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Previous: FIRST CAPITAL INSURED REAL ESTATE LIMITED PARTNERSHIP, 10-K405, 1998-03-30 |
Next: RAINBOW TECHNOLOGIES INC, 10-K405, 1998-03-30 |
(2_FIDELITY_LOGOS)FIDELITY INVESTMENTS
VARIABLE LIFE ACCOUNT I
ANNUAL REPORT
DECEMBER 31, 1997
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL INFORMATION OF FIDELITY INVESTMENTS LIFE
INSURANCE COMPANY VARIABLE LIFE OWNERS. THIS REPORT IS NOT AUTHORIZED
FOR DISTRIBUTION TO PROSPECTIVE INVESTORS UNLESS PRECEDED OR
ACCOMPANIED BY AN EFFECTIVE PROSPECTUS. NEITHER FIDELITY INVESTMENTS
LIFE INSURANCE COMPANY NOR FIDELITY BROKERAGE SERVICES, INC. IS
A BANK, AND NEITHER THE LIFE NOR MUTUAL FUND SHARES ARE BACKED OR
GUARANTEED BY ANY BANK OR INSURED BY THE FDIC.
STATEMENT OF ASSETS AND LIABILITIES
FIDELITY INVESTMENTS VARIABLE LIFE ACCOUNT I
OF
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
<TABLE>
<CAPTION>
<S> <C>
DECEMBER 31, 1997
ASSETS
INVESTMENTS AT CURRENT MARKET VALUE:
VARIABLE INSURANCE PRODUCTS FUND (VIP)
MONEY MARKET PORTFOLIO - 253,821 SHARES (COST $253,821) $ 253,821
HIGH INCOME PORTFOLIO - 18,465 SHARES (COST $235,405) 250,762
EQUITY-INCOME PORTFOLIO - 76,653 SHARES (COST $1,518,680) 1,861,145
GROWTH PORTFOLIO - 43,909 SHARES (COST $1,278,578) 1,629,008
OVERSEAS PORTFOLIO - 20,735 SHARES (COST $392,965) 398,112
VARIABLE INSURANCE PRODUCTS FUND II (VIP II)
INVESTMENT GRADE BOND PORTFOLIO - 18,375 SHARES (COST $218,996) 230,788
ASSET MANAGER PORTFOLIO - 9,194 SHARES (COST $133,100) 165,583
TOTAL ASSETS $ 4,789,219
NET ASSETS
VARIABLE LIFE CONTRACTS $ 4,773,357
RETAINED IN VARIABLE ACCOUNT BY FIDELITY INVESTMENTS LIFE INSURANCE COMPANY 15,862
TOTAL NET ASSETS $ 4,789,219
</TABLE>
FIDELITY INVESTMENTS VARIABLE LIFE ACCOUNT I
OF
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
SUBACCOUNTS INVESTING IN:
VIP - VIP - VIP - VIP -
MONEY HIGH EQUITY-INCO GROWTH
MARKET INCOME ME
12/31/97 12/31/96 12/31/97 12/31/96 12/31/97 12/31/96 12/31/97 12/31/96
INCOME:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DIVIDENDS $ 20,122 $ 22,117 $ 20,327 $ 34,401 $ 139,134 $ 55,471 $ 55,251 $ 86,077
EXPENSES:
MORTALITY
RISK, 3,229 3,564 2,257 2,278 13,488 11,175 13,230 11,291
EXPENSE
RISK
AND
ADMINISTRATI
VE CHARGES
NET 16,893 18,553 18,070 32,123 125,646 44,296 42,021 74,786
INVESTMENT
INCOME
REALIZED 0 0 26,919 12,007 151,510 118,019 204,992 137,321
GAIN
UNREALIZED
APPRECIATIO
N 0 0 (5,861) (9,326) 89,946 2,144 62,028 (54,665)
(DEPRECIAT
ION) DURING
THE
PERIOD
NET
INCREASE IN 16,893 18,553 39,128 34,804 367,102 164,459 309,041 157,442
NET ASSETS
FROM
OPERATIONS
TRANSFERS
BETWEEN (219,223) (42,435) 52,719 (148,258) 172,052 6,363 (20,662) 40,807
SUBACCOU
NTS, NET
TRANSFERS
FOR CONTRACT (2,785) (21,044) (84,506) 0 (45,696) (34,260) (51,997) (117,771)
TERMINATI
ONS
TRANSFERS
FOR COST (3,625) (4,144) (1,731) (2,075) (10,048) (10,301) (10,282) (8,874)
OF
INSURANCE
OTHER
TRANSFERS TO
FIDELITY (293) (381) (5,333) (335) (9,028) (6,310) (4,260) (1,561)
