ICAP PLUS VARIABLE LIFE ACCOUNT ONE
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 1996
<PAGE>
ICAP PLUS VARIABLE LIFE ACCOUNT ONE
STATEMENT OF NET ASSETS
JUNE 30, 1996
(Unaudited)
NET ASSETS SHARES COST VALUE
--------- ---------- -----------
Investments in mutual fund portfolio:
Money Market 1,539,457 $1,539,457 $1,539,457
Growth 119,388 2,342,180 2,611,051
Fixed Income 18,915 259,898 261,800
Government and Quality Bond 69,282 937,387 964,349
High Yield 55,475 466,251 476,577
Strategic Multi-Asset 105,697 1,184,266 1,333,722
Multi-Asset 231,706 2,649,903 3,159,096
Capital Appreciation 91,423 1,903,496 2,520,501
Growth & Income 60,284 729,255 789,233
Foreign Securities 85,319 916,516 1,088,305
Natural Resources 24,228 340,780 393,282
Target '98 5,891 75,035 74,673
--------------------------------------
Net Assets $13,344,424 $15,212,046
==========================
UNIT
UNITS VALUE VALUE
---------- ---------- -----------
NET ASSETS APPLICABLE TO
OUTSTANDING UNITS OF CAPITAL
Account:
Money Market 87,509.006 $17.591980 $1,539,457
Growth 66,474.679 $39.278885 2,611,051
Fixed Income 10,264.331 $25.505820 261,800
Government and Quality Bond 36,078.758 $26.728996 964,349
High Yield 21,416.469 $22.252812 476,577
Strategic Multi-Asset 66,116.124 $20.172410 1,333,722
Multi-Asset 145,976.954 $21.641060 3,159,096
Capital Appreciation 72,274.087 $34.874203 2,520,501
Growth & Income 36,828.276 $21.430087 789,233
Foreign Securities 74,716.926 $14.565716 1,088,305
Natural Resources 20,512.491 $19.172830 393,282
Target '98 3,886.362 $19.214044 74,673
-----------------------------------------
Net assets applicable to
outstanding units of capital $15,212,046
========================
See accompanying notes to financial statements.
<PAGE>
ICAP PLUS VARIABLE LIFE ACCOUNT ONE
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996
(Unaudited)
NET INVESTMENT INCOME
Dividend income $35,331
Mortality and expense risk charges and
administrative expense (34,080)
-------------
Net investment income 1,251
-------------
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain from investment transactions:
Proceeds from sales 3,021,025
Cost of investments sold (2,798,356)
-------------
Net realized gain 222,669
Capital gains distribution 0
-------------
Net realized gain from investments 222,669
-------------
Change in unrealized appreciation on investments:
Unrealized appreciation at end of period 1,867,622
Unrealized appreciation at beginning of period 966,579
-------------
Net change in unrealized appreciation 901,043
-------------
Realized and unrealized gain 1,123,712
-------------
INCREASE IN NET ASSETS FROM OPERATIONS $1,124,963
=============
See accompanying notes to financial statements.
<PAGE>
ICAP PLUS VARIABLE LIFE ACCOUNT ONE
Statement of Changes in Net Assets
Six Months
Ended Year
June 30, 1996 Ended
(Unaudited) December 31, 1995
--------------------------------
OPERATIONS
Net investment income $ 1,251 $ 404,417
Net realized gain from investments 222,669 1,147,367
Net change in unrealized
appreciation (depreciation) 901,043 1,163,195
--------------------------------
Increase (decrease) in net assets
from operations 1,124,963 2,714,979
--------------------------------
POLICYHOLDER TRANSACTIONS
Purchase payments received 47,302 130,842
Withdrawals and surrenders (1,270,728) (2,128,168)
Exchange purchases 1,802,253 5,216,227
Exchange surrenders (1,747,763) (5,680,470)
--------------------------------
Decrease in net assets from
policyholder transactions (1,168,936) (2,461,569)
--------------------------------
INCREASE (DECREASE) IN NET ASSETS (43,973) 253,410
NET ASSETS, beginning of period 15,256,019 15,002,609
--------------------------------
NET ASSETS, end of period $15,212,046 $15,256,019
================================
See accompanying notes to financial statements.
<PAGE>
ICAP PLUS VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1- ORGANIZATION AND OPERATION
ICAP Plus Variable Life Account One (the "Account") is a separate account of
Phoenix Home Life Mutual Insurance Company ("Phoenix Home Life"). The Account is
organized as a unit investment trust registered under the Investment Company Act
of 1940, as amended. In an assumption reinsurance transaction effected February
16, 1991, the Account, and the assets therein, were transferred from Anchor
National Life Insurance Company to Phoenix Home Life which assumed all of the
liabilities, obligations and guarantees of the Account as of that date.
These financial statements include balances allocated by each policyholder to
the variable divisions of the Account and do not include policyholder balances
allocated to the general account of Phoenix Home Life. At June 30, 1996, the
general account includes $2,062,586 of policyholder funds.
The Account has twelve divisions which invest solely in shares of the twelve
portfolios of the Anchor Series Trust (the "Trust"), an open-end diversified
management investment company.
NOTE 2- SIGNIFICANT ACCOUNTING POLICIES
a) Investment Valuation, Transactions and Related Income Recognition
Investments in shares of the Trust are valued using the net asset value
per share of the respective Portfolios of the Trust determined on a
daily basis (each business day of the New York Stock Exchange).
Investment transactions are accounted for on the trade date (date the
order to buy or sell is executed) and dividend income or capital gains
distribution from the Trust is recorded on the ex-dividend date. In
determining the net gain or loss on securities sold, the cost of the
securities is determined on the first-in-first-out basis.
Exchanges between divisions requested by policyholders are recorded in
the new division upon receipt of redemption proceeds.
