<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Assets and Liabilities
June 30, 1995 (unaudited)
Real U.S.
Money Growth and Precious High Estate Government Utility
Market Income Metals Income Securities Securities Equity
Fund Fund Fund Fund Fund Fund Fund
--------- ---------- -------- --------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments at net asset value:
Franklin Valuemark Funds:
Money Market Fund, 621,633 shares,
cost $621,633 $621,633 - - - - - -
Growth and Income Fund, 56,565 shares,
cost $681,328 - 840,559 - - - - -
Precious Metals Fund, 18,816 shares,
cost $242,357 - - 261,351 - - - -
High Income Fund, 91,824 shares,
cost $1,042,374 - - - 1,187,278 - - -
Real Estate Securities Fund, 7,633 shares,
cost $101,573 - - - - 117,776 - -
U.S. Government Securities Fund, 46,696 shares,
cost $487,928 - - - - - 615,451 -
Utility Equity Fund, 83,366 shares,
cost $1,022,644 - - - - - - 1,280,500
--------- ---------- -------- --------- ---------- ---------- ---------
Total assets 621,633 840,559 261,351 1,187,278 117,776 615,451 1,280,500
--------- ---------- -------- --------- ---------- ---------- ---------
Liabilities:
Accrued mortality and expense risk charges (25,221) 3,814 26,674 4,674 1,172 2,481 5,061
Accrued administrative charges (6,305) 954 6,668 1,169 293 621 1,266
--------- ---------- -------- --------- ---------- ---------- ---------
Total liabilities (31,526) 4,768 33,342 5,843 1,465 3,102 6,327
--------- ---------- -------- --------- ---------- ---------- ---------
Net assets $653,159 835,791 228,009 1,181,435 116,311 612,349 1,274,173
========= ========== ======== ========= ========== ========== =========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Assets and Liabilities (Continued)
June 30, 1995 (unaudited)
Zero Zero Zero Zero Investment
Coupon Coupon Coupon Coupon Global Grade Income
Fund - Fund - Fund - Fund - Income Intermediate Securities
1995 2000 2005 2010 Fund Bond Fund Fund
-------- ------- ------- ------- ------ ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments at net asset value:
Franklin Valuemark Funds:
Zero Coupon Fund - 1995, 21,416 shares,
cost $222,437 $250,786 - - - - - -
Zero Coupon Fund - 2000, 21,864 shares,
cost $232,841 - 324,246 - - - - -
Zero Coupon Fund - 2005, 19,684 shares,
cost $207,641 - - 309,628 - - - -
Zero Coupon Fund - 2010, 6,556 shares,
cost $87,910 - - - 102,608 - - -
Global Income Fund, 6,182 shares,
cost $76,944 - - - - 78,391 - -
Investment Grade Intermediate Bond Fund,
7,213 shares, cost $95,460 - - - - - 97,522 -
Income Securities Fund, 23,860 shares,
cost $355,631 - - - - - - 359,810
-------- ------- ------- ------- ------ ------------ ----------
Total assets 250,786 324,246 309,628 102,608 78,391 97,522 359,810
-------- ------- ------- ------- ------ ------------ ----------
Liabilities:
Accrued mortality and expense risk charges 1,403 1,682 1,632 926 506 557 4,898
Accrued administrative charges 351 421 408 232 127 139 1,224
-------- ------- ------- ------- ------ ------------ ----------
Total liabilities 1,754 2,103 2,040 1,158 633 696 6,122
-------- ------- ------- ------- ------ ------------ ----------
Net assets $249,032 322,143 307,588 101,450 77,758 96,826 353,688
======== ======= ======= ======= ====== ============ ==========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Assets and Liabilities (Continued)
June 30, 1995 (unaudited)
Templeton
Adjustable Templeton Templeton Developing Templeton
U.S. Pacific Rising International Markets Global
Government Growth Dividends Equity Equity Growth
Fund Fund Fund Fund Fund Fund
----------- --------- --------- ------------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investments at net asset value:
Franklin Valuemark Funds:
Adjustable U.S. Government Fund,
2,022 shares, cost $21,652 $ 20,987 - - - - -
Templeton Pacific Growth Fund, 18,029 shares,
cost $234,643 - 237,801 - - - -
Rising Dividends Fund, 7,223 shares,
cost $76,937 - - 80,180 - - -
Templeton International Equity Fund, 29,402 shares,
cost $374,677 - - - 381,338 - -
Templeton Developing Markets Equity Fund,
15,648 shares, cost $149,406 - - - - 153,510 -
Templeton Global Growth Fund, 19,334 shares,
cost $205,686 - - - - - 215,961
Templeton Global Asset Allocation Fund, 0 shares,
cost $0 - - - - - -
----------- --------- --------- ------------- ---------- ---------
Total assets 20,987 237,801 80,180 381,338 153,510 215,961
----------- --------- --------- ------------- ---------- ---------
Liabilities:
Accrued mortality and expense risk charges 311 2,791 168 1,528 2,240 2,210
Accrued administrative charges 78 698 42 382 560 552
----------- --------- --------- ------------- ---------- ---------
Total liabilities 389 3,489 210 1,910 2,800 2,762
----------- --------- --------- ------------- ---------- ---------
Net assets $ 20,598 234,312 79,970 379,428 150,710 213,199
=========== ========= ========= ============= ========== =========
Templeton
Global
Asset Total
Allocation All
Fund Funds
---------- ---------
<S> <C> <C>
Investments at net asset value:
Franklin Valuemark Funds:
Adjustable U.S. Government Fund,
2,022 shares, cost $21,652 -
Templeton Pacific Growth Fund, 18,029 shares,
cost $234,643 -
Rising Dividends Fund, 7,223 shares,
cost $76,937 -
Templeton International Equity Fund, 29,402 shares,
cost $374,677 -
Templeton Developing Markets Equity Fund,
15,648 shares, cost $149,406 -
Templeton Global Growth Fund, 19,334 shares,
cost $205,686 -
Templeton Global Asset Allocation Fund, 0 shares,
cost $0 -
----------
Total assets - 7,537,316
---------- ---------
Liabilities:
Accrued mortality and expense risk charges - 39,507
Accrued administrative charges - 9,880
---------- ---------
Total liabilities - 49,387
---------- ---------
Net assets - 7,487,929
========== =========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Operations
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Money Market Fund Growth and Income Fund Precious
---------- -------- -------- ----------- -------- --------- ---------
1995 1994 1993 1995 1994 1993 1995
---------- -------- -------- ----------- -------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends reinvested in fund shares $ 18,284 5,038 4,991 10,179 3,957 5,989 3,600
---------- -------- -------- ----------- -------- --------- ---------
Expenses:
Mortality and expense risk charges 1,026 1,006 1,206 2,544 1,992 2,215 1,804
Administrative charges 256 251 302 636 498 554 451
---------- -------- -------- ----------- -------- --------- ---------
Total expenses 1,282 1,257 1,508 3,180 2,490 2,769 2,255
---------- -------- -------- ----------- -------- --------- ---------
Investment income (loss), net 17,002 3,781 3,483 6,999 1,467 3,220 1,345
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions
on mutual funds - - - 22,157 8,957 - 2,665
---------- -------- -------- ----------- -------- --------- ---------
Realized gains (losses) on sales of investments:
Proceeds from sales 549,798 63,613 99,621 10,160 34,447 157,480 43,391
Cost of investments sold (549,798) (63,613) (99,621) (8,104) (27,906) (130,795) (39,844)
---------- -------- -------- ----------- -------- --------- ---------
Total realized gains (losses) on
sales of investments, net - - - 2,056 6,541 26,685 3,547
---------- -------- -------- ----------- -------- --------- ---------
Realized gains (losses) on investments, net - - - 24,213 15,498 26,685 6,212
Net change in unrealized appreciation
(depreciation) on investments - - - 67,121 (46,728) (9,396) (4,167)
---------- -------- -------- ----------- -------- --------- ---------
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net - - - 91,334 (31,230) 17,289 2,045
---------- -------- -------- ----------- -------- --------- ---------
Net increase (decrease) in net assets
from operations $ 17,002 3,781 3,483 98,333 (29,763) 20,509 3,390
