INVESTORS
LIFE INSURANCE COMPANY
OF NORTH AMERICA
(Herein called Investors Life)
SEPARATE ACCOUNT I
FINANCIAL STATEMENTS
December 31, 1995
(Audited)
This report is submitted for the general information of owners of
Investors Life Insurance Company of North America Separate
Account I variable annuity contracts. This report is not
authorized for distribution to prospective purchasers of such
contracts unless it is accompanied by a current prospectus.
Investors Life Insurance
Company of North America
Administrative Offices: Austin, Texas
Report of Independent Accountants
To the Contracts Owners of Investors Life Insurance Company
of North America Separate Account I and the Board of
Directors of Investors Life Insurance Company of North America
In our opinion, the accompanying combined balance sheet and the
related individual statements of operations and of changes in
total assets present fairly, in all material respects, the
combined financial position of the subdivisions comprising the
Investors Life Insurance Company of North America Separate
Account I (the Separate Account) at December 31, 1995, the
results of each of their operations for the year then ended and
the changes in each of their total assets for the two years in
the period then ended, in conformity with generally accepted
accounting principles. These financial statements are the
responsibility of the Separate Account's management; our
responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these
financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting
principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for the
opinion expressed above.
Price Waterhouse LLP
Dallas, Texas
February 22, 1996
INVESTORS LIFE INSURANCE COMPANY OF NORTH AMERICA
SEPARATE ACCOUNT I
COMBINED BALANCE SHEET
DECEMBER 31, 1995
ASSETS
Investments at Market Value
(Notes 1 and 2):
Portfolios of Putnam Capital Manager Trust:
Money Market Division
2,180,815 qualified shares (cost $2,180,815) $2,180,815
2,636,535 non-qualified shares (cost $2,636,535) 2,636,535
Income Division
360,748 qualified shares (cost $4,612,681) 4,956,685
603,904 non-qualified shares (cost $7,731,746) 8,297,641
Growth & Income Division II
826,587 qualified shares (cost $16,015,701) 17,746,825
61,313 shares owned by (cost $1,187,977) 1,316,385
Investors Life
371,405 non-qualified shares (cost $7,263,843) 7,974,070
61,354 shares owned by (cost $1,199,952) 1,317,276
Investors Life
Voyager Division (formerly known as Aggressive Equity Division)
20,625 qualified shares (cost $497,669) 629,067
36,618 shares owned by (cost $883,569) 1,116,857
Investors Life
10,640 non-qualified shares (cost $251,989) 324,532
36,559 shares owned by (cost $865,800) 1,115,047
Investors Life
Total Assets $49,611,735
CONTRACT OWNERS' EQUITY
Contract Owners' Equity (Notes 3 and 7):
Money Market Division
1,096,192 qualified accumulation ($1.9894462 per unit) $2,180,815
units outstanding
1,334,785 non-qualified accumulation ($1.9752506 per unit) 2,636,535
units outstanding
Income Division
1,580,611 qualified accumulation ($3.1359299 per unit) 4,956,685
units outstanding
2,678,698 non-qualified accumulation ($3.0976397 per unit) 8,297,641
units outstanding
Growth & Income Division II
3,444,210 qualified accumulation ($5.1526547 per unit) 17,746,825
units outstanding
255,477 Investors Life equity ($5.1526547 per unit) 1,316,385
1,806,556 non-qualified accumulation ($4.4139625 per unit) 7,974,070
units outstanding
298,434 Investors Life equity ($4.4139625 per unit) 1,317,276
Voyager Division (formerly known as Aggressive Equity Division)
281,624 qualified accumulation ($2.2337132 per unit) 629,067
units outstanding
500,000 Investors Life equity ($2.2337132 per unit) 1,116,857
145,524 non-qualified accumulation ($2.2300940 per unit) 324,532
units outstanding
500,000 Investors Life equity ($2.2300940 per unit) 1,115,047
Contract Owners' Equity $49,611,735
The accompanying notes are an integral part of these financial statements