<PAGE>
ICAP PLUS VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(Unaudited) (Continued)
NOTE 2- SIGNIFICANT ACCOUNTING POLICIES (Continued)
b) Federal Income Taxes
Phoenix Home Life qualifies for federal income tax treatment granted to
life insurance companies under Subchapter L of the Internal Revenue
Code. The operations of the Account are part of the total operations of
Phoenix Home Life and are not taxed separately. The Account is not
treated as a Regulated Investment Company under the Code.
c) Expenses
Phoenix Home Life absorbs certain operating expenses of the Account
including registration fees required for distribution of its policies
under the federal securities laws and state insurance laws.
NOTE 3- CONTRACT CHARGES
a) A mortality and expense risk charge is paid by the Account to Phoenix
Home Life. This charge is based upon the value of each division of the
Account and was charged daily at an annual rate of 0.60% through
February 8, 1995. As of February 9, 1995 an annual rate of 0.25% is
currently charged.
b) An administrative expense charge is paid by the Account to Phoenix
Home Life. This charge is based upon the value of each division of the
Account and was charged daily at an annual rate of 0.55% through
February 8, 1995. As of February 9, 1995 an annual rate of 0.20% is
currently charged.
A portion of the administrative charge is attributable to premium
taxes imposed by certain state and local governments with respect to
the initial premium. When an additional premium is paid, Phoenix Home
Life deducts a charge for premium taxes equal to 2.50% of the premium.
c) Phoenix Home Life deducts a charge for the monthly cost of insurance
from the policy's cash value, which provides death benefit protection
for the following policy month.
<PAGE>
ICAP PLUS VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(Unaudited) (Continued)
NOTE 3- CONTRACT CHARGES (Continued)
The monthly cost of insurance is the cost of insurance rate, multiplied
by the net amount at risk for a policy month. The cost of insurance
varies by sex, attained age and rate class. The net amount at risk may
be simply defined as the death benefit less the cash value.
d) In the event that the policy is surrendered during the first eight
policy years, a surrender charge will be deducted. The surrender
charge reimburses Phoenix Home Life for expenses incurred in
connection with the promotion, sale and distribution of the policy.
The surrender charge will be assessed as follows:
PERCENTAGE OF
POLICY YEAR INITIAL PREMIUM
----------- ---------------
1 8%
2 8
3 7
4 7
5 6
6 5
7 4
8 3
9+ 0
No surrender charge will be imposed on death benefits or on additional
premium payments, unless the additional premium increases the death
benefit, in which event it may be subject to the surrender charge.
e) If a policy is surrendered within the first eight policy years,
Phoenix Home Life will deduct any portion of the premium tax and
policy issue costs that it did not recover through the administration
charge. The amounts assessed will be as follows:
<PAGE>
ICAP PLUS VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(Unaudited) (Continued)
NOTE 3- CONTRACT CHARGES (Continued)
PERCENTAGE OF
POLICY YEAR INITIAL PREMIUM
----------- ---------------
1 2.82%
2 2.46
3 2.08
4 1.69
5 1.29
6 0.88
7 0.47
8 0.04
NOTE 4- DIVERSIFICATION REQUIREMENTS
Under the provisions of Section 817(h) of the Internal Revenue Code (the
"Code"), a variable life contract, other than a contract issued in connection
with certain types of employee benefit plans, will not be treated as a 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 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.
<PAGE>
<TABLE>
<CAPTION>
ICAP PLUS VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - SCHEDULE OF SELECTED PER-UNIT DATA
Six Months
Ended From Inception
1996 For Year Ended December 31, February 16 to
(Unaudited) 1995 1994 1993 1992 December 31, 1991
-------- ------------ -------------- ---------- ----------- ------------------
<S> <C> <C> <C> <C> <C> <C>
MONEY MARKET:
Net Unit Value:
- --------------------------
Beginning of period $17.208028 $16.381520 $15.957504 $15.718318 $15.380231 $14.834110
End of period 17.591980 17.208028 16.381520 15.957504 15.718318 15.380231
---------- ----------- --------- ---------- ---------- ---------
Net increase in net unit
value from operations $0.383952 $0.826508 $0.424016 $0.239186 $0.338087 $0.546121
=========== =========== ============ ========== ========= =========
Accumulation units
outstanding:
- --------------------------
End of period 87,509.006 92,859.771 151,272.799 91,265.448 116,425.676 140,063.518
=========== =========== ============ ========== ========= =========
GROWTH:
Net Unit Value:
- --------------------------
Beginning of period $35.061829 $27.905315 $29.626760 $27.808195 $26.688873 $21.511855
End of period 39.278885 35.061829 27.905315 29.626760 27.808195 26.688873
---------- ----------- --------- ---------- ---------- ---------
Net increase (decrease)
in net unit value from
operations $4.217056 $7.156514 ($1.721445) $1.818565 $1.119322 $5.177018
=========== =========== ============ ========== ========= =========
Accumulation units
outstanding:
- --------------------------
End of period 66,474.679 77,102.759 99,798.217 122,322.954 145,429.653 167,606.892
=========== =========== ============ ========== ========= =========
FIXED INCOME:
Net Unit Value:
- --------------------------
Beginning of period $26.143156 $22.057448 $23.059146 $21.608890 $20.519426 $18.379158
End of period 25.505820 26.143156 22.057448 23.059146 21.608890 20.519426
---------- ----------- --------- ---------- ---------- ---------
Net increase (decrease)
in net unit value from
operations ($0.637336) $4.085708 ($1.001698) $1.450256 $1.089464 $2.140268
=========== =========== ============ ========== ========= =========
Accumulation units
outstanding:
- --------------------------
End of period 10,264.331 9,817.121 13,812.583 20,594.972 23,763.598 23,170.104
============ =========== ============ ========== ========= =========
GOVERNMENT AND QUALITY BOND:
Net Unit Value:
- --------------------------
Beginning of period $27.363761 $23.062807 $24.061836 $22.471310 $21.271297 $18.379158
End of period 26.728996 27.363761 23.062807 24.061836 22.471310 21.271297
