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Previous: VARIABLE INSURANCE PRODUCTS FUND, NSAR-AT, 1997-08-28 |
Next: SANTA BARBARA BANCORP, SC 13D, 1997-08-28 |
[GRAPHIC OMITTED]
SELECT VARIABLE ACCOUNT
SEMI-ANNUAL REPORT
FOR THE PERIOD ENDED
JUNE 30, 1997
(UNAUDITED)
This report provides information to ReliaStar Life Insurance Company's Select
Variable Account Contract Owners. If it is used for any other purpose, it must
be accompanied or preceded by a current ReliaStar Select Variable Account
Prospectus which discloses any charges and other important information about the
Account, together with the current Prospectuses for Northstar, Fidelity's
Variable Insurance Product Fund (VIP), Variable Insurance Products II (VIP II)
and Putnam Variable Trust.
<TABLE>
<CAPTION>
RELIASTAR SELECT VARIABLE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1997
(in Thousands, Except Share and Unit Data)
(Unaudited)
Fidelity's VIP Fidelity's VIP Fidelity's VIP Fidelity's VIP
Money Market High Income Equity-Income Growth
ASSETS: Portfolio Portfolio Portfolio Portfolio
- ------- --------- --------- --------- ---------
<S> <C> <C> <C> <C>
Investments in mutual funds at market value:
FIDELITY'S VIP AND VIP II:
Money Market Portfolio
28,735,964 shares (cost $28,736) $28,736
High Income Portfolio
2,906,000 shares (cost $33,738) $36,122
Equity-Income Portfolio
6,510,939 shares (cost $111,974) $143,631
Growth Portfolio
3,776,720 shares (cost $98,163) $129,164
Overseas Portfolio
1,953,460 shares (cost $32,481)
Asset Manager Portfolio
3,558,897 shares (cost $52,557)
Investment Grade Bond Portfolio
1,178,928 shares (cost $13,706)
Index 500 Portfolio
380,526 shares (cost $32,851)
Contrafund Portfolio
1,694,325 shares (cost $26,208)
PUTNAM VARIABLE TRUST:
Putnam VT Diversified Income Fund
927,331 shares (cost $9,829)
Putnam VT Growth and Income Fund
1,737,654 shares (cost $39,056)
Putnam VT Utilities Growth and Income Fund
506,138 shares (cost $6,766)
Putnam VT Voyager Fund
1,682,628 shares (cost $50,741)
Putnam VT Asia Pacific Growth Fund
334,895 shares (cost $3,568)
Putnam VT New Opportunities Fund
1,436,085 shares (cost $24,972)
NORTHSTAR'S:
Income and Growth Fund
240,225 shares (cost $2,853)
Growth Fund
538,516 shares (cost $7,572)
Multi-Sector Bond Fund
550,657 shares (cost $2,867)
-------- ---------- ---------- ----------
Total Assets $28,736 $36,122 $143,631 $129,164
======= ======= ======== ========
LIABILITIES AND CONTRACT OWNERS' EQUITY:
Due to ReliaStar Life Insurance Company
for contract charges and reserve transfers $34 $35 $161 $120
Contract Owners' Equity 28,702 36,087 143,470 129,044
---------- ---------- ---------- ----------
Total Liabilities and Contract Owners' Equity $28,736 $36,122 $143,631 $129,164
========== ========== ========== =========
Units Outstanding: 2,332,520.132 2,016,953.507 5,903,968.032 4,991,137.844
Net Asset Value per Unit:
Select*Annuity II
Tax-Qualified $14.954531 $25.449873 $33.696727 $36.027050
Non-Tax Qualified $14.954531 $25.449873 $33.696727 $36.027050
Select*Annuity III
Tax-Qualified $11.373125 $13.778949 $18.247962 $16.828522
Non-Tax Qualified $11.373125 $13.778949 $18.247962 $16.828522
</TABLE>
The accompanying notes are an integral part of the financial statements.