========== ======== ======== =========== ======== ========= =========
Metals Fund
------- ---------
1994 1993
------- ---------
<S> <C> <C>
Investment Income:
Dividends reinvested in fund shares 605 1,029
------- ---------
Expenses:
Mortality and expense risk charges 312 607
Administrative charges 78 152
------- ---------
Total expenses 390 759
------- ---------
Investment income (loss), net 215 270
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions
on mutual funds - -
------- ---------
Realized gains (losses) on sales of investments:
Proceeds from sales 10,570 134,510
Cost of investments sold (9,081) (133,172)
------- ---------
Total realized gains (losses) on
sales of investments, net 1,489 1,338
------- ---------
Realized gains (losses) on investments, net 1,489 1,338
Net change in unrealized appreciation
(depreciation) on investments (9,637) 43,838
------- ---------
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net (8,148) 45,176
------- ---------
Net increase (decrease) in net assets
from operations (7,933) 45,446
======= =========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Operations (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
High Income Fund Real Estate Securities Fund
--------- -------- -------- ------------ ----------- -------
1995 1994 1993 1995 1994 1993
--------- -------- -------- ------------ ----------- -------
<S> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends reinvested in fund shares $ 78,044 44,184 37,831 3,875 598 603
--------- -------- -------- ------------ ----------- -------
Expenses:
Mortality and expense risk charges 3,363 2,866 3,122 476 167 204
Administrative charges 841 716 780 119 42 51
--------- -------- -------- ------------ ----------- -------
Total expenses 4,204 3,582 3,902 595 209 255
--------- -------- -------- ------------ ----------- -------
Investment income (loss), net 73,840 40,602 33,929 3,280 389 348
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions on mutual funds - 6,061 - - - -
--------- -------- -------- ------------ ----------- -------
Realized gains (losses) on sales of investments:
Proceeds from sales 26,080 41,411 17,493 12,040 5,232 9,411
Cost of investments sold (21,670) (36,790) (15,580) (10,081) (3,555) (6,762)
--------- -------- -------- ------------ ----------- -------
Total realized gains (losses) on
sales of investments, net 4,410 4,621 1,913 1,959 1,677 2,649
--------- -------- -------- ------------ ----------- -------
Realized gains (losses) on investments, net 4,410 10,682 1,913 1,959 1,677 2,649
Net change in unrealized appreciation
(depreciation) on investments 58,580 (96,383) 45,346 (757) (213) 3,644
--------- -------- -------- ------------ ----------- -------
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net 62,990 (85,701) 47,259 1,202 1,464 6,293
--------- -------- -------- ------------ ----------- -------
Net increase (decrease) in net assets from operations $136,830 (45,099) 81,188 4,482 1,853 6,641
========= ======== ======== ============ =========== =======
U.S.
Government Securities Fund
----------- ----------- -------
1995 1994 1993
----------- ----------- -------
<S> <C> <C> <C>
Investment Income:
Dividends reinvested in fund shares 41,763 29,066 24,746
----------- ----------- -------
Expenses:
Mortality and expense risk charges 1,931 1,716 2,054
Administrative charges 483 429 513
----------- ----------- -------
Total expenses 2,414 2,145 2,567
----------- ----------- -------
Investment income (loss), net 39,349 26,921 22,179
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions on mutual funds - 2,285 3,795
----------- ----------- -------
Realized gains (losses) on sales of investments:
Proceeds from sales 5,470 108,232 7,901
Cost of investments sold (4,146) (81,141) (5,599)
----------- ----------- -------
Total realized gains (losses) on
sales of investments, net 1,324 27,091 2,302
----------- ----------- -------
Realized gains (losses) on investments, net 1,324 29,376 6,097
Net change in unrealized appreciation
(depreciation) on investments 24,422 (93,645) 16,024
----------- ----------- -------
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net 25,746 (64,269) 22,121
----------- ----------- -------
Net increase (decrease) in net assets from operations 65,095 (37,348) 44,300
=========== =========== =======
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Operations (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Zero Zero
Utility Equity Fund Coupon Fund - 1995 Coupon
--------- --------- -------- -------- -------- ------- -------
1995 1994 1993 1995 1994 1993 1995
--------- --------- -------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends reinvested in fund shares $ 70,912 44,690 25,962 17,379 15,154 15,253 13,993
--------- --------- -------- -------- -------- ------- -------
Expenses:
Mortality and expense risk charges 3,792 3,310 4,095 810 826 786 1,057
Administrative charges 948 827 1,024 202 206 197 264
--------- --------- -------- -------- -------- ------- -------
Total expenses 4,740 4,137 5,119 1,012 1,032 983 1,321
--------- --------- -------- -------- -------- ------- -------
Investment income (loss), net 66,172 40,553 20,843 16,367 14,122 14,270 12,672
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions on mutual funds - 7,958 138 86 625 3,220 -
--------- --------- -------- -------- -------- ------- -------
Realized gains (losses) on sales of investments:
Proceeds from sales 87,913 131,451 151,341 16,544 3,056 2,879 2,219
Cost of investments sold (69,779) (96,053) (98,318) (13,644) (2,507) (2,185) (1,544)
--------- --------- -------- -------- -------- ------- -------
Total realized gains (losses) on
sales of investments, net 18,134 35,398 53,023 2,900 549 694 675
--------- --------- -------- -------- -------- ------- -------
Realized gains (losses) on investments, net 18,134 43,356 53,161 2,986 1,174 3,914 675
Net change in unrealized appreciation
(depreciation) on investments 49,278 (301,798) 55,296 (9,108) (17,883) (6,236) 24,775
--------- --------- -------- -------- -------- ------- -------
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net 67,412 (258,442) 108,457 (6,122) (16,709) (2,322) 25,450
--------- --------- -------- -------- -------- ------- -------
Net increase (decrease) in net assets
from operations $133,584 (217,889) 129,300 10,245 (2,587) 11,948 38,122
========= ========= ======== ======== ======== ======= =======
Fund - 2000
-------- -------
1994 1993
-------- -------
<S> <C> <C>
Investment Income:
Dividends reinvested in fund shares 14,100 12,537
-------- -------
Expenses:
Mortality and expense risk charges 918 949
Administrative charges 230 237
-------- -------
Total expenses 1,148 1,186
-------- -------
Investment income (loss), net 12,952 11,351
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions on mutual funds 2,038 637
-------- -------
Realized gains (losses) on sales of investments:
Proceeds from sales 12,631 3,337
Cost of investments sold (9,351) (2,253)
-------- -------
Total realized gains (losses) on
sales of investments, net 3,280 1,084
-------- -------
Realized gains (losses) on investments, net 5,318 1,721
Net change in unrealized appreciation
(depreciation) on investments (40,008) 21,268
-------- -------
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net (34,690) 22,989
-------- -------
Net increase (decrease) in net assets
from operations (21,738) 34,340
======== =======
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Operations (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Zero Zero
Coupon Fund - 2005 Coupon Fund - 2010 Global Income
-------- -------- -------- ------- -------- ------- ------- -------
1995 1994 1993 1995 1994 1993 1995 1994
-------- -------- -------- ------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends reinvested in fund shares $12,928 11,417 12,406 3,109 7,253 5,501 2,871 491
