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Previous: MANOR CARE INC/NEW, SC 13D, 1997-02-20 |
Next: NWNL SELECT VARIABLE ACCOUNT, 24F-2NT, 1997-02-20 |
[GRAPHIC OMITTED]
SELECT VARIABLE ACCOUNT
ANNUAL REPORT
FOR THE YEAR ENDED
DECEMBER 31, 1996
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 (VIPF), Variable Insurance Products II (VIPF II)
and the Putnam Variable Trust (Putnam VT).
INDEPENDENT AUDITORS' REPORT
Board of Directors
ReliaStar Life Insurance
Company and Contract Owners of
ReliaStar Select Variable Account:
We have audited the accompanying statement of assets and liabilities of
ReliaStar Select Variable Account as of December 31, 1996 and the related
combined statements of operations and changes in Contract Owners' equity for
each of the three years in the period ended December 31, 1996. These financial
statements are the responsibility of the management of ReliaStar Life Insurance
Company. Our responsibility is to express an opinion on these financial
statements based on our audits.
We have conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatements. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures include
confirmation of the securities owned as of December 31, 1996, by correspondence
with the Account custodians. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of ReliaStar Select Variable
Account as of December 31, 1996, and the results of its operations and changes
in Contract Owners' equity for each of the three years in the period ended
December 31, 1996, in conformity with generally accepted accounting principles.
Deloitte & Touche LLP
Minneapolis, Minnesota
February 7, 1997
<TABLE>
<CAPTION>
RELIASTAR SELECT VARIABLE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1996
(in Thousands, Except Share and Unit Data)
Fidelity's VIPF Fidelity's VIPF Fidelity's VIPF Fidelity's VIP
Money Market High Income Equity-Income Growth
ASSETS: Portfolio Portfolio Portfolio Portfolio
- ------
Investments in mutual funds at market value: ______________ ______________ ______________ ______________
<S> <C> <C> <C> <C>
FIDELITY'S VIPF AND VIPF II:
Money Market Portfolio
25,570,037 shares (cost $25,570) $25,570
High Income Portfolio
2,534,922 shares (cost $29,122) $31,737
Equity-Income Portfolio
5,692,579 shares (cost $93,021) $119,715
Growth Portfolio
3,681,858 shares (cost $90,439) $114,653
Overseas Portfolio
1,752,256 shares (cost $28,474)
Asset Manager Portfolio
3,203,007 shares (cost $46,753)
Investment Grade Bond Portfolio
1,253,584 shares (cost $14,672)
Index 500 Portfolio
253,847 shares (cost $19,777)
Contrafund Portfolio
1,243,853 shares (cost $18,333)
PUTNAM'S VT:
Diversified Income Fund
781,244 shares (cost $8,218)
Growth and Income Fund
1,257,716 shares (cost $26,653)
Utilities Growth and Income Fund
415,356 shares (cost $5,387)
Voyager Fund
1,347,453 shares (cost $39,753)
Asia Pacific Growth Fund
281,103 shares (cost $2,976)
New Opportunities Fund
1,107,902 shares (cost $19,116)
NORTHSTAR'S:
Income and Growth Fund
165,265 shares (cost $1,935)
Growth Fund
402,014 shares (cost $5,578)
Multi-Sector Bond Fund
370,102 shares (cost $1,928)
---------- ---------- ---------- ----------
Total Assets $25,570 $31,737 $119,715 $114,653
========== ========== =========== ==========
LIABILITIES AND CONTRACT OWNERS' EQUITY:
Due to ReliaStar Life Insurance Company
for contract charges and reserve transfers $33 $32 $128 $131
Contract Owners' Equity 25,537 31,705 119,587 114,522
---------- ---------- ---------- ----------
Total Liabilities and Contract Owners' Equity $25,570 $31,737 $119,715 $114,653
Units Outstanding: 2,109,840.660 1,838,171.642 5,527,634.758 4,887,336.339
Net Asset Value per Unit:
Select*Annunity II
Tax-Qualified $14.662248 $23.783452 $29.138557 $31.855909
Non-Tax Qualified $14.662248 $23.783452 $29.138557 $31.855909
Select*Annunity III
Tax-Qualified $11.155488 $12.882079 $15.786111 $14.886344
Non-Tax Qualified $11.155488 $12.882079 $15.786111 $14.886344
