March 9, 2015
VIA EDGAR
Securities and Exchange Commission
Division of Investment Management
100 F Street, NE
Washington, DC 20549
RE: | Northwestern Mutual Variable Life Account I |
EDGAR CIK No. 0000742277; File No. 811-3989
Northwestern Mutual Variable Life Account II
EDGAR CIK No. 0001359314; File No. 811-21933
Dear Sir or Madam:
On behalf of Northwestern Mutual Life
Insurance Company and Northwestern Mutual Variable Life Account I and Account II, (Registrants or the Accounts) we hereby submit, pursuant to Rule 30b2-1 under the Investment Company Act of 1940
(the 1940
Act), that the Accounts annual report for the period ending December 31, 2014 has been transmitted to policy owners as required by Rule 30e-2 under the 1940 Act.
The following annual reports were filed with the Commission via EDGAR on the date indicated below and are incorporated herein by reference:
Underlying Investment Company | CIK No. | Date Filed | Registration No. | |||
Northwestern Mutual Series Fund, Inc. | 0000742212 | 03/09/2015 | 811-03990 | |||
Fidelity VIP Mid Cap Portfolio | 0000927384 | 02/23/2015 | 811-07205 | |||
Fidelity VIP Contrafund Portfolio | 0000831016 | 02/23/2015 | 811-05511 | |||
Neuberger Berman Socially Responsive Portfolio | 0000736913 | 03/03/2015 | 811-04255 | |||
Russell Investment Funds | 0000824036 | 02/20/2015 | 811-05371 | |||
Russell Investment Funds Life Points Variable Target Portfolio Series | 0000824036 | 02/20/2015 | 811-05371 | |||
Credit Suisse Trust Commodity Return Strategy Portfolio | 0000941568 | 03/03/2015 | 811-07261 |
Some of the investment companies above (or series thereof) may not be available under every policy offered by a Registrant.
This filing will also include any other materials required to be filed, if any.
Please direct any questions or comments regarding this filing to the undersigned at 414-665-2418.
Sincerely,
/s/ Barbara Courtney
Barbara Courtney
Director Mutual Fund Accounting
Contents
Performance Summaries for the Northwestern Mutual Variable Life Accounts |
8 pages | |||
Northwestern Mutual Series Fund, Inc. - Annual Report |
236 pages | |||
Fidelity® VIP Mid Cap Portfolio - Annual Report |
36 pages | |||
(This report follows the end of the Northwestern Mutual Series Fund, Inc.) |
||||
Fidelity® VIP Contrafund® Portfolio - Annual Report |
40 pages | |||
(This report follows the end of the Fidelity® VIP Mid Cap Portfolio) |
||||
Neuberger Berman AMT Socially Responsive Portfolio - |
33 pages | |||
(This report follows the end of the Fidelity® VIP Contrafund® Portfolio) |
||||
Russell Investment Funds - Annual Report |
170 pages | |||
(This report follows the end of the Neuberger Berman AMT Socially Responsive Portfolio) |
||||
Russell Investment Funds - LifePoints® Variable Target Portfolio Series - Annual Report |
94 pages | |||
(This report follows the end of the Russell Investment Funds) |
||||
Credit Suisse Trust Commodity Return Strategy Portfolio - Annual Report |
44 pages | |||
(This report follows the end of the Russell Investment Funds - LifePoints®
Variable |
||||
Prospectus Supplements |
11 pages |
The performance data quoted represents past performance. Past performance is historical and does not guarantee future performance. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the most recent month-end performance information visit www.northwesternmutual.com.
Performance Summary (unaudited) as of December 31, 2014
Variable Life Policies Issued Before October 11, 1995
Total return (as of December 31, 2014) |
Growth |
Focused Appreciation Division |
Large Cap Stock |
Large Cap Blend Division |
||||||||||||
1 year |
8.43 | % | 8.84 | % | 7.97 | % | 11.96 | % | ||||||||
5 years |
80.53 | % | 69.41 | % | 69.12 | % | 84.39 | % | ||||||||
Annualized |
12.54 | % | 11.12 | % | 11.08 | % | 13.02 | % | ||||||||
10 years |
89.55 | % | 118.94 | % | 71.76 | % | | |||||||||
Annualized |
6.60 | % | 8.15 | % | 5.56 | % | | |||||||||
Since division inception in Variable Life Account(b) |
| | | 57.22 | %(d) | |||||||||||
Annualized |
| | | 13.78 | % | |||||||||||
Since portfolio inception(b) |
| | | 29.31 | %(e) | |||||||||||
Annualized |
| | | 3.41 | % | |||||||||||
Variable Complife Policies Issued Between October 11, 1995 and December 31, 2008 | ||||||||||||||||
1 year |
8.54 | % | 8.94 | % | 8.08 | % | 12.07 | % | ||||||||
5 years |
81.43 | % | 70.26 | % | 69.96 | % | 85.31 | % | ||||||||
Annualized |
12.65 | % | 11.23 | % | 11.19 | % | 13.13 | % | ||||||||
10 years |
91.45 | % | 121.13 | % | 73.48 | % | | |||||||||
Annualized |
6.71 | % | 8.26 | % | 5.66 | % | | |||||||||
Since division inception in Variable Life Account(b) |
| | | 57.77 | %(d) | |||||||||||
Annualized |
| | | 13.90 | % | |||||||||||
Since portfolio inception(b) |
| | | 30.30 | %(e) | |||||||||||
Annualized |
| | | 3.51 | % | |||||||||||
Variable Executive Life & Variable Joint Life(a) | ||||||||||||||||
1 year |
9.02 | % | 9.43 | % | 8.56 | % | 12.58 | % | ||||||||
5 years |
85.55 | % | 74.13 | % | 73.82 | % | 89.52 | % | ||||||||
Annualized |
13.16 | % | 11.73 | % | 11.69 | % | 13.64 | % | ||||||||
10 years |
100.54 | % | 131.64 | % | 81.72 | % | | |||||||||
Annualized |
7.21 | % | 8.76 | % | 6.15 | % | | |||||||||
Since division inception in Variable Life Account(b) |
| | | 60.28 | %(d) | |||||||||||
Annualized |
| | | 14.41 | % | |||||||||||
Since portfolio inception(b) |
| | | 34.87 | %(e) | |||||||||||
Annualized |
| | | 3.98 | % |
All total return figures shown above reflect the deduction of portfolio expenses. Returns do not reflect premium deductions such as sales charges, premium taxes, surrender charges or cost of insurance charges. The returns shown would be lower if excluded contract charges were included and/or if underlying portfolio expense reimbursements and fee waivers were not reflected.
Performance quoted for periods prior to each products inception date is based on the actual investment experience of the portfolio, adjusted for the expenses of the product.
