<PAGE>
SEMI-ANNUAL REPORT
. PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT OF
PACIFIC MUTUAL LIFE INSURANCE COMPANY
[LOGO OF PACIFIC SELECT VARIABLE ANNUITY APPEARS HERE]
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF ASSETS & LIABILITIES
JUNE 30, 1996 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
HIGH
MONEY YIELD MANAGED GOVERNMENT AGRESSIVE GROWTH
MARKET BOND BOND SECURITIES GROWTH EQUITY LT
VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
--------- -------- --------- -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in Pacific Select Fund:
Money Market Portfolio (12,275 shares;
cost $123,154).......................... $123,044
High Yield Bond Portfolio (9,994
shares; cost $96,830)................... $ 95,076
Managed Bond Portfolio (9,573 shares;
cost $102,263).......................... $100,505
Government Securities Portfolio
(6,950 shares; cost $72,334)............ $ 70,829
Growth Portfolio (1,518 shares; cost
$25,656)................................ $ 29,798
Aggressive Equity Portfolio (919
shares; cost $9,698).................... $ 9,693
Growth LT Portfolio (14,766 shares;
cost $212,157).......................... $231,723
Receivables:
Due from Pacific Mutual Life Insurance
Company................................. 226 448 18 327 962
Fund shares redeemed..................... 481 12
-------- -------- -------- -------- -------- -------- --------
TOTAL ASSETS.............................. 123,525 95,302 100,953 70,847 29,810 10,020 232,685
-------- -------- -------- -------- -------- -------- --------
LIABILITIES
Payables:
Due to Pacific Mutual Life Insurance
Company................................. 481 12
Fund shares purchased................... 226 448 18 327 962
-------- -------- -------- -------- -------- -------- --------
TOTAL LIABILITIES......................... 481 226 448 18 12 327 962
-------- -------- -------- -------- -------- -------- --------
NET ASSETS................................ $123,044 $ 95,076 $100,505 $ 70,829 $ 29,798 $ 9,693 $231,723
======== ======== ======== ======== ======== ======== ========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
B-1
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF ASSETS & LIABILITIES (CONTINUED)
JUNE 30, 1996 (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
EQUITY MULTI- BOND & EQUITY INTER- EMERGING
INCOME STRATEGY EQUITY INCOME INDEX NATIONAL MARKETS
VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
--------- --------- --------- -------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in Pacific Select Fund:
Equity Income Portfolio (11,172 shares;
cost $192,157)........................... $205,885
Multi-Strategy Portfolio (5,840 shares;
cost $76,806)............................ $80,295
Equity Portfolio (3,683 shares; cost
$66,749)................................. $75,048
Bond and Income Portfolio (2,934
shares; cost $35,697).................... $34,167
Equity Index Portfolio (7,467 shares;
cost $127,993)........................... $138,097
International Portfolio (15,146 shares;
cost $198,065)........................... $214,209
Emerging Markets Portfolio (890 shares;
cost $8,986)............................. $9,071
Receivables:
Due from Pacific Mutual Life Insurance
Company.................................. 713 34 860 134 628 737 436
-------- ------- ------- ------- -------- -------- ------
TOTAL ASSETS............................... 206,598 80,329 75,908 34,301 138,725 214,946 9,507
-------- ------- ------- ------- -------- -------- ------
LIABILITIES
Payables:
Fund shares purchased..................... 713 34 860 134 628 737 436
-------- ------- ------- ------- -------- -------- ------
TOTAL LIABILITIES.......................... 713 34 860 134 628 737 436
-------- ------- ------- ------- -------- -------- ------
NET ASSETS................................. $205,885 $80,295 $75,048 $34,167 $138,097 $214,209 $9,071
======== ======= ======= ======= ======== ======== ======
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
B-2
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED JUNE 30, 1996 (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
HIGH
MONEY YIELD MANAGED GOVERNMENT AGGRESSIVE GROWTH
MARKET BOND BOND SECURITIES GROWTH EQUITY LT
VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
-------- -------- -------- ---------- -------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends........................... $2,069 $ 4,256 $ 3,300 $ 2,531 $1,851 $ 2 $ 931