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
Fidelity's VIPF II
Fidelity's VIPF Fidelity's VIPF II Investment Fidelity's VIPFII Fidelity's VIPF
Overseas Asset Manager Grade Bond Index 500 Contrafund
Portfolio Portfolio Portfolio Portfolio Portfolio
______________ ______________ ______________ ______________ ______________
<S> <C> <C> <C> <C> <C>
$33,013
$54,227
$15,344
$22,625
$20,598
------- ------- ------- ------- -------
$33,013 $54,227 $15,344 $22,625 $20,598
======= ======= ======= ======= =======
$37 $56 $20 $23 $23
32,976 54,171 15,324 22,602 20,575
------- ------- ------- ------- -------
$33,013 $54,227 $15,344 $22,625 $20,598
======= ======= ======= ======= =======
2,135,892.647 3,625,602.544 1,229,103.009 1,361,319.400 1,419,399.210
$19.035391 $17.170144 $14.254215 $17.400610 $-
$19.035391 $17.170144 $14.254215 $17.400610 $-
$12.009146 $11.989805 $11.158074 $16.301176 $14.477694
$12.009146 $11.989805 $11.158074 $16.301176 $14.477694
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
RELIASTAR SELECT VARIABLE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
December 31, 1996
(in Thousands, Except Share and Unit Data)
Putnam's VT Putnam's VT Putnam's VT
Diversified Growth and Utilities Growth Putnam's VT
Income Income and Income Voyager
ASSETS: Fund Fund Fund Fund
- -------
Investments in mutual funds at market value: _____________ _____________ _____________ _____________
<S> <C> <C> <C> <C>
FIDELITY'S VIPF AND VIPF II:
Money Market Portfolio
25,570,037 shares (cost $25,570)
High Income Portfolio
2,534,922 shares (cost $29,122)
Equity-Income Portfolio
5,692,579 shares (cost $93,021)
Growth Portfolio
3,681,858 shares (cost $90,439)
Overseas Portfolio
1,752,256 shares (cost $28,474)
Asset Manager Portfolio
3,203,007 shares (cost $46,753)
Investment Grade Bond Portfolio
1,253,584 shares (cost $14,672)
Index 500 Portfolio
253,847 shares (cost $19,777)
Contrafund Portfolio
1,243,853 shares (cost $18,333)
PUTNAM'S VT:
Diversified Income Fund
781,244 shares (cost $8,218) $8,805
Growth and Income Fund
1,257,176 shares (cost $26,653) $30,889
Utilities Growth and Income Fund
415,356 shares (cost $5,387) $6,147
Voyager Fund
1,347,453 shares (cost $39,753) $43,833
Asia Pacific Growth Fund
281,103 shares (cost $2,976)
New Opportunities Fund
1,107,902 shares (cost $19,116)
NORTHSTAR'S:
Income and Growth Fund
165,265 shares (cost $1,935)
Growth Fund
402,014 shares (cost $5,578)
Multi-Sector Bond Fund
370,102 shares (cost $1,928)
------ ------- ------ -------
Total Assets $8,805 $30,889 $6,147 $43,833
====== ======= ====== =======
LIABILITIES AND CONTRACT OWNERS' EQUITY:
Due to ReliaStar Life Insurance Company
for contract charges and reserve transfers $10 $38 $8 $52
Contract Owners' Equity 8,795 30,851 6,139 43,781
----- ------ ----- ------
Total Liabilities and Contract Owners' Equity $8,805 $30,889 $6,147 $43,833
====== ======= ====== =======
Units Outstanding: 738,230.029 1,917,929.188 444,807.852 2,796,110.142
Net Asset Value per Unit:
Select+Annuity II
Tax-Qualified $12.428937 $16.447109 $14.389342 $16.201091
Non-Tax Qualified $12.428937 $16.447109 $14.389342 $16.201091
Select*Annunity III
Tax-Qualified $11.873999 $16.009051 $13.710693 $15.514436
Non-Tax Qualified $11.873999 $16.009051 $13.710693 $15.514436
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
Putnam's VT Putnam's 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>
$25,570
31,737
119,715
114,653
33,013
54,227
15,344
22,625
20,598
8,805
30,889
6,147
43,833
$3,095 3,095
$19,078 19,078
$1,937 1,937
$5,660 5,660
$1,943 1,943
------ ------- ------ ------ ------ --------
$3,095 $19,078 $1,937 $5,660 $1,943 $558,869
====== ======= ====== ====== ====== ========
$2 $19 $3 $5 $1 $621
3,093 19,059 1,934 5,655 1,942 558,248
------ ------- ------ ------ ------ --------
$3,095 $19,078 $1,937 $5,660 $1,943 $558,869
====== ======= ====== ====== ====== ========
281,444.550 1,312,658.043 143,393.073 376,566.658 152,650.871 32,298,080.615
$ - $ - $ - $ - $ -