---------- ----------- --------- ---------- ---------- ---------
Net increase (decrease)
in net unit value
from operations ($0.634765) $4.300954 ($0.999029) $1.590526 $1.200013 $2.892139
=========== =========== ============ ========== ========= =========
Accumulation units
outstanding:
- --------------------------
End of period 36,078.758 41,823.525 53,791.870 52,798.823 68,049.628 78,028.439
=========== =========== ============ ========== ========= =========
</TABLE>
<PAGE>
ICAP PLUS VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - SCHEDULE OF SELECTED PER-UNIT DATA (Continued)
<TABLE>
<CAPTION>
Six Months
Ended From Inception
1996 For Year Ended December 31, February 16 to
(Unaudited) 1995 1994 1993 1992 December 31, 1991
--------- ------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
HIGH YIELD:
Net Unit Value:
- ------------------------------------
Beginning of period $21.631502 $18.311593 $19.390068 $16.469796 $14.612125 $11.587813
End of period 22.252812 21.631502 18.311593 19.390068 16.469796 14.612125
--------- ------------- -------------- -------------- -------------- ----------
Net increase (decrease) in net unit
value from operations $0.621310 $3.319909 ($1.078475) $2.920272 $1.857671 $3.024312
========= ============= ============== ============== ============== ========
Accumulation units outstanding:
- ------------------------------------
End of period 21,416.469 23,297.233 22,225.400 28,857.994 32,499.713 21,531.061
========= ============= ============== ============== ============== ========
STRATEGIC MULTI-ASSET:
Net Unit Value:
- ------------------------------------
Beginning of period $18.871464 $15.452177 $16.046587 $14.078211 $13.706445 $12.351452
End of period 20.172410 18.871464 15.452177 16.046587 14.078211 13.706445
--------- ------------- -------------- -------------- -------------- ----------
Net increase (decrease) in net unit
value from operations $1.300946 $3.419287 ($0.594410) $1.968376 $0.371766 $1.354993
========= ============= ============== ============== ============== ========
Accumulation units outstanding:
- ------------------------------------
End of period 66,116.124 71,910.358 92,407.508 100,541.984 109,367.325 123,583.559
========= ============= ============== ============== ============== ========
MULTI-ASSET:
Net Unit Value:
- ------------------------------------
Beginning of period $20.745427 $16.687065 $17.171904 $16.184528 $15.136605 $12.864238
End of period 21.641060 20.745427 16.687065 17.171904 16.184528 15.136605
--------- ------------- -------------- -------------- -------------- ----------
Net increase (decrease) in net unit
value from operations 0.895633 $4.058362 ($0.484839) $0.987376 $1.047923 $2.272367
========= ============= ============== ============== ============== ========
Accumulation units outstanding:
- ------------------------------------
End of period 145,976.954 150,648.340 159,072.494 73,040.307 200,966.933 260,094.975
========= ============= ============== ============== ============== ========
CAPITAL APPRECIATION:
Net Unit Value:
- ------------------------------------
Beginning of period $29.438162 $21.997082 $23.130496 $19.326613 $15.516418 $11.838604
End of period 34.874203 29.438162 21.997082 23.130496 19.326613 15.516418
--------- ------------- -------------- -------------- -------------- ----------
Net increase (decrease) in net unit
value from operations $5.436041 $7.441080 ($1.133414) $3.803883 $3.810195 $3.677814
========= ============= ============== ============== ============== ========
Accumulation units outstanding:
- ------------------------------------
End of period 72,274.087 74,106.731 60,646.794 90,692.591 95,104.928 72,838.909
========= ============= ============== ============== ============== ========
</TABLE>
<PAGE>
ICAP PLUS VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - SCHEDULE OF SELECTED PER-UNIT DATA (Continued)
<TABLE>
<CAPTION>
Six Months Ended From Inception
1996 For Year Ended December 31, February 16 to
(Unaudited) 1995 1994 1993 1992 December 31, 1991
------------- -------------- -------------- ------------- --------- -----------------
<S> <C> <C> <C> <C> <C> <C>
GROWTH & INCOME:
Net Unit Value:
- ------------------------------------
Beginning of period $19.673868 $16.991875 $19.021372 $15.771764 $13.277614 $11.327935
End of period 21.430087 19.673868 16.991875 19.021372 15.771764 13.277614
------------- -------------- -------------- ------------- ------------ ----------
Net increase (decrease) in net unit
value from operations $1.756219 $2.681993 ($2.029497) $3.249608 $2.494150 $1.949679
============= ============== ============== ============= ============ ==========
Accumulation units outstanding:
- ------------------------------------
End of period 36,828.276 41,324.596 41,919.783 47,948.619 40,275.157 39,847.070
============= ============== ============== ============= ============ ==========
FOREIGN SECURITIES:
Net Unit Value:
- ------------------------------------
Beginning of period $13.520833 $12.071981 $12.611983 $9.793832 $11.404702 $12.791320
End of period 14.565716 13.520833 12.071981 12.611983 9.793832 11.404702
------------- -------------- -------------- ------------- ------------ ----------
Net increase (decrease) in net unit
value from operations $1.044883 $1.448852 ($0.540002) $2.818151 ($1.610870) ($1.386618)
============= ============== ============== ============= ============ ==========
Accumulation units outstanding:
- ------------------------------------
End of period 74,716.926 78,097.323 93,950.950 114,527.042 41,344.157 47,681.458
============= ============== ============== ============= ============ ==========
NATURAL RESOURCES:
Net Unit Value:
- ------------------------------------
Beginning of period $17.900007 $15.321133 $15.336863 $11.393799 $11.250077 $11.482265
End of period 19.172830 17.900007 15.321133 15.336863 11.393799 11.250077
------------- -------------- -------------- ------------- ------------ ----------
Net increase (decrease) in net unit
value from operations $1.272823 $2.578874 ($0.015730) $3.943064 $0.143722 ($0.232188)
============= ============== ============== ============= ============ ==========
Accumulation units outstanding:
- ------------------------------------
End of period 20,512.491 25,100.529 30,011.911 21,702.780 11,099.048 20,261.387
