[FRONT COVER]
[LOGO] Phoenix Home Life
The Phoenix Edge(SM)
Semi-Annual Reports for:
Phoenix Home Life Variable
Universal Life Account
Phoenix Edge Series Fund
June 30, 1996
<PAGE>
TABLE OF CONTENTS
PHOENIX HOME LIFE VARIABLE UNIVERSAL LIFE ACCOUNT
Money Market Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 6
Growth Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 6
Multi-Sector Fixed Income Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 6
Total Return Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 6
International Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 6
Balanced Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 6
Real Estate Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 6
Strategic Theme Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 6
Notes to Financial Statements 7
THE PHOENIX EDGE SERIES FUND
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 2-9
Statement of Operations 2-9
Statement of Changes in Net Assets 2-10
Financial Highlights 2-10
Multi-Sector Fixed Income Series
Schedule of Investments 2-11
Statement of Assets and Liabilities 2-14
Statement of Operations 2-14
Statement of Changes in Net Assets 2-15
Financial Highlights 2-15
Total Return Series
Schedule of Investments 2-17
Statement of Assets and Liabilities 2-20
Statement of Operations 2-20
Statement of Changes in Net Assets 2-21
Financial Highlights 2-21
International Series
Schedule of Investments 2-22
Statement of Assets and Liabilities 2-25
Statement of Operations 2-25
Statement of Changes in Net Assets 2-26
Financial Highlights 2-26
Balanced Series
Schedule of Investments 2-28
Statement of Assets and Liabilities 2-31
Statement of Operations 2-31
Statement of Changes in Net Assets 2-32
Financial Highlights 2-32
Real Estate Series
Schedule of Investments 2-33
Statement of Assets and Liabilities 2-35
Statement of Operations 2-35
Statement of Changes in Net Assets 2-36
Financial Highlights 2-36
Strategic Theme Series
Schedule of Investments 2-38
Statement of Assets and Liabilities 2-40
Statement of Operations 2-40
Statement of Changes in Net Assets 2-41
Financial Highlights 2-41
Notes to Financial Statements 2-42
<PAGE>
This semi-annual report for the Phoenix
Home Life Variable Universal Life Account
for the period ended June 30, 1996, contains
the financial statements for the Account's single
premium variable universal life policies. This
report also contains a list of portfolio holdings,
management's discussion of performance and
investment strategy and financial statements
for each of the mutual funds that comprise the
Phoenix Edge Series Fund.
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Multi-Sector
Money Market Growth Fixed Income
Sub-Account Sub-Account Sub-Account
-------------- ------------------- ---------------
<S> <C> <C> <C>
Assets
Investments at cost $ 691,024 $21,328,614 $2,949,546
============ ================== =============
Investment in The Phoenix Edge Series Fund, at market $ 691,024 $27,063,849 $3,060,068
------------ ------------------ -------------
Total assets 691,024 27,063,849 3,060,068
Liabilities
Accrued expenses to related party 264 10,329 1,171
------------ ------------------ -------------
Net assets $ 690,760 $27,053,520 $3,058,897
============ ================== =============
Accumulation units outstanding 424,096 7,945,631 1,436,199
============ ================== =============
Unit value $1.628781 $ 3.404830 $ 2.129856
============ ================== =============
Total Return International Balanced
Sub-Account Sub-Account Sub-Account
-------------- ------------------- ---------------
Assets
Investments at cost $13,731,990 $ 949,413 $ 297,569
============ ================== =============
Investment in The Phoenix Edge Series Fund, at market $15,001,316 $1,320,841 $ 338,700
------------ ------------------ -------------
Total assets 15,001,316 1,320,841 338,700
Liabilities
Accrued expenses to related party 5,709 538 129
------------ ------------------ -------------
Net assets $14,995,607 $1,320,303 $ 338,571
============ ================== =============
Accumulation units outstanding 6,496,427 829,496 236,790
============ ================== =============
Unit value $ 2.308285 $ 1.591693 $1.429839
============ ================== =============
Real Estate Strategic Theme
Sub-Account Sub-Account
------------ ------------------
Assets
Investments at cost $ 101 $ 135,423
============ ==================
Investment in The Phoenix Edge Series Fund, at market $ 105 $ 130,958
------------ ------------------
Total assets 105 130,958
Liabilities
