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Table of Contents
Letter to Certificate Owners
American Maturity Life Insurance Company Separate Account AMLVA
Financial Statements and Notes to Financial Statements
DREYFUS VARIABLE INVESTMENT FUND
Capital Appreciation Portfolio
Small Cap Portfolio
JANUS ASPEN SERIES
Balanced Portfolio
Worldwide Growth Portfolio
NEUBERGER & BERMAN ADVISERS MANAGEMENT TRUST
Partners Portfolio
SCUDDER VARIABLE LIFE INVESTMENT FUND
Bond Portfolio
Capital Growth Portfolio
Growth & Income Portfolio
Money Market Portfolio
Certificate Owners should refer to the prospectus provided to them at the time
of purchase of their Certificate for a description of investment alternatives
available in Separate Account AMLVA. This prospectus, along with the financial
information contained in this report, provides them with the complete and
up-to-date financial information regarding Separate Account AMLVA.
This report is prepared for the general information on Certificate Owners and
is not an offer of contracts. It should not be used in connection with any
other offer, except in conjunction with the appropriate prospectus which
contains all pertinent information including the applicable sales,
administrative and other charges.
<PAGE>
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200 Hopmeadow Street
Simsbury, Connecticut 06089
Telephone (860) 843-3293
[AMERICAN MATURITY LIFE INSURANCE COMPANY LOGO] Fax (860) 843-3623
Mailing Address: P.O. Box 2999
Hartford, CT 06104-2999
August 18, 1997
Dear AARP Variable Annuity Certificate Owner:
Achieving financial security in retirement is a very important goal for
most Americans, particularly as we look forward to longer life
expectancies than any previous generation. When you recently purchased
your AARP Variable Annuity you took an important step towards achieving
that goal.
Your AARP Variable Annuity offers many features and benefits, designed
especially with AARP members like you in mind, to help you achieve your
goal of financial security. Among these are: the benefit of deferring
taxes on all earnings until withdrawal; a wide range of investment
options, ranging from aggressive to conservative, to meet your personal
investment style; and the opportunity to convert your accumulated assets
into a future stream of income.
The AARP Variable Annuity also gives you the confidence of having your
investment managed by some of America's premier investment managers--The
Dreyfus Corporation, Janus Capital Corporation, Neuberger & Berman
Management Incorporated and Scudder, Stevens & Clark, Inc.
I am happy to enclose your first semi-annual report outlining the
performance of the portfolios. You will continue to receive these
semi-annual reports in addition to your regular quarterly statements. As
you review this most recent information, I hope you are as pleased as we
are with the outstanding results.
If you have any questions regarding the performance of the portfolios,
or any other aspect of your AARP Variable Annuity, please feel free to
call one of our Customer Service Annuity Specialists at 1-800-923-3334.
At American Maturity Life we take seriously our commitment to you and to
all AARP members to provide well-designed products, consistent portfolio
performance and the highest quality of service. We appreciate your
business and the opportunity to participate in your plans for a more
financially secure retirement.
Sincerely,
[Joseph J. Noto Signature]
Joseph J. Noto
Chief Operating Officer
<PAGE>
Separate Account AMLVA
American Maturity Life Insurance Company
Statement of Assets & Liabilities
June 30, 1997 (Unaudited)
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<TABLE>
<CAPTION>
Scudder Scudder Janus
Money Market Bond Balanced
Fund Fund Fund
Sub-Account Sub-Account Sub-Account
-------------- ------------- ------------
<S> <C> <C> <C>
Assets:
Investments:
Scudder Money Market Fund
Shares 113,820
Cost $113,820
Market Value ...................................................... $ 113,820 -- --
Scudder Bond Fund
Shares 8,690
Cost $57,750
Market Value ...................................................... -- $ 58,136 --
Janus Balanced Fund
Shares 3,195
Cost $49,988
Market Value ...................................................... -- -- $ 51,793
Scudder Capital Growth Fund
Shares 2,160
Cost $38,180
Market Value ...................................................... -- -- --
Scudder Growth and Income Fund
Shares 14,844
Cost $147,343
Market Value ...................................................... -- -- --
Neuberger and Berman Partners Fund
Shares 5,600
Cost $98,619
Market Value ...................................................... -- -- --
Dreyfus Capital Appreciation Fund
Shares 5,109
Cost $130,906
Market Value ...................................................... -- -- --
Dreyfus Small Capital Fund
Shares 487
Cost $25,816
Market Value ...................................................... -- -- --
Janus World Wide Growth Fund
Shares 7,543
Cost $167,254
Market Value ...................................................... -- -- --
Due from American Maturity Life Insurance Company .................. -- -- --
----------- ----------- -----------
Total Assets ...................................................... 113,820 58,136 51,793
----------- ----------- -----------
Liabilities:
Due to American Maturity Life Insurance Company .................. 11 5 5
----------- ----------- -----------
Total Liabilities ................................................ 11 5 5
----------- ----------- -----------
Net Assets (variable annuity contract liabilities) ............... $ 113,809 $ 58,131 $ 51,788
=========== =========== ===========
Units owned by participants ....................................... 11,242 5,661 4,860
Unit value ......................................................... $10.123296 $10.267777 $10.656620
</TABLE>
The accompanying notes are an integral part of these financial statements.
