The Phoenix Edge Series Fund CIK number 0000792359 has been filed as a separate
document under submission type N30-D.
<PAGE>
Phoenix Home Life
The Big Edge Plus(SM)
Group Strategic Edge(R)
Semi-Annual Reports for:
Phoenix Home Life Variable
Accumulation Account
The Phoenix Edge Series Fund
Wanger Advisors Trust
June 30, 1995
<PAGE>
TABLE OF CONTENTS
PHOENIX HOME LIFE VARIABLE ACCUMULATION ACCOUNT
<TABLE>
<CAPTION>
<S> <C>
Money Market Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 4
Statement of Changes in Net Assets 5
Financial Highlights 8
Growth Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 4
Statement of Changes in Net Assets 5
Financial Highlights 9
Bond Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 4
Statement of Changes in Net Assets 5
Financial Highlights 10
Total Return Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 4
Statement of Changes in Net Assets 5
Financial Highlights 11
International Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 4
Statement of Changes in Net Assets 5
Financial Highlights 12
Balanced Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 4
Statement of Changes in Net Assets 5
Financial Highlights 13
Real Estate Sub-Account
Statement of Assets and Liabilities 3
Statement of Operations 4
Statement of Changes in Net Assets 6
Financial Highlights 14
Wanger International Small Cap Sub-Account
Statement of Assets and Liabilities 3
Statement of Operations 4
Statement of Changes in Net Assets 6
Financial Highlights 15
Wanger U.S. Small Cap Sub-Account
Statement of Assets and Liabilities 3
Statement of Operations 4
Statement of Changes in Net Assets 6
Financial Highlights 15
Notes to Financial Statements 16
</TABLE>
THE PHOENIX EDGE SERIES FUND
<TABLE>
<CAPTION>
<S> <C>
Money Market Series
Schedule of Investments 2-2
Statement of Assets and Liabilities 2-4
Statement of Operations 2-4
Statement of Changes in Net Assets 2-5
Financial Highlights 2-5
Growth Series
Schedule of Investments 2-6
Statement of Assets and Liabilities 2-8
Statement of Operations 2-8
Statement of Changes in Net Assets 2-9
Financial Highlights 2-9
Bond Series
Schedule of Investments 2-10
Statement of Assets and Liabilities 2-12
Statement of Operations 2-12
Statement of Changes in Net Assets 2-13
Financial Highlights 2-13
Total Return Series
Schedule of Investments 2-15
Statement of Assets and Liabilities 2-17
Statement of Operations 2-17
Statement of Changes in Net Assets 2-18
Financial Highlights 2-18
International Series
Schedule of Investments 2-20
Statement of Assets and Liabilities 2-22
Statement of Operations 2-22
Statement of Changes in Net Assets 2-23
Financial Highlights 2-23
Balanced Series
Schedule of Investments 2-24
Statement of Assets and Liabilities 2-26
Statement of Operations 2-26
Statement of Changes in Net Assets 2-27
Financial Highlights 2-27
Real Estate Series
Schedule of Investments 2-28
Statement of Assets and Liabilities 2-30
Statement of Operations 2-30
Statement of Changes in Net Assets 2-31
Financial Highlights 2-31
Notes to Financial Statements 2-32
</TABLE>
WANGER ADVISORS TRUST
<TABLE>
<CAPTION>
<S> <C>
Wanger International Small Cap
Advisor
Schedule of Investments 3-2
Statement of Assets and Liabilities 3-4
Statement of Operations 3-5
Statement of Changes in Net Assets 3-5
Financial Highlights 3-6
Notes to Financial Statements 3-7
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Wanger U.S. Small Cap Advisor
Schedule of Investments 4-2
Statement of Assets and Liabilities 4-4
Statement of Operations 4-5
Statement of Changes in Net Assets 4-5
Financial Highlights 4-6
Notes to Financial Statements 4-7
</TABLE>
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
Money Market Growth Bond
Sub-Account Sub-Account Sub-Account
VA2, VA3 & VA2, VA3 & VA2, VA3 &
VA1 GSE VA1 GSE VA1 GSE
------------------------- ------------------------- --------------------------
Assets
<S> <C> <C> <C> <C> <C> <C>
Investment in The
Phoenix Edge Series
Fund, at market $ 8,085,802 $74,665,843 $62,230,070 $612,640,816 $14,192,298 $71,815,592
Distribution
receivable -- -- -- -- -- --
---------- --------- ---------- --------- ---------- -----------
Total assets 8,085,802 74,665,843 62,230,070 612,640,816 14,192,298 71,815,592
Liabilities
Accrued expenses to
related party 8,818 75,969 50,708 618,395 11,740 73,215
---------- --------- ---------- --------- ---------- -----------
Net assets $ 8,076,984 $74,589,874 $62,179,362 $612,022,421 $14,180,558 $71,742,377
========== ========= ========== ========= ========== ===========
Net assets consist of:
Cost to participants $ 1,456,289 $67,570,863 $24,747,685 $469,152,133 $ 6,157,673 $60,836,493
Investment income 7,922,904 9,896,360 17,890,702 76,862,766 8,745,183 13,048,552
Mortality and expense
risk charges (1,302,209) (2,877,351) (2,812,931) (13,334,432) (995,776) (1,956,783)
Net realized gain
(loss) -- 2 2,428,558 (59,874) 196,865 (94,792)
Net unrealized
appreciation
(depreciation) on
investments in The
Phoenix Edge Series
Fund -- -- 19,925,348 79,401,828 76,613 (91,093)
---------- --------- ---------- --------- ---------- -----------
Net assets $ 8,076,984 $74,589,874 $62,179,362 $612,022,421 $14,180,558 $71,742,377
========== ========= ========== ========= ========== ===========
Accumulation units
outstanding 4,038,015 38,082,674 8,449,044 84,905,380 4,563,016 23,562,827
========== ========= ========== ========= ========== ===========
Net asset value per
unit $ 2.000236 $ 1.958630 $ 7.359337 $ 7.208288 $ 3.107716 $ 3.044727
========== ========= ========== ========= ========== ===========
Investments at cost $ 8,085,802 $74,665,843 $42,304,722 $533,238,988 $14,115,685 $71,906,685
========== ========= ========== ========= ========== ===========
</TABLE>
<TABLE>
<CAPTION>
Total Return International Balanced
Sub-Account Sub-Account Sub-Account
VA2, VA3 & VA2, VA3 & VA2, VA3 &
VA1 GSE VA1 GSE VA1 GSE
-------------------------- --------------------------- ----------------------------
Assets
<S> <C> <C> <C> <C> <C> <C>
Investment in The
Phoenix Edge Series
Fund, at market $63,357,894 $228,816,128 $5,788,371 $106,089,869 $4,895,269 $154,692,640
Distribution
receivable -- -- -- -- -- --
---------- ---------- ---------- ---------- ---------- ------------
Total assets 63,357,894 228,816,128 5,788,371 106,089,869 4,895,269 154,692,640
Liabilities
Accrued expenses to
related party 51,885 234,527 4,807 109,680 4,007 158,358
---------- ---------- ---------- ---------- ---------- ------------
Net assets $63,306,009 $228,581,601 $5,783,564 $105,980,189 $4,891,262 $154,534,282
========== ========== ========== ========== ========== ============
Net assets consist of:
Cost to participants $22,389,278 $188,513,490 $5,370,592 $ 99,531,372 $4,079,400 $139,143,118
Investment income 28,967,900 33,702,801 269,917 3,151,419 572,871 13,642,478
Mortality and expense
risk charges (4,703,308) (6,466,277) (141,579) (2,202,726) (148,982) (4,184,688)
Net realized gain
(loss) 2,774,547 288,440 (330,389) (744,296) 6,065 (68,084)
Net unrealized
