February 29, 1996
Contract Owners
Separate Account I - WN V
Washington National Insurance Company
Attached is the statement of financial information for the period
ending December 31, 1995.
/c/ Barbara A. Cremin
Barbara A. Cremin
Vice President
Life & Annuity Administration
BAC:lb
<PAGE>
SEPARATE ACCOUNT I OF
WASHINGTON NATIONAL INSURANCE COMPANY
December 31, 1995
Report of Independent Auditors See below
Statement of Assets and Liabilities See below
Portfolio of Investments See below
Statement of Operations See below
Statement of Changes in Net Assets See below
Notes to Financial Statements See below
Supplementary Information -- Selected Per Accumulation
Unit Data and Ratios See below
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
Contract Owners and Board of Directors
Separate Account I of Washington
National Insurance Company
We have audited the accompanying statement of assets and
liabilities, including the portfolio of investments, of Separate
Account I of Washington National Insurance Company (comprising,
respectively, the Bond, Short-Term Portfolio and Stock Sub-
Accounts) as of December 31, 1995, and the related statement of
operations for the year then ended, the statement of changes in
net assets for each of the two years in the period then ended,
and the selected per accumulation unit data and ratios for each
of the five years in the period then ended. These financial
statements and per accumulation unit data and ratios are the
responsibility of the Company's management. Our responsibility is
to express an opinion on these financial statements and per
accumulation unit data and ratios based on our audits.
We 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 and per accumulation unit data and
ratios are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1995, by
correspondence with the custodian. 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 and selected per
accumulation unit data and ratios referred to above present
fairly, in all material respects, the financial position of each
of the respective Sub-Accounts constituting Separate Account I of
Washington National Insurance Company at December 31, 1995, the
results of their operations of the year then ended, the changes
in their net assets for each of the two years in the period then
ended, and the selected per accumulation unit data and ratios for
each of the five years in the period then ended, in conformity
with generally accepted accounting principles.
/c/ Ernst & Young LLP
Chicago, Illinois
February 9, 1996
<PAGE>
SEPARATE ACCOUNT I OF
WASHINGTON NATIONAL INSURANCE COMPANY
<TABLE>
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1995
<CAPTION>
Sub-Account
--------------------------------------------------
Short-Term
Bond Portfolio Stock
<S> <C> <C> <C>
ASSETS
Investments, at fair value (cost: Bond-$11,586,900: Short-
Term Portfolio-$1,672,826: Stock-$17,992,994) - Note C $12,172,146 $1,672,826 $32,136,723
Cash 3,580 834 31,925
Dividends and interest receivable 195,593 1,266 68,117
Other receivables 7,921 - 49,477
12,379,240 1,674,926 32,286,242
LIABILITIES
Payable to Washington National Insurance Company - Note B 1,407 117 6,521
NET ASSETS $12,377,833 $1,674,809 $32,279,721
Accumulation units outstanding 4,954,931 945,624 9,442,564
Accumulation unit value $2.50 $1.77 $3.42
<FN>
See notes to financial statements.
