<PAGE>
ANNUAL REPORT
. Pacific Corinthian Variable Separate Account of
Pacific Corinthian Life Insurance Company
[LOGO OF PACIFIC CORINTHIAN VARIABLE ANNUITY APPEARS HERE]
Pacific Corinthian Life Insurance Company
<PAGE>
Dear Pacific Corinthian Variable Annuity Contract Owner:
We are pleased to share with you the Annual Report for the Pacific
Corinthian Variable Annuity Separate Account ("Separate Account") of Pacific
Corinthian Life Insurance Company ("Pacific Corinthian") for the year ended
December 31, 1995 together with the 1995 Annual Report for the Pacific Select
Fund underlying the Contract.
The Separate Account supports the Pacific Corinthian Variable Annuity
Contract ("the Contract") from Pacific Corinthian. During 1995 there were
eleven Variable Accounts and a Fixed Account. As a reminder, the assets of the
Separate Account are held for the exclusive benefit of Contract Owners who have
an interest in the Variable Accounts and are not subject to other liabilities of
Pacific Corinthian. On December 31, 1994 the assets of the series of the Pacific
Corinthian Variable Fund were acquired by the Pacific Select Fund in exchange
for shares of the Pacific Select Fund. Pacific Select Fund is now the underlying
investment vehicle for the Separate Account. Pacific Mutual serves as Investment
Advisor to the Pacific Select Fund.
The total returns for 1995 for each Variable Account and the relevant
indexes are as follows:
<TABLE>
<CAPTION>
Total Return1(1)
01/01/95
12/31/95
--------
<S> <C>
Variable Account I (Money Market) ...................... 4.28%
Variable Account II (Equity) ........................... 22.32%
Variable Account III (Bond & Income) ................... 32.11%
Variable Account IV (Government Securities) ............ 17.28%
Variable Account VII (Equity Income) ................... 30.06%
Variable Account IX (Multi-Strategy) ................... 23.75%
Variable Account X (Managed Bond) 1/20/95*.............. 17.64%**
Variable Account XI (High Yield Bond) 2/03/95*.......... 16.64%**
Variable Account XII (Equity Index) 1/20/95*............ 35.21%**
Variable Account XIII (International) 1/19/95*.......... 10.85%**
Variable Account XIV (Growth LT) 1/20/95*............... 32.24%**
Index (Variable Account)
------------------------
Lehman Brothers Government Bond Index .................. 18.33%
(Government Securities)
Lehman Brothers Government Corporate Bond Index ........ 19.24%
(High Yield Bond, Managed Bond and Multi-Strategy)
Morgan Stanley Capital International Europe Australia
and Far East Index .................................... 11.21%
(International)
Salomon Brothers High Grade LT Index ................... 27.20%
(Bond & Income)
Standard & Poor's 500 Index ............................ 37.58%
(Money Market, Equity, Equity Income,
Equity Index, Growth LT, and Multi-Strategy)
</TABLE>
If you have any questions about your Contract, your Financial Consultant
will be pleased to help you, or call us at Pacific Corinthian at 800-735-5535.
Sincerely,
Marilee Roller
President, Pacific Corinthian Life Insurance Company
____________________
* Date Variable Account commenced operations.
** Annualized
(1) The total returns includes deductions for expenses incurred by the Separate
Account. The total returns do not include the $30 Contract Maintenance
Charges or any applicable surrender charges and are based on the 1995
performance of the Pacific Select Fund.
B-1
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Board of Directors
Pacific Corinthian Life Insurance Company
We have audited the accompanying statements of assets and liabilities of the
Pacific Corinthian Variable Separate Account (comprised of Variable Accounts I,
II, III, IV, VII, X, XI, XII, XIII and XIV as of December 31, 1995 and the
related statements of operations for the year then ended and the statements of
changes in net assets for each of the two years then ended (as to Variable
Accounts V and VIII the year ended December 31, 1994). These financial
statements are the responsibility of the Separate Account'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 each of the respective Variable
Accounts constituting the Pacific Corinthian Variable Separate Account as of
December 31, 1995 and the results of their operations for the year then ended
and the changes in their net assets for each of the two years then ended, in
conformity with generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Costa Mesa, California
February 16, 1996
B-2
<PAGE>
PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT
STATEMENTS OF ASSETS & LIABILITIES
DECEMBER 31, 1995
(In thousands)
<TABLE>
<CAPTION>
Variable Variable Variable Variable Variable Variable
Account I Account II Account III Account IV Account VII Account IX
--------- ---------- ----------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments in Pacific Select Fund:
Money Market (594 shares; cost $5,954) ............. $ 5,946
Equity (4,513 shares; cost $58,990) ................ $ 79,038
Bond and Income (2,958 shares; cost $34,509) ....... $ 38,497
Government Securities (184 shares; cost $1,876) .... $ 1,999
Equity Income (1,136 shares; cost $15,443) ......... $ 20,685
Multi-Strategy (1,308 shares; cost $15,318) ........ $ 18,579
Managed Bond (11 shares; cost $116) ................