(a) | Variable Executive Life policies were offered from March 2, 1998 to December 31, 2008. Variable Joint Life policies were offered from December 10, 1998 to December 31, 2008. |
(b) | See the following footnotes for division and portfolio inception dates. |
(d) | Division inception on June 30, 2011. |
(e) | Portfolio inception on April 30, 2007. |
iv
Index 500 Stock Division |
Large Company Value Division |
Domestic Equity Division |
Equity Income Division |
Mid Cap Growth Stock Division |
Index 400 Stock Division |
Mid Cap Value Division |
Small Cap Stock |
Index 600 Stock Division |
||||||||||||||||||||||||||
12.84 | % | 12.41 | % | 13.25 | % | 6.84 | % | 7.90 | % | 8.82 | % | 16.05 | % | 8.06 | % | 4.76 | % | |||||||||||||||||
97.65 | % | 89.36 | % | 96.38 | % | 81.94 | % | 72.41 | % | 106.57 | % | 105.47 | % | 96.27 | % | 112.08 | % | |||||||||||||||||
14.60 | % | 13.62 | % | 14.45 | % | 12.72 | % | 11.51 | % | 15.61 | % | 15.49 | % | 14.44 | % | 16.23 | % | |||||||||||||||||
95.38 | % | | 79.29 | % | 81.18 | % | 77.30 | % | 133.82 | % | 92.55 | % | 82.40 | % | | |||||||||||||||||||
6.93 | % | | 6.01 | % | 6.12 | % | 5.89 | % | 8.86 | % | 6.77 | % | 6.19 | % | | |||||||||||||||||||
| 64.27 | %(d) | | | | | | | 58.20 | %(d) | ||||||||||||||||||||||||
| 15.22 | % | | | | | | | 13.98 | % | ||||||||||||||||||||||||
| 32.93 | %(e) | | | | | | | 69.11 | %(e) | ||||||||||||||||||||||||
| 3.78 | % | | | | | | | 7.09 | % | ||||||||||||||||||||||||
12.95 | % | 12.52 | % | 13.36 | % | 6.95 | % | 8.01 | % | 8.93 | % | 16.17 | % | 8.17 | % | 4.87 | % | |||||||||||||||||
98.64 | % | 90.31 | % | 97.36 | % | 82.84 | % | 73.27 | % | 107.59 | % | 106.50 | % | 97.25 | % | 113.14 | % | |||||||||||||||||
14.71 | % | 13.73 | % | 14.56 | % | 12.83 | % | 11.62 | % | 15.73 | % | 15.61 | % | 14.55 | % | 16.34 | % | |||||||||||||||||
97.33 | % | | 81.09 | % | 82.99 | % | 79.07 | % | 136.15 | % | 94.47 | % | 84.23 | % | | |||||||||||||||||||
7.03 | % | | 6.12 | % | 6.23 | % | 6.00 | % | 8.97 | % | 6.88 | % | 6.30 | % | | |||||||||||||||||||
| 64.84 | %(d) | | | | | | | 58.75 | %(d) | ||||||||||||||||||||||||
| 15.33 | % | | | | | | | 14.10 | % | ||||||||||||||||||||||||
| 33.95 | %(e) | | | | | | | 70.41 | %(e) | ||||||||||||||||||||||||
| 3.88 | % | | | | | | | 7.20 | % | ||||||||||||||||||||||||
13.46 | % | 13.03 | % | 13.87 | % | 7.43 | % | 8.49 | % | 9.42 | % | 16.69 | % | 8.66 | % | 5.34 | % | |||||||||||||||||
103.15 | % | 94.63 | % | 101.84 | % | 86.99 | % | 77.20 | % | 112.31 | % | 111.19 | % | 101.73 | % | 117.98 | % | |||||||||||||||||
15.23 | % | 14.25 | % | 15.08 | % | 13.34 | % | 12.12 | % | 16.25 | % | 16.13 | % | 15.07 | % | 16.86 | % | |||||||||||||||||
106.70 | % | | 89.69 | % | 91.68 | % | 87.58 | % | 147.37 | % | 103.71 | % | 92.98 | % | | |||||||||||||||||||
7.53 | % | | 6.61 | % | 6.72 | % | 6.49 | % | 9.48 | % | 7.37 | % | 6.79 | % | | |||||||||||||||||||
| 67.45 | %(d) | | | | | | | 61.27 | %(d) | ||||||||||||||||||||||||
| 15.85 | % | | | | | | | 14.61 | % | ||||||||||||||||||||||||
| 38.65 | %(e) | | | | | | | 76.39 | %(e) | ||||||||||||||||||||||||
| 4.35 | % | | | | | | | 7.68 | % |
v
Performance Summary (unaudited), continued as of December 31, 2014
Variable Life Policies Issued Before October 11, 1995
Total return (as of December 31, 2014) |
Small Cap |
International Growth Division |
Research Division |
International Equity Division |
||||||||||||
1 year |
(0.33 | %) | (5.04 | %) | (7.22 | %) | (9.30 | %) | ||||||||
5 years |
79.78 | % | 32.76 | % | 25.29 | % | 26.68 | % | ||||||||
Annualized |
12.45 | % | 5.83 | % | 4.61 | % | 4.84 | % | ||||||||
10 years |
99.38 | % | 37.99 | % | | 58.71 | % | |||||||||
Annualized |
7.14 | % | 3.27 | % | | 4.73 | % | |||||||||
Since division inception in Variable Life Account(b) |
| | 6.82 | %(d) | | |||||||||||
Annualized |
| | 1.90 | % | | |||||||||||
Since portfolio inception(b) |
| | (2.09 | %)(e) | | |||||||||||
Annualized |
| | (0.27 | %) | | |||||||||||
Current yield(g) |
||||||||||||||||
Variable Complife Policies Issued Between October 11, 1995 and December 31, 2008 | ||||||||||||||||
1 year |
(0.23 | %) | (4.95 | %) | (7.13 | %) | (9.21 | %) | ||||||||
5 years |
80.67 | % | 33.42 | % | 25.91 | % | 27.31 | % | ||||||||
Annualized |
12.56 | % | 5.94 | % | 4.72 | % | 4.95 | % | ||||||||
10 years |
101.38 | % | 39.38 | % | | 60.30 | % | |||||||||
Annualized |
7.25 | % | 3.38 | % | | 4.83 | % | |||||||||
Since division inception in Variable Life Account(b) |
| | 7.20 | %(d) | | |||||||||||
Annualized |
| | 2.00 | % | | |||||||||||
Since portfolio inception(b) |
| | (1.34 | %)(e) | | |||||||||||
Annualized |
| | (0.18 | %) | | |||||||||||
Current yield(g) |
||||||||||||||||
Variable Executive Life & Variable Joint Life(a) | ||||||||||||||||
1 year |
0.22 | % | (4.52 | %) | (6.71 | %) | (8.80 | %) | ||||||||
5 years |
84.78 | % | 36.45 | % | 28.77 | % | 30.20 | % | ||||||||
Annualized |
13.07 | % | 6.41 | % | 5.19 | % | 5.42 | % | ||||||||
10 years |
110.94 | % | 45.99 | % | | 67.91 | % | |||||||||
Annualized |
7.75 | % | 3.86 | % | | 5.32 | % | |||||||||
Since division inception in Variable Life Account(b) |
| | 8.90 | %(d) | | |||||||||||
Annualized |
| | 2.46 | % | | |||||||||||
Since portfolio inception(b) |
| | 2.12 | %(e) | | |||||||||||
Annualized |
| | 0.27 | % | | |||||||||||
Current yield(g) |
All total return figures shown above reflect the deduction of portfolio expenses. Returns do not reflect premium deductions such as sales charges, premium taxes, surrender charges or cost of insurance charges. The returns shown would be lower if excluded contract charges were included and/or if underlying portfolio expense reimbursements and fee waivers were not reflected.