-------- -------- -------- ------- -------- ------- ------- -------
Expenses:
Mortality and expense risk charges 1,044 954 1,107 426 517 351 214 41
Administrative charges 261 238 277 106 129 88 53 10
-------- -------- -------- ------- -------- ------- ------- -------
Total expenses 1,305 1,192 1,384 532 646 439 267 51
-------- -------- -------- ------- -------- ------- ------- -------
Investment income (loss), net 11,623 10,225 11,022 2,577 6,607 5,062 2,604 440
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions on mutual funds - 3,569 138 - 3,560 224 - 204
-------- -------- -------- ------- -------- ------- ------- -------
Realized gains (losses) on sales of investments:
Proceeds from sales 2,962 73,922 22,857 1,139 2,552 1,443 1,784 2,141
Cost of investments sold (1,950) (51,264) (15,159) (994) (2,417) (1,053) (1,757) (2,005)
-------- -------- -------- ------- -------- ------- ------- -------
Total realized gains (losses) on
sales of investments, net 1,012 22,658 7,698 145 135 390 27 136
-------- -------- -------- ------- -------- ------- ------- -------
Realized gains (losses) on investments, net 1,012 26,227 7,836 145 3,695 614 27 340
Net change in unrealized appreciation
(depreciation) on investments 36,402 (74,485) 37,406 16,690 (34,808) 7,103 1,975 (2,246)
-------- -------- -------- ------- -------- ------- ------- -------
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net 37,414 (48,258) 45,242 16,835 (31,113) 7,717 2,002 (1,906)
-------- -------- -------- ------- -------- ------- ------- -------
Net increase (decrease) in net assets
from operations $49,037 (38,033) 56,264 19,412 (24,506) 12,779 4,606 (1,466)
======== ======== ======== ======= ======== ======= ======= =======
Fund
------
1993
------
<S> <C>
Investment Income:
Dividends reinvested in fund shares 798
------
Expenses:
Mortality and expense risk charges 75
Administrative charges 19
------
Total expenses 94
------
Investment income (loss), net 704
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions on mutual funds 259
------
Realized gains (losses) on sales of investments:
Proceeds from sales 253
Cost of investments sold (241)
------
Total realized gains (losses) on
sales of investments, net 12
------
Realized gains (losses) on investments, net 271
Net change in unrealized appreciation
(depreciation) on investments 874
------
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net 1,145
------
Net increase (decrease) in net assets
from operations 1,849
======
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Operations (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Investment Grade Adjustable
Intermediate Bond Fund Income Securities Fund U.S.
-------------- ------ ----- -------- ----------- ------ -----------
1995 1994 1993 1995 1994 1993 1995
-------------- ------ ----- -------- ----------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends reinvested in fund shares $ 3,949 223 195 19,772 2,402 813 1,373
-------------- ------ ----- -------- ----------- ------ -----------
Expenses:
Mortality and expense risk charges 302 27 25 494 233 91 66
Administrative charges 75 7 6 123 58 23 17
-------------- ------ ----- -------- ----------- ------ -----------
Total expenses 377 34 31 617 291 114 83
-------------- ------ ----- -------- ----------- ------ -----------
Investment income (loss), net 3,572 189 164 19,155 2,111 699 1,290
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions on mutual funds - 36 32 1,592 367 118 -
-------------- ------ ----- -------- ----------- ------ -----------
Realized gains (losses) on sales of investments:
Proceeds from sales 1,873 62 62 28,351 998 215 9,822
Cost of investments sold (1,786) (57) (57) (28,417) (981) (201) (9,767)
-------------- ------ ----- -------- ----------- ------ -----------
Total realized gains (losses) on
sales of investments, net 87 5 5 (66) 17 14 55
-------------- ------ ----- -------- ----------- ------ -----------
Realized gains (losses) on investments, net 87 41 37 1,526 384 132 55
Net change in unrealized appreciation
(depreciation) on investments 1,117 (465) 234 9,225 (8,183) 1,934 (625)
-------------- ------ ----- -------- ----------- ------ -----------
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net 1,204 (424) 271 10,751 (7,799) 2,066 (570)
-------------- ------ ----- -------- ----------- ------ -----------
Net increase (decrease) in net assets
from operations $ 4,776 (235) 435 29,906 (5,688) 2,765 720
============== ====== ===== ======== =========== ====== ===========
Government Fund
----------- -----
1994 1993
----------- -----
<S> <C> <C>
Investment Income:
Dividends reinvested in fund shares 182 192
----------- -----
Expenses:
Mortality and expense risk charges 11 18
Administrative charges 3 5
----------- -----
Total expenses 14 23
----------- -----
Investment income (loss), net 168 169
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions on mutual funds - -
----------- -----
Realized gains (losses) on sales of investments:
Proceeds from sales 755 62
Cost of investments sold (745) (60)
----------- -----
Total realized gains (losses) on
sales of investments, net 10 2
----------- -----
Realized gains (losses) on investments, net 10 2
Net change in unrealized appreciation
(depreciation) on investments (197) (65)
----------- -----
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net (187) (63)
----------- -----
Net increase (decrease) in net assets
from operations (19) 106
=========== =====
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Operations (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Templeton Templeton
Pacific Growth Fund Rising Dividends Fund International
----------- -------- ----- ------- ---------- ------- --------------
1995 1994 1993 1995 1994 1993 1995
----------- -------- ----- ------- ---------- ------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends reinvested in fund shares $ 4,502 316 - 1,695 586 99 6,289
----------- -------- ----- ------- ---------- ------- --------------
Expenses:
Mortality and expense risk charges 170 429 21 208 87 93 793
Administrative charges 42 107 5 52 22 23 198
----------- -------- ----- ------- ---------- ------- --------------
Total expenses 212 536 26 260 109 116 991
----------- -------- ----- ------- ---------- ------- --------------
Investment income (loss), net 4,290 (220) (26) 1,435 477 (17) 5,298
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions on mutual funds 1,872 672 - - - - 7,792
----------- -------- ----- ------- ---------- ------- --------------
Realized gains (losses) on sales of investments:
Proceeds from sales 37,869 27,789 51 1,473 491 276 22,614
Cost of investments sold (37,446) (24,644) (49) (1,445) (519) (281) (22,446)
----------- -------- ----- ------- ---------- ------- --------------
Total realized gains (losses) on
sales of investments, net 423 3,145 2 28 (28) (5) 168
----------- -------- ----- ------- ---------- ------- --------------
Realized gains (losses) on investments, net 2,295 3,817 2 28 (28) (5) 7,960
Net change in unrealized appreciation
(depreciation) on investments (181) (13,674) 710 6,067 (2,508) (2,210) 8,831
----------- -------- ----- ------- ---------- ------- --------------
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net 2,114 (9,857) 712 6,095 (2,536) (2,215) 16,791
----------- -------- ----- ------- ---------- ------- --------------
Net increase (decrease) in net assets
from operations $ 6,404 (10,077) 686 7,530 (2,059) (2,232) 22,089
=========== ======== ===== ======= ========== ======= ==============
Equity Fund
------- ----
1994 1993
------- ----
<S> <C> <C>
Investment Income:
Dividends reinvested in fund shares 44 -
------- ----
Expenses:
Mortality and expense risk charges 48 -
Administrative charges 12 -