appreciation on
investment in The
Phoenix Edge Series
Fund 13,877,592 12,543,147 615,023 6,244,420 381,908 6,001,458
---------- ---------- ---------- ---------- ---------- ------------
Net assets $63,306,009 $228,581,601 $5,783,564 $105,980,189 $4,891,262 $154,534,282
========== ========== ========== ========== ========== ============
Accumulation units
outstanding 19,040,700 70,224,871 4,420,488 82,030,760 3,967,801 126,354,903
========== ========== ========== ========== ========== ============
Net asset value per
unit $ 3.324773 $ 3.254995 $ 1.308354 $ 1.291957 $ 1.232739 $ 1.223018
========== ========== ========== ========== ========== ============
Investments at cost $49,480,302 $216,272,981 $5,173,348 $ 99,845,449 $4,513,361 $148,691,182
========== ========== ========== ========== ========== ============
</TABLE>
See Notes to Financial Statements
2
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1995
(UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
Wanger International Small
Real Estate Cap Wanger U.S. Small Cap
Sub-Account Sub-Account Sub-Account
VA1 VA2 VA1 VA2 VA1 VA2
<S> <C> <C> <C> <C> <C> <C>
------------------------ ------------------------ -------------------------
Assets
Investment in The
Phoenix Edge Series
Fund, at market $ 26,180 $5,944,046 $ 19,807 $1,443,267 $ 190,268 $3,001,370
Distribution
receivable -- -- -- -- -- --
--------- ---------- --------- ---------- --------- ------------
Total assets 26,180 5,944,046 19,807 1,443,267 190,268 3,001,370
Liabilities
Accrued expenses to
related party 17 5,965 10 1,222 74 2,034
--------- ---------- --------- ---------- --------- ------------
Net assets $ 26,163 $5,938,081 $ 19,797 $1,442,045 $ 190,194 $2,999,336
========= ========== ========= ========== ========= ============
Net assets consist of:
Cost to participants $ 25,549 $5,667,358 $ 19,582 $1,399,489 $ 181,783 $2,826,024
Investment income 235 67,537 0 0 0 0
Mortality and expense
risk charges (27) (11,528) (10) (1,422) (78) (2,470)
Net realized gain
(loss) 2 2,158 0 303 2 (938)
Net unrealized
appreciation on
investment in The
Phoenix Edge Series
Fund 404 212,556 225 43,675 8,487 176,720
--------- ---------- --------- ---------- --------- ------------
Net assets $ 26,163 $5,938,081 $ 19,797 $1,442,045 $ 190,194 $2,999,336
========= ========== ========= ========== ========= ============
Accumulation units
outstanding 25,198 5,648,415 19,488 1,316,603 176,060 2,778,019
========= ========== ========= ========== ========= ============
Net asset value per
unit $1.038294 $ 1.051283 $1.015862 $ 1.095277 $1.080282 $ 1.079667
========= ========== ========= ========== ========= ============
Investments at cost $ 25,776 $5,731,490 $ 19,582 $1,399,592 $ 181,781 $2,824,650
========= ========== ========= ========== ========= ============
</TABLE>
See Notes to Financial Statements
3
<PAGE>
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
Money Market Growth Bond
Sub-Account Sub-Account Sub-Account
VA2, VA3 & VA2, VA3 & VA2, VA3 &
VA1 GSE VA1 GSE VA1 GSE
----------------------- ------------------------- --------------------------
Investment income
<S> <C> <C> <C> <C> <C> <C>
Distributions $232,722 $1,958,545 $ 428,674 $ 4,147,133 $ 579,982 $2,749,007
Expenses
Mortality and expense risk
charges 41,127 431,671 284,721 3,355,833 68,638 388,976
------- ----------- --------- ----------- --------- ------------
Net investment income 191,595 1,526,874 143,953 791,300 511,344 2,360,031
------- ----------- --------- ----------- --------- ------------
Net realized gain -- -- 19,266 136,200 27,850 18,722
Net unrealized appreciation
on investment in The
Phoenix Edge Series Fund -- -- 8,041,526 76,448,727 1,084,770 4,965,423
------- ----------- --------- ----------- --------- ------------
Net gain on investments -- -- 8,060,792 76,584,927 1,112,620 4,984,145
------- ----------- --------- ----------- --------- ------------
Net increase in net assets
resulting from operations $191,595 $1,526,874 $8,204,745 $77,376,227 $1,623,964 $7,344,176
======= =========== ========= =========== ========= ============
</TABLE>
<TABLE>
<CAPTION>
Total Return International Balanced
Sub-Account Sub-Account Sub-Account
VA2, VA3 & VA2, VA3 & VA2, VA3 &
VA1 GSE VA1 GSE VA1 GSE
------------------------- ------------------------ ------------------------
Investment income
<S> <C> <C> <C> <C> <C> <C>
Distributions $ $
$1,121,778 $ 4,004,938 -- -- $ 94,028 $ 2,840,088
Expenses
Mortality and expense risk
charges 306,776 1,285,428 31,766 656,058 25,604 935,576
--------- ----------- -------- ----------- ------- ------------
Net investment income (loss) 815,002 2,719,510 (31,766) (656,058) 68,424 1,904,512
--------- ----------- -------- ----------- ------- ------------
Net realized gain (loss) 73,856 110,025 (178,016) (655,196) 9,022 91,912
Net unrealized appreciation
on investment in The
Phoenix Edge Series Fund 5,260,779 18,591,746 359,306 4,206,362 393,524 11,642,345
--------- ----------- -------- ----------- ------- ------------
Net gain on investments 5,334,635 18,701,771 181,290 3,551,166 402,546 11,734,257
--------- ----------- -------- ----------- ------- ------------
Net increase in net assets
resulting from operations $6,149,637 $21,421,281 $ 149,524 $2,895,108 $470,970 $13,638,769
========= =========== ======== =========== ======= ============
</TABLE>
<TABLE>
<CAPTION>
Wanger International
Real Estate(1) Small Cap(1) Wanger U.S. Small Cap (1)
Sub-Account Sub-Account Sub-Account
VA1 VA2 VA1 VA2 VA1 VA2
------------------ ---------------------- -------------------------
Investment income
<S> <C> <C> <C> <C> <C> <C>
Distributions $235 $ 67,537 $ -- $ -- $ -- $ --
Expenses
Mortality and expense risk charges 27 11,528 10 1,422 78 2,470
------ ------ -------- ------- ------- ------------
Net investment income (loss) 208 56,009 (10) (1,422) (78) (2,470)
------ ------ -------- ------- ------- ------------
Net realized gain (loss) 2 2,158 -- 303 2 (938)
------ ------ -------- ------- ------- ------------
Net unrealized appreciation on
investment in The Phoenix Edge
Series Fund 404 212,556 225 43,675 8,487 176,720
------ ------ -------- ------- ------- ------------
Net gain on investments 406 214,714 225 43,978 8,489 175,782
------ ------ -------- ------- ------- ------------
Net increase in net assets
resulting from operations 614 270,723 215 42,556 8,411 173,312
====== ====== ======== ======= ======= ============
</TABLE>
(1) From inception May 1, 1995 to June 30 ,1995
See Notes to Financial Statements
4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED JUNE 30, 1995
(UNAUDITED)
<TABLE>
<CAPTION>
Money Market Growth Bond
Sub-Account Sub-Account Sub-Account
VA2, VA3 & VA2, VA3 & VA2, VA3 &
VA1 GSE VA1 GSE VA1 GSE
------------------------ ------------------------ --------------------------
From operations
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 191,595 $ 1,526,874 $ 143,953 $ 791,300 $ 511,344 $ 2,360,031
Net realized gain -- -- 19,266 136,200 27,850 18,722
Net change in unrealized
