<PAGE>
June 30, 2000 . Pacific Select
Separate Account of
Pacific Life Insurance Company
Semi-Annual
Report
Pacific Select
<PAGE>
TABLE OF CONTENTS
PACIFIC SELECT SEPARATE ACCOUNT
<TABLE>
<S> <C>
Financial Statements:
Statement of Assets and Liabilities....................................... 1
Statement of Operations................................................... 3
Statement of Changes in Net Assets....................................... 5
Notes to Financial Statements............................................... 9
</TABLE>
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2000 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
Aggressive Emerging Small-Cap Bond and Multi- Equity
Equity Markets Equity Income Equity Strategy Income
Variable Variable Variable Variable Variable Variable Variable
Account Account Account (1) Account Account Account Account
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Aggressive Equity Portfolio......... $141
Emerging Markets Portfolio.......... $145
Small-Cap Equity Portfolio (1)...... $9,685
Bond and Income Portfolio........... $13
Equity Portfolio.................... $226
Multi-Strategy Portfolio............ $1,186
Equity Income Portfolio............. $3,288
----------------------------------------------------------------------------------------
Total Assets......................... 141 145 9,685 13 226 1,186 3,288
----------------------------------------------------------------------------------------
LIABILITIES
Payables:
Mortality and expense risk fee...... 11 1 3
----------------------------------------------------------------------------------------
Total Liabilities.................... 11 1 3
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NET ASSETS........................... $141 $145 $9,674 $13 $226 $1,185 $3,285
----------------------------------------------------------------------------------------
Shares Owned in each Portfolio....... 11 15 335 1 6 76 132
----------------------------------------------------------------------------------------
Cost of Investments.................. $127 $132 $6,354 $13 $194 $1,028 $2,601
----------------------------------------------------------------------------------------
</TABLE>
(1) Formerly named Growth Portfolio and Growth Variable Account.
See Notes to Financial Statements
1
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES (Continued)
JUNE 30, 2000 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
Inter-
Equity national Government Managed Money High Yield
Growth LT Index Value Securities Bond Market Bond
Variable Variable Variable Variable Variable Variable Variable
Account Account Account(1) Account Account Account Account
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments:
Growth LT Portfolio ..................... $4,247
Equity Index Portfolio................... $5,678
International Value Portfolio (1)........ $4,710
Government Securities Portfolio.......... $ 256
Managed Bond Portfolio................... $835
Money Market Portfolio................... $790
High Yield Bond Portfolio................ $6,152
Receivables:
Due from Pacific Life Insurance Company.. 21
----------------------------------------------------------------------------------------
Total Assets.............................. 4,268 5,678 4,710 256 835 790 6,152
----------------------------------------------------------------------------------------
LIABILITIES
Payables:
Fund shares purchased.................... 21
Mortality and expense risk fee........... 5 7 6 1 1 7
----------------------------------------------------------------------------------------
Total Liabilities......................... 26 7 6 1 1 7
----------------------------------------------------------------------------------------
NET ASSETS................................ $4,242 $5,671 $4,704 $ 256 $ 834 $ 789 $6,145
----------------------------------------------------------------------------------------
Shares Owned in each Portfolio............ 109 151 270 25 80 78 741
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Cost of Investments ...................... $2,883 $3,561 $3,795 $ 266 $ 855 $ 791 $6,845
----------------------------------------------------------------------------------------
</TABLE>
(1) Formerly named International Portfolio and International Variable Account.
See Notes to Financial Statements
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED JUNE 30, 2000 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
Aggressive Emerging Small-Cap Bond and Multi- Equity
Equity Markets Equity Income Equity Strategy Income
Variable Variable Variable Variable Variable Variable Variable
Account Account Account (1) Account (2) Account Account Account
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends (3)................. $5 $654 $15 $105 $274
EXPENSES
Mortality and expense risk
fee.......................... 34 1 4 11
----------------------------------------------------------------------------------------
Net Investment Income.......... 5 620 14 101 263
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NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net realized gain from $4 215 21 94
security transactions........
Net unrealized appreciation
(depreciation) on
investments.................. (18) (7) (369) $1 (15) (117) (411)
----------------------------------------------------------------------------------------
Net Realized and Unrealized
Gain (Loss) on Investments.... (18) (3) (154) 1 (15) (96) (317)
----------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS.................... ($13) ($3) $466 $1 ($1) $5 ($54)
----------------------------------------------------------------------------------------
</TABLE>
(1) Formerly named Growth Variable Account.
(2) Operations commenced on May 9, 2000.