------- ----
Total expenses 60 -
------- ----
Investment income (loss), net (16) -
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions on mutual funds 95 -
------- ----
Realized gains (losses) on sales of investments:
Proceeds from sales 195 -
Cost of investments sold (176) -
------- ----
Total realized gains (losses) on
sales of investments, net 19 -
------- ----
Realized gains (losses) on investments, net 114 -
Net change in unrealized appreciation
(depreciation) on investments (156) -
------- ----
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net (42) -
------- ----
Net increase (decrease) in net assets
from operations (58) -
======= ====
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Operations (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Templeton Developing Templeton Templeton
Markets Equity Fund Global Growth Fund Asset
----------- ---------- ---- ---------- ------ ---- ---------
1995 1994 1993 1995 1994 1993 1995
----------- ---------- ---- ---------- ------ ---- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Investment Income:
Dividends reinvested in fund shares $ 562 - - 1,137 - - -
----------- ---------- ---- ---------- ------ ---- ---------
Expenses:
Mortality and expense risk charges 301 - - 505 - - -
Administrative charges 75 - - 126 - - -
----------- ---------- ---- ---------- ------ ---- ---------
Total expenses 376 - - 631 - - -
----------- ---------- ---- ---------- ------ ---- ---------
Investment income (loss), net 186 - - 506 - - -
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions on mutual funds 132 - - - - - -
----------- ---------- ---- ---------- ------ ---- ---------
Realized gains (losses) on sales of investments:
Proceeds from sales 14,489 - - 20,643 - - -
Cost of investments sold (15,179) - - (20,512) - - -
----------- ---------- ---- ---------- ------ ---- ---------
Total realized gains (losses) on
sales of investments, net (690) - - 131 - - -
----------- ---------- ---- ---------- ------ ---- ---------
Realized gains (losses) on investments, net (558) - - 131 - - -
Net change in unrealized appreciation
(depreciation) on investments 7,055 - - 10,419 - - -
----------- ---------- ---- ---------- ------ ---- ---------
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net 6,497 - - 10,550 - - -
----------- ---------- ---- ---------- ------ ---- ---------
Net increase (decrease) in net assets
from operations $ 6,683 - - 11,056 - - -
=========== ========== ==== ========== ====== ==== =========
Global
Allocation Fund
---------- ----
1994 1993
---------- ----
<S> <C> <C>
Investment Income:
Dividends reinvested in fund shares - -
---------- ----
Expenses:
Mortality and expense risk charges - -
Administrative charges - -
---------- ----
Total expenses - -
---------- ----
Investment income (loss), net - -
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions on mutual funds - -
---------- ----
Realized gains (losses) on sales of investments:
Proceeds from sales - -
Cost of investments sold - -
---------- ----
Total realized gains (losses) on
sales of investments, net - -
---------- ----
Realized gains (losses) on investments, net - -
Net change in unrealized appreciation
(depreciation) on investments - -
---------- ----
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net - -
---------- ----
Net increase (decrease) in net assets
from operations - -
========== ====
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Operations (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Total All Funds
---------- --------- ---------
1995 1994 1993
---------- --------- ---------
<S> <C> <C> <C>
Investment Income:
Dividends reinvested in fund shares $ 316,216 180,306 148,945
---------- --------- ---------
Expenses:
Mortality and expense risk charges 21,326 15,460 17,019
Administrative charges 5,328 3,863 4,256
---------- --------- ---------
Total expenses 26,654 19,323 21,275
---------- --------- ---------
Investment income (loss), net 289,562 160,983 127,670
Realized gains (losses) and unrealized
appreciation (depreciation) on investments:
Realized capital gain distributions
on mutual funds 36,296 36,427 8,561
---------- --------- ---------
appreciation (depreciation) on investments:
Proceeds from sales 896,634 519,548 609,192
Cost of investments sold (860,309) (412,805) (511,386)
---------- --------- ---------
Total realized gains (losses) on
sales of investments, net 36,325 106,743 97,806
---------- --------- ---------
Realized gains (losses) on investments, net 72,621 143,170 106,367
Net change in unrealized appreciation
(depreciation) on investments 307,119 (743,017) 215,770
---------- --------- ---------
Total realized gains (losses) and unrealized
appreciation (depreciation) on investments, net 379,740 (599,847) 322,137
---------- --------- ---------
Net increase (decrease) in net assets
from operations $ 669,302 (438,864) 449,807
========== ========= =========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Changes in Net Assets
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Money Market Fund Growth and Income Fund Precious
---------- -------- -------- ----------- -------- --------- ---------
1995 1994 1993 1995 1994 1993 1995
---------- -------- -------- ----------- -------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net $ 17,002 3,781 3,483 6,999 1,467 3,220 1,345
Realized gains (losses) on investments, net - - - 24,213 15,498 26,685 6,212
Net change in unrealized appreciation
(depreciation) on investments - - - 67,121 (46,728) (9,396) (4,167)
---------- -------- -------- ----------- -------- --------- ---------
Net increase (decrease) in net assets
from operations 17,002 3,781 3,483 98,333 (29,763) 20,509 3,390
---------- -------- -------- ----------- -------- --------- ---------
Contract transactions:
Purchase payments 819,388 - - 95,573 - - 12,326
Transfers between funds (630,037) 101,580 90,315 51,316 33,113 (16,026) 16,598
Surrenders and terminations (1,047) (58,207) (57,564) (612) (25,045) (63,694) (12)
Other transactions (note 2) (82,712) (4,180) (3,755) (34,801) (6,965) (20,977) (5,588)
---------- -------- -------- ----------- -------- --------- ---------
Net increase (decrease) in net assets
resulting from contract transactions 105,592 39,193 28,996 111,476 1,103 (100,697) 23,324
---------- -------- -------- ----------- -------- --------- ---------
Increase (decrease) in net assets 122,594 42,974 32,479 209,809 (28,660) (80,188) 26,714
---------- -------- -------- ----------- -------- --------- ---------
Net assets at beginning of period 530,565 308,920 358,105 625,982 629,549 725,302 201,295
---------- -------- -------- ----------- -------- --------- ---------
Net assets at end of period $ 653,159 351,894 390,584 835,791 600,889 645,114 228,009
========== ======== ======== =========== ======== ========= =========
Metals Fund
-------- --------
1994 1993
-------- --------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net 215 270
Realized gains (losses) on investments, net 1,489 1,338
Net change in unrealized appreciation
(depreciation) on investments (9,637) 43,838
-------- --------
Net increase (decrease) in net assets
from operations (7,933) 45,446
-------- --------
Contract transactions:
Purchase payments - -
Transfers between funds 1,756 (61,075)
Surrenders and terminations (8,168) -
Other transactions (note 2) (1,097) 450
-------- --------
Net increase (decrease) in net assets
resulting from contract transactions (7,509) (60,625)
-------- --------
Increase (decrease) in net assets (15,442) (15,179)
-------- --------
Net assets at beginning of period 122,135 163,472
-------- --------
Net assets at end of period 106,693 148,293
======== ========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Changes in Net Assets (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Real U.S.