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2
<PAGE>
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<TABLE>
<CAPTION>
Scudder Scudder Neuberger Dreyfus Dreyfus Janus
Capital Growth & Berman Capital Small World Wide
Growth and Income Partners Appreciation Capital Growth
Fund Fund Fund Fund Fund Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
- ------------- ------------- ------------- -------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
$ 40,894 -- -- -- -- --
-- $ 156,610 -- -- -- --
-- -- $ 101,748 -- -- --
-- -- -- $ 135,580 -- --
-- -- -- -- $ 27,356 --
-- -- -- -- -- $ 172,120
-- -- -- -- 2 --
----------- ----------- ----------- ----------- ----------- -----------
40,894 156,610 101,748 135,580 27,358 172,120
----------- ----------- ----------- ----------- ----------- -----------
4 15 9 13 -- 16
----------- ----------- ----------- ----------- ----------- -----------
4 15 9 13 -- 16
----------- ----------- ----------- ----------- ----------- -----------
$ 40,890 $ 156,595 $ 101,739 $ 135,567 $ 27,358 $ 172,104
=========== =========== =========== =========== =========== ===========
3,570 14,169 9,312 12,142 2,491 15,433
$11.452774 $11.051777 $10.925826 $11.165004 $10.984419 $11.151916
</TABLE>
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<PAGE>
Separate Account AMLVA
American Maturity Life Insurance Company
Statement of Operations
For the Six Months Ended June 30, 1997 (Unaudited)
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<TABLE>
<CAPTION>
Scudder Scudder Janus
Money Market Bond Balanced
Fund Fund Fund
Sub-Account Sub-Account Sub-Account
-------------- ------------- ------------
<S> <C> <C> <C>
Investment Income:
Dividends ............................................. $ 563 $ 200 $ 1,186
Expenses:
Mortality and expense undertakings ..................... (93) (50) (68)
------ ------ -------
Net Investment Income (loss) ........................... 470 150 1,118
Capital gains income .................................... -- -- --
Net realized and unrealized gain (loss) on
investments:
Net realized gain (loss) on security transactions ...... -- -- --
Net unrealized appreciation (depreciation) of
investments during the period ........................ -- 386 1,805
------ ------ -------
Net gain (losses) on investments ..................... -- 386 1,805
------ ------ -------
Net increase (decrease) in net assets resulting from
operations: .......................................... $ 470 $ 536 $ 2,923
====== ====== =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<PAGE>
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<TABLE>
<CAPTION>
Scudder Scudder Neuberger Dreyfus Dreyfus Janus
Capital Growth & Berman Capital Small World Wide
Growth and Income Partners Appreciation Capital Growth
Fund Fund Fund Fund Fund Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
- ------------- ------------- ------------- -------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
$ 36 $ 305 $ -- $ 1 $ -- $ 2,234
(43) (143) (80) (98) (34) (122)
------- ------- ------ ------ ------ -------
(7) 162 (80) (97) (34) 2,112
-- -- -- 2 -- --
-- (2) -- -- -- --
2,714 9,267 3,129 4,674 1,540 4,866
------- ------- ------ ------ ------ -------
2,714 9,265 3,129 4,674 1,540 4,866
------- ------- ------ ------ ------ -------
$2,707 $9,427 $3,049 $4,579 $1,506 $ 6,978
======= ======= ====== ====== ====== =======
</TABLE>
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<PAGE>
Separate Account AMLVA
American Maturity Life Insurance Company
Statement of Changes in Net Assets
For the Six Months Ended June 30, 1997 (Unaudited)
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<TABLE>
<CAPTION>
Scudder Scudder Janus
Money Market Bond Balanced
Fund Fund Fund
Sub-Account Sub-Account Sub-Account
-------------- ------------- ------------
<S> <C> <C> <C>
Operations:
Net investment income (loss) ........................... $ 470 $ 150 $ 1,118
Capital gains income .................................... -- -- --
Net realized gain (loss) on security transactions ...... -- -- --
Net unrealized appreciation (depreciation) of investments
during the period .................................... -- 386 1,805
---------- ------- -------
Net increase (decrease) in net assets resulting from
operations ............................................. 470 536 2,923
---------- ------- -------
Unit transactions:
Purchases ............................................. 174,330 54,606 48,879
Net transfers .......................................... (60,979) 3,005 --
Other activity .......................................... (12) (16) (14)
---------- ------- -------
Total increase (decrease) in net assets resulting from
unit transactions .................................... 113,339 57,595 48,865
---------- ------- -------
Total increase (decrease) in net assets ............... 113,809 58,131 51,788
Net Assets:
Beginning of period .................................... -- -- --
---------- ------- -------
End of period .......................................... $ 113,809 $58,131 $51,788
========== ======= =======
</TABLE>
The accompanying notes are an integral part of these financial statements.
