Washington National Variable Annuity Fund A
Semi-Annual Report
as of June 30, 1996
We enclose for your information our Semi-
Annual Report reflecting the financial
condition of Washington National
Variable Annuity Fund A at June 30,
1996. The value of a contract owner's
accumulation unit in the Fund on June
30, 1996 and December 31, 1995 was
$13.658892 and $12.805833, respectively.
Total contract owners' equity during
that same period was $4,139,041 and
$3,851,321, respectively.
Washington National Variable Annuity
Fund A, a segregated investment account
established by Washington National
Insurance Company, invests its funds at
net asset value in shares of Fundamental
Investors, Inc., a mutual fund managed
by Capital Research and Management Co.
of Los Angeles, California. The
principal investment objective of the
mutual fund is the increase of capital
and income over the years.
The operating results of Fundamental
Investors, Inc., for the period ended
June 30, 1996 may be found in its Semi-
Annual Report, a copy of which is
enclosed with this report.
August 23, 1996
/c/ Robert W. Patin
Chairman of the Board
Washington National Insurance Company
<PAGE>
<TABLE>
Washington National Variable Annuity Fund A
STATEMENT OF ASSETS AND CONTRACT OWNERS' EQUITY (Unaudited)
<CAPTION>
June 30, 1996
<S> <C>
ASSETS
Investment in Fundamental Investors, Inc. - at net asset value,
$23.49 a share (cost $1,247,039) - Note B $ 4,067,668
Cash 71,373
$ 4,139,041
CONTRACT OWNERS' EQUITY
Value of 300,276 accumulation units ($13.658892 per unit) $ 4,101,436
Annuity reserves (2,753 equivalent accumulation units) 37,605
$ 4,139,041
</TABLE>
<TABLE>
STATEMENT OF CHANGES IN CONTRACT OWNERS' EQUITY (Unaudited)
<CAPTION>
Period of Six Months Ended June 30, 1996
<S> <C>
Additions (deductions) :
From investment activities:
Net investment income $ 49,209
Net realized and unrealized gain on investment 205,943
INCREASE IN CONTRACT OWNERS' EQUITY
FROM INVESTMENT ACTIVITIES 255,152
From capital transactions:
Contract purchase payments 80,887
Sales and administrative charges - Note C (4,463)
Premium taxes (403)
Annuity payments (3,881)
Withdrawals and contracts surrendered (39,572)
INCREASE IN CONTRACT OWNERS' EQUITY
FROM CAPITAL TRANSACTIONS 32,568
NET INCREASE IN CONTRACT OWNERS' EQUITY 287,720
Contract owners' equity:
Beginning of year 3,851,321
End of period $ 4,139,041
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS (UNAUDITED)
<CAPTION>
Period of Six Months Ended June 30, 1996
<S> <C>
Investment income:
Dividends $ 34,448
Capital gains dividends 36,098
Less mortality and expense assurance - Note C (21,337)
NET INVESTMENT INCOME $ 49,209
Realized and unrealized gain (loss) on investment:
Realized loss - Note B and D $ (135)
Unrealized gain on investments:
End of period 2,820,629
Beginning of year 2,614,551
UNREALIZED GAIN 206,078
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENT $ 205,943
<FN>
See Notes to Financial Statements
</TABLE>
<PAGE>
Washington National
Variable Annuity
Fund A
Notes to Financial Statements
June 30, 1996
NOTE A - THE FUND
The Washington National Variable Annuity
Fund A (the "Fund") is a segregated
investment account of Washington
National Insurance Company ("WNIC").
WNIC is a wholly-owned subsidiary of
Washington National Corporation. The
Fund is registered as a unit investment
trust under the Investment Company Act
of 1940. The Fund no longer issues new
contracts.
NOTE B - INVESTMENT
Net asset value of Fund shares
represents the market value of the
shares as of June 30, 1996.
Realized gains and losses on investment
are determined on a specific cost basis.
NOTE C - DEDUCTIONS FOR SALES AND
ADMINISTRATIVE CHARGES AND
FOR MORTALITY AND EXPENSE
ASSURANCE
Deductions were made from the purchase
payments and current value of the Fund
and paid to WNIC as follows:
- - Sales and administrative charges are
deducted from purchase payments to
reimburse WNIC for administrative
expenses incurred in administering
the Fund and to provide compensation
to sales agents.
- - Payments which represent .000028 per
daily valuation period (annual basis
of 1.022%) of the current value
of the Fund are made to WNIC for
mortality and expense assurance.
NOTE D - FEDERAL INCOME TAXES
The operations of the Fund form a part
of, and are taxed with, the operations
of WNIC, which under the Internal
Revenue Code is taxed as a "life
insurance company". The Fund will not
be taxed as a regulated investment
company under subchapter M of the Code.
Under existing federal income tax law,
no taxes are payable on the investment
income or on the realized gains of the
Fund.
The registrant hereby incorporates by
reference the 1996 Semi-Annual Report
of Fundamental Investors, file number
811-32, filed with the Commission on
September 4, 1996.
