P"1.T7_`+!\'_HM:UZR/"?_`")VB_\` M8/@_]%K6O0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%9'B;7#X>T2;4!;&X*`X7.U M00I/S'!P.,?4@=ZK2>)Y(TM)SIX:VG,8:9+A7!+N5'E[<^9C&X\C"G/7(`!T M%%8FD^(CJ#Q>=:"VCN;7[9:L)=YDAR.6&!M;YE..>O7K533?%LNHZ'_:<=OI MY4A3MCU'^*Z2@`KE=4\2ZC8^*HM-2"W%N\3&,R[AYSCR\`.,A3ER,,/3G MYA755D7GA;2+_4C?W%L6E:-HW"R,JON"C)`/W@$4`^P]!@`S(?$6ISS1V<1L MY9+FX6&"]2)_(SY;NXQNR^T1XR&`)8=,$5:&O7=QI^G"W2&*\OKJ2UW2*S1Q MM&)-[8!!(/E'`R.HYJXGAS34M#:XNGCRK+YE[,[1E<@%&+DIP3]TBD/AVP;< MC*X@\N)(XDD9/**%R&5@00QWD$@Y.*`.?;QS=1:==ZI):Q?9M-G^RW42JQDD MES@LAS@+DC@@Y&>1CG=TC4KV:_GL-0$#31V\5RKVZLJ[9"XVD$GD%#SWST%3 M+X>TE)8I%LU!B0(J[FV$`$`E'=2E5;&$"1)+8*XV#D9E!P?<`UU59'A/_`)$[ M1?\`L'P?^BUK7H`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@`HHHH`****`"BD9E12SL%4WW@0+U M#/%Q0!LT5G0Z_I4_W;V-?]_*_P`ZO1S13#,4B./56!H`?1110`4444`%%%%` M!11534-2MM-A\R=^3]U!RS'V%`%HD*"20`.I-9-QK\9E-MIL+7MQ_L?<7ZM4 M"6-[K;>=J3/;6O\`!:H<$^['_/X5LV]K!:1"*WB6)!V48H`R5T6ZU!A+K-SO M7J+>(X0?7U_SS6O#!%;1"*&-8T'15&!4E96L>*-$T!"=3U*&!L9$>=SGZ*,G M]*`-6BN,'C?5]3&?#_A*]NHB<+/=.MNC>XSU%*;7XB:EGS=0TK1XST^SQ&:0 M?7=Q^5`'95F:AXDT/2\B^U:T@8?P-,-W_?/6L#_A7GVWG7/$FK:ED8>/SO*B M;_@`Z?G6E8>!/"VFA?L^B6K,IR&F7S6!]NM.L[ZPDL+FVCDM9%VM$5^7']*>MI;(L*I;Q*L'^J`0`1\$?+Z<$CC ML:`,;1GO/M]_))JMU>6=NWV>-;A(1OE&-Q!1%Z$[<'N&]JQDUO47T^"ZGU:Z M47.GB^9;:.'=%(2JK`-R$88O@;N>HKKI=-M);<0>0B1B=;C;&H4;U<29^ MI89/K0NEZX.0QXY((!!]J`.:EU+6=.NX+6XO3/);+:> M:#&@^U-/,R/T48V`9&W'O77U#):6TUQ%<2V\3S0Y\J1D!9,]<'J,^U34`%K7232W%X]IYJ*TJHIDB7Y>=I```.`!6C? MZK#+INDJ\\]A:R>4]_OG9)K>)HW*;WSN7+J`6SGKS755&L$2W#W`0"6151F[ MD+D@?AN/YT`>>?VKKGV.:2*XG?5DD"Z9;LYQ%-(,.I MZ:D1L8=BOI\C,J[!@$B89/O@?05U59'A/_D3M%_[!\'_`*+6M>@`HHHH`*** MIZCJ^G:3$9=0O8;91_ST<`_E0!@S7,%N,SS1Q#U=@*H3>)-*A.T7'FMZ1J M6S^/2N.ATOQ?8C=/X:TG47'>.[9=WX.<5H6_B/Q!8_+-\/YH5'>TN(Y._H`/ MYT`;G]N7<_\`QYZ/&T8R#\#B@#8_L*YG_X_=7NI1W6/"#\J MEA\.:5"<_91(WK(Q;_ZU8/\`PDWB_42!I7@]K=&Z3:C<"/'U3[U']C>/-2VF M^\26>FH?O1V%MO)'^\_(-`'6I%;VL9V1QPH!SM`4"J$GB?P_#(8Y==TV-UX* MM=Q@C\,UA#X9Z5FPM_>CU!!C_P`>J]_P@WA7_H`V M7_?H4?\`"#>%?^@#9?\`?H4`9W]H:-#_`,>GCJU3T$M[%(/_`$*M"#6+^V@2 M:YCCU"T<96[LV#`CUP./Y"I1X,\,`8_L#3O_``&7_"L2?P3?:'.U[X,U$V18 M[GT^X)>WE_JI_P`\4`=79:E9Z@FZVG5_5>C#\*M5Y_%X@TNYOEL?$=C)X[&C M3]&\J;[;?R?:KQOXF^ZGLHIZII?AO3WEEECMH5YDFE8`L?<]_I7-/XPUCQ([ M0>#=-W09VMJEZI2)?]U>K?YXH`ZV_P!2L=+MS<7]Y#:Q#^*5PH/L,]37+R?$ M)=0D:#POHUYK4@./-"F*`'W=JET[X?6`N/M_B"XDUZ_8<\@5,'H=QXH`GHJN-0LC/%`+R`RS)YD<8D&Y MU_O`9Y'O2VM[:7R-)9W4-PBL59H9`X##J#CO0!G^$_\`D3M%_P"P?!_Z+6M> MN*T_QMX?\/>$-'CO;]6N%T^`?9X?GDSY:\$#I^.*B.O^-?$?&A:*FD6C=+O4 M?OD>H3_ZQ'O0!VMS=6]E`UQ=SQP0I]Z25PJC\37(W?Q*L9KAK/P[I]WKET.U MNA6,?5B.GOC'O3;7X;6MS<+>>)=3N](/^/R_M/#]LW6.V'FS8]ST_(BK5A\,=`MY1<:A] MHU:YSDR7LI8$_P"Z.#^.:["B@"&UM+:RA6"TMXK>)>`D2!5'X"IJ**`"BBB@ M`HHHH`****`"BBB@`HHHH`****`*FI:78:Q:-::C:17,+?P2+G'N/0^XKDCX M;\1>$V\WPM>F_L!R=*O7S@?],W[>PX]\UW%%`'&6GBKPQKLCP:Q`-+U"`9EM M[[]TPP,G#<;A_G%,E\:W&IR-IW@G2_MYC.QKR0&.VA_'^+Z#\,UTVJZ!I.MJ M@U/3X+KRSE3(O(_'KCVJW;VT%I;I;VT,<,,8PD<:A54>P%`')V7@%;RZ74/% M=\^M7@Y6-AMMXO94[_C^5=>B)&@1%"JHP%48`%.HH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"N-U'1M0F\>V]W%8*;9E8RROMDB9GV%IY%BKI8ZK<7*V<3(N^)S*$VY(4$!U8`D=.QID5G?P1 M6%L+)YY-,G^VR0*Z8=9?/`C0DA@K>HH`XGPIX&\.G0-*U%;*6.\FM(I7GANYHV+,@)Y5AW-=M61X3_Y$[1?^ MP?!_Z+6M>@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***BN;B* MTM9;F9ML4*%W.,X4#)H`EHKGH/&%OHK3O=46QMK>22VG>>Y8)%:IM,C/M+%?O;>`"2=V.#S0!>HK"'C#2]O MFD3+;I\LUPR@)`_]Q^>VFC59#%.H#%&SM88)X. MT^XP<@4`0>$_^1.T7_L'P?\`HM:UZY7PQXALH/"FD1/!J1:.QA4E-,N74D(. MC",@CW!Q754`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!4<\1FM MY(A(T9="H=<97(ZC/>I**`.*LOA]Y%O*)[BRFDDN&E,XYS6_10!RI\"VSV MLUC)=%[*\D\^\B,6&FFZ[@V?E!.#C!Z#D5K:7I,UE=37=W=BZN9(HX`ZQ>6! M&A8J,9/.78D]_05J44`9'A/_`)$[1?\`L'P?^BUK7K(\)_\`(G:+_P!@^#_T M6M:]`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`&;< M^(=*M-333I[M8[AE+8(.T8V\%N@/S+P3W'J*FT_5K+5%HZMXC:>*:.VM9[:6&6>)V63:PC&UEZ/D*W/H1W5<[6D:= M>PW\]_J!MUFDMXK94MV++MC+G<20.27/';'4T`'A/_D3M%_[!\'_`*+6M>N= MTF'Q+I>CV6G?V;IT;9SY';R_U]J` M.BHK(^T^)?\`H$Z7_P"#.3_XQ1]I\2_]`G2__!G)_P#&*`->BLC[3XE_Z!.E M_P#@SD_^,54LH?$MI=:A/_9NEO\`;;@38_M&0;,11QX_U'/^KS^/M0!T5%9' MVGQ+_P!`G2__``9R?_&*/M/B7_H$Z7_X,Y/_`(Q0!KT5D?:?$O\`T"=+_P#! MG)_\8JIID/B73K5X/[-TN3?<339_M&08\R5I,?ZCMNQ[XH`Z*BLC[3XE_P"@ M3I?_`(,Y/_C%'VGQ+_T"=+_\&Z=_9NEQ?:[>2' MS/[1D;;N4KG'D#.,U;^T^)?^@3I?_@SD_P#C%`&O161]I\2_]`G2_P#P9R?_ M`!BC[3XE_P"@3I?_`(,Y/_C%`&O17.WL/B6[NM/G_LW2T^Q7!FQ_:,AWYBDC MQ_J./]9G\/>K?VGQ+_T"=+_\&L7.H_V;I9\^WBA\O^T9/EV-(V<^1W\S M]/>K?VGQ+_T"=+_\&9(SX_U';=C/?':K7VGQ M+_T"=+_\&6!TW2XOM4 M#P[_`.T9&V[E(SCR!G&>E`'0T4R$RM"AF1$E*C>J,656[@$@9'O@?04^@`HH MHH`****`"BBB@`HHHH`****`."M/$FJ7>@+-/J$EI/$QEN95CB(4;8\Q*6`5 M3NE*Y;[K1L&)"DEI\0ZW//:7'VR2.UO1%%#Y"1*`P(6Y9ED!<%8S*RC)"$(B9;DL7(P-N.THH`Y;P]J&H:I<6,KWU MQL\J9Y8G6':Z"5DB8E5^\P&[*MM.W@8-=3110!A^);^[T][!X;Z*T@DDF6=Y M(=^`+>5U;KT4ID@ZEWQVLVV,;0-G[R48&!G&Q8S\W.23]UE M)Z*BB@#D/$6LZAI^H7\(UBVLD$5L;3S(U5=[^>-K.Q(P3&I)_NJ0!NY-?4-? MUR+69!:3*8)XIWMXW5-L82.4;FQ\Q4O'&01D8D8'DH*[>B@#*\,WUQJ6@PW5 MR79W>4*S[=SH)&",=GRDE0IRORG.1QBM6BB@#B(/$E_!=0I=:M;S3QF[,MF( MTC,RQRSHNP$EB240``\!7W$D@U1G\2>(;.TO(WO?-FMI#&TOD(,2*+G:F`N/ MWAAMSCJ?.^7&Y<>BT4`%%%%`'$0>)+^&[B2ZU:WFGC-V9;01I$9ECEG1=@)+ M%B40``\!7W$D@TVSUG7U$\4]^LCVM]:03,UNN2&NGA91C`4M&L;\@G$A(P&7 M'[L2-N"@`X:J^B^*-1OM0M;>YUN-+F22$BU=(HPRLB-* M&)&YB'9XU5,$,GS;L&O0:*`"L+Q-J%WIS6,D-]%:6[O,L[O!YF`+>5U;KT4I MD@#)XY'(.[10!P%]XDUA-(M[JSU%)0BR[IHQ%()21,T*DJ-N_,4:,%P"92!S MM(WO#&J37]Q?127YOD@\O][L10'.[TN-:MH"-4\N.)XTC62'RX'*Y8DD@2,..6=E/"@BNQHH`\XU#Q9K]E%J3*\K M/]FEFB3[,&^RJ4BDC9MJGC]Y*F6RI,0STLZA: MQ:DLFKP6LL>JK;VKM$JH5:!'5"6.`,MEFZD!@N"5`S+GQ+J_F3S1ZI%&)[C% MO"QC5([-HPR7);8S#YB%W'*C)R.*]!HH`K:;<_;-+M+HK*OG0))MF`#C*@_, M!P#SSBK-%%`!1110`4444`%>'_\`"Z_$O_/CI?\`WZD_^+KW"O//^%*>&O\` MG^U3_O['_P#$4`&O\`G^U3_O['_P#$5VVL6:ZCHE_8O,(%N;:2(RD9"!E( MW8R.F<]:`,9?'>FF:&%[.^C:1MLFY$_<_,B#=ACG)E3[N[K[&IF\8V/V?59H M[6[F&DY,ZHJ9(!8,1EATV-P<'`!`((SS]KX'L;JWL9[;7+.2$EQ$T-LNU68J M_P"X^?\`=L/+)_BZM5VS\&IY6I+;ZZLL-U:SVDH5,@2-P9'P^&D`X.0,\=.< M@'0IK<1.F++:W$$FILRQ)(%RF$9_FPQ'13TSU%2KK6E,VU=3LR1)Y6!.OW_[ MO7K[=:R[^S2_&C2Z?K5I#/:NS6[N@E6?]VR,``ZYP"3P:RM)\$11Z@EZ=9BO M1;D1LD<.!E4E3'WR%(\T'```*\`9X`.ICUK2IG1(M3LW9Y/+0+.I+/C.T<\G M!!Q4,FO6T6K?V>89V*L$DG5`8HV*[PK'.1E1G.,=.>17'Z+X&EDO(FO[D0/9 MR1E;!ZFM+Q!X+37=934Q>^1(D`C5#"'&]6)5^HY`9AQ@_-P00#0!I)XFTA M[F:(WL*)#%'+]H>5!%('#D;6SS@1L3[#ZU;&I6;^>L-Q%/);IODBBD5G`QD< M9XSVS7&R_#J);*2TDUL(]T^(V:'J3]H)&"^6.V=N^?DSSS6WH7A*/1-5N;\7 M.JV7VPLJ+C;L1ROWOO8D7C MISUKHK.Y>[MEFDM)K1FSF*?;O7GOM)'ZUQZ_#:*.RFMH]3*B5+E-Q@SM641J MH^]T18@/?VKL+.RM=.M4M;*WCMX$SMCB4*HRH6MCL^TR[-^=ORDYQ]![U9JM=Z?:WVS[3%OV9V_,1C/T/M0!7_M_2_\` MGZ_\AM_A4UKJ=G>RF.WFWN%W$;2./Q'O4/\`8&E_\^O_`)$;_&IK73+.RE,E MO#L>@((/H:Y.;PEI,U]>F#6;6&\266YNRL M:[@'G69/,^;.%,>.>Q/2HT^'\*W$D!UV$S3%[@Q"#!_;(;A8K_2F'Q1IJZ5'J,KM%'+=]W=T_AS^/M0`ZY\;:7;7PQD\GC`!:LO&&D7DJQ--]E9HPW^DLB`,7=`F= MWW]T;<#TJS8^(=,OHD<7,<+O(Z+#-(JN2KNF<9Z$QN1[`^AKE[CX=V^H/J,] MIK*`7LLX8K#O\M6)R@8.#P^XXS@Y((X!$\WPZ2>2,MJCA0)0X6'!8.T[#!W< M$?:&'?.T=*`.CN-%(=.T-+:740JP7L=_+/)N(/EE3CYW)`P@ MYS@=<=JRD^&8739+5-7!:2'RMYMLC:8HXR<;^N8P0>V2/>@#KFUC2T>6-]2M M%>$D2*9U!0@9.>>,"KM<2_PXC-TTZZER+L74>^$OA@SNH.7Q@-(V0H7/UR3V MU`!1110`4444`%%%%`!1110`4444`%5-4MUN])N[=O)VRPNA\\$Q\@_>P0<> MN"*MU6U*U^W:9=6FV)O/B:/$RDHD-AX:O+71[RS%\( M9I;&.RAEB)(7RU95EQQACNR0/060[W4V9A'8MGQEH'+)EN8LS0,0I1%'*QR#A5^_CU-4IOA[J,TUL3-9JL4UHTS!V+7 M`B\S>S?+]YMX/?OS0!9O?"]U8/!>A$N8UFN'N[>-&87/F3%HPX"DD*I/8X.. M,9-7E\-WUUX3T2R,PM[JV@2*YW$Y,3)ME0$<@XY!'=16=-X=OK75K6W2W$T8 MNXI86"MY=K$MT\I5"!A3L95(.T?*H&['&EK'A:]O;^\GM;F)8)U6187R,S?* MKDG!`!C0*."/F;*MT(!DS>"=2O);F"34[7S),O(@<+QM%PN`!CY,<#%;>B>'=0TW7)[ZYU`S12"0;./FW.&7 M/R@_*!M&6;KQM'%`'24444`%%%%`!1110`4444`%%%%`!1110!YY>Z#;2ZKX MC66_T>.&73GB*/)GRI'DD=7;<28L$@G'!;YL`\#:FL2FJ"^MKN"Y9/\`3XX$ MF_>2%8#"$4`'Y#G.>>>W-9UQX1UF+Q+/JFG)IB@K^Z\PL"K&21BR%E?RVP^" M`"I+%L#H+EKX;O-,*WB(A,,KWI@2=I&:7R63RPVP?*Q;<3CJ2`M`%1M+5=82 M9-6TUI]'EN+DP/<@,_G/O(FX.P+D`'!YP<#I5G1O#QL=5BC.HVLA^U-J6U)/ MWOS1F/RU7_GD,Y!]@,=ZFF\/ZL;F:2%[;R9)'E:"2:0B1RX>-AD,L3(0.0&# M=QTPW0_"-WI4MFDES$\-M.+@.I/F<0>0(^F"N,$MQD_PCL`0:IX0U2ZEOYK: M>RWRS)/`)P6!=95<;L+NQ@%>2W7C:.