</TABLE>
<PAGE>
SEPARATE ACCOUNT I OF
WASHINGTON NATIONAL INSURANCE COMPANY
<TABLE>
PORTFOLIO OF INVESTMENTS
December 31, 1995
<CAPTION>
Principal Fair
Amount Value
<S> <C> <C>
BOND SUB-ACCOUNT
U.S. Government and Government Agency Obligations--31.3%
U.S. Treasury, 6.13% note, due 7-31-00 $ 750,000 $ 772,500
U.S. Treasury, 7.00% note, due 4-15-99 500,000 525,000
U.S. Treasury, 8.00% note, due 1-15-97 500,000 515,000
Federal Home Loan Mortgage Corporation, 6.2% debenture, due 9-8-08 500,000 495,000
Federal Home Loan Mortgage Corporation, 8.75% debenture,
due 4-1-08 146,895 43,916
Federal Home Loan Mortgage Corporation, 9.25% participation
certificates, pool 160055, due 8-1-08 85,458 85,337
Federal Home Loan Mortgage Corporation, 10.25% participation
certificates, pool 160095, due 11-1-09 37,750 36,237
Federal Home Loan Mortgage Corporation, 10.75% participation
certificates, pool 170033, due 7-1-10 52,810 50,308
Federal Home Loan Mortgage Corporation, 10% participation
certificates, pool 170152, due 1-1-16 31,383 31,541
Government Trust Certificate, 9.25% certificate, due 11-15-01 500,000 555,000
Government National Mortgage Association, 7.5% participation
certificates, pool 327726, due 8-15-22 667,759 673,307
TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY
OBLIGATIONS (cost - $3,766,304) 3,883,146
Corporate Bonds--60.0%
General Motors Corporation, 9.63% debentures, due 12-1-00 500,000 575,000
DuPont De Nemours, 9.15% note, due 4-15-00 500,000 565,000
American Home Products, 7.70% note, due 2-15-00 500,000 535,000
Hoechst Celanese Corporation, 9.63% note, due 9-1-99 500,000 535,000
Pacificorp, 6.75% 1st mtg & collateral trust, due 4-1-05 500,000 515,000
General Telephone Company of the Northwest, Inc., 8.25% first
mortgage bonds, Series W, due 2-1-07 500,000 515,000
Comerica, Inc., 7.13% note, due 12-1-13 500,000 505,000
NCNB Texas National Bank, 9.5% note, due 6-1-04 500,000 600,000
Nationsbank Corporation, 6.63% note, due 1-15-98 500,000 510,000
Banc One Corporation, 7.25% note, due 8-1-02 500,000 530,000
Aon Corporation, 6.7% note, due 6-15-03 500,000 515,000
Corestates Capital Corporation, 6.63% note, due 3-15-05 500,000 510,000
Equifax Inc., 6.5% note, due 6-15-03 500,000 510,000
Morgan Stanley Group, 6.38% note, due 12-15-03 500,000 505,000
TOTAL CORPORATE BONDS (cost - $6,956,596) 7,425,000
Floating Rate Demand Notes--7.0%
Associate Corporation of North America, 5.09%, due on demand 150,000 150,000
General Electric Credit Corporation, 5.35%, due on demand 714,000 714,000
TOTAL FLOATING RATE DEMAND NOTES (cost - $864,000) 864,000
TOTAL INVESTMENTS-BOND SUB-ACCOUNT-98.3% (cost - $11,586,900) $12,172,146
SHORT-TERM PORTFOLIO SUB-ACCOUNT
Commercial Paper--83.4%
American Express Credit Corporation, 5.70%, due 1-18-96 200,000 $ 199,462
Chevron Oil Finance Company, 5.77%, due 1-30-96 200,000 199,070
John Deere Credit Company, 5.78%, due 1-26-96 200,000 199,197
Ford Motor Credit Company, 5.61%, due 1-22-96 200,000 199,346
Household Finance Corporation, 5.65%, due 1-5-96 200,000 199,874
IBM Credit Corporation, 5.77%, due 1-25-96 200,000 199,231
Prudential Funding Corporation, 5.79%, due 1-12-96 200,000 199,646
TOTAL COMMERICAL PAPER (cost - $1,395,826) 1,395,826
Floating Rate Demand Notes--16.5%
Associates Corporation of North American, 5.09%, due on demand 10,000 10,000
General Electric Credit Corporation, 5.94%, due on demand 267,000 267,000
TOTAL FLOATING RATE DEMAND NOTES (cost - $277,000) 277,000
TOTAL INVESTMENTS-SHORT-TERM PORTFOLIO SUB-ACCOUNT-99.9% (cost - $1,672,826) $ 1,672,826
<FN>
See notes to financial statements.
Percentages shown are based on total net assets of each Sub-Account.