(3) Total dividends received by the Emerging Markets and Bond and Income
Variable Accounts in full for the periods were $73 and $163, respectively.
See Notes to Financial Statements
3
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF OPERATIONS (Continued)
FOR THE PERIOD ENDED JUNE 30, 2000 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
Equity International Government Managed Money High Yield
Growth LT Index Value Securities Bond Market Bond
Variable Variable Variable Variable Variable Variable Variable
Account Account Account (1) Account Account Account Account
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends.................... $635 $89 $135 $7 $24 $32 $294
EXPENSES
Mortality and expense risk
fee......................... 15 19 16 1 2 4 21
-----------------------------------------------------------------------------------------
Net Investment Income......... 620 70 119 6 22 28 273
-----------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) from
security transactions........ 93 59 10 (1) (8)
Net unrealized appreciation
(depreciation) on
investments.................. (851) (175) (263) 4 11 2 (359)
-----------------------------------------------------------------------------------------
Net Realized and Unrealized
Gain (Loss) on Investments... (758) (116) (253) 4 10 2 (367)
-----------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS................... ($138) ($46) ($134) $10 $32 $30 ($94)
-----------------------------------------------------------------------------------------
</TABLE>
(1) Formerly named International Variable Account.
See Notes to Financial Statements
4
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED JUNE 30, 2000 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
Aggressive Emerging Small-Cap Bond and Multi- Equity
Equity Markets Equity Income Equity Strategy Income
Variable Variable Variable Variable Variable Variable Variable
Account Account Account (1) Account (2) Account Account Account
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income................ $5 $620 $14 $101 $263
Net realized gain from security
transactions........................ $4 215 21 94
Net unrealized appreciation
(depreciation) on investments....... (18) (7) (369) $1 (15) (117) (411)
---------------------------------------------------------------------------------------
Net Increase (Decrease) in Net
Assets Resulting from Operations..... (13) (3) 466 1 (1) 5 (54)
---------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET
ASSETS FROM POLICY TRANSACTIONS
Transfers between variable
accounts, net...................... 11 70 (221) 12 17 (67) 62
Transfers--policy charges and
deductions......................... (1) (31) (4) (18)
Transfers--surrenders............... (4) (3)
Transfers--other.................... 21 10
---------------------------------------------------------------------------------------
Net Increase (Decrease) in Net
Assets Derived from Policy
Transactions........................ 10 70 (235) 12 17 (71) 51
---------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN
NET ASSETS.......................... (3) 67 231 13 16 (66) (3)
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NET ASSETS
Beginning of Period................. 144 78 9,443 210 1,251 3,288
---------------------------------------------------------------------------------------
End of Period....................... $141 $145 $9,674 $13 $226 $1,185 $3,285
---------------------------------------------------------------------------------------
</TABLE>
(1) Formerly named Growth Variable Account.
(2) Operations commenced on May 9, 2000.
See Notes to Financial Statements
5
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF CHANGES IN NET ASSETS (Continued)
FOR THE PERIOD ENDED JUNE 30, 2000 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
Equity International Government Managed Money High Yield
Growth LT Index Value Securities Bond Market Bond
Variable Variable Variable Variable Variable Variable Variable
Account Account Account (1) Account Account Account Account
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income........................... $620 $70 $119 $6 $22 $28 $273
Net realized gain (loss) from
security transactions.......................... 93 59 10 (1) (8)
Net unrealized appreciation (depreciation)
on investments................................. (851) (175) (263) 4 11 2 (359)
-----------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting
from Operations.................................. (138) (46) (134) 10 32 30 (94)
-----------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
Transfers between variable accounts, net........ 913 187 88 29 (535) (26)
Transfers--policy charges and deductions........ (10) (16) (15) (1) (2) (6) (12)
Transfers--surrenders........................... (1) (2)
Transfers--other................................ (112) (4) 3 14 (13) (7)
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Net Increase (Decrease) in Net Assets
Derived from Policy Transactions................. 791 166 74 (1) 41 (554) (45)
-----------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS............. 653 120 (60) 9 73 (524) (139)
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NET ASSETS
Beginning of Period.............................. 3,589 5,551 4,764 247 761 1,313 6,284
-----------------------------------------------------------------------------
End of Period.................................... $4,242 $5,671 $4,704 $256 $834 $789 $6,145
-----------------------------------------------------------------------------
</TABLE>
(1) Formerly named International Variable Account.