Performance quoted for periods prior to each products inception date is based on the actual investment experience of the portfolio, adjusted for the expenses of the product.
(a) | Variable Executive Life policies were offered from March 2, 1998 to December 31, 2008. Variable Joint Life policies were offered from December 10, 1998 to December 31, 2008. |
(b) | See the following footnotes for division and portfolio inception dates. |
(d) | Division inception on June 30, 2011. |
(e) | Portfolio inception on April 30, 2007. |
(g) | For the seven-day period ended December 31, 2014, the Money Market Portfolios yield was 0.00% and was equivalent to a compound effective yield of 0.00%. The seven-day yield does not include deductions that are included in the separate account. The yield quotation more closely reflects the current earnings of the Money Market Portfolio than the total return quotation. Effective December 31, 2008, a portion of the management fee for the Money Market Portfolio has been voluntarily waived. The performance shown for this division would have been lower without the fee waiver. This fee waiver is voluntary and may be revised or terminated at any time. |
vi
Emerging Markets Equity Division |
Money Market Division |
Short-Term Bond Division |
Select Bond Division |
Long-Term U.S. Government Bond Division |
Inflation Protection Division |
High Yield Bond Division |
Multi-Sector Bond Division |
Balanced Division |
||||||||||||||||||||||||||
(6.76 | %) | (0.48 | %) | (0.17 | %) | 4.99 | % | 23.05 | % | 2.57 | % | 0.62 | % | 2.68 | % | 4.99 | % | |||||||||||||||||
3.76 | % | (1.98 | %) | 4.45 | % | 20.48 | % | 54.48 | % | 16.71 | % | 42.17 | % | 35.04 | % | 44.36 | % | |||||||||||||||||
0.74 | % | (0.40 | %) | 0.87 | % | 3.80 | % | 9.09 | % | 3.14 | % | 7.29 | % | 6.19 | % | 7.62 | % | |||||||||||||||||
| 12.10 | % | | 49.12 | % | | | 79.97 | % | | 59.79 | % | ||||||||||||||||||||||
| 1.15 | % | | 4.08 | % | | | 6.05 | % | | 4.80 | % | ||||||||||||||||||||||
(15.38 | %)(d) | | 0.64 | %(d) | | 36.68 | %(d) | 6.13 | %(d) | | 16.54 | %(d) | | |||||||||||||||||||||
(4.66 | %) | | 0.18 | % | | 9.33 | % | 1.71 | % | | 4.47 | % | | |||||||||||||||||||||
(3.07 | %)(e) | | 16.87 | %(e) | | 83.91 | %(e) | 33.27 | %(e) | | 52.95 | %(e) | | |||||||||||||||||||||
(0.41 | %) | | 2.05 | % | | 8.27 | % | 3.81 | % | | 5.70 | % | | |||||||||||||||||||||
0.00 | % | |||||||||||||||||||||||||||||||||
(6.67 | %) | (0.38 | %) | (0.06 | %) | 5.09 | % | 23.18 | % | 2.68 | % | 0.72 | % | 2.79 | % | 5.09 | % | |||||||||||||||||
4.28 | % | (1.49 | %) | 4.99 | % | 21.08 | % | 55.25 | % | 17.30 | % | 42.88 | % | 35.71 | % | 45.08 | % | |||||||||||||||||
0.84 | % | (0.30 | %) | 0.98 | % | 3.90 | % | 9.20 | % | 3.24 | % | 7.40 | % | 6.30 | % | 7.73 | % | |||||||||||||||||
| 13.22 | % | | 50.62 | % | | | 81.77 | % | | 61.39 | % | ||||||||||||||||||||||
| 1.25 | % | | 4.18 | % | | | 6.16 | % | | 4.90 | % | ||||||||||||||||||||||
(15.09 | %)(d) | | 1.00 | %(d) | | 37.15 | %(d) | 6.50 | %(d) | | 16.95 | %(d) | | |||||||||||||||||||||
(4.56 | %) | | 0.29 | % | | 9.43 | % | 1.81 | % | | 4.57 | % | | |||||||||||||||||||||
(2.33 | %)(e) | | 17.78 | %(e) | | 85.32 | %(e) | 34.29 | %(e) | | 54.12 | %(e) | | |||||||||||||||||||||
(0.31 | %) | | 2.16 | % | | 8.37 | % | 3.92 | % | | 5.80 | % | | |||||||||||||||||||||
0.00 | % | |||||||||||||||||||||||||||||||||
(6.25 | %) | 0.07 | % | 0.38 | % | 5.56 | % | 23.73 | % | 3.14 | % | 1.18 | % | 3.25 | % | 5.56 | % | |||||||||||||||||
6.65 | % | 0.75 | % | 7.35 | % | 23.83 | % | 58.78 | % | 19.96 | % | 46.13 | % | 38.80 | % | 48.37 | % | |||||||||||||||||
1.30 | % | 0.15 | % | 1.43 | % | 4.37 | % | 9.69 | % | 3.71 | % | 7.88 | % | 6.78 | % | 8.21 | % | |||||||||||||||||
| 18.60 | % | | 57.77 | % | | | 90.40 | % | | 69.06 | % | ||||||||||||||||||||||
| 1.72 | % | | 4.67 | % | | | 6.65 | % | | 5.39 | % | ||||||||||||||||||||||
(13.74 | %)(d) | | 2.58 | %(d) | | 39.33 | %(d) | 8.19 | %(d) | | 18.80 | %(d) | | |||||||||||||||||||||
(4.13 | %) | | 0.73 | % | | 9.93 | % | 2.27 | % | | 5.04 | % | | |||||||||||||||||||||
1.10 | %(e) | | 21.88 | %(e) | | 91.81 | %(e) | 38.99 | %(e) | | 59.52 | %(e) | | |||||||||||||||||||||
0.14 | % | | 2.61 | % | | 8.86 | % | 4.39 | % | | 6.28 | % | | |||||||||||||||||||||
0.00 | % |
vii
Performance Summary (unaudited), continued as of December 31, 2014
Variable Life Policies Issued Before October 11, 1995
Total return (as of December 31, 2014) |
Asset Allocation Division |
Fidelity VIP Mid Cap Division |
Fidelity VIP Contrafund Division |
Neuberger Berman AMT Socially Responsive Division |
||||||||||||
1 year |
4.57 | % | 5.45 | % | 11.04 | % | 9.78 | % | ||||||||
