<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
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1997 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
High Govern-
Money Yield Managed ment 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>
ASSETS
Investments In Pacific Select Fund:
Money Market Portfolio (16,792
shares; cost $168,683) ........... $168,713
High Yield Bond Portfolio (18,982
shares; cost $185,169) ........... $188,928
Managed Bond Portfolio (20,900
shares; cost $222,949) ........... $223,592
Government Securities Portfolio
(8,171 shares; cost $84,722) ..... $84,472
Growth Portfolio (1,506 shares;
cost $26,522) .................... $33,575
Aggressive Equity Portfolio (6,208
shares; cost $63,628) ............ $65,570
Growth LT Portfolio (24,997 shares;
cost $379,058) ................... $410,909
Receivables:
Due from Pacific Mutual Life
Insurance Company ................ 824 479 1,078 64 315 527
Fund shares redeemed .............. 26
--------------------------------------------------------------------------------------------
Total Assets ....................... 169,537 189,407 224,670 84,536 33,601 65,885 411,436
--------------------------------------------------------------------------------------------
LIABILITIES
Payables:
Due to Pacific Mutual Life
Insurance Company ................ 26
Fund shares purchased ............. 824 479 1,078 64 315 527
--------------------------------------------------------------------------------------------
Total Liabilities .................. 824 479 1,078 64 26 315 527
--------------------------------------------------------------------------------------------
NET ASSETS ......................... $168,713 $188,928 $223,592 $84,472 $33,575 $65,570 $410,909
============================================================================================
</TABLE>
See Notes to Financial Statements
B-1
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES (Continued)
JUNE 30, 1997 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
Equity Multi- Bond and 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
(19,905 shares; cost $371,591) ....... $445,967
Multi-Strategy Portfolio
(9,869 shares; cost $135,960) ........ $149,282
Equity Portfolio (7,233 shares;
cost $145,732) ....................... $166,624
Bond and Income Portfolio
(5,001 shares; cost $59,838) ......... $58,637
Equity Index Portfolio (17,441 shares;
cost $338,693) ....................... $409,481
International Portfolio (28,413
shares; cost $404,735) ............... $487,796
Emerging Markets Portfolio
(6,537 shares; cost $66,829) ......... $72,739
Receivables:
Due from Pacific Mutual Life
Insurance Company .................... 931 274 389 178 1,390 1,153 386
--------------------------------------------------------------------------------------
Total Assets ........................... 446,898 149,556 167,013 58,815 410,871 488,949 73,125
--------------------------------------------------------------------------------------
LIABILITIES
Payables:
Fund shares purchased ................. 931 274 389 178 1,390 1,153 386
--------------------------------------------------------------------------------------
Total Liabilities ...................... 931 274 389 178 1,390 1,153 386
--------------------------------------------------------------------------------------
NET ASSETS ............................. $445,967 $149,282 $166,624 $58,637 $409,481 $487,796 $72,739
======================================================================================
</TABLE>
See Notes to Financial Statements
B-2
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED JUNE 30, 1997 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
High Govern-
Money Yield Managed ment 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 ........................... $4,097 $8,052 $6,021 $2,160 $3,195 $18,790
EXPENSES
Mortality and expense risk fee ...... 1,001 1,038 1,172 531 187 $ 299 2,211
--------------------------------------------------------------------------------------------
Net Investment Income (Loss) ......... 3,096 7,014 4,849 1,629 3,008 (299) 16,579
--------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from
security transactions ............. 22 (117) (267) (113) 614 (377) 909
Net unrealized appreciation
(depreciation) on investments ..... (64) 284 (359) (206) 1,262 772 528
--------------------------------------------------------------------------------------------
Net Realized And Unrealized Gain
(Loss) On Investments ............ (42) 167 (626) (319) 1,876 395 1,437
--------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ......... $3,054 $7,181 $4,223 $1,310 $4,884 $ 96 $18,016
============================================================================================
</TABLE>
See Notes to Financial Statements
B-3
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENT OF OPERATIONS (Continued)
FOR THE PERIOD ENDED JUNE 30, 1997 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
Equity Multi- Bond and 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 ........................... $24,729 $9,039 $5,069 $ 2,523 $15,039 $9,344
EXPENSES
Mortality and expense risk fee ...... 2,291 795 854 318 1,954 2,459 $ 300
--------------------------------------------------------------------------------------
Net Investment Income (Loss) ......... 22,438 8,244 4,215 2,205 13,085 6,885 (300)