INVESTMENTS
LIFE
INSURANCE
CO., NET
NET
INCREASE
(DECREASE) (225,926) (68,004) (38,851) (150,668) 107,280 (44,508) (87,201) (87,399)
IN NET
ASSETS FROM
CONTRACT
TRANSACTIONS
RETAINED IN
(RETURNED
FROM) (2,128) (30) (1,021) (5) (89) 13 (466) (192)
VARIABLE
LIFE
ACCOUNT
I, NET
TOTAL
INCREASE (211,161) (49,481) (744) (115,869) 474,293 119,964 221,374 69,851
(DECREASE)
IN NET
ASSETS
NET ASSETS
AT 464,982 514,463 251,506 367,375 1,386,852 1,266,888 1,407,634 1,337,783
BEGINNING
OF PERIOD
NET ASSETS $ 253,821 $ 464,982 $ 250,762 $ 251,506 $ 1,861,145 $ 1,386,852 $ 1,629,008 $ 1,407,634
AT END OF
PERIOD
</TABLE>
FIDELITY INVESTMENTS VARIABLE LIFE ACCOUNT I
OF
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
VIP II -
VIP - VIP II -
INVESTMENT TOTAL
OVERSEAS ASSET
GRADE MANAGER
BOND
12/31/97 12/31/96 12/31/97 12/31/96 12/31/97 12/31/96 12/31/97 12/31/96
</TABLE>
INCOME
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
DIVIDENDS $ 34,099 $ 10,240 $ 13,807 $ 6,194 $ 18,518 $ 10,103 $ 301,258 $ 224,603
EXPENSES:
MORTALITY
RISK, 3,623 3,691 1,951 2,083 1,290 1,269 39,068 35,351
EXPENSE
RISK
AND
ADMINISTRATI
VE CHARGES
NET 30,476 6,549 11,856 4,111 17,228 8,834 262,190 189,252
INVESTMENT
INCOME
REALIZED 33,483 26,349 596 9,214 2,812 3,736 420,312 306,646
GAIN
UNREALIZED
APPRECIATIO
N (26,453) 15,323 5,673 (9,486) 7,854 6,514 133,187 (49,496)
(DEPRECIAT
ION) DURING
THE
PERIOD
NET
INCREASE IN 37,506 48,221 18,125 3,839 27,894 19,084 815,689 446,402
NET ASSETS
FROM
OPERATIONS
TRANSFERS
BETWEEN 12,114 103,543 0 46,416 3,000 (6,436) 0 0
SUBACCOU
NTS, NET
TRANSFERS
FOR CONTRACT (31,009) (8,276) (16,783) (3,803) (9,943) (5,976) (242,719) (191,130)
TERMINATI
ONS
TRANSFERS
FOR COST
OF (3,341) (3,993) (2,200) (2,606) (1,279) (1,476) (32,506) (33,469)
INSURANCE
OTHER
TRANSFERS TO
FIDELITY (16,173) (5,482) (137) (95) (1,800) (634) (37,024) (14,798)
INVESTMENTS
LIFE
INSURANCE
CO., NET
NET
INCREASE
(DECREASE) (38,409) 85,792 (19,120) 39,912 (10,022) (14,522) (312,249) (239,397)
IN NET
ASSETS FROM
CONTRACT
TRANSACTIONS
RETAINED IN
(RETURNED (1,247) 310 (56) (39) (1,312) 281 (6,319) 338
FROM)
VARIABLE
LIFE
ACCOUNT
I, NET
TOTAL
INCREASE (2,150) 134,323 (1,051) 43,712 16,560 4,843 497,121 207,343
(DECREASE)
IN NET
ASSETS
NET ASSETS
AT 400,262 265,939 231,839 188,127 149,023 144,180 4,292,098 4,084,755
BEGINNING
OF PERIOD
NET ASSETS $ 398,112 $ 400,262 $ 230,788 $ 231,839 $ 165,583 $ 149,023 $ 4,789,219 $ 4,292,098
AT END OF
PERIOD
</TABLE>
FIDELITY INVESTMENTS VARIABLE LIFE ACCOUNT I
OF
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
1. ORGANIZATION.
Fidelity Investments Variable Life Account I (the "Account"), a unit
investment trust registered under the Investment Company Act of 1940
as amended, was established by Fidelity Investments Life Insurance
Company (FILI) on July 22, 1987 and exists in accordance with the
regulations of the State of Utah Insurance Department. The Account is
a funding vehicle for individual variable life insurance contracts.