appreciation on
investment in The
Phoenix Edge Series Fund -- -- 8,041,526 76,448,727 1,084,770 4,965,423
-------- ----------- -------- ----------- -------- ------------
Net increase in net
assets resulting from
operations 191,595 1,526,874 8,204,745 77,376,227 1,623,964 7,344,176
-------- ----------- -------- ----------- -------- ------------
From accumulation unit
transactions
Participant deposits (69,167) 26,334,865 642,966 60,336,624 76,262 4,456,785
Participant transfers 6,701 (20,417,272) 2,685,846 15,637,962 (212,680) 6,077,505
Participant withdrawals (1,136,885) (5,672,883) (2,669,636) (18,585,225) (676,373) (1,988,478)
-------- ----------- -------- ----------- -------- ------------
(Decrease) increase in
net assets resulting
from participant
transactions (1,199,351) 244,710 659,176 57,389,361 (812,791) 8,545,812
-------- ----------- -------- ----------- -------- ------------
Net (decrease) increase
in net assets (1,007,756) 1,771,584 8,863,921 134,765,588 811,173 15,889,988
Net assets
Beginning of period 9,084,740 72,818,290 53,315,441 477,256,833 13,369,385 55,852,389
-------- ----------- -------- ----------- -------- ------------
End of period $ 8,076,984 $ 74,589,874 $62,179,362 $612,022,421 $14,180,558 $71,742,377
======== =========== ======== =========== ======== ============
</TABLE>
<TABLE>
<CAPTION>
Total Return International Balanced
Sub-Account Sub-Account Sub-Account
VA2, VA3 & VA2, VA3 & VA2, VA3 &
VA1 GSE VA1 GSE VA1 GSE
------------------------ ------------------------ ------------------------
From operations
<S> <C> <C> <C> <C> <C> <C>
Net investment income
(loss) $ 815,002 $ 2,719,510 $ (31,766) $ (656,058) $ 68,424 $ 1,904,512
Net realized gain (loss) 73,856 110,025 (178,016) (655,196) 9,022 91,912
Net change in unrealized
appreciation on
investment
in The Phoenix Edge
Series Fund 5,260,779 18,591,746 359,306 4,206,362 393,524 11,642,345
--------- --------- --------- --------- -------- -----------
Net increase in net
assets resulting from
operations 6,149,637 21,421,281 149,524 2,895,108 470,970 13,638,769
--------- --------- --------- --------- -------- -----------
From accumulation unit
transactions
Participant deposits 689,121 15,985,467 90,985 10,790,318 20,534 6,725,126
Participant transfers (972,800) (2,425,134) (1,801,368) (12,989,525) (581,489) (7,981,402)
Participant withdrawals (2,672,749) (9,411,097) (167,273) (5,515,460) (338,693) (3,930,378)
--------- --------- --------- --------- -------- -----------
(Decrease) increase in
net assets resulting
from participant
transactions (2,956,428) 4,149,236 (1,877,656) (7,714,667) (899,648) (5,186,654)
--------- --------- --------- --------- -------- -----------
Net increase (decrease)
in net assets 3,193,209 25,570,517 (1,728,132) (4,819,559) (428,678) 8,452,115
Net assets
Beginning of period 60,112,800 203,011,084 7,511,696 110,799,748 5,319,940 146,082,167
--------- --------- --------- --------- -------- -----------
End of period $63,306,009 $228,581,601 $ 5,783,564 $105,980,189 $4,891,262 $154,534,282
========= ========= ========= ========= ======== ===========
</TABLE>
See Notes to Financial Statements
5
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
FROM INCEPTION MAY 1, 1995 TO JUNE 30, 1995
(UNAUDITED) CONTINUED
<TABLE>
<CAPTION>
Wanger International
Real Estate Small Cap Wanger U.S. Small Cap
Sub-Account Sub-Account Sub-Account
VA1 VA2 VA1 VA2 VA1 VA2
-------------------- -------------------- ---------------------
From operations
<S> <C> <C> <C> <C> <C> <C>
Net investment income (loss) $ 208 $ 56,009 $ (10) $ (1,422) $ (78) $ (2,470)
Net realized gain (loss) 2 2,158 -- 303 2 (938)
Net change in unrealized
appreciation
on investment in The Phoenix Edge
Series Fund 404 212,556 225 43,675 8,487 176,720
------ --------- ------ --------- ------- ---------
Net increase in net assets
resulting
from operations 614 270,723 215 42,556 8,411 173,312
------ --------- ------ --------- ------- ---------
From accumulation unit transactions
Participant deposits -- 5,063,532 -- 558,308 -- 790,563
Participant transfers 25,688 604,471 19,582 840,204 181,879 2,043,810
Participant withdrawals (139) (645) -- 977 (96) (8,349)
------ --------- ------ --------- ------- ---------
Increase in net assets resulting
from participant transactions 25,549 5,667,358 19,582 1,399,489 181,783 2,826,024
------ --------- ------ --------- ------- ---------
Net increase in net assets 26,163 5,938,081 19,797 1,442,045 190,194 2,999,336
Net assets
Beginning of period -- -- -- -- -- --
------ --------- ------ --------- ------- ---------
End of period $26,163 $5,938,081 $19,797 $1,442,045 $190,194 $2,999,336
====== ========= ====== ========= ======= =========
</TABLE>
See Notes to Financial Statements
6
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
<TABLE>
<CAPTION>
Money Market Growth Bond
Sub-Account Sub-Account Sub-Account
VA2, VA3 & VA2, VA3 & VA2, VA3 &
VA1 GSE VA1 GSE VA1 GSE
----------------------- ----------------------- ------------------------
From operations
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 326,657 $ 1,748,288 $ 3,122,506 $ 26,972,210 $ 813,324 $ 3,716,810
Net realized gain (loss) -- 2 36,532 (185,473) (119,176) (103,382)
Net change in unrealized
depreciation on investment
in The Phoenix Edge
Series Fund -- -- (2,888,602) (27,412,518) (1,555,961) (7,606,399)
-------- --------- -------- --------- -------- ----------
Net increase (decrease) in net
assets resulting from
operations 326,657 1,748,290 270,436 (625,781) (861,813) (3,992,971)
-------- --------- -------- --------- -------- ----------
From accumulation unit
transactions
Participant deposits 672,977 82,740,250 1,650,544 120,706,294 334,527 16,036,535
Participant transfers 2,074,604 (64,774,356) 529,383 39,687,809 (2,375,359) (11,882,665)
Participant withdrawals (2,766,967) (3,208,509) (4,245,122) (12,102,289) (849,236) (1,898,032)
-------- --------- -------- --------- -------- ----------
(Decrease) increase in net
assets resulting from
participant transactions (19,386) 14,757,385 (2,065,195) 148,291,814 (2,890,068) 2,255,838
-------- --------- -------- --------- -------- ----------
Net increase (decrease) in net
assets 307,271 16,505,675 (1,794,759) 147,666,033 (3,751,881) (1,737,133)
Net assets
Beginning of period 8,777,469 56,312,615 55,110,200 329,590,800 17,121,266 57,589,522
-------- --------- -------- --------- -------- ----------
End of period $ 9,084,740 $72,818,290 $53,315,441 $477,256,833 $13,369,385 $ 55,852,389
======== ========= ======== ========= ======== ==========
</TABLE>
<TABLE>
<CAPTION>
Total Return International Balanced
Sub-Account Sub-Account Sub-Account
VA2, VA3 & VA2, VA3 & VA2, VA3 &
VA1 GSE VA1 GSE VA1 GSE
------------------------ ---------------------- ------------------------
<S> <C> <C> <C> <C> <C> <C>
From operations
Net investment income $ 3,435,643 $ 9,584,872 $ 138,303 $ 1,719,878 $ 179,216 $ 4,587,887
Net realized gain (loss) 28,537 585 (147,743) (42,480) (6,391) (162,115)
Net change in unrealized