EXPENSES
Mortality and expense risk fee...... 530 511 490 379 182 10 1,195
------ ------- ------- ------- ------ ---- -------
NET INVESTMENT INCOME (LOSS).......... 1,539 3,745 2,810 2,152 1,669 (8) (264)
------ ------- ------- ------- ------ ---- -------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from
security transactions.............. (14) 1,091 (24) (225) 651 6,255
Net unrealized appreciation
(depreciation) on investments...... 25 (3,698) (4,029) (3,417) 1,047 (6) 12,262
------ ------- ------- ------- ------ ---- -------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS................ 11 (2,607) (4,053) (3,642) 1,698 (6) 18,517
------ ------- ------- ------- ------ ---- -------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS..... $1,550 $ 1,138 $(1,243) $(1,490) $3,367 $(14) $18,253
====== ======= ======= ======= ====== ==== =======
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
B-3
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS (CONTINUED)
FOR THE PERIOD ENDED JUNE 30, 1996 (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
EQUITY MULTI- BOND & EQUITY INTER- EMERGING
INCOME STRATEGY EQUITY INCOME INDEX NATIONAL MARKETS
VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Dividends............................. $9,210 $ 4,337 $ 3,246 $ 976 $3,451 $ 1,644
EXPENSES
Mortality and expense risk fee........ 1,046 419 324 167 613 1,018 $ 12
------ ------- ------- ------- ------ ------- ----
NET INVESTMENT INCOME (LOSS)............ 8,164 3,918 2,922 809 2,838 626 (12)
------ ------- ------- ------- ------ ------- ----
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from
security transactions................ 1,520 19 764 23 2,406 198 (1)
Net unrealized appreciation
(depreciation) on investments........ (278) (2,240) 7,253 (2,737) 2,697 13,338 85
------ ------- ------- ------- ------ ------- ----
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS.................. 1,242 (2,221) 8,017 (2,714) 5,103 13,536 84
------ ------- ------- ------- ------ ------- ----
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS.............. $9,406 $ 1,697 $10,939 $(1,905) $7,941 $14,162 $ 72
====== ======= ======= ======= ====== ======= ====
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
B-4
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED JUNE 30, 1996 (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
HIGH
MONEY YIELD MANAGED GOVERNMENT AGGRESSIVE GROWTH
MARKET BOND BOND SECURITIES GROWTH EQUITY LT
VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
---------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS
Net investment income (loss).......... $ 1,539 $ 3,745 $ 2,810 $ 2,152 $ 1,669 $ (8) $ (264)
Net realized gain (loss)
from security transactions.......... (14) 1,091 (24) (225) 651 6,255
Net unrealized appreciation
(depreciation) on
investments......................... 25 (3,698) (4,029) (3,417) 1,047 (6) 12,262
--------- -------- -------- -------- ------- ------ --------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS............................ 1,550 1,138 (1,243) (1,490) 3,367 (14) 18,253
--------- -------- -------- -------- ------- ------ --------
INCREASE (DECREASE) IN NET
ASSETS FROM POLICY
TRANSACTIONS
Transfer of net premiums.............. 154,677 30,617 27,532 21,073 413 4,043 55,570
Transfers--policy charges
and deductions...................... (2,510) (297) (497) (153) (81) (1) (696)
Transfers in (from other
variable accounts).................. 110,899 28,289 19,680 14,916 4,007 5,997 75,193
Transfers out (to other
variable accounts).................. (202,037) (29,227) (10,372) (11,973) (5,457) (325) (55,392)
Transfers--other...................... (1,910) (1,295) (806) (865) (1,025) (7) (3,431)
--------- -------- -------- -------- ------- ------ --------
NET INCREASE (DECREASE) IN
NET ASSETS DERIVED FROM
POLICY TRANSACTIONS................... 59,119 28,087 35,537 22,998 (2,143) 9,707 71,244
--------- -------- -------- -------- ------- ------ --------
NET INCREASE IN NET ASSETS.............. 60,669 29,225 34,294 21,508 1,224 9,693 89,497
NET ASSETS
Beginning of period................... 62,375 65,851 66,211 49,321 28,574 142,226
--------- -------- -------- -------- ------- ------ --------
End of period......................... $ 123,044 $ 95,076 $100,505 $ 70,829 $29,798 $9,693 $231,723