--------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss)
from security transactions ......... 524 595 1,726 (84) 3,276 1,316 (23)
Net unrealized appreciation
(depreciation) on investments ...... 33,795 2,919 10,582 (1,180) 41,373 43,975 6,295
--------------------------------------------------------------------------------------
Net Realized And Unrealized
Gain (Loss) On Investments .......... 34,319 3,514 12,308 (1,264) 44,649 45,291 6,272
--------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ........... $56,757 $11,758 $16,523 $ 941 $57,734 $52,176 $5,972
======================================================================================
</TABLE>
See Notes to Financial Statements
B-4
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENT OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED JUNE 30, 1997 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
High Govern-
Money Yield Managed ment 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) ...... $ 3,096 $ 7,014 $ 4,849 $ 1,629 $ 3,008 $ (299) $ 16,579
Net realized gain (loss)
from security transactions ....... 22 (117) (267) (113) 614 (377) 909
Net unrealized appreciation
(depreciation) on investments .... (64) 284 (359) (206) 1,262 772 528
--------------------------------------------------------------------------------------------
Net Increase In Net Assets
Resulting From Operations ......... 3,054 7,181 4,223 1,310 4,884 96 18,016
--------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
Transfer of net premiums .......... 214,097 36,058 43,670 9,729 312 17,293 60,728
Transfers--policy charges
and deductions ................... (4,236) (5,033) (3,150) (2,331) (866) (990) (4,950)
Transfers in (from other
variable accounts) ............... 197,941 53,717 39,409 8,733 3,991 23,636 71,979
Transfers out (to other
variable accounts) ............... (373,170) (48,111) (21,398) (11,874) (3,179) (11,333) (55,288)
Transfers--other .................. (1,981) (314) (1,503) (655) (1,213) (86) (2,590)
--------------------------------------------------------------------------------------------
Net Increase (Decrease)
In Net Assets Derived
From Policy Transactions .......... 32,651 36,317 57,028 3,602 (955) 28,520 69,879
--------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS ......... 35,705 43,498 61,251 4,912 3,929 28,616 87,895
--------------------------------------------------------------------------------------------
NET ASSETS
Beginning of Period ............... 133,008 145,430 162,341 79,560 29,646 36,954 323,014
--------------------------------------------------------------------------------------------
End of Period ..................... $ 168,713 $188,928 $223,592 $ 84,472 $33,575 $ 65,570 $410,909
--------------------------------------------------------------------------------------------
</TABLE>
See Notes to Financial Statements
B-5
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENT OF CHANGES IN NET ASSETS (Continued)
FOR THE PERIOD ENDED JUNE 30, 1997 (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
Equity Multi- Bond and 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) ........ $ 22,438 $ 8,244 $ 4,215 $ 2,205 $ 13,085 $ 6,885 $ (300)
Net realized gain (loss)
from security transactions ......... 524 595 1,726 (84) 3,276 1,316 (23)
Net unrealized appreciation
(depreciation) on investments ...... 33,795 2,919 10,582 (1,180) 41,373 43,975 6,295
---------------------------------------------------------------------------------------
Net Increase In Net Assets Resulting
From Operations ..................... 56,757 11,758 16,523 941 57,734 52,176 5,972
---------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
FROM POLICY TRANSACTIONS
Transfer of net premiums ............ 66,945 20,535 31,303 9,390 73,262 74,617 13,541
Transfers--policy charges
and deductions ..................... (5,972) (2,383) (2,112) (1,147) (4,117) (5,645) (566)
Transfers in (from other
variable accounts) ................ 55,985 17,915 35,263 8,756 90,649 98,336 59,642
Transfers out (to other
variable accounts) ................. (27,450) (10,410) (23,387) (6,317) (52,684) (55,687) (34,495)
Transfers--other .................... (2,310) (867) (492) (467) (1,730) (2,134) (160)
---------------------------------------------------------------------------------------
Net Increase In Net Assets Derived
From Policy Transactions ............ 87,198 24,790 40,575 10,215 105,380 109,487 37,962
---------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS ............. 143,955 36,548 57,098 11,156 163,114 161,663 43,934
---------------------------------------------------------------------------------------
NET ASSETS
Beginning of Period ................. 302,012 112,734 109,526 47,481 246,367 326,133 28,805
---------------------------------------------------------------------------------------
End of Period ....................... $445,967 $149,282 $166,624 $ 58,637 $409,481 $487,796 $72,739
=======================================================================================
</TABLE>
See Notes to Financial Statements
B-6
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENT OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1996
(In thousands)
<TABLE>
<CAPTION>
High Govern-