INVESTORS LIFE INSURANCE COMPANY OF NORTH AMERICA
SEPARATE ACCOUNT I
INDIVIDUAL STATEMENTS OF OPERATIONS
TWELVE MONTHS ENDED DECEMBER 31, 1995
Money Money
Market Market
Qualified Non-Qualified
Investment Income:
Dividends $ 140,706 $ 153,743
Expenses:
Mortality risk and expense 31,476 34,072
fees guarantees (Notes 1 and 3)
Investment income - net 109,230 119,671
Net Realized and Unrealized
Gain (Loss) on Investments:
Net realized capital gain distributions 0 0
Net realized gain (loss) on investments:
Proceeds from sale of shares 967,292 791,839
Cost of shares sold 967,292 791,839
Net realized gain (loss) on investments 0 0
Net unrealized gain (loss) on investment 0 0
Net realized and unrealized gain (loss) 0 0
on investments
Net Increase (Decrease) in Net Assets $ 109,230 $ 119,671
from Investment Operations
Income Income
Qualified Non-Qualified
Investment Income:
Dividends $ 103,195 $ 156,732
Expenses:
Mortality risk and expense 60,128 95,290
fees guarantees (Notes 1 and 3)
Investment income - net 43,067 61,442
Net Realized and Unrealized
Gain (Loss) on Investments:
Net realized capital gain distributions 0 0
Net realized gain (loss) on investments:
Proceeds from sale of shares 1,325,318 1,106,418
Cost of shares sold 1,288,332 1,099,663
Net realized gain (loss) on investments 36,986 6,755
Net unrealized gain (loss) on investment 773,455 1,283,698
Net realized and unrealized gain (loss) 810,441 1,290,453
on investments
Net Increase (Decrease) in Net Assets $ 853,508 $1,351,895
from Investment Operations
Growth and Growth and
Income II Income II
Qualified* Non-Qualified*
(formerly Equity (formerly Equity
Division) (1) Division) (1)
Investment Income:
Dividends $ 146,349 $ 60,521
Expenses:
Mortality risk and expense 202,859 92,225
fees guarantees (Notes 1 and 3)
Investment income - net (56,510) (31,704)
Net Realized and Unrealized
Gain (Loss) on Investments:
Net realized capital gain distributions 0 0
Net realized gain (loss) on investments:
Proceeds from sale of shares 3,763,680 1,427,689
Cost of shares sold 4,064,731 1,590,542
Net realized gain (loss) on investments (301,051) (162,853)
Net unrealized gain (loss) on investment 5,614,225 2,596,107
Net realized and unrealized gain (loss) 5,313,174 2,433,254
on investments
Net Increase (Decrease) in Net Assets $5,256,664 $2,401,550
from Investment Operations
Voyager Voyager
Qualified* Non-Qualified*
Investment Income:
Dividends $ 8,644 $ 7,015
Expenses:
Mortality risk and expense 18,139 14,581
fees guarantees (Notes 1 and 3)
Investment income - net (9,495) (7,566)
Net Realized and Unrealized
Gain (Loss) on Investments:
Net realized capital gain distributions 0 0
Net realized gain (loss) on investments:
Proceeds from sale of shares 82,959 75,405
Cost of shares sold 69,134 67,885
Net realized gain (loss) on investments 13,825 7,520
Net unrealized gain (loss) on investment 485,685 393,641
Net realized and unrealized gain (loss) 499,510 401,161
on investments
Net Increase (Decrease) in Net Assets $ 490,015 $ 393,595
from Investment Operations
Growth and Growth and
Income Income
Qualified(2) Non-Qualified(2)
Investment Income:
Dividends $ 27,503 $ 20,395
Expenses:
Mortality risk and expense 11,407 8,460
fees guarantees (Notes 1 and 3)
Investment income - net 16,096 11,935
Net Realized and Unrealized
Gain (Loss) on Investments:
Net realized capital gain distributions 0 0
Net realized gain (loss) on investments:
Proceeds from sale of shares 139,845 40,423
Cost of shares sold 155,377 43,889
Net realized gain (loss) on investments (15,532) (3,466)
Net unrealized gain (loss) on investment 0 0
Net realized and unrealized gain (loss) (15,532) (3,466)
on investments
Net Increase (Decrease) in Net Assets $ 564 $ 8,469
from Investment Operations
(1) includes activity due to the merger of the Growth and
Income Division with the Equity Division as of April 18, 1995
(2) includes period from 1/1/95 through 4/17/95.