========= ======== ======== ======== ======= ====== ========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
B5
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE PERIOD ENDED JUNE 30, 1996 (UNAUDITED)
(IN THOUSANDS)
<TABLE>
<CAPTION>
EQUITY MULTI- BOND & EQUITY INTER- EMERGING
INCOME STRATEGY EQUITY INCOME INDEX NATIONAL MARKETS
VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
---------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET
ASSETS FROM OPERATIONS
Net investment income (loss)...... $ 8,164 $ 3,918 $ 2,922 $ 809 $ 2,838 $ 626 $ (12)
Net realized gain (loss)
from security transactions...... 1,520 19 764 23 2,406 198 (1)
Net unrealized appreciation
(depreciation) on
investments..................... (278) (2,240) 7,253 (2,737) 2,697 13,338 85
-------- ------- -------- ------- -------- -------- ------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS........................ 9,406 1,697 10,939 (1,905) 7,941 14,162 72
-------- ------- -------- ------- -------- -------- ------
INCREASE (DECREASE) IN NET
ASSETS FROM POLICY
TRANSACTIONS
Transfer of net premiums.......... 55,744 18,927 23,740 13,216 45,043 55,134 3,232
Transfers--policy charges
and deductions.................. (609) (281) (149) (92) (282) (641) (1)
Transfers in (from other
variable accounts).............. 39,950 11,535 26,777 9,475 36,416 50,635 6,092
Transfers out (to other
variable accounts).............. (26,494) (5,798) (14,529) (4,464) (22,291) (22,528) (319)
Transfers--other.................. (2,507) (814) (829) (409) (1,721) (1,798) (5)
-------- ------- -------- ------- -------- -------- ------
NET INCREASE IN NET ASSETS
DERIVED FROM POLICY
TRANSACTIONS...................... 66,084 23,569 35,010 17,726 57,165 80,802 8,999
-------- ------- -------- ------- -------- -------- ------
NET INCREASE IN NET ASSETS.......... 75,490 25,266 45,949 15,821 65,106 94,964 9,071
NET ASSETS
Beginning of period............... 130,395 55,029 29,099 18,346 72,991 119,245
-------- ------- -------- ------- -------- -------- ------
End of period..................... $205,885 $80,295 $ 75,048 $34,167 $138,097 $214,209 $9,071
======== ======= ======== ======= ======== ======== ======
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
B6
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1995
(IN THOUSANDS)
<TABLE>
<CAPTION>
HIGH
MONEY YIELD MANAGED GOVERNMENT GROWTH
MARKET BOND BOND SECURITIES GROWTH LT
VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
------- ------- -------- -------- --------- -------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)...................... $ 2,498 $ 2,801 $ 2,199 $ 1,297 $ (98) $ 8,494
Net realized gain (loss) from security
transactions..................................... (140) 487 (95) (222) (1,783) 6,574
Net unrealized appreciation
(depreciation) on investments.................... (10) 2,449 4,750 3,263 7,708 6,191
--------- -------- ------- ------- -------- --------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS......................... 2,348 5,737 6,854 4,338 5,827 21,259
--------- -------- ------- ------- -------- --------
INCREASE (DECREASE) IN NET ASSETS FROM
POLICY TRANSACTIONS
Transfer of net premiums.......................... 261,308 22,854 20,349 18,216 688 45,013
Transfers--policy charges and deductions.......... (364) (614) (636) (424) (720) (1,351)
Transfers in (from other variable accounts)....... 95,496 53,916 21,953 20,465 12,132 102,932
Transfers out (to other variable accounts)........ (337,675) (29,696) (8,318) (6,494) (15,335) (59,032)
Transfers--other.................................. (2,158) (1,023) (1,014) (1,284) (1,089) (2,049)
--------- -------- ------- ------- -------- --------
NET INCREASE (DECREASE) IN NET ASSETS
DERIVED FROM POLICY TRANSACTIONS.................. 16,607 45,437 32,334 30,479 (4,324) 85,513
--------- -------- ------- ------- -------- --------
NET INCREASE IN NET ASSETS......................... 18,955 51,174 39,188 34,817 1,503 106,772
NET ASSETS
Beginning of year................................. 43,420 14,677 27,023 14,504 27,071 35,454
--------- -------- ------- ------- -------- --------
End of year....................................... $ 62,375 $ 65,851 $66,211 $49,321 $ 28,574 $142,226
========= ======== ======= ======= ======== ========
</TABLE>
*Prior year balances have been restated to conform with current year
presentation.
SEE NOTES TO FINANCIAL STATEMENTS.