</TABLE>
<TABLE>
PORTFOLIO OF INVESTMENTS -- Continued
December 31, 1995
<CAPTION>
Number of Fair
Shares Value
<S>
STOCK SUB-ACCOUNT <C> <C>
Common Stocks--99.4%
Automobile--2.4%
General Motors Corporation 15,000 $ 780,000
Banks--3.8%
Banc One Corporation 14,456 543,907
Huntington Bancshare 27,859 668,616
1,212,523
Beverages--2.7%
Anheuser-Busch 13,200 882,750
Brokerage Firms--3.2%
Merrill Lynch 20,200 1,030,200
Consumer Products--4.3%
Newell Company 16,000 414,000
Rubbermaid, Inc. 15,000 382,500
Warner Lambert 6,000 582,750
1,379,250
Drugs--6.7%
Bristol-Myers Squibb 10,000 858,750
Merck & Co. 10,400 682,500
Pfizer, Inc. 10,000 630,000
2,171,250
STOCK SUB-ACCOUNT--Continued
Common Stocks--99.4% -- Continued
Electrical--6.0%
Emerson Electric 10,100 825,675
General Electric 15,600 1,123,200
1,948,875
Electronics and Instruments--7.1%
Avnet, Inc. 17,700 792,075
Hewlett-Packard Company 18,000 1,507,500
2,299,575
Entertainment--2.3%
Walt Disney Company 12,800 755,200
Financial--5.2%
Federal National Mortgage Association 8,500 1,052,938
Fleet Financial Group 15,000 611,250
1,664,188
Foods--4.9%
CPC International 12,600 864,675
Sysco Corporation 22,000 715,000
1,579,675
Industrial--8.3%
WMX Technologies, Inc. 12,000 357,000
Parker-Hannifin 23,700 811,725
Pitney Bowes, Inc. 13,600 639,200
Sherwin Williams 21,600 880,200
2,688,125
Insurance--5.1%
Aetna Life and Casualty Company 6,200 429,350
General Reinsurance Corporation 4,400 682,000
Lincoln National Corporation 10,000 537,500
1,648,850
Mines and Minerals--2.3%
Minnesota Mining and Manufacturing Company 11,000 730,125
Oil--11.0%
Amoco Corporation 11,000 786,500
Chevron Corporation 18,600 974,175
Exxon Corporation 11,600 933,800
Mobil Corporation 7,600 849,300
3,543,775
Radio and Television--2.2%
Interpublic Group Incorporated 16,000 694,000
Restaurants--3.0%
McDonald's Corporation 21,400 965,675
STOCK SUB-ACCOUNT -- Continued
Common Stocks--99.3% -- Continued
Retail--2.2%
Home Depot Incorporated 8,000 382,000
Tandy Corporation 8,000 332,000
714,000
Technology--6.6%
Intel Corporation 22,000 1,248,500
Motorola Incorporated 15,600 889,200
2,137,700
Telephone--3.3%
Bell Atlantic Corporation 10,500 702,187
Pacific Teleisis Group 10,800 361,800
1,063,987
Utilities--6.8%
Central & Southwest 19,600 546,350
Duke Power 12,400 587,450
Northeast Utilities 17,400 421,950
Pennsylvania Power and Light Company 17,800 445,000
SCE Corp 10,000 176,250
2,177,000
TOTAL COMMON STOCKS (cost - $17,922,994) 32,066,723
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
<S> <C> <C>
Floating Rate Demand Notes--.2%
Associate Corporation of North America, 5.09%, due on demand $ 42,000 42,000
General Electric Credit Corportion, 5.35%, due on demand 28,000 28,000
TOTAL FLOATING RATE DEMAND NOTES (cost - $70,000) 70,000
TOTAL INVESTMENTS-STOCK SUB-ACCOUNT-99.6% (cost - $17,992,994) $32,136,723
<FN>
See notes to financial statements.
Percentages shown are based on total net assets of each Sub-Account.
</TABLE>
<PAGE>
SEPARATE ACCOUNT I OF
WASHINGTON NATIONAL INSURANCE COMPANY
<TABLE>
STATEMENT OF OPERATIONS
Year Ended December 31, 1995
<CAPTION>
Sub-Account
----------------------------------------
Short-Term
Bond Portfolio Stock
<S> <C> <C> <C>
Investment income:
Interest $ 890,627 $ 102,093 $ 57,515
Dividends - - 769,515
Other - - 18,301
890,627 102,093 845,331
Expenses--Note B:
Mortality and expense assurance 96,554 13,722 233,914
Investment advisory and management fee 60,346 8,576 146,196
Accounting service fee 42,242 6,003 102,337
General and administrative expenses 20,135 3,430 62,114
219,277 31,731 544,561
NET INVESTMENT INCOME 671,350 70,362 300,770
Realized and unrealized gains (losses):
Net realized gains 789 721,695
Unrealized gains (losses)--Note C:
Beginning of year (477,813) 6,657,961
End of year 585,246 14,143,729
Net unrealized gain 1,063,059 7,485,768
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS 1,063,848 8,207,463
INCREASE IN NET ASSETS
FROM OPERATIONS $1,735,198 $ 70,362 $8,508,233
<FN>
See notes to financial statements.