============= ============== ============== ============= ============ ==========
TARGET '98:
Net Unit Value:
- ------------------------------------
Beginning of period $19.207550 $16.846404 $17.773276 $16.161730 $15.252884 $13.341108
End of period 19.214044 19.207550 16.846404 17.773276 16.161730 15.252884
------------- -------------- -------------- ------------- ------------ ----------
Net increase (decrease) in net unit
value from operations $0.006494 $2.361146 ($0.926872) $1.611546 $0.908846 $1.911776
============= ============== ============== ============= ============ ==========
Accumulation units outstanding:
- ------------------------------------
End of period 3,886.362 3,515.671 3,840.433 3,559.732 3,542.659 3,985.692
============= ============== ============== ============= ============ ==========
</TABLE>
<PAGE>
ICAP PLUS VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 6 - POLICYHOLDER TRANSACTIONS
The increase (decrease) in net assets from changes in the number of outstanding
units was as follows for the six months ended June 30, 1996:
<TABLE>
<CAPTION>
PURCHASE PAYMENTS EXCHANGE PURCHASES INCREASE (DECREASE)
AND TRANSFERS AND EXCHANGE WITHDRAWALS AND IN NET ASSETS FROM
RECEIVED SURRENDERS SURRENDERS POLICYHOLDER TRANSACTIONS
---------------------------------------------------------------------------------------------------------
ACCOUNT UNITS DOLLARS UNITS DOLLARS UNITS DOLLARS UNITS DOLLARS
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Money Market 908 $15,805 5,436 $97,468 (11,695) ($203,830) (5,351) ($90,557)
Growth - - (3,264) (118,799) (7,364) (276,019) (10,628) (394,818)
Fixed Income - - 805 21,024 (358) (9,270) 447 11,754
Government and Quality
Bond - - 773 18,536 (6,518) (175,592) (5,745) (157,056)
High Yield - - 801 17,640 (2,682) (59,433) (1,881) (41,793)
Strategic Multi-Asset 63 1,232 251 4,873 (6,107) (119,553) (5,793) (113,448)
Multi-Asset 3 65 312 6,580 (4,986) (105,403) (4,671) (98,758)
Capital Appreciation 473 30,200 1,087 17,164 (3,393) (108,989) (1,833) (61,625)
Growth & Income - - (1,768) (2,776) (2,728) (89,652) (4,496) (92,428)
Foreign Securities - - 3,035 43,135 (6,416) (89,924) (3,381) (46,789)
Natural Resources - - (2,876) (57,900) (1,712) (32,671) (4,588) (90,571)
Target '98 - - 391 7,545 (20) (392) 371 7,153
--------------------------------------------------------------------------------------------------------
1,447 $47,302 4,983 $54,490 (53,979) ($1,270,728) (47,549) ($1,168,936)
=========================================================================================================
</TABLE>
<PAGE>
ICAP PLUS VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 7 - DETAILED STATEMENT OF OPERATIONS FOR THE SIX MONTHS ENDED
JUNE 30, 1996
A statement of operations by investment division follows for the six months
ended June 30, 1996:
<TABLE>
<CAPTION>
Money Fixed Govt.& Quality
Market Growth Income Bond High Yield
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME (LOSS):
Dividend income $35,331 - - - -
Mortality and expense risk charges
and administrative expense (3,250) (5,952) (585) (2,281) (1,179)
-------------------------------------------------------------------
Net investment income (loss) 32,081 (5,952) (585) (2,281) (1,179)
-------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS):
Realized gain (loss) from
investment transactions:
Proceeds from sales 701,574 645,910 12,107 250,142 245,884
Cost of investments sold 701,574 611,229 11,922 240,004 242,589
-------------------------------------------------------------------
Net realized gain (loss) - 34,681 185 10,138 3,295
Capital gains distribution - - - - -
-------------------------------------------------------------------
Net realized gain (loss)
from investments: - 34,681 185 10,138 3,295
-------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) on investments:
Unrealized appreciation (depreciation)
at end of period - 268,872 1,902 26,962 10,325
Unrealized appreciation (depreciation)
at beginning of period - (4,905) 8,106 57,864 (1,973)
-------------------------------------------------------------------
Net change in unrealized
appreciation (depreciation) - 273,777 (6,204) (30,902) 12,298
-------------------------------------------------------------------
Realized and unrealized gain (loss) - 308,458 (6,019) (20,764) 15,593
-------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $32,081 $302,506 ($6,604) ($23,045) $14,414
===================================================================
</TABLE>
<TABLE>
<CAPTION>
Strategic Capital Growth & Foreign Natural
Multi-Asset Multi-Asset Appreciation Income Securities Resources Target '98 Total
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME (LOSS):
Dividend income - - - - - - - $35,331
Mortality and expense
risk charges and
administrative expense (3,010) (7,020) (5,365) (1,795) (2,416) (1,065) (162) (34,080)
-------------------------------------------------------------------------------------------------
Net investment income (loss) (3,010) (7,020) (5,365) (1,795) (2,416) (1,065) (162) 1,251
-------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS):
Realized gain (loss) from
investment transactions:
Proceeds from sales 122,627 110,478 505,308 126,516 162,290 137,636 553 $3,021,025
Cost of investments sold 112,272 95,000 403,639 120,271 141,591 117,708 557 2,798,356
-------------------------------------------------------------------------------------------------
Net realized gain (loss) 10,355 15,478 101,669 6,245 20,699 19,928 (4) 222,669
Capital gains distribution - - - - - - - -
-------------------------------------------------------------------------------------------------
Net realized gain (loss)
from investments: 10,355 15,478 101,669 6,245 20,699 19,928 (4) 222,669
-------------------------------------------------------------------------------------------------
Change in unrealized
appreciation (depreciation)
on investments:
Unrealized appreciation
(depreciation) at end
of period 149,456 509,193 617,005 59,978 171,789 52,502 (362) 1,867,622
Unrealized appreciation
(depreciation) at
beginning of period 66,685 385,062 312,750 (4,217) 110,918 36,810 (521) 966,579
-------------------------------------------------------------------------------------------------
Net change in
unrealized appreciation