High Income Fund Estate Securities Fund Government
----------- ---------- ---------- -------- ----------- ------- -----------
1995 1994 1993 1995 1994 1993 1995
----------- ---------- ---------- -------- ----------- ------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net $ 73,840 40,602 33,929 3,280 389 348 39,349
Realized gains (losses) on investments, net 4,410 10,682 1,913 1,959 1,677 2,649 1,324
Net change in unrealized appreciation
(depreciation) on investments 58,580 (96,383) 45,346 (757) (213) 3,644 24,422
----------- ---------- ---------- -------- ----------- ------- -----------
Net increase (decrease) in net assets
from operations 136,830 (45,099) 81,188 4,482 1,853 6,641 65,095
----------- ---------- ---------- -------- ----------- ------- -----------
Contract transactions:
Purchase payments 20,643 - - 27,464 - - 11,226
Transfers between funds 6,493 (14,156) 7,109 16,881 (3,089) (8,572) 10,546
Surrenders and terminations (14,248) (11,586) - (1,097) - - -
Other transactions (note 2) (14,802) (12,070) (4,752) (9,728) (583) 1,591 (8,569)
----------- ---------- ---------- -------- ----------- ------- -----------
Net increase (decrease) in net assets
Net increase (decrease) in net assets
resulting from contract transactions (1,914) (37,812) 2,357 33,520 (3,672) (6,981) 13,203
----------- ---------- ---------- -------- ----------- ------- -----------
Increase (decrease) in net assets 134,916 (82,911) 83,545 38,002 (1,819) (340) 78,298
----------- ---------- ---------- -------- ----------- ------- -----------
Net assets at beginning of period 1,046,519 1,107,418 975,210 78,309 57,318 51,275 534,051
----------- ---------- ---------- -------- ----------- ------- -----------
Net assets at end of period $1,181,435 1,024,507 1,058,755 116,311 55,499 50,935 612,349
=========== ========== ========== ======== =========== ======= ===========
Securities Fund
----------- --------
1994 1993
----------- --------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net 26,921 22,179
Realized gains (losses) on investments, net 29,376 6,097
Net change in unrealized appreciation
(depreciation) on investments (93,645) 16,024
----------- --------
Net increase (decrease) in net assets
from operations (37,348) 44,300
----------- --------
Contract transactions:
Purchase payments - -
Transfers between funds (100,921) -
Surrenders and terminations - -
Other transactions (note 2) (5,110) (5,401)
----------- --------
Net increase (decrease) in net assets
Net increase (decrease) in net assets
resulting from contract transactions (106,031) (5,401)
----------- --------
Increase (decrease) in net assets (143,379) 38,899
----------- --------
Net assets at beginning of period 686,329 646,356
----------- --------
Net assets at end of period 542,950 685,255
=========== ========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Changes in Net Assets (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Zero Zero
Utility Equity Fund Coupon Fund - 1995 Coupon
----------- ---------- ---------- -------- -------- -------- --------
1995 1994 1993 1995 1994 1993 1995
----------- ---------- ---------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net $ 66,172 40,553 20,843 16,367 14,122 14,270 12,672
Realized gains (losses) on investments, net 18,134 43,356 53,161 2,986 1,174 3,914 675
Net change in unrealized appreciation
(depreciation) on investments 49,278 (301,798) 55,296 (9,108) (17,883) (6,236) 24,775
----------- ---------- ---------- -------- -------- -------- --------
Net increase (decrease) in net assets
from operations 133,584 (217,889) 129,300 10,245 (2,587) 11,948 38,122
----------- ---------- ---------- -------- -------- -------- --------
Contract transactions:
Purchase payments 52,759 - - - - - -
Transfers between funds 75,953 (67,462) (43,517) (14,684) - - -
Surrenders and terminations (23,762) (20,472) (91,319) - - - -
Other transactions (note 2) (38,534) (11,521) (11,405) (1,860) (2,054) (1,878) (2,219)
----------- ---------- ---------- -------- -------- -------- --------
Net increase (decrease) in net assets
resulting from contract transactions 66,416 (99,455) (146,241) (16,544) (2,054) (1,878) (2,219)
----------- ---------- ---------- -------- -------- -------- --------
Increase (decrease) in net assets 200,000 (317,344) (16,941) (6,299) (4,641) 10,070 35,903
----------- ---------- ---------- -------- -------- -------- --------
Net assets at beginning of period 1,074,173 1,351,721 1,353,865 255,331 258,760 245,536 286,240
----------- ---------- ---------- -------- -------- -------- --------
Net assets at end of period $1,274,173 1,034,377 1,336,924 249,032 254,119 255,606 322,143
=========== ========== ========== ======== ======== ======== ========
Fund - 2000
-------- --------
1994 1993
-------- --------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net 12,952 11,351
Realized gains (losses) on investments, net 5,318 1,721
Net change in unrealized appreciation
(depreciation) on investments (40,008) 21,268
-------- --------
Net increase (decrease) in net assets
from operations (21,738) 34,340
-------- --------
Contract transactions:
Purchase payments - -
Transfers between funds - -
Surrenders and terminations (7,535) -
Other transactions (note 2) (3,897) (2,238)
-------- --------
Net increase (decrease) in net assets
resulting from contract transactions (11,432) (2,238)
-------- --------
Increase (decrease) in net assets (33,170) 32,102
-------- --------
Net assets at beginning of period 323,131 283,774
-------- --------
Net assets at end of period 289,961 315,876
======== ========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Changes in Net Assets (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Zero Zero
Coupon Fund - 2005 Coupon Fund - 2010 Global Income
--------- --------- -------- -------- -------- ------- ------- -------
1995 1994 1993 1995 1994 1993 1995 1994
--------- --------- -------- -------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net $ 11,623 10,225 11,022 2,577 6,607 5,062 2,604 440
Realized gains (losses) on investments, net 1,012 26,227 7,836 145 3,695 614 27 340
Net change in unrealized appreciation
(depreciation) on investments 36,402 (74,485) 37,406 16,690 (34,808) 7,103 1,975 (2,246)
--------- --------- -------- -------- -------- ------- ------- -------
Net increase (decrease) in net assets
from operations 49,037 (38,033) 56,264 19,412 (24,506) 12,779 4,606 (1,466)
--------- --------- -------- -------- -------- ------- ------- -------
Contract transactions:
Purchase payments - - - - - - 20,542 -
Transfers between funds - (41,224) - - - - 18,320 (1,867)
Surrenders and terminations - (28,826) - - - - (10) -
Other transactions (note 2) (2,962) (2,674) (11,856) (1,140) (1,853) (1,043) (8,518) (175)
--------- --------- -------- -------- -------- ------- ------- -------
Net increase (decrease) in net assets
resulting from contract transactions (2,962) (72,724) (11,856) (1,140) (1,853) (1,043) 30,334 (2,042)
--------- --------- -------- -------- -------- ------- ------- -------
Increase (decrease) in net assets 46,075 (110,757) 44,408 18,272 (26,359) 11,736 34,940 (3,508)
--------- --------- -------- -------- -------- ------- ------- -------
Net assets at beginning of period 261,513 372,147 335,065 83,178 183,310 78,869 42,818 21,976
--------- --------- -------- -------- -------- ------- ------- -------
Net assets at end of period $307,588 261,390 379,473 101,450 156,951 90,605 77,758 18,468
========= ========= ======== ======== ======== ======= ======= =======
Fund
-------
1993
-------
<S> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net 704
Realized gains (losses) on investments, net 271
Net change in unrealized appreciation
(depreciation) on investments 874
-------
Net increase (decrease) in net assets
from operations 1,849
-------
Contract transactions:
Purchase payments -
Transfers between funds -
Surrenders and terminations -
Other transactions (note 2) (237)
-------
Net increase (decrease) in net assets
resulting from contract transactions (237)
-------
Increase (decrease) in net assets 1,612
-------
Net assets at beginning of period 19,280
-------
Net assets at end of period 20,892
=======
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Changes in Net Assets (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Investment Grade Adjustable
Intermediate Bond Fund Income Securities Fund U.S.