See Notes to Financial Statements
6
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1999
(In thousands)
<TABLE>
<CAPTION>
Aggressive Emerging Small-Cap Multi- Equity
Equity Markets Equity Equity Strategy Income Growth LT
Variable Variable Variable Variable Variable Variable Variable
Account Account Account(1) Account Account Account Account
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)............. $12 ($1) $800 $94 $265 $206
Net realized gain (loss) from
security transactions................... 2 (31) 207 $13 11 446 379
Net unrealized appreciation
(depreciation) on investments........... 18 70 2,025 34 (32) (304) 1,305
--------------------------------------------------------------------------------------
Net Increase in Net Assets
Resulting from Operations................ 32 38 3,032 47 73 407 1,890
--------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
Transfers between variable
accounts, net (2)....................... (11) (65) (160) 2 35 (753) 5
Transfers--policy charges
and deductions.......................... (1) (57) (7) (43) (12)
Transfers--surrenders (2)................ (296) (14) (101) (211)
Transfers--other (2)..................... 6 14 (24) (26)
--------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Derived from Policy Transactions......... (11) (60) (499) 2 14 (921) (244)
--------------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS..... 21 (22) 2,533 49 87 (514) 1,646
--------------------------------------------------------------------------------------
NET ASSETS
Beginning of Year........................ 123 100 6,910 161 1,164 3,802 1,943
--------------------------------------------------------------------------------------
End of Year.............................. $144 $78 $9,443 $210 $1,251 $3,288 $3,589
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</TABLE>
(1) Formerly named Growth Variable Account.
(2) Amounts have been reclassified to conform with current year presentation.
See Notes to Financial Statements
7
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
STATEMENT OF CHANGES IN NET ASSETS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 1999
(In thousands)
<TABLE>
<CAPTION>
Inter-
Equity national Government Managed Money High Yield
Index Value Securities Bond Market Bond
Variable Variable Variable Variable Variable Variable
Account Account (1) Account Account Account Account
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS
Net investment income........................ $44 $162 $17 $53 $27 $493
Net realized gain (loss) from security
transactions................................ 217 85 (3) 1 1 (2)
Net unrealized appreciation
(depreciation) on investments............... 637 628 (22) (73) (3) (356)
-----------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Resulting from Operations.................... 898 875 (8) (19) 25 135
-----------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
Transfer of net premiums..................... 502
Transfers between variable accounts,
net (2)..................................... 482 (273) (8) 73 840 32
Transfers--policy charges and deductions..... (35) (34) (1) (5) (19) (30)
Transfers--surrenders (2).................... (29) (55) (50) (14) (354) (27)
Transfers--other (2)......................... (15) (6) 6 1 9
-----------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets
Derived from Policy Transactions............. 403 (368) (59) 60 970 (16)
-----------------------------------------------------------------------------------
NET INCREASE (DECREASE) IN NET ASSETS......... 1,301 507 (67) 41 995 119
-----------------------------------------------------------------------------------
NET ASSETS
Beginning of Year............................ 4,250 4,257 314 720 318 6,165
-----------------------------------------------------------------------------------
End of Year.................................. $5,551 $4,764 $247 $761 $1,313 $6,284
-----------------------------------------------------------------------------------
</TABLE>
(1) Formerly named International Variable Account.
(2) Amounts have been reclassified to conform with current year presentation.
See Notes to Financial Statements
8
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES
The Pacific Select Separate Account (the "Separate Account") is registered as
a unit investment trust under the Investment Company Act of 1940, as amended,
and is currently comprised of fourteen subaccounts called Variable Accounts: the
Aggressive Equity Variable Account, the Emerging Markets Variable Account, the
Small-Cap Equity Variable Account (formerly the Growth Variable Account), the
Bond and Income Variable Account, the Equity Variable Account, the Multi-
Strategy Variable Account, the Equity Income Variable Account, the Growth LT
Variable Account, the Equity Index Variable Account, the International Value
Variable Account (formerly the International Variable Account), the Government
Securities Variable Account, the Managed Bond Variable Account, the Money Market
Variable Account, and the High Yield Bond Variable Account. Operational activity
for the Bond and Income Variable Account began on May 9, 2000. The assets in
each Variable Account are invested in shares of the corresponding portfolios of
Pacific Select Fund (the "Fund"), each of which pursues different investment
objectives and policies. The financial statements of the Fund, including the
schedules of investments, are provided separately and should be read in
conjunction with the Separate Account's financial statements.