Accrued expenses to related party -- 36
------------ ------------------
Net assets $ 105 $ 130,922
============ ==================
Accumulation units outstanding 100 131,574
============ ==================
Unit value $ 1.047100 $ 0.995041
============ ==================
</TABLE>
See Notes to Financial Statements
2
<PAGE>
STATEMENT OF OPERATIONS
For the period ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Multi-Sector
Money Market Growth Fixed Income
Sub-Account Sub-Account Sub-Account
-------------- ------------------- ---------------
<S> <C> <C> <C>
Investment income
Distributions $ 21,114 $ 110,032 $120,123
Expenses
Mortality and expense risk charges 2,151 64,870 7,822
------------ ------------------ -------------
Net investment income 18,963 45,162 112,301
------------ ------------------ -------------
Net realized gain (loss) from share transactions -- 1,534 (2,256)
Net realized gain distribution from Fund -- 178,036 --
Net unrealized appreciation (depreciation) on investment -- 1,296,645 (37,556)
------------ ------------------ -------------
Net gain (loss) on investments -- 1,476,215 (39,812)
------------ ------------------ -------------
Net increase in net assets resulting from operations $ 18,963 $1,521,377 $ 72,489
============ ================== =============
Total Return International Balanced
Sub-Account Sub-Account Sub-Account
------------ ------------------ -------------
Investment income
Distributions $187,142 $ -- $ 4,821
Expenses
Mortality and expense risk charges 36,472 3,196 816
------------ ------------------ -------------
Net investment income (loss) 150,670 (3,196) 4,005
------------ ------------------ -------------
Net realized gain from share transactions 3,165 4,299 2,720
Net realized gain distribution from Fund 79,850 1,781 12,090
Net unrealized appreciation (depreciation) on investment 361,714 151,704 (11,032)
------------ ------------------ -------------
Net gain on investments 444,729 157,784 3,778
------------ ------------------ -------------
Net increase in net assets resulting from operations $595,399 $ 154,588 $ 7,783
============ ================== =============
Real Estate Strategic Theme
Sub-Account(1) Sub-Account(2)
------------ ------------------
Investment income
Distributions $ 1 $ --
Expenses
Mortality and expense risk charges -- 36
------------ ------------------
Net investment income (loss) 1 (36)
------------ ------------------
Net realized gain (loss) from share transactions -- (2)
------------ ------------------
Net unrealized appreciation (depreciation) on investment 4 (4,465)
------------ ------------------
Net gain (loss) on investments 4 (4,467)
------------ ------------------
Net increase (decrease) in net assets resulting from
operations $ 5 $ (4,503)
============ ==================
</TABLE>
(1) From inception May 1, 1996 to June 30, 1996
(2) From inception January 29, 1996 to June 30, 1996
See Notes to Financial Statements
3
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
For the period ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Multi-Sector
Money Market Growth Fixed Income
Sub-Account Sub-Account Sub-Account
------------------ ------------------- ---------------
<S> <C> <C> <C>
From operations
Net investment income $ 18,963 $ 45,162 $ 112,301
Net realized gain (loss) -- 179,570 (2,256)
Net unrealized appreciation (depreciation) -- 1,296,645 (37,556)
---------------- ------------------ -------------
Net increase in net assets resulting from operations 18,963 1,521,377 72,489
---------------- ------------------ -------------
From accumulation unit transactions
Participant deposits 283,550 412,323 35
Participant transfers (1,351,368) 962,564 190,429
Participant withdrawals (29,482) (453,635) (49,777)
---------------- ------------------ -------------
Net increase (decrease) in net assets resulting from participant
transactions (1,097,300) 921,252 140,687
---------------- ------------------ -------------
Net increase (decrease) in net assets (1,078,337) 2,442,629 213,176
Net assets
Beginning of period 1,769,097 24,610,891 2,845,721
---------------- ------------------ -------------
End of period $ 690,760 $27,053,520 $3,058,897
================ ================== =============
Total Return International Balanced
Sub-Account Sub-Account Sub-Account
---------------- ------------------ -------------
From operations
Net investment income (loss) $ 150,670 $ (3,196) $ 4,005
Net realized gain 83,015 6,080 14,810
Net unrealized appreciation (depreciation) 361,714 151,704 (11,032)
---------------- ------------------ -------------