*IMX.GM;:==1U*UCAEM;J*,SRY\MY( MHQG.U0<>4[$X!.23DY-7KGP;J%UJ\US+J"RV\MRDC128PZ"=)-A`0'Y54J,L MV<_P\YI7/@/4I;>6%9[1B9+AH979@T$;QRQI$H"\*-ZGKP0<=J``^!M1%IT=KG2=9M[JS^QV^H2;4B567 M"^2B$@$*0=P8].OKUJC>^%[JP>"]")<1K-QP<< M8R:O+X;OKKPGHED9A;W5M`D5SN)R8F3;*@(Y!QR".ZB@#%UGP1K%_9>7+JUH ME[>IMDD9MNZ4LS,JY4G!3Y?E*G"?,&[:-SX0U>;]U'>P11QM<,CJYW/YL\ZE GRAPHIC 6 g28832bg03i002.jpg GRAPHIC begin 644 g28832bg03i002.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V6BBB@`HH MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"J.M7EQI^D7%U:VYN)HP-J!2W4@$X')`!)P.3CBJ?BGQ M18^%-):]O"7=OEAA4_-*WI[#U/;\A5?0KO4O%'A-+J_C?2Y[D[XC`2&5005; MGUQT[CV-`$7AG6M1U*SOLWFG:E-#(XB\LF$@AW`61?F*C`4@\G!Y!(R:PUS4 MY/!D%W<7GV6]GU!H'F@B$GEJ+AE(52IW81<#C)Z]:T]#T"XL+M[^_NDN+H^< MBF*/RU"/*9#D9)))QWXZ#N3+;Z'<6>D+96FI-#*ES+.LPC!!WR.^UESR/GQU M'3/%`$N@3K<:>6&J2ZD1(0TDT2Q.AP/E9`J[2.N",\UAZ-K]QK%U!+%JR!+T MR;;!CG5MM+OK!A+%=+/<7=XLU]+Y05641[<*N? ME&%7^\?SR([/PTUK/:(]]YEC82M+:6XA"LC$,!N?/S`!R!P.VZOI% MSJ-S_;=QJ%MI-H\MQ%-#"JR2E24CRB`C`PQ^J^IK5L[C4K#7;;3K^]%ZMY:R M3!S&J&-XR@8#:/NG?QG)&.IS5B#0(1I6H6%W*;A=1EF>=@NPD2$C'4]%PH/M M1I^C3P7Z7U_?F]FA@,$!$0C"H2"Q/)RQVKD\#C@"@#6HHHH`*YJ?Q-?'Q-)I MEEI\4\5LK><&GV3,0(SE%Q@C$GEKD-?\,ZCJ^LL2+.6"2&58;J5< M2V1/E@;,#)(*LRG(^\."6"607#E<2%=G"@$G`W\[@ M/:JNGZS>ZAK<\":CI0@AN)(_LNQC<%4)4G._'4'^&K\^FS2:_IU^LBF*TMYX MGW$[F+F/!''^P<_A6>="OI;N&.1-/CMH;W[6L\$929SN+;2N,`G."V3N&>!F M@"[J>H7JZE:Z7IH@%S/%).TEPI9$C0J#P""22X`YXY/M6?!X@U+5A##ID-I' ML10VT5]"L]N\$S,J/$T@PV<$ M@XC5L8[D'':&#P_J6D^1-IDMI):/#:B&WMXYI$N"Q>1GCW^6".%P"OS'=UZ5N+JMI_8HUAY-EI]F^TE\ M$XCV[LX'7CTK#MO#>H:-:O9Z--:^3<6\<,CW`8/&R1[/,`48;("_*=O3K5O7 M[2.P\`:G9PC$5OI4L2#V6(@?RH`F_P"$FL/^??5/_!3=?_&ZU(95GA25`X61 M0P#H48`^JD`@^Q&:?10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`5E>(_$5AX8TI[^^?@<1Q@_-*W91_GBGZ]KMCXIKRO3]-U?XEZ]_;.HIY=E&<00G.Q%_K_4^@H`BTV#5/&>O#6]7@ M\]C_`,>=J1E$'8X/\(]^IY/'7TZYO[GP_HUN;ITN;J>985:63RXU9LXW/@X7 MC&<<<<#KU,T6CZC9Z+HT$$>GW%SIULL+I<`[6(0*2C[25Y']W MD&@#3AGN8](^TSF*\G6(O_HBD++U("@D]>.YK'?7M2TZ=X]42T.;"6]`@#`P M"/;E7R><[N&XZ'BIK.RU/2+.+3[18'>87,SR$,(X9&;3\N<`<`4`.A\07\&AW6I7%]I- M[Y8C4+9JRB%V8#]X=[<#.3TP`:T]'U*ZNKV]L;LV\LEIY9\^V!"-O!.W!)(8 M8YYZ,*RKKPSJ&IM+-BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"L_6]]<'H_AK6/B)J*:]XG9X-,SFWM%)&]>V/ M1??J>WK0`FEZ3JOQ/U@:WK0:VT6%B+:W!^^,]O7W;OT'3CU.UM8+*W2WMHEB MB0855&`*=##';PI#"BQQQJ%1%&`H'0"GT`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`5D>+/\`D3M:_P"P?/\`^BVK7K(\6?\`(G:U_P!@^?\` M]%M0!KT444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`456O=1LM-A\Z^O(+6/^]-($'ZUR&J?%KPS M8$I:O/J,O0"",A<_[S8_3-`'<45Y-=?$;Q?JWRZ1H\6GQ'I+/\[#W^;`_P#' M35`:!XNU]Q-J&M7TY/\`#`&V#Z8P!^5`'LY(`))P!U)JM+J=A!_KKZVCXS\\ MJCC\Z\F3X37=R09GNSCN\J#'YYJ_;_!J+CS9N/\`:ER?T44`=_+XJ\.P9\S7 M=.4@9P;I,_EFK=CJ=AJ<7FV%[;W2?WH9`^/RKA8/@YHJX\Z1F]AN_GNJM>_! MR*.3SM'U22UE'W]T-6@7^"7$I;\_F_6I[?X MMWFGR>3XC\.7%LPX:2#/Z*W_`,50!Z;7*^,_'5GX5A%O&HNM3E'[FV7MGHS8 MZ#VZG]:P=:^*L-Y;PV/A*WFN]2N_E7?$1Y)^A^\?T'4^E:/@SP`ND3?VSKZMJ`\2>,V-Q=28:*SD'RH.VX=L?W>W M>O2***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"LCQ9 M_P`B=K7_`&#Y_P#T6U:]9'BS_D3M:_[!\_\`Z+:@#7HHK+U_Q'I?AJQ-WJ=R M(P?N1KR\A]%7O_+UH`TG=8T9W8*JC)8G``]:YW_A8?A+SFB_MRWW*<$X;;^! MQ@_A7&X\3_%.;/S:1X=#?\"F`_\`0C_XZ/Y((-`&W!XI\/W6!!KFGN3_``BY3/Y9K1AN(;A=T$T+>QNMW_`$PE?'_CYK(?X:6]W*'TNVU.#T:212/P.T?S-`'LE%>1S^"?&7AN MT_M32-7N)GMB'-IYI8LHZ_+T;CMW[5T_A;XD66N6H^V1_9[A<"4)DA3].N/S MH`[6BHX9HKB,20R+(AZ,IR*DH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HI&8*I9B`!U)[5R'B?XD:1X?C:.)OM=U_#&AX_$^E`'6S316T+S M3R)%%&-SN[8"CU)KS?7OB7=ZG=MH_@NU>ZN&^4WFS(7W4'^9_(U4M?#WBKXB MRI>>([B33=)SNCM4&UG'LI_]";\!7HNC:#I>@6@M=,LX[=/XB!EG]V/4T`>= M6'PEO-0?[;XAU!YKF3E]TA8_CW/YUUNF_#S0]-`*19;N0`N?QZ_K74T4`4[? M2-/M<>39Q*1T8KD_F>:N444`%%%%`!1110`5'-!#<1F.>))4/574,#^!J2B@ M#.L?#^CZ;=/=6.F6MO.XPTD<04D5HT44`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!117`ZU)+;^*Y[^YGO);>WBE99K"YYLT40%@\60#@DL1AB0Z\? M*,`'?45SD\/6YHK/5E::VM;)S`9)":>>2UG?3!/,T?WLA`[KVZX*_C0!F^+?B9:Z5*VF:)&-1U,G;\O M,<1]\?>/L/Q/:N6TC0Y=3U+^UO$:3:UJ#F0@&57G;N7;`_(5MT4`006-I:_ZBVBB]U0 M`_G4]%%`!7F?CGP1<6-^WBKPY$#,A,EW:8R)!_$P'?/-:W28%Q9R-G8?KW'H2/ZUO0^)+BRD%OK-H\+?\`/5!P?P_PKEO% MGA:\\+:H?&'A50ACRUY:*N593]X@#^'U';J/;K?#GB+2_&>C?:(45B,+/;28 M)B;T/MZ&@#9M[B&ZA$T$BR(W1E-2US5QHU[H\S7FC.63J]NW.?\`'^=:.E:] M;:E^Z;]SGO M:6K'B6?Y%`]1GK^`)KJ_"?PTT[0I%O\`46&I:G]XRR#*1G_9!ZGW//TKM:*` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`*R;SPSI5_J:ZA<6^^384=-Q"2YV\NH.&QL`Y_H,:U%`$# MV5O)>PWCQYGMT=(WR?E5MNX8Z<[5_*JZZ'IJZE_:(M1]IW;]VYMH;&"P7.T- M@XW8S[U?HH`R5\.V+Z?%9W0DG$4KR))YCHZEF+$!@=P'S8QGH`#FI+KP[I-W M!;P2V:B.V3RXEC9H]J<93Y2,J<#*G@XZ5I44`9UYX?TJ_D62XLU8J@C(5F4. M@SA6`(#*,GALCFH?%@`\&ZT`,`:?/_Z+:M>LCQ9_R)VM?]@^?_T6U`&O1110 M`4444`%%%%`!1110`=>#7F/BCP[?^"M5/BSPJA%OG-[9J/DV]S@?P_\`H/4< M=/3J0@$8(R#0!C^&?%.F^*M.%W8R8=0/.@8_/$WH?;T/>I-5T"VU']\G[BY' M(E7N?>N/\2^`+O3K_P#X2'P7(;2]CRTEHF`D@[[1T_X">#[=];P=X_M/$9^P M7L?V'5X\K);OD!R.NW/_`*">1[]:`+=MK5YI,PL]:C)7HEPHSGZ^O\ZZ&.6. M:-9(G5T89#*<@TVYM8+R%H;B-9(VZ@UA?\(Y?6;O_9FIM%&3D1OG`_S]*`.B MHKG<>*K8<-;W6/H/\*/[@_4URNA>"]5\8Z@O MB'QE(YC/,-G]T;>PQ_"OMU/>@"NJ>(?BO>[I=^F^'HGX4?\`+3_XIOT'\_3- M&T73]`T]+'3K=88DZXZL?4GN:N0PQ6\*0P1K'&@PJ*,`"GT`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!61XL_Y$[6O^P?/_P"BVK7K(\6?\B=K M7_8/G_\`1;4`:]%%%`!1110`4444`%%%%`!1110`5R/C'P!9^)1]MM7^PZM' MS'WVCZ@/#OC:,VUTF!%>M]V0=MQZ?\"''K MC!->C`@@$'(/0BLGQ%X9TSQ1IYM-1AW8R8Y5X>(^JG^G0UPL'@GQ_:Q?V+;> M)$ATJ-CLF5R'V^@P-P_W=V/>@#O]6\0Z/H<>_4]1@MN,A6;+GZ*.3^`KB[OX ML?;9VM/"^AW6IS]`[(0H]]HR2/KBK>D_"30;.3[1J<_\(_\`$?Q/^\U76$T:$\K!`<,/P0_S M;-1'X3:X3D^+YB3_`++_`/Q=>I44`>6CX3:Z#D>,)@1_LO\`_%U,?ASXOC3$ M/CJ\^AEE4?HQKTRB@#A?"OPU@TF];5-9N/[3U`MN#OE@#ZG/)/UKNJ**`"BB MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*R/%G_(G:U_V#Y__ M`$6U:]9'BS_D3M:_[!\__HMJ`->BBB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`**P6\5Q_P!LI91:?=36Y=XGNXPI175U0C;G=@,^"<<>XR1-::KJ=YJ,L<6F M0?88IWA:Y-V=_P`O!.S9Z\?>H`V**S=3U2:TN[>RLK07=W<*\@C:7RU5%VAF M+8/=E`&.2?J:I#Q++=1V_P#9NF/6*241^4H;:5)P)9X[GP-JUQ"VZ.73)G1O4&(D4`;5%9'_``EGAK_H8=+_`/`V/_&M M2&:*XA2:&1)8I%#(Z,"K*>001U%`#Z***`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@` MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`.* MO-(U1_%T$]K8"UD\QY&OK>3;')'YD1(D7/S-L#+R.3@CIQ8CT.X35HWM]&CL MIEO6GEU".XW"6,N69<$[B6!P5(V@G(/`KK:*`.<>2^N;VR\06FFO*T<=Q:26 MWF(&VF1<.I)"D9CSUY#`BJMCI.J:"\5W;6"7D\]LT=Q'',%$4'+8RF97 M!(YX&`>W6T4`:$$=ORJ?ER>O%:& MM62Z;\.K^P0[EM=(DA!]0L)']*Z"LCQ9_P`B=K7_`&#Y_P#T6U`&O1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`5D>+/^1.UK_L'S_P#HMJUZ MR/%G_(G:U_V#Y_\`T6U`&O1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`5D>+/^1.UK_L'S_\`HMJUZR/%G_(G:U_V#Y__`$6U`&O1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!117/>(/$=SIM_#I]A;V\MS((W/VF< MQ*RM*$PF`=QYY_N@@\]"`=#61XL_Y$[6O^P?/_Z+:JCZUJ]TUR;"TMXOL,2- M/#=$EVD9-YC!4X7`*_-\W7I4NOW<=_X`U.\A.8KC2I94^C1$C^=`&[1110`4 M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`44P31-,T(D0RHH9D##%YII$BBC4L[NP"JHY))/04^@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"N=\5:1J&J(B6\5G>6S/$)+:Z7A<2A MBX.#U&01Z#CG@]%10!S%OX>U;2[9[;3[NWF^TV\<4\USNWK(L>SS`!G=D!?E M)'3K5W6=-DC\%7>DZ=;/._V!K2")652>@XSTK:JC/K6G6Z7#R M7(/V:40R!%9V#D`A0`"22&'`SUH`K?VS?_\`0L:I_P!_+7_X]1_;-_\`]"QJ MG_?RU_\`CU6'US3([1+M[Q!`\+SJ_.#&N-S?AD?G3GU>SCU&/3]TKW$B"0+' M`[A5)(!9@"%!*GJ1TH`J_P!LW_\`T+&J?]_+7_X]1_;-_P#]"QJG_?RU_P#C MU2IX@TJ2_%BEV&G+F/`1L!P2-I;&`H_MF__`.A8U3_OY:__ M`!ZM3SHBZ)YB;G4L@W#+`8R1ZCD?F*?0!D?VS?\`_0L:I_W\M?\`X]1_;-__ M`-"QJG_?RU_^/5KT4`9']LW_`/T+&J?]_+7_`./4?VS?_P#0L:I_W\M?_CU: M]%`&1_;-_P#]"QJG_?RU_P#CU']LW_\`T+&J?]_+7_X]6O10!D?VS?\`_0L: MI_W\M?\`X]5'6+S5-0LHX8O#6I*RW5O,2\MJ!MCF1S_RVZX4X]ZZ-I(T9%=U M5I#M0$X+'!.!Z\`G\*@CU&QFCFDBO+=T@)$K+*I$9'4,<\?C0!1_MF__`.A8 MU3_OY:__`!ZC^V;_`/Z%C5/^_EK_`/'JN?VKIOD2S_VA:^5`VR63SEVQMZ,< M\'V-6E8,H92"I&00>#0!D_VS?_\`0L:I_P!_+7_X]1_;-_\`]"QJG_?RU_\` MCU:]%`&1_;-__P!"QJG_`'\M?_CU']LW_P#T+&J?]_+7_P"/5KT4`9']LW__ M`$+&J?\`?RU_^/4?VS?_`/0L:I_W\M?_`(]6O10!D?VS?_\`0L:I_P!_+7_X M]1_;-_\`]"QJG_?RU_\`CU:]5Y[^SMHI);B[@ACB8)(\D@4(Q`(!)Z'D?F*` M,*&\U2/7[N_/AK4O*GM8(5`EM=P9&E)S^^Z?O!CZ&KW]LW__`$+&J?\`?RU_ M^/5?GU"QM8S)<7EO"@4,6DE51@\`Y)Z&G+>6KW'V9;F)IMF_RPX+;?7'7'O0 M!G?VS?\`_0L:I_W\M?\`X]1_;-__`-"QJG_?RU_^/5KT4`9']LW_`/T+&J?] M_+7_`./4?VS?_P#0L:I_W\M?_CU:]%`&1_;-_P#]"QJG_?RU_P#CU']LW_\` MT+&J?]_+7_X]6O10!D?VS?\`_0L:I_W\M?\`X]1_;-__`-"QJG_?RU_^/5KT MV21(HVDD=41`69F.``.I)H`YS7+S5-3T#4+"'PUJ2RW5K+"A>6U"AF4@9Q-T MYJ]_;-__`-"QJG_?RU_^/5H&^LUNTLVNX!I%(-0LC=+:"\@ M-PV2L7FKO..