<PAGE>
SEMI-ANNUAL REPORT
. PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT OF
PACIFIC MUTUAL LIFE INSURANCE COMPANY
[LOGO OF PACIFIC SELECT VARIABLE ANNUITY]
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF ASSETS & LIABILITIES
JUNE 30, 1995 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
High
Money Managed Government Yield
Market Bond Securities Bond
Variable Variable Variable Variable
Account Account Account Account
-------- -------- ---------- ---------
<S> <C> <C> <C> <C>
ASSETS
Investments in Pacific Select Fund:
Money Market Portfolio (5,736 shares; cost $57,589)........... $57,477
Managed Bond Portfolio (4,053 shares; cost $43,268)........... $43,183
Government Securities Portolio (2,661 shares; cost $27,575)... $27,713
High Yield Bond Portfolio (3,348 shares; cost $30,912)........ $31,793
Growth Portfolio (1,583 shares; cost $26,209).................
Equity Income Portfolio (3,956 shares; cost $60,503)..........
Multi-Strategy Portfolio (2,796 shares; cost $34,436).........
International Portfolio (5,553 shares, cost $68,459)..........
Equity Index Portfolio (1,778 shares; cost $24,702)...........
Growth LT Portfolio (5,874 shares; cost $67,976)..............
Equity Portfolio (428 shares; cost $6,379)....................
Bond and Income Portfolio (349 shares; cost $4,012)...........
Receivables:
Due from Pacific Mutual Life Insurance Company................ 709 234 69 178
Fund shares redeemed..........................................
-------- -------- --------- --------
TOTAL ASSETS..................................................... 58,186 43,417 27,782 31,971
-------- -------- --------- --------
LIABILITIES
Payables:
Due to Pacific Mutual Life Insurance Company..................
Fund shares purchased......................................... 709 234 69 178
-------- -------- --------- -------
TOTAL LIABILITIES................................................ 709 234 69 178
-------- -------- --------- ---------
NET ASSETS....................................................... $57,477 $43,183 $27,713 $31,793
======== ======== ========= =========
<CAPTION>
Equity Multi- Inter-
Growth Income Strategy national
Variable Variable Variable Variable
Account Account Account Account
-------- -------- ---------- ---------
<S> <C> <C> <C> <C>
ASSETS
Investments in Pacific Select Fund:
Money Market Portfolio (5,736 shares; cost $57,589)...........
Managed Bond Portfolio (4,053 shares; cost $43,268)...........
Government Securities Portolio (2,661 shares; cost $27,575)...
High Yield Bond Portfolio (3,348 shares; cost $30,912)........
Growth Portfolio (1,583 shares; cost $26,209)................. $26,712
Equity Income Portfolio (3,956 shares; cost $60,503).......... $64,791
Multi-Strategy Portfolio (2,796 shares; cost $34,436)......... $36,830
International Portfolio (5,553 shares, cost $68,459).......... $70,779
Equity Index Portfolio (1,778 shares; cost $24,702)...........
Growth LT Portfolio (5,874 shares; cost $67,976)..............
Equity Portfolio (428 shares; cost $6,379)....................
Bond and Income Portfolio (349 shares; cost $4,012)...........
Receivables:
Due from Pacific Mutual Life Insurance Company................ 84 30 329
Fund shares redeemed.......................................... 39
-------- -------- ---------- ---------
TOTAL ASSETS..................................................... 26,751 64,875 36,860 71,108
-------- -------- ---------- ---------
LIABILITIES
Payables:
Due to Pacific Mutual Life Insurance Company.................. 39
Fund shares purchased......................................... 84 30 329
-------- -------- ---------- ---------
TOTAL LIABILITIES................................................ 39 84 30 329
-------- -------- ---------- ---------
NET ASSETS....................................................... $26,712 $64,791 $36,830 $70,779
======== ======== ========== =========
<CAPTION>
Equity Growth Bond &
Index LT Equity Income
Variable Variable Variable Variable
Account Account Account Account
-------- -------- ---------- ---------
<S> <C> <C> <C> <C>
ASSETS
Investments in Pacific Select Fund:
Money Market Portfolio (5,736 shares; cost $57,589)...........