-------------- ------- ------ -------- ----------- ------- -----------
1995 1994 1993 1995 1994 1993 1995
-------------- ------- ------ -------- ----------- ------- -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net $ 3,572 189 164 19,155 2,111 699 1,290
Realized gains (losses) on investments, net 87 41 37 1,526 384 132 55
Net change in unrealized appreciation
(depreciation) on investments 1,117 (465) 234 9,225 (8,183) 1,934 (625)
-------------- ------- ------ -------- ----------- ------- -----------
Net increase (decrease) in net assets
from operations 4,776 (235) 435 29,906 (5,688) 2,765 720
-------------- ------- ------ -------- ----------- ------- -----------
Contract transactions:
Purchase payments 5,488 - - 93,440 - - 6,220
Transfers between funds 6,688 32,187 - 111,496 51,497 12,979 9,338
Surrenders and terminations (520) - - (626) - - -
Other transactions (note 2) (3,497) (62) (62) (50,932) (696) (217) (3,107)
-------------- ------- ------ -------- ----------- ------- -----------
Net increase (decrease) in net assets
resulting from contract transactions 8,159 32,125 (62) 153,378 50,801 12,762 12,451
-------------- ------- ------ -------- ----------- ------- -----------
Increase (decrease) in net assets 12,935 31,890 373 183,284 45,113 15,527 13,171
-------------- ------- ------ -------- ----------- ------- -----------
Net assets at beginning of period 83,891 8,158 7,652 170,404 36,655 23,648 7,427
-------------- ------- ------ -------- ----------- ------- -----------
Net assets at end of period $ 96,826 40,048 8,025 353,688 81,768 39,175 20,598
============== ======= ====== ======== =========== ======= ===========
Government Fund
----------- ------
1994 1993
----------- ------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net 168 169
Realized gains (losses) on investments, net 10 2
Net change in unrealized appreciation
(depreciation) on investments (197) (65)
----------- ------
Net increase (decrease) in net assets
from operations (19) 106
----------- ------
Contract transactions:
Purchase payments - -
Transfers between funds (726) -
Surrenders and terminations - -
Other transactions (note 2) (27) (61)
----------- ------
Net increase (decrease) in net assets
resulting from contract transactions (753) (61)
----------- ------
Increase (decrease) in net assets (772) 45
----------- ------
Net assets at beginning of period 4,622 4,577
----------- ------
Net assets at end of period 3,850 4,622
=========== ======
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Changes in Net Assets (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Templeton Templeton
Pacific Growth Fund Rising Dividends Fund International Equity
----------- -------- ------ ------ ---------- ------- ------------- -------
1995 1994 1993 1995 1994 1993 1995 1994
----------- -------- ------ ------ ---------- ------- ------------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net $ 4,290 (220) (26) 1,435 477 (17) 5,298 (16)
Realized gains (losses) on investments, net 2,295 3,817 2 28 (28) (5) 7,960 114
Net change in unrealized appreciation
(depreciation) on investments (181) (13,674) 710 6,067 (2,508) (2,210) 8,831 (156)
----------- -------- ------ ------ ---------- ------- ------------- -------
Net increase (decrease) in net assets
from operations 6,404 (10,077) 686 7,530 (2,059) (2,232) 22,089 (58)
----------- -------- ------ ------ ---------- ------- ------------- -------
Contract transactions:
Purchase payments 68,386 - - 3,048 - - 10,551 -
Transfers between funds 55,137 1,351 - 12,343 4,000 18,787 136,295 3,961
Surrenders and terminations (3,067) - - - - - - -
Other transactions (note 2) (57,332) 20,515 (51) 12,522 (293) (276) 69,200 (196)
----------- -------- ------ ------ ---------- ------- ------------- -------
Net increase (decrease) in net assets
resulting from contract transactions 63,124 21,866 (51) 27,913 3,707 18,511 216,046 3,765
----------- -------- ------ ------ ---------- ------- ------------- -------
Increase (decrease) in net assets 69,528 11,789 635 35,443 1,648 16,279 238,135 3,707
----------- -------- ------ ------ ---------- ------- ------------- -------
Net assets at beginning of period 164,784 142,972 5,750 44,527 37,377 20,717 141,293 16,931
----------- -------- ------ ------ ---------- ------- ------------- -------
Net assets at end of period $ 234,312 154,761 6,385 79,970 39,025 36,996 379,428 20,638
=========== ======== ====== ====== ========== ======= ============= =======
Fund
----
1993
----
<S> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net -
Realized gains (losses) on investments, net -
Net change in unrealized appreciation
(depreciation) on investments -
----
Net increase (decrease) in net assets
from operations -
----
Contract transactions:
Purchase payments -
Transfers between funds -
Surrenders and terminations -
Other transactions (note 2) -
----
Net increase (decrease) in net assets
resulting from contract transactions -
----
Increase (decrease) in net assets -
----
Net assets at beginning of period -
----
Net assets at end of period -
====
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Changes in Net Assets (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Templeton Developing Templeton Templeton Global
Markets Equity Fund Global Growth Fund Asset Allocation Fund
----------- ---------- ---- ---------- ------ ---- --------- ---------- ----
1995 1994 1993 1995 1994 1993 1995 1994 1993
----------- ---------- ---- ---------- ------ ---- --------- ---------- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net $ 186 - - 506 - - - - -
Realized gains (losses) on investments, net (558) - - 131 - - - - -
Net change in unrealized appreciation
(depreciation) on investments 7,055 - - 10,419 - - - - -
----------- ---------- ---- ---------- ------ ---- --------- ---------- ----
Net increase (decrease) in net assets
from operations 6,683 - - 11,056 - - - - -
----------- ---------- ---- ---------- ------ ---- --------- ---------- ----
Contract transactions:
Purchase payments 74,168 - - 103,952 - - - - -
Transfers between funds 42,293 - - 68,625 - - - - -
Surrenders and terminations (718) - - (157) - - - - -
Other transactions (note 2) (27,667) - - (37,037) - - - - -
----------- ---------- ---- ---------- ------ ---- --------- ---------- ----
Net increase (decrease) in net assets
resulting from contract transactions 88,076 - - 135,383 - - - - -
----------- ---------- ---- ---------- ------ ---- --------- ---------- ----
Increase (decrease) in net assets 94,759 - - 146,439 - - - - -
----------- ---------- ---- ---------- ------ ---- --------- ---------- ----
Net assets at beginning of period 55,951 - - 66,760 - - - - -
----------- ---------- ---- ---------- ------ ---- --------- ---------- ----
Net assets at end of period $ 150,710 - - 213,199 - - - - -
=========== ========== ==== ========== ====== ==== ========= ========== ====
</TABLE>
See accompanying notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Statements of Changes in Net Assets (Continued)
For the periods ended June 30, 1995, 1994 and 1993 (unaudited)
Total All Funds
----------- ---------- ----------
1995 1994 1993
----------- ---------- ----------
<S> <C> <C> <C>
Increase (decrease) in net assets:
Operations:
Investment income (loss), net $ 289,562 160,983 127,670
Realized gains (losses) on investments, net 72,621 143,170 106,367
Net change in unrealized appreciation
(depreciation) on investments 307,119 (743,017) 215,770
----------- ---------- ----------
Net increase (decrease) in net assets
from operations 669,302 (438,864) 449,807
----------- ---------- ----------
Contract transactions:
Purchase payments 1,425,174 - -
Transfers between funds (6,399) - -
Surrenders and terminations (45,876) (159,839) (212,577)
Other transactions (note 2) (309,283) (32,938) (62,168)
----------- ---------- ----------
Net increase (decrease) in net assets
resulting from contract transactions 1,063,616 (192,777) (274,745)
----------- ---------- ----------
Increase (decrease) in net assets 1,732,918 (631,641) 175,062
----------- ---------- ----------
Net assets at beginning of period 5,755,011 5,669,429 5,298,453
----------- ---------- ----------
Net assets at end of period $7,487,929 5,037,788 5,473,515
=========== ========== ==========
</TABLE>
See accompanying notes to financial statements.
<PAGE>
ALLIANZ LIFE VARIABLE ACCOUNT A
of
ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
Notes to Financial Statements
June 30, 1995
1. ORGANIZATION
Allianz Life Variable Account A (Variable Account) is a segregated investment
account of Allianz Life Insurance Company of North America (Allianz Life)
registered with the Securities and Exchange Commission as a unit investment
trust pursuant to the provisions of the Investment Company Act of 1940 (as
amended). The Variable Account was established on May 31, 1985 and commenced
opera-tions September 8, 1987. Accordingly, it is an accounting entity
wherein all segregated account transactions are reflected.
The Variable Account's assets are the property of Allianz Life and are held
for the benefit of the owners and other persons entitled to payments under
variable life policies issued through the Variable Account and underwritten by
Allianz Life. The assets of the Variable Account, equal to the reserves and
other liabilities of the Variable Account, are not chargeable with liabilities
that arise from any other business which Allianz Life may conduct.