#@9SQWH`H?VS?_P#0L:I_W\M?_CU']LW_`/T+&J?]_+7_`./5 MJ)+'(\B)(C-&=KJK`E3@'!]."#^-/H`R/[9O_P#H6-4_[^6O_P`>H_MF_P#^ MA8U3_OY:_P#QZM>B@#(_MF__`.A8U3_OY:__`!ZC^V;_`/Z%C5/^_EK_`/'J MUZ*`,C^V;_\`Z%C5/^_EK_\`'J/[9O\`_H6-4_[^6O\`\>K1NKNWLHA+J;P]:S6/AK2[.Y3RY[>SACD3(.UE0`C(X/(J,>)M'/G8O,F M&'SG`C?.WC.!CYB-RY`R1N&1R*O6=Y%?0":%9E4DC$T#Q-_WRX!_2@">BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`KE)-!N;2]N[NSL@(TU6.]BMX&1/ M.7R%1^N`#N+'DC)&>]=710!Q0\,7ESX7ACQPS MHH/8IFKFIZ;J2:U%?V5M*)(XHMTT=T0KHA8M$T60&)W84X."2>,<]310!QMO MX&:X$.ZV4&4JN6< M??4#ID@9'40IIOV:YTJZBMKRZT[2F2W"/;%I"@MY/GV$;N6E52,<;>@Q7>44 M`42%68JB&"09(SCD[1GKSBN>T^U^VQ!;>TNK& M2Y6"V6V>TEB6VMXM\@5FD4!V)!5B,_>`_P!H][10!YO9VMW8PVMQ_8]PDEM8 MV=H"]I(XCN4$H>0H@)D50W4#!+#GN.YT.U@L=#LK2V,QAA@5$,Z%'(`Q\RD` M@^V!5^B@`HHHH`****`"BBB@`KB9;5](^WM'IUS*[ZR9+:9X9K@0[K9092JY M9Q]]0.F2!D=1VU%`'!6NFBV72[Z*UN[FPL;@0;'MW,IA2"2-6,9`;/F._&.A MS3O#VE7EC/H5O)I\L4EJ`]T3&<%C;;`_F9*\8$>SKD;NG7NZ*`"BBB@`HHHH M`****`"L?Q;8G4?">J6R1RR2-:R&-(F8,SA25'RGGG''0UL44`<=?-$NM%)K M*[@A@DBNI)8K.>0W,J(-H#A2J*H`!YY.1QR32ATC4K>X\I;9C>W-Y;7HF\H^ M4F`&E5I,>FHHH`****`"BBB@#(\2:6=4T^%8K>.:>&[MY8RP&4"RH7()Z':&Z M=>G>L>YTV^O+^]\[2IXA)OMK=T:)84ADD7S7^5]^]QEB2HQC'!R3U]%`'$7/ MAC4'O9E%KYMM$;IU/VCRS,)Y8WV*1RI4(PYP/N\]<='X?MKVVLI5O#,H>9F@ MBGF\V2*/`PK/EMQSD]3UQDXK4HH`****`"BBB@`HHHH`****`*FK7_\`9>CW MNH^7YOV2WDF\O=MW;5+8SSC.*\P_X7I_U+?_`)/?_:Z])\0VLU]X:U2SMD\R M>XLYHXTR!N9D(`R>!R:\)_X5;XT_Z`W_`)-0_P#Q=,9UO_"]/^I;_P#)[_[7 M6OX6^*__``DOB.UTC^Q/LWVC?^]^U;]NU&;IL&?NXZUYW_PJWQI_T!O_`":A M_P#BZZ+P#X!\3Z+XTL-1U'3/)M8?,WR>?&V,QLHX#$]2*`/5-5U[3M%>W2^F MD1[DL(DC@DE9]HR>$4G@54G\9^'[X,L^GVYEDBS'@<;6ZGCD>MUUZTUS^TUT9Q= MPNL"VZ0,]M%$$"I,I'WW7YACK@X]SU^AVUQ%XP\33R02)%/);&*1D(63$(!V MGO@\'%`$S^,O#\<.HS/J`":7*(KL^4^8G+%0,;M]9L;K3I=0BDD M^RPJ6>1X73@*&R`0"1@]1FO,K[P_K$KZVL6G7'E7MSJ#R$P,2X0.T...=S2< M>N#CW9IVB:PNDB.?3+P0?:;MFB,+AC(;:-8FVXSC<&&>@-`'IL^OZ9;Z;;:C M)6VH6<5W:3+-!,NY'7HPKD!:7EGIW@N M_DM+ITTR`+=01PLTB%K?8#L'.0W&,9&:P];M=5O;=#'X:?3[BWBAEM%M;9FV MDS;GP5^6-@#D@#<-P>P'(!Z=17E=QX=U"'3=)BM=/N%E?2X/)(B8F"\ MWH79_P"X=@QDXX!'M5>Z\/:Q'/>ASQFK-QJ5I:7MI9SR[)[QF6 M!=I.\J-Q&0,#CUKRI_"[Q>(;Z"+0)TB#Z@59+1A&T;0IY(#`8/S!L#U/O73Z MS;ZHO@70-0AM;J;4].%O*\21EIB3'L<%<9S\Q)^E`&Q)XZ\.1>5NOV)F`,86 MVE8OEV08`7GYE8?A[BMFSO(;^U2Z@\SRWSM\R)HVX..58`CIW%>6ZEX7U MO#MM;6MX([>TL8Y+F"$GRG$S%VS@@$9W<].]>I6=N]I:I!)=373+G,T^W>W. M>=H`]NG:@">BBB@`HHHH`****`"BBB@`HHHH`****`(YKB&V0//-'$I.`SL% M&?QJ#^U=._Y_[;_O\O\`C2:GID.JVRP3M(JJX<%"`4JI^9BQ3&!@>PH`FTGQ)I.MN8[ M"Y:1Q&)=KPO&2AZ,`X&0?4<5J5Y-=Z!K"Z)'"]K>7DLFB6FQFM\-;[)HV>`; M0.@&<$%CM[U+J.EWLUMJ4O\`9E_*7U>ZG@A-J[)*&CCVE@,,N>=KC[I!S0!Z MI5'4-9T_2I88KVX\IYUD:,;&;<(U+OT!Z*"?Y5Q+:7JR^(M0FL[&Y^U2VTK+ M/,I'DN8`$59@=KIN.-I&0036';:#JR7-K(ME=M%Y%PK1BP>)4D^R,I."S$EF M(&X@;F'&GW.O:99Z$NN7%SLT]HTD$WEL?E?&T[0,\[AV[U5E\8:%#<06 MYO&>:YMENHDBMY)"\1Z,`JGTZ=:Q=6L+R3X26EC':3O=+:V2M`L9+@JT6X;< M9XP<^F#7%>(O#>MO$`NEW4ODFYM85AMV;$*")8SP/XOG(H`]?N]4LK&[MK6Y MG$73[CSD0@-\C*>1D'#`'!'(/0]J M\^O]"U:\\02@VER)YKK41]I"-L$;V[+`=W3VZ\'CO5B4W%W;:?8MX7G%L\<$ M=[=RV3&0R(C##(""ZC@`G*#<3V%`'H]9^I:[IFD/&E_=+"TBE@-K-A1U8X!P M!GJ>*\GT"QU.2.^M&LKO^V4_L\0R-$=UN5=LEB?NC8#UZCCO7:^)X-1@\1S7 MEK9OM2Z?I]DUK39W<> MHOHUQ'-+L90\YN%8A6Z$E.F.N/:@#UJBO)+O0KZ2T<6&G791YF<1QV+VB+;B M(":-58L1YG``."6!(KU>WV&VB\J,QQ[!M0KM*C'`QV^E`$E%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`'.^-;O4;71'.FRO&X61Y3"5\X1JARR!O1MF<< M@$XYQ5>XU34ET32;NUU..97OH;>X=[7;)*#.(R,9PC#D-\O7.-M3^-SI@T4_ MVA:SW$CB1(%MY/+DSY;,V&R,#:I)SP0,8/0DU[HUOI.EP3Z;>10S742P0F!\ MQ2B5<%V'`(?!R6^;G&[/(!`=6U+S_P"T1=/]G_M3[`;+REV[?,\K?NQNW9^; MKC';O3O$&K:A;76IM:72VZ:38+>&,HI^T$F3Y22,@8CQ\N#EJD4Z9)XKE$.C M7TMQ!,%EN4>M0W]OHUA]DL[JRN]1FL[=6D:$LQ6+ M)P9!NRZY!(7YCP>#0!5N?$FI64!U=I1-#)M>K=61N@[1*GE,&4%1M`^4[QC.3P>35.>\TK3]?+W/A^_ MB>9Y%^TN4:#`!+R!?,.`5'+;03G!Y.*M>'&TJ.ZEBM-.O+*=XED07;%B\.>" MF6;:H)^[QC(X%`%#6?&5Y9IJ4,.GI#+!%/Y#SS;69HU9MVPKAE(4D;2Q/&0! MDBP?%\T%[;6MSI\>'>"&9X[C<5DEVXPH7&T%ARQ4]<`\9LS:9X7EU:6"=K9K MR579[5KH]'4AV$6[`)!.6`SR>>:ABTWPC=!YX;F"9;<1RR.FH,P3:`4D;#_> MPJ_.>2!UQ0!0B\07L7,#*LP4L(_-+%55/EY0M[GCONJ33/ M&$SV$,HTL_8H?LD4LTEX7D'G1Q%3@KER#*`22,XSR3@/M[G0;R/:([2.QL-2 MD,=P;\J"3$9FD4C[P/F,"N<;S%C'+#YS_:\HCQ!!&&; M=P1Y:#&><;G'3`(Q_>&,U0T?1+"QU!]>.KP7$$:R11,AVQ MQAF&[)W%<@KC"A1G/&:U+L:#:ZG)JUY-:0W<,`@DFEF"[(V;(4Y.!D@XS[T` M?74N?&<5II=OJ$UD M_E2SW4;!7R5$`E.1QR6\KIQC=UXYKII?AI-:^PM:*L<-M!-#.UXY4[YODC4% ML;=\2$*..0`/6Y<:7X3M+F2\NGM8BDSJWG79$:2.A#+L+;0660DC'.X'T-`% MC0->GUB2XBN-,GLGA"L#)'(JN&ST+HAR,<\8Y')K9JCINDV&EK(;*-@9L%G> M5I&8#H-S$G`R<#H,U>H`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"H+ MVY%E8W%V8WE$$32%(QEFP,X`[DXJ>HKF+SK6:+S7AWHR^8APR9'4'L10!@Z# MXFO-7TRXO/[-2U5/!^GVWGW&IKJ]GJ$JO-"SVB!``TI<[^3E MNF.P!XR#DHUA8Z/HVCR1^)+.R>UM3:Q7DVWRYXV"EL`L!GY%(P3C'>@#6EU^ M-M'L;ZRA\]]2*"UB=_+W%E+#<<'&%!)X/2JB^*+B:06=OI@DU)&E$]O]HPL8 MCV;B'V\Y$B8X&=W.*:VDA--@2WOH+?3].A@ET^YZN'EW7S[!%/O";@HW@<"-,?,<;>"*2Y9\,CS*A0;,UTZVURW6TG-O<+9EU,DYB5!&RMN^Z1&A.`,`#8?%NFO)?I)Y\7V*Z^R_ZB1C*VW= M\@"Y;C=P,G`ST(-1W_C;1;*SDF2=[B1+9KA8HH7+,HWCGY?EYC8'=C:1SBJ_ M_"'W*0RQ1ZPSJ]Q'E4QX;LM#L[RTO-48IJ= MG-9Q".U.X#,\S$!XO)'CCENI(XP([*03L?)$ MBJ_!+$*21QP#CK5B?Q?H5O;K<27V8S&92R0R/L4$@E@%.SE6'S8Y!'457L_" MS1:G!J4M\))$N%N&58-@;%MY&,%B1_>[^GO6)JOA/5H(+K3]*'FQZE#)%<3L M$VJ&FED`(+`KCS2,@-GT7@T`=M->6]O<6]O+)MDN6*Q`@_,0I8C/3.`3^!K. MC\5Z)-)$D=X6\U@BN(9-@8G"@OMVKGC&2,Y&,Y%3:]I+:SIIMHKIK2=762&X M5`QB8=P#Z@D?0FL#6/"MO"R.=36VM3):Q6T;VQD,4BLBQJI##"D@9&,\D[@. M@!IV/B>V:"\;4)4A>VDO&(1&/[B"4H6[\XVY'0!N&""`,YYYX'9UOX M&M+;55NT^QF-;C[22UBC3F3.[_6DY"[N<8R.@-`'4T444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110!@^+]*OM6T>6WLX;6YS%(#;W/&YB/E96 MP=K*>GUZCK2-H5Z^@6%C)7Q!]N6VT^+_24G^W1AA:J:CX9O=<<:C+:V<=U> M6<<4AE9MUDZEB)(OESN&_OM/`YZBNQHH`Q+K06U"[U)[R16BN;+[%!@Y:-&! M\P].K$C_`+X%&EZ9J`U.._U/[*LEO:FUB%N[,'4E2S-D#!.Q>.<<\FMNB@#C MI/!MRVJRR!T>"2[:[\Y[V?<"26V^2"$X/&<].H-(_@NZ-GI,:/:A]/T^.%UY MVRRI+#(,\?<)B8$]>0<&NRHH`X74?!>K:E8W2LUA!-'=)>;PKI6HA6^FN6:':5VI)(Q`P>1P>AY'UJBOA?6A;6SS7%I<7C3 MM+=MN9`QV"-&1MI(*H#E>,ECR._8T4`<3!X-U.&TMQY]J9K2ULXX@7;:[V\S MR!A3Q[".*PG@\.^&_M`U:UDM[% MD/V6R68JY"85T96*_=/.`.H)%=[10!RE_JC-H,%IJ6D376H(EK+/;0PR,B.2 M6!.P,2JM$LU[16\F]$NLQR/+.\CVVDD#S66,`>5(C$+A!AL8^]E@3 M7=A%5F8*`S=2!R:=0!YX-/UFYOUDO+2XBNY[FRFDM8H,VSA%BWLTO.PJ0V%# M#.P<-DYV_&":J\UG]DN+F&SV2><;6"65S)\NS(B=6QC=SG;ZCH1U%%`'#16N MOK'H!!(QR:S=2@U:6&WD6+6GU>&* MZ-RP64Q)*;:8*8C]T?,0%V>HSSBO2Z*`.+TVVUJ*2RO'EU%IY=5N(IHYI':- M;?\`>E24/`&0F&QW`!P0*C\*7L\^O6<.]=Q5:UTZQL9)9+2RM[=YFW2M%$J&0^I(')^M`'-7J:ZNKWEE;_`&YK M:,27\,T;XWDQE5MPS9&?,W-@\`!1TXK'MTUB>9(GAU*6U>YL9U$\<[;&6X'F MPP"0,`FO1J*`//#<^)Y],TVVM$U*.\MK"2.\DGADVM('A!()P';: M)-I!YSP>M;_A!+]$NQE=)10`4444`%% 9%%`!1110`4444`%%%%`!1110`4444`?_V3\_ ` end GRAPHIC 7 g28832bg03i003.jpg GRAPHIC begin 644 g28832bg03i003.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V6BD;=M.W M&['&>F:XOPQJ>HG6)8-6U*YCNI9=KVES;@1%_)1B(G48X.>-QRO.,DF@#M:* MY6SN]7BM_%"W-PU[=6C?N1;1,O)MT8*B98@Y/J:8U]>/:R>(!=72R1ZHMLMJ7(B\KSEA*[.A)R6#'G)].*`.SHKCX M+N\,<&N&[N3)-JS6C6P(,-ZII\BLR]P"9C@^^# M]#6I0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`A`8%2,@\$&L+3/"=IIMWYHN+B:*&42 M6L#L-D&(A&,<9)"@@9)P#Z\UO44`9_\`8MJ6U(L96&IL&F&_;C$:I\I&".%' M?.:J2>'I%M[EX-3NWOY83#%=SNI:%MNB@#(O?#=G?7,TL MDMPD=UM^U6\;@1W&T8&\8ST`!P1D``YI7\.6CZB;LS7'EF87#6N\>2THQA\8 MSD8!QG&1G&>:UJ*`,E/#MI'J'VI9;CRQ,;A;7>/)64YR^,9RBBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`K(UG_D*:!_V$'_])IZUZR-9_P"0IH'_`&$' M_P#2:>@#7HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*R-9_Y M"F@?]A!__2:>M>LC6?\`D*:!_P!A!_\`TFGH`UZ***`"BBB@`HHHH`****`" MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`** M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HILDD<2%Y'5%'5F.!4% MQ-*^G33:>8IIO*8P;F^1FQ\N2.V<4`6:*XWPSJ-Z=:N[2^U.\\Z0\6M_;!HWKVT-I>WB7-[ILK2S7JN83.W/3!H`V**R[/Q M)I5_!?7-M=I);6!(FN%8&/A0Q((Z@`_H:?INM0ZE,\'V:YM9E02B.X0*70D@ M,,$\<=.HXR!0!HT5D7OB2SL;F:*2*X>.VV_:KB-`8[?<,C>2LIQA,YSDY`R!C)QG/%`&M61K/_`"%-`_["#_\` MI-/2IXBM'U`6@BN/+,QMUNM@\EI1G*9SG(P1DC&1C.>*@\2WEMI]SHEW>3QP M017[%Y)&PJ_Z-..OU('XT`;M!.!DUYYJOQ:LS/\`8_#FGSZM3:X M?!]"W0?GGVK"M?C';K*!J^@WEE&Y^21#OR/4@A?TS6OHGPRT/2`KLC7$HZLW M'Z]?RQ702^'='GC\N2PB9<8(QC-`%;2O&?AW6MHL=6MVD;I%(WEO_P!\M@FM MNN,U'X4^%;_)2UELV/\`%;R8_0@C]*PY?ASXIT0%O#?B>1HQT@G)3`]`>1^@ MH`]/HKR8>,_%_A2[A7Q/I\@MF?9YH.Y&_$9Y_'/M7INE:K9ZS8I>6,PEB<=0 M>GL:`+E%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`45"UY:HQ5[F)2.Q<`U$=5TX9S?VW'_35?