(depreciation) 82,771 124,131 304,255 64,195 60,871 15,692 159 901,043
-------------------------------------------------------------------------------------------------
Realized and unrealized
gain (loss) 93,126 139,609 405,924 70,440 81,570 35,620 155 1,123,712
-------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $90,116 $132,589 $400,559 $68,645 $79,154 34,555 ($7) $1,124,963
=================================================================================================
</TABLE>
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 1996
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
STATEMENT OF NET ASSETS
JUNE 30, 1996
(Unaudited)
NET ASSETS SHARES COST VALUE
Investments in mutual fund portfolio:
Money Market 39,465 $39,465 $39,465
Growth 3,931 81,111 85,982
Fixed Income 52 741 719
Government and Quality Bond 784 10,793 10,911
High Yield 1,055 9,592 9,060
Strategic Multi-Asset 8,598 102,268 108,488
Multi-Asset 3,820 46,489 52,086
Capital Appreciation 7,503 155,114 206,869
Growth & Income 633 7,937 8,285
Foreign Securities 2,736 29,381 34,894
Natural Resources 1,744 25,271 28,316
Target '98 325 4,103 4,121
---------------------------
Net Assets $512,265 $589,196
===========================
UNIT
UNITS VALUE VALUE
NET ASSETS APPLICABLE TO
OUTSTANDING UNITS OF CAPITAL
Account:
Money Market 2,725.699 $14.478822 $39,465
Growth 3,257.256 26.397183 85,982
Fixed Income 40.961 17.551158 719
Government and Quality Bond 586.229 18.612382 10,911
High Yield 507.390 17.855253 9,060
Strategic Multi-Asset 5,047.360 21.493989 108,488
Multi-Asset 2,361.180 22.059141 52,086
Capital Appreciation 5,482.451 37.733002 206,869
Growth & Income 367.554 22.540930 8,285
Foreign Securities 2,226.599 15.671510 34,894
Natural Resources 1,539.006 18.398595 28,316
Target '98 223.591 18.431267 4,121
---------------------------
Net assets applicable to
outstanding units of capital $589,196
===========================
See accompanying notes to financial statements.
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 1996
(Unaudited)
NET INVESTMENT INCOME
Dividend income $1,824
Mortality and expense risk charges
and administrative expense (1,724)
---------
Net investment income 100
---------
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain from investment transactions:
Proceeds from sales 93,810
Cost of investments sold (89,056)
---------
Net realized gain from investments 4,754
---------
Change in unrealized appreciation (depreciation)
on investments:
Unrealized appreciation at end of period 76,931
Unrealized appreciation at beginning of period 29,618
---------
Net change in unrealized appreciation 47,313
---------
Realized and unrealized gain 52,067
---------
INCREASE IN NET ASSETS FROM OPERATIONS $52,167
=========
See accompanying notes to financial statements.
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
Statement of Changes in Net Assets
Six Months
Ended Year
June 30, 1996 Ended
(Unaudited) December 31, 1995
OPERATIONS
Net investment income $100 $9,509
Net realized gain from investments 4,754 28,107
Net change in unrealized appreciation 47,313 53,664
------------------------------
Increase in net assets
from operations 52,167 91,280
------------------------------
POLICYHOLDER TRANSACTIONS
Purchase payments received 23,751 39,152
Withdrawals and surrenders (41,686) (53,831)
Exchange purchases 54,046 130,357
Exchange surrenders (54,025) (130,394)
------------------------------
Decrease in net assets from
policyholder transactions (17,914) (14,716)
------------------------------
INCREASE IN NET ASSETS 34,253 76,564
NET ASSETS, beginning of period 554,943 478,379
------------------------------
NET ASSETS, end of period $589,196 $554,943
==============================
See accompanying notes to financial statements.
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 - ORGANIZATION AND OPERATION
RSVP Variable Life Account One (the "Account") is a separate account of Phoenix
Home Life Mutual Insurance Company ("Phoenix Home Life"). The Account is
organized as a unit investment trust registered under the Investment Company Act
of 1940, as amended. In an assumption reinsurance transaction effected February
16, 1991, the Account, and the assets therein, were transferred from Anchor
National Life Insurance Company to Phoenix Home Life which assumed all of the
liabilities, obligations and guarantees of the Account as of that date.
These financial statements include balances allocated by each policyholder to
the variable divisions of the Account and do not include policyholder balances
allocated to the general account of Phoenix Home Life. At June 30, 1996, the
general account includes $30,272 of policyholder funds.
The Account has twelve divisions which invest solely in shares of the twelve
portfolios of the Anchor Series Trust (the "Trust"), an open-end diversified
management investment company.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
a) Investment Valuation, Transactions and Related Income Recognition
Investments in shares of the Trust are valued using the net asset value
per share of the respective Portfolios of the Trust determined on a
daily basis (each business day of the New York Stock Exchange).
Investment transactions are accounted for on the trade date (date the
order to buy or sell is executed) and dividend income or capital gains
distribution from the Trust is recorded on the ex-dividend date. In
determining the net gain or loss on securities sold, the cost of the
securities is determined on the first-in-first out basis.
Exchanges between divisions requested by policyholders are recorded in
the new division upon receipt of redemption proceeds.
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(Unaudited) (Continued)
NOTE 2- SIGNIFICANT ACCOUNTING POLICIES (Continued)
b) Federal Income Taxes
Phoenix Home Life qualifies for federal income tax treatment granted to
life insurance companies under Subchapter L of the Internal Revenue
Code. The operations of the Account are part of the total operations of
Phoenix Home Life and are not taxed separately. The Account is not
treated as a Regulated Investment Company under the Code.
c) Expenses
Phoenix Home Life absorbs certain operating expenses of the Account
including registration fees required for distribution of its policies
under the federal securities laws and state insurance laws.