High Yield Bond (8 shares; cost $75) ...............
Equity Index (17 shares; cost $277) ................
International (27 shares; cost $333) ...............
Growth LT (58 shares; cost $722) ...................
Receivables:
Due from Pacific Corinthian Life Insurance Co ...... 21
Fund shares redeemed ............................... 21 16
--------- --------- --------- --------- --------- ---------
TOTAL ASSETS .......................................... 5,967 79,038 38,497 1,999 20,706 18,595
--------- --------- --------- --------- --------- ---------
LIABILITIES
Payables:
Due to Pacific Corinthian Life Insurance Co ........ 21 16
Fund shares purchased .............................. 21
Other Liabilities .................................. 37 799 426 12 262 89
--------- --------- --------- --------- --------- ---------
TOTAL LIABILITIES ..................................... 58 799 426 12 283 105
--------- --------- --------- --------- --------- ---------
NET ASSETS ............................................ $ 5,909 $ 78,239 $ 38,071 $ 1,987 $ 20,423 $ 18,490
========= ========= ========= ========= ========= =========
<CAPTION>
Variable Variable Variable Variable Variable
Account X Account XI Account XII Account XIII Account XIV
--------- ---------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments in Pacific Select Fund:
Money Market (594 shares; cost $5,954) .............
Equity (4,513 shares; cost $58,990) ................
Bond and Income (2,958 shares; cost $34,509) .......
Government Securities (184 shares; cost $1,876) ....
Equity Income (1,136 shares; cost $15,443) .........
Multi-Strategy (1,308 shares; cost $15,318) ........
Managed Bond (11 shares; cost $116) ................ $ 125
High Yield Bond (8 shares; cost $75) ............... $ 78
Equity Index (17 shares; cost $277) ................ $ 300
International (27 shares; cost $333) ............... $ 353
Growth LT (58 shares; cost $722) ................... $ 814
Receivables:
Due from Pacific Corinthian Life Insurance Co ......
Fund shares redeemed ...............................
--------- --------- --------- --------- ---------
TOTAL ASSETS .......................................... 125 78 300 353 814
--------- --------- --------- --------- ---------
LIABILITIES
Payables:
Due to Pacific Corinthian Life Insurance Co ........
Fund shares purchased ..............................
Other Liabilities .................................. 1 1 3 6
--------- --------- --------- --------- ---------
TOTAL LIABILITIES ..................................... 1 1 3 6
--------- --------- --------- --------- ---------
NET ASSETS ............................................ $ 124 $ 78 $ 299 $ 350 $ 808
========= ========= ========= ========= =========
</TABLE>
See Notes to Financial Statements.
B-3
<PAGE>
PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 1995
(In thousands)
<TABLE>
<CAPTION>
Variable Variable Variable Variable Variable Variable
Account I Account II Account III Account VI Account VII Account IX
--------- ---------- ----------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Income
Dividends......................................... $ 361 $ 282 $ 2,507 $ 115 $ 341 $ 638
--------- ---------- ----------- ---------- ----------- ----------
Total Income.................................... 361 282 2,507 115 341 638
--------- ---------- ----------- ---------- ----------- ----------
Expenses:
Mortality and Expense Risk Fees................... 82 919 437 25 249 223
Recordkeeping Fees................................ 2 2 2 2 2 2
Other Operating Expenses.......................... 1 10 5 1 3 3
--------- ---------- ----------- ---------- ----------- ----------
Total Expenses before Reimbursement............. 85 931 444 28 254 228
Expense Reimbursement in Excess of
Allowable Expenses..............................