\`&@"W15$ZUIBC)OH/P<&F M/X@TE!DWJ'Z`G^0H`T:*QG\5Z2GW99'_`-V,_P!<5`WC&R)VQ6UPY_W0,_K0 M!T%%<\?$UY)_J-$N''KS_1:6+Q;`K^7?6D]J_?C(_H?TH`Z"BJ=KJUA>8\BZ MC8G^$G!_(\UN=N-6U2.PM%^]=3L%`'KD\?EFN5N/%OA>QO!&7N_$%XQY%NIV M9^IY;\,B@#M)_%MMO\NRMYKJ3MA<`_U_2H_-\3:C_JXX[&,]"W7]!=H8^W3GWX_"@#&T"ST0ZU="WULZEQN?-N]S#$3^6@QG'3:JGOU M-)9&FNF%Y<0Q6K(5)C4;F*`L!A68R'`)YXP*I0:SI]QKIU:" MY5=/L].9+F7:0J,SJ54GL5"MD=MW-4O$]Q`'GL[1E@N1>1W$MF\.9-293&R^ M6V[@?*%)P>G;&2`(@\+--!IEQWFNH9V^H4H!Z9;UKG[!M3'CC3KG4-%N(;NZBNO,8RQ,JINBV@8<_*@QGN2 MQ(')P`=Y1110`UQE&&T-D=#T-<-X72_MM6^SV=O>00)<*MU:7*!HK9!;I]R4 M@$D-A1@D%<'`ZUW=)@#.!UZT`VUI8:>\EI8SSR:RQ-K*D9,?SPI&=[=$VE2>>V,9Z4QK&[2VE\/"U MNFDDU1+E;DQDQ>5YRS%M_0$8*A>N0.W-=G10!Q\%I=B.#0S9W(DAU9KMKC8? M*,7GM,#OZ$GA2HYR?3FK_BS3;36&T?3K^+SK6XOR)$W%0I96'1MQ&<^_6M2BB M@`HHHH`****`*]]86FIVP)/!*,/&XR#7EU_H^M_##46U;12]]H;M^_MV M.3&/?^C?G[^LTC*KH4=0RL,$$9!%`&9X?\1:=XETU;[3IMR])(SP\;>C"M2O M,?$/@_4O".H-XD\&L44 M1[KZC_)H`Z6BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HJ.6X@@&9IHX MQZNP'\ZH3>(M)@X:\5CZ("W\J`-.BN?D\7VI)6VM9YW[#``/\S^EG<3C[%9C<_T;L/H3GVH`[G4/$=C8Y1&^T3=`D?//N:Y'Q!XQ^S*PU.^ M%BN,BU@&Z9_^`]1_P(@5DZ?H_C/Q*`;>!/#M@X_USY,[CZ_>_+8,'O77>'_A MOX?T%A.8#?W8.3/=88@^H7H/Y^]`'%0:[=W:J=/\#:G=1-]R=Y'`?WX3`_/\ M:L'_`(2Z<9M?`L4?<>?<,?\`V=:]9HH`\IBT;X@3Y_XD.DVF3CYY=WX_ZQJ> M/"'Q#D966]T:W&/N^6K#]8VKU.B@#S&/PA\1XS\FN:.GNL*C_P!HU=_X1;XA MYX\80+[+"`/R"UZ#10!Y^W@_QW*J^9XW92.R18_EC-5Y;'XG:7&R^;INO0CH MDRKG'OD+_,UZ110!Y'=>)ULRP\0>#+_3<=9K4G:?H&&W\C5W3_&&D.0--\3F MW8\B&^C:,#\2"E>G$`C!&0:Q]1\(>'=6W&]T>UD9A@R+&$?_`+Z7!H`YG4_% M@#7HHHH`****`"BBB@`HHHH`",C!KS?QIX M!>.\&O\`AYS:7D3;SY?&#Z\?Y_#IZ110!YOX>^*1BF73?%EN;*XZ+=*O[M_J M!T^HR/I7HL,T5Q"DT,B2QN`R.C`AAZ@CK7/>(O!6FZ[`X,,:2'G&/E)]>.A] MQ7GB6WBKX>7;'3'>XL\Y>SF^92/52?]D_Q?S]JZJ@`HHHH`**AFO+6W.)[F*(GL[A?YTQ=1L7&5O;=OI*I_K0 M!9HJ(7-NV-L\9STPXIX=6.`P)]C0`ZD)`&2<`5D:QXGT[1HG::97=!RH8`+] M3VKS?4?&VM^*[TZ;X>M)+DGKL4B-!ZG/\VP*`.[U[QQIFBPL1*DCCC)/RY_F MWT%<'_PEWBGQ+-(^CZ5>74`.-ZDHGTXX_7-;>@_"F,S+J'BFZ.H7/7[.K$1+ M[$]3]!@?6O0H((;:%88(DBB085$4*JCV`H`\D@T/XA74C$Z/9VZL>&FE']&) M[^E78/`WCR5\S:OIELAYPD8I44`><#X8ZU=934?&M[)"PP\,2L%( M]/OX'Y5TWA[P-H'AH*]E9A[A?^7F?#R?@>WX`5T-%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`!1110`4444`%9&L_\`(4T#_L(/_P"DT]:]9&L_\A30/^P@_P#Z33T`:]%% M%`!1110`4444`%%%%`!1110`5!=6=O>PF&YB61#V/;Z>E3T4`>;>*_AM%<;K MJT5BPY$D8_>+]1_%_.L>UUKQ]IUFMK%J=I<)&2%>9=TA';)(Y_,FO8:B6UMD MF,RV\0D/5P@W'\:`/+H6^*]^Q\K48D1CD'R$51]"8_ZU=_X1+XC7P7[;XLBB M!&&6+/\`(*`:])HH`\P_X59K[\R>+F!!R-L3<_7YJ8WPS\4QX\KQ/$_^_&?_ M`*]>I44`>2_\(#X_C(QJVFR#.2,G^L=-;PE\0H\833I<^D@X_E7KE%`'EFD_ M##4]7F6\\6WA2,'*V5NPX^K#@?AD^]>D:;I=AH]HMIIUI%;0K_!&N,^Y]3[F MK=%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%9&L_\A30 M/^P@_P#Z33UKUD:S_P`A30/^P@__`*33T`:]%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!4-Y-);V4\\,#7$L<;.D2G!D(&0H^O2IJCN(1<6TL!=T$B%"T;;67(QD M'L?>@#C=.\5WSPZS-=:A8S"UMWF$21-#-`1$C8\MB2RY+#)PY6[:T\H9\P$,,/G[NY0V,=>^.*`*4.L:@WDZNUV M/L<^I&R%IY8P%\UH58-C=N+`$Y.,<8[U>\1S26]YH4L5K+=.NH-B&$H&;_1I M^FYE'OR1THB\.-'>+B^/]GI=-=I:^4,B4DLW%;.L_\A30/^P@_P#Z33TJ>'+2/4!=++<>6)C<+:[QY*RG.7QC.3DG M!.,\XS5C5-+&IBV(N[BTEM9O.BE@V%@VQD/#JP(PY[4`7J*R/[&O_P#H9]4_ M[]VO_P`9H_L:_P#^AGU3_OW:_P#QF@#7HK(_L:__`.AGU3_OW:__`!FC^QK_ M`/Z&?5/^_=K_`/&:`->JVG7L6IZ;:W\*NL5U"DR!P`P5@",X[\U1_L:__P"A MGU3_`+]VO_QFHK3PY-8XTV6QVJHP!DPY/`H`W**R/[&O_ M`/H9]4_[]VO_`,9H_L:__P"AGU3_`+]VO_QF@#7HK(_L:_\`^AGU3_OW:_\` MQFC^QK__`*&?5/\`OW:__&:`->BLC^QK_P#Z&?5/^_=K_P#&:/[&O_\`H9]4 M_P"_=K_\9H`UZ*R/[&O_`/H9]4_[]VO_`,9H_L:__P"AGU3_`+]VO_QF@#7J MLE[%)J4]@%?S8(8YF)`VE7+@8]_W9S]15'^QK_\`Z&?5/^_=K_\`&:B7PY27B^)-4$\L:1N^RVY52Q48\G'!=OSH`W**R/[&O_P#H9]4_[]VO_P`9H_L: M_P#^AGU3_OW:_P#QF@#7HK(_L:__`.AGU3_OW:__`!FC^QK_`/Z&?5/^_=K_ M`/&:`->BLC^QK_\`Z&?5/^_=K_\`&:/[&O\`_H9]4_[]VO\`\9H`UZ*R/[&O M_P#H9]4_[]VO_P`9H_L:_P#^AGU3_OW:_P#QF@#7HK(_L:__`.AGU3_OW:__ M`!FC^QK_`/Z&?5/^_=K_`/&:`+UC>Q:A;M-$KJJS2PD.`#NCD9#^&5./:K-8 M=MXBLC^QK_P#Z&?5/^_=K_P#&:/[& MO_\`H9]4_P"_=K_\9H`UZ*R/[&O_`/H9]4_[]VO_`,9H_L:__P"AGU3_`+]V MO_QF@"]67Q)JC/;2& M2([+8;6*LF?]3S\KL.?6I?[&O_\`H9]4_P"_=K_\9H`UZ*R/[&O_`/H9]4_[ M]VO_`,9H_L:__P"AGU3_`+]VO_QF@#7HK(_L:_\`^AGU3_OW:_\`QFC^QK__ M`*&?5/\`OW:__&:`->BLC^QK_P#Z&?5/^_=K_P#&:/[&O_\`H9]4_P"_=K_\ M9H`UZ*R/[&O_`/H9]4_[]VO_`,9H_L:__P"AGU3_`+]VO_QF@"]J-[%IFFW5 M_,KM%:PO,X0`L54$G&>_%6:P[OPY"KK4H[XPSVNC*[2[22TI0R.<`@!MH3!YQO/'K=N]5&G^) M$NKQWDM\+$/+OY!Y+"%Y"6A'RD$`_,3QQQ74BSM1%-#]GC\N?/FH5!5\C!R. M_``ILVFV-Q(9)K.!Y&C\LNT8W;/[N>N/:@#C;2]UB/6[-+FYE6X:[C@:$R%H MRCVSRN=O?$G`/4!,#`R*Z+PK-=SZ5,;ZX^T3QWMS&TFW:#MF=1@9.!@<#)Q6 MH;6V:Z6[-O$;A4*+,4&\*>H!ZX]J='%'"I6*-8P6+$*H`))R3]2230!@:O/? M0^(X8QJ2VUK+IMTX_=Y\IU,?[QLG#8W<#`Q@]%/K MC(S^=6.B20:E'=#O@GVK1[&?RXQ$ADMT)1!T4''`'8#I0!R$VIZEY\ETU]%[F9K^\MGOI;N);:WFCEE8-YVX/NE7!(56* M\+GC:>!GG>>QM))X9Y+6%Y8.(I&C!:/_`'3U'X4MO9VMIO\`LUM%!YC%W\M` MNYO4XZF@":BBB@`HHHH`****`"N:UBXO8?$+QMJHL[-M(N9%81_ZAE:(>88@;*-C78N%/0+@XQBFZWK6HZ?X8U:VM)KPF*XFC@O0D MDQ2-(U;EP#@[F*@L1@`G/RUV5EHNE::TIL--M+7SE"R>1"J!P,XR`.>IJ=+& MTCLS9):PK;%2I@$8"8/4;>F*`)48.BN,@,,C<"#^1Y%.HHH`****`"BBB@#G M=7GOH?$<,8U);:UETVZN:R7NM5M[*9K%[LPR(U MQ:I=2L9W6*-F9CNR0'D,0VGH">!G%=G-:V]Q_KX(I?;C917LMU:PPI=MYNJR0. MY,;%P)$!;`^5MO3YNPKN]/N$N]-M;F-)$2:%'59<[P"`0#GG/KFHO['TO[.+ M?^S;3R1)YHC\A=N_KNQC&?>KM`!1110`4444`%%%%`!1110`45YS\0_B'J_A M+7X+"PMK*6*2U68F='+;BSCLPX^45RO_``NOQ+_SXZ7_`-^I/_BZ`/<**\/_ M`.%U^)?^?'2_^_4G_P`77JG@S6[GQ%X4LM6O$B2>X\S&+BL[2=;M-8T9-6AWP MVS;^9\*5",5)/)`&5/?I3UUK27CBD75+-DGSY3"X4B3&`=ISSC(Z>HH`O454 M&JZ:TTL`U"U,L*LTB"9=R!3@DC/`!(S3TU"SEL3?0W44MJ%+^=&X9<#JA8PT+$@2`Y.%R.^".XJ\VN:0B([:K9*KQ^: MI-P@#)G&X<\C/&:`+U%4VUC3$B\U]2M%C\SRMQG4#?C.W.>N`3CKQ2OJNFQM M`LFH6J-<_P"H#3*#+_N\_-^%`%NBJ7]LZ5OE3^T[/=`&,H\],=\] M*F6^M'\W9/*:7/GKC8#@MU^Z#P3TK&M?B#H%WJ*V45QDM<2P>;O3RQL3?O)W?<(R M`>Y!]*`.FHK.U#6[33K2UNVW3P74\<*20891O.%8G/W>1R,UG3>-M-AN&A:" M[)6:YAW!%VEH(][X^;IC('N.W6@#HJ*S-$UK^W+1;I-.O+2%XTDB>Y"#S589 M!&UF[8ZXZBM.@`HHHH`****`"BBL7Q%K-SI'V?[.D3>;NW>8">F/0CUH`VJ* MXO\`X3+4?^>-M_WRW_Q5'_"9:C_SQMO^^6_^*IV`[2BLO0-3FU6Q>>=8U992 M@"`@8P#W)]:I7OC.QL-3N[.:SO/+LI(H[BZ54,49D`*9^;=CY@,[>M(#H:*I M_P!KZ9O*?VC:;@SJ5\]D_MK2?LB7?\`:=G]GD;:DWGKL9O0 M-G!-`%VBJ%YK6G6)GCENX3<00M.ULLB^:4`R2%SGM5?1/$EGKTLL5K%.AB@@ MG;S5`!69"Z@8)Y`'/]:`->BL*/QEHTT.ISPW#30Z6%\Z2-=RL6'`7'4]OK4$ MOC>P@B<2V5\EU$[)):&-?-0*GF%C\VW&P@\$_GQ0!TE%8A\6:;_:4%D@FD$_ ME@3JH\M6D!:-225$O5VY''TR?: M@#7HJC_;>D@,6U.T78@=PTR@HI`8$@GC@@\]B*=_:^F>4LO]HVGEO$9E?SUP M8QU<'/W1D<].:`+E%8NI^+=%TM[1)KV%S=3)$HCE0[-XW!VR1A,8Y]QZU-H7 MB'3_`!#8Q75E)@R)YA@D9?-122`64$XS@XH`U**Q[?Q3I$K78FNH[/[+=26K M?:I$CWLBAF*Y/(`84_6?$>FZ'9&ZN9@^`C+%$RF1U9@H8`D9&6'-`&K15)M9 MTI)I86U.S66$A94,ZAHR3@`C/&20!GUJQ!BBX7/GC_A5OC3_`*`W M_DU#_P#%U[+X!TJ]T7P78:=J,/DW4/F;X]P;&9&8<@D="*Z*B@#A/&'AS4=4 M\137-MIT]S&^F+!!+'=+$L4XD9E9P6!8#(.,$54TSPOKL.O?:)[)A,-7-V]Z MUPIA>$J`V(@QPY.<':",CGC%;?B;Q#J6E:W96\)MK:UD()ENHV\N8[9"R>8. M(\;5ZY)W`]%(-S4?$%UIFM3PW%M!]@ATV>]5TD9I'\LID$8`7[Q_O9XZ=*`. MK"[B\L MW&JW%Q%\P.Z-FRIX/&?0\T[2]3U$ZFEAJ?V5GN+4W4+6ZLH50RAE;).2-Z\\ M9YX%9\_BVYLXVU*X@B.F--%=5B\26=W?:>3;17UY,6FD MC(]7L[^RTNY%BUYJJ[K21(W"18Y8.-V6P.A!7/ MH*UM/UEFT_4)=1""33)'CN&@1MK;4#[E7D\JPXYYXR:`/-K/1-1U2:_TZS*M M/!8S0O,K`;W-Z)<$'[I901AL?ES78NW M)\M0H]<#(&>M'_"9B>73UM-,NG6[NU@9FV;0K(S!E96*G[N<9R`#D`E09&\; MZ;&;GSK>[B^SV[W`WJN9$3&["ALJ>1PX4\T`9,VF>)KW3+*WDL$BM],-HPM3 M*C/=-$V7PVM=`WBR2759K*6POK&*-[0)*4C+,99=@5@6.%..N,@!NAVYGM_&^GS6\5Q) M:7MM'<0">V,T:CSQE5PH#'G6,EQ98675-.\F,2+ M^\9+5E<<'CYAC)Z_3FG3>$O$QT7^SFLQ*RQ1&&2.2(;#YYD='8_,<`_*`=O! M[UW^G:TFHB\"V=U!-9.$E@E50^XH'`&&(/##O^G-5E\5V$D"S0Q7,RFTCNL1 MQ@E5D;:BGGAB<^PVDD@4`W]LL5BM[JDT\K2IA89578QYSR`?I MWQ5OP/I=Q<>#;PW$Q,^H*T*S<_-&D8A1A[$+NS[YJS>>-(MEG>P":.WAN)TO M82J,^([9Y=H()4]%.0WMGJ*O:GXRTK29'CN3('58F4$HH3SBNKTC5;76]-BU"R02#V)%7:`/+[KP1K9N;D0VNZ%[IK5")D&+.1Y)';';!<#'4XX%:-CX M8U2+QI'<3::OV&/5+JZ\_P`R,J8Y(0J#;G=PRXQCO7?T4`<5;>'-3_X55'HT ML!74H8=T-\#.>?F8+ MD5Z%10!B>$]#71-"M(F29+IK:%;A)+AY0KJO(4%BJC)/W<#IZ"MNBB@`HHHH M`****`"L#Q1IEYJ/V7[)#YGE[]WS`8SMQU/L:WZ*`.`_X1G6/^?/_P`B)_C1 M_P`(SK'_`#Y_^1$_QKOZ*=P,?PU8W.GZ=)%=1^6YF+`;@>,`=OI7-ZOX5U.Y MUC7-2@MY'D>ZLI;-/M`$T8 M#8+A&'VG)C!*R#@,-S`+CG;S]X$(#G+SP=J]SJU[2]1NVO+[3]2,#W%FD_:D_X2^_@L[:ZN;> MW*ZG:BXLE0,/+W/&BK(IVU_58=0_L.3[&^I/+&L4XQNYX/%`%'5O#&I:@_BP)"JC4'M)+0M(H$IB521WQRN.16?J'A M?6KS7+OQ$NFLLMV)819F>/%R^SY`(R^X$,588YRI/"L/O#% M`&%!X+U"UU6U@6/S+59K"=KD2+A3;1;"N.I)(7&!CD\BM3Q#I6LG7VU'24E+ M3Z=]D$D4L:F!Q)O5B'!!4]#@$X_.K*>-]->WN9C;7BFW,),9C4NZROL1@H8X MYZJ<,/2J3>-MD5U=7]C?6,5G>M%L"Q,TH%NTI5AN.