Managed Bond Portfolio (4,053 shares; cost $43,268)...........
Government Securities Portolio (2,661 shares; cost $27,575)...
High Yield Bond Portfolio (3,348 shares; cost $30,912)........
Growth Portfolio (1,583 shares; cost $26,209).................
Equity Income Portfolio (3,956 shares; cost $60,503)..........
Multi-Strategy Portfolio (2,796 shares; cost $34,436).........
International Portfolio (5,553 shares, cost $68,459)..........
Equity Index Portfolio (1,778 shares; cost $24,702)........... $27,503
Growth LT Portfolio (5,874 shares; cost $67,976).............. $77,083
Equity Portfolio (428 shares; cost $6,379).................... $ 6,714
Bond and Income Portfolio (349 shares; cost $4,012)........... $ 4,237
Receivables:
Due from Pacific Mutual Life Insurance Company................ 68 129 41 24
Fund shares redeemed..........................................
-------- -------- ---------- ---------
TOTAL ASSETS..................................................... 27,571 77,212 6,755 4,261
-------- -------- ---------- ---------
LIABILITIES
Payables:
Due to Pacific Mutual Life Insurance Company..................
Fund shares purchased......................................... 68 129 41 24
-------- -------- ---------- ---------
TOTAL LIABILITIES................................................ 68 129 41 24
-------- -------- ---------- ---------
NET ASSETS....................................................... $27,503 $77,083 $ 6,714 $ 4,237
======== ======== ========== =========
</TABLE>
See Notes to Financial Statements.
B-1
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED JUNE 30, 1995 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
High
Money Managed Government Yield
Market Bond Securities Bond
Variable Variable Variable Variable
Account Account Account Account
-------- -------- ---------- ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends...................................................... $ 1,556 $ 1,089 $ 585 $ 1,176
EXPENSES
Mortality and expense risk fee................................. 333 210 122 164
------- ------- ------- -------
NET INVESTMENT INCOME (LOSS)...................................... 1,223 879 463 1,012
------- ------- ------- -------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from security transactions............ (98) (77) (81) 93
Net unrealized appreciation on investments..................... 14 2,394 1,489 1,386
------- ------- ------- -------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS........................................... (84) 2,317 1,408 1,479
------- ------- ------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS....................................... $ 1,139 $ 3,196 $ 1,871 $ 2,491
======= ======= ======= =======
<CAPTION>
Equity Multi- Inter-
Growth Income Strategy national
Variable Variable Variable Variable
Account Account Account Account
-------- -------- ---------- ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends...................................................... $ 130 $ 451 $ 597 $ 72
EXPENSES
Mortality and expense risk fee................................. 166 278 192 335
------- ------- ------- -------
NET INVESTMENT INCOME (LOSS)...................................... (36) 173 405 (263)
------- ------- ------- -------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from security transactions............ (1,806) (80) (79) (65)
Net unrealized appreciation on investments..................... 5,117 6,723 3,614 4,176
------- ------- ------- -------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS........................................... 3,311 6,643 3,535 4,111
------- ------- ------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS....................................... $ 3,275 $ 6,816 $ 3,940 $ 3,848
======= ======= ======= =======
<CAPTION>
Equity Growth Bond &
Index LT Equity Income
Variable Variable Variable Variable
Account Account Account Account
-------- -------- ---------- ---------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends...................................................... $ 216 $ 406 $ 14 $ 81
EXPENSES
Mortality and expense risk fee................................. 101 300 14 11
------- ------- ------- -------
NET INVESTMENT INCOME (LOSS)...................................... 115 106 0 70
------- ------- ------- -------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from security transactions............ 150 453 (1)
Net unrealized appreciation on investments..................... 2,588 7,995 334 225
------- ------- ------- -------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS........................................... 2,738 8,448 334 224
------- ------- ------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS....................................... $ 2,853 $ 8,554 $ 334 $ 294
======= ======= ======= =======
</TABLE>
See Notes to Financial Statements.