<TABLE>
<CAPTION>
RELIASTAR SELECT VARIABLE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1997
(in Thousands, Except Share and Unit Data)
(Unaudited)
FIDELITY'S VIP II
FIDELITY'S VIP FIDELITY'S VIP II INVESTMENT FIDELITY'S VIP II FIDELITY'S VIP II
OVERSEAS ASSET MANAGER GRADE BOND INDEX 500 CONTRAFUND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C>
$39,147
$59,078
$13,959
$39,430
$30,379
---------- ---------- ---------- ---------- ----------
$39,147 $59,078 $13,959 $39,430 $30,379
========= ========= ========= ========= ==========
$42 $66 $18 $64 $29
39,105 59,012 13,941 39,366 30,350
---------- ---------- ---------- ---------- ----------
$39,147 $59,078 $13,959 $39,430 $30,379
========= ========= ========= ========= ==========
2,229,939.299 3,598,953.545 1,102,851.415 1,992,012.513 1,888,934.689
$22.020901 $18.970792 $14.559981 $20.781193 $-
$22.020901 $18.970792 $14.559981 $20.781193 $-
$13.886888 $13.241677 $11.392678 $19.460068 $16.050097
$13.886888 $13.241677 $11.392678 $19.460068 $16.050097
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
RELIASTAR SELECT VARIABLE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
June 30, 1997
(in Thousands, Except Share and Unit Data)
(Unaudited)
PUTNAM VT PUTNAM VT PUTNAM VT
DIVERSIFIED GROWTH AND UTILITIES GROWTH PUTNAM VT
INCOME INCOME AND INCOME VOYAGER
ASSETS: FUND FUND FUND FUND
- ------- ---- ---- ---- ----
<S> <C> <C> <C> <C>
Investments in mutual funds at market value:
FIDELITY'S VIP AND VIP II:
Money Market Portfolio
28,735,964 shares (cost $28,736)
High Income Portfolio
2,906,000 shares (cost $33,738)
Equity-Income Portfolio
6,510,939 shares (cost $111,974)
Growth Portfolio
3,776,720 shares (cost $98,163)
Overseas Portfolio
1,953,460 shares (cost $32,481)
Asset Manager Portfolio
3,558,897 shares (cost $52,557)
Investment Grade Bond Portfolio
1,178,928 shares (cost $13,706)
Index 500 Portfolio
380,526 shares (cost $32,851)
Contrafund Portfolio
1,694,325 shares (cost $26,208)
PUTNAM VARIABLE TRUST:
Putnam VT Diversified Income Fund
927,331 shares (cost $9,829) $9,997
Putnam VT Growth and Income Fund
1,737,654 shares (cost $39,056) $45,891
Putnam VT Utilities Growth and Income Fund
506,138 shares (cost $6,766) $7,293
Putnam VT Voyager Fund
1,682,628 shares (cost $50,741) $57,983
Putnam VT Asia Pacific Growth Fund
334,895 shares (cost $3,568)
Putnam VT New Opportunities Fund
1,436,085 shares (cost $24,972)
NORTHSTAR'S:
Income and Growth Fund
240,225 shares (cost $2,853)
Growth Fund
538,516 shares (cost $7,572)
Multi-Sector Bond Fund
550,657 shares (cost $2,867)
---------- ---------- ---------- ----------
Total Assets $9,997 $45,891 $7,293 $57,983
========= ========= ========== ==========
LIABILITIES AND CONTRACT OWNERS' EQUITY:
Due to ReliaStar Life Insurance Company
for contract charges and reserve transfers $12 $62 $8 $73
Contract Owners' Equity 9,985 45,829 7,285 57,910
---------- ---------- ---------- ----------
Total Liabilities and Contract Owners' Equity $9,997 $45,891 $7,293 $57,983
========= ========= ========== ==========
Units Outstanding: 824,852.123 2,477,977.575 497,406.840 3,342,105.079
Net Asset Value per Unit:
Selelct*Annuity II
Tax-Qualified $12.638254 $18.918852 $15.276213 $17.957004
Non-Tax Qualified $12.638254 $18.918852 $15.276213 $17.957004
Selelct*Annuity III
Tax-Qualified $12.068939 $18.407312 $14.549688 $17.188773
Non-Tax Qualified $12.068939 $18.407312 $14.549688 $17.188773
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
PUTNAM VT PUTNAM VT NORTHSTAR'S
ASIA PACIFIC NEW INCOME NORTHSTAR'S NORTHSTAR'S
GROWTH OPPORTUNITIES AND GROWTH GROWTH MULTI-SECTOR BOND
FUND FUND FUND FUND FUND TOTAL
---- ---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C> <C>
$28,736
36,122
143,631
129,164
39,147
59,078
13,959
39,430
30,379
9,997
45,891
7,293
57,983
$3,855 3,855
$27,214 27,214
$3,015 3,015
$8,045 8,045
$2,874 2,874
---------- ---------- ---------- ---------- ---------- ----------
$3,855 $27,214 $3,015 $8,045 $2,874 $685,813
========= ========= ========== ========== ========== ==========
$5 $21 $4 $8 $- $762
3,850 27,193 3,011 8,037 2,874 685,051
---------- ---------- ---------- ---------- ---------- ----------
$3,855 $27,214 $3,015 $8,045 $2,874 $685,813
========= ========= ========== ========== ========== ==========
$ - $ - $ - $ - $ $ -
$ - $ - $ - $ - $ $ -
$11.563413 $15.851279 $14.591751 $15.888444 $13.123843
$11.563413 $15.851279 $14.591751 $15.888444 $13.123843
</TABLE>
RELIASTAR SELECT VARIABLE ACCOUNT
STATEMENT OF OPERATIONS AND CHANGES
IN CONTRACT OWNERS' EQUITY
(In Thousands)
(Unaudited)
<TABLE>
<CAPTION>
PERIOD ENDED YEAR ENDED YEAR ENDED
JUNE 30, DECEMBER 31, DECEMBER 31,
1997 1996 1995
--------------- ----------- ------------