#QG@_W.?O8`,J/PQKTS MW6H7MDLEXTVFW#@O'NN?*C3SDSG`^8'K@$CTI;GPCJTUG:,MF`USJ-PUS!YB M?Z/:SN"RD]#@*.%SU.,UTP\6VH=H7L;V.Z.SR;9T023A]VTK\V.=C_>((VG( M%6[#7(]0M+V:.RNXWLI#'+!(JB0N$5\##$'A@.N,^W-`'%V?A/7+;3;.6>T^ MT75KJ\$AC$J;FMHHO*7!)QSUQGO5SP5X;U71[_39+RS$"0Z1);S$2(<2F??EYSTK=E\7V"QI)!!=72O#%,IA1<8D#%068@*<*3R0!QSD@&DWC"%M1L;F M-I3IT]K)NC"+N\W[1%",GV+L#@XQD\\4`8=SX4UN34[B9;',;W^HS*?-3[LM ML$C/7NPQZCOBHKKPCKG]BRVPTX7$UQ8:=$A\V,&W:`CS%R3WY.1P>?QZO5/& MNDZ3I!S6MIFI6NKZ=#?V#];2WEMY;.:YDCCN8HY'G@6%_.DSN``#G`^8[FR"ORYS7:> M$["ZTO0(M/O(0DML[H9`P(G&XGS.IY;.3GG)-;-%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`06OE,T(D*MYWED+\[X+Y4,2,M@`YJ6$ZC#?1:K=:7+!] MEM5LA")48S,\B`L,$_*-O&<$Y/%*-/U.?Q+974EEY"V2 M1(=R[FP.C*6YA:*2U0$[=A:-0>01\P8G' M.<5LZ)%IMUH;M87DMY!=M)ONM^'E;)1FW`#^[@$`#@8XQ5(:)J=YHMR'GCM+ MZ_N3+<>:GFCRP<+%\K#C8%!P>[>M&A:1J]IX0N]-GFAM[R1[KR'A3:(M[N5; M[Q[MN'H"`>020!\'@VRAN5N_MEV]TL\!B`^` M=,-N;F:O'PSY(=LB@D`!667 MW&XD`YH`TK:QL/$MQ%K<8OX8[B&TG`8H$D,0,/QD\A]UX0M3I M5G:VSLTFGVI@MC,W')1@S$#.X&-2".AYP>E<[I?@W4?MVD+J=@CVD-M;QW"- M(K*"D-PK`C/(#2(.X.[N,U2URS?3-)ELM2M?M,LMISB5R'W[<(J`;MJY^[G[HZXQQ2#PEI MPLKZU5[A5O;@7#-O!,;!@RA<@C:",A2".3US2:Y9:@VF6=WIL(EU*P97BB:0 M*'RNQU)/&,,3]5%<[K?A/4OLL=I86GVEH;$);W0=`RS@L6CZI;7#>;>RQB\N%E69D&^3RVMI#\HZ%>1C';IR*N)X/MDE:X;4M M0DN\1[+IFCWQ;`X&T!-OW9&!!!!'OS65:Z5K-A??;ETQYO.:_C,0FC5HQ-.K MHY).,87G&2/0U1TSPCJT%WILEU'=>;"EKMDCF@"6ZI'&'C)*F3JK<(=K;N<9 M-`'>65HMC:);K+++MR3),^YV).22?J?IZ5/110`4444`%%%%`!1110`4444` M%%%%`!1110`4444`%<=JD.@GQE`EU?W*R.0\EL%)@,NZ$IN;&%)*1_+D9.WU MPW8UQVHZ9JQ\;17=C9F'S.7NDDS$\8:'<)$/\>%<#`R<)S\IP`7;B7PU=7>M M23:I%D1017S><%2W*L_E_-T#[B>,Y!`X'>?3[".;3H[W3]5GN&NY(9WO)]NZ M6)2#MP%``*Y&,#[Q/6K%I97$7BC4[UTQ!<6ULD;Y'+(9=PQUXW+^=5O#ZW.C M:#H6EW5J_GM$(9=K`B$K&6)..V5QD=R*`,ZUM/"SZ;=W,6IO=65L/L:.K[UM MLE&"1%1DG)CQ]XY`';%(_P#8(L1F0:CM]*U2TTZ: M$Z;/-!=RR.42]"WD6?+V[IM_SF.*HGP5I[6HA:YNRYN&GDF#(KR%HS&P.U0H!0X^4`] M\YYIMWHFHR>!;;2$D5;N*&!)1;[4#A"N]5R-HR`0,C'/(QFLG2_!S->V:W^G MN^GJMR3;W;PMY>[R=HV1@(,E&;"@@'G.30!>O_#>EZ+I5UJ%W=7\T<$$;2X\ MH,ZPR"5``%`R"".,9!.><$6+KPG8ZPM[]H>^@2ZN7D:(L@`?RF@+KP3AD.>3 MV7@<@\W<^%]9F\.RVU]HYU+4)K%([>X:>/-HPB"LA8MGE@3E<@[L$XJ=O!]] M/)K\]Q8*\LL$YT]C(N5F,]PZ,O/RMAT()QC=UZT`=#K/AHW3_;;"39?QQQ1Q M,\FT((R^"IVMAOWC#)##'&*L>&M(NM)M+G[=<>?M-(_LTZ8S& M=].E:43Q[8O)6!9%/S9)!B)X!!'?/%`'0IX1MXYI+I-2OUOI)/,-YNC\P914 M(^YMP0B\8ZCC&!6Q9VJ65I';(\D@0??E@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#__ !V3\_ ` end GRAPHIC 8 g28832bg03i004.jpg GRAPHIC begin 644 g28832bg03i004.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V6L>7Q3I4 M.KIICRR^8[%/-$+>4K@J-A?&,Y8#KUX."0#L5P.H17MMXD*Z7:WMK>/]HD2' M;YMM.3)$=Q)&$#=6P00?<\@'6IKNGRZ\=%AG66\2%II%0@B(`J,-SP3O&![' M\8M.U_\`M*[:*'2K](!))&+N18Q$2C%21\^[!*G'%,EMY?\`A-;2Y6%O)&G3 MHT@4[0QDB(!/J0#^1K*TFWN;;4;**QCU:';*_P!N2\8M"(\,?E/W"=Y7!3MG M-`&]J&KQV-Q';);7-W<2*7\JW0$J@(!8DD`#)].#55;_;J\>NI:7TMI>62P@1P,SQ.LC$!D'S#. M\\XP-O.*RM.M+_0/M4L^G75P^I6GR1Q+YACE\R9_+8CA1B4#<3MX/-`'17GB M6QLYBICGEBC1))[B)`8X$;.UF)(XXSQG`Y.!6O7#2:9>Z7I&I:&+6YNI=2L8 MH()E0M&'$`A;64;JZA@X^TQ`@@]0 M:`-RBLC_`(1/PU_T+VE_^`4?^%:D,,5O"D,,:111J%1$4!54<``#H*`'T444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1 M110`4444`%%%%`!1110`4F!G..:6B@`HHHH`;'&D,:QQ(J(@PJJ,`#T`IU%% M`!61XF_Y!98WF:)I%@4YR[*I!(&`.".N3P#6I5/4;2:]@C^S7CVLT<@D211N4D`C#+D; ME(/3/\J`.9BU_7'^'TVKP2Z=>W,5LTGVA)"H"B+<25`8;PV05X!QGCI6K=WM M]=:CIVEVMT;5KBU>ZFG5%9@%**%`8$6D;1+(T6]61MNY67([JIZ\8H M`@L-7O)O#-W=M$LU[9FXB*H,"62)F48]-VT'VS7/IXJN)-/OWL=6VTN#6IH]S=)J-_I5Y=F[DM%BD29HU1F1P MV`P4`9!1N@'&*@?PR]VMU-J%_P";>SB()/##Y8B\IR\>%R>0QRF3 M64EQXL M[2+S)(Q:74;(TRAXP'60G!)#,R@#'!!YY4`["BL,:AJ?_":IITRPQV+6,LL8 M1]S2,'C&6RHVXW$``GKSVQ1T[6-0SWMYKW]E6=Z;(0VJW$LB1*[,6,],$5D6>MZO MKBSI:WD=I+I]KOF*PAEFFWRI@AN0F82>#GYNO'(!V-9'B;_D%P_]A"R_]*8J MQ9/$6H7^G7VLV%R(+?3;2.X^S&,'SR81,RLQ&0-K*!MQ@YSGI5[QI>7,/A87 M5C9_:Y1<6TB1[]IR)49>/XLL%&!R<\4`='17E(?%=R]AX*TQTC!P]].H^7\_E7\_/(^I/TKL8-*U'PYX0LM,T]I7:*4+/)!M>58R224#\% MAQVZ9P#@5U55-1TZ'4H$CD>2-HI!)%+$'`KHHM`BB"V:L3IAM9(9;9VW"5G8$NW?/WLG/.[MBHCX4LI587ES=WI$? MEQ-/("T"[E;Y"`.=R*+H%Y2)?+#_ M`#Y"VZWH83K&44Y8/\`-@MOP6YQ4X\,VCQS M?:KFZNYY?+S\TQGFNKF<*);B@[F@"]1110`5S.H^%;K4-099=2+Z;*DHDB=-TB[W1BJOG@?)QQE>W M;'344`47TW?KT&J^;CRK62W\O;UWLC9SGMLZ8[U1LO#CVUW;&2^,UG8R/)9V M_E!3&S!ARV?F`#,`,#&>`,8/-6?$H"Z5``,`:A98'_;S%6O M61XF_P"07#_V$++_`-*8J`-9E5U*L`RG@@C(-8U]X.\-ZEN^U:)9LS=76((Q M_P"!+@UM44`>?ZI\'M!N(V?2Y;G3[@#,9$A=`?<'G\C5+2/&VL>$;]-"\;1. M8^D.H+E@1[G'S#WZCN*]-JCK&BZ?KU@]CJ-NLT+=,CE3Z@]C0!:@N(;J!+BW ME2:&10R2(P96![@BI*\DGL_$OPNO>UFU+1)&RT#D_+^7W3[C\0<5Z!X:\6 MZ5XJL_.T^;$JC][;OQ)']1W'N.*`-NBN8\0?$+P[X>W1SW@N;D?\N]M\[`^Y MZ+^)KD&\2^.O&LI@T2S_`+(LSUE)^?'^^1Q^`'UH`]&U+7M(T=E74=2MK5FY M599`&/X=:H_\)SX6_P"@]9?]_!7.Z/\`"32X2USKL\NJ7/?"MS,L4>N6V]C@;B5' MYD`5'_PKKPC_`-`.#_OIO\:KWOPQ\*7=H\,>F+;.WW98F;EKR%K3QG\.9@MA.=1TS=Q!(-PQ[=P?I^1KKO#?Q*T37F%M<,=-ONA@N M#@$^BMT/T.#[4`=A1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M9NM>(=+\/VIN-1NDB'9T!VO=/P!]6Z#CMR? M:@#TBYUO2[1BL]_`A7J"_2LN?Q_X6MR0^L0%AU"DDUS6G_!O3"BS:UJ-W>W1 MYR_@J_UKKK?PCX;M2&AT+3U8=&-NI(_$BM-+6WC4+';Q(!T M"H`*`/-1\9H[@LMGH5S(P&<9W8^N*:WQ1UZ;!M_#-R5;H1`Y_P`:]1HH`\L7 MXD>*X^9O"UVHSQFW?!_\=%//Q@GM@3>Z!<1@'!)4ISZ'NIE'R?^RK^)_"O2GMX9<^9#&^>NY0?Z3\+1<70U+Q;J,FJW9Y,6\^6/8GJ1[<#ZUWUM;6]G M;I;VL$<$,8PL<:A54>P%2T4`%%%%`!1110`4444`%%%%`!1110`4444`%%%% M`!1110`4444`%9'B;_D%P_\`80LO_2F*M>LCQ-_R"X?^PA9?^E,5`&O1110` M4444`,EBCGB:*5`Z,,,K#(->;>(?A9YFH_:]$EDMO-R'$3!2`>HY(X/_`.L> MOIE%`'#^'/AAI.D[9KN,7$PYYYQ^/^&/QKM8H8X(Q'%&L:#HJC`%/HH`**** M`"BBB@!DT,5Q$T4T:R(PP589!K@?%/PZM+L-<06YE7OLXE3Z'^(>QS^->@T4 M`>/:?J_B3P7&LL-R=8T>+_6V\G^M@7U'H!ZC(]0*].T#Q#IOB73UO=-G$B=' M0\/&?1AV/\^U0:OX>BO2;FU(@NASN'`?Z_XUYQ>:+J6BZN=2\/G^S]20_O;3 M&(K@>PZ<^G0]L'J`>PT5RWA#QU8^)U-K(OV/5(N);23@Y'4KGK].H[UU-`!1 M110`4444`%%%%`!14-U=V]C;/'2/!5C)=3'A MKHIPON`>`/ASWMI:_P#'Q*-:NI[R0[F6W<87VRP.?R%;=O\*/"$.-]A+.1WDN'_H10`77Q5\)V MW`O)9C_TRB)_6L.^^)^H:Y*-.\':5/-"V39!#'$OHBA1^E`'GFC?"Z2[NAJ?C"^?4+ICN^SJYV# MZMU/T&!]:]"MK:"SMTM[:%(88QA(XU"JH]@*EHH`****`"BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH` M*R/$W_(+A_["%E_Z4Q5KUD>)O^07#_V$++_TIBH`UZ***`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"J.IZ3;:K!LF7#C[D@ZK_GTJ]10!Y7XF\*.;E9)7-I M?QD&VU"+(W8Z!L.?'M[(4MM-L;)3]TD;F_5CG\J[B+PI'(_FZC> M374G?G`_7G^5:]KIUG9#%M;1Q^X'/Y]:`/,H[7XJSQ_:5U4;NRF-%!_`I_2I MU\5?$C2VQ?\`AZ*]C'5XXF!/X@X_2O3Z*`/-X?C%!!A=8\/W]DVRG;'`8RF#VR>_T&:[Z2*.9"DL:R*>H89%5+?1=)M+HW M5MIEG!<$8\V.!5?\P,T`>>VW@OQ+XUN$U#QC>O:6H.Z.PBX('TZ+^.6^E>AZ M5H^G:'9K::9:1VT([(.6/J3U)]S5VB@`HHHH`****`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**H M)KFE2:J^E)J%N;Z,`M!Y@W\Y[>O&2.HX]145GXBTR_OFLK:2>257="?LLH3< MA(8;RNW@@CK0!J452U#5['3#&MW,5>7)1$C:1B!C)VJ"<#(R>@S45UXBTFSC M@EFO4\NX3S(W12Z[/[Y*@A5_VC@>]`&E61XF_P"07#_V$++_`-*8JGNM=TRR MNX[6XN@LL@4@!68*&.%+$#"@D$`G&:@\3?\`(+A_["%E_P"E,5`&O1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111 M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%` M!1110`4444`%%%%`!1110`4444`>=V\Z67B:>"T5;C-S&3I]U!^_5FN)2SHR MG@+N+Y(/RL.16GHEY+;7ME966IO?"2:07=I);K&UJN'8N<#*Q-+E315O)-65XTU"P'V1'B.YQYL[>4%QG=MD3Y>OY&N]@@CMH$AA7 M:B#`&2?U/)^M24`>>RJ^FZ'J^CZBY?4=0T^&*U0KS._V<1[5]2)`Q/INSTKI MO$T'F>'X8)6?YKRR1V1RK?\`'S$"0PP0?<)O\`D%P_]A"R_P#2F*@` M_P"$9L/^?C5/_!M=?_'*U(8E@A2)"Y6-0H+N78@>K$DD^Y.:?10`4444`%%% M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`5D>)O^07#_V$++_TIBK7K(\3?\@N M'_L(67_I3%0!KT444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%9 M'B;_`)!2(87D\M<,=S;0< M#Y3^1/0$@`UJR/$W_(+A_P"PA9?^E,5)>>)K&SE*[)YH8T22>XA4-%`C9VLS M9Z<9XS@*XI8O$-G<6\%[!.Y58[FT7S?-(CG^1D*D#&1R>SMR,5V= M)@'&1TZ4`<5=P:FECJ]C/I\TEWK=HBHT"%H8Y3"(G4L/N*I7=D]0>,GBMWQ% M&\>A1!(Y9O(NK1V$4;2.52>-F(502<`$\#M6S10!D?\`"36'_/OJG_@INO\` MXW1_PDUA_P`^^J?^"FZ_^-UKT4`9'_"36'_/OJG_`(*;K_XW1_PDUA_S[ZI_ MX*;K_P"-UKT4`9'_``DUA_S[ZI_X*;K_`.-U1A\0QC7[N5X-7^QM:P+$#IET M5\P-+OPOE\'!CR<<\>G'2T4`9'_"36'_`#[ZI_X*;K_XW1_PDUA_S[ZI_P"" MFZ_^-UKT4`9'_"36'_/OJG_@INO_`(W1_P`)-8?\^^J?^"FZ_P#C=:]%`&1_ MPDUA_P`^^J?^"FZ_^-T?\)-8?\^^J?\`@INO_C=:]%`&1_PDUA_S[ZI_X*;K M_P"-T?\`"36'_/OJG_@INO\`XW6O10!D?\)-8?\`/OJG_@INO_C=4=<\0QSZ M!J$5A!JXO)+658"FF72,)"IVX;RQ@YQSFNEHH`R/^$FL/^??5/\`P4W7_P`; MH_X2:P_Y]]4_\%-U_P#&ZUZ*`,C_`(2:P_Y]]4_\%-U_\;H_X2:P_P"??5/_ M``4W7_QNM>B@#(_X2:P_Y]]4_P#!3=?