--------- ---------- ----------- ---------- ----------- ----------
Total Expenses................................ 85 931 444 28 254 228
--------- ---------- ----------- ---------- ----------- ----------
NET INVESTMENT INCOME (LOSS)........................ 276 (649) 2,063 87 87 410
--------- ---------- ----------- ---------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net Realized Gain............................... 20 2,053 95 10 1,312 491
Net Unrealized Gain (Loss)...................... (8) 14,129 7,961 245 4,148 3,117
--------- ---------- ----------- ---------- ----------- ----------
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS.................................... 12 16,182 8,056 255 5,460 3,608
--------- ---------- ----------- ---------- ----------- ----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS......................... $ 288 $ 15,533 $ 10,119 $ 342 $ 5,547 $ 4,018
========= ========== =========== ========== =========== ==========
<CAPTION>
Variable Variable Variable Variable Variable
Account X Account XI Account XII Account XIII Account XIV
--------- ---------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Income
Dividends......................................... $ 7 $ 5 $ 2 $ 7 $ 55
-------- -------- -------- -------- --------
Total Income.................................... 7 5 2 7 55
-------- -------- -------- -------- --------
Expenses:
Mortality and Expense Risk Fees................... 2 1 1 2 6
Recordkeeping Fees................................ 2 2 2 2 2
Other Operating Expenses..........................
-------- -------- -------- -------- --------
Total Expenses before Reimbursement............. 4 3 3 4 8
Expense Reimbursement in Excess of
Allowable Expenses.............................. (2) (2) (2) (1) (1)
-------- -------- -------- -------- --------
Total Expenses................................ 2 1 1 3 7
-------- -------- -------- -------- --------
NET INVESTMENT INCOME (LOSS)........................ 5 4 1 4 48
-------- -------- -------- -------- --------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net Realized Gain............................... 3
Net Unrealized Gain (Loss)...................... 9 4 24 19 92
-------- -------- -------- -------- --------
REALIZED AND UNREALIZED GAIN
ON INVESTMENTS.................................... 9 4 24 19 95
-------- -------- -------- -------- --------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS......................... $ 14 $ 8 $ 25 $ 23 $ 143
======== ======== ======== ======== ========
</TABLE>
See Notes to Financial Statements.
B-4
<PAGE>
PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1995
(In thousands)
<TABLE>
<CAPTION>
Variable Variable Variable Variable Variable Variable
Account I Account II Account III Account IV Account VII Account IX
--------- ---------- ----------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss)........... $ 276 $ (649) $ 2,063 $ 87 $ 87 $ 410
Net Realized Gain on Investments....... 20 2,053 95 10 1,312 491
Net Unrealized Gain
(Loss) on Investments................. (8) 14,129 7,961 245 4,148 3,117
--------- ---------- --------- -------- ---------- ---------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS............... 288 15,533 10,119 342 5,547 4,018
--------- ---------- --------- -------- ---------- ---------
FROM ACCOUNT TRANSACTIONS:
Transfers in........................... 1,391 797 244 146 288 161
Transfers out.......................... (3,927) (10,979) (6,230) (756) (6,835) (5,356)
--------- ---------- --------- -------- ---------- ---------
NET INCREASE (DECREASE) IN NET
ASSETS FROM ACCOUNT TRANSACTIONS........ (2,536) (10,182) (5,986) (610) (6,547) (5,195)
--------- ---------- --------- -------- ---------- ---------
NET INCREASE (DECREASE) IN
NET ASSETS.............................. (2,248) 5,351 4,133 (268) (1,000) (1,177)
NET ASSETS
Beginning of period.................... 8,157 72,888 33,938 2,255 21,423 19,667
--------- ---------- --------- -------- ---------- ---------
End of period.......................... $ 5,909 $ 78,239 $ 38,071 $ 1,987 $ 20,423 $ 18,490
========= ========== ========= ======== ========== =========
<CAPTION>
Variable Variable Variable Variable Variable
Account X Account XI Account XII Account XIII Account XIV
--------- ---------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income (Loss)........... $ 5 $ 4 $ 1 $ 4 $ 48
Net Realized Gain on Investments....... 3
Net Unrealized Gain
(Loss) on Investments................. 9 4 24 19 92
--------- --------- ------- ------- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS............... 14 8 25 23 143
--------- --------- ------- ------- -------
FROM ACCOUNT TRANSACTIONS:
Transfers in........................... 110 70 283 390 686
Transfers out.......................... (9) (63) (21)
--------- --------- ------- ------- -------
NET INCREASE (DECREASE) IN
NET ASSETS FROM ACCOUNT
TRANSACTIONS............................ 110 70 274 327 665
--------- --------- ------- ------- -------
NET INCREASE (DECREASE) IN
NET ASSETS.............................. 124 78 299 350 808
NET ASSETS
Beginning of period....................
--------- --------- -------- -------- -------
End of period.......................... $ 124 $ 78 $ 299 $ 350 $ 808
========= ========= ======== ======= =======
</TABLE>
See Notes to Financial Statements.