FILI is a wholly-owned subsidiary of FMR Corp.
2. SIGNIFICANT ACCOUNTING POLICIES.
Investments are made in the portfolios of the subaccounts and are
valued at the reported net asset values of such portfolios.
Transactions are recorded on the trade date. Income from dividends is
recorded on the ex-dividend date. Realized gains and losses on the
sales of investments are computed on the basis of the identified cost
of the investment sold.
The operations of the Account are included in the federal income tax
return of FILI, which is taxed as a life insurance company under the
provisions of the Internal Revenue Code (the "Code").
The preparation of the statement of assets and liabilities and the
statements of operations and changes in net assets in accordance with
generally accepted accounting principles requires management to make
estimates and assumptions that affect the related amounts and
disclosures in the financial statements. Actual results could differ
from those estimates.
3. EXPENSES.
FILI deducts a daily charge from the net assets of the Account
(equivalent to an effective annual rate of .85%) for administrative
expenses and for the assumption of mortality risk and expense risk. In
addition, the cost of providing insurance protection is deducted
monthly.
Under the current provisions of the Code, FILI does not expect to
incur federal income taxes on the earnings of the Account to the
extent the earnings are credited under the contracts. Based on this,
no charge is being made currently to the Account for federal income
taxes. FILI will review periodically the status of such decision based
on changes in the tax law. Such a charge may be made in future years
for any federal income taxes that would be attributable to the
contracts.
4. AFFILIATED COMPANY TRANSACTIONS.
The contracts are distributed through Fidelity Brokerage Services,
Inc. (FBSI) and Fidelity Insurance Agency, Inc. (FIA), both of which
are affiliated with FMR Corp. FBSI and FIA are the distributors and
FBSI is the principal underwriter of the contracts. Fidelity
Management & Research Company, an affiliate of FMR Corp., acts as
investment advisor to each portfolio. Fidelity Investments
Institutional Operations Co., an affiliate of FMR Corp., is the
transfer and shareholder servicing agent for the portfolios.
5. PURCHASES AND SALES OF INVESTMENTS.
The following table shows aggregate cost of shares purchased and
proceeds from sales of each subaccount for the year ended December 31,
1997:
PURCHASES SALES
VIP - MONEY MARKET $ 690,772 $ 901,933
VIP - HIGH INCOME 199,472 221,274
VIP - EQUITY-INCOME 756,615 523,778
VIP - GROWTH 471,625 517,271
VIP - OVERSEAS 275,917 285,097
VIP II - INVESTMENT GRADE BOND 14,044 21,364
VIP II - ASSET MANAGER 22,723 16,829
We have audited the accompanying statement of assets and liabilities
of Fidelity Investments Variable Life Account I (comprised of VIP -
Money Market, VIP - High Income, VIP - Equity-Income, VIP - Growth,
VIP - Overseas, VIP II - Investment Grade Bond, and VIP II - Asset
Manager) of Fidelity Investments Life Insurance Company as of December
31, 1997, and the related statements of operations and changes in net
assets for the years ended December 31, 1997 and 1996. These
financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present
fairly, in all material respects, the financial position of the
aforementioned subaccounts comprising Fidelity Investments Variable
Life Account I of Fidelity Investments Life Insurance Company as of
December 31, 1997, and the results of their operations and the changes
in their net assets for the years ended December 31, 1997 and 1996 in
conformity with generally accepted accounting principles.
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
January 28, 1998
FIDELITY INVESTMENTS LIFE INSURANCE COMPANY
(registered trademark)
Fidelity Variable Life
is issued by Fidelity Investments Life Insurance Company
Fidelity Brokerage Services, Inc., member NYSE, SIPC, Fidelity
Insurance Agency, Inc., and Fidelity Investments Insurance
Agency of Texas, Inc. are the distributors.
82 Devonshire Street, Boston, MA 02109
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