Net investment income:
<S> <C> <C> <C>
Reinvested dividend income ........................................... $ 15,938 $ 7,818 $ 5,942
Reinvested capital gains ............................................. 22,210 15,324 3,314
Administrative Expenses .............................................. (4,627) (7,168) (4,764)
--------- --------- ---------
Net investment income and capital gains ............................ 33,521 15,974 4,492
--------- --------- ---------
Realized and unrealized gains:
Net realized gains on
redemptions of fund shares ......................................... 10,902 15,202 9,391
Increase in unrealized
appreciation of investments ........................................ 26,011 20,697 51,022
--------- --------- ---------
Net realized and unrealized gains .................................. 36,913 35,899 60,413
--------- --------- ---------
Net additions from operations ................................. 70,434 51,873 64,905
--------- --------- ---------
Contract Owners' transactions:
Net purchase payments ................................................ 76,664 154,093 90,585
Surrenders ........................................................... (19,051) (24,022) (21,291)
Transfers between Sub-Accounts
and Fixed Account ................................................. 513 1,252 (913)
Annuity payments ..................................................... (1,779) (2,603) (958)
Transfers to (from) required reserves ................................ 22 4 (146)
--------- --------- ---------
Net additions for Contract Owners' transactions .................... 56,369 128,724 67,277
--------- --------- ---------
Net additions for the period .................................. 126,803 180,597 132,182
Contract Owners' Equity, beginning of the year ......................... 558,248 377,651 245,469
--------- --------- ---------
Contract Owners' Equity, end of the period ............................. $ 685,051 $ 558,248 $ 377,651
========= ========= =========
</TABLE>
RELIASTAR SELECT VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
ORGANIZATION AND CONTRACTS:
ReliaStar Select Variable Account (the "Account") is a separate account of
ReliaStar Life Insurance Company ("ReliaStar Life"), a wholly owned subsidiary
of ReliaStar Financial Corp. (formerly The NWNL Companies, Inc.). The Account is
registered as a unit investment trust under the Investment Company Act of 1940.
Purchase payments received under the contracts are allocated to Sub-Accounts of
the Account, each of which invested in one of the following Funds during the
period (see note 4):
<TABLE>
<CAPTION>
FIDELITY'S VIP AND VIP II: PUTNAM VARIABLE TRUST: NORTHSTAR FUNDS:
-------------------------- ---------------------- ----------------
<S> <C> <C>
Money Market Portfolio Putnam VT Diversified Income Fund Growth Fund
High Income Portfolio Putnam VT Growth and Income Fund Income and Growth Fund
Equity-Income Portfolio Putnam VT Utilities Growth and Income Fund Multi-Sector Bond Fund
Growth Portfolio Putnam VT Voyager Fund
Overseas Portfolio Putnam VT Asia Pacific Growth Fund
Asset Manager Portfolio Putnam VT New Opportunities Fund
Investment Grade Bond Portfolio
Index 500 Portfolio
Contrafund Portfolio
</TABLE>
Northstar Investment Management Corporation, an affiliate of ReliaStar Life, is
the investment adviser for the three Northstar Funds and is paid fees for its
services by the Funds. Fidelity Management & Research Company is the investment
adviser for Fidelity's VIP and VIP II and is paid fees for its services by the
VIP and VIP II portfolios. Putnam Investment Management, Inc. is the investment
adviser for Putnam Variable Trust and is paid fees for its services by Putnam
Variable Trust. See the related Funds' prospectuses for further information. On
May 3, 1993, ReliaStar Life added the Sub-Accounts investing in shares of Index
500 Portfolio. On January 6, 1994, ReliaStar Life established sub-accounts
investing in Putnam Variable Trust which were made available to purchasers of
ReliaStar Life's Selelct*Annuity III variable annuity contracts. On May 2, 1994,
Sub-Accounts investing in Putnam Variable Trust were also made available to
purchasers of ReliaStar Life's Selelct*Annuity II variable annuity contracts. On
December 30, 1994, Sub-Accounts investing in the Northstar Funds were made
available to purchasers of ReliaStar Life's Selelct*Annuity III variable annuity
contracts. On April 30, 1995, Sub-Accounts investing in the VIP II Contrafund
Portfolio, Putnam VT Asia Pacific Growth Fund and Putnam VT New Opportunities
Fund were made available to purchasers of ReliaStar Life's Selelct*Annuity III
variable annuity contracts.