$ - $ - $ - $ - $ -
$10.904769 $14.503853 $13.490965 $15.017174 $12.720817
$10.904769 $14.503853 $13.490965 $15.017174 $12.720817
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
RELIASTAR SELECT VARIABLE ACCOUNT
STATEMENT OF OPERATIONS AND CHANGES
IN CONTRACT OWNERS' EQUITY
(In Thousands)
YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1996 1995 1994
--------------- ----------- ------------
Net investment income:
<S> <C> <C> <C>
Reinvested dividend income .............................. $ 7,818 $ 5,942 $ 3,970
Reinvested capital gains ................................ 15,324 3,314 6,860
Administrative Expenses ................................. (7,168) (4,764) (3,286)
--------- --------- ---------
Net investment income and capital gains ............... 15,974 4,492 7,544
--------- --------- ---------
Realized and unrealized gains (losses):
Net realized gains on
redemptions of fund shares ............................ 15,202 9,391 3,754
Increase (decrease) in unrealized
appreciation of investments ........................... 20,697 51,022 (13,578)
--------- --------- ---------
Net realized and unrealized gains (losses) ............ 35,899 60,413 (9,824)
--------- --------- ---------
Net additions (reductions) from operations 51,873 64,905 (2,280)
--------- --------- ---------
Contract Owners' transactions:
Net purchase payments ................................... 154,093 90,585 88,469
Surrenders .............................................. (24,022) (21,291) (13,237)
Transfers between Sub-Accounts
and Fixed Account .................................... 1,252 (913) (508)
Annuity payments ........................................ (2,603) (958) (1,265)
Transfers to (from) required reserves ................... 4 (146) 17
--------- --------- ---------
Net additions for Contract Owners' transactions 128,724 67,277 73,476
--------- --------- ---------
Net additions for the year ....................... 180,597 132,182 71,196
Contract Owners' Equity, beginning of the year ............ 377,651 245,469 174,273
--------- --------- ---------
Contract Owners' Equity, end of the year .................. $ 558,248 $ 377,651 $ 245,469
========= ========= =========
The accompanying notes are an integral part of the financial statements.
</TABLE>
RELIASTAR SELECT VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
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 VIPF AND VIPF II: PUTNAM'S VT: NORTHSTAR FUNDS:
---------------------------- ------------ ----------------
<S> <C> <C>
Money Market Portfolio Diversified Income Fund Growth Fund
High Income Portfolio Growth and Income Fund Income and Growth Fund
Equity-Income Portfolio Utilities Growth and Income Fund Multi-Sector Bond Fund
Growth Portfolio Voyager Fund
Overseas Portfolio Asia Pacific Growth Fund
Asset Manager Portfolio 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 VIPF and VIPF II and is paid fees
for its services by the VIPF and VIPF II portfolios. Putnam Investment
Management, Inc. is the investment adviser for the Putnam VT Funds and is
paid fees for its services by the Putnam VT Funds. 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 the Putnam VT
Funds which were made available to purchasers of ReliaStar Life's
Select*Annunity III variable annuity contracts. On May 2, 1994,
Sub-Accounts investing in the Putnam VT Funds were also made available to
purchasers of ReliaStar Life's Select*Annunity II variable annuity
contracts. On December 30, 1994, Sub-Accounts investing in the Northstar
Funds were made available to purchasers of ReliaStar Life's Select*Annunity
III variable annuity contracts. On April 30, 1995, Sub-Accounts investing
in the VIPF II Contrafund Portfolio, the Putnam VT Asia Pacific Growth Fund
and the Putnam VT New Opportunities Fund were made available to purchasers
of ReliaStar Life's Select*Annunity 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 VIPF Growth Portfolio and VIPF II Asset Manager
Portfolio, respectively.