Money Yield Managed ment 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) .... $ 3,743 $ 8,131 $ 6,385 $ 4,059 $ 1,549 $ (146) $ (943)
Net realized gain (loss)
from security transactions ..... 22 1,367 (24) (350) 1,671 (75) 9,057
Net unrealized appreciation
(depreciation) on investments .. 228 1,531 (1,269) (1,956) 2,697 1,169 24,020
--------------------------------------------------------------------------------------------
Net Increase In Net Assets
Resulting From Operations ........ 3,993 11,029 5,092 1,753 5,917 948 32,134
--------------------------------------------------------------------------------------------
INCREASE (DECREASE)
IN NET ASSETS FROM
POLICY TRANSACTIONS
Transfer of net premiums ........ 321,230 58,033 64,456 31,163 595 19,431 115,655
Transfers--policy charges
and deductions ................. (3,380) (1,106) (1,207) (1,052) (149) (48) (2,621)
Transfers in (from other
variable accounts) ............. 225,700 73,979 49,626 23,966 8,511 21,702 151,434
Transfers out (to other
variable accounts) ............. (468,490) (59,025) (19,319) (23,202) (12,342) (4,811) (108,767)
Transfers--other ................ (8,420) (3,331) (2,518) (2,389) (1,460) (268) (7,047)
--------------------------------------------------------------------------------------------
Net Increase (Decrease)
In Net Assets Derived
From Policy Transactions ........ 66,640 68,550 91,038 28,486 (4,845) 36,006 148,654
--------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS ......... 70,633 79,579 96,130 30,239 1,072 36,954 180,788
--------------------------------------------------------------------------------------------
NET ASSETS
Beginning of Year ............... 62,375 65,851 66,211 49,321 28,574 142,226
--------------------------------------------------------------------------------------------
End of Year ..................... $ 133,008 $145,430 $162,341 $ 79,560 $ 29,646 $36,954 $ 323,014
============================================================================================
</TABLE>
(1) Operations commenced on April 1, 1996.
See Notes to Financial Statements
B-7
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
STATEMENT OF CHANGES IN NET ASSETS (Continued)
FOR THE YEAR ENDED DECEMBER 31, 1996
(In thousands)
<TABLE>
<CAPTION>
Equity Multi- Bond and Equity Inter- Emerging
Income Strategy Equity Income Index national Markets
Variable Variable Variable Variable Variable Variable Variable
Account Account Account Account Account Account Account(1)
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss) ........ $ 8,169 $ 4,799 $ 2,354 $ 1,967 $ 3,597 $ 3,323 $ (120)
Net realized gain (loss)
from security transactions ......... 2,288 40 1,580 (139) 3,059 1,215 (9)
Net unrealized appreciation
(depreciation) on investments ...... 26,576 4,673 9,264 (1,227) 22,009 36,279 (383)
----------------------------------------------------------------------------------------
Net Increase (Decrease)
In Net Assets Resulting
From Operations ..................... 37,033 9,512 13,198 601 28,665 40,817 (512)
----------------------------------------------------------------------------------------
INCREASE (DECREASE)
IN NET ASSETS FROM
POLICY TRANSACTIONS
Transfer of net premiums ............ 108,809 38,378 48,041 20,471 102,522 113,891 14,273
Transfers--policy charges
and deductions ..................... (1,752) (1,122) (747) (320) (1,086) (1,735) (85)
Transfers in (from other
variable accounts) ................. 86,018 25,490 55,281 20,444 92,870 109,050 17,112
Transfers out (to other
variable accounts) ................ (52,423) (12,149) (33,491) (11,225) (45,695) (49,335) (1,836)
Transfers--other ................... (6,068) (2,404) (1,855) (836) (3,900) (5,800) (147)
----------------------------------------------------------------------------------------
Net Increase In Net Assets Derived
From Policy Transactions ........... 134,584 48,193 67,229 28,534 144,711 166,071 29,317
----------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS .......... 171,617 57,705 80,427 29,135 173,376 206,888 28,805
----------------------------------------------------------------------------------------
NET ASSETS
Beginning of Year .................. 130,395 55,029 29,099 18,346 72,991 119,245
----------------------------------------------------------------------------------------
End of Year ........................ $302,012 $112,734 $109,526 $ 47,481 $246,367 $326,133 $ 28,805
========================================================================================
</TABLE>
(1) Operations commenced on April 1, 1996.
See Notes to Financial Statements
B-8
<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 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 Contract
Owners beginning January 1, 1994), the Aggressive Equity Variable Account, 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. 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 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 their financial statements.
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 1997, the Fund has declared dividends for each portfolio except for the
Aggressive Equity Portfolio and the Emerging Markets 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., a wholly-owned subsidiary of Pacific
Mutual, is the principal underwriter of variable life insurance policies funded
by interests in the Separate Account, and is compensated by Pacific Mutual.