SECURITIES VALUATION TRANSACTIONS AND RELATED INVESTMENT INCOME:
The market value of investments in the Sub-Accounts is based on the closing net
asset values of the Fund shares held at the end of the period. Investment
transactions are accounted for on the trade date (date the order to purchase or
redeem is executed) and dividend income and capital gain distributions are
recorded on the ex-dividend date. Net realized gains and losses on redemptions
of shares of the Funds are determined on the basis of specific identification of
Fund share costs.
VARIABLE ANNUITY RESERVES:
The amount of the reserves for contracts in the distribution period is
determined by actuarial assumptions which meet statutory requirements. Gains or
losses resulting from actual mortality experience, the full responsibility for
which is assumed by ReliaStar Life, are offset by transfers to, or from,
ReliaStar Life.
2. FEDERAL INCOME TAXES:
Under current tax law, the income, gains and losses from the separate account
investments are not taxable to either the Account or ReliaStar Life.
3. CONTRACT CHARGES:
No deduction is made for a sales charge from the purchase payments made for the
contracts. However, on certain surrenders, ReliaStar Life will deduct from the
contract value a surrender charge as set forth in the contract.
Certain charges are made by ReliaStar Life to Contract Owners' Variable
Accumulation Values in the Account in accordance with the terms of the
Contracts. These charges may include: an annual administrative/contract charge
of $30 from each contract on the anniversary date or at the time of surrender,
if surrender is at a time other than the anniversary date; a daily
administrative charge; and a daily charge for mortality and expense risk assumed
by ReliaStar Life.
Various states and other governmental units levy a premium tax on annuity
contracts issued by insurance companies. If the owner of a contract lives in a
state which levies such a tax, ReliaStar Life may deduct the amount of the tax
from the purchase payments received or the value of the contract at
annuitization.
4. RELIASTAR LIFE'S SELECT FUNDS:
On May 1, 1995, Select Capital Growth Fund, Inc. ("SCG") and Select Managed
Fund, Inc. ("SMF") were liquidated, and Contract Owners' values in the
Sub-Accounts investing in SCG and SMF were transferred to the Sub-Accounts
investing in shares of the VIP Growth Portfolio and VIP II Asset Manager
Portfolio, respectively.
<TABLE>
<CAPTION>
RELIASTAR SELECT VARIABLE ACCOUNT RELIASTAR SELECT VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(Unaudited)
5. INVESTMENTS:
The net realized gains (losses) on redemptions of fund shares for the period
ended June 30, 1997 and the years ended December 31, 1996 and 1995, were as
follows, (in thousands):
SELECT
CAPITAL GROWTH
TOTAL FUND, INC.