</TABLE>
<PAGE>
SEPARATE ACCOUNT I OF
WASHINGTON NATIONAL INSURANCE COMPANY
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<CAPTION>
Year Ended December 31, 1995 Year Ended December 31, 1994
---------------------------------------- ----------------------------------------
Sub-Account Sub-Account
---------------------------------------- -----------------------------------------
Short-Term Short-Term
Bond Portfolio Stock Bond Portfolio Stock
<S> <C> <C> <C> <C> <C> <C>
ADDITIONS (DEDUCTIONS)
From operations
Net investment income $ 671,350 $ 70,362 $ 300,770 $ 644,387 $ 41,670 $ 359,394
Net realized gain 789 - 721,695 26,252 - 237,338
Net unrealized gain (loss) 1,063,059 - 7,485,768 (1,206,736) - (413,568)
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS 1,735,198 70,362 8,508,233 (536,097) 41,670 183,164
From capital transactions-Note A
Net proceeds from units sold 419,329 36,762 1,276,994 406,807 51,010 1,055,215
Cost of units redeemed (1,084,252) (110,683) (2,733,504) (992,431) (134,122) (2,092,462)
Net asset value of units transferred,
including exchanges with the Fixed Account (139,525) (75,944) 141,268 (592,255) 170,143 233,261
INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL TRANSACTIONS (804,448) (149,865) (1,315,242) (1,177,879) 87,031 (803,986)
NET INCREASE (DECREASE) IN NET ASSETS 930,750 (79,503) 7,192,991 (1,713,976) 128,701 (620,822)
Net assets at beginning of year 11,447,083 1,754,312 25,086,730 13,161,059 1,625,611 25,707,552
NET ASSETS AT END OF YEAR $12,377,833 $ 1,674,809 $32,279,721 $11,447,083 $ 1,754,312 $25,086,730
ANALYSIS OF CHANGES IN UNITS OUTSTANDING
Units sold 178,815 21,559 427,709 185,686 30,089 420,378
Units redeemed (458,670) (63,500) (907,205) (454,958) (80,108) (831,402)
Units transferred (61,842) (44,197) 39,629 (270,163) 101,699 91,183
INCREASE (DECREASE) IN UNITS OUTSTANDING (341,697) (86,138) (439,867) (539,435) 51,680 (319,841)
Units outstanding at beginning of year 5,296,628 1,031,762 9,882,431 5,836,063 980,082 10,202,272
UNITS OUTSTANDING AT END OF YEAR 4,954,931 945,624 9,442,564 5,296,628 1,031,762 9,882,431
<FN>
See notes to financial statements.
</TABLE>
<PAGE>
SEPARATE ACCOUNT I OF
WASHINGTON NATIONAL INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
NOTE A -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Account: The Separate Account I of Washington National
Insurance Company (the "Separate Account") is a segregated
investment account of Washington National Insurance Company
("WNIC"). WNIC is a wholly-owned subsidiary of Washington National
Corporation. The Separate Account is registered as an open-end
diversified management investment company pursuant to the
provisions of the Investment Company Act of 1940. The Separate
Account no longer issues new contracts. There are three Sub-
Accounts within the Separate Account, each with its own investment
objectives and policies as follows:
Bond Sub-Account -- high level of current income while
preserving capital by investing in fixed income
securities.
Short-Term Portfolio Sub-Account -- moderate level of
current income consistent with liquidity and preservation
of capital by investing in one or more types of short-term
instruments.
Stock Sub-Account -- long-term capital growth and income
by investing principally in equity-type securities.
In addition, a contract holder may elect to invest in a fixed
annuity held by WNIC, called the Fixed Account.
WNIC is a contract holder of the Separate Account. At December 31,
1995, the fair value of WNIC's investments were $5,576,669,
$1,084,802 , and $9,654,392 in the Bond, Short-Term Portfolio, and
Stock Sub-Accounts, respectively. During 1995, WNIC made no
deposits or withdrawals.
Valuation of Investments: Securities traded on a national
securities exchange are valued at the closing price as of the
valuation date. Investments traded in the over-the-counter market
are valued at the average between the bid and ask prices.