5. INVESTMENTS:
The net realized gains (losses) on redemptions of fund shares for the years
ended December 31, 1996, 1995 and 1994, were as follows, (in thousands):
<TABLE>
<CAPTION>
SELECT
CAPITAL GROWTH
TOTAL FUND, INC.
--------------------------------------------------- ---------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
---- ---- ---- ---- ---- ----
Proceeds from
redemptions ...... $118,228 $83,108 $49,854 $- $6,333 $1,992
Cost ............... 103,026 73,717 46,100 - 6,809 2,111
--------- --------- --------- --------- --------- ---------
Net realized gains
(losses) on
redemptions of
fund shares ..... $15,202 $ 9,391 $3,754 $- ($476) ($119)
========= ======== ========= ========= ========= ==========
</TABLE>
<TABLE>
<CAPTION>
SELECT FIDELITY'S VIPF
MANAGED MONEY MARKET
FUND, INC. PORTFOLIO
- ------------------------------------------------ ------------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
$- $6,137 $2,175 $42,187 $16,985 $15,801
- 6,129 2,035 42,187 16,985 15,801
--------- --------- --------- --------- --------- ---------
$- $8 $140 $- $- $-
========= ========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF FIDELITY'S VIPF
HIGH INCOME EQUITY-INCOME
PORTFOLIO PORTFOLIO
--------------------------------------------------- ---------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $5,915 $5,766 $4,887 $12,619 $7,777 $5,135
Cost ............... 5,588 5,414 4,460 8,308 5,469 4,129
--------- --------- --------- --------- --------- ---------
Net realized gains
(losses) on
redemptions of
fund shares ...... $327 $ 352 $ 427 $4,311 $2,308 $1,006
========= ========= ======== ======== ======== ==========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF FIDELITY'S VIPF
GROWTH OVERSEAS
PORTFOLIO PORTFOLIO
- --------------------------------------------------- ----------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
$14,481 $11,631 $6,277 $4,178 $6,179 $3,143
9,275 7,195 4,716 3,474 5,293 2,551
--------- --------- --------- --------- --------- ---------
$5,206 $4,436 $1,561 $704 $886 $ 592
========= ========= ========= ========= ========= ==========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF II FIDELITY'S VIPF II
ASSET MANAGER INVESTMENT GRADE
PORTFOLIO BOND PORTFOLIO
------------------------------------------------- ---------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $7,803 $9,653 $2,543 $7,309 $5,108 $5,246
Cost ............... 6,855 8,857 2,270 7,166 4,997 5,342
--------- --------- --------- --------- --------- ---------
Net realized gains
(losses) on
redemptions of
fund shares ...... $948 $ 796 $ 273 $143 $ 111 ($96)
========= ========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF II FIDELITY'S VIPF II
INDEX 500 CONTRAFUND
PORTFOLIO PORTFOLIO
- --------------------------------------------------- -----------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
$3,362 $1,802 $355 $2,884 $140 $-
2,572 1,542 352 2,533 119 -
--------- --------- --------- --------- --------- ---------
$790 $ 260 $3 $351 $ 21 $-
========= ========= ========= ========= ========= =========
</TABLE>
5. INVESTMENTS (CONTINUED):
The net realized gains (losses) on redemptions of fund shares for the years
ended December 31, 1996, 1995 and 1994, were as follows, (in thousands):
<TABLE>
<CAPTION>
PUTNAM'S VT PUTNAM'S VT
DIVERSIFIED INCOME GROWTH AND INCOME
FUND FUND
-------------------------------------------------- ---------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $2,636 $1,414 $500 $2,454 $1,006 $400
Cost................ 2,396 1,334 515 1,920 876 407
--------- --------- --------- --------- --------- ---------
Net realized gains
(losses) on
redemptions of
fund shares ...... $240 $ 80 ($15) $534 $ 130 ($7)
========== ========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM'S VT
UTILITES PUTNAM'S VT
GROWTH AND INCOME VOYAGER
FUND FUND