Net increase in net assets resulting from operations 595,399 154,588 7,783
---------------- ------------------ -------------
From accumulation unit transactions
Participant deposits 63,019 1,666 3,403
Participant transfers (76,409) 151,175 (12,053)
Participant withdrawals (246,112) (136,715) (14,349)
---------------- ------------------ -------------
Net increase (decrease) in net assets resulting from participant
transactions (259,502) 16,126 (22,999)
---------------- ------------------ -------------
Net increase (decrease) in net assets 335,897 170,714 (15,216)
Net assets
Beginning of period 14,659,710 1,149,589 353,787
---------------- ------------------ -------------
End of period $14,995,607 $ 1,320,303 $ 338,571
================ ================== =============
Real Estate Strategic Theme
Sub-Account (1) Sub-Account (2)
---------------- ------------------
From operations
Net investment income (loss) $ 1 $ (36)
Net realized gain (loss) -- (2)
Net unrealized appreciation (depreciation) 4 (4,465)
---------------- ------------------
Net increase (decrease) in net assets resulting from operations 5 (4,503)
---------------- ------------------
From accumulation unit transactions
Participant deposits 100 100
Participant transfers -- 135,664
Participant withdrawals -- (339)
---------------- ------------------
Net increase in net assets resulting from participant
transactions 100 135,425
---------------- ------------------
Net increase in net assets 105 130,922
Net assets
Beginning of period 0 0
---------------- ------------------
End of period $ 105 $ 130,922
================ ==================
</TABLE>
(1) From inception May 1, 1996 to June 30, 1996
(2) From inception January 29, 1996 to June 30, 1996
See Notes to Financial Statements
4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
For the year ended December 31, 1995
<TABLE>
<CAPTION>
Multi-Sector
Money Market Growth Fixed Income
Sub-Account Sub-Account Sub-Account
------------------ ------------------- ---------------
<S> <C> <C> <C>
From operations
Net investment income $ 33,362 $ 131,601 $ 186,204
Net realized gain -- 2,619,811 1,620
Net unrealized appreciation -- 2,956,232 301,487
---------------- ------------------ -------------
Net increase in net assets resulting from operations 33,362 5,707,644 489,311
---------------- ------------------ -------------
From accumulation unit transactions
Participant deposits 2,512,707 201,627 14,324
Participant transfers (1,044,988) 545,333 836,912
Participant withdrawals (360,811) (575,241) (76,771)
---------------- ------------------ -------------
Net increase in net assets resulting from participant
transactions 1,106,908 171,719 774,465
---------------- ------------------ -------------
Net increase in net assets 1,140,270 5,879,363 1,263,776
Net assets
Beginning of period 628,827 18,731,528 1,581,945
---------------- ------------------ -------------
End of period $ 1,769,097 $24,610,891 $2,845,721
================ ================== =============
Total Return International Balanced
Sub-Account Sub-Account Sub-Account
---------------- ------------------ -------------
From operations
Net investment income (loss) $ 378,640 $ (2,042) $ 9,911
Net realized gain 898,722 123 7,172
Net unrealized appreciation 935,547 97,577 50,815
---------------- ------------------ -------------
Net increase in net assets resulting from operations 2,212,909 95,658 67,898
---------------- ------------------ -------------
From accumulation unit transactions
Participant deposits 176,526 25,671 82
Participant transfers (140,439) (274,219) (19,445)
Participant withdrawals (479,778) (94,246) (17,165)
---------------- ------------------ -------------
Net decrease in net assets resulting from participant
transactions (443,691) (342,794) (36,528)
---------------- ------------------ -------------
Net increase (decrease) in net assets 1,769,218 (247,136) 31,370
Net assets
Beginning of period 12,890,492 1,396,725 322,417
---------------- ------------------ -------------
End of period $14,659,710 $ 1,149,589 $ 353,787
================ ================== =============
</TABLE>
See Notes to Financial Statements
5
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a unit outstanding throughout the indicated period)
(Unaudited)
<TABLE>
<CAPTION>
Money Market Sub-Account Growth Sub-Account
-------------------------------- ----------------------------------
For the period ended For the period ended
6/30/96 12/31/95 6/30/96 12/31/95
---------------- -------------- ---------------- ---------------
<S> <C> <C> <C> <C>