depreciation on investment in
The Phoenix Edge Series Fund (5,099,091) (14,366,230) (356,376) (5,430,269) (387,117) (10,613,599)
--------- --------- ------- --------- -------- ----------
Net decrease in net assets
resulting from operations (1,634,911) (4,780,773) (365,816) (3,752,871) (214,292) (6,187,827)
--------- --------- ------- --------- -------- ----------
From accumulation unit
transactions
Participant deposits 1,680,952 49,970,179 661,080 37,744,141 221,507 33,865,296
Participant transfers (3,842,234) 2,101,275 3,232,950 28,438,748 (1,051,098) (19,227,859)
Participant withdrawals (7,060,752) (7,436,162) (251,907) (2,279,128) (183,646) (6,614,458)
--------- --------- ------- --------- -------- ----------
(Decrease) increase in net
assets resulting from
participant transactions (9,222,034) 44,635,292 3,642,123 63,903,761 (1,013,237) 8,022,979
--------- --------- ------- --------- -------- ----------
Net (decrease) increase in net
assets (10,856,945) 39,854,519 3,276,307 60,150,890 (1,227,529) 1,835,152
Net assets
Beginning of period 70,969,745 163,156,565 4,235,389 50,648,858 6,547,469 144,247,015
--------- --------- ------- --------- -------- ----------
End of period $ 60,112,800 $203,011,084 $7,511,696 $110,799,748 $ 5,319,940 $146,082,167
========= ========= ======= ========= ======== ==========
</TABLE>
See Notes to Financial Statements
7
<PAGE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A UNIT OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
Money Market Sub-Account
VA1
----------------------------------------------------------------------
Six
Months
Ended
6/30/95 Year Ended December 31,
(Unaudited) 1994 1993 1992 1991 1990
--------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $1.954211 $1.900873 $1.866308 $1.820007 $1.734559 $1.619595
Income from investment operations
Net investment income 0.046025 0.053338 0.034565 0.046301 0.085448 0.114964
-------- -------- -------- -------- -------- ---------
Total from investment operations 0.046025 0.053338 0.034565 0.046301 0.085448 0.114964
-------- -------- -------- -------- -------- ---------
Change in net asset value 0.046025 0.053338 0.034565 0.046301 0.085448 0.114964
-------- -------- -------- -------- -------- ---------
Net asset value, end of period $2.000236 $1.954211 $1.900873 $1.866308 $1.820007 $1.734559
======== ======== ======== ======== ======== =========
Total return 2.36% 2.81% 1.85% 2.54% 4.93% 7.10%
Ratios/supplemental data:
Net assets, end of period (000) $ 8,077 $ 9,085 $ 8,777 $ 16,052 $ 18,726 $ 22,740
Ratio to average net assets of:
Total expenses 1.00%(1) 1.00% 1.00% 1.00% 1.00% 1.00%
Net investment income 4.66%(1) 2.81% 1.84% 2.52% 4.84% 6.86%
</TABLE>
<TABLE>
<CAPTION>
Money Market Sub-Account
VA2, VA3 & GSE
----------------------------------------------------------------------
Six
Months
Ended
6/30/95 Year Ended December 31,
(Unaudited) 1994 1993 1992 1991 1990
--------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $1.915930 $1.868172 $1.838756 $1.797544 $1.717328 $1.607305
Income from investment operations
Net investment income 0.042700 0.047758 0.029416 0.041212 0.080216 0.110023
-------- -------- -------- -------- -------- ---------
Total from investment operations 0.042700 0.047758 0.029416 0.041212 0.080216 0.110023
-------- -------- -------- -------- -------- ---------
Change in net asset value 0.042700 0.047758 0.029416 0.041212 0.080216 0.110023
-------- -------- -------- -------- -------- ---------
Net asset value, end of period $1.958630 $1.915930 $1.868172 $1.838756 $1.797544 $1.717328
======== ======== ======== ======== ======== =========
Total return 2.23% 2.56% 1.60% 2.29% 4.67% 6.85%
Ratios/supplemental data:
Net assets, end of period (000) $ 74,590 $ 72,818 $ 56,313 $ 49,889 $ 27,558 $ 14,981
Ratio to average net assets of:
Total expenses 1.25%(1) 1.25% 1.25% 1.25% 1.25% 1.25%
Net investment income 4.42%(1) 2.64% 1.55% 2.21% 4.44% 6.61%
</TABLE>
(1) Annualized
See Notes to Financial Statements
8
<PAGE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A UNIT OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
Growth Sub-Account
VA1
-----------------------------------------------------------------------
Six
Months
Ended
6/30/95 Year Ended December 31,
(Unaudited) 1994 1993 1992 1991 1990
--------- ---------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $6.384494 $ 6.355486 $5.362579 $4.910837 $3.474821 $3.373255
Income from investment operations
Net investment income 0.017104 0.334932 0.420427 0.258528 0.653298 0.071985
Net realized and unrealized gain
(loss) 0.957739 (0.305924) 0.572480 0.193214 0.782718 0.029581
-------- --------- -------- -------- -------- ---------
Total from investment
operations 0.974843 0.029008 0.992907 0.451742 1.436016 0.101566
-------- --------- -------- -------- -------- ---------
Change in net asset value 0.974843 0.029008 0.992907 0.451742 1.436016 0.101566
-------- --------- -------- -------- -------- ---------
Net asset value, end of period $7.359337 $ 6.384494 $6.355486 $5.362579 $4.910837 $3.474821
======== ========= ======== ======== ======== =========
Total return 15.27% 0.46% 18.52% 9.20% 41.33% 3.01%
Ratios/supplemental data:
Net assets, end of period (000) $ 62,179 $ 53,315 $ 55,110 $ 46,398 $ 35,752 $ 23,135
Ratio to average net assets of:
Total expenses 1.00%(2) 1.00% 1.00% 1.00% 1.00% 1.00%
Net investment income 0.51%(2) 5.75% 7.27% 5.46% 15.33% 2.07%
Portfolio turnover 10%(2) 15% 12% 26% 13% 21%
</TABLE>
<TABLE>
<CAPTION>
Growth Sub-Account
VA2, VA3 & GSE
-------------------------------------------------------------------------
Six
Months
Ended
6/30/95 Year Ended December 31,
(Unaudited) 1994 1993 1992 1991 1990
--------- ----------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $6.261062 $ 6.248053 $5.284626 $4.851447 $3.440659 $3.348325
Income from investment
operations
Net investment income 0.009687 0.353630(1) 0.477662 0.269188 0.955990 0.019329
Net realized and unrealized
gain (loss) 0.937539 (0.340621)(1) 0.485765 0.163991 0.454798 0.073005
-------- ---------- -------- -------- -------- ---------
Total from investment
operations 0.947226 0.013009 0.963427 0.433179 1.410788 0.092334
-------- ---------- -------- -------- -------- ---------
Change in net asset value 0.947226 0.013009 0.963427 0.433179 1.410788 0.092334
-------- ---------- -------- -------- -------- ---------
Net asset value, end of period $7.208288 $ 6.261062 $6.248053 $5.284626 $4.851447 $3.440659
======== ========== ======== ======== ======== =========
Total return 15.13% 0.21% 18.23% 8.93% 41.00% 2.76%
Ratios/supplemental data:
Net assets, end of period (000) $ 612,022 $ 477,257 $ 329,591 $ 156,058 $ 59,881 $ 15,190
Ratio to average net assets of:
Total expenses 1.25%(2) 1.25% 1.25% 1.25% 1.25% 1.25%
Net investment income 0.29%(2) 6.60% 8.85% 6.95% 22.43% 2.21%
Portfolio turnover 10%(2) 10% 10% 18% 13% 23%
</TABLE>
(1) The components in the change in unit value were calculated based on units
outstanding at December 31, 1994.