- ------------------------------------------------------ -----------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
$1,580 $548 $231 $4,731 $2,124 $1,169
1,299 493 240 3,734 1,764 1,171
--------- --------- --------- --------- --------- ---------
$281 $ 55 ($9) $997 $ 360 ($2)
========= ========= ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM'S VT PUTNAM'S VT
ASIA PACIFIC NEW OPPORTUNITIES
GROWTH FUND FUND
----------------------------------------------- ----------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C>
Proceeds from
redemptions ...... $730 $96 $- $2,901 $321 $-
Cost ............... 690 96 - 2,468 262 -
--------- --------- --------- --------- --------- ---------
Net realized gains
(losses) on
redemptions of
fund shares ...... $40 $- $- $433 $ 59 $-
========= ========== ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S
INCOME AND GROWTH GROWTH
FUND FUND
------------------------------------------------------ ------------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
$204 $36 $- $1,537 $15 $-
197 34 - 1,658 12 -
--------- --------- --------- --------- --------- ---------
$7 $ 2 $- ($121) $ 3 $-
========= ========= ========= ======== ========= =========
</TABLE>
NORTHSTAR'S
MULTI-SECTOR BOND
FUND
----------------------------------------
Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994
--------- --------- ---------
Proceeds from
redemptions ...... $717 $37 $-
Cost ............... 706 37 -
--------- ---------- ---------
Net realized gains
(losses) on
redemptions of
fund shares ...... $11 $- $-
========= ========== ========
6. CONTRACT OWNERS' TRANSACTIONS:
Unit transactions in each Sub-Account during the years ended December 31,
1996, 1995 and 1994, were as follows:
<TABLE>
<CAPTION>
SELECT CAPITAL SELECT
GROWTH MANAGED
FUND, INC. FUND, INC.
--------------------------------------- ------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding
beginning of year....... - 199,602.754 236,351.642 - 385,981.897 495,999.026
Units purchased............ - 2,170.070 9,956.716 - 3,513.590 20,863.027
Units redeemed............. - (9,983.707) (28,276.780) - (20,308.314) (74,417.627)
Units transferred between
Sub-Accounts and/or
Fixed Account........... - (191,789.117) (18,428.824) - (369,187.173) (56,462.529)
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding
end of year............. - - 199,602.754 - - 385,981.897
=========== =========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF FIDELITY'S VIPF
MONEY MARKET HIGH INCOME
PORTFOLIO PORTFOLIO
--------------------------------------- ---------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
1,607,916.548 1,183,020.139 827,229.012 1,368,646.703 1,018,223.635 798,986.176
2,034,662.092 1,210,518.082 947,248.323 542,457.950 405,708.793 421,702,041
(187,417.851) (120,871.417) (125,836.730) (78,292.096) (74,441.049) (62,304.904)
(1,345,320.129) (664,750.256) (465,620.466) 5,359.085 19,155.324 (140,159.678)
----------- ----------- ----------- ----------- ----------- -----------
2,109,840.660 1,607,916.548 1,183,020.139 1,838,171.642 1,368,646.703 1,018,223.635
============= ============= ============= ============= ============= =============
</TABLE>
FIDELITY'S VIPF
EQUITY-INCOME
PORTFOLIO
----------------------------------------
Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31,
1996 1995 1995
----------- ----------- -----------
4,437,068.543 3,257,109.719 2,319,003.995
1,500,854.190 1,101,417.898 933,801.967
(301,764.963) (259,661.010) (196,100.661)
(108,523.012) 338,201.936 200,404.418
----------- ----------- -----------
5,527,634.758 4,437,068.543 3,257,109.719
============= ============= =============
<TABLE>
<CAPTION>
FIDELITY'S VIPF FIDELITY'S VIPF
GROWTH OVERSEAS
PORTFOLIO PORTFOLIO
--------------------------------------- ---------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding
beginning of year....... 4,004,682.843 3,085,291.094 2,019.876.667 1,821,113.544 1,680,499.232 819,347.654