Unit value, beginning of period $1.593676 $1.515458 $3.213898 $2.467899
Income from investment operations
Net investment income 0.035105 0.078218 0.005668 0.017200
Net realized and unrealized gain -- -- 0.185264 0.728799
-------------- ------------ -------------- -------------
Total from investment operations 0.035105 0.078218 0.190932 0.745999
-------------- ------------ -------------- -------------
Unit value, end of period $1.628781 $1.593676 $3.404830 $3.213898
============== ============ ============== =============
Total return 2.20% (1) 5.16% 5.94% (1) 30.23%
Net assets, end of period (000) $ 691 $ 1,769 $ 27,054 $ 24,611
Multi-Sector Fixed Income
Sub-Account Total Return Sub-Account
-------------------------------- ----------------------------------
For the period ended For the period ended
6/30/96 12/31/95 6/30/96 12/31/95
---------------- -------------- ---------------- ---------------
Unit value, beginning of period $ 2.076917 $1.689832 $2.217235 $1.885207
Income from investment operations
Net investment income 0.082014 0.147303 0.023041 0.056812
Net realized and unrealized gain (loss) (0.029075) 0.239782 0.068009 0.275216
-------------- ------------ -------------- -------------
Total from investment operations 0.052939 0.387085 0.091050 0.332028
-------------- ------------ -------------- -------------
Unit value, end of period $ 2.129856 $2.076917 $2.308285 $2.217235
============== ============ ============== =============
Total return 2.55% (1) 22.91% 4.11% (1) 17.61%
Net assets, end of period (000) $ 3,059 $ 2,846 $ 14,996 $ 14,660
International Sub-Account Balanced Sub-Account
--------------------------------- ----------------------------------
For the period ended For the period ended
6/30/96 12/31/95 6/30/96 12/31/95
---------------- --------------- ---------------- ---------------
Unit value, beginning of period $ 1.409264 $ 1.292393 $1.390344 $1.132914
Income from investment operations
Net investment income (loss) (0.003772) (0.002495) 0.020323 0.037577
Net realized and unrealized gain 0.186201 0.119366 0.019172 0.219853
-------------- ------------- -------------- -------------
Total from investment operations 0.182429 0.116871 0.039495 0.257430
-------------- ------------- -------------- -------------
Unit value, end of period $ 1.591693 $ 1.409264 $1.429839 $1.390344
============== ============= ============== =============
Total return 12.94% (1) 9.04% 2.84% (1) 22.72%
Net assets, end of period (000) $ 1,320 $ 1,150 $ 339 $ 354
Real Estate Strategic Theme
Sub-Account (2) Sub-Account (3)
---------------- ----------------
For the period For the period
ended ended
6/30/96 6/30/96
---------------- ----------------
Unit value, beginning of period $1.000000 $ 1.000000
Income from investment operations
Net investment income (loss) 0.009420 (0.000040)
Net realized and unrealized gain (loss) 0.037680 (0.004919)
-------------- --------------
Total from investment operations 0.047100 (0.004959)
-------------- --------------
Unit value, end of period $1.047100 $ 0.995041
============== ==============
Total return 4.71% (1) -0.50% (1)
Net assets, end of period (000) $ 0.1 $ 131
</TABLE>
(1) Unannualized
(2) From inception May 1, 1996 to June 30, 1996
(3) From inception January 29, 1996 to June 30, 1996
See Notes to Financial Statements
6
<PAGE>
PHOENIX HOME LIFE VARIABLE UNIVERSAL LIFE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
June 30, 1996 (Unaudited)
Note 1--Organization:
Phoenix Home Life Variable Universal Life Account (the Account) is a
separate investment account of Phoenix Home Life Mutual Insurance Company
(Phoenix). The Account is registered as a unit investment trust under the
Investment Company Act of 1940, as amended. Policies offered by the Account
have a death benefit, cash surrender value and loan privileges. The account
was established January 1, 1987 and currently consists of eight Sub-accounts.
The assets of each Sub-account are invested in shares of the available
portfolios of The Phoenix Edge Series Fund (the Fund). Additionally, policy
holders may also direct the allocation of their investments between the
Account and the Guaranteed Interest Account of the general account of Phoenix
through participant transfers.
Each series has distinct investment objectives. The Money Market Series is
a short-term investment fund, the Growth Series is a growth common stock
fund, the Multi-Sector Fixed Income (formerly 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 and the Strategic Theme Series invests in securities of companies
believed to benefit from specific trends.