5. SELECTED ACCUMULATION UNIT** INFORMATION
Selected accumulation unit information for the six months period ended June
30, 1997 were as follows:
<TABLE>
<CAPTION>
Accumulation
Unit Value
- -------------------------------------------------------------------------
Number of
At Units
Commence- Begin- At Outstanding
Variable ment of ning of End of at End of
Accounts Operations Period Period Period
- -------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Money
Market 7/24/90 $12.29 $12.52 13,477,001
- -------------------------------------------------------------------------
High Yield
Bond 8/16/90 $20.68 $21.58 8,755,994
- -------------------------------------------------------------------------
Managed
Bond 9/05/90 $16.58 $16.92 13,213,204
- -------------------------------------------------------------------------
Government
Securities 8/22/90 $15.94 $16.20 5,214,173
- -------------------------------------------------------------------------
Growth 8/16/90 $24.36 $28.55 1,176,015
- -------------------------------------------------------------------------
Aggressive
Equity 4/01/96 $10.69 $10.41 6,297,431
- -------------------------------------------------------------------------
Growth LT 1/04/94 $17.59 $18.41 22,316,545
- -------------------------------------------------------------------------
Equity
Income 8/16/90 $21.61 $25.17 17,715,185
- -------------------------------------------------------------------------
Multi-
Strategy 9/25/90 $19.65 $21.50 6,943,387
- -------------------------------------------------------------------------
Equity 1/04/95 $15.47 $17.45 9,549,976
- -------------------------------------------------------------------------
Bond and
Income 1/04/95 $12.94 $13.14 4,463,529
- -------------------------------------------------------------------------
Equity
Index 2/11/91 $21.29 $25.50 16,061,219
- -------------------------------------------------------------------------
International 8/16/90 $15.07 $17.09 28,541,509
- -------------------------------------------------------------------------
Emerging
Markets 4/01/96 $ 9.59 $10.96 6,638,892
- -------------------------------------------------------------------------
</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-9
<PAGE>
PACIFIC SELECT VARIABLE ANNUITY SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS (Continued)
(Unaudited)
6. CONTRACT OWNERS' 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 (M&E) charges. The cost and
market value of total Contract Owners' investments in the Fund as of June 30,
1997 were as follows (amounts in thousands):
<TABLE>
<CAPTION>
Variable Accounts
---------------------------------------------------------------
Govern-
Money High Yield Managed ment
Market Bond Bond Securities Growth
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Total cost of investments at beginning of period $132,914 $141,955 $161,338 $79,604 $23,855
Add: Total proceeds from sales of units net of M&E charges 182,206 58,430 60,018 7,562 4,742
Reinvested distributions from the Fund:
(a) Net investment income 4,097 6,538 5,379 2,160 38
(b) Net realized gain 1,514 642 3,158
---------------------------------------------------------------
Sub-Total 319,217 208,437 227,377 89,326 31,793
Less: Cost of investments disposed during the period 150,534 23,268 4,428 4,604 5,271
---------------------------------------------------------------
Total cost of investments at end of period 168,683 185,169 222,949 84,722 26,522
Add: Unrealized appreciation (depreciation) 30 3,759 643 (250) 7,053
---------------------------------------------------------------
Total market value of investments at end of period $168,713 $188,928 $223,592 $84,472 $33,575
===============================================================
<CAPTION>
Aggressive Growth Equity Multi-
Equity LT Income Strategy Equity
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Total cost of investments at beginning of period $35,784 $291,691 $261,430 $102,330 $99,216
Add: Total proceeds from sales of units net of M&E charges 33,063 84,992 87,411 26,744 47,421
Reinvested distributions from the Fund:
(a) Net investment income 1,872 1,709 2,132 174
(b) Net realized gain 16,918 23,020 6,907 4,895
---------------------------------------------------------------
Sub-Total 68,847 395,473 373,570 138,113 151,706
Less: Cost of investments disposed during the period 5,219 16,415 1,979 2,153 5,974
---------------------------------------------------------------
Total cost of investments at end of period 63,628 379,058 371,591 135,960 145,732
Add: Unrealized appreciation 1,942 31,851 74,376 13,322 20,892
---------------------------------------------------------------
Total market value of investments at end of period $65,570 $410,909 $445,967 $149,282 $166,624
===============================================================
<CAPTION>
Bond and Equity Inter- Emerging
Income Index national Markets
--------------------------------------------------
<S> <C> <C> <C> <C>
Total cost of investments at beginning of period $47,502 $216,952 $287,047 $29,189
Add: Total proceeds from sales of units net of M&E charges 12,162 119,046 132,405 66,067
Reinvested distributions from the Fund:
(a) Net investment income 1,763 2,686 1,500
(b) Net realized gain 760 12,353 7,843
--------------------------------------------------
Sub-Total 62,187 351,037 428,795 95,256
Less: Cost of investments disposed during the period 2,349 12,344 24,060 28,427
--------------------------------------------------
Total cost of investments at end of period 59,838 338,693 404,735 66,829
Add: Unrealized appreciation (depreciation) (1,201) 70,788 83,061 5,910
--------------------------------------------------
Total market value of investments at end of period $58,637 $409,481 $487,796 $72,739
==================================================
</TABLE>
B-10