(2) Annualized
See Notes to Financial Statements
9
<PAGE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A UNIT OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
Bond Sub-Account
VA1
------------------------------------------------------------------------
Six
Months
Ended
6/30/95 Year Ended December 31,
(Unaudited) 1994 1993 1992 1991 1990
--------- ---------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $2.762836 $ 2.952674 $2.572692 $2.360698 $1.993832 $ 1.913888
Income from investment
operations
Net investment income 0.108594 0.179157 0.192311 0.144573 0.161818 0.270626
Net realized and unrealized
gain (loss) 0.236286 (0.368995) 0.187671 0.067421 0.205048 (0.190682)
-------- --------- -------- -------- -------- ----------
Total from investment
operations 0.344880 (0.189838) 0.379982 0.211994 0.366866 0.079944
-------- --------- -------- -------- -------- ----------
Change in net asset value 0.344880 (0.189838) 0.379982 0.211994 0.366866 0.079944
-------- --------- -------- -------- -------- ----------
Net asset value, end of period $3.107716 $ 2.762836 $2.952674 $2.572692 $2.360698 $ 1.993832
======== ========= ======== ======== ======== ==========
Total return 12.48% (6.43)% 14.77% 8.98% 18.40% 4.18%
Ratios/supplemental data:
Net assets, end of period (000) $ 14,181 $ 13,369 $ 17,121 $ 14,249 $ 13,081 $ 10,138
Ratio to average net assets of:
Total expenses 1.00%(1) 1.00% 1.00% 1.00% 1.00% 1.00%
Net investment income 7.45%(1) 6.58% 6.78% 6.11% 7.51% 8.15%
Portfolio turnover 14%(1) 57% 37% 47% 19% 38%
</TABLE>
<TABLE>
<CAPTION>
Bond Sub-Account
VA2, VA3 & GSE
-----------------------------------------------------------------------
Six
Months
Ended
6/30/95 Year Ended December 31,
(Unaudited) 1994 1993 1992 1991 1990
--------- ---------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $2.710153 $ 2.902941 $2.535693 $2.332392 $1.974705 $1.900136
Income from investment operations
Net investment income 0.107514 0.179454 0.222948 0.166529 0.160117 0.046477
Net realized and unrealized
gain (loss) 0.227060 (0.372242) 0.144300 0.036772 0.197570 0.028092
-------- --------- -------- -------- -------- ---------
Total from investment
operations 0.334574 (0.192788) 0.367248 0.203301 0.357687 0.074569
-------- --------- -------- -------- -------- ---------
Change in net asset value 0.334574 (0.192788) 0.367248 0.203301 0.357687 0.074569
-------- --------- -------- -------- -------- ---------
Net asset value, end of period $3.044727 $ 2.710153 $2.902941 $2.535693 $2.332392 $1.974705
======== ========= ======== ======== ======== =========
Total return 12.35% (6.64)% 14.48% 8.72% 18.11% 3.92%
Ratios/supplemental data:
Net assets, end of period (000) $ 71,742 $ 55,852 $ 57,590 $ 26,909 $ 8,117 $ 2,839
Ratio to average net assets of:
Total expenses 1.25%(1) 1.25% 1.25% 1.25% 1.25% 1.25%
Net investment income 7.58%(1) 6.43% 7.55% 6.54% 7.77% 8.61%
Portfolio turnover 29%(1) 29% 17% 21% 24% 29%
</TABLE>
(1) Annualized
See Notes to Financial Statements
10
<PAGE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A UNIT OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
Total Return Sub-Account
VA1
-------------------------------------------------------------------------
Six
Months
Ended
6/30/95 Year Ended December 31,
(Unaudited) 1994 1993 1992 1991 1990
--------- ---------- --------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $3.008513 $ 3.081973 $2.804149 $ 2.559543 $1.999109 $ 1.909058
Income from investment
operations
Net investment income 0.041913 0.154371 0.091335 0.267746 0.214662 0.104323
Net realized and unrealized
gain (loss) 0.274347 (0.227831) 0.186489 (0.023140) 0.345772 (0.014272)
-------- --------- -------- --------- -------- ----------
Total from investment
operations 0.316260 (0.073460) 0.277824 0.244606 0.560434 0.090051
-------- --------- -------- --------- -------- ----------
Change in net asset value 0.316260 (0.073460) 0.277824 0.244606 0.560434 0.090051
-------- --------- -------- --------- -------- ----------
Net asset value, end of period $3.324773 $ 3.008513 $3.081973 $ 2.804149 $2.559543 $ 1.999109
======== ========= ======== ========= ======== ==========
Total return 10.51% (2.38)% 9.91% 9.56% 28.03% 4.72%
Ratios/supplemental data:
Net assets, end of period (000) $ 63,306 $ 60,113 $ 70,970 $ 65,683 $ 58,655 $ 45,314
Ratio to average net assets of:
Total expenses 1.00%(1) 1.00% 1.00% 1.00% 1.00% 1.00%
Net investment income 2.66%(1) 5.22% 3.09% 10.15% 9.40% 4.35%
Portfolio turnover 5%(1) 10% 7% 16% 12% 10%
</TABLE>
<TABLE>
<CAPTION>
Total Return Sub-Account
VA2, VA3 & GSE
------------------------------------------------------------------------
Six
Months
Ended
6/30/95 Year Ended December 31,
(Unaudited) 1994 1993 1992 1991 1990
--------- ---------- --------- ---------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $2.948151 $ 3.028790 $2.762529 $ 2.527829 $1.979067 $1.894604
Income from investment operations
Net investment income 0.038955 0.161671 0.094630 0.296865 0.267345 0.018215
Net realized and unrealized gain
(loss) 0.267889 (0.242310) 0.171631 (0.062165) 0.281417 0.066248
-------- --------- -------- --------- -------- ---------
Total from investment operations 0.306844 (0.080639) 0.266261 0.234700 0.548762 0.084463
-------- --------- -------- --------- -------- ---------
Change in net asset value 0.306844 (0.080639) 0.266261 0.234700 0.548762 0.084463
-------- --------- -------- --------- -------- ---------
Net asset value, end of period $3.254995 $ 2.948151 $3.028790 $ 2.762529 $2.527829 $1.979067
======== ========= ======== ========= ======== =========
Total return 10.41% (2.66)% 9.64% 9.28% 27.73% 4.46%
Ratios/supplemental data:
Net assets, end of period (000) $ 228,582 $ 203,011 $ 163,157 $ 84,066 $ 34,186 $ 13,914
Ratio to average net assets of:
Total expenses 1.25%(1) 1.25% 1.25% 1.25% 1.25% 1.25%
Net investment income 2.64%(1) 5.00% 3.18% 12.86% 12.06% 4.50%
Portfolio turnover 16%(1) 3% 1% 2% 5% 6%
</TABLE>
(1) Annualized
See Notes to Financial Statements
11
<PAGE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A UNIT OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
International Sub-Account
VA1
---------------------------------------------------------------------------
Six Months From
Ended Inception
6/30/95 Year Ended December 31, 5/1/90 to
(Unaudited) 1994 1993 1992 1991 12/31/90
---------- ---------- ---------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 1.267735 $ 1.279733 $ 0.933515 $ 1.081746 $0.912543 $ 1.000000
Income from investment
operations
Net investment (loss) income (0.008629) 0.004536 (0.009969) (0.005027) 0.073008 0.007788
Net realized and unrealized
gain (loss) 0.049248 (0.016534) 0.356187 (0.143204) 0.096195 (0.095245)