-------------------------------------------------- -------------------------------- ------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $71,876 $118,228 $83,108 $- $- $6,333
Cost ............... 60,974 103,026 73,717 - - 6,809
-------- --------- --------- --------- --------- ---------
Net realized gains
(losses) on
redemptions of
fund shares ..... $10,902 $15,202 $ 9,391 $- $- ($476)
======== ======== ======== ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
SELECT FIDELITY'S VIP
MANAGED MONEY MARKET
FUND, INC. PORTFOLIO
------------------------------------------------- ------------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
$- $- $6,137 $23,564 $42,187 $16,985
- 6,129 23,564 42,187 16,985
--------- --------- --------- --------- --------- ---------
$- $- $8 $- $- $-
========= ======== ========= ======== ========== =======
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP FIDELITY'S VIP
HIGH INCOME EQUITY-INCOME
PORTFOLIO PORTFOLIO
------------------------------------------------ -------------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $3,568 $5,915 $5,766 $6,144 $12,619 $7,777
Cost ............... 3,318 5,588 5,414 3,573 8,308 5,469
-------- --------- --------- --------- --------- ---------
Net realized gains
on redemptions
of fund shares ... $250 $327 $ 352 $2,571 $4,311 $2,308
======== ======== ======== ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP FIDELITY'S VIP
GROWTH OVERSEAS
PORTFOLIO PORTFOLIO
------------------------------------------------ ----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
$12,527 $14,481 $11,631 $2,788 $4,178 $6,179
7,856 9,275 7,195 2,287 3,474 5,293
--------- --------- --------- --------- --------- ---------
$4,671 $5,206 $4,436 $501 $704 $886
========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP II FIDELITY'S VIP II
ASSET MANAGER INVESTMENT GRADE
PORTFOLIO BOND PORTFOLIO
---------------------------------------------- -----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $3,302 $7,803 $9,653 $3,217 $7,309 $5,108
Cost ............... 2,934 6,855 8,857 3,294 7,166 4,997
--------- --------- --------- --------- --------- ---------
Net realized
gains (losses)
on redemptions
of fund shares ... $368 $948 $796 ($77) $143 $111
========== ========== ========== ========== ========== =========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP II FIDELITY'S VIP II
INDEX 500 CONTRAFUND
PORTFOLIO PORTFOLIO
- --------------------------------------------------- ----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
$5,400 $3,362 $1,802 $1,958 $2,884 $140
4,258 2,572 1,542 1,612 2,533 119
--------- --------- --------- --------- --------- ---------
$1,142 $790 $260 $346 $351 $21
========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM VT PUTNAM VT
DIVERSIFIED INCOME GROWTH AND INCOME
FUND FUND
---------------------------------------------- ----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $805 $2,636 $1,414 $1,533 $2,454 $1,006
Cost................ 753 2,396 1,334 1,124 1,920 876
--------- --------- --------- --------- --------- ---------
Net realized gains
on redemptions
of fund shares ... $52 $240 $80 $409 $534 $130
========= ========= ========== ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM VT
UTILITES PUTNAM VT
GROWTH AND INCOME VOYAGER
FUND FUND
---------------------------------------------- ----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
$547 $1,580 $548 $2,529 $4,731 $2,124
441 1,299 493 2,163 3,734 1,764
--------- --------- --------- --------- --------- ---------
$106 $281 $55 $366 $997 $360
========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM VT PUTNAM VT
ASIA PACIFIC NEW OPPORTUNITIES
GROWTH FUND FUND
---------------------------------------------- -----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $479 $730 $96 $1,107 $2,901 $321
Cost ............... 463 690 96 968 2,468 262
--------- --------- --------- --------- --------- ---------
Net realized gains
(losses) on
redemptions of
fund shares ...... $16 $40 $- $139 $433 $59
========= ======== ======== ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S
INCOME AND GROWTH GROWTH
FUND FUND
----------------------------------------------- -----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
$203 $204 $36 $2,071 $1,537 $15
195 197 34 2,038 1,658 12
--------- --------- --------- --------- --------- ---------
$8 $7 $ 2 $33 ($121) $ 3
========== ========== ========== ========== ========== ==========
</TABLE>
NORTHSTAR'S
MULTI-SECTOR BOND
FUND
----------------------------------------------
Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31,
1997 1996 1995
--------- --------- ---------
Proceeds from
redemptions ...... $134 $717 $37
Cost ............... 133 706 37
--------- --------- ---------
Net realized gains
on redemptions
of fund shares ... $1 $11 $-
========= ======== ========
<TABLE>
<CAPTION>
RELIASTAR SELECT VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(Unaudited)
6. CONTRACT OWNERS' TRANSACTIONS:
Unit transactions in each Sub-Account during the period ended June 30, 1997 and the years ended December 31, 1996 and 1995, w
SELECT CAPITAL SELECT
GROWTH MANAGED
FUND, INC. FUND, INC.