B-7
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31, 1995
(IN THOUSANDS)
<TABLE>
<CAPTION>
EQUITY MULTI- BOND & EQUITY INTER-
INCOME STRATEGY EQUITY INCOME INDEX NATIONAL
VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss).......................... $ 297 $ 855 $ (100) $ 377 $ 368 $ 1,309
Net realized gain (loss) from security
transactions......................................... 27 (23) 1 (6) 1,229 309
Net unrealized appreciation on investments............ 16,440 6,951 1,045 1,206 7,194 4,662
-------- ------- ------- ------- -------- --------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS............................. 16,764 7,783 946 1,577 8,791 6,280
-------- ------- ------- ------- -------- --------
INCREASE (DECREASE) IN NET ASSETS FROM
POLICY TRANSACTIONS
Transfer of net premiums.............................. 42,780 12,463 13,229 9,770 30,757 36,739
Transfers--policy charges and deductions.............. (1,088) (490) (169) (76) (516) (1,302)
Transfers in (from other variable accounts)........... 53,482 15,539 17,251 8,647 37,983 64,987
Transfers out (to other variable accounts)............ (10,459) (5,516) (2,040) (1,524) (13,200) (28,833)
Transfers--other...................................... (1,589) (1,166) (118) (48) (794) (1,572)
-------- ------- ------- ------- -------- --------
NET INCREASE IN NET ASSETS
DERIVED FROM POLICY TRANSACTIONS...................... 83,126 20,830 28,153 16,769 54,230 70,019
-------- ------- ------- ------- -------- --------
NET INCREASE IN NET ASSETS............................. 99,890 28,613 29,099 18,346 63,021 76,299
NET ASSETS
Beginning of year..................................... 30,505 26,416 9,970 42,946
-------- ------- ------- ------- -------- --------
End of year........................................... $130,395 $55,029 $29,099 $18,346 $ 72,991 $119,245
======== ======= ======= ======= ======== ========
</TABLE>
*Prior year balances have been restated to conform with current year
presentation.
SEE NOTES TO FINANCIAL STATEMENTS.
B-8
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(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 fourteen subaccounts
called Variable Accounts: the Money Market Variable Account, the High Yield Bond
Variable Account, the Managed Bond Variable Account, the Government Securities
Variable Account, the Growth Variable Account (not offered to new
contractholders beginning January 1, 1994), the Aggressive Equity Variable
Account (Note 5), the Growth LT Variable Account, the Equity Income Variable
Account, the Multi-Strategy Variable Account, the Equity Variable Account, the
Bond and Income Variable Account, the Equity Index Variable Account, the
International Variable Account, and the Emerging Markets Variable Account (Note
5). 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 are clearly identified and distinguished from the other assets
and liabilities of Pacific Mutual. The assets 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.
The Separate Account held by Pacific Mutual represents funds from
individual flexible premium variable accumulation deferred annuity contracts.
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.
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 1996, 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, and any surrender
charges. The operating expenses of the Separate Account are paid by Pacific
Mutual.
4. RELATED PARTY AGREEMENT
Pacific Mutual Distributors, Inc. (formerly known as Pacific Equities
Network), a wholly-owned 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-9
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
(UNAUDITED)
5. AGGRESSIVE EQUITY VARIABLE ACCOUNT AND EMERGING MARKETS VARIABLE ACCOUNT
The separate account has organized and registered with the Securities and
Exchange Commission two new Variable Accounts, the Aggressive Equity Variable
Account and the Emerging Markets Variable Account. Both Variable Accounts
commenced operations on April 1, 1996.
6. SELECTED ACCUMULATION UNIT** INFORMATION
Selected accumulation unit information for the period ended June 30, 1996
were as follows:
<TABLE>
<CAPTION>
HIGH
MONEY YIELD MANAGED GOVERNMENT AGGRESSIVE GROWTH
MARKET BOND BOND SECURITIES GROWTH EQUITY LT
VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
-------- -------- -------- ---------- -------- ---------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Commencement of operations 7/24/90 8/16/90 9/05/90 8/22/90 8/16/90 4/1/96 1/04/94
ACCUMULATION UNIT
VALUE:
Beginning $11.84 $18.82 $16.11 $15.68 $19.95 $10.00 $15.11
====== ====== ====== ====== ====== ====== ======
Ending $12.06 $19.13 $15.79 $15.26 $22.39 $10.52 $16.78
====== ====== ====== ====== ====== ====== ======
Number of Units Outstanding at
End of Period 10,205,992 4,970,815 6,366,303 4,640,483 1,330,894 920,939 13,811,685
<CAPTION>
EQUITY MULTI- BOND & EQUITY INTER- EMERGING
INCOME STRATEGY EQUITY INCOME INDEX NATIONAL MARKETS
VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE VARIABLE
ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT ACCOUNT
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Commencement of operations 8/16/90 9/25/90 1/04/95 1/04/95 2/11/91 8/16/90 4/1/96
ACCUMULATION UNIT
VALUE:
Beginning $18.32 $17.68 $12.24 $13.21 $17.62 $12.52 $10.00
====== ====== ====== ====== ====== ====== ======
Ending $19.48 $18.16 $15.06 $12.16 $19.22 $13.74 $10.16
====== ====== ====== ====== ====== ====== ======
Number of Units Outstanding at
End of Period 10,568,236 4,420,870 4,982,151 2,809,467 7,185,698 15,584,749 892,951
</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-10