*Includes shares owned by Investors Life.
The accompanying notes are an integral part of these financial statements
INVESTORS LIFE INSURANCE COMPANY OF NORTH AMERICA
SEPARATE ACCOUNT I
INDIVIDUAL STATEMENTS OF CHANGES IN TOTAL ASSETS
TWELVE MONTHS ENDED DECEMBER 31, 1995
Money Money
Market Market
Qualified Non-Qualified
Investment Operations:
Investment income-net $ 109,230 $ 119,671
Realized capital gain distributions 0 0
Net realized gain (loss) on investments 0 0
Net unrealized gain (loss) on investment 0 0
Net increase (decrease) in net 109,230 119,671
assets from investment operations
Accumulation Unit Transactions:
Net contract considerations and 194,606 44,620
transfers in (Note 3)
Net contract surrenders and transfers (951,236) (629,306)
out (Note 3)
Benefit payments to annuitants (11,036) (43,271)
Net decrease from accumulation (767,666) (627,957)
unit transactions
Net Increase (Decrease) in Net Assets (658,436) (508,286)
Net Assets:
Net assets at December 31, 1994 2,839,250 3,144,821
Net assets at December 31, 1995 $2,180,815 $2,636,535
Income Income
Qualified Non-Qualified
Investment Operations:
Investment income-net $ 43,067 $ 61,442
Realized capital gain distributions 0 0
Net realized gain (loss) on investments 36,986 6,755
Net unrealized gain (loss) on investment 773,455 1,283,698
Net increase (decrease) in net 853,508 1,351,895
assets from investment operations
Accumulation Unit Transactions:
Net contract considerations and 85,031 13,876
transfers in (Note 3)
Net contract surrenders and transfers (1,289,036) (906,494)
out (Note 3)
Benefit payments to annuitants (6,214) (97,764)
Net decrease from accumulation (1,210,219) (990,382)
unit transactions
Net Increase (Decrease) in Net Assets (356,711) 361,513
Net Assets:
Net assets at December 31, 1994 5,313,396 7,936,128
Net assets at December 31, 1995 4,956,685 8,297,641
Growth and Growth and
Income II Income II
Qualified* Non-Qualified*
(formerly Equity (formerly Equity
Division) (1) Division) (1)
Investment Operations:
Investment income-net $ (56,510) $ (31,704)
Realized capital gain distributions 0 0
Net realized gain (loss) on investments (301,051) (162,853)
Net unrealized gain (loss) on investment 5,614,225 2,596,107
Net increase (decrease) in net 5,256,664 2,401,550
assets from investment operations
Accumulation Unit Transactions:
Net contract considerations and 3,629,931 2,506,850
transfers in (Note 3)
Net contract surrenders and transfers (3,868,301) (1,281,644)
out (Note 3)
Benefit payments to annuitants (49,704) (32,262)
Net decrease from accumulation (288,074) 1,192,945
unit transactions
Net Increase (Decrease) in Net Assets 4,968,589 3,594,495
Net Assets:
Net assets at December 31, 1994 14,094,620 5,696,852
Net assets at December 31, 1995 $19,063,210 $ 9,291,346
Voyager Voyager
Qualified* Non-Qualified*
Investment Operations:
Investment income-net $ (9,495) $ (7,566)
Realized capital gain distributions 0 0
Net realized gain (loss) on investments 13,825 7,520
Net unrealized gain (loss) on investment 485,685 393,641
Net increase (decrease) in net 490,015 393,595
assets from investment operations
Accumulation Unit Transactions:
Net contract considerations and 66,421 54,096
transfers in (Note 3)
Net contract surrenders and transfers (109,354) (62,157)
out (Note 3)
Benefit payments to annuitants 0 0
Net decrease from accumulation (42,933) (8,061)
unit transactions
Net Increase (Decrease) in Net Assets 447,082 385,534
Net Assets:
Net assets at December 31, 1994 1,298,842 1,054,045
Net assets at December 31, 1995 $1,745,924 $1,439,579
Growth and Growth and