5 years |
49.63 | % | 84.05 | % | 87.81 | % | 95.28 | % | ||||||||
Annualized |
8.39 | % | 12.98 | % | 13.43 | % | 14.32 | % | ||||||||
10 years |
66.08 | % | 130.90 | % | 116.33 | % | 97.71 | % | ||||||||
Annualized |
5.20 | % | 8.73 | % | 8.02 | % | 7.05 | % | ||||||||
Since division inception in Variable Life Account(b) |
| | | | ||||||||||||
Annualized |
| | | | ||||||||||||
Since portfolio inception(b) |
| | | | ||||||||||||
Annualized |
| | | | ||||||||||||
Variable Complife Policies Issued Between October 11, 1995 and December 31, 2008 | ||||||||||||||||
1 year |
4.68 | % | 5.56 | % | 11.15 | % | 9.89 | % | ||||||||
5 years |
50.38 | % | 84.97 | % | 88.75 | % | 96.25 | % | ||||||||
Annualized |
8.50 | % | 13.09 | % | 13.55 | % | 14.44 | % | ||||||||
10 years |
67.74 | % | 133.21 | % | 118.50 | % | 99.69 | % | ||||||||
Annualized |
5.31 | % | 8.84 | % | 8.13 | % | 7.16 | % | ||||||||
Since division inception in Variable Life Account(b) |
| | | | ||||||||||||
Annualized |
| | | | ||||||||||||
Since portfolio inception(b) |
| | | | ||||||||||||
Annualized |
| | | | ||||||||||||
Variable Executive Life & Variable Joint Life(a) | ||||||||||||||||
1 year |
5.15 | % | 6.03 | % | 11.65 | % | 10.38 | % | ||||||||
5 years |
53.79 | % | 89.17 | % | 93.03 | % | 100.71 | % | ||||||||
Annualized |
8.99 | % | 13.60 | % | 14.06 | % | 14.95 | % | ||||||||
10 years |
75.71 | % | 144.28 | % | 128.54 | % | 108.86 | % | ||||||||
Annualized |
5.80 | % | 9.34 | % | 8.62 | % | 7.64 | % | ||||||||
Since division inception in Variable Life Account(b) |
| | | | ||||||||||||
Annualized |
| | | | ||||||||||||
Since portfolio inception(b) |
| | | | ||||||||||||
Annualized |
| | | |
All total return figures shown above reflect the deduction of portfolio expenses. Returns do not reflect premium deductions such as sales charges, premium taxes, surrender charges or cost of insurance charges. The returns shown would be lower if excluded contract charges were included and/or if underlying portfolio expense reimbursements and fee waivers were not reflected.
Performance quoted for periods prior to each products inception date is based on the actual investment experience of the portfolio, adjusted for the expenses of the product.
(a) | Variable Executive Life policies were offered from March 2, 1998 to December 31, 2008. Variable Joint Life policies were offered from December 10, 1998 to December 31, 2008. |
(b) | See the following footnotes for division and portfolio inception dates. |
(c) | Division inception on November 15, 2013. |
(d) | Division inception on June 30, 2011. |
(e) | Portfolio inception on April 30, 2007. |
(f) | Portfolio inception on February 28, 2006. |
viii
Russell Multi-Style Equity Division |
Russell Aggressive Equity Division |
Russell Non-U.S. Division |
Russell Core |
Russell Real Estate |
Russell LifePoints Moderate Strategy Division |
Russell LifePoints Balanced Strategy Division |
Russell LifePoints Growth Strategy Division |
Russell LifePoints Equity Growth Strategy Division |
Credit Suisse Trust Commodity Return Strategy Division |
|||||||||||||||||||||||||||||
11.09 | % | 1.00 | % | (4.97 | %) | 4.88 | % | 14.12 | % | 4.28 | % | 4.04 | % | 3.19 | % | 2.92 | % | (17.39 | %) | |||||||||||||||||||
91.61 | % | 91.70 | % | 31.81 | % | 26.21 | % | 68.65 | % | 36.44 | % | 43.89 | % | 46.98 | % | 50.61 | % | (27.64 | %) | |||||||||||||||||||
13.89 | % | 13.90 | % | 5.68 | % | 4.77 | % | 11.02 | % | 6.41 | % | 7.55 | % | 8.01 | % | 8.53 | % | (6.27 | %) | |||||||||||||||||||
94.04 | % | 76.37 | % | 44.38 | % | 55.37 | % | 72.69 | % | | | | | | ||||||||||||||||||||||||
6.85 | % | 5.84 | % | 3.74 | % | 4.51 | % | 5.62 | % | | | | | | ||||||||||||||||||||||||
| | | | | 17.51 | %(d) | 21.80 | %(d) | 23.08 | %(d) | 25.38 | %(d) | (15.97 | %)(c) | ||||||||||||||||||||||||
| | | | | 4.71 | % | 5.79 | % | 6.11 | % | 6.67 | % | (14.32 | %) | ||||||||||||||||||||||||
| | | | | 36.41 | %(e) | 32.95 | %(e) | 24.97 | %(e) | 16.49 | %(e) | (29.99 | %)(f) | ||||||||||||||||||||||||
| | | | | 4.13 | % | 3.78 | % | 2.95 | % | 2.01 | % | (3.95 | %) | ||||||||||||||||||||||||
11.20 | % | 1.10 | % | (4.88 | %) | 4.98 | % | 14.24 | % | 4.38 | % | 4.14 | % | 3.29 | % | 3.02 | % | (17.31 | %) | |||||||||||||||||||
92.57 | % | 92.66 | % | 32.47 | % | 26.84 | % | 69.49 | % | 37.12 | % | 44.61 | % | 47.72 | % | 51.36 | % | (27.28 | %) | |||||||||||||||||||
14.00 | % | 14.01 | % | 5.79 | % | 4.87 | % | 11.13 | % | 6.52 | % | 7.66 | % | 8.12 | % | 8.64 | % | (6.17 | %) | |||||||||||||||||||
95.98 | % | 78.14 | % | 45.83 | % | 56.93 | % | 74.42 | % | | | | | | ||||||||||||||||||||||||