--------- --------- --------- --------- -------- ----------
Total from investment
operations 0.040619 (0.011998) 0.346218 (0.148231) 0.169203 (0.087457)
--------- --------- --------- --------- -------- ----------
Change in net asset value 0.040619 (0.011998) 0.346218 (0.148231) 0.169203 (0.087457)
--------- --------- --------- --------- -------- ----------
Net asset value, end of period $ 1.308354 $ 1.267735 $ 1.279733 $ 0.933515 $1.081746 $ 0.912543
========= ========= ========= ========= ======== ==========
Total return 3.20% (0.94)% 37.09% (13.70)% 18.54% (8.75)%
Ratios/supplemental data:
Net assets, end of period (000) $ 5,784 $ 7,512 $ 4,235 $ 1,308 $ 883 $ 447
Ratio to average net assets of:
Total expenses 1.00%(1) 1.00% 1.00 % 1.00 % 1.00% 1.00%(1)
Net investment (loss) income (1.00)%(1) 2.04% (1.00)% (0.51)% 6.52% 2.81%(1)
Portfolio turnover 17%(1) 71% 33 % 26 % 29% 135%(1)
</TABLE>
<TABLE>
<CAPTION>
International Sub-Account
VA2, VA3 & GSE
---------------------------------------------------------------------------
Six Months From
Ended Inception
6/30/95 Year Ended December 31, 5/1/90 to
(Unaudited) 1994 1993 1992 1991 12/31/90
---------- ---------- ---------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $ 1.253391 $ 1.268491 $ 0.927578 $ 1.077492 $0.911158 $ 1.000000
Income from investment
operations
Net investment (loss) income (0.008739) 0.006920 (0.011809) (0.006121) 0.100601 0.006342
Net realized and unrealized
gain (loss) 0.047305 (0.022020) 0.352722 (0.143793) 0.065733 (0.095184)
--------- --------- --------- --------- -------- ----------
Total from investment
operations 0.038566 (0.015100) 0.340913 (0.149914) 0.166334 (0.088842)
--------- --------- --------- --------- -------- ----------
Change in net asset value 0.038566 (0.015100) 0.340913 (0.149914) 0.166334 (0.088842)
--------- --------- --------- --------- -------- ----------
Net asset value, end of period $ 1.291957 $ 1.253391 $ 1.268491 $ 0.927578 $1.077492 $ 0.911158
========= ========= ========= ========= ======== ==========
Total return 3.08% (1.19)% 36.75% (13.91)% 18.26% (8.88)%
Ratios/supplemental data:
Net assets, end of period (000) $ 105,980 $ 110,800 $ 50,649 $ 11,416 $ 4,702 $ 1,472
Ratio to average net assets of:
Total expenses 1.25%(1) 1.25% 1.25 % 1.25 % 1.25% 1.25%(1)
Net investment (loss) income (1.25)%(1) 1.94% (1.25)% (0.66)% 8.15% 2.24%(1)
Portfolio turnover 18%(1) 8% 6 % 17 % 19% 48%(1)
</TABLE>
(1) Annualized
See Notes to Financial Statements
12
<PAGE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A UNIT OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
Balanced Sub-Account
VA1
-----------------------------------------------
Six
Months From
Ended Year Ended December Inception
6/30/95 31, 5/1/92 to
(Unaudited) 1994 1993 12/31/92
--------- ---------- --------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $1.124370 $ 1.168840 $1.086965 $1.000000
Income from investment operations
Net investment income 0.015744 0.037191 0.031512 0.015447
Net realized and unrealized gain (loss) 0.092625 (0.081661) 0.050363 0.071518
-------- --------- -------- ---------
Total from investment operations 0.108369 (0.044470) 0.081875 0.086965
-------- --------- -------- ---------
Change in net asset value 0.108369 (0.044470) 0.081875 0.086965
-------- --------- -------- ---------
Net asset value, end of period $1.232739 $ 1.124370 $1.168840 $1.086965
======== ========= ======== =========
Total return 9.64% (3.80)% 7.53% 8.70%
Ratios/supplemental data:
Net assets, end of period (000) $ 4,891 $ 5,320 $ 6,547 $ 3,569
Ratio to average net assets of:
Total expenses 1.00%(1) 1.00% 1.00% 1.00%(1)
Net investment income 2.67%(1) 3.18% 2.63% 2.63%(1)
Portfolio turnover 9%(1) 15% 10% 39%(1)
</TABLE>
<TABLE>
<CAPTION>
Balanced Sub-Account
VA2, VA3 & GSE
-----------------------------------------------
Six
Months From
Ended Year Ended December Inception
6/30/95 31, 5/1/92 to
(Unaudited) 1994 1993 12/31/92
--------- ---------- --------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $1.116862 $ 1.163951 $1.085113 $1.000000
Income from investment operations
Net investment income 0.014824 0.034914 0.034033 0.014937
Net realized and unrealized gain (loss) 0.091332 (0.082003) 0.044805 0.070176
-------- --------- -------- ---------
Total from investment operations 0.106156 (0.047089) 0.078838 0.085113
-------- --------- -------- ---------
Change in net asset value 0.106156 (0.047089) 0.078838 0.085113
-------- --------- -------- ---------
Net asset value, end of period $1.223018 $ 1.116862 $1.163951 $1.085113
======== ========= ======== =========
Total return 9.50% (4.05)% 7.27% 8.51%
Ratios/supplemental data:
Net assets, end of period (000) $ 154,534 $ 146,082 $ 144,247 $ 43,122
Ratio to average net assets of:
Total expenses 1.25%(1) 1.25% 1.25% 1.25%(1)
Net investment income 2.54%(1) 3.04% 2.74% 2.57%(1)
Portfolio turnover 11%(1) 13% 1% 4%(1)
</TABLE>
(1) Annualized
See Notes to Financial Statements
13
<PAGE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A UNIT OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
Real Estate Securities
Sub-Account
VA1
-----------------------
From
Inception
5/1/95 to 6/30/95
(Unaudited)
-----------------------
<S> <C>
Net asset value, beginning of period $1.000000
Income from investment operations
Net investment income 0.012973
Net realized and unrealized gain 0.025321
---------------------
Total from investment operations 0.038294
---------------------
Change in net asset value 0.038294
---------------------
Net asset value, end of period $1.038294
=====================
Total return 3.83%
Ratios/supplemental data:
Net assets, end of period (000) $ 26
Ratio to average net assets of:
Total expenses 1.00%(1)
Net investment income (loss) 7.70%(1)
Portfolio turnover 4%(1)
</TABLE>
<TABLE>
<CAPTION>
Real Estate Securities
Sub-Account
VA2
-----------------------
From
Inception
5/1/95 to 6/30/95
(Unaudited)
-----------------------
<S> <C>
Net asset value, beginning of period $1.000000
Income from investment operations
Net investment income 0.010610
Net realized and unrealized gain 0.040673
---------------------
Total from investment operations 0.051283
---------------------
Change in net asset value 0.051283
---------------------
Net asset value, end of period $1.051283
=====================
Total return 5.13%
Ratios/supplemental data:
Net assets, end of period (000) $ 5,938
Ratio to average net assets of:
Total expenses 1.25%(1)
Net investment income 6.07%(1)
Portfolio turnover 28%(1)
</TABLE>
(1) Annualized
See Notes to Financial Statements
14
<PAGE>
FINANCIAL HIGHLIGHTS
(SELECTED DATA FOR A UNIT OUTSTANDING THROUGHOUT THE INDICATED PERIOD)
<TABLE>
<CAPTION>
Wanger International Small Cap Wanger U.S. Small Cap.