Income Income
Qualified(2) Non-Qualified(2)
Investment Operations:
Investment income-net $ 16,096 $ 11,935
Realized capital gain distributions 0 0
Net realized gain (loss) on investments (15,532) (3,466)
Net unrealized gain (loss) on investment 0 0
Net increase (decrease) in net 564 8,469
assets from investment operations
Accumulation Unit Transactions:
Net contract considerations and 30,302 43,844
transfers in (Note 3)
Net contract surrenders and transfers (3,115,506) (2,255,410)
out (Note 3)
Benefit payments to annuitants (3,932) (19,434)
Net decrease from accumulation (3,089,136) (2,231,000)
unit transactions
Net Increase (Decrease) in Net Assets (3,088,572) (2,222,531)
Net Assets:
Net assets at December 31, 1994 3,088,572 2,222,531
Net assets at December 31, 1995 $ 0 $ 0
(1) includes activity due to the merger of the Growth and
Income Division with the Equity Division as of April 18, 1995
(2) includes period from 1/1/95 through 4/17/95.
The accompanying notes are an integral part of these financial statements
INVESTORS LIFE INSURANCE COMPANY OF NORTH AMERICA
SEPARATE ACCOUNT I
INDIVIDUAL STATEMENTS OF CHANGES IN TOTAL ASSETS
TWELVE MONTHS ENDED DECEMBER 31, 1994
Money Money
Market Market
Qualified Non-Qualified
Investment Operations:
Investment income-net $ 66,494 $ 79,964
Realized capital gain distributions 0 0
Net realized gain (loss) on investments 0 0
Net unrealized gain (loss) on investment 0 0
Net increase (decrease) in net 66,494 79,964
assets from investment operations
Accumulation Unit Transactions:
Net contract considerations and 567,815 90,139
transfers in (Note 3)
Net contract surrenders and transfers (1,102,273) (1,658,192)
out (Note 3)
Benefit payments to annuitants (11,239) (51,311)
Net decrease from accumulation (545,697) (1,619,364)
unit transactions
Net Increase (Decrease) in Net Assets (479,203) (1,539,400)
Net Assets:
Net assets at December 31, 1993 3,318,453 4,684,221
Net assets at December 31, 1994 $2,839,250 $3,144,821
Income Income
Qualified Non-Qualified
Investment Operations:
Investment income-net $ 299,313 $ 488,515
Realized capital gain distributions 0 0
Net realized gain (loss) on investments (60,531) (103,131)
Net unrealized gain (loss) on investment (491,742) (811,510)
Net increase (decrease) in net (252,960) (426,126)
assets from investment operations
Accumulation Unit Transactions:
Net contract considerations and 144,200 101,539
transfers in (Note 3)
Net contract surrenders and transfers (1,053,586) (2,569,070)
out (Note 3)
Benefit payments to annuitants (74,065) (72,417)
Net decrease from accumulation (983,451) (2,539,948)
unit transactions
Net Increase (Decrease) in Net Assets (1,236,411) (2,966,074)
Net Assets:
Net assets at December 31, 1993 6,549,807 10,902,202
Net assets at December 31, 1994 $5,313,396 $7,936,128
Equity Equity
Qualified Non-Qualified
Investment Operations:
Investment income-net $ 342,365 $ 129,054
Realized capital gain distributions 0 0
Net realized gain (loss) on investments (2,566,616) (459,226)
Net unrealized gain (loss) on investment 2,113,115 267,574
Net increase (decrease) in net (111,136) (62,598)
assets from investment operations
Accumulation Unit Transactions:
Net contract considerations and 433,766 9,060
transfers in (Note 3)
Net contract surrenders and transfers (8,365,579) (1,474,715)
out (Note 3)
Benefit payments to annuitants (17,961) (21,305)
Net decrease from accumulation (7,949,774) (1,486,960)
unit transactions
Net Increase (Decrease) in Net Assets (8,060,910) (1,549,558)
Net Assets:
Net assets at December 31, 1993 22,155,530 7,246,410