------------------------------------------ -------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding
beginning of year....... - - 199,602.754 - - 385,981.897
Units purchased............ - - 2,170.070 - - 3,513.590
Units redeemed............. - - (9,983.707) - - (20,308.314)
Units transferred between
Sub-Accounts and/or
Fixed Account........... - - (191,789.117) - - (369,187.173)
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding
end of period........... - - - - - -
=========== ============ ============ =========== =========== ============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY VIP FIDELITY VIP FIDELITY VIP
MONEY MARKET HIGH INCOME EQIOTY-INCOME
PORTFOLIO PORTFOLIO POTFOLIO
- ------------------------------------------- ----------------------------------------- ------------------------- ------------
Period ended Year ended Year ended Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
,109,840.660 1,607,916.548 1,183,020.139 1,838,171.642 1,368,646.703 1,018,223.635 5,527,634.758 4,437,068.543 3,257,109.719
859,043.465 2,034,662.092 1,210,518.082 245,395.202 542,457.950 405,708.793 582,082.894 1,500,854.190 1,101,417.898
(179,270.381) (187,417.851) (120,871.417) (51,341.288) (78,292.096) (74,441.049) (232,639.516) (301,764.963)(259,661.010)
(457,093.612) (1,345,320.129) (664,750.256) (15,272.049) 5,359.085 19,155.324 26,889.896 (108,523.012) 338,201.936
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
2,332,520.132 2,109,840.660 1,607,916.548 2,016,953.507 1,838,171.642 1,368,646.703 5,903,968.032 5,527,634.758 4,437,068.543
============= ============= ============= ============= ============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP FIDELITY'S VIP
GROWTH OVERSEAS
PORTFOLIO PORTFOLIO
------------------------------------------- ------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding
beginning of year....... 4,887,336.339 4,004,682.843 3,085,291.094 2,135,892.647 1,821,113.544 1,680,499.232
Units purchased............ 313,953.362 882,779.363 769,630.128 152,931.869 337,234.453 381,191.472
Units redeemed............. (180,431.054) (248,381.443) (279,858.707) (84,424.527) (99,802.296) (120,861.323)
Units transferred between
Sub-Accounts and/or
Fixed Account........... (29,720.803) 248,255.579 429,620.328 25,539.310 77,346.946 (119,715.837)
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding
end of period........... 4,991,137.844 4,887,336.339 4,004,682.843 2,229,939.299 2,135,892.647 1,821,113.544
============= ============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP II FIDELITY'S VIP II FIDELITY'S VIP II
ASSET MANAGER INVESTMENT GRADE BOND INDEX 500
PORTFOLIO PORTFOLIO PORTFOLIO
----------------------------------------- ------------------------------------------ ----------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
3,625,602.544 3,660,661.401 3,382,528.684 1,229,103.009 1,284,788.353 993,890.531 1,361,319.400 575,979.607 263,727.290
151,712.037 431,588.306 542,582.388 126,581.117 563,010.493 723,466.175 400,914.414 528,885.610 230,822.310
(132,679.943) (225,698.145) (270,565.326) (74,078.208) (77,616.189) (49,436.532) (29,857.411) (36,028.233)(16,245.621)
(45,681.093) (240,949.018) 6,115.655 (178,754.503) (541,079.648) (383,131.821) 259,636.110 292,482.416 97,675.628
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
3,598,953.545 3,625,602.544 3,660,661.401 1,102,851.415 1,229,103.009 1,284,788.353 1,992,012.513 1,361,319.400 575,979.607
============= ============= ============= ============= ============= ============= ============= ============= ============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP II PUTNAM VT
CONTRAFUND DIVERSIFIED INCOME
PORTFOLIO PORTFOLIO
--------------------------------------- -----------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of year ............ 1,419,399.210 440,844.341 - 738,230.029 632,420.015 350,570.940
Units purchased ................. 418,327.561 737,590.326 349,595.850 137,607.838 280,700.695 342,422.647
Units reedeemed ................. (39,308.736) (26,507.141) (2,747.245) (17,044.572) (39,176.645) (18,550.684)
Units transferred between
Sub-Accounts and/or
Fixed Account ................ 90,516.654 267,471.684 93,995.736 (33,941.172) (135,714.036) (42,022.888)
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of period................. 1,888,934.689 1,419,399.210 440,844.341 824,852.123 738,230.029 632,420.015
============= ============= ============= ============= =========== =============
</TABLE>
<TABLE>
<CAPTION>
PUTNAM VT PUTNAM VT PUTNAM VT
GROWTH AND INCOME UTILITIES GROWTH AND VOYAGER