NOTE 3- CONTRACT CHARGES
a) A mortality and expense risk charge is paid by the Account to Phoenix
Home Life. This charge is based upon the value of each division of the
Account and is currently charged daily at an annual rate of 0.60% .
b) To cover administrative expenses, Phoenix Home Life deducts $5.00 from
the cash value of a policy on each monthly processing date. This
charge, $1,611 for six months ended June 30, 1996, is designed to cover
actual administrative expenses incurred by Phoenix Home Life.
c) Phoenix Home Life deducts a charge for the monthly cost of insurance
from the policy's cash value, which provides death benefit protection
for the following policy month.
The monthly cost of insurance is:
i. The cost of insurance rate, multiplied by
ii. The net amount at risk for a policy month.
The cost of insurance varies by sex, attained age and rate class. The
net amount at risk can be simply defined as the death benefit less the
cash value.
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(Unaudited) (Continued)
NOTE 3- CONTRACT CHARGES (Continued)
d) In the event that the policy is surrendered during the first ten policy
years, a surrender charge will be deducted to compensate Phoenix Home
Life for expenses incurred in connection with the promotion, sale and
distribution of the policy. The surrender charge is assessed in full in
the event of a complete surrender and proportionately in the event of a
partial surrender.
During the first two policy years, the surrender charge is subject to
certain sales load limitations imposed by the Securities and Exchange
Commission and, rather than the surrender charge for policy years 3-5,
as set forth below, will be limited to the sum of (i) 30% of all
premium payments made during the first two policy years up to one
Guideline Annual Premium (as defined under Rule 6e-3(T)(c)(8) of the
Investment Company Act of 1940), plus (ii) 10% of all premium payments
in the first two policy years in excess of one Guideline Annual
Premium, but not more than two Guideline Annual premiums plus, (iii) 9%
of all premium payments in the first two policy years in excess of two
Guideline Annual Premiums less any surrender charge previously
deducted. Thereafter, the surrender charge is the lesser of (i) 50% of
the cumulative premiums paid, or (ii) the amount specified in each
policy's table of surrender charges.
The amounts shown in each policy's table of surrender charges are
calculated at the beginning of each policy year using the following
percentages of the Target Premium (the annual premium which is required
to endow the policy at age 95 using mortality and expense assumptions
and an annual gross investment return of 8%, and excluding any
temporary flat extras). Beginning policy year six and thereafter,
percentages at interim months are determined by interpolation.
BEGINNING OF
POLICY YEAR PERCENTAGE
3-6 125%
7 100
8 75
9 50
10 25
11+ 0
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(Unaudited) (Continued)
NOTE 3- CONTRACT CHARGES (Continued)
An increase in the initial death benefit (the "Specified Amount") under
a policy is subject to an additional surrender charge upon a surrender
of the policy during the first ten policy years following the increase.
A decrease in the Specified Amount is also subject to a pro-rata share
of the surrender charge.
In addition, Phoenix Home Life imposes a fee on each partial surrender
in an amount equal to the lesser of $25 or 2% of the amount withdrawn
to reimburse Phoenix Home Life for administrative expenses incurred in
processing those surrenders. This fee is deducted from the amount
withdrawn and the balance is paid to the policyholder.
e) Under certain circumstances, upon surrender of a policy, Phoenix Home
Life will deduct a charge to recover certain policy issue costs in an
amount equal to $5 per $1,000 of surrendered Specified Amount not to
exceed $750. This charge is designed primarily to reimburse Phoenix
Home Life for expenses it incurs in processing policy applications,
including conducting medical examinations and determining insurability.
f) Various states and subdivisions impose a tax on premiums received by
insurance companies. These charges vary from state to state. Phoenix
Home Life deducts 2.50% of each premium payment to cover state premium
taxes.
NOTE 4- DIVERSIFICATION REQUIREMENTS
Under the provisions of Section 817(h) of the Internal Revenue Code (the
"Code"), a variable life contract, other than a contract issued in connection
with certain types of employee benefit plans, will not be treated as a 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 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.