6.96 | % | 5.94 | % | 3.84 | % | 4.61 | % | 5.72 | % | | | | | | ||||||||||||||||||||||||
| | | | | 17.92 | %(d) | 22.23 | %(d) | 23.51 | %(d) | 25.82 | %(d) | (15.87 | %)(c) | ||||||||||||||||||||||||
| | | | | 4.82 | % | 5.90 | % | 6.21 | % | 6.77 | % | (14.23 | %) | ||||||||||||||||||||||||
| | | | | 37.45 | %(e) | 33.96 | %(e) | 25.93 | %(e) | 17.38 | %(e) | (29.37 | %)(f) | ||||||||||||||||||||||||
| | | | | 4.23 | % | 3.89 | % | 3.05 | % | 2.11 | % | (3.86 | %) | ||||||||||||||||||||||||
11.70 | % | 1.56 | % | (4.45 | %) | 5.45 | % | 14.75 | % | 4.85 | % | 4.61 | % | 3.76 | % | 3.48 | % | (16.94 | %) | |||||||||||||||||||
96.94 | % | 97.03 | % | 35.48 | % | 29.72 | % | 73.33 | % | 40.23 | % | 47.90 | % | 51.42 | % | 54.80 | % | (25.63 | %) | |||||||||||||||||||
14.52 | % | 14.53 | % | 6.26 | % | 5.34 | % | 11.63 | % | 7.00 | % | 8.14 | % | 8.65 | % | 9.13 | % | (5.75 | %) | |||||||||||||||||||
105.29 | % | 86.60 | % | 52.75 | % | 64.38 | % | 82.70 | % | | | | | | ||||||||||||||||||||||||
7.46 | % | 6.44 | % | 4.33 | % | 5.10 | % | 6.21 | % | | | | | | ||||||||||||||||||||||||
| | | | | 19.79 | %(d) | 24.17 | %(d) | 25.47 | %(d) | 27.82 | %(d) | (15.45 | %)(c) | ||||||||||||||||||||||||
| | | | | 5.29 | % | 6.37 | % | 6.69 | % | 7.26 | % | (13.84 | %) | ||||||||||||||||||||||||
| | | | | 42.27 | %(e) | 38.66 | %(e) | 30.64 | %(e) | 21.50 | %(e) | (26.51 | %)(f) | ||||||||||||||||||||||||
| | | | | 4.70 | % | 4.35 | % | 3.55 | % | 2.57 | % | (3.42 | %) |
ix
Performance Summary (unaudited), continued as of December 31, 2014
Custom Variable Universal Life, Executive Variable Universal Life & Survivorship Variable Universal Life
Total return (as of December 31, 2014) |
Growth |
Focused Appreciation Division |
Large Cap Stock |
Large Cap Blend Division |
Index 500 Stock Division |
|||||||||||||||
1 year |
9.02 | % | 9.43 | % | 8.56 | % | 12.58 | % | 13.46 | % | ||||||||||
5 years |
85.55 | % | 74.13 | % | 73.82 | % | 89.52 | % | 103.15 | % | ||||||||||
Annualized |
13.16 | % | 11.73 | % | 11.69 | % | 13.64 | % | 15.23 | % | ||||||||||
10 years |
100.54 | % | 131.64 | % | 81.72 | % | | 106.70 | % | |||||||||||
Annualized |
7.21 | % | 8.76 | % | 6.15 | % | | 7.53 | % | |||||||||||
Since division inception in Variable Life Account II |
| | | 60.28 | %(c) | | ||||||||||||||
Annualized |
| | | 14.41 | % | | ||||||||||||||
Since portfolio inception(a) |
| | | 34.87 | %(d) | | ||||||||||||||
Annualized |
| | | 3.98 | % | | ||||||||||||||
International Growth Division |
Research Division |
International Equity Division |
Emerging |
Money Market Division |
||||||||||||||||
1 year |
(4.52 | %) | (6.71 | %) | (8.80 | %) | (6.25 | %) | 0.07 | % | ||||||||||
5 years |
36.45 | % | 28.77 | % | 30.20 | % | 6.65 | % | 0.75 | % | ||||||||||
Annualized |
6.41 | % | 5.19 | % | 5.42 | % | 1.30 | % | 0.15 | % | ||||||||||
10 years |
45.99 | % | | 67.91 | % | | 18.60 | % | ||||||||||||
Annualized |
3.86 | % | | 5.32 | % | | 1.72 | % | ||||||||||||
Since division inception in Variable Life Account II |
| 8.90 | %(c) | | (13.74 | %)(c) | | |||||||||||||
Annualized |
| 2.46 | % | | (4.13 | %) | | |||||||||||||
Since portfolio inception(a) |
| 2.12 | %(d) | | 1.10 | %(d) | | |||||||||||||
Annualized |
| 0.27 | % | | 0.14 | % | | |||||||||||||
Current yield(f) |
0.00 | % | ||||||||||||||||||
Fidelity VIP Contrafund Division |
Neuberger Berman AMT Socially Responsive Division |
Russell Multi-Style Equity Division |
Russell Aggressive Equity Division |
Russell Non-U.S. Division |
||||||||||||||||
1 year |
11.65 | % | 10.38 | % | 11.70 | % | 1.56 | % | (4.45 | %) | ||||||||||
5 years |
93.03 | % | 100.71 | % | 96.94 | % | 97.03 | % | 35.48 | % | ||||||||||
Annualized |
14.06 | % | 14.95 | % | 14.52 | % | 14.53 | % | 6.26 | % | ||||||||||
10 years |
128.54 | % | 108.86 | % | 105.29 | % | 86.60 | % | 52.75 | % | ||||||||||
Annualized |
8.62 | % | 7.64 | % | 7.46 | % | 6.44 | % | 4.33 | % | ||||||||||
Since division inception in Variable Life Account II |
| | | | | |||||||||||||||
Annualized |
| | | | | |||||||||||||||
Since portfolio inception(a) |
| | | | | |||||||||||||||
Annualized |
| | | | |
All total return figures shown above reflect the deduction of portfolio expenses. Returns do not reflect premium deductions such as sales charges, premium taxes, surrender charges or cost of insurance charges. The returns shown would be lower if excluded contract charges were included and/or if underlying portfolio expense reimbursements and fee waivers were not reflected.
Performance quoted for periods prior to each products inception date is based on the actual investment experience of the portfolio, adjusted for the expenses of the product.