B-2
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED JUNE 30, 1995 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
High
Money Managed Government Yield
Market Bond Securities Bond
Variable Variable Variable Variable
Account Account Account Account
-------- -------- ---------- ---------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss).................................... $ 1,223 $ 879 $ 463 $ 1,012
Net realized gain (loss) from security transactions............. (98) (77) (81) 93
Net unrealized appreciation on investments...................... 14 2,394 1,489 1,386
-------- ------- ------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS....................................... 1,139 3,196 1,871 2,491
-------- ------- ------- -------
INCREASE (DECREASE) IN NET ASSETS FROM
POLICY TRANSACTIONS
Transfer of net premiums........................................ 151,928 3,940 3,633 3,609
Transfers-policy charges and deductions......................... (167) (118) (87) (206)
Transfers in (from other variable accounts)..................... 39,024 12,368 10,439 23,418
Transfers out (to other variable accounts)...................... (176,784) (2,801) (1,987) (11,680)
Transfers-other................................................. (1,083) (425) (660) (516)
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS
DERIVED FROM POLICY TRANSACTIONS................................ 12,918 12,964 11,338 14,625
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS............................. 14,057 16,160 13,209 17,116
NET ASSETS
Beginning of period............................................ 43,420 27,023 14,504 14,677
-------- ------- ------- -------
End of period.................................................. $ 57,477 $43,183 $27,713 $31,793
======== ======= ======= =======
<CAPTION>
Equity Multi- Inter-
Growth Income Strategy national
Variable Variable Variable Variable
Account Account Account Account
-------- -------- ---------- ---------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss).................................... $ (36) $ 173 $ 405 $ (263)
Net realized gain (loss) from security transactions............. (1,806) (80) (79) (65)
Net unrealized appreciation on investments...................... 5,117 6,723 3,614 4,176
-------- ------- ------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS....................................... 3,275 6,816 3,940 3,848
-------- ------- ------- -------
INCREASE (DECREASE) IN NET ASSETS FROM
POLICY TRANSACTIONS
Transfer of net premiums........................................ 386 6,083 1,894 6,389
Transfers-policy charges and deductions......................... (220) (256) (123) (226)
Transfers in (from other variable accounts)..................... 7,652 25,427 8,149 27,787
Transfers out (to other variable accounts)...................... (10,945) (3,194) (3,004) (9,415)
Transfers-other................................................. (507) (590) (442) (550)
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS
DERIVED FROM POLICY TRANSACTIONS................................ (3,634) 27,470 6,474 23,985
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS............................. (359) 34,286 10,414 27,833
NET ASSETS
Beginning of period............................................ 27,071 30,505 26,416 42,946
-------- ------- ------- -------
End of period.................................................. $ 26,712 $64,791 $36,830 $70,779
======== ======= ======= =======
<CAPTION>
Equity Growth Bond &
Index LT Equity Income
Variable Variable Variable Variable
Account Account Account Account
-------- -------- ---------- ---------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss).................................... $ 115 $ 106 $ 70
Net realized gain (loss) from security transactions............. 150 453 (1)
Net unrealized appreciation on investments...................... 2,588 7,995 $ 334 225
-------- ------- ------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS....................................... 2,853 8,554 334 294
-------- ------- ------- -------
INCREASE (DECREASE) IN NET ASSETS FROM
POLICY TRANSACTIONS
Transfer of net premiums........................................ 4,185 7,921 1,141 854
Transfers-policy charges and deductions......................... (83) (167) (1) (1)
Transfers in (from other variable accounts)..................... 14,506 45,505 5,445 3,334
Transfers out (to other variable accounts)...................... (3,744) (19,752) (201) (243)
Transfers-other................................................. (184) (432) (4) (1)
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS
DERIVED FROM POLICY TRANSACTIONS................................ 14,680 33,075 6,380 3,943
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS............................. 17,533 41,629 6,714 4,237
NET ASSETS
Beginning of period............................................ 9,970 35,454
-------- ------- ------- -------
End of period.................................................. $ 27,503 $77,083 $ 6,714 $ 4,237
======== ======= ======= =======
</TABLE>
See Notes to Financial Statemens.