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 and
under current federal income tax law, income arising from 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 period ended June 30,
1996 aggregated the following:
Sub-Account Purchases Sales
------------------------- --------- -----------
Money Market $ 421,678 $1,499,914
Growth 1,790,403 645,276
Multi-Sector Fixed Income 486,365 233,356
Total Return 275,214 304,263
International 170,856 156,065
Balanced 49,894 56,807
Real Estate 101 --
Strategic Theme 135,764 339
Note 4--Participant Accumulation Unit Transactions (in units):
<TABLE>
<CAPTION>
Sub-Account
------------------------------------------------------------------------------------------------
Money Multi-Sector Total Real Strategic
Market Growth Fixed Income Return International Balanced Estate Theme
--------- --------- ------------ --------- ------------- -------- ------ ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Participant deposits 176,273 124,163 16 27,929 1,139 2,379 100 100
Participant transfers (843,810) 301,325 89,726 (34,602) 100,231 (9,902) 0 131,821
Participant withdrawals (18,440) (137,503) (23,709) (108,609) (87,611) (10,147) 0 (347)
</TABLE>
Note 5--Policy Loans:
Transfers are made to Phoenix's general account as a result of policy
loans. Policy provisions allow policy owners to borrow up to 75% of a
policy's cash value during the first three policy years and up to 90% of cash
value thereafter, with interest of 8% due and payable on each policy
anniversary. At the time a loan is granted an amount equivalent to the amount
of the loan is transferred from the Account to Phoenix's general account as
collateral for the outstanding loan. These transfers are included in
participant withdrawals in the accompanying financial statements. Amounts in
the general account are credited with interest at 7.25%. Loan repayments
result in a transfer of collateral back to the Account.
Note 6--Investment Advisory Fees and Related Party Transactions:
Phoenix and its indirect, majority owned subsidiary, Phoenix Equity
Planning Corporation, a registered broker/dealer in securities, provide all
services to the Account.
The cost of insurance is charged to each policy on a monthly basis by a
withdrawal of participant units prorated among the elected Sub-accounts. The
amount charged to each policy depends on a number of variables including sex,
age and risk class as well as the death benefit and cash value of the policy.
Such costs aggregated $206,762 during the period ended June 30, 1996.
Upon partial surrender of a policy, a surrender fee of the lesser of $25
or 2% of the partial surrender amount paid and a fraction of the balance of
any unrepaid acquisition expense allowance is deducted from the policy value
and paid to Phoenix. Such costs aggregated $140,956 during the period ended
June 30, 1996.
7
<PAGE>
PHOENIX HOME LIFE VARIABLE UNIVERSAL LIFE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
June 30, 1996
(Unaudited) (Continued)
Phoenix Equity Planning Corporation is the principal underwriter and
distributor for the Account. Phoenix Equity Planning Corporation is
reimbursed for its distribution and underwriting expenses by Phoenix.
An acquisition expense allowance is paid to Phoenix over a ten year period
from contract inception by a withdrawal of units. The acquisition expense
allowance consists of a sales load of 5.5% of the issue premium to compensate
Phoenix for distribution expenses incurred, an issue administration charge of
1.0% of the issue premium to compensate Phoenix for underwriting and start-up
expenses and premium taxes which currently range from 0.75% to 4% of premiums
paid based on the state where the contract holder resides. In the event of a
surrender before ten years, the unpaid balance of the acquisition expenses is
deducted and paid to Phoenix. Deductions related to these charges amounted to
$22 during the period ended June 30, 1996.
Phoenix assumes the risk that insureds may live for a shorter time than
projected because of inaccuracies in the projecting process and, accordingly,
that an aggregate amount of death benefits greater than projected will be
payable 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 charges the Account an annual rate of 0.50% of the average daily net
assets of the Account for mortality and expense risks assumed.
Note 7--Diversification Requirements:
Under the provisions of Section 817(h) of the Internal Revenue Code (the
Code), a variable universal life contract, other than a contract issued in
connection with certain types of employee benefit plans, will not be treated
as a universal life 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. Phoenix believes that the Account satisfies the current
requirements of the regulations, and it intends that the Account will
continue to meet such requirements.
8
<PAGE>
PHOENIX HOME LIFE
VARIABLE UNIVERSAL LIFE 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
CUSTODIANS
The Chase Manhattan Bank, N.A.
1 Chase Manhattan Plaza
Floor 3B
New York, New York 10081
Brown Brothers Harriman & Co.
(International Series)
40 Water Street
Boston, Massachusetts 02109
State Street Bank and Trust
(Real Estate Series)
P.O. Box 351
Boston, Massachusetts 02101
<PAGE>
[BACK COVER]
[LOGO] Phoenix Home Life
Phoenix Home Life Mutual Insurance Company
101 Munson Street
P.O. Box 942
Greenfield, Massachusetts 01302-0942
[RECYCLE LOGO] Printed on recycled paper using soybean ink
OL1273A (8/96) (c)1996 Phoenix Home Life Mutual Insurance Company
4450.04