The Separate Account was established by Pacific Life Insurance Company
("Pacific Life") on November 20, 1986 and commenced operations on January 7,
1988. Under applicable insurance law, the assets and liabilities of the Separate
Account are clearly identified and distinguished from the other assets and
liabilities of Pacific Life. The assets of the Separate Account will not be
charged with any liabilities arising out of any other business conducted by
Pacific Life, but the obligations of the Separate Account, including benefits
related to variable life insurance, are obligations of Pacific Life.
The Separate Account held by Pacific Life represents funds from individual
flexible premium variable life insurance policies. The assets of the Separate
Account are carried at market value.
The preparation of the accompanying financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
income and expenses during the reporting period. Actual results could differ
from those estimates.
A. Valuation of Investments
Investments in shares of the Fund are valued at the reported net asset values
of the respective portfolios. Valuation of securities held by the Fund is
discussed in the notes to its financial statements.
B. Security Transactions and Investment Income
Transactions are recorded on the trade date. Realized gains and losses on
sales of investments are determined on the basis of identified cost. Dividend
income is recorded on the ex-dividend date.
C. Federal Income Taxes
The operations of the Separate Account will be reported on the Federal income
tax return of Pacific Life, which is taxed as a life insurance company under the
provisions of the Tax Reform Act of 1986. Under current tax law, no Federal
income taxes are expected to be paid by Pacific Life with respect to the
operations of the Separate Account.
2. DIVIDENDS
During the six-month period ended June 30, 2000, the Fund declared dividends
for each portfolio invested by the Separate Account. The amounts accrued by the
Separate Account for its share of the dividends were reinvested in additional
full and fractional shares of the related portfolio.
3. CHARGES AND EXPENSES
Pacific Life charges the Separate Account daily for mortality and expense
risks assumed with respect to variable life insurance policies funded by the
Separate Account at an annual rate of 0.70% of the average daily net assets of
each Variable Account. Under the policies, Pacific Life makes certain
deductions from the net assets of each Variable Account for sales load,
administrative expenses, state premium taxes, cost of insurance and charges for
optional benefits. The operating expenses of the Separate Account are paid by
Pacific Life.
4. RELATED PARTY AGREEMENT
Pacific Select Distributors, Inc. (formerly Pacific Mutual Distributors,
Inc.), a wholly-owned subsidiary of Pacific Life, serves as principal
underwriter of variable life insurance policies funded by interests in the
Separate Account, without remuneration from the Separate Account.
9
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
5. SEPARATE ACCOUNT'S COST OF INVESTMENTS IN THE FUND SHARES
The investment in the Fund shares are carried at identified cost, which
represents the amount available for investment (including reinvested
distributions of net investment income and realized gains) in such shares after
deduction of mortality and expense risk charges (M&E). A reconciliation of total
cost and market value of the Separate Account's investments in the Fund as of
June 30, 2000 were as follows (amounts in thousands):
<TABLE>
<CAPTION>
Variable Accounts
--------------------------------------------------------------------------
Aggressive Emerging Small-Cap Bond and
Equity Markets Equity (1) Income (2) Equity
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Total cost of investments at beginning of period $112 $58 $5,749 $164
Add: Total net proceeds from policy and M&E transactions 11 83 167 $13 17
Reinvested distributions from the Fund:
(a) Net investment income 10
(b) Net realized gain 5 644 14
--------------------------------------------------------------------------
Sub-Total 128 141 6,570 13 195
Less: Cost of investments disposed during the period 1 9 216 1
--------------------------------------------------------------------------
Total cost of investments at end of period 127 132 6,354 13 194
Add: Unrealized appreciation 14 13 3,331 32
--------------------------------------------------------------------------
Total market value of investments at end of period $141 $145 $9,685 $13 $226
==========================================================================
<CAPTION>
Multi- Equity Growth Equity International
Strategy Income LT Index Value (1)
--------------------------------------------------------------------------
Total cost of investments at beginning of period $977 $2,192 $1,377 $3,261 $3,589
Add: Total net proceeds from policy and M&E transactions 2 248 904 271 100
Reinvested distributions from the Fund:
(a) Net investment income 17 14 10 27
(b) Net realized gain 88 260 625 62 135
--------------------------------------------------------------------------
Sub-Total 1,084 2,714 2,916 3,621 3,824
Less: Cost of investments disposed during the period 56 113 33 60 29
--------------------------------------------------------------------------
Total cost of investments at end of period 1,028 2,601 2,883 3,561 3,795
Add: Unrealized appreciation 158 687 1,364 2,117 915
--------------------------------------------------------------------------
Total market value of investments at end of period $1,186 $3,288 $4,247 $5,678 $4,710
==========================================================================
<CAPTION>
Government Managed Money High Yield
Securities Bond Market Bond
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Total cost of investments at beginning of period $260 $792 $1,318 $6,622
Add: Total net proceeds from policy and M&E transactions 65 832 28
Reinvested distributions from the Fund:
(a) Net investment income 7 24 32 294
(b) Net realized gain
-------------------------------------------------------------
Sub-Total 267 881 2,182 6,944
Less: Cost of investments disposed during the period 1 26 1,391 99
-------------------------------------------------------------
Total cost of investments at end of period 266 855 791 6,845
Add: Unrealized depreciation (10) (20) (1) (693)
-------------------------------------------------------------
Total market value of investments at end of period $256 $835 $790 $6,152
=============================================================
</TABLE>
________________________________
(1) Small-Cap Equity was formerly named Growth and International Value was
formerly named International.