Units purchased............ 882,779.363 769,630.128 1,070,554.250 337,234.453 381,191.472 724,437.332
Units redeemed............. (248,381.443) (279,858.707) (153,211.193) (99,802.296) (120,861.323) (55,236.857)
Units transferred between
Sub-Accounts and/or
Fixed Account........... 248,255.579 429,620.325 148,071.370 77,346.946 (119,715.837) 191,951.103
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding
end of year............. 4,887,336.339 4,004,682.840 3,085,291,094 2,135,892.647 1,821,113.544 1,680,499.232
============= ============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF II FIDELITY'S VIPF II
ASSET MANAGER INVESTMENT GRADE BOND
PORTFOLIO PORTFOLIO
- -------------------------------------- ---------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<C> <C> <C> <C> <C> <C>
3,660,661.401 3,382,528.684 1,727,140.831 1,284,788.353 993,890.531 729,334.990
431,588.306 542,582.388 1,624,947.759 563,010.493 723,466.175 651,757.704
(225,698.145) (270,565.326) (115,058.014) (77,616.189) (49,436.532) (69,080.787)
(240,949.018) 6,115.655 145,498.108 (541,079.648) (383,131.821) (318,121.376)
----------- ----------- ----------- ----------- ----------- -----------
3,625,602.544 3,660,661.401 3,382.528.684 1,229,103.009 1,284,788.353 993,890.531
============= ============= ============= ============= ============= ===========
</TABLE>
FIDELITY'S VIPF II
INDEX 500
PORTFOLIO
---------------------------------------
Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31,
1996 1995 1995
----------- ----------- -----------
575,979.607 263,727.290 102,493.314
528,885.610 230,822.310 139,102.547
(36,028.233) (16,245.621) (12,679.127)
292,482.416 97,675.628 34,810.556
----------- ----------- -----------
1,361,319.400 575,979.607 263,727.290
============= =========== ===========
6. CONTRACT OWNERS' TRANSACTIONS (CONTINUED):
Unit transactions in each Sub-Account during the years ended December 31,
1996, 1995 and 1994, were as follows:
<TABLE>
<CAPTION>
FIDELITY'S VIPF II PUTNAM'S VT
CONTRAFUND DIVERSIFIED INCOME
PORTFOLIO PORTFOLIO
------------------------------------- -------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of year ............ 440,844.341 - - 632,420.015 350,570.940 -
Units purchased ................. 737,590.326 349,595.850 - 280,700.695 342,422.647 364,540.968
Units reedeemed ................. (26,507.141) (2,747.245) - (39,176.645) (18,550.684) (4,879.794)
Units transferred between
Sub-Accounts and/or
Fixed Account ................ 267,471.684 93,995.736 - (135,714.036) (42,022.888) (9,090.234)
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of year................... 1,419,399.210 440,844.341 - 738,230.029 632,420.015 350,570.940
============= ========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM'S VT PUTNAM'S VT PUTNAM'S VT
GROWTH AND INCOME UTILITIES GROWTH AND VOYAGER
FUND INCOME FUND FUND
------------------------------------- ------------------------------------- -------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
859,405.399 263,273.051 - 294,096.722 120,645.331 - 1,370,458.827 423,202.264 -
796,295.039 411,254.359 211,628.753 195,499.871 109,716.900 104,433.541 1,078,470.561 702,903.236 305,026.287
(33,899.316) (19,519.533) (6,596.040) (14,835.000) (6,323.494) (1,165.178) (73,768.567) (23,265.910) (4,175.151)
296,128.126 204,397.462 58,240.338 (29,953.741) 70,057.985 17,376.968 420,949.321 267,619.237 122,351.128
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
1,917,929.188 859,405.339 263,273.051 444,807.852 294,096.722 120,645.331 2,796,110.142 1,370,458.827 423,202.264
============= =========== =========== =========== =========== =========== ============= ============= ===========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM'S VT PUTNAM'S VT
ASIA PACIFIC NEW OPPORTUNITIES
GROWTH FUND FUND
------------------------------------- -------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of year ............ 77,406.519 - - 279,169.636 - -