(a) | Returns are stated as of the inception date of the portfolio, which precedes the inception date of the division. See the following footnotes for division and portfolio inception dates. |
(b) | Division inception on November 15, 2013. |
(c) | Division inception on June 30, 2011. |
(d) | Portfolio inception on April 30, 2007. |
(e) | Portfolio inception on February 28, 2006. |
(f) | For the seven-day period ended December 31, 2014, the Money Market Portfolios yield was 0.00% and was equivalent to a compound effective yield of 0.00%. The seven-day yield does not include deductions that are included in the separate account. The yield quotation more closely reflects the current earnings of the Money Market Portfolio than the total return quotation. Effective December 31, 2008, a portion of the management fee for the Money Market Portfolio has been voluntarily waived. The performance shown for this division would have been lower without the fee waiver. This fee waiver is voluntary and may be revised or terminated at any time. |
x
Large Company Value Division |
Domestic Equity Division |
Equity Income Division |
Mid Cap Growth Stock Division |
Index 400 Stock Division |
Mid Cap Value Division |
Small Cap Growth Stock Division |
Index 600 Stock Division |
Small Cap Value Division |
||||||||||||||||||||||||||
13.03 | % | 13.87 | % | 7.43 | % | 8.49 | % | 9.42 | % | 16.69 | % | 8.66 | % | 5.34 | % | 0.22 | % | |||||||||||||||||
94.63 | % | 101.84 | % | 86.99 | % | 77.20 | % | 112.31 | % | 111.19 | % | 101.73 | % | 117.98 | % | 84.78 | % | |||||||||||||||||
14.25 | % | 15.08 | % | 13.34 | % | 12.12 | % | 16.25 | % | 16.13 | % | 15.07 | % | 16.86 | % | 13.07 | % | |||||||||||||||||
| 89.69 | % | 91.68 | % | 87.58 | % | 147.37 | % | 103.71 | % | 92.98 | % | | 110.94 | % | |||||||||||||||||||
| 6.61 | % | 6.72 | % | 6.49 | % | 9.48 | % | 7.37 | % | 6.79 | % | | 7.75 | % | |||||||||||||||||||
67.45 | %(c) | | | | | | | 61.27 | %(c) | | ||||||||||||||||||||||||
15.85 | % | | | | | | | 14.61 | % | | ||||||||||||||||||||||||
38.65 | %(d) | | | | | | | 76.39 | %(d) | | ||||||||||||||||||||||||
4.35 | % | | | | | | | 7.68 | % | | ||||||||||||||||||||||||
Short-Term Bond Division |
Select Bond |
Long-Term U.S. Government Bond Division |
Inflation Protection Division |
High Yield Bond Division |
Multi-Sector Bond Division |
Balanced Division |
Asset Allocation Division |
Fidelity VIP Mid Cap Division |
||||||||||||||||||||||||||
0.38 | % | 5.56 | % | 23.73 | % | 3.14 | % | 1.18 | % | 3.25 | % | 5.56 | % | 5.15 | % | 6.03 | % | |||||||||||||||||
7.35 | % | 23.83 | % | 58.78 | % | 19.96 | % | 46.13 | % | 38.80 | % | 48.37 | % | 53.79 | % | 89.17 | % | |||||||||||||||||
1.43 | % | 4.37 | % | 9.69 | % | 3.71 | % | 7.88 | % | 6.78 | % | 8.21 | % | 8.99 | % | 13.60 | % | |||||||||||||||||
| 57.77 | % | | | 90.40 | % | | 69.06 | % | 75.71 | % | 144.28 | % | |||||||||||||||||||||
| 4.67 | % | | | 6.65 | % | | 5.39 | % | 5.80 | % | 9.34 | % | |||||||||||||||||||||
2.58 | %(c) | | 39.33 | %(c) | 8.19 | %(c) | | 18.80 | %(c) | | | | ||||||||||||||||||||||
0.73 | % | | 9.93 | % | 2.27 | % | | 5.04 | % | | | | ||||||||||||||||||||||
21.88 | %(d) | | 91.81 | %(d) | 38.99 | %(d) | | 59.52 | %(d) | | | | ||||||||||||||||||||||
2.61 | % | | 8.86 | % | 4.39 | % | | 6.28 | % | | | | ||||||||||||||||||||||
Russell Bond |
Russell Real Estate |
Russell LifePoints Moderate Strategy Division |
Russell LifePoints Balanced Strategy Division |
Russell LifePoints Growth Strategy Division |
Russell LifePoints Equity Growth Strategy Division |
Credit Suisse Trust |
||||||||||||||||||||||||||||
5.45 | % | 14.75 | % | 4.85 | % | 4.61 | % | 3.76 | % | 3.48 | % | (16.94 | %) | |||||||||||||||||||||
29.72 | % | 73.33 | % | 40.23 | % | 47.90 | % | 51.42 | % | 54.80 | % | (25.63 | %) | |||||||||||||||||||||
5.34 | % | 11.63 | % | 7.00 | % | 8.14 | % | 8.65 | % | 9.13 | % | (5.75 | %) | |||||||||||||||||||||
64.38 | % | 82.70 | % | | | | | | ||||||||||||||||||||||||||
5.10 | % | 6.21 | % | | | | | | ||||||||||||||||||||||||||
| | 19.79 | %(c) | 24.17 | %(c) | 25.47 | %(c) | 27.82 | %(c) | (15.45 | %)(b) | |||||||||||||||||||||||
| | 5.29 | % | 6.37 | % | 6.69 | % | 7.26 | % | (13.84 | %) | |||||||||||||||||||||||
| | 42.27 | %(d) | 38.66 | %(d) | 30.64 | %(d) | 21.50 | %(d) | (26.51 | %)(e) | |||||||||||||||||||||||
| | 4.70 | % | 4.35 | % | 3.55 | % | 2.57 | % | (3.42 | %) | |||||||||||||||||||||||
xi
\:SM7$T$(!\2:_P##3X_[?&W@BST3QU-X(USXR:U^
MT%:ZM#?W_P#:$.I67QMN]"B^&MJHNOM*:%>V$>A>/(8E*V_V*UO(P`DGEL;!
ML>HW*?M&>&K+7/%W@WPOK+^)K"QFLK?P[)H]O'I_B"SU'X\?&'34ABM9U,-O
M=V?AKQ'X4\527$(CEGM=,CWLZ731N;?(-OD
D!
M\@'Z`@,"#`(4`AT")@(O`C@"00)+`E0"70)G`G$">@*$`HX"F`*B`JP"M@+!