Commercial paper is valued at amortized cost and other short-term
investments are valued at cost. Differences, if any, from fair
value are not considered material in relation to net assets.
Investment Transactions and Income: Security transactions are
accounted for on the trade date (date the order to buy or sell is
executed). Interest income is recorded on the accrual basis and
dividend income is recorded on the ex-dividend date. Realized
gains and losses on investments are determined on a first-in,
first-out basis.
Accumulation Unit Valuation: Accumulation unit values reflect the
net asset value of each Sub-Account and are computed daily.
<PAGE>
SEPARATE ACCOUNT I OF
WASHINGTON NATIONAL INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS - Continued
December 31, 1995
NOTE B -- DEDUCTIONS AND CHARGES
Deductions and charges are made from the Separate Account and paid to
WNIC as follows:
As a fee for administration and contract maintenance, WNIC
deducts $30 annually from the accumulated value of each
contract on the contract anniversary or on the date of
surrender if it occurs between contract anniversaries.
This fee does not apply to contracts for individual
retirement accounts, or to contracts which at the end of
any contract anniversary have received at least $1,000 of
payments or in which the accumulated value is at least
$20,000.
As compensation for annuity rate guarantees, WNIC deducts
an amount, computed on a daily basis, which is equal on an
annual basis to .8% of the average net asset value of the
Separate Account.
As a fee for managing and administering the investment
activities of the Separate Account, WNIC deducts an
amount, computed on a daily basis, equal to an annual rate
of .5% of the average net asset value of each Sub-Account.
As compensation for providing financial accounting
services to the Separate Account, WNIC deducts an amount,
computed on a daily basis, equal to an annual rate of .35%
of the average net asset value of the Separate Account.
As reimbursement for incurring various other general and
administrative expenses attributable to the Separate
Account, WNIC deducts an amount, computed on a daily
basis, equal to an annual rate of .2% of the average net
asset value of the Separate Account. A component of these
expenses is the fee paid to the Separate Account's Board
of Directors. Only members of the Board of Directors who
are not directors, officers, or employees of WNIC receive
an annual retainer of $1,000, and a meeting fee of $350.
In 1995, the Separate Account's three external directors
each received $1,700.
A contingent deferred sales charge of 6% is made on any
amounts withdrawn which are in excess of 10% of the
contract's accumulated value on the date of the first
withdrawal during the respective contract year, except
that no such charge is made for withdrawals of purchase
payments received more than 72 months prior to the date of
withdrawal and no such charge is made if the withdrawal
amount is applied to a settlement option after the
contract has been in force for five years or if the
contract contains life contingencies.
<PAGE>
SEPARATE ACCOUNT I OF
WASHINGTON NATIONAL INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS - Continued
December 31, 1995
NOTE C -- INVESTMENTS
The aggregate cost of purchases and sales of investments other
than United States Government obligations and short-term notes
was:
<TABLE>
<CAPTION>
Proceeds
Cost of From
Investments Investments
Sub-Account Acquired Sold
<S> <C> <C>
Bond $ 499,370 $ 130,224
Stock 2,320,712 2,093,126
</TABLE>
The cost of purchases of United States Government obligations was
$748,477 in the Bond Sub-Account. The total unrealized gain on
investments at December 31, 1995 consisted of unrealized
appreciation of $590,246 and $14,284,704 and unrealized
depreciation of $5,000 and $140,975 in the Bond and Stock Sub-
Accounts, respectively.
NOTE D -- FEDERAL INCOME TAXES
The operations of the Separate Account form a part of, and are
taxed with, the operations of WNIC, which under the Internal
Revenue Code is taxed as a "life insurance company." The Separate
Account is not taxed as a regulated investment company under
Subchapter M of the Code. Under existing federal income tax law,
no taxes are payable on the investment income or on the realized
gains of the Separate Account.
NOTE E -- SUBSEQUENT EVENT
A special meeting of the Separate Account contract holders has
been scheduled on March 12, 1996 to seek approval to reconstitute
the Separate Account as a unit investment trust which will invest
all of its assets in an investment portfolio of Scudder Variable
Life Investment Fund.
Immediately following the restructuring of the Separate Account,
the contract holders will have beneficial interests in the same
number of units in each Sub-Account of the restructured Separate
Account as they owned in that Sub-Account immediately prior to the
transaction.