Units purchased ................. 144,789.268 59,171.003 - 902,843.671 191,561.789 -
Units reedeemed ................. (2,722.403) (164.483) - (27,711.406) (1,607.939) -
Units transferred between
Sub-Accounts and/or
Fixed Account ................ 61,971.166 18,399.999 - 158,356.142 89,215.786 -
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of year................. 281,444.550 77,406.519 - 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
------------------------------------- ------------------------------------- -------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994 1996 1995 1994
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
38,118.380 - - 16,298.318 - - 21,963.823 - -
105,150.785 36,112.093 - 199,288.667 15,762.759 - 142,773.744 21,443.118 -
(1,659.008) (76.821) - (2,015.459) (272.010) - (1,447.790) (0.504) -
1,782.916 2,083.108 - 162,985.132 807.569 - (10,638.906) 521.209 -
- ----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
143,393.073 38,118.380 - 376,556.658 16,298.318 - 152,650.871 21,963.823 -
=========== ========== =========== =========== =========== =========== =========== =========== ===========
</TABLE>
7. STATEMENT OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY:
Operations and changes in Contract Owners' equity for the year ended
December 31, 1996 were as follows, (in thousands):
<TABLE>
<CAPTION>
Fidelity's Fidelity's Fidelity's Fidelity's
VIPF VIPF VIPF VIPF
Money Market High Income Equity-Income Growth
Total Portfolio Portfolio Portfolio Portfolio
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Net investment income:
Reinvested dividend income.... $7,818 $1,391 $1,823 $148 $253
Reinvested capital gains ...... 15,324 - 357 4,249 6,399
Administrative expenses....... (7,168) (406) (444) (1,630) (1,584)
--------- --------- --------- --------- ---------
Net investment income (loss)
and capital gains ... 15,974 985 1,736 2,767 5,068
--------- --------- --------- --------- ---------
Realized and unrealized gains (losses):
Net realized gains (losses) on
redemptions of fund shares.. 15,202 - 327 4,311 5,206
Increase (decrease) in unrealized
appreciation of investments . 20,697 - 985 5,473 1,979
--------- --------- --------- --------- ---------
Net realized and
unrealized gains (losses) 35,899 - 1,312 9,784 7,185
--------- --------- --------- --------- ---------
Net additions (reductions)
from operations.... 51,873 985 3,048 12,551 12,253
--------- --------- --------- --------- ---------
Contract Owners' transactions:
Net purchase payments......... 154,093 22,425 6,998 23,529 14,137
Surrenders .................... (24,022) (2,016) (1,323) (6,097) (6,157)
Transfers between Sub-Accounts
and/or Fixed Account........ 1,252 (14,845) 53 (2,146) 3,907
Annuity payments .............. (2,603) (374) (148) (734) (453)
Transfers to (from) required
reserves .................... 4 (2) (1) - 1
--------- --------- --------- --------- ---------
Net additions (reductions) for
Contract Owners' transactions 128,724 5,188 5,579 14,552 11,435
--------- --------- --------- --------- ---------
Net additions (reductions)
for the year......... 180,597 6,173 8,627 27,103 23,688
Contract Owners' Equity,
beginning of the year ........ 377,651 19,364 23,078 92,484 90,834
--------- --------- --------- --------- ---------
Contract Owners' Equity,
end of the year .............. $558,248 $25,537 $31,705 $119,587 $114,522
========= ========= ========= ========= ========
</TABLE>
<TABLE>
<CAPTION>
Putnam's Putnam's Putnam's
Fidelity's Fidelity's VIPF II Fidelity's Fidelity's VT VT VT Utilities
VIPF VIPF II Investment VIPF II VIPF 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>
$312 $1,785 $780 $101 $- $446 $367 $159
344 1,472 - 259 59 - 639 -
(443) (776) (232) (205) (201) (120) (300) (73)
--------- --------- --------- --------- --------- --------- --------- ---------