Net assets at December 31, 1994 $14,094,620 $5,696,852
Aggressive Aggressive
Equity Equity
Qualified* Non-Qualified*
Investment Operations:
Investment income-net $ 136,107 $ 130,956
Realized capital gain distributions 210,638 202,528
Net realized gain (loss) on investments 29,949 49,742
Net unrealized gain (loss) on investment (404,406) (403,492)
Net increase (decrease) in net (27,712) (20,266)
assets from investment operations
Accumulation Unit Transactions:
Net contract considerations and 52,110 4,441
transfers in (Note 3)
Net contract surrenders and transfers (92,011) (200,450)
out (Note 3)
Benefit payments to annuitants 0 0
Net decrease from accumulation (39,901) (196,009)
unit transactions
Net Increase (Decrease) in Net Assets (67,613) (216,275)
Net Assets:
Net assets at December 31, 1993 1,366,455 1,270,320
Net assets at December 31, 1994 $1,298,842 $1,054,045
Growth and Growth and
Income Income
Qualified* Non-Qualified*
Investment Operations:
Investment income-net $ 63,958 $ 51,548
Realized capital gain distributions 0 0
Net realized gain (loss) on investments (90,685) (163,891)
Net unrealized gain (loss) on investment 32,483 123,710
Net increase (decrease) in net 5,756 11,367
assets from investment operations
Accumulation Unit Transactions:
Net contract considerations and 111,281 21,093
transfers in (Note 3)
Net contract surrenders and transfers (504,991) (649,404)
out (Note 3)
Benefit payments to annuitants (11,940) (3,118)
Net decrease from accumulation (405,650) (631,429)
unit transactions
Net Increase (Decrease) in Net Assets (399,894) (620,062)
Net Assets:
Net assets at December 31, 1993 3,488,466 2,842,593
Net assets at December 31, 1994 $3,088,572 $2,222,531
*Includes shares owned by Investors Life.
The accompanying notes are an integral part of these financial statements
INVESTORS LIFE INSURANCE COMPANY OF NORTH AMERICA
SEPARATE ACCOUNT I
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
Note 1. Organization
Investors Life Insurance Company of North America ("Investors
Life") established Investors Life Insurance Company of North
America - Separate Account I (the "Separate Account") as a unit
investment trust registered under the Investment Company Act of
1940, as amended. Operations of the Separate Account commenced
on September 15, 1982. The Separate Account currently has four
Divisions each corresponding to a portfolio of PCM Trust. Prior
to the substitution of shares of PCM Trust for shares of CIGNA
Annuity Funds Group as the underlying funding vehicle for the
Separate Account, the Separate Account contained five divisions.
In connection with the substitution, the Equity Division was
merged with the Growth and Income Division; thereafter, the
Equity Division was renamed the Growth and Income Division II.
See Note 6 for a description of the substitution. Each Division
contains two subdivisions, one for the allocation of
tax-qualified and one for the allocation of non-tax qualified net
payments made under variable annuity contracts.
Net purchase payments to the Separate Account may be allocated to
one or more of the following classes of shares of the PCM Trust:
PCM Money Market Fund, PCM Income Fund, PCM Growth and Income Fund
or PCM Voyager Fund. The contract owners' equity of each
subdivision of the Separate Account is affected by the investment
results of the appropriate portfolio(s) of shares of PCM Trust
designated for the subdivision and the mortality risk and expense
fees guarantees assessed on the Separate Account assets (See Note
3), and the administrative charge deductions.