B-3
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
(IN THOUSANDS)
<TABLE>
<CAPTION>
High
Money Managed Government Yield
Market Bond Securities Bond
Variable Variable Variable Variable
Account Account Account Account
-------- -------- ---------- ---------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income........................................... $ 781 $ 988 $ 506 $ 799
Net realized gain (loss) from security transactions............. 50 (642) (640) (577)
Net unrealized appreciation (depreciation) on investments....... (85) (1,841) (924) (251)
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS....................................... 746 (1,495) (1,058) (29)
-------- ------- ------- -------
INCREASE (DECREASE) IN NET ASSETS FROM
POLICY TRANSACTIONS
Transfer of net premiums........................................ 121,385 1,957 620 882
Transfers--policy charges and deductions........................ (1,884) (1,117) (976) (367)
Transfers in (from other variable accounts)..................... 87,254 15,793 5,939 19,375
Transfers out (to other variable accounts)...................... (178,819) (12,103) (6,689) (14,544)
Transfers--other................................................ 4 (1) (2) 1
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS
DERIVED FROM POLICY TRANSACTIONS................................ 27,940 4,529 (1,108) 5,347
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS............................. 28,686 3,034 (2,166) 5,318
NET ASSETS
Beginning of year.............................................. 14,734 23,989 16,670 9,359
-------- ------- ------- -------
End of year.................................................... $ 43,420 $27,023 $14,504 $14,677
======== ======= ======= =======
<CAPTION>
Equity Multi- Inter-
Growth Income Strategy national
Variable Variable Variable Variable
Account Account Account Account
-------- -------- ---------- ---------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income........................................... $ 1,939 $ 2,467 $ 1,236 $ 1,397
Net realized gain (loss) from security transactions............. (398) 55 (2) 1,741
Net unrealized appreciation (depreciation) on investments....... (5,338) (2,978) (1,876) (3,276)
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS....................................... (3,797) (456) (642) (138)
-------- ------- ------- -------
INCREASE (DECREASE) IN NET ASSETS FROM
POLICY TRANSACTIONS
Transfer of net premiums........................................ 1,158 1,569 1,343 2,860
Transfers--policy charges and deductions........................ (1,510) (1,154) (778) (963)
Transfers in (from other variable accounts)..................... 25,943 15,775 11,263 50,644
Transfers out (to other variable accounts)...................... (30,173) (4,366) (3,693) (25,259)
Transfers--other................................................ (32) (4) (4) 46
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS
DERIVED FROM POLICY TRANSACTIONS................................ (4,614) 11,820 8,131 27,328
-------- ------- ------- -------
NET INCREASE (DECREASE) IN NET ASSETS............................. (8,411) 11,364 7,489 27,190
NET ASSETS
Beginning of year.............................................. 35,482 19,141 18,927 15,756
-------- ------- ------- -------
End of year.................................................... $ 27,071 $30,505 $26,416 $42,946
======== ======= ======= =======
<CAPTION>
Equity Growth
Index LT
Variable Variable
Account Account
-------- --------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income........................................... $ 127 $ 371
Net realized gain (loss) from security transactions............. 24 (97)
Net unrealized appreciation (depreciation) on investments....... (161) 1,112
-------- -------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS....................................... (10) 1,386
-------- -------
INCREASE (DECREASE) IN NET ASSETS FROM
POLICY TRANSACTIONS
Transfer of net premiums........................................ 600 2,468
Transfers--policy charges and deductions........................ (366) (356)
Transfers in (from other variable accounts)..................... 3,811 44,351
Transfers out (to other variable accounts)...................... (1,309) (12,397)
Transfers--other................................................ 2
-------- -------
NET INCREASE (DECREASE) IN NET ASSETS
DERIVED FROM POLICY TRANSACTIONS................................ 2,736 34,068
-------- -------
NET INCREASE (DECREASE) IN NET ASSETS............................. 2,726 35,454
NET ASSETS
Beginning of year.............................................. 7,244
-------- -------
End of year.................................................... $ 9,970 $35,454
======== =======
</TABLE>
See Notes to Financial Statemens.