213 2,481 548 155 (142) 326 706 86
--------- --------- --------- --------- --------- --------- --------- ---------
704 948 143 790 351 240 534 281
2,354 2,803 (432) 1,737 2,130 17 2,692 340
-------- --------- --------- --------- --------- --------- --------- ---------
3,058 3,751 (289) 2,527 2,481 257 3,226 621
--------- --------- --------- --------- --------- --------- --------- ---------
3,271 6,232 259 2,682 2,339 583 3,932 707
--------- --------- --------- --------- --------- --------- --------- ---------
4,159 5,238 6,140 7,822 9,565 3,157 11,514 2,424
(1,475) (2,917) (856) (541) (220) (384) (437) (166)
911 (3,562) (6,130) 4,660 3,635 (1,534) 4,367 (371)
(107) (314) (75) (10) (99) (55) (42) (19)
1 2 (1) 2 1 - - -
--------- --------- --------- --------- --------- --------- --------- ---------
3,489 (1,553) (922) 11,933 12,882 1,184 15,402 1,868
--------- --------- --------- --------- --------- --------- --------- ---------
6,760 4,679 (663) 14,615 15,221 1,767 19,334 2,575
26,216 49,492 15,987 7,987 5,354 7,028 11,517 3,564
--------- --------- --------- --------- --------- --------- --------- ---------
$32,976 $54,171 $15,324 $22,602 $20,575 $8,795 $30,851 $6,139
========= ========= ========= ========= ========= ========= ========= =========
</TABLE>
7. STATEMENT OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY (CONTINUED):
Operations and changes in Contract Owners' equity for the year ended
December 31, 1996 were as follows, (in thousands):
<TABLE>
<CAPTION>
Putnam's Putnam's
Putnam's VT VT Northstar's Northstar's
VT Asia Pacific New Income and Northstar's Multi-Sector
Voyager Growth Opportunities Growth Growth Bond
Fund Fund Fund Fund Fund Fund
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Net investment income:
Reinvested dividend income....... $81 $20 $- $46 $13 $93
Reinvested capital gains ......... 1,372 - - 123 16 35
Administrative expenses.......... (481) (31) (185) (16) (25) (16)
--------- --------- --------- --------- --------- ---------
Net investment income (loss)
and capital gains ........... 972 (11) (185) 153 4 112
--------- --------- --------- --------- --------- ---------
Realized and unrealized gains (losses):
Net realized gains (losses) on
redemptions of fund shares .... 997 40 433 7 (121) 11
Increase (decrease) in unrealized
appreciation of investments .... 762 99 (352) 4 93 13
--------- --------- --------- --------- --------- ---------
Net realized and
unrealized gains (losses) .. 1,759 139 81 11 (28) 24
--------- --------- --------- --------- --------- ---------
Net additions (reductions)
from operations............ 2,731 128 (104) 164 (24) 136
--------- --------- --------- --------- --------- ---------
Contract Owners' transactions:
Net purchase payments ............ 16,294 1,522 13,225 1,310 2,939 1,695
Surrenders ....................... (1,038) (27) (302) (20) (28) (18)
Transfers between Sub-Accounts
and/or Fixed Account ........... 6,571 685 2,584 22 2,566 (121)
Annuity payments ................. (80) (1) (92) - - -
Transfers (from) to required
reserves ....................... (2) 1 2 - - -
--------- --------- --------- --------- --------- ---------
Net additions (reductions) for
Contract Owners' transactions 21,745 2,180 15,417 1,312 5,477 1,556
--------- --------- --------- --------- --------- ---------
Net additions (reductions)
for the year ................. 24,476 2,308 15,313 1,476 5,453 1,692
Contract Owners' Equity,
beginning of the year ........... 19,305 785 3,746 458 202 250
--------- --------- --------- --------- --------- ---------
Contract Owners' Equity,
end of the year ................. $43,781 $3,093 $19,059 $1,934 $5,655 $1,942
========= ======== ========= ========= ========= =========
</TABLE>
RELIASTAR SELECT VARIABLE ACCOUNT
20 WASHINGTON AVENUE SOUTH
MINNEAPOLIS, MINNESOTA 55401
(612) 372-5507
38501j
(Select II/III)
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