Note 2. Significant Accounting Policies
Following is a summary of the significant accounting policies of
the Separate Account:
(a)the market value of the investments is based on closing bid
prices (net asset value) at December 31, 1995; (b)investment
transactions are accounted for on the trade date and income is
recorded on the ex-dividend date; (c)the cost of investments sold
is determined on the specific identification method. See Notes 4
and 5 with respect to income taxes.
Note 3. Contract Owner Transactions
Net contract considerations represent gross contributions under
variable annuity contracts less deductions by Investors Life for
any applicable premium taxes. Net contract considerations for
the year ended December 31, 1995 were $20,645 after deductions
for premium taxes of $98. Contract owners have limited rights to
transfer their contract values between Separate Account
Divisions. For the year ended December 31, 1995, the total of all
transfers was $6,648,836. Contract surrender benefits amounted
to $7,819,608. Annuity benefits amounted to $263,617. Investors
Life charges a fee to each Separate Account subdivision for
assuming the mortality risk and expense fees guarantees. The
daily equivalent of the annual charge of 1.2% is made against the
average net asset value of the Separate Account.
Note 4. Income Taxes
Investors Life is taxed as a life insurance company under the
Internal Revenue Code. The Separate Account is taxed as part of
Investors Life. Under the current provisions of the Code, no
Federal income taxes are payable by Investors Life with respect
to the operations of the Separate Account when such operations
are used to determine the contract values of the Separate
Account. Investors Life retains the right to make adjustments
for taxes to Separate Account assets should future changes in the
Internal Revenue Code so warrant.
Note 5. Diversification Requirements
Under the provisions of Section 817(h) of the Internal Revenue
Code, (the "Code"), a variable annuity contract, other than a
contract issued in connection with certain types of employee
benefit plans, will not be treated as an annuity contract for
federal tax purposes for any period for which the investments of
the segregated asset account on which the contract is based are
not adequately diversified. The Code provides that the
"adequately diversified" requirement may be met if the underlying
investments satisfy either a statutory safe harbor test or
diversification requirements set forth in regulations issued by
the Secretary of Treasury.
The Internal Revenue Service has issued regulations under section
817(h) of the Code. Investors Life believes that the Separate
Account satisfies the current requirements of the regulations.
Note 6. Substitution of Fund Shares
Prior to November 29, 1993, CIGNA Investments, Inc. ("CII")
served as the investment adviser to each of the portfolios of the
CIGNA Fund, pursuant to an investment advisory agreement between
CII and the CIGNA Funds. In connection with its decision to
withdraw from the active management of equity-based portfolios,
CII indicated to the Board of Trustees of the CIGNA Funds and
Investors Life that CII would be unwilling to continue to serve
as investment adviser with respect to any of the portfolios of
the CIGNA Fund on a long-term basis.
CII indicated that an orderly withdrawal of CII's investment
advisory services involved the selection of an investment adviser
to provide equity advisory services during a transition period,
as well as the capability to serve as the substitute underlying
investment vehicle for the variable annuity contracts (the
"Contracts") issued by Investors Life. Putnam Investment
Management, Inc. ("Putnam Management"), the investment adviser to
Putnam Capital Manager Trust ("PCM") indicated its willingness to
serve as investment adviser to the CIGNA Annuity Equity Fund, the
CIGNA Annuity Growth and Income Fund and the CIGNA Annuity
Aggressive Equity Fund (the "CIGNA Equity Funds") during the
transition period. PCM also indicated to Investors Life that its
willingness to serve as the substitute underlying investment
vehicle for the Contracts (the "Substitution").