M`LL"U0+@`NL"]0,``PL#%@,A`RT#.`-#`T\#6@-F`W(#?@.*`Y8#H@.N`[H#
MQP/3`^`#[`/Y!`8$$P0@!"T$.P1(!%4$8P1Q!'X$C`2:!*@$M@3$!-,$X03P
M!/X%#044%]@8&!A8&)P8W!D@&
M609J!GL&C`:=!J\&P`;1!N,&]0<'!QD'*P<]!T\'80=T!X8'F0>L![\'T@?E
M!_@("P@?"#((1@A:"&X(@@B6"*H(O@C2".<(^PD0"24).@E/"60)>0F/":0)
MN@G/">4)^PH1"B<*/0I4"FH*@0J8"JX*Q0K<"O,+"PLB"SD+40MI"X`+F`NP
M"\@+X0OY#!(,*@Q##%P,=0R.#*<,P`S9#/,-#0TF#4`-6@UT#8X-J0W##=X-
M^`X3#BX.20YD#G\.FPZV#M(.[@\)#R4/00]>#WH/E@^S#\\/[!`)$"800Q!A
M$'X0FQ"Y$-<0]1$3$3$13Q%M$8P1JA')$>@2!Q(F$D429!*$$J,2PQ+C$P,3
M(Q-#$V,3@Q.D$\43Y10&%"<4211J%(L4K13.%/`5$A4T%585>!6;%;T5X!8#
M%B86219L%H\6LA;6%OH7'1=!%V47B1>N%](7]Q@;&$`891B*&*\8U1CZ&2`9
M11EK&9$9MQG=&@0:*AI1&G<:GAK%&NP;%!L[&V,;BANR&]H<`APJ'%(<>QRC
M',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB`5($$@
M;""8(,0@\"$<(4@A=2&A( &YXS'DJ>8EYYWI&
M>J5[!'MC>\)\(7R!?.%]07VA?@%^8G["?R-_A'_E@$>`J($*@6N!S8(P@I*"
M](-7@[J$'82`A..%1X6KA@Z& Z_Y&S3_^N$E97C74'7R;!#A6'F2>_/`H
M&.O_`!LJ2,EA;B0#CS)"0#]!6/-XKU:7.+A8A_TS0"J-CIEQ?AW3;'!'_K)Y
M#A%_'^E3M-IUCQ:QF]F'_+:88C!]D[_C2`JW+W,ZK/>32.7Y3>V2??Z5Z#X<
ML_L6BVZL,/(/,;ZG_P"MBN%T^%]5U0&Y _%7[BXN!?1VUN(ANB:0M(">A48X^M`%P*JYVJ!DYX%*55L94'!R,BLZ#6
M('MUDERK!29-@+*@!(R2!TX./:GW6KVUM#TO_?EO\*2[Y\6:?GG]Q)6U
MM7^Z/RH`QO\`A*])_P">TO\`WY;_``H_X2O2?^>TO_?EO\*V=J_W1^5&U?[H
M_*@#&_X2O2>\\@]S$W^%;"L'4,IR",@U0UJWCN-)GADFBMU<`>8_`'(-&E:C
M#J$<@M@S0P;8Q(1C><RA,UU-'#C=(P49H`FHID1>,H-8L?*\B2/R[E6;!/;(XY[?E73
M44`<_P"*='NM833Q:>7F"Y65][8^4>E=!110`5Q7B[P;-J]]%?:=Y2S'Y9E=
MMH;'0_7M^5=K10`U!A%!Z@5@Z+H]U8:_K-Y/Y?DWCJT6ULG`SU].M=!10`5%
M4]`%RSU.TOHFD@F0A6*D%AD8;;^I'%6BZA@I
M8`GD`GK7+".%/#LA5(U87WS8`!`%SWK0U:ZCM-5M)W&\0VUQ(RKU(`2@#2%[
M;RI+]GGBE>-22J.&Q]<5734G&A1ZB\.XF%9F1#T!`)Q]!FLJ;S_[3T^26.UA
M#PS;5@))QLS@GC(Z5K:*H?0+!6`*FVC!![_**`)[N\2UL7N@ID``*JO\9/``
M^I(IWVRW$PA:>%9S_P`L]XW9^E8ED3+<6^DN2?L#EI,]U7_5?S!_X":@U:XD
MN].N)XX;:*".X";V_P!:660#/L26"G:3N_C
MV[L?3'>HUU5GF6,6Y&[@,S<9VA@,XZG/Z4`9,^I:G+8-$HECNF4ME(3POE;L
MCMG=D>M3OJUTN4`G?#,=RVYR4V95N1CK6[!*)X(Y5!"NH8`^]24`<[9W=[MN
M[AXW>X,(6+,9`
D!
M\@'Z`@,"#`(4`AT")@(O`C@"00)+`E0"70)G`G$">@*$`HX"F`*B`JP"M@+!
M`LL"U0+@`NL"]0,``PL#%@,A`RT#.`-#`T\#6@-F`W(#?@.*`Y8#H@.N`[H#
MQP/3`^`#[`/Y!`8$$P0@!"T$.P1(!%4$8P1Q!'X$C`2:!*@$M@3$!-,$X03P
M!/X%#044%]@8&!A8&)P8W!D@&
M609J!GL&C`:=!J\&P`;1!N,&]0<'!QD'*P<]!T\'80=T!X8'F0>L![\'T@?E
M!_@("P@?"#((1@A:"&X(@@B6"*H(O@C2".<(^PD0"24).@E/"60)>0F/":0)
MN@G/">4)^PH1"B<*/0I4"FH*@0J8"JX*Q0K<"O,+"PLB"SD+40MI"X`+F`NP
M"\@+X0OY#!(,*@Q##%P,=0R.#*<,P`S9#/,-#0TF#4`-6@UT#8X-J0W##=X-
M^`X3#BX.20YD#G\.FPZV#M(.[@\)#R4/00]>#WH/E@^S#\\/[!`)$"800Q!A
M$'X0FQ"Y$-<0]1$3$3$13Q%M$8P1JA')$>@2!Q(F$D429!*$$J,2PQ+C$P,3
M(Q-#$V,3@Q.D$\43Y10&%"<4211J%(L4K13.%/`5$A4T%585>!6;%;T5X!8#
M%B86219L%H\6LA;6%OH7'1=!%V47B1>N%](7]Q@;&$`891B*&*\8U1CZ&2`9
M11EK&9$9MQG=&@0:*AI1&G<:GAK%&NP;%!L[&V,;BANR&]H<`APJ'%(<>QRC
M',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB`5($$@
M;""8(,0@\"$<(4@A=2&A( &YXS'DJ>8EYYWI&
M>J5[!'MC>\)\(7R!?.%]07VA?@%^8G["?R-_A'_E@$>`J($*@6N!S8(P@I*"
M](-7@[J$'82`A..%1X6KA@Z& /\!4FT>@H`R=2NU>V
MM7,[16SS!;B2-B-HP>,CH-V`367<:U Z<
M]*AM-;O3%;^=+;O--%'^\Y$:%F;EAG_9QVY(KI&MH&<.T,9<'(8J,@^OZ4GV
M2WV,GV>+:_WEV##"
M/?(!'X4`6HYHY7D2-PS1':X'\)QG'Y$4YG5$9W(55&23V%
HQ/&710X)?.W'.<=:Y2[6:2^M$L+
M2>*"*2)D
U`'#1WEV+UI78R2AHH=[Q@DJL\H';K@#FII-2U2WMK1UNI9#
RN%NXKF(72D''EL4/RE3G+9R<@YSVI;?PJD$L^1]H`6'RV0LNU.2<<`'=P<`\U'JHU"ZN
M+^*)+U(O)<80G#$;2I4XXS\W`-`'4T5@7[WBM$+9KW;Y(,&U,[I,]),C@8QU