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<PAGE>
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<TABLE>
<CAPTION>
Scudder Scudder Neuberger Dreyfus Dreyfus Janus
Capital Growth & Berman Capital Small World Wide
Growth and Income Partners Appreciation Capital Growth
Fund Fund Fund Fund Fund Fund
Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account Sub-Account
- ------------- --------------- ------------- -------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
$ (7) $ 162 $ (80) $ (97) $ (34) $ 2,112
-- -- -- 2 -- --
-- (2) -- -- -- --
2,714 9,267 3,129 4,674 1,540 4,866
-------- --------- --------- --------- ------- --------
2,707 9,427 3,049 4,579 1,506 6,978
-------- --------- --------- --------- ------- --------
36,677 140,560 93,790 122,681 25,812 128,501
1,503 6,611 4,908 8,313 -- 36,639
3 (3) (8) (6) 40 (14)
-------- --------- --------- --------- ------- --------
38,183 147,168 98,690 130,988 25,852 165,126
-------- --------- --------- --------- ------- --------
40,890 156,595 101,739 135,567 27,358 172,104
-- -- -- -- -- --
-------- --------- --------- --------- ------- --------
$40,890 $156,595 $101,739 $135,567 $27,358 $172,104
======== ========= ========= ========= ======= ========
</TABLE>
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<PAGE>
Separate Account AMLVA
American Maturity Life Insurance Company
Notes to Financial Statements
June 30, 1997 (Unaudited)
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1. Organization:
Separate Account AMLVA (the Account) is a separate investment account
within American Maturity Life Insurance Company (the Company) and is
registered with the Securities and Exchange Commission (SEC) as a unit
investment trust under the Investment Company Act of 1940, as amended.
Both the Company and the Account are subject to supervision and regulation
by the Department of Insurance of the State of Connecticut and the SEC.
The Account invests deposits by variable annuity contractholders of the
Company in various mutual funds (The Funds) as directed by the
contractholders.
2. Significant Accounting Policies:
The following is a summary of significant accounting policies of the
Account, which are in accordance with generally accepted accounting
principles in the investment company industry:
a) Security Transactions--Security transactions are recorded on the trade
date (date the order to buy or sell is executed). Cost of
investments sold is determined on the basis of identified cost.
Dividend and capital gains income are accrued as of the ex-dividend
date. Capital gains income represents dividends from the Funds which
are characterized as capital gains under tax regulations.
b) Security Valuation--The investment in shares of the Scudder Variable
Life Investment Funds, Janus Aspen Series, Neuberger & Berman
Advisers Management Trust and Dreyfus Variable Investment Funds are
valued at the closing net asset value per share as determined by the
appropriate Fund as of June 30, 1997.
c) Federal Income Taxes--The operations of the Account form a part of, and
are taxed with, the total operations of the Company, which is taxed
as an insurance company under the Internal Revenue Code. Under
current law, no federal income taxes are payable with respect to the
operations of the Account.
d) Use of Estimates--The preparation of financial statements in conformity
with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities as of the date of the financial statements
and the reported amounts of income and expenses during the period.
Operating results in the future could vary from the amounts derived
from management's estimates.
3. Administration of the Account and Related Charges:
a) Mortality and Expense Undertakings--The Company, as issuer of variable
annuity contracts, provides the mortality and expense undertakings
and, with respect to the Account, receives a maximum annual fee of
up to .65% of the Account's average daily net assets. The Company
also provides administrative services and receives an annual fee of
0.20% of the Account's average daily net assets.
b) Deduction of Annual Maintenance Fee--Annual maintenance fees are
deducted through termination of units of interest from applicable
contract owners' accounts, in accordance with the terms of the
contracts.
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