_`!NC_A)K#_GWU3_P4W7_`,;K7HH` MR/\`A)K#_GWU3_P4W7_QNC_A)K#_`)]]4_\`!3=?_&ZUZ*`,C_A)K#_GWU3_ M`,%-U_\`&Z/^$FL/^??5/_!3=?\`QNM>B@#F)];MG\2V5XMIJA@BL[B-W_LJ MYX9GA*C'EYY"-^5:'_"36'_/OJG_`(*;K_XW6O10!D?\)-8?\^^J?^"FZ_\` MC='_``DUA_S[ZI_X*;K_`.-UKT4`9'_"36'_`#[ZI_X*;K_XW1_PDUA_S[ZI M_P""FZ_^-UKT4`9'_"36'_/OJG_@INO_`(W1_P`)-8?\^^J?^"FZ_P#C=:]% M`&1_PDUA_P`^^J?^"FZ_^-T?\)-8?\^^J?\`@INO_C=:]%`&1_PDUA_S[ZI_ MX*;K_P"-UG^'M;MK'PUI=G#R*Z>B@#(_P"$ MFL/^??5/_!3=?_&Z/^$FL/\`GWU3_P`%-U_\;K7HH`R/^$FL/^??5/\`P4W7 M_P`;H_X2:P_Y]]4_\%-U_P#&ZUZ*`,C_`(2:P_Y]]4_\%-U_\;H_X2:P_P"? M?5/_``4W7_QNM>B@#(_X2:P_Y]]4_P#!3=?_`!NC_A)K#_GWU3_P4W7_`,;K M7HH`R/\`A)K#_GWU3_P4W7_QNG^'99Y]*,MP+@-)=7+(+A&1Q&9WV95@"!LV MX!'3%:E%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5B>+XHYO#TD4T M\<$330F226$R1A1(I.]01\G&#R!@G-;=%`'(Z0)=5M#MC_LT6EDT2?9$5%5G M8GD^'FO-ITZRM+5+XRGY")(\MO]@4BSNXPQKT,*H)( M`!8Y)`ZT!5!)``+')('6@#C-/BNL^%9I9YP@N[A%A/W3'YKM;6>J>()=4N;B2T:&Q?875!S+*!'G``0D`-GL3DUF%%FTI2EY!= M6-I/$+@VLOF01QRW(>6($?P)&JCM\I/`'%>CT@5020`"QR2!UH`X?28IOM.@ M3)/.+0:I>I;P_P#+,P[)S&W3.-H`7G&,<5W-%%`!1110`4444`%%%%`&+XGF MO8+>PDM+D0)_:-LDP"DM(C3(I4'/`YYX.1Q6-++J(O;I[+4+J:&1I;5YV)V& M=Y0L8B7/'E#<&88!QSD@X["2*.90LL:R`,&`90<$'(/U!`-4DT#1HKX7\>DV M4=V'+^>D"J^XYR=P&3BNQT"*_ATE%U$OYID=D21][QQEB45FYW,%P"RM8;:%22(X8PB@GKP.*`)Z***`"BB MB@`HHHH`*XS5C;6>JZ_+J=U/):-#8/L=U1 MWD6VE2*8J0DCIO"GU*Y&?S%2T4`<18SZGJ&G:`]OJ%S)?2VEM*ZY(1%W`RR2 M'HVY05`(Z\CN17O=5U)KL7:74R([P3VJ)*=DBR70BP5_B'E!3CH"Y(YYKL)= M"T>=X7ETJRD>W4+"S6Z$Q`<@*<<`=L5/]@L_]'S:PDVO^H)0$Q<8^4]N..*` M.?T+6+K4/&&J0S_:HX5MHFA@EMY(Q&!)(I/S``EL`Y'4<<[3744P11B9IA&H ME90K/M&X@9(&?09/YFGT`%%%%`!1110!A>-HI)?!NJ^5/+"RVKOF+&6PI.WD M'@]\8/O61JEWIT'B]YA>QQ7-B#<3B2=?-D40G$$:=2A!WGWQC)^[VE(RJZE6 M`8'J"*`/.9;:\LM5ABD9CJ"N&W1HQ8P&UGKM[XKHO`YC33;BW@M M[-8()55+BS@\F.Y_=H2V,G+`DJ3GJO;I72T4`%%%%`!1110`4444`%%%%`!1 M6=K>OZ9X=LTO-6N?L\#R"-7\MGRQ!.,*">@-8?\`PM+P7_T&?_)6;_XB@#K: M*Y+_`(6EX+_Z#/\`Y*S?_$5K:%XIT7Q+Y_\`9%[]I^S[?-_=.FW=G'W@,_=/ M2@#7HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BJE[J=GIVS[7-Y?F9V_*3G&,]![BJO_"3:/\`\_G_ M`)#?_"@#5HK*_P"$FT?_`)_/_(;_`.%7;.^MM0A,MK)YB!MI.TCGKW^M`%BB MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`\\^-?\`R)UI_P!A!/\`T7)7A]?55[IUCJ<(AO[.WNXE;<$G MB610W(S@CKR?SJC_`,(GX:_Z%[2__`*/_"F,^8Z]9^!?_,=_[=__`&I7H?\` MPB?AK_H7M+_\`H_\*N6&DZ;I?F?V=I]K9^9C?]GA6/=C.,X`SC)_.@#F_B+# M]HL]%A\B"XWZO$OE7!Q&WR2<,<'`_"N"(:Y<0R0VUU+INCW,;O=RD*C1SGYX MF`^8C.%Z<=Z]6\23Z+;:7YNN6L5U`K;DA>W$Q9PI/RK@\X#<]ADG`S5*:3P: M\.FSSV^F$3LL5B)+9=^=X&U5(W##'D8&T]<4A''7NJV]OK=EJEQ/=/8Z?:VA MN)I%_?[RC.FT=@^0'QU.!Q@D;MC8:?/\3!>#38HGET>.[PT8W)*TK`L3_>QP M36Y<3^'+O5OL5U;VTUW@P;I;7P^Q;F;)C!SR6P#Q MR.*KZKXNU6UUC4(;6^:2`07X3?#&HBDACW#:.6."<$MP>PQ767-_X?FUF.&Z M6![VW;$O/6LRQ\0W M^@^"[3[!J:3C[V`?FZT[^PM$FC/_$IL'20M(?ZAXVUB--7>SU%I(EM)+BVD>WC7RRMPL6%7!XP2/F))QGC.*N:OX MGU:PU35M*759/-MID-LPMXRS+]G,K*21M`!'7!)Z#KD=J^A:/(92^E63&8$2 M$VZ'>"03GCG)`/U`I\VD:9<2223Z=:RO(P=V>%6+,!@$DCD@<#VH`X&^\8ZU M)I=S>17RV-?$JZ5.[:?^P-(MKIXKZ5M6MU M?SU"1R98_*V`<+SCH>/6LS7],.N?7![UG:EX4T?4M&?2OL<5K`5*H;:)$ M:($@G;Q@9QSQS0!QVN^*-6CTC4E%XI*Z]+9!6B0_Z/Y).P@CD9[]?>J:SZE; MWD&IV5Z\=Q#X5MKD1)%&%=5.6CQMX!P3Q@C/''%>DS:+I-S*TL^EV*OA[ MJTLK>8+T7#V:E0,1ACY0X`_N@Y//-FV-C;Z=I\%A;)M@MXQ&BDY^4#'XU''I.F0V\5M%IUJD$,@EBB6%0J.# MD,!C`.>XYH`Y#X9:G=U%; M6MO9P+!:P1P1*25CB0*HRI)/XU+0`4444`%%%%`!1110!ROC;_ER_P"V MG_LMW9%I)H-GI\-OJ?VP.81,7L9-D.XXSCAE M(^3^]@GH:2Y\KQ(GA>TTZ%KM5@O+>*34&V%F5(_WF0"J^#Y M/#BWDL=C;ZF1 M7'27$.IZ7ON;2WMH;?P[/<6<<8V(DZRL/,C&>#\JD=QN]Z]*UFZTR"S\O58U MFAF.T0F`SF0]?N*"3^54KN^\,/'8_:EM)H]HDM2;?S%B7H&R`1&.V3@=J`.- M\*SWTWB?3[JZ7%]/=WD5X<_,8EB0H#ST!QCZFK.I:A>V'C?518W)MWNK_2[: M1PBL=CK("/F!%=C;WFAMKLT<"P#46!224089]O5?,QAB.XR2*MR:9I\LYN)+ M&V>9G20R-$I8LGW&SC.5R<'MGB@#SF;Q)JVL>&6M[F[$2R:+?3S2>4O^D%)& MB"],`[>3MQR1VXHTCQ)KDT-O#%=[.#\V,%2OO7? M0:?H=_8(D-C936D;2(B"!2BG<5<`8P,G<#Z\TV[TW0;9#=7>GV*`HMN9'MUY M5B$5,XZ'(&.E`&;X%UF^UW29K[4)P9C*$\@1[?)`1?8$[L[^>S#%=-56SA@4 MRS16(M7=RCG8JM($^52<=1@<9[$=.E6J`"BBB@`HJKI>H0ZMI=MJ-NKK%K5`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%% M%`'.^-]/GU#P_(MM9-=2('8"*0I*F8W4,A!&3D@%3U4L,'H62Z;JUQH%C#<# MS;F+489V#,NY8EN`WS$8!8(.<=2#C/=GQ`:8>'2L-R(MWF;HC*T1G`B=M@<# M@\;L1^-)]JNOM?\`:'VNX^U_VQ]C-KYY\OR?,V_Z MOIG9\^<9]\56\6:C?KJ=[+8W+B&QT^.YW)=F(1Y:3+*@XF)"_=;`X'/-`$FI M^&]3O],N_#RPR)#/>/7^I+#IRN+I+G_2)Y4(8,C>6`P(U5[R&>TT M;R6M_LSV[(\6Z-4V;X\ELJ>&&%PA!Y/)J_)XLU<:K*%TY!81W;6F7,:L2#C= MDRAO?;Y?(Z&HD\7:S%9V$ES%8N^I645Q$45T6`O)$GSY8[@/.W<8Z8]Z`(QX M0E3^S;Q]*CGO(M1N9)V+(7$;M+Y;9)QA2T;8'(QTR*ATWPC?V^F>=)8*FI12 MZ?Y$GF*6C5(X$FPO&!FMN31+UO%!*QK_932B_ M)+C_`(^`NP)MZX^Z^?45-8:QJ=]X:O;R*.VEOK>6XCC6,-YN> M]4G\67-W;&ZTW[,;>XN5@LW=&D,F(R[M@$9P1MQE<;6.3P*`,*+POK@DC*Z8 M8O,6(7.V6,!Y%N(7WD[BSC:DF&8EO89J]>:#KUP38V]N]OLO;Z=+T3J%`FCF MV$`'<"#(`>!@],]:ALO$]S+JW]J&*)9)X;2UE'.P#[;-$S#GCC)')QGOWNWO MC#53J=S8:=:03&.XE19?E(V1QPL<[I$!.93R&X`Z'DT`7O"&BSZ2]X[P7-M% M*$"Q3O`21+$\\*2,BN'"D@'`8<$> M_>K5`!1110`4444`%%%%`!1110`4444`%%%%`!1110`5GZY:->Z//;I;)@#2NFO'U6"_M;">Y_LQI;5HED13,'6-O,4L0#@C')'\7I61_PC6K6]A? M6J6RSMJ]DUN[>8N+1FDF?G.,J!-CY-;?, MBJ0AD4%A]XG`Y.T=LUSE[K&IS02W%OH6=M);!;>RU"XO?M>]?WHD\W"@9W9'F\Y&/EZFHO$NC:E=: M_!?V%EY\D<:"&5Y$\N)U8GG)#H#D9*%MPX(XYIZ??ZC)XFM[A[B4VUSJ5S;` M_:6)94$F$,'W4`*??!R=HR!NK0\1>)M5TW5);73[".:.VMDN)7E=%#!F8;#;VZT2[EU+2A6' M4-.T_4+H7I4J"![FL:V\.ZC9^); M>Z@TP0Q6UX098GC^>V*LJC);>0,J2IP!CY0<"K4GBZ^1)XC':+<6`9+TL'*J MYE$<.T`D_.,L`?89&DW-R5Q&520BQDD7*[F(ZX(W?E MTH`?:^'-W"71((&-B^8W)!PY&,=ZLZOXOO;74!96%M%0RYW M9=1C$:X&5Y;KR*V/#NI7>IV$KWT"0W$,S1,$9"&P`"4 M8='&0?\`Z_O3OL=KY$<'V:+R8BK)'L&U"IRI`[8(!'IBIJ*`*W]G6/V_[?\` M8[?[7MV_:/*7S-OINQG%0Q:'I<5O:0FQMY!9*!`TD2L8\=QQQ^&*OT4`5CIU MB;_[>;*W-WMV_:/*7S,>F[&<46FG6.G^9]BL[>V\UMTGDQ*F\^IP.35FB@"J M=,T]K[[F[&<4O]G6/EI']CM]B0F!%\I<+&<90#'"_*.. MG`]*LT4`45T/2$@\A=*LEBR3Y8MTVY*[#QC^[\OTXZ4W5-%M-6MIH908FF"B M22-5+,%S@-N!#`;CPP(Y-:%%`%/2M+MM&T]+*T!$:EF);&69B68G&!R2>@`] M*5]*TZ2R%E)86KVH;<(&A4H#G.=N,9R3ZU7BT+1X&9HM*LHV9MQ*6Z`D[@V>G7U1Q:/IC,/H2.]7**`*$>A:/#!);Q:391PRJ$DC6W0*Z@DX(Q@C))_$U M:MK6WL[=;>U@C@A086.)`JK]`.!4M%`!1110`4444`%%%%`!1110`4444`%% )%%`!1110!__9 ` end GRAPHIC 9 g28832bg03i005.jpg GRAPHIC begin 644 g28832bg03i005.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V6BBN4EU8 M%V:^:\6X-S*$@MY@GD1Q%B&<9'RLJ9R0?O`#M0!U=%,[BW0^9HSK(JJT MD;3A3'N7<-Q(P!DA2>F2.O("W7C(H$>UM$:%KEH6EE=@%VD[N`I.<)(?8`$] M<4`=317.Z)JUQ'H][>:C;SJL&^X;+&1N7X35Y&GN[T06LT4P"21;LLJJ2?G15<9&,[AW.0 M`=W17"6NNZB;.6XDNG1[V&W"HYY@=Y!YS#(X$:S1@]LKSSFGPWNMRW%M:B6Y M1]Z3P@[LO$]P[$-D9.V",+SWD&><&@#N**Y3P_JEXUI>ZQJ$LGV5;2.5T^:+;Q&F"Z4+C;/+%&(9 M2,["$Y+*!\SG:,>OL30!U%%+_M+3;=/;RX8I)VD$H(,8R%*\98L5(P`< M<<\@4_2O$MSJNII:+8)`%#F<-*69,$*!PN/O;QUQ\AH`Z*BBB@`HHHH`**** M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBN275]4?Q M]?Z4EYB%8(S!&;4LD9*.27R5)Y`^93MY"\$Y`!UM%<7;:]J4J:%<3W3*MQ:V M\DT$017F>1L$A6C.Y5ZMM92HR?2GZCXCU1;Z3[`4FA:=$4)M*I:M&K&Z!Q\P M#,P_N\=.#0!V-5K>R2WN)[C>\DLY&YWQD*,[5&`.!DX[\\DURT.OZNUQ"IDR M/,C6W7RQ_IR&X>-GZ?PQ*DGRX'S9/!`K66XUN^U/4HK.\L+>"SN%A59K-Y6; M,47I\YR?3[E`'1T5SA\:VO_`"ST M;791ZIIDO]133XT2'#7?A[7;6'^*:2S#*OUV,QQ^%`'2T5GZ7KNDZU'OTW4( M+H8R1&X+#ZKU'XU?9E12S,%4=23@"@!:*P[OQIX'#?<-O=9I$6 M3Y2'0,=C93*ME2N2IQG([5L4`%%%%`!1110`5D:-_P`A37_^P@G_`*305KUD M:-_R%-?_`.P@G_I-!0!KT444`%%%%`!115*^UC3-,C:2^O[>V5>OFRA3^7>@ M"[4<\\-M"TUQ*D42#+/(P55'N37-_P#"1ZMK8`\-Z61;M_S$=0!BBQZHGWG_ M`$%5O[%T99UN/$>JMKEXIR$EYB1O]F%>!^.30!;D\9"^1N#_`,!!Z4\ZEXO@'S^'+*Y]?(U':?P#(/YU>34IBBQV&DSE%&%\P"%` M/;/;\*?_`&C?Q?Z_29"/6&17_3@T`9W_``D>N!=I\'7_`)Q^Z!<0%,^[;N*; MGQK?XPNE:1&1SDO=2#_T%?YUI_V]:*,2QW43GHCV[9/Z4?VN[G$&F7LGNT80 M?F30!FGP_P"(]N5\9W0D(^8FQ@*Y]AMX_.E_LWQA$#L\1V$YZCS=-*_AP]:( MU'4%YDT:4#_8F1C^5']MQK_KK*]A]W@)'YC-`&8=9\3Z:/\`B9>'5O4`YFTN M<-_Y#?!_(F@^/-&_U8CU`W>/^/,6$OG?]\[?USBM6/7M+D.!>(I]'!7^=3MJ M5BL?F&\@V>OF#F@##_M;Q5J7&G:#%I\1`Q-J[/_`$PB)'YGBE_M*]/(TBX_%T_QH`S1 MX"T*0JU]'=:DZ\AKZ[DEY]<$X_2M"U\,:!8L&M=%L(G`QO6W3=^>,TXZC?D8 M31YMW;=*@'YYI/*UFY^_<6]FOI$OF-^9XH`T418U"HH51T`&!3JS/[&;J=4U M#<>I$P`_+&!2_P!F72_Z'^\$;^E`&E16;_9ETWW]7NC_NA!_2D_L=^"-5 MU#(]91C\L4`1ZGX6T35Y/-O-/B,XZ7$>8Y1]'7!_6J:^!=%=E-^;W4]IRJWU MW),J_P#`230!/#;Z M9H\`2"&UL8NP15C7^E+_`&KIW_/_`&O_`'^7_&HX=$T^%MYMQ+(>KS'>3^=3 M_8+/_GT@_P"_8H`KWNKZ=;Z9<7;RQW$$2_O1&RMP3CGG`'/4X`&2>*JV/BFR MO;;2IA!=QG558PJ\#<81G.3TZ*<<\]1Q6C+80/;R0Q`VV_'SP?