On the basis of the foregoing, the Trustees of the CIGNA Funds
terminated the appointment of CII as the investment adviser to
the CIGNA Equity Funds, effective November 29, 1993, and
appointed Putnam Management as the new investment adviser of the
CIGNA Equity Funds. CII continued to serve as the investment
adviser of the CIGNA Annuity Money Market Fund and the CIGNA
Annuity Income Fund and to provide certain administrative
services to the CIGNA Funds until the completion of the
Substitution.
Investors Life filed an application with the U.S. Securities and
Exchange Commission, requesting the issuance of an order
approving the plan of Substitution. Such order was issued on
December 21, 1994. The effectiveness of the Substitution was
subject to prior approval by the vote of a majority of the votes
to be cast by persons having their Contract values determined by
each affected portfolio of the CIGNA Funds, which approval was
obtained.
As of April 18, 1995, shares of the PCM Trust were substituted
for shares of the applicable CIGNA Fund as the underlying
investment vehicle. The substitution of PCM Funds as the
underlying investment vehicle for the variable annuity contracts
was effected by Investors Life's exchange of shares of each of
the portfolios of the CIGNA Funds for shares of the corresponding
portfolio of PCM Funds.
Note 7. Accumulation Unit Transactions
The changes in the number of accumulation units (the measure of
ownership in the Separate Account) during the twelve months of
1995 and units outstanding at December 31, 1995 were as follows:
Money Money
Market Market
Qualified Non-Qualified
Units outstanding at December 31, 1994 1,488,534 1,660,811
Units purchased and transfers in 105,253 23,520
Benefits, surrenders and transfers out (497,595) (349,546)
Units outstanding at December 31, 1995 1,096,192 1,334,785
Income Income
Qualified Non-Qualified
Units outstanding at December 31, 1994 2,006,254 3,034,007
Units purchased and transfers in 56,714 8,088
Benefits, surrenders and transfers out (482,357) (363,397)
Units outstanding at December 31, 1995 1,580,611 2,678,698
Growth and Growth and
Income II Income II
Qualified* Non-Qualified*
(formerly Equity (formerly Equity
Division) (1) Division) (1)
Units outstanding at December 31, 1994 3,672,031 1,733,131
Units purchased and transfers in 921,306 681,928
Benefits, surrenders and transfers out (893,650) (310,069)
Units outstanding at December 31, 1995 3,699,687 2,104,990
Voyager Voyager
Qualified* Non-Qualified*
Units outstanding at December 31, 1994 798,724 649,408
Units purchased and transfers in 32,244 25,988
Benefits, surrenders and transfers out (49,344) (29,872)
Units outstanding at December 31, 1995 781,624 645,524
Growth and Growth and
Income Income
Qualified(2) Non-Qualified(2)
Units outstanding at December 31, 1994 1,563,888 1,125,395
Units purchased and transfers in 15,030 20,978
Benefits, surrenders and transfers out (1,578,918) (1,146,373)
Units outstanding at December 31, 1995 0 0
(1) includes activity due to the merger of the Growth and
Income Division with the Equity Division as of April 18, 1995
(2) includes period from 1/1/95 through 4/17/95.
* includes shares owned by Investors Life
The accumulation units for six of the subdivisions include units
applicable to contract owners who are "on benefit annuitants." At
December 31, 1995 the number of accumulation units, the aggregate
value of the subdivisions'equity and the number of monthly annuity
units and value per unit of "on benefit annuitants" are as follows:
Accumulation Aggregate
Units Value
Money Market, Qualified 29,438 $58,565
Money Market, Non-Qualified 146,961 $290,285
Income, Qualified 62,121 $194,807
Income, Non-Qualified 241,319 $747,519
Growth and Income II, Qualified 104,824 $540,122
Growth and Income II, Non-Qualified 135,098 $596,318
Monthly Annuity
Annuity Units Unit Value
Money Market, Qualified 1,084 0.8661646
Money Market, Non-Qualified 5,171 0.8665983
Income, Qualified 1,091 1.4600543
Income, Non-Qualified 5,134 1.4565572
Growth and Income II, Qualified 3,657 1.3850492
Growth and Income II, Non-Qualified 5,447 1.4839318
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