B-5
<PAGE>
PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE YEAR ENDED DECEMBER 31, 1994
(In thousands)
<TABLE>
<CAPTION>
Variable Variable Variable Variable Variable Variable Variable Variable
Account I Account II Account III Account IV Account V Account VII Account VIII Account IX
--------- ---------- ----------- ---------- --------- ----------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FROM OPERATIONS:
Net Investment Income ....... $ 162 $ 780 $ 4,682 $ 122 $ 11 $ 229 $ 88 $ 333
Net Realized Gain (Loss)
on Investments ............. 663 (68) 1 26 (7) 391 192
Net Unrealized Loss on
Investments ................ (4,702) (8,554) (194) (87) (995) (1,374) (1,212)
--------- ---------- ----------- ---------- --------- ----------- ------------ ----------
NET INCREASE (DECREASE) IN NET
ASSETS FROM RESULTING FROM
OPERATIONS ................... 162 (3,259) (3,940) (71) (50) (773) (895) (687)
--------- ---------- ----------- ---------- --------- ----------- ------------ ----------
FROM ACCOUNT TRANSACTIONS:
Transfers in ................ 2,785 1,272 461 160 517 16,011 438 243
Transfers out ............... (3,865) (9,725) (5,749) (460) (3,209) (1,413) (15,058) (4,560)
--------- ---------- ----------- ---------- --------- ----------- ------------ ----------
NET INCREASE (DECREASE) IN NET
ASSETS FROM ACCOUNT
TRANSACTIONS ................. (1,080) (8,453) (5,288) (300) (2,692) 14,598 (14,620) (4,317)
--------- ---------- ----------- ---------- --------- ----------- ------------ ----------
NET INCREASE (DECREASE) IN NET
ASSETS ...................... (918) (11,712) (9,228) (371) (2,742) 13,825 (15,515) (5,004)
NET ASSETS
Beginning of year ........... 9075 84,600 43,166 2,626 2,742 7,598 15,515 24,671
--------- ---------- ----------- ---------- --------- ----------- ------------ ----------
End of year ................. $ 8,157 $ 72,888 $ 33,938 $ 2,255 $ 0 $ 21,423 $ 0 $ 19,667
========= ========== =========== ========== ========= =========== ============ ==========
</TABLE>
See Notes to Financial Statements.
B-6
<PAGE>
PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
1. Organization:
Pacific Corinthian Variable Separate Account of Pacific Corinthian Life
Insurance Company (the "Separate Account"), is a separate investment account
established by a resolution of the Board of Directors of Pacific Corinthian Life
Insurance Company (the "Company").
The Separate Account held by The Company represents funds from individual
flexible premium deferred annuity and variable accumulation contracts.
On December 31, 1994 under an Agreement and Plan of Reorganization
("Agreement") the Pacific Select Fund (the "Fund") acquired substantially all
the assets of each of the series of the Pacific Corinthian Variable Fund
("Corinthian Fund") in exchange for beneficial interest in the Fund and assumed
certain identified liabilities of the Corinthian Fund.
The Separate Account which operates as a unit investment trust under the
Investment Company Act of 1940, as amended, is divided into subaccounts
("Variable Accounts"). Each Variable Account invests in shares of a designated
Portfolio of the Pacific Select Fund, a mutual fund not otherwise issued to the
public, as follows:
Variable Account Portfolios
---------------- ----------
Variable Account I Money Market Portfolio
Variable Account II Equity Portfolio
Variable Account III Bond and Income Portfolio
Variable Account IV Government Securities Portfolio
Variable Account VII Equity Income Portfolio
Variable Account IX Multi-Strategy Portfolio
Variable Account X ** Managed Bond Portfolio
Variable Account XI ** High Yield Bond Portfolio
Variable Account XII ** Equity Index Portfolio
Variable Account XIII ** International Portfolio
Variable Account XIV ** Growth LT Portfolio
Any Contract Owner who held units in Variable Account V or VIII on
December 30, 1994 received units in Variable Account VII in exchange for their
units held in their respective Variable Accounts. Variable Accounts V and VIII
were closed on December 31, 1994 in conjunction with the Agreement.
The Company, a subsidiary of Pacific Mutual Life Insurance Company ("Pacific
Mutual"), is a stock life insurance company organized under the laws of the
State of California.
The Company was formed to rehabilitate First Capital Life Insurance Company
under a five year rehabilitation plan ("the Plan"). The Plan required all
Contract Owners to make an election to either surrender their Contract or
continue as Contract Owners and consent to the assumption and reinsurance by the
Company.