(2) Operations commenced on May 9, 2000.
10
<PAGE>
PACIFIC SELECT SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
6. TRANSACTIONS IN SEPARATE ACCOUNT UNITS AND SELECTED ACCUMULATION UNIT **
INFORMATION
Transactions in Separate Account units for the period ended June 30, 2000 and
the selected accumulation unit information as of June 30, 2000 were as follows:
<TABLE>
<CAPTION>
Variable Accounts
--------------------------------------------------------
Aggressive Emerging Small-Cap Bond and
Equity Markets Equity (1) Income (2) Equity
--------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Total units outstanding at beginning of period 9,941 7,654 143,925 14,079
Increase (decrease) in units resulting from policy transactions:
(a) Transfer of net premiums 5
(b) Transfers between variable accounts, net 795 7,890 (3,304) 1,276 1,163
(c) Transfers--policy charges and deductions (19) (37) (464) (2) (25)
(d) Transfers--surrenders (53)
(e) Transfers--other 3 311
-------------------------------------------------------
Sub-Total 776 7,856 (3,505) 1,274 1,138
-------------------------------------------------------
Total units outstanding at end of period 10,717 15,510 140,420 1,274 15,217
-------------------------------------------------------
Accumulation Unit Value: At beginning of period $14.46 $10.20 $65.61 $10.00 $14.92
At end of period $13.16 $9.32 $68.89 $10.44 $14.83
-------------------------------------------------------
<CAPTION>
Multi- Equity Growth Equity International
Strategy Income LT Index Value (1)
-------------------------------------------------------
Total units outstanding at beginning of period 35,814 67,459 58,747 123,810 168,179
Increase (decrease) in units resulting from policy transactions:
(a) Transfer of net premiums 7
(b) Transfers between variable accounts, net (1,944) 1,295 14,559 4,314 3,334
(c) Transfers--policy charges and deductions (117) (385) (165) (366) (550)
(d) Transfers--surrenders (62) (27) (62)
(e) Transfers--other (1) 197 (1,496) (82) 114
-------------------------------------------------------
Sub-Total (2,062) 1,045 12,898 3,846 2,836
-------------------------------------------------------
Total units outstanding at end of period 33,752 68,504 71,645 127,656 171,015
-------------------------------------------------------
Accumulation Unit Value: At beginning of period $34.93 $48.74 $61.10 $44.83 $28.33
At end of period $35.10 $47.95 $59.21 $44.43 $27.51
-------------------------------------------------------
<CAPTION>
Government Managed Money High Yield
Securities Bond Market Bond
-------------------------------------------------------
Total units outstanding at beginning of period 11,126 32,444 76,466 237,644
Increase (decrease) in units resulting from policy transactions:
(a) Transfer of net premiums 20 2 12
(b) Transfers between variable accounts, net 1,231 (30,582) (1,036)
(c) Transfers--policy charges and deductions (31) (95) (349) (444)
(d) Transfers--surrenders (15)
(e) Transfers--other 567 (753) (279)
-------------------------------------------------------
Sub-Total (31) 1,723 (31,697) (1,747)
-------------------------------------------------------
Total units outstanding at end of period 11,095 34,167 44,769 235,897
-------------------------------------------------------
Accumulation Unit Value: At beginning of period $22.17 $23.45 $17.18 $26.44
At end of period $23.04 $24.41 $17.61 $26.05
-------------------------------------------------------
</TABLE>
___________________________________________
** Accumulation Unit: unit of measure used to calculate the value of a Policy
Owner's interest in a Variable Account during the accumulation period.
(1) Small-Cap Equity was formerly named Growth and International Value was
formerly named International.
(2) Operations commenced on May 9, 2000.
11