FUND INCOME FUND FUND
------------------------------------- ------------------------------------- -------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1,917,929.188 859,405.399 263,273.051 444,807.852 294,096.722 120,645.331 2,796,110.142 1,370,458.827 423,202.264
458,776.283 796,295.039 411,254.359 68,499.718 195,499.871 109,716.900 484,799.526 1,078,470.561 702,903.236
(48,733.005) (33,899.316) (19,519.533) (16,274.234) (14,835.000) (6,323.494) (75,620.726) (73,768.567) (23,265.910)
150,005.109 296,128.126 204,397.462 373.504 (29,953.741) 70,057.985 136,816.137 420,949.321 267,619.237
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
2,477,977.575 1,917,929.188 859,405.339 497,406.840 444,807.852 294,096.722 3,342,105.079 2,796,110.142 1,370,458.827
============= ============= ============= ============= ============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
PUTNAM VT PUTNAM VT
ASIA PACIFIC NEW OPPORTUNITIES
GROWTH FUND FUND
------------------------------------- ---------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of year ............ 281,444.550 77,406.519 - 1,312,658.043 279,169.636 -
Units purchased ................. 52,428.606 144,789.268 59,171.003 378,873.748 902,843.671 191,561.789
Units reedeemed ................. (2,832.633) (2,722.403) (164.483) (29,437.832) (27,711.406) (1,607.939)
Units transferred between
Sub-Accounts and/or
Fixed Account ................ 1,892.839 61,971.166 18,399.999 51,450.995 158,356.142 89,215.786
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of period............... 332,933.362 281,444.550 77,406.519 1,713,544.954 1,312,658.043 279,169.636
============= ============= ============ ============= ============= ============
</TABLE>
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S NORTHSTAR'S
INCOME AND GROWTH GROWTH MULTI-SECTOR BOND
FUND FUND FUND
---------------------------------------- ---------------------------------------- ---------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
143,393.073 38,118.380 - 376,556.658 16,298.318 - 152,650.871 21,963.823 -
61,900.014 105,150.785 36,112.093 187,103.047 199,288.667 15,762.759 64,878.505 142,773.744 21,443.118
(7,442.255) (1,659.008) (76.821) (5,675.819) (2,015.459) (272.010) (3,850.239) (1,447.790) (0.504)
8,504.697 1,782.916 2,083.108 (52,146.833) 162,985.132 807.569 5,346.155 (10,638.906) 521.209
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
206,355.529 143,393.073 38,118.380 505,837.053 376,556.658 16,298.318 219,025.292 152,650.871 21,963.823
============ ============ =========== ============ =========== =========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
7. STATEMENT OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY:
Operations and changes in Contract Owners' equity for the period ended June 30,
1997 were as follows, (in thousands):
FIDELITY'S FIDELITY'S FIDELITY'S FIDELITY'S
VIP VIP VIP VIP
MONEY MARKET HIGH INCOME EQUITY-INCOME GROWTH
TOTAL PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------
Net investment income:
<S> <C> <C> <C> <C> <C>
Reinvested dividend income.... $15,938 $704 $2,239 $2,076 $765
Reinvested capital gains ...... 22,210 - 277 10,439 3,426
Administrative expenses....... (4,627) (223) (265) (974) (896)
--------- --------- --------- --------- ---------
Net investment income
and capital gains ... 33,521 481 2,251 11,541 3,295
--------- --------- --------- --------- ---------
Realized and unrealized gains (losses):
Net realized gains (losses) on
redemptions of fund shares.. 10,902 - 250 2,571 4,671
Increase (decrease) in unrealized
appreciation of investments . 26,011 - (231) 4,963 6,787
--------- --------- --------- --------- ---------
Net realized and
unrealized gains (losses) 36,913 - 19 7,534 11,458
--------- --------- --------- --------- ---------
Net additions
from operations.... 70,434 481 2,270 19,075 14,753
--------- --------- --------- --------- ---------
Contract Owners' transactions:
Net purchase payments......... 76,664 9,758 3,398 10,243 5,598
Surrenders .................... (19,051) (1,536) (851) (5,120) (4,420)
Transfers between Sub-Accounts
and/or Fixed Account........ 513 (5,469) (372) (82) (1,096)
Annuity payments .............. (1,779) (70) (70) (238) (339)
Transfers to (from) required
reserves .................... 22 1 7 5 26
--------- --------- --------- --------- ---------
Net additions (reductions) for
Contract Owners' transactions 56,369 2,684 2,112 4,808 (231)
--------- --------- --------- --------- ---------
Net additions (reductions)
for the period....... 126,803 3,165 4,382 23,883 14,522