The Plan does not allow the Company to accept new premiums nor does it allow
Contract Owners to transfer from any of the Variable Accounts to the Fixed
Account, or from the Fixed Account to any of the Variable Accounts. Transfers
continue to be permitted among the Variable Accounts. The Plan had no impact
upon the operations or unit values of the Separate Account.
- -----------
** Accounts established in conjunction with the Agreement.
B-7
<PAGE>
PACIFIC CORINTHIAN VARIABLE SEPARATE ACCOUNT
NOTES TO FINANCIAL STATEMENTS (Continued)
2. Significant Accounting Policies:
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. Investment Valuation:
Investments in shares of the Fund are valued at the reported net asset
values of the respective portfolio.
B. Reinvestment of Dividends:
Dividends received from net investment income and net realized capital
gains are reinvested in additional shares of the portfolio of the Fund making
the distribution or, at the election of the Separate Account, are received in
cash. Dividend income and capital gain distributions are recorded as income on
the ex-dividend date.
C. Federal Income Taxes:
Operations of the Separate Account form a part of the Company, which
is taxed as a "life insurance company" under the Internal Revenue Code (the
"Code"). Under current law, no Federal income taxes are payable with respect to
the Separate Account.
Under the principles set forth in Internal Revenue Service Revenue
Ruling 81-225 and section 817(h) of the Code and regulations thereunder, the
Company believes that it will be treated as the owner of the assets invested in
the Separate Account for Federal income tax purposes, with the result that
earnings and gains, if any, derived from those assets will not be included in a
Contract Owner's gross income until amounts are withdrawn or received pursuant
to an Optional Payment Plan.
3. Contract Charges:
A contingent deferred sales charge may be deducted upon partial or
complete withdrawal or upon annuitization of a contract.
An annual contract maintenance charge of $30 is imposed on all contracts
on December 31 of each year. The charge covers the cost of contract
administration for the following year and is apportioned equally among the
accounts to which the Contract Value is allocated.
Mortality and expense risks assumed by the Company are compensated by
a charge equivalent to an annual rate of 1.19% of the value of each Variable
Account's net assets of which approximately 1.00% is for assuming mortality
risks and 0.19% is for assuming expense risks.
In addition, the Separate Account bears certain of its operating
expenses, subject to the Company guarantee that such expenses will not exceed
0.25% of any Variable Account's average daily net assets annually. The Company
further guarantees that the ordinary operating expenses of a Variable Account
together with the operating expenses incurred by its underlying Fund Portfolio,
exclusive of advisory and management fees, interest, taxes, brokerage
commissions, transaction costs or extraordinary expenses, will not exceed 0.6%
of average daily net assets annually after consideration for any adjustment by
the Fund's Investment Adviser for Fund expenses in excess of state expense
limitations, except that additional custodial costs associated with holding
foreign securities and foreign taxes on dividends, interests and gains will also
be excluded with respect to the underlying International Portfolio of the Fund.
B-8
<PAGE>
4. Selected Accumulation Unit** Information
Selected accumulation unit information for the year ended December 31,
1995 were as follows:
<TABLE>
<CAPTION>
Variable Variable Variable Variable Variable Variable
Account I Account II Account III Account IV Account VII Account IX
--------- ---------- ----------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
ACCUMULATION UNIT
VALUE:
Beginning $ 1.681 $ 3.366 $ 2.996 $ 1.538 $ 1.338 $ 1.355
========= ========== =========== ========== =========== ==========
Ending $ 1.753 $ 4.117 $ 3.958 $ 1.804 $ 1.740 $ 1.677
========= ========== =========== ========== =========== ==========
Number of Units Outstanding at
End of period 3,371,947 19,004,171 9,619,803 1,101,310 11,737,786 11,026,979
<CAPTION>
Variable Variable Variable Variable Variable
Account X Account XI Account XII Account XIII Account XIV
--------- ---------- ----------- ------------ -----------
1/20/95* 2/03/95* 1/20/95* 1/19/95* 1/20/95*
<S> <C> <C> <C> <C> <C>
ACCUMULATION UNIT
VALUE:
Beginning $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
========== ========= ========== ========== ==========
Ending $ 1.167 $ 1.151 $ 1.334 $ 1.103 $ 1.306
========== ========= ========== ========== ==========
Number of Units Outstanding at
End of period 106,463 67,350 224,355 316,969 619,020
</TABLE>
- -----------
* Date Variable Account began operations.
** Accumulation Unit: unit of measure used to calculate the value of a
Contract Owner's interest in a Variable Account during the Accumulated
Period.
B-9