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - SCHEDULE OF SELECTED PER-UNIT DATA
<TABLE>
<CAPTION>
Six Months
Ended From Inception
June 30, 1996 For Year Ended December 31, February 16 to
(Unaudited) 1995 1994 1993 1992 December 31, 1991
----------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
MONEY MARKET:
Net Unit Value:
- -------------------------------
Beginning of period $14.173465 $13.502832 $13.081135 $12.814296 $12.469961 $11.971305
End of period 14.478822 14.173465 13.502832 13.081135 12.814296 12.469961
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net unit value from operations $0.305357 $0.670633 $0.421697 $0.266839 $0.344335 $0.498656
=========== ========== ========= ========= ========= =========
Accumulation units outstanding:
- -------------------------------
End of period 2,725.699 5,824.154 2,839.094 2,672.627 2,911.451 1,679.877
=========== ========== ========= ========= ========= =========
GROWTH:
Net Unit Value:
- -------------------------------
Beginning of period $23.579667 $18.784956 $19.837747 $18.510815 $17.677136 $14.167687
End of period 26.397183 23.579667 18.784956 19.837747 18.510815 17.677136
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net unit value from operations $2.817516 $4.794711 ($1.052791) $1.326932 $0.833679 $3.509449
=========== ========== ========= ========= ========= =========
Accumulation units outstanding:
- -------------------------------
End of period 3,257.256 2,053.494 5,066.451 1,872.979 5,521.195 7,629.861
=========== ========== ========= ========= ========= =========
FIXED INCOME:
Net Unit Value:
- -------------------------------
Beginning of period $17.999228 $15.182949 $15.787620 $14.703844 $13.887392 $12.378460
End of period 17.551158 17.999228 15.182949 15.787620 14.703844 13.887392
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net unit value from operations ($0.448070) $2.816279 ($0.604671) $1.083776 $0.816452 $1.508932
=========== ========== ========= ========= ========= =========
Accumulation units outstanding:
- -------------------------------
End of period 40.961 68.947 81.681 106.743 155.242 138.760
=========== ========== ========= ========= ========= =========
GOVERNMENT AND QUALITY BOND:
Net Unit Value:
- -------------------------------
Beginning of period $19.068522 $16.083095 $16.688251 $15.505170 $14.597133 $12.922007
End of period 18.612382 19.068522 16.083095 16.688251 15.505170 14.597133
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net unit value from operations ($0.456140) $2.985427 ($0.605156) $1.183081 $0.908037 $1.675126
=========== ========== ========= ========= ========= =========
Accumulation units outstanding:
- -------------------------------
End of period 586.229 625.426 770.430 934.686 1,962.602 2,206.335
=========== ========== ========= ========= ========= =========
</TABLE>
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - SCHEDULE OF SELECTED PER-UNIT DATA (Continued)
<TABLE>
<CAPTION>
Six Months
Ended From Inception
June 30, 1996 For Year Ended December 31, February 16 to
(Unaudited) 1995 1994 1993 1992 December 31, 1991
----------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
HIGH YIELD:
Net Unit Value:
- ------------------------------
Beginning of period $17.370956 $14.717391 $15.440855 $12.996758 $11.473227 $9.067881
End of period 17.855253 17.370956 14.717391 15.440855 12.996758 11.473227
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net unit value from operations $0.484297 $2.653565 ($0.723464) $2.444097 $1.523531 $2.405346
=========== ========== ========= ========= ========= =========
Accumulation units outstanding:
- ------------------------------
End of period 507.390 532.392 602.324 639.342 814.352 937.293
=========== ========== ========= ========= ========= =========
STRATEGIC MULTI-ASSET:
Net Unit Value:
- ------------------------------
Beginning of period $20.122448 $16.489482 $17.029956 $14.858722 $14.383597 $12.922142
End of period 21.493989 20.122448 16.489482 17.029956 14.858722 14.383597
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net unit value from operations $1.371541 $3.632966 ($0.540474) $2.171234 $0.475125 $1.461455
=========== ========== ========= ========= ========= =========
Accumulation units outstanding:
- ------------------------------
End of period 5,047.360 5,379.665 5,131.355 4,911.695 4,884.753 4,967.379
=========== ========== ========= ========= ========= =========
MULTI-ASSET:
Net Unit Value:
- ------------------------------
Beginning of period $21.162333 $17.035823 $17.434654 $16.343102 $15.200785 $12.990057
End of period 22.059141 21.162333 17.035823 17.434654 16.343102 15.200785
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net unit value from operations $0.896808 $4.126510 ($0.398831) $1.091552 $1.142317 $2.210728
=========== ========== ========= ========= ========= =========
Accumulation units outstanding:
- ------------------------------
End of period 2,361.180 2,528.003 2,321.993 2,149.708 2,180.269 3,313.298
=========== ========== ========= ========= ========= =========
CAPITAL APPRECIATION:
Net Unit Value:
- ------------------------------
Beginning of period $31.875450 $23.835567 $24.928405 $20.719304 $16.542880 $12.564504
End of period 37.733002 31.875450 23.835567 24.928405 20.719304 16.542880
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net unit value from operations $5.857552 $8.039883 ($1.092838) $4.209101 $4.176424 $3.978376
=========== ========== ========= ========= ========= =========
Accumulation units outstanding:
- ------------------------------
End of period 5,482.451 5,335.578 4,074.140 7,054.306 7,245.161 6,099.306
=========== ========== ========= ========= ========= =========
</TABLE>
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - SCHEDULE OF SELECTED PER-UNIT DATA (Continued)
<TABLE>
<CAPTION>
Six Months
Ended From Inception
June 30, 1996 For Year Ended December 31, February 16 to
(Unaudited) 1995 1994 1993 1992 December 31, 1991
----------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
GROWTH & INCOME:
Net Unit Value:
- -------------------------------
Beginning of period $20.713463 $17.904485 $19.933212 $16.442354 $13.766646 $11.657378
End of period 22.540930 20.713463 17.904485 19.933212 16.442354 13.766646
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net unit value from operations $1.827467 $2.808978 ($2.028727) $3.490858 $2.675708 $2.109268
=========== ========== ========= ========= ========= =========
Accumulation units outstanding:
- -------------------------------
End of period 367.554 396.508 566.021 442.653 840.486 736.755
=========== ========== ========= ========= ========= =========
FOREIGN SECURITIES:
Net Unit Value:
- -------------------------------
Beginning of period $14.558725 $13.009004 $13.498582 $10.419874 $12.109358 $13.529977
End of period 15.671510 14.558725 13.009004 13.498582 10.419874 12.109358
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net unit value from operations $1.112785 $1.549721 ($0.489578) $3.078708 ($1.689484) ($1.420619)
=========== ========== ========= ========= ========= =========