The Variable Account's sub-accounts may invest, at net asset values, in one or
more of the funds of the Franklin Valuemark Funds (FVF), managed by Franklin
Advisers, Inc., in accordance with the selection made by the policyowner. Not
all funds are available as investment options for the products which comprise
the Variable Account.
Certain officers and trustees of the FVF are also officers and/or directors of
Franklin Advisers, Inc. and/or Allianz Life.
2. SIGNIFICANT ACCOUNTING POLICIES
INVESTMENTS
Investments of the Variable Account are valued daily at market value using net
asset values provided by Franklin Advisers, Inc.
Realized investment gains include realized gain distributions received from
the respective funds and gains on the sale of fund shares as determined by the
average cost method.
Realized gain distributions are reinvested in the respective funds. Dividend
distributions received from the FVF are reinvested in additional shares of the
FVF and are recorded as income to the Variable Account on the ex-dividend
date.
The Templeton Developing Markets Equity Fund, Templeton Global Growth Fund and
fixed rate General Account were added as available investment options on July
1, 1994. The Templeton Global Asset Allocation Fund was added as an available
investment option on May 1, 1995.
In April 1995, the Equity Growth Fund name was changed to Growth and Income
Fund.
EXPENSES
ASSET BASED EXPENSES
A mortality and expense risk charge is deducted from the Variable Account on a
daily basis equal, on an annual basis, to .60% of the daily net assets of the
Variable Account.
An administrative charge is deducted from the Variable Account on a daily
basis equal, on an annual basis, to .15% of the daily net assets of the
Variable Account.
CONTRACT BASED EXPENSES
A cost of insurance charge is deducted against each policy by liquidating
units. The amount of the charge is based upon age, sex, rate class and net
amount at risk (death benefit less total cash surrender value). Total cost of
insurance charges paid by the policy owners for the periods ended June 30,
1995, 1994 and 1993 were $231,690, $26,195 and $24,053, respectively.
A deferred issue charge is deducted annually, at the end of the policy year,
from each single premium variable life policy for the first ten policy years
by liquidating units. The amount of the charge is 7% of the single premium
consisting of 2.5% for premium taxes, 4% for sales charge and .5% for policy
issue charge (in the State of California, 2.35%, 4.15% and .5%, respectively).
If the policy is surrendered before the full amount is collected, the
uncollected portion of this charge is deducted from the account value. Total
deferred issue charges paid by the policy owners for the periods ended June
30, 1995, 1994 and 1993 were $22,683, $27,567 and $22,436, respectively.
A policy charge is deducted on each monthly anniversary date from each
variable universal life policy by liquidating units. The amount of the charge
is equal to 2.5% of each premium payment for premium taxes and $20 per month
for the first policy year and $9 per month guaranteed thereafter. Currently,
the charge is $5 per month after the first policy year. If the policy is
surrendered before the full amount is collected, the uncollected portion of
this charge is deducted from the account value. Total policy charges paid by
the policy owners for the period ended June 30, 1995 were $115,463.
Twelve free transfers are permitted each contract year. Thereafter, the fee
is the lesser of $25 or 2% of the amount transferred. Prior to May 1, 1992,
only five free transfers were permitted each year, with additional transfers
costing $15 per transfer. No transfer charges were paid by the policy owners
during the periods ended June 30, 1995, 1994 and 1993, respectively.
Transfers to the fixed rate General Account were $6,399 during the period
ended June 30, 1995.
The cost of insurance, deferred issue, policy and transfer charges paid are
reflected in the financial statements as other transactions.
3. INVESTMENT TRANSACTIONS
The sub-account purchases of fund shares, including reinvestment of dividend
distributions, were as follows during the period ended June 30, 1995:
<TABLE>
<CAPTION>
<S> <C>
Money Market Fund $639,426
Growth and Income Fund 154,032
Precious Metals Fund 103,387
High Income Fund 102,599
Real Estate Securities Fund 49,436
U.S. Government Securities Fund 60,220
Utility Equity Fund 225,553
Zero Coupon Fund - 1995 17,464
Zero Coupon Fund - 2000 13,993
Zero Coupon Fund - 2005 12,928
Zero Coupon Fund - 2010 3,109
Global Income Fund 35,059
Investment Grade Intermediate Bond Fund 13,974
Income Securities Fund 207,610
Adjustable U.S. Government Fund 23,645
Templeton Pacific Growth Fund 108,474
Rising Dividends Fund 30,660
Templeton International Equity Fund 253,070
Templeton Developing Markets Equity Fund 99,890
Templeton Global Growth Fund 157,348
</TABLE>
4. FEDERAL INCOME TAXES
Operations of the Variable Account form a part of, and are taxed with,
operations of Allianz Life, which is taxed as a life insurance company under
the Internal Revenue Code.
Allianz Life does not expect to incur any federal income taxes in the
operation of the Variable Account. If in the future Allianz Life determines
that the Variable Account may incur federal income taxes, it may then assess a
charge against the Variable Account for such taxes.
<PAGE>
<TABLE>
<CAPTION>
5. CONTRACT TRANSACTIONS - UNIT ACTIVITY
Transactions in units for each fund for the period ended June 30, 1995 and the years ended December 31, 1994 and 1993, were
as follows:
Real U.S.
Money Growth and Precious High Estate Government Utility
Market Income Metals Income Securities Securities Equity
Fund Fund Fund Fund Fund Fund Fund
--------- ----------- --------- ---------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Units outstanding at December 31, 1992 26,464 36,756 16,401 65,825 3,450 39,596 72,790
Contract transactions:
Transfers between funds 1,266 (4,296) (8,477) (59) (272) (451) (998)
Surrenders and terminations (4,833) (3,404) - - - - (4,617)
Other transactions (467) 84 9 (701) 87 (533) (934)
--------- ----------- --------- ---------- ----------- ----------- ----------
Net increase (decrease) in units
resulting from contract transactions (4,034) (7,616) (8,468) (760) (185) (984) (6,549)
--------- ----------- --------- ---------- ----------- ----------- ----------
Units outstanding at December 31, 1993 22,430 29,140 7,933 65,065 3,265 38,612 66,241
========= =========== ========= ========== =========== =========== ==========
Accumulation unit value per unit
at December 31, 1993 $ 13.773 21.604 15.396 17.020 17.556 17.775 20.406
========= =========== ========= ========== =========== =========== ==========
Contract transactions:
Purchase payments 59,285 751 67 265 419 62 654
Transfers between funds (31,325) 4,606 6,162 (637) 861 (6,440) (3,468)
Surrenders and terminations (7,250) (2,364) (578) (869) - - (1,253)
Other transactions (5,759) (2,338) (143) (444) (177) (520) (2,205)
--------- ----------- --------- ---------- ----------- ----------- ----------
Net increase (decrease) in units
resulting from contract transactions 14,951 655 5,508 (1,685) 1,103 (6,898) (6,272)
--------- ----------- --------- ---------- ----------- ----------- ----------
Units outstanding at December 31, 1994 37,381 29,795 13,441 63,380 4,368 31,714 59,969
========= =========== ========= ========== =========== =========== ==========
Accumulation unit value per unit
at December 31, 1994 $ 14.194 21.010 14.977 16.512 17.928 16.840 17.912
========= =========== ========= ========== =========== =========== ==========
Contract transactions:
Purchase payments 57,105 4,182 843 1,196 1,565 623 2,763
Transfers between funds (43,756) 2,245 1,231 372 961 592 3,951
Surrenders and terminations (73) (27) (1) (768) (62) - (1,317)
Other transactions (5,763) (1,522) (379) (827) (583) (473) (2,020)