Contract Owners' Equity,
beginning of the year ........ 558,248 25,537 31,705 119,587 114,522
--------- --------- --------- --------- ---------
Contract Owners' Equity,
end of the period ............ $685,051 $28,702 $36,087 $143,470 $129,044
======== ======= ======= ======== ========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S PUTNAM PUTNAM PUTNAM
FIDELITY'S FIDELITY'S VIP II FIDELITY'S FIDELITY'S VT VT VT UTILITIES
VIP VIP II INVESTMENT VIP II VIP II DIVERSIFIED GROWTH AND GROWTH AND
OVERSEAS ASSET MANAGER GRADE BOND INDEX 500 CONTRAFUND INCOME INCOME INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO FUND FUND FUND
--------- --------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
$576 $1,879 $887 $287 $185 $596 $2,631 $578
2,285 4,713 - 582 488 - - -
(256) (417) (106) (221) (221) (68) (279) (49)
--------- --------- --------- --------- --------- --------- --------- ---------
2,605 6,175 781 648 452 528 2,352 529
--------- --------- --------- --------- --------- --------- --------- ---------
501 368 (77) 1,142 346 52 409 106
2,127 (953) (419) 3,731 1,906 (419) 2,599 (233)
-------- --------- --------- --------- --------- --------- --------- ---------
2,628 (585) (496) 4,873 2,252 (367) 3,008 (127)
--------- --------- --------- --------- --------- --------- --------- ---------
5,233 5,590 285 5,521 2,704 161 5,360 402
--------- --------- --------- --------- --------- --------- --------- ---------
2,043 2,130 1,446 7,100 6,225 1,633 7,857 956
(1,198) (1,700) (862) (472) (448) (142) (663) (83)
154 (1,005) (2,123) 4,692 1,370 (403) 2,538 (10)
(101) (175) (129) (59) (83) (59) (109) (119)
(2) 1 - (18) 7 - (5) -
--------- --------- --------- --------- --------- --------- --------- ---------
896 (749) (1,668) 11,243 7,071 1,029 9,618 744
--------- --------- --------- --------- --------- --------- --------- ---------
6,129 4,841 (1,383) 16,764 9,775 1,190 14,978 1,146
32,976 54,171 15,324 22,602 20,575 8,795 30,851 6,139
--------- --------- --------- --------- --------- --------- --------- ---------
$39,105 $59,012 $13,941 $39,366 $30,350 $9,985 $45,829 $7,285
========= ======== ======== ========= ========= ========= ========= ========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM PUTNAM
PUTNAM VT VT NORTHSTAR'S NORTHSTAR'S
VT ASIA PACIFIC NEW INCOME AND NORTHSTAR'S MULTI-SEC
VOYAGER GROWTH OPPORTUNITIES GROWTH GROWTH BOND
FUND FUND FUND FUND FUND FUND
--------- --------- --------- --------- --------- ---------
Net investment income:
<S> <C> <C> <C> <C> <C> <C>
Reinvested dividend income....... $2,284 $68 $- $46 $31 $106
Reinvested capital gains ......... - - - - - -
Administrative expenses.......... (369) (25) (168) (20) (52) (18)
--------- --------- --------- --------- --------- ---------
Net investment income (loss)
and capital gains ........... 1,915 43 (168) 26 (21) 88
--------- --------- --------- --------- --------- ---------
Realized and unrealized gains (losses):
Net realized gains on
redemptions of fund shares .... 366 16 139 8 33 1
Increase (decrease) in unrealized
appreciation of investments .... 3,162 168 2,280 160 391 (8)
--------- --------- --------- --------- --------- ---------
Net realized and
unrealized gains (losses) .. 3,528 184 2,419 168 424 (7)
--------- --------- --------- --------- --------- ---------
Net additions
from operations............ 5,443 227 2,251 194 403 81
--------- --------- --------- --------- --------- ---------
Contract Owners' transactions:
Net purchase payments ............ 7,679 561 5,516 864 2,825 832
Surrenders ....................... (1,025) (29) (351) (53) (65)` (33)
Transfers between Sub-Accounts
and/or Fixed Account ........... 2,127 - 770 118 (764) 68
Annuity payments ................. (90) 0 (59) (46) (17) (16)
Transfers (from) to required
reserves ....................... (5) (2) 7 - - -
--------- --------- --------- --------- --------- ---------
Net additions for
Contract Owners' transactions 8,686 530 5,883 883 1,979 851
--------- --------- --------- --------- --------- ---------
Net additions
for the period ............... 14,129 757 8,134 1,077 2,382 932
Contract Owners' Equity,
beginning of the year ........... 43,781 3,093 19,059 1,934 5,655 1,942
--------- --------- --------- --------- --------- ---------
Contract Owners' Equity,
end of the period ............... $57,910 $3,850 $27,193 $3,011 $8,037 $2,874
======= ====== ======= ====== ====== ======
</TABLE>
RELIASTAR SELECT VARIABLE ACCOUNT
20 WASHINGTON AVENUE SOUTH
MINNEAPOLIS, MINNESOTA 55401
(612) 372-5507
38777j
(Select II/III)
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