Accumulation units outstanding:
- -------------------------------
End of period 2,226.599 2,544.163 5,767.871 3,397.264 738.372 759.611
=========== ========== ========= ========= ========= =========
NATURAL RESOURCES:
Net Unit Value:
- -------------------------------
Beginning of period $17.188761 $14.721818 $14.640952 $10.829847 $10.635249 $10.817492
End of period 18.398595 17.188761 14.721818 14.640952 10.829847 10.635249
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net unit value from operations $1.209834 $2.466943 $0.080866 $3.811105 $0.194598 ($0.182243)
=========== ========== ========= ========= ========= =========
Accumulation units outstanding:
- -------------------------------
End of period 1,539.006 1,169.412 789.773 753.350 701.666 833.997
=========== ========== ========= ========= ========= =========
TARGET '98:
Net Unit Value:
- -------------------------------
Beginning of period $18.440731 $16.184859 $16.981960 $15.352606 $14.410503 $12.544636
End of period 18.431267 18.440731 16.184859 16.981960 15.352606 14.410503
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in
net unit value from operations ($0.009464) $2.255872 ($0.797101) $1.629354 $0.942103 $1.865867
=========== ========== ========= ========= ========= =========
Accumulation units outstanding:
- -------------------------------
End of period 223.591 237.588 265.694 292.976 1,410.431 1,085.015
=========== ========== ========= ========= ========= =========
</TABLE>
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 6 - POLICYHOLDER TRANSACTIONS
The increase (decrease) in net assets from changes in the number of outstanding
units was as follows for the six months ended June 30, 1996:
<TABLE>
<CAPTION>
PURCHASE PAYMENTS EXCHANGE PURCHASES INCREASE (DECREASE)
AND TRANSFERS AND EXCHANGE WITHDRAWALS AND IN NET ASSETS FROM
RECEIVED SURRENDERS SURRENDERS POLICYHOLDER TRANSACTIONS
----------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ACCOUNT UNITS DOLLARS UNITS DOLLARS UNITS DOLLARS UNITS DOLLARS
Money Market 49 $ 702 (3,067) ($44,228) (81) ($ 1,158) (3,099) ($44,684)
Growth 126 3,166 1,414 37,730 (337) (8,457) 1,203 32,439
Fixed Income -- -- -- -- (28) (491) (28) (491)
Government and Quality Bond 10 195 -- -- (50) (920) (40) (725)
High Yield 10 183 -- -- (35) (624) (25) (441)
Strategic Multi-Asset 223 4,644 (191) (3,989) (364) (7,392) (332) (6,737)
Multi-Asset 43 918 31 672 (241) (5,188) (167) (3,598)
Capital Appreciation 243 8,442 186 6,798 (282) (10,110) 147 5,130
Growth & Income 148 3,195 (138) (3,117) (38) (839) (28) (761)
Foreign Securities 109 1,650 (58) (895) (368) (5,748) (317) (4,993)
Natural Resources 31 568 361 7,050 (22) (414) 370 7,204
Target '98 5 88 -- -- (19) (345) (14) (257)
----------------------------------------------------------------------------------------------------
997 $23,751 (1,462) $21 (1,865) ($41,686) (2,330) ($17,914)
====================================================================================================
</TABLE>
<PAGE>
RSVP VARIABLE LIFE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE 7 - DETAILED STATEMENT OF OPERATIONS FOR THE YEAR ENDED JUNE 30, 1996
A statement of operations by investment division follows for the year ended June
30, 1996:
<TABLE>
<CAPTION>
Money Fixed Govt.& Quality Strategic
Market Growth Income Bond High Yield Multi-Asset
------ ------ ------ ---- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME (LOSS):
Dividend income $1,824 - - - - -
Mortality and expense risk charges
and administrative expense (224) (170) (3) (34) (27) (321)
----------------------------------------------------------------------------------------
Net investment income (loss) 1,600 (170) (3) (34) (27) (321)
----------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS):
Realized gain (loss) from
investment transactions:
Proceeds from sales 45,196 6,942 494 896 621 11,333
Cost of investments sold (45,196) (6,538) (510) (892) (666) (11,207)
----------------------------------------------------------------------------------------
Net realized gain (loss) - 404 (16) 4 (45) 126
Capital gains distribution - - - - - -
----------------------------------------------------------------------------------------
Net realized gain (loss)
from investments - 404 (16) 4 (45) 126
----------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) on investments:
Unrealized appreciation
(depreciation) at end of period - 4,872 (22) 118 (532) 6,219
Unrealized appreciation
(depreciation) at beginning
of period - (17) (10) 378 (857) (948)
----------------------------------------------------------------------------------------
Net change in unrealized
appreciation (depreciation) - 4,889 (12) (260) 325 7,167
----------------------------------------------------------------------------------------
Realized and unrealized gain - 5,293 (28) (256) 280 7,293
----------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $1,600 $5,123 ($31) ($290) $253 $6,972
========================================================================================
</TABLE>
<TABLE>
<CAPTION>
Capital Growth & Foreign Natural
Multi-Asset Appreciation Income Securities Resources Target '98 Total
----------- ------------ -------- ----------- ---------- ----------- ------
<S> <C> <C> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME (LOSS):
Dividend income - - - - - - $1,824
Mortality and expense risk charges
and administrative expense (158) (565) (29) (112) (68) (13) (1,724)
--------------------------------------------------------------------------------------
Net investment income (loss) (158) (565) (29) (112) (68) (13) 100
--------------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS):
Realized gain (loss) from
investment transactions:
Proceeds from sales 4,842 10,402 3,907 6,600 2,223 354 93,810
Cost of investments sold (4,427) (8,148) (3,777) (5,579) (1,762) (354) (89,056)
--------------------------------------------------------------------------------------
Net realized gain (loss) 415 2,254 130 1,021 461 - 4,754
Capital gains distribution - - - - - - -
--------------------------------------------------------------------------------------
Net realized gain (loss)
from investments 415 2,254 130 1,021 461 - 4,754
--------------------------------------------------------------------------------------
Change in unrealized appreciation
(depreciation) on investments:
Unrealized appreciation
(depreciation) at end of period 5,597 51,755 348 5,513 3,045 18 76,931
Unrealized appreciation
(depreciation) at beginning
of period 3,667 21,780 (384) 3,574 2,427 8 29,618
--------------------------------------------------------------------------------------
Net change in unrealized
appreciation (depreciation) 1,930 29,975 732 1,939 618 10 47,313
--------------------------------------------------------------------------------------
Realized and unrealized gain 2,345 32,229 862 2,960 1,079 10 52,067
--------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS $2,187 $31,664 $833 $2,848 $1,011 ($3) $52,167
======================================================================================
</TABLE>