B-4
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
The Pacific Select Variable Annuity 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 twelve subaccounts called
Variable Accounts: the Money Market Variable Account, the Managed Bond Variable
Account, the Government Securities Variable Account, the High Yield Bond
Variable Account, the Growth Variable Account (not offered to new
contractholders beginning January 1, 1994), the Equity Income Variable Account,
the Multi-Strategy Variable Account, the International Variable Account, the
Equity Index Variable Account, the Growth LT Variable Account, the Equity
Variable Account, and the Bond and Income Variable Account. 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 Separate Account was established by Pacific Mutual Life Insurance
Company ("Pacific Mutual") on November 30, 1989 and commenced operations on July
24, 1990. Under applicable insurance law, the assets and liabilities of the
Separate Account will not be charged with any liabilities arising out of any
other business conducted by Pacific Mutual, but the obligations of the Separate
Account, including benefits related to variable annuities, are obligations of
Pacific Mutual.
A. Valuation of Investments
Investments in shares of the Fund are valued at the reported net asset
values of the respective portfolios.
B. Security Transactions
Transactions are recorded on the trade date. Realized gains and losses on
sales of investments are determined on the basis of identified cost.
C. Federal Income Taxes
The operations of the Separate Account will be reported on the Federal
income tax return of Pacific Mutual, 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 Mutual with respect to
the operations of the Separate Account.
2. DIVIDENDS
During 1995, the Fund has declared dividends for each portfolio. 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 Mutual charges the Separate Account daily for mortality and expense
risks assumed with respect to variable annuity contracts funded by the Separate
Account at an annual rate of 1.25% of the average daily net assets of each
Variable Account. Under the contracts, Pacific Mutual makes certain deductions
from the net assets of each Variable Account for administrative expenses,
contract maintenance, any state premium taxes, optional death benefits and any
sales surrender charges. The operating expenses of the Separate Account are
paid by Pacific Mutual.
4. RELATED PARTY AGREEMENT
Pacific Equities Network, an indirect subsidiary of Pacific Mutual, is the
principal underwriter of variable annuity contracts funded by interests in the
Separate Account, and is compensated by Pacific Mutual.
B-5
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
6. SELECTED ACCUMULATION UNIT**INFORMATION
Selected accumulation unit information for the period ended June 30, 1995
were as follows:
<TABLE>
<CAPTION>
High
Money Managed Government Yield Equity
Market Bond Securities Bond Growth Income
Variable Variable Variable Variable Variable Variable
Account Account Account Account Account Account
-------- -------- ---------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Commencement of Operations 7/24/90 9/05/90 8/22/90 8/16/90 8/16/90 8/16/90
ACCUMULATION UNIT VALUE:
Beginning $ 11.36 $ 13.70 $ 13.37 $ 16.03 $ 16.07 $ 14.09
======= ======= ======= ======= ======= =======
Ending $ 11.60 $ 15.10 $ 14.75 $ 17.64 $ 18.18 $ 16.47
======= ======= ======= ======= ======= =======
Number of Units Outstanding
at End of Period 4,954,052 2,859,144 1,879,000 1,801,934 1,469,323 3,934,842
<CAPTION>
Multi- Inter- Equity Growth Bond &
Strategy national Index LT Equity Income
Variable Variable Variable Variable Variable Variable
Account Account Account Account Account Account
-------- -------- ---------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Commencement of Operations 9/25/90 8/16/90 2/11/91 1/04/94 1/04/95 1/04/95
ACCUMULATION UNIT VALUE:
Beginning $ 14.29 $ 11.47 $ 13.03 $ 11.19 $ 10.00 $ 10.00
======= ======= ======= ======= ======= =======
Ending $ 16.24 $ 12.19 $ 15.56 $ 13.23 $ 11.04 $ 12.00
======= ======= ======= ======= ======= =======
Number of Units Outstanding
at End of Period 2,267,152 5,806,429 1,767,567 5,828,088 608,247 353,089
</TABLE>
- ------------
** Accumulation Unit: unit of measure used to calculate the value of a Contract
Owner's interest in a Variable Account during the Accumulation Period.
B-6