(P(.0QTG3]*LX7E8:6[21,S?>9E96)]OG8X'3B@!K^(](&F1:ZX9$+R6\ M1E41/D.0R_.0%R8\_,1]WG%+%XIL[B1(K>WN9I)!A%4(-S[/,V`E@,[>@`K`/B68>)[K1O[-?*L?D5B M`1\NWKU]LD;]9\>A:;%K4NL);*+R95#OG@E00&QTW88C/7''K0!EV_C&*XAM M)ULV$4L-M+,2_,7VARD8`Q\WS#GI@>O2GZAXNM]/O'@>W9E%TME&^[[]PR*X M7&.%PP^;USQZZ":!I<8M0EH%%HBQP@.V`J_=!Y^;:>1G.#R.:;#X?L$B03(U MS*(EC>:5V+2$*%WGG[^`/FZ\=:`,^/Q=&\NTV9"PR)%=MYG^J=YV@7;Q\XWH MW/'&#[54/B)=%U[6H#I.JWQDNTDWV-HTJ+_H\(VDCHWRYQZ$5O+H6F(\#K:@ M-!C8=S5\*>)"/7[ M"!^A8&FGQ7K$@S:^#-38=O.DCB_F374T4`-IT(M_"MK;-V:>]W@?@%& M:@-IX^O''VC4(;2,]4M(HU/_`'TQ?BNUHH`XG_A"[VZS]NN[J\W=1=:E*1_W MS&%%7+/P5;6;J]O9Z3;2*BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*IZM9'4-,FM0J M,7P0'9E&001RI!4\<$=#@\XQ5RB@#B=#\)ZSIMO9L]S!'/''`K/'(P**F-R$ M`;9=P!&6`*Y&,X%6+CPS?ZJRWDD@M&EN(]0,7F$LL@B13`Q`P4^7D^_3UZZB M@#E(O"=XDVXW$.+B:.:8@G,)2Y>?;'QR#YFW)QP,X.<5-9Z'I&IZUKTU_I5E M=RK?(H>>W21@OV:`XR1TY/YUTM9&C?\`(4U__L()_P"DT%`&I##%;PI##&D4 M4:A41%`55'```Z"GT44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11 M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%9&C M?\A37_\`L()_Z305KUD:-_R%-?\`^P@G_I-!0!KT444`%%%%`!1110`4444` M%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4 M444`%%%%`!1110`55U+4(-*T^6]N=WE1`%MN.Y`[X`Z]20!U-6JBN8!AR*`,:R\8:?>V]I.L-S&MRD3L70#R1(Q2/=S_$P(!& M?7@'-3Z-_P`A37_^P@G_`*3054TSP5IFF6=K;1/.R0+&)`6&)RCF1"W'9V)` M!'7!R*MR:%+]NNKJUUJ_L_M<@DDCA6!EW!%3(WQL>B+WH`UZ*R/[&O\`_H9] M4_[]VO\`\9H_L:__`.AGU3_OW:__`!F@#7HK(_L:_P#^AGU3_OW:_P#QFC^Q MK_\`Z&?5/^_=K_\`&:`->BLC^QK_`/Z&?5/^_=K_`/&:/[&O_P#H9]4_[]VO M_P`9H`UZ9+-%`@>61(U+*H+L`"S$`#ZDD`>YK+_L:_\`^AGU3_OW:_\`QFHK MGPY(>S*#^%`&Y161_8U_P#]#/JG_?NU_P#C M-']C7_\`T,^J?]^[7_XS0!KT5D?V-?\`_0SZI_W[M?\`XS1_8U__`-#/JG_? MNU_^,T`:]%9']C7_`/T,^J?]^[7_`.,T?V-?_P#0SZI_W[M?_C-`&O161_8U M_P#]#/JG_?NU_P#C-']C7_\`T,^J?]^[7_XS0!KT5D?V-?\`_0SZI_W[M?\` MXS1_8U__`-#/JG_?NU_^,T`:]%9']C7_`/T,^J?]^[7_`.,T?V-?_P#0SZI_ MW[M?_C-`&O161_8U_P#]#/JG_?NU_P#C-']C7_\`T,^J?]^[7_XS0!KT5D?V M-?\`_0SZI_W[M?\`XS1_8U__`-#/JG_?NU_^,T`:]%9']C7_`/T,^J?]^[7_ M`.,T?V-?_P#0SZI_W[M?_C-`&O161_8U_P#]#/JG_?NU_P#C-']C7_\`T,^J M?]^[7_XS0!J":)IFA$B&5%#,@8;E4Y`)'H=IQ]#Z4^L[3M(-C>7%Y+J%U>SW M$<<;/<",;50N0`$11U=NN:T:`"BBB@`HHHH`****`"BBB@"*YB6>UEA:*.59 M$93'*,HX(QAAZ'O7(W7@ZX\JWC@M+"401>6&:9X2`%!&-BG`,ADSC'RG`."1 M79T4`<0_@O4I/LKQ3VUG-"AC5XW9_(&Y'#(-J]&$J[1M`23`(`P>HT*QFTS0 M-/L+AD>6UMHX7:/.TE5`XS]/_P!57Z*`"BBB@`HHHH`H:[#>7&@:A#I[R)>/ M;2"!HW"MOVG;@GISCGMZBL'6+#7+G7)WM!J,=JFQCLNU5+A?D#H@W`HVTO@_ M+\W);[NWK:*`.>\-VWB*"[F.MNKQ_8K5(RLVX>8H?S21@88D@D]QMY...AHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@!LB++&T;9VN"IVL5 M.#Z$';K5_LWVG[/L_=;]F[STKSS_`(7I_P!2W_Y/?_:Z M])U_1+;Q%HMQI-X\J07&WI`&>,U7\+_#S2/"6I27]AU&XO=6,-W<6S-/%YT2%(S&(R_*[MH5<\DJ#SB@"_;^,K&ZNH;2 M"SO9+B:&201!$R"C.I4G=C.Z-AG.W.,D;AEP\7V7]BV&JFSO1'J#A((=BF1L M@MG`8CHI.,Y/0`GBLVT\$^'K/6((H=3E%Y;NMT+;S(=QPP.XJ$R$Z#"X48&` M"`:M2Z'H=WHNGZ0NL2"UAS:QK'J@,O.".:`+B^,O#[W/V8 M:@!+YOE;6B>'6DE'VXB.)48RF-MIW[B!C&?NH M6SC&TALXK+TGP'I%S,NIW%V+RYBNY6#0R(\:KYS.$^[P03D_Q`Y&<<5*WP\T M:^LG@&J7\T15(,B>-PJQ;T"#*D#;N(QC@J#][)(!I7'C'3K:SBNFAN621IP0 MJKE$A?9)('WOEL5OSY[2&,*8)`,A]G7;C&\[=V<$\`U7 M?PQI&HVZV4=S@6]D]REQ-<;(WD$<-O(68*%8GD` M`8=2"2`0P(.*D'C7P\QA"7S.9RH3;!(7&H./4G/6BU^'6DVJQ#[7?2F)E*EW3.%,)`X0 M<#R$'XGN<@`EL_B!HMW*R%+N`+`L^^6`X(81%5&,EF/G(,#/Y$$WO^$LT>32 MK[4[6X:ZM[&,R2F)#\P`/W2&]G2W\MO,P(D99`T3(R*L80?ZH`C&/E M'&228]0^&EC+8Q6UG/+D-&CF=U(,8\D-P$Y.V!<=.6/..*`-?7_&>F^'49[R M&Z<"))5\I`=X8D8&2.1C)SC@BK^D:Q'K"3R0VMQ%%%*T2R2[,2E696*@,3@% M3U`JIX@\):=XDG@FO7G1H(IHE\E@`1(NTDY!Y`SCZ]ZNZ3HMEHT4J6<05IY7 MEED*C>[,Q;YB`,XW8&>@`H`OU%=3_9K2:XV[O*C9]N<9P,XJ6H[B%;FVE@F/:C_A M#=._Y[7/_?2__$U/8^&K+3[R.ZBEG9X\X#L".01Z>]/0"OJ?C*PTJ\NK:6VN MY#:!?->-4*J6`(!RP(&"/F("CH6S4EOXKL;G5K735@NDENH$F1GC"J-ZNX4\ MY#;8W/3''7D5A^)+7PK>ZS>-JVJW42A&2%SY9)#==I)-7 M]#TCP]H6MM:VTTL]^(A"'N$W%.6D*B3:!N(DR5SDJ%)'=\+[%9E178*Y*@M(@Y&?FSC`)$\7C?2)-+CU)Q<16[S&(LR`E,0F;<0" M>"@SQD\@8ZXQ;31_"37=I'PMH<] MQ=:?K0:*?;&TDUQ"D3MO<*JJH7&"DF,`!@Q(W=@#M**JC4K!I)XUOK@89^7/;-03Z_ID)*I=Q3R"6.)HH9%9U+RB($C/`#G!^A[\4`:-%4TU MC2Y98HH]2M'DG_U2+.I,GRAOE&>?E93QV(/>KE`!1110`4444`%%%%`!1110 M`4444`%>>^(K+1)_$.NM>:PELC6"BZ3[*SK&QC=4+$?*6`(91]\D`*0,@^A5 M@:AX/L=3U6[U">>X#W=H;5E0J-JE64D$C/1C\N=N0"02!@`K/:I)XMD%GJ,) MN([A;R2VD@;(;RTB?$@.#B)@=N,AG0DX(%8NG:?H2?V;Y6NM)BX1%_T1QY@3 M[+Y8_P!G/DV_SGY6\SC&Y<=>^D2?VI+J,6I7"22>6OELD;HB*REE7*[AN"D' MYOXB<9`QG6O@32+3['Y;W'^AW!N(\E.6^3K\O_3->1AC\V2=S9`*&GZ3I#]*M(C;?\)5I\(MK M>6&3=%&K*)Q(`6PX`SYPXQ@[$QBNL_X1.R&BW>EBYNPMW.+AYUD"RK("I#!@ M!@@HISC).2&4@_)"!R#]YCZ8`. M:T_0-"UK3U>VU2TLTO8WN;>T>.+S(DS=!6VK(1\AGR",;?*`X.<:>F6%K(WB M"ZN+VTCL=45O(NTFC)<*\S-)N#$'9YB@$X*[`N,*&:U%\/M,M-*%E;37#^7` MT4?GN"#E;@?-M`./])?ICHOOF[:>&%DT6TM-4F>6>"\>\+QN.7:1W*DA0&!# ME3\J@C/`Z``YZVT*PBUZW>/Q!!/YRJSR+$FUY8KBV9PS!_O-)T7!P97YZ`KI M7@N-=6L[BW\407`MQ!,(8;>,L8D1$0JVXLF]8P&9>''&,5LV_@33[9"([Z_W M;MR.SH61MT+`CY.<&WCZYSSG.:M:/X2T_1-0%[;373NMJEL%EER@551=P4`8 M8B*/)_V10!N4444`%%%%`!1110`4444`%%%%`'G_`(A?01XGUEKX:F94TLB; MR%3[C(X.S/S$;2?^F8;EL$`C9NH;#^WK^Y%Y=VDFG>5?W&^-?)Y4H77(R28H MV0D':,Y'S`XTKKPSI-]?7%Y: M1:7IF:57#7"11S%7(\Q$8L$(Z;3N8$=PQ!H`X6SN_#$0"V=BTM='C\'R0RIJ-I;7,ZJ@D199RT>U4V*@< M,%6%<<'(3<<\D[$7A71H9EF2VE\P,K,[7,K&0JE/@[P^;-K,:>$@9=NQ)77`S(<`@Y`_?2#CJ'(Z<4EYX2TN>R MG@MX1!)+=M?"0L[;;AA@R8W`]">A&.HP0"`#'TV/34;59[R\S9:QYD,,8BD! M`$T@<8*`JQDG(VG)R"0<<+3LK7PW+XBTV*TU"]F-PC(A=N#+;M;RX(9,Y81J MQ.0#@D M@0>48;.2)H69HF2ZE5D+*JG!#9'RQJO'88Z$Y`,#0?#GAF]OH+G3=9U2?8(9 MU1G,<4Z1!!&"-BAPFU1QR#]XYKO*Q]'\):#H%U) GRAPHIC 10 g28832bg03i006.jpg GRAPHIC begin 644 g28832bg03i006.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``H'!P@'!@H("`@+"@H+#A@0#@T- M#AT5%A$8(Q\E)"(?(B$F*S7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$" M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$ MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4 MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#V6F":)IFA M$BF5%#,@/(!S@D>AP?R-/KSJR2SM/%TERT4-[YETB+=J6CNHY&GF7:5(RRC& MT\@;%4X(H`]"\V/S3%YB^8%#%,\@>N/3@_E56RUK2M3D:*PU.SNW4;F6"=9" M!ZD`]*P/LL=AXKUQXI74R:5',SSRNX5B\WKDA1@<#@=A4GA^XDTZXL]*D_L^ M:)K$R1SV:E?+1-BX;).0=V0W'0\4`=#37-:B]C)K>LOJ30M;-I$9A,A!4IF7S-O;^Y MG'^S[5BQ9_X1/Q'_`&MM_M7[/%MW??W?9H_+V=_];NQC^+/>@#OGO[..\2S> M[@6Y<;DA,@#L/4+U-6*X6<)_PC6M^?\`9_[7^WMMSC?YNY?(]\X\O%=-XBGN M+?2@;6X>WEDNK:'S452RJ\Z(V`P(SACU!H`U**R/[&O_`/H9]4_[]VO_`,9K M7H`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****` M"BBB@`HHHH`****`"BBB@`HHHH`*J)I5@FIOJ2VD(O)$"--L&[`SW_'^7I5N MB@",00B=IQ$GG,@1I-HW%020"?0$GCW-0Q:98VT]6J*`*2:-IRVMI;-90RQV2JMOYJ!S&%&!@GH<#K4TMC9SW,=S-:PR3P_ZN M5XP63Z$\BIZ*`*[V%G)>)>/:0-7*V5E/=NCNL$;2,J+EB`,X`[GB@":BN=\/ M^(;_`%>>Y,UC;FV7F*:TN1*/N(P5L@T.READM)V[8[T`=+163I>H7K:EE`'1T5S% MMXFNI-0@,JVPM;B\GM1"H/GQ&/S,NW."#Y?3`QN')I^G^(+^9M*NKN"!;+6# MBW5`?,ARAD3>2<-E5/0#!QUZT`=)1110`445@VOBJ.[UB2SBT^Z:V1A&+Q0I M0OO=#D9W`;HR-V.H/08)`-ZBL>+Q):RZIJ%D8IHDT^`32RRQL@(RP.T,!D#8 M?F'![46.N7,]U;17NFM9I>H7MF\X.3@`[7`'RM@DX!8<'F@#8HK'U/7)[2\E MMK/3S>O;0"XN0)0A1#N"A<@[F.QL#CIUZ56G\6*J7-U:V37.GV2HUU<"3:5# M('^5,F@#H:R/$W_(+A_P"PA9?^E,50S^(Y(WGGCL#)IUM+Y,UU MYP#`Y`+*F.54GDY!X.`:K^.M6@TG05FE5W9+F"<(BY+"*9';Z<+C\?K0!TM% M>9'XW:9CC1[O/^^M(/C=IN.='NL_]=%H`].HKS$_&RQ?"PZ-=%R<`%P<_E37 M^*'B"X'^@^%;IP>G[ES^H!H`]0HKRL>*OB+?`^1X;NH1G&'BV?\`H2@T?:OB M@WS?V0_//_'RH_3=0!ZI17E+S_%,CY-*9?7-PI_]GJ+=\5?^@:W_`($__;*` M/6Z*\B-K\4YADZ8N/>Z7^LE2'PW\1IV(D2Q`;J6FR!^IH`]8R,XR,^E+7DG_ M``A_Q!7+;].?`^[O'/Z4UM%^)=L5\NPMI?=)U&/;EQ0!Z[17D2GXEP@;]&D/ M/'EW'3\G-#/\2)MP71)LGD>9<IP;ZV!'8RK M_C7E[>"/B!*H(O=,A(Z@-DG_`,<-.7X>^/&<>9KFG*IZEH)7Q);%L/E MR1K6F'\3_P#&J`/5!=6[#(GB(/HXIX="3KX&^("$DZAILG'W2?\$% M(?!OQ!/_`"UT[_OO_P"QH`];HKR7_A$_B%$NY?[.9A_=DP?Y"C_A&?B/)\C+ M9(#U)E!']:`/5WFBC^_*B_[S`57?5M.C^]?6X([>8":\P'@+Q_,DSM](S_ M`%KB8_A#?,P-SXONG7^)5B()_$N?Y587X.V1`\_7M2D['!49'XYH`Z:3QGIB M<;)S_P`!`_K4)\]U)\'./,C`/\`XY5H?"#P MH""4NSCL9^OZ4`7F\?6`/RPY^LJBH4^(^FR2M&BPL1V6Y4G\L4Q?A-X0!R;* M8^QN'_QI[?"GP>00-.D7W%Q)_C0!;3QUIS#)BDYZ893G]:G3QEICY.RX'U0? MT-8LOP@\*29VQW<>1CY9^GOR#50_!7P^ZAJ:D'1)YD][J,Q)R0TB`'Z_+G]:OQ?" M?PA&!OL)9?\`?N'_`*$4`5F^*6G!N#:@?]?&?Z5+%\4-*?&XVX]_M0'\Q6G% M\//",,?EKH=N1C&7+,?S))J&;X9>#IV+-HRJ<8^2:1?T#8H`(OB#I,@!QD$< M%)%;/ZU:C\::5(.!/_WR#_(UER?"7PB^=MG/'G^[<-Q^>:I3?!?PU(Q:.ZU& M+/11*A`_-,_K0!U"^*])/65U^L9J1?$VCL0/M>"?6-A_2N//P3^:&@#>?QS8J"5@D.!_$RBM6ROCK6CM/;,ULTJLL+X/^%(P`Z7DN!@EY^OOP!6_!HFG^'_"]SI^GM+96ZQ2L98\O(A(.7'A'/-8GA:*VT_Q`\"VMH3=DQ)=:>Y0.!!