The transaction was initiated to provide contract holders with
experienced mutual fund management, greater diversification of
investments, and a reduction in fees.
<PAGE>
SEPARATE ACCOUNT I OF
WASHINGTON NATIONAL INSURANCE COMPANY
<TABLE>
SUPPLEMENTARY INFORMATION--SELECTED PER ACCUMULATION UNIT DATA AND RATIOS
Selected data per accumulation unit outstanding throughout the year
For the year ended December 31,
<CAPTION>
1995 1994 1993
--------------------------- --------------------------- ----------------------------
Sub-Account Sub-Account Sub-Account
--------------------------- --------------------------- ----------------------------
Short-Term Short-Term Short-Term
Bond Portfolio Stock Bond Portfolio Stock Bond Portfolio Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Per accumulation unit data:
Investment income $ 0.17 $ 0.10 $ 0.09 $ 0.16 $ 0.07 $ 0.08 $ 0.16 $ 0.05 $ 0.07
Expenses (0.04) (0.03) (0.06) (0.04) (0.03) (0.04) (0.04) (0.03) (0.04)
NET INVESTMENT INCOME 0.13 0.07 0.03 0.12 0.04 0.04 0.12 0.02 0.03
Net realized and unrealized
gain (loss) on investments 0.21 - 0.85 (0.22) - (0.02) 0.03 - 0.21
Net increase (decrease) in
accumulation unit value 0.34 0.07 0.88 (0.10) 0.04 0.02 0.15 0.02 0.24
Accumulation unit value at
beginning of year 2.16 1.70 2.54 2.26 1.66 2.52 2.11 1.64 2.28
ACCUMULATION UNIT VALUE
AT END OF YEAR $ 2.50 $ 1.77 $ 3.42 $ 2.16 $ 1.70 $ 2.54 $ 2.26 $ 1.66 $ 2.52
Ratios:
Ratio of expenses to average
net assets 1.82% 1.86% 1.87% 1.87% 1.85% 1.83% 1.85% 1.85% 1.81%
Ratio of net investment income
to average net assets 5.58 4.11 1.03 5.28 2.47 1.41 5.50 1.28 1.17
Portfolio turnover rate 1.25 - 7.41 - - 12.20 33.66 - 3.50
Number of accumulation units
outstanding at end of year
(000's omitted) 4,955 946 9,443 5,297 1,032 9,882 5,836 980 10,202
<FN>
See notes to financial statements.
</TABLE>
<TABLE>
SUPPLEMENTARY INFORMATION--SELECTED PER ACCUMULATION UNIT DATA AND RATIOS--Continued
Selected data per accumulation unit outstanding throughout the year
For the year ended December 31,
<CAPTION>
1992 1991
--------------------------- ---------------------------
Sub-Account Sub-Account
--------------------------- ---------------------------
Short-Term Short-Term
Bond Portfolio Stock Bond Portfolio Stock
<S> <C> <C> <C> <C> <C> <C>
Per accumulation unit data:
Investment income $ 0.17 $ 0.06 $ 0.07 $ 0.16 $ 0.09 $ 0.07
Expenses (0.04) (0.03) (0.04) (0.03) (0.03) (0.04)
NET INVESTMENT INCOME 0.13 0.03 0.03 0.13 0.06 0.03
Net realized and unrealized
gain (loss) on investments (0.01) - 0.12 0.14 - 0.34
Net increase (decrease) in
accumulation unit value 0.12 0.03 0.15 0.27 0.06 0.37
Accumulation unit value at
beginning of year 1.99 1.61 2.13 1.72 1.55 1.76
ACCUMULATION UNIT VALUE
AT END OF YEAR $ 2.11 $ 1.64 $ 2.28 $ 1.99 $ 1.61 $ 2.13
Ratios:
Ratio of expenses to average
net assets 1.85% 1.85% 1.85% 1.85% 1.86% 1.86%
Ratio of net investment income
to average net assets 6.22 1.82 1.33 7.02 3.80 1.85
Portfolio turnover rate 10.83 - 4.92 - - 5.97
Number of accumulation units
outstanding at end of year
(000's omitted) 6,457 1,065 10,457 6,616 1,130 10,564
<FN>
See notes to financial statements.
</TABLE>