Sub-Account Sub-Account
VA1
--------------------------------------------------------
From From
Inception Inception
5/1/95 to 6/30/95 5/1/95 to 6/30/95
(Unaudited) (Unaudited)
------------------------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period $ 1.000000 $ 1.000000
Income from investment operations
Net investment (loss) (0.000738) (0.000745)
Net realized and unrealized gain 0.016600 0.081027
----------------------------- ---------------------
Total from investment operations 0.015862 0.080282
----------------------------- ---------------------
Change in net asset value 0.015862 0.080282
----------------------------- ---------------------
Net asset value, end of period $ 1.015862 $ 1.080282
============================= =====================
Total return 1.59% 8.03%
Ratios/supplemental data:
Net assets, end of period (000) $ 20 $ 190
Ratio to average net assets of:
Total expenses 1.00%(1) 1.00%(1)
Net investment income (loss) (1.00)%(1) (1.00)%(1)
Portfolio turnover N/A N/A
</TABLE>
<TABLE>
<CAPTION>
Wanger International Small Cap Wanger U.S. Small Cap.
Sub-Account Sub-Account
VA2
--------------------------------------------------------
From From
Inception Inception
5/1/95 to 6/30/95 5/1/95 to 6/30/95
(Unaudited) (Unaudited)
------------------------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period $ 1.000000 $ 1.000000
Income from investment operations
Net investment (loss) (0.003184) (0.001135)
Net realized and unrealized gain 0.098461 0.080802
----------------------------- ---------------------
Total from investment operations 0.095277 0.079667
----------------------------- ---------------------
Change in net asset value 0.095277 0.079667
----------------------------- ---------------------
Net asset value, end of period $ 1.095277 $ 1.079667
============================= =====================
Total return 9.53% 7.97%
Ratios/supplemental data:
Net assets, end of period (000) $ 1,442 $ 2,999
Ratio to average net assets of:
Total expenses 1.25%(1) 1.25%(1)
Net investment income (loss) (1.25)%(1) (1.25)%(1)
Portfolio turnover 254%(1) 55%(1)
</TABLE>
(1) Annualized
See Notes to Financial Statements
15
<PAGE>
PHOENIX HOME LIFE VARIABLE ACCUMULATION ACCOUNT
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
Note 1--Organization
Phoenix Home Life Variable Accumulation Account (the Account) is a separate
investment account of Phoenix Home Life Mutual Insurance Company (Phoenix Home
Life). The Account is organized as a unit investment trust and currently
consists of nine sub-accounts, which invest solely in a designated portfolio of
The Phoenix Edge Series Fund (the Fund) and/or Wanger Advisors Trust. The
Account is offered as The Big Edge and The Big Edge Plus to individuals (VA1,
VA2 and VA3) and is also offered as Group Strategic Edge ("GSE") to groups to
fund certain tax-qualified pension plans or profit sharing plans. The Money
Market, Growth, Bond, Total Return, International, Balanced, Real Estate, Wanger
International Small Cap and Wanger U.S. Small Cap Sub-accounts are subdivided
into two pools designated "VA1" and "VA2, VA3 & GSE". VA2 and VA3 contracts
include a higher expense risk charge than the VA1 contract and have been
approved for new sales in certain states. VA3 and GSE contract holders may also
direct the allocation of their investments between the Account and the
Guaranteed Interest Account of the general account of Phoenix Home Life through
participant transfers. The Fund's Money Market, Growth, Bond, Total Return,
International and Balanced Series are successors to the investing activities of
the Phoenix Home Life Variable Accumulation Money Market, Growth, Bond, Total
Return, International and Balanced Sub-accounts.
Each Series has distinct investment objectives. The Money Market Series is
a pooled short-term investment fund, the Growth Series is a growth common
stock fund, the Bond Series is a long-term debt fund, the Total Return Series
invests in equity securities and long and short-term debt, the International
Series invests primarily in an internationally diversified portfolio of
equity securities and the Balanced Series is a balanced fund which invests in
growth stocks and at least 25% of its assets in fixed income senior
securities. The Real Estate Series invests in marketable securities of
publicly traded real estate investment trusts ("REITs") and companies that
are principally engaged in the real estate industry. Wanger International
Small Cap and Wanger U.S. Small Cap invest primarily in stocks of small and
medium-size companies.
Note 2--Significant Accounting Policies
A. Valuation of Investments: Investments are made exclusively in the Fund and
are valued at the net asset values per share of the respective Series.
B. Investment transactions and related income: Realized gains and losses
include capital gain distributions from the Fund as well as gains and losses
on sales of shares in the fund determined on the LIFO (last in, first out)
basis.
C. Income taxes: The Account is not a separate entity from Phoenix Home Life
and under current federal income tax law, income in the Account is not taxed
since reserves are established equivalent to such income. Therefore, no
provision for related federal or state income taxes is required.
D. Distributions: Distributions are recorded as investment income on the
ex-dividend date.