MQWJO')JEP(87^V1D"-)G";>=YW$''/&.1VH`Z>BD`P`,DX]:6@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`*]Y=BSB5RC2.[!$1<99CT'/%49M
M=BMX7>6WF#(YC9``2&";ST/I5^ZM8KR'RI@<9#`JQ4J1T((Z&J@T.S$GF`SA
M^N[SW^]MV[NOWL<9H`K)X@9IG!LG\ORXV1TE1M[.2`HP<=1UZ=:4^(5\QHUL
MKAGC9$E`*?(S,5`Z\\CMV-$^G:38JBS,T7F#8/WK98@E]W7J"2=W;-6XM(LH
MP=D;'>49F+DEBK;@23U.30!1/BBU25(I(I$D)PZEERAW%<8SSRIY&:L-K2I;
MV4KVTB&[/R*S*,#J"3G'3MG-2_V-9B8RJKJQSNVR,`^23R,\\L?SI9K&SN8(
M;1F8Q(,"-9"`P7`(.#R.G6@"E%XGMKB416T,DKLX5`K+\P.[GKQ]T\'GI3W\
M0P#R6V.BG)E++]S`?(//7Y&_*K<.DVD#JR*^$?S$4R$JAP1P.WWCQ2'1[$M(
M3`#YLIE?)."Q4J?T)X]Z`*DWB*&UDACNK>2&23!VLR9"DX#8!YY[#G@TZYUR
MULKF[1X2K1;0S$JI=C@#J1\W&?6@"?5;B]M_LYM&MP))5B;S49NIZC!%4UUZ2,F.X@*L9VB250"K8D"
MXQG(X-7[QK&UMX!>S*D<;JR-(_)8=.>]036^DM/!!)(GFLYFC3S.26;<3],B
M@!!K\1TZ2]\B38L@C"EESR<9;GY??=C%0GQ`8[DJUN3`HD:24,O[L(JL>_/W
MNU3V]MIT_P!K@MKEWD9@9F2=B^1P!NSGVQ3)+#1K0&.0I$L2EF3S",(P"
EKG;">]MM2F%X9%MPQB6/8Q'+@1E3MP..N">O.,5'J$NIMJ
2SN(K=610P
M`/[PC`YYXX&,CF@#4@O8;F9XX6W[$1]PY4ALXP>_W35FLO1]*?3=^^57W(J\
M`CHSGO\`[_Z5J4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!GZ
MS/\`9[)9?,\I1/%N;.,+O7.?;%8E_>S7.H^9:S>;;PN9%2,DB4K%N`R#ZUU1
M`(P1D>]`51T`'T%`&/H>IRWL1%T\)=CF/8RY88&>`3C!..OI6/\`VW>30VTJ
MRI='Y962!2NQL']V>3G/]*Z[RTW!MB[AD`XY&>O\J;!;Q6T*0PH%C084>E`'
M*MXCO8]/\UY(O-W$Q[0K"0``E3AN#D^Y]J=<>(+^(R1*\)D$I!O2C8N"-HP><8H`QKK59()T$\T5JJP+*5*[S*QSE5Y'
M3`Z>M9,>IW5[.C-,6"N$#1_*&'FPG)`)'1B.M=@0"02!QTHVJ.@'Y4`98>XC
MUJY6%6F0QQ$J\F%3)<$CCV'%
V*Z;:/0>M&!G..:`,`:Q*NJR1/
GEOY)5EC$+2\
M)S_JV.95^I8"@"Z7T>&(Q;854(L9CQR$+8`QZ;JD>UTF`-<.EN@F=
D!
M\@'Z`@,"#`(4`AT")@(O`C@"00)+`E0"70)G`G$">@*$`HX"F`*B`JP"M@+!
M`LL"U0+@`NL"]0,``PL#%@,A`RT#.`-#`T\#6@-F`W(#?@.*`Y8#H@.N`[H#
MQP/3`^`#[`/Y!`8$$P0@!"T$.P1(!%4$8P1Q!'X$C`2:!*@$M@3$!-,$X03P
M!/X%#044%]@8&!A8&)P8W!D@&
M609J!GL&C`:=!J\&P`;1!N,&]0<'!QD'*P<]!T\'80=T!X8'F0>L![\'T@?E
M!_@("P@?"#((1@A:"&X(@@B6"*H(O@C2".<(^PD0"24).@E/"60)>0F/":0)
MN@G/">4)^PH1"B<*/0I4"FH*@0J8"JX*Q0K<"O,+"PLB"SD+40MI"X`+F`NP
M"\@+X0OY#!(,*@Q##%P,=0R.#*<,P`S9#/,-#0TF#4`-6@UT#8X-J0W##=X-
M^`X3#BX.20YD#G\.FPZV#M(.[@\)#R4/00]>#WH/E@^S#\\/[!`)$"800Q!A
M$'X0FQ"Y$-<0]1$3$3$13Q%M$8P1JA')$>@2!Q(F$D429!*$$J,2PQ+C$P,3
M(Q-#$V,3@Q.D$\43Y10&%"<4211J%(L4K13.%/`5$A4T%585>!6;%;T5X!8#
M%B86219L%H\6LA;6%OH7'1=!%V47B1>N%](7]Q@;&$`891B*&*\8U1CZ&2`9
M11EK&9$9MQG=&@0:*AI1&G<:GAK%&NP;%!L[&V,;BANR&]H<`APJ'%(<>QRC
M',P<]1T>'4<=:AZ4'KX>Z1\3'SX?:1^4'[\?ZB`5($$@
M;""8(,0@\"$<(4@A=2&A( &YXS'DJ>8EYYWI&
M>J5[!'MC>\)\(7R!?.%]07VA?@%^8G["?R-_A'_E@$>`J($*@6N!S8(P@I*"
M](-7@[J$'82`A..%1X6KA@Z& L221Z=>1W#QC ./;OUKHC@Q:9<;8(A,@/25.>AQUXZ5`_CFV`26*V,MN\HC5A(-S+E
M1O"XZ;CCKVH`L1^$Q`L$<.H3)%;7/VF!-BG83NR,XY'S'K4">!K9($A%Y/Y1
M14F7`_>A7+K],$]J8OC!Y);:5[<6UM()\>9(N',?'WOX>?:JB^.9VO)9A9M]
MC@MRTT6X!E82;2P)Z\$<<4`;>G>%X-/X\]YE^QBS*LHY4$G/_CU9L7P^LHH7
MC6[G)>$1,Q`)SO#;OK@!?H*CL_&DBJL4]K-=SM+,3Y*8*Q+*4''<_P"%6;GQ
M9+9ZI>VGV5KDQR,J`,$P%B$AY[]30!,?"$1G9S>RE#)/(J%%^4RKM;GOZBBY
M\(I=["W:5P0S&,9((P?TXIB^'M(6,1C3K8*'#@;!PP&,_E7%6%UXB_
MM$W3Q7*WDRPQ[3;'RY0LC!MQQ\F%YSQ5W^U_$RDN\,Y570SJ+;_5?O<%4X^<
M%.<\T`='>>&]/N[5;985@A%PMRZ1J`'8>OUJW%I&GP`B*S@0&+R2`@P4Y.WZ
M
!
MD]^U32>&$:Z,N]&C,87RV#8#!-O0$#!!Z>YJS+XCLH8M["7J1MP`0<@#.3QG
M((]JB;Q/;O`\EK;SS%0AV_*I.X@<9.3][KT]Z`*R^%I#+YDUYYI*%<$,-IPP
M&.>0`W?)JXFA&&\AN(GB'ENK;3'P0$V'OP>].?Q#!'(RM:W6%+9?8N,*VUCU
M[$BDB\2V<[LEO'-,^\(JH%.[.[!'/3Y3UQ0`R70/-N;B1I(C'+YA"^7R"Z@<
MG/.,?K2Z9H`L+V2=I?-#*0N>