&Y+Q]A MW#9)#,1WY=]DCLO#WBBVB+&W355\TS2-(3%L@,NYF))^3=U-`&M8O>2B[UZ& M2PO;N80VR1V+=3>W>-+06=MYA4@)YNZ3\,[=GX;?:L&ZU+[ M1XYTF[NK748GBO9;>"-K.4*L?E2+N!VX8LV&)'10.F#0!;TO08HMXTLW M5F6>>>&3-Y=JRLN)EQP/F!ZGE1C%6-)TYS=:=I6%RT\F4)'G#`"_*26P3\X'2@#OZ***`"N+@TC55\7S3PV?V,EXWEN8) M2L$T?FRE@8\_,Y4J#QPSOIW879F`"1R,&<,O MWMW+8P"#QR*U/$ZJVE0[E!_T^S'([&XC4C\02#[$BMBLCQ-_R"X?^PA9?^E, M5`%S^RM._P"?"V_[\K_A5I$6-%1%"JHP%`P`*6B@`HHHH`****`"BBB@`HHH MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@ M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`*=EI&G:=///9V4,$E MPVZ1HT"EC@#M]/SR>]6$MX(_-V0QKYS;I<*!O.`,GU.`!SV`J2B@"@^BZ<=/ M.GQV<,%LSJYCAB55R QC&<@<]?3!YJV\$,LD=8P'8>A;&320:=8VUQ+<6]G;PS3?ZR2.)59 M_J0,FK-%`!1110`4444`%%%%`!1110`5D>)O^07#_P!A"R_]*8JUZR/$W_(+ MA_["%E_Z4Q4`:]%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444 M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110` M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!6 M1XF_Y!LCQ-_R"X?^PA9?^E,5`&O1110`4444`%%%%`!1110 M`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`! M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`5D>)O\`D%P_]A"R_P#2F*M>LCQ-_P`@N'_L M(67_`*4Q4`:]%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`% M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44 M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!PECJFL1:_*FH7M MU%=/;AOL,D"M#(W[X[864=?E4C)RP#9''RZ/A7R[66&VNFUE;^2U#$:C<.ZS M;=N]E!9@""1QP>>F*LP>#;&&_:9IIY;98PD%JS_+#Q(#@CGI*P'/&3[8MV^@ MI:R-/]LN[JX6%H87N)`3$IQD*0OPN99#OG MB@G"+<6T3@13A0`-PQGH`.",@`'(H`Q9KR[FT;4O$8N[R.:SGD$-NKXCV1M@ MH4Z-NVGD\_-P16UXK,JZ*AA1'E%]9[%=BJLWVF+`)`.![X/T-/F\.6D]T\IG MN5AED$LMJL@$4CC&"1C/\(R`0#W!R:3Q-_R"X?\`L(67_I3%0`?:?$O_`$"= M+_\`!G)_\8K7HHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*R/$ MW_(+A_["%E_Z4Q5KUD>)O^07#_V$++_TIBH`UZ***`"BBB@`HHHH`****`"B MBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*** M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH M`****`"BBB@`HHHH`****`"LCQ-_R"X?^PA9?^E,5:]9'B;_`)!)9O=P+IK/\`$W_(+A_["%E_Z4Q4`:]%%%`!1110`4444`%%%%`!1110`4444`%% M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444 M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110 M`4444`%>=:^EI;>*;W498[?4%MXY)91(YAN+;8L!`B8CGKE0,)O^07#_`-A"R_\`2F*K[V%G)>)>/:0-BLC_A&;#_GXU3_`,&UU_\` M'*/^$9L/^?C5/_!M=?\`QR@#7HK(_P"$9L/^?C5/_!M=?_'*/^$9L/\`GXU3 M_P`&UU_\ MBLC_`(1FP_Y^-4_\&UU_\BLC_A&;#_GXU3_`,&UU_\`'*/^$9L/^?C5/_!M M=?\`QR@#7HK(_P"$9L/^?C5/_!M=?_'*/^$9L/\`GXU3_P`&UU_\BLC_`(1FP_Y^-4_\ M&UU_\BLC_A&;#_GXU3_`,&UU_\`'*/^$9L/^?C5/_!M=?\`QR@#7HK(_P"$ M9L/^?C5/_!M=?_'*/^$9L/\`GXU3_P`&UU_\J.AWLNIZ!I]_,J++=6L4SA`0H9E!.,]N M:K?\(S8?\_&J?^#:Z_\`CE:-I:PV-G!9VR>7!;QK'&F2=JJ,`9/)X%`$U%%% M`!1110`4444`%%%%`!1110`4444`%%%%`#74LC*&*$C`88R/?GBN9L;V_P#) M8IJD-E;22I9W$JK%<%(U;RYEMWF<#.1_P`\Q[#=WY&XGA+2$M8;94O!%;LK M0@7\^8B%*C8=^5&UB,#`J8^'=,:P%E+%)-$)&E#2S.TFXY!.\G=T)'7IQTH` MPH?&37FM^'[*.>WA^U1J][$SKY@9X&=%"GD`$+D_[2CUKL:@>QMI)+9VA7=: M,6@QQL.TIP!_LL1^-3T`%%%%`!1110`4444`%%%%`'-76IZH-3UFV>ZM;&"U MBM9(IF.[RXV>02,TY+6XM MG2::.X96?S[B25LKC;AV8L,$9&#P>10!R\WC2XMDL[![VV%X-4,$\DI56>!; MGRLA?5@#D@8&UCQQ7=U231]/CL8K);8""&59D7IZU=H`* M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH MHH`****`"BBB@#(\27U]I]A!/9"+YKN".5G/*H\JH=HPN>!C/2W5I!>P^3Q2)88P4:,'$@)&,L5)Y^7YEX'?IM`N_M5G*KSWM+-X=TFXN)KB:S5Y)@0^7;&3C)`SA6X'S``\#GBK=E8V^GV_D6R M%4R6)9BS,3U)8DDGW)S0!8HHHH`****`"BBB@`HHHH`**^8O%G_(XZU_V$)_ M_1C5DT[#L?6=%?)E?6=(045YH/%VLQ:KJ*/?R&%+B_A02VRK'$8U8Q!'V#<_ M'*DG@9J72?%6M/I5Y,^HF5TT=+L/?6PA*3'L@"C?'UP>><_ABGNH%*1&;RXP1MD3:5!W@@X`QP.N:Z#2H[Z\\,6S2ZI/]JN M84E^T^7'O0L`V`-NWVY%`&Q17GVB>--1A\/6US=;]5NI;*74+@.T<(AAC;:V MW:GS$]0#[\U8M_&&IKJFM2-#;S6,+VPMEEN5B$8DC#`D[,G=G./F()P`1S0! MW-%2V58EMX]QRLFT9,8/-6?\`A/8X[V2*YL/+@2XO(/-6;<_! M_.@#KJ*Y?PKKU_K6MZJMTOE01P6DL$&5;R_,1F/S``G.`>>E8$GBG7/LLULE M\1=Z?#JO&>:L:+XT?5;C2XY=-%N MFJ"X\IUGWE3"V#D;1UH`ZFBN!OO$^JVGCFYM!>2"RAO;6$Q-;CR4CDC!8M)M MR&W'@%NUT\B.\BCD#2SA&.XD'8I&'VD'=@CV!K8\3ZE+I'AN^O8"!/'$ M1#G'^L;Y4Z]?F(H`U:*XRV\9W%EHT"7<8OM1%Q:`.PHKC;OQ9?:;XIU*S:,74(NK&VMXBP MC$9F#[FW!23R!P?TJ"\\>W,]GJEK96'E:A96]XTK><&6'R?EWKE?G^8C@@=# M^(!W-%.&664QV[.;E5D:O&*W/#/B*3Q%%/ M+]@:U2W81/ODR?.`_>(!@9"G`W=^>*`-RBBB@`HHHH`****`"BBB@`HHHH`X M34?A#X?U/4KJ_FO-266ZF>9PDL84,Q).,ITYJO\`\*4\-?\`/]JG_?V/_P"( MKT.B@#SS_A2GAK_G^U3_`+^Q_P#Q%>AT44`0JT=Q""TY/FU`&U!X(TZ&34Y?M5Y))JMJ;>Z=V3+Y!!<87AL M'MQ[5NV=JEC906D18QP1K&I;J0HP,_E7)6]RT?AG6+729@#-]I;1TB/+1K&O M^K]@['&..1BL]_[/^T/]@V?\(UYEM]M_YY;L2[]WX^3OS^/>@#='@/2TTVUL M([F]C2WMWMBZ2*'FA=MS1O\`+C!/H`?>I+CP5ITU_)>1W-Y;N\D,H6)U"J\2 M[4894G[O'7'/KS7+Q#3/ME\-2,/]B;&_L,L3MW?Q>5_M9QMQSCIQ71ZG?:II M_A'39I;M+2[*Q+=RR8&T[/F^8JRJ=W=ACMU(H`MZ+X2T_0;F&>TEN&:&S^QJ M)&4C9YADSP!SEC^':F/X-TR2%H9'N'C?4GU%E+#F1@0R]/N88C'7WKEH->OE MN+K4Y-3N,MID9C#0Q@,!<.AD`'!`7!W@[:P\-K;7)1M2 M>*/<28HG2-AMV\EWZ`$A0.IS0!I7_@?3-1B$4T]VH&GKI_R.H_=AU8'E?O94 M>W7BKNL^'XM8NK*Z-[=V<]B7,,EL4!&]=ISN5ATK/MM5U*7P#8ZUYV^Y6"*Y MN"(Q^]08,@P!P2N[&.^*S;WQ!J?V&SG_`+0:U&HF:>W(C1?W8*^4FYU/)4[M MNTL23@@"@#17P7H,JPVL$LJK9(()HHY0?,7<)=LF03RQ#<8//H:E/@C2GN/- MD>XD!N+JX:-G7:QN%*R*<#.,'CG/N:YW1_$4Z$ZO/<100W>H6OVZ3`$:AK%2 MP)/W1YFT=>N!WJ.3Q5XAE1)(;ZVA0F4V[3_+]I87$J!`HB8OA50;5VMSG)SP M`=CHOARUT.XN)[>>XE>XBAB;SF4X6,$+C`'8X_`5`W@[3FO-9NO-N0^LPF&< M!EP@*[24XX)X/.>E;HR5&1@XYI:`,K1_#UIHEQ274LLZO)C(1@!P`/3 MVK8HH`P/^$-T[_GM<_\`?2__`!-'_"&Z=_SVN?\`OI?_`(FM^BBX$=O"MM;1 M0(25B0(">N`,5S=IX*L8=-72TU>_F@M'5H49XLVTBD.K*0@PW.><\'IS73DX M!.,^U>>>"HK5M:OK6,/.98V\R[0O!.H*1?+,`?OY9L-G.Y9,8R:`-V[\!Z=? M)*+F^U"5YK5K:21Y5+,IE$A;E>#N`Z<`<8JU;^$=/MM734TFN3,EY/>!2R[= M\J!&'W><>4RY]C0!9M/AUI%B;7R+F^`MGAD`,B'> MT3LR%OE_VB.,<>_-7M/\(Z?IKZ6T,URQTO[1Y.]E.[SCEMV%YQVQC\:YI/[- M^UC[7]G_`.$4^U2^1YN/L^?*BVX_AV[_`#L=L].U591)_9TW]H&0W/V`_P!A M[L[_`#/-FV;,\[]OD9[X]LT`=9=^#;&]U2[O9KJ[,=[)%)<6H9/*D,84)GY= MV/E!QNHC\'6,&E65A;W5Y`UA)));W*.OFH7+%N2NW!#D=.GOS2>+-4N-,L+; MR[^.Q9W_`'LK%5RH'(5G4H&R1PW4`X]1S4FO7=EJ5SJF-1SG&SG)W9`-?5O`,)C`;J9([.VNHX[5[6UM[B3>59_((PQ3:0QP,#YEQ[TB^(K\%XM M0UG^SX[9IHXKHQ1_Z;)'-(FT@KC.U4)"X)W'&,5K?VK?IX&TW7#/ND2WM[J\ M.P?O(RH,O`''!+<8Y`[4`7;GPU;WOAF70;J]O9X900\\LH:8Y?=]XC''0<=` M*IQ^$],G6Z_XF-U<7IN8Y);PR1F:.6-?D'"[1A6Z%>C>]<_JOBG6K2U-R+XP MRM:F]AMGA10ZLS%4Y!9\(%W!=I!));D8N66MKIGBF\,UTD.G7-[/N=@-KR>1 M:F,!O4@O@`\\]<4`:,_@#1YH?)\VZC3[)':X1U^ZDOF@\J?F+=?;L*MQ>$M/ MAUJ+5(Y+A9(KB6Y6(,OE^9(FUSTSSUZ]?RKD+?Q5XDFALI'O;6&1K>!XHIG" M->ED!8A!"Q;YB1\A7&*]+H`PKOPCI]YJTFI237(FDN;:Y*JR[=T&=@^[G!W' M//TQ5:3P%I;O>R)<7D4E\;@3NCJ"RS$%T^[]T$`CO[FNFHH`Y^R\'6>G2`V= M_?P1CYO)250ADV!/,(VY+8`X)VYYQ5G0O#=CX>\U;!Y@DRH'1V!#,HQOZ9W- MW/?%:]%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!R6F:[?S^-+JRNE MM+<;-BP21-',55I=C*YXD!"[L#@!N.5;,L7B/5)$N+>6WLX+XZH+"`*SR1K^ MY67KEOX6M8-=;4S<3R*&\R*W=@4BDS(2PXS_`,M6P,\9/MB> M7P]:R+=;9IXI+FZ%V)48;HI0BIEA!ZGM0!'IVI)-#=W.J&".?2I9()Y MERL8&U7+`$\`J5ZDXY&:S8O%.H7+W-NMK%;SOJ$=I:"96.U6A$NZ0`@YVY.! MCL/>M2+0(X]D#S/$K9':: M'4+Z&XE7;",6-K=7DC)([1V_E/Y>PKNRV_;_`!J>"?SP*AU/Q@DV MGK+H\=RZF:T4W?E+Y:B1XSL.XYR8W[#C<.0:U;7P[;V]TMT]U=W$_DRPM)-( M"7$A0DG``!^08Q@=>*IKX*L([:&UBO+V.WC\@O$KKME:'8$9OESG$:@XP#CI MGF@""'QK9117.Z'4+E+0N]Q<&*,")/-D3)P1D#RST!)&#RI6JRW.S4XC',2RY4% MY'^7CKF5NN>`/?-9?#5^?$D5TUQ''IT%V]VD*.?F=E8'Y2O!)<*,F@ M#0GUG3]&$MB+>2,644(CAC0`.KML14&?[PQVQQ6=KGC"&UM=1M;=+BWNX[:X M^S3.B;6DCC9N%)+<;2V5U\MY8]F&.5SR$4$9Q[9YJUI>A0Z5(#%=W&]=U74-1U.*:&RCN`2_V-U:"6-PD8`8X.]><%P.PQD$`=<0 M",'H:Q-'\+6ND7\EVMS<7!P4MUF;/D(5C4@'J?\`5KR>P'N2`4K+Q#JNHVEA M!$EG;ZA=R76YF5Y(HTAE*'`RI8G*\Y'G5D?B_4;C3I;V"WMMEA9_;+H,&S*NZ0`)S\AVQ M,?FS@D*1G-:@\*VZL)X]0OH[[>SM?!D,KEE52#E2N,(@P%_A%(_@_36B6)9+ MB.-HS'<*CC_2D+,Y$F1SEF8\8/S'M0!/KGB;3M`AMWNWR]SGRHPZ(6`QDY=E M48R.I[U1'CO2WA>X@@N[BVA@6>:>)59(D)=23\W."C9"Y]L\UK:EI$>H/#*M MQ/:7%ON$4]N5#JK8W+\P(P<#MV%4V\*6#VE_;-/=,-0M5MIG:0,V%WG<"1]X MF1O;IP*`*FI>)6&I6-O9I.D!OVMY[C8ICDVQR%D4Y)R&4=AT/)YHT_QE:2VT M&8-0EC`MTEO)(HU56E2-D+8;J?,4':,`YZ#!JY+X6LY;Y+G[3=+&EPURMLK* M(A(RLK-]W/.\GKU_'++;PCI]KIKV"2W!BD>VX$IBCGB4KGE'!93O&`P]>.>=&;7+'3I)K+R)5>U," M)%&@^<2':FP9Z9!';&T]JS=%\-7]CK4=W=7$?V6SADAM((W+*JN5/`*C:`$Z M9;KUP`*UKS0K.^UBTU28R^=:*RHJMA&R,98=R,G'IN-`&)JGC.-]'U06"7%K M>P6,ES`TR)RJX&[;DD8++PX!YZ=:TI_%NF6UN+B?SHXOM%Q`S%`=IA#ER<'I MB,XQDG(X]*@\":<+=[?[9>F-K62S`W1_+$^W@?)U!4$$Y/J34TO@S3KBX=YI M[J2W:6:;[(SKY0:5763^'=SO8]>#TP.*`+&@^*-.\1-<)9,?,M]I=2Z/PV<' M*,PYP>,Y'<#BMBJ.G:9_9YE=[Z[O)),#?
-----END PRIVACY-ENHANCED MESSAGE-----