Note 3--Purchases and Sales of Shares oF The Phoenix Edge Series Fund
Purchases and sales of shares of the Fund for the six months ended June 30,
1995 aggregated the following:
<TABLE>
<CAPTION>
VA1 VA2, VA3 & GSE
----------------------- --------------------------
Sub-Account Purchases Sales Purchases Sales
---------------------- ---------- ---------- ----------- ------------
<S> <C> <C> <C> <C>
Money Market $2,092,363 $3,074,479 $38,920,982 $36,997,145
Growth 3,493,382 2,774,899 84,505,934 27,166,675
Bond 989,752 1,306,412 19,860,893 9,055,255
Total Return 1,546,437 3,788,707 23,433,251 16,957,766
International 559,526 2,483,341 9,655,378 18,259,303
Balanced 234,067 1,074,605 8,424,138 12,014,662
Real Estate Securities 25,922 148 5,999,813 270,481
Wanger International 19,582 -- 1,876,160 476,871
Wanger U.S. Small Cap. 181,880 101 3,022,203 196,615
</TABLE>
16
<PAGE>
Note 4--Participant Accumulation Unit Transactions (In units)
<TABLE>
<CAPTION>
Sub-Account
------------------------------------------------------------------------
Money Total
Market Growth Bond Return International Balanced
--------- --------- -------- --------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
VA1
Units outstanding,
beginning of period 4,648,802 8,350,770 4,839,008 19,980,901 5,925,289 4,731,485
Participant deposits (35,916) 95,028 25,802 219,836 73,480 17,517
Participant transfers 396 399,332 (69,022) (312,056) (1,442,669) (493,698)
Participant withdrawals (575,267) (396,086) (232,772) (847,981) (135,612) (287,503)
-------- -------- ------- -------- ---------- ---------
Units outstanding, end of
period 4,038,015 8,449,044 4,563,016 19,040,700 4,420,488 3,967,801
======== ======== ======= ======== ========== =========
VA2, VA3 & GSE
Big Edge Plus:
Units outstanding,
beginning of period 37,183,988 75,175,305 20,182,918 67,922,249 87,360,368 128,415,186
Participant deposits 11,850,858 7,849,707 1,476,645 3,865,932 5,752,754 4,980,625
Participant transfers (8,919,329) 2,227,125 2,021,574 (863,971) (10,769,382) (6,640,970)
Participant withdrawals (2,705,212) (1,764,628) (667,820) (1,956,870) (1,711,170) (3,206,693)
-------- -------- ------- -------- ---------- ---------
Units outstanding, end of
period 37,410,305 83,487,509 23,013,317 68,967,340 80,632,570 123,548,148
======== ======== ======= ======== ========== =========
Group Strategic Edge:
Units outstanding,
beginning of period 822,771 1,050,874 425,656 938,228 1,039,619 2,381,785
Participant deposits 1,682,111 318,477 70,480 184,588 388,699 676,453
Participant transfers (1,695,688) 107,118 90,484 175,344 75,895 (82,384)
Participant withdrawals (136,825) (58,598) (37,110) (40,629) (106,023) (169,099)
-------- -------- ------- -------- ---------- ---------
Units outstanding, end of
period 672,369 1,417,871 549,510 1,257,531 1,398,190 2,806,755
======== ======== ======= ======== ========== =========
</TABLE>
<TABLE>
<CAPTION>
Real Estate Wanger Wanger U.S. Small
VA1 Securities International Cap.
-------------------- ------------------ ---------------------
<S> <C> <C> <C>
Units outstanding, beginning of period -- -- --
Participant deposits -- -- --
Participant transfers 25,332 19,488 176,155
Participant withdrawals (134) -- (95)
------------------- ----------------- --------------------
Units outstanding, end of period 25,198 19,488 176,060
=================== ================= ====================
</TABLE>
<TABLE>
<CAPTION>
Real Estate Wanger Wanger U.S. Small
VA2 Securities International Cap.
-------------------- ------------------ ---------------------
<S> <C> <C> <C>
Units outstanding, beginning of period -- -- --
Participant deposits 5,061,047 527,771 772,748
Participant transfers 587,992 787,914 2,013,297
Participant withdrawals (624) 918 (8,026)
------------------- ----------------- --------------------
Units outstanding, end of period 5,648,415 1,316,603 2,778,019
=================== ================= ====================
</TABLE>
Note 5--Investment Advisory Fees and Related Party Transactions
Phoenix Home Life and its indirect subsidiary, Phoenix Equity Planning
Corporation, a registered broker/dealer in securities, provide all services to
the Account.
Phoenix Home Life assumes the risk that annuitants as a class may live
longer than expected and that its expenses may be higher than its deductions
for such expenses. In return for the assumption of these mortality and
expense risks, Phoenix Home Life charges the sub-accounts designated VA1 the
daily equivalent of 0.40% on an annual basis of the current value of net
assets for mortality risks and the daily equivalent of 0.60% on an annual
basis for expense risks assumed. VA2, VA3 & GSE sub-accounts are charged the
daily equivalent of 0.40% and 0.85% on an annual basis for mortality and
expense risks, respectively.
As compensation for administrative services provided to the Account,
Phoenix Home Life additionally receives $35 per year from each contract,
which is deducted from the sub-account holding the assets of the participant,
or on a pro rata basis from two or more sub-accounts in relation to their
values under the contract. Fees for administrative services provided for the
six months ended June 30, 1995 aggregated $817,963 and are funded by and
included in participant withdrawals.
Phoenix Equity Planning Corporation is the principal underwriter and
distributor for the Account. Phoenix Home Life reimburses Phoenix Equity
Planning for expenses incurred as underwriter. On surrender of a contract,
contingent deferred sales charges, which vary from 0-6% depending upon the
duration of each contract deposit, are deducted from the proceeds and are
paid to Phoenix Home Life as reimbursement for services provided. Contingent
deferred sales charges deducted and paid to Phoenix Home Life aggregated
$703,703 for the six months ended June 30, 1995.
Note 6--Distribution of Net Income
The Account does not expect to declare dividends to participants from
accumulated net income. The accumulated net income is distributed to
participants as part of withdrawals of amounts in the form of surrenders, death
benefits, transfers or annuity payments in excess of net purchase payments.
17
<PAGE>
Note 7--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 the Treasury.
The Internal Revenue Service has issued regulations under Section 817(h)
of the Code. Phoenix Home Life believes that the Account satisfies the
current requirements of the regulations, and it intends that the Account will
continue to meet such requirements.
18
<PAGE>
PHOENIX HOME LIFE
VARIABLE ACCUMULATION ACCOUNT
Phoenix Home Life Mutual Insurance Company
One American Row
Hartford, Connecticut 06115
Underwriter
Phoenix Equity Planning Corporation
P.O. Box 2200
100 Bright Meadow Boulevard
Enfield, Connecticut 06083-2200
Custodian
The Chase Manhattan Bank, N.A.
1 Chase Manhattan Plaza
Floor 3B
New York, New York 10081
International Series Custodian
The Chase Manhattan Bank, N.A.
1211 Avenue of the Americas
New York, New York 10036
Attention: Global Custody Division
Real Estate Securities Custodian
State Street Bank and Trust
P.O. Box 351
Boston, Massachusetts 02101
19
<PAGE>
THIS PAGE LEFT INTENTIONALLY BLANK.
<PAGE>
BULK RATE
U.S. Postage
PAID
Permit No. 444
Springfield, MA
Phoenix Home Life Mutual Insurance Company
101 Munson Street
P.O. Box 942
Greenfield, Massachusetts 01302-0942
P-726 (8/95)
Phoenix Home Life
(recycle logo) Printed on recycled paper using soybean ink
(C) 1995 Phoenix Home Life Mutual Insurance Company