--------- ----------- --------- ---------- ----------- ----------- ----------
Net increase (decrease) in units
resulting from contract transactions 7,513 4,878 1,694 (27) 1,881 742 3,377
--------- ----------- --------- ---------- ----------- ----------- ----------
Units outstanding at June 30, 1995 44,894 34,673 15,135 63,353 6,249 32,456 63,346
========= =========== ========= ========== =========== =========== ==========
Accumulation unit value per unit
at June 30, 1995 $ 14.549 24.105 15.065 18.648 18.615 18.867 20.114
========= =========== ========= ========== =========== =========== ==========
Accumulation net assets at June 30, 1995 $653,159 835,791 228,009 1,181,435 116,311 612,349 1,274,173
========= =========== ========= ========== =========== =========== ==========
Zero Zero Zero Zero
Coupon Coupon Coupon Coupon
Fund - Fund - Fund - Fund -
1995 2000 2005 2010
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Units outstanding at December 31, 1992 14,686 15,439 17,524 3,968
Contract transactions:
Transfers between funds - - (1,326) 3,524
Surrenders and terminations - - - -
Other transactions (175) (190) (156) (84)
-------- -------- -------- --------
Net increase (decrease) in units
resulting from contract transactions (175) (190) (1,482) 3,440
-------- -------- -------- --------
Units outstanding at December 31, 1993 14,511 15,249 16,042 7,408
======== ======== ======== ========
Accumulation unit value per unit
at December 31, 1993 17.832 21.191 23.198 24.745
======== ======== ======== ========
Contract transactions:
Purchase payments - - - -
Transfers between funds - - (1,953) (3,442)
Surrenders and terminations - (379) (1,348) -
Other transactions (186) (276) (182) (162)
-------- -------- -------- --------
Net increase (decrease) in units
resulting from contract transactions (186) (655) (3,483) (3,604)
-------- -------- -------- --------
Units outstanding at December 31, 1994 14,325 14,594 12,559 3,804
======== ======== ======== ========
Accumulation unit value per unit
at December 31, 1994 17.823 19.614 20.821 21.866
======== ======== ======== ========
Contract transactions:
Purchase payments - - - -
Transfers between funds (798) - - -
Surrenders and terminations - - - -
Other transactions (101) (103) (125) (45)
-------- -------- -------- --------
Net increase (decrease) in units
resulting from contract transactions (899) (103) (125) (45)
-------- -------- -------- --------
Units outstanding at June 30, 1995 13,426 14,491 12,434 3,759
======== ======== ======== ========
Accumulation unit value per unit
at June 30, 1995 18.547 22.230 24.736 26.986
======== ======== ======== ========
Accumulation net assets at June 30, 1995 249,032 322,143 307,588 101,450
======== ======== ======== ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
5. CONTRACT TRANSACTIONS - UNIT ACTIVITY (CONTINUED)
Investment Adjustable Templeton Templeton
Global Grade Income U.S. Pacific Rising International
Income Intermediate Securities Government Growth Dividends Equity
Fund Bond Fund Fund Fund Fund Fund Fund
-------- ------------- ----------- ----------- ---------- ---------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
Units outstanding at
December 31, 1992 1,562 588 1,598 410 586 1,899 -
Contract transactions:
Transfers between funds - - 527 - 9,382 1,714 1,375
Surrenders and terminations - - - - - - -
Other transactions (25) (6) (21) (7) (44) (37) (7)
-------- ------------- ----------- ----------- ---------- ---------- --------------
Net increase (decrease) in units
resulting from contract transactions (25) (6) 506 (7) 9,338 1,677 1,368
-------- ------------- ----------- ----------- ---------- ---------- --------------
Units outstanding at
December 31, 1993 1,537 582 2,104 403 9,924 3,576 1,368
======== ============= =========== =========== ========== ========== ==============
Accumulation unit value per unit
at December 31, 1993 $14.297 14.017 17.423 11.481 14.407 10.453 12.375
======== ============= =========== =========== ========== ========== ==============
Contract transactions:
Purchase payments 133 100 1,334 495 998 418 2,526
Transfers between funds 1,607 5,385 9,100 (213) 6,850 601 8,168
Surrenders and terminations - - - - - - -
Other transactions (102) (65) (2,024) (31) (5,137) (121) (659)
-------- ------------- ----------- ----------- ---------- ---------- --------------
Net increase (decrease) in units
resulting from contract transactions 1,638 5,420 8,410 251 2,711 898 10,035
-------- ------------- ----------- ----------- ---------- ---------- --------------
Units outstanding at
December 31, 1994 3,175 6,002 10,514 654 12,635 4,474 11,403
======== ============= =========== =========== ========== ========== ==============
Accumulation unit value per unit
at December 31, 1994 $13.483 13.978 16.208 11.374 13.042 9.952 12.390
======== ============= =========== =========== ========== ========== ==============
Contract transactions:
Purchase payments 1,470 381 5,472 531 5,319 284 851
Transfers between funds 1,325 465 6,596 822 4,344 1,171 10,797
Surrenders and terminations (1) (36) (37) - (233) - -
Other transactions (611) (243) (3,001) (284) (4,452) 1,161 5,494
-------- ------------- ----------- ----------- ---------- ---------- --------------
Net increase (decrease) in units
resulting from contract transactions 2,183 567 9,030 1,069 4,978 2,616 17,142
-------- ------------- ----------- ----------- ---------- ---------- --------------
Units outstanding at June 30, 1995 5,358 6,569 19,544 1,723 17,613 7,090 28,545
======== ============= =========== =========== ========== ========== ==============
Accumulation unit value per unit
at June 30, 1995 $14.512 14.739 18.097 11.961 13.303 11.279 13.292
======== ============= =========== =========== ========== ========== ==============
Accumulation net assets at
June 30, 1995 $77,758 96,826 353,688 20,598 234,312 79,970 379,428
======== ============= =========== =========== ========== ========== ==============
Templeton Templeton
Developing Templeton Global
Markets Global Asset Total
Equity Growth Allocation All
Fund Fund Fund Funds
----------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Units outstanding at
December 31, 1992 - - - 319,542
Contract transactions:
Transfers between funds - - - 1,909
Surrenders and terminations - - - (12,854)
Other transactions - - - (3,207)
----------- ---------- ---------- ----------
Net increase (decrease) in units
resulting from contract transactions - - - (14,152)
----------- ---------- ---------- ----------
Units outstanding at
December 31, 1993 - - - 305,390
=========== ========== ========== ==========
Accumulation unit value per unit
at December 31, 1993 - - -
=========== ========== ==========
Contract transactions:
Purchase payments 2,054 2,721 - 72,282
Transfers between funds 4,590 4,585 - 5,037
Surrenders and terminations - - - (14,041)
Other transactions (545) (558) - (21,634)
----------- ---------- ---------- ----------
Net increase (decrease) in units
resulting from contract transactions 6,099 6,748 - 41,644
----------- ---------- ---------- ----------
Units outstanding at
December 31, 1994 6,099 6,748 - 347,034
=========== ========== ========== ==========
Accumulation unit value per unit
at December 31, 1994 9.173 9.894 -
=========== ========== ==========
Contract transactions:
Purchase payments 8,270 10,271 - 101,126
Transfers between funds 4,795 6,839 - 1,952
Surrenders and terminations (79) (16) - (2,650)
Other transactions (3,088) (3,657) - (20,622)
----------- ---------- ---------- ----------
Net increase (decrease) in units
resulting from contract transactions 9,898 13,437 - 79,806
----------- ---------- ---------- ----------
Units outstanding at June 30, 1995 15,997 20,185 - 426,840
=========== ========== ========== ==========
Accumulation unit value per unit
at June 30, 1995 9.421 10.562 10.107
=========== ========== ==========
Accumulation net assets at
June 30, 1995 150,710 213,199 - 7,487,929
=========== ========== ========== ==========
</TABLE>
<PAGE>
