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Previous: MAXUS LAUREATE FUND, NSAR-A, 1997-08-28 |
Next: ESQUIRE COMMUNICATIONS LTD, 8-K/A, 1997-08-28 |
[GRAPHIC OMITTED]
Select*Life VARIABLE ACCOUNT
SEMI-ANNUAL REPORT
FOR THE PERIOD ENDED
JUNE 30, 1997
(UNAUDITED)
This report provides information to ReliaStar Life Insurance Company's
Select*Life Policy Owners. If it is used for any other purpose, it must be
accompanied or preceded by a current ReliaStar Select*Life Variable Account
Prospectus which discloses any charges and other important information about the
Account, together with the current Prospectuses for Northstar, Fidelity's
Variable Insurance Products Fund (VIP), Variable Insurance Products Fund II (VIP
II) and Putnam Variable Trust.
<TABLE>
<CAPTION>
Select*Life VARIABLE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1997
(In Thousands, Except Share and Unit Data)
(UNAUDITED)
FIDELITY'S VIP FIDELITY'S VIP FIDELITY'S VIP FIDELITY'S VIP
MONEY MARKET HIGH INCOME EQUITY-INCOME GROWTH
ASSETS: PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------- --------- --------- --------- ---------
<S> <C> <C> <C> <C>
Investments in mutual funds at market value:
FIDELITY'S VIP AND VIP II:
Money Market Portfolio
10,906,709 shares (cost $10,907) $10,907
High Income Portfolio
1,381,012 shares (cost $15,815) $17,166
Equity-Income Portfolio
3,280,149 shares (cost $54,406) $72,360
Growth Portfolio
2,724,136 shares (cost $66,547) $93,165
Overseas Portfolio
1,453,769 shares (cost $24,075)
Asset Manager Portfolio
1,980,697 shares (cost $29,172)
Investment Grade Bond Portfolio
288,824 shares (cost $3,365)
Index 500 Portfolio
135,438 shares (cost $11,209)
Contrafund Portfolio
918,179 shares (cost $14,084)
PUTNAM VARIABLE TRUST:
Putnam VT Diversified Income Fund
149,900 shares (cost $1,602)
Putnam VT Growth and Income Fund
680,988 shares (cost $15,301)
Putnam VT Utilities Growth and Income Fund
131,047 shares (cost $1,695)
Putnam VT Voyager Fund
1,170,864 shares (cost $35,010)
Putnam VT Asia Pacific Growth Fund
201,415 shares (cost $2,153)
Putnam VT New Opportunities Fund
876,576 shares (cost $15,105)
NORTHSTAR'S:
Income and Growth Fund
72,049 shares (cost $855)
Multi-Sector Bond Fund
73,241 shares (cost $381)
---------- ---------- ---------- ----------
Total Assets $10,907 $17,166 $72,360 $93,165
========== ========= ========== ==========
LIABILITIES AND POLICYOWNERS' EQUITY:
Due to ReliaStar Life Insurance Company
for accrued mortality and expense risk: $1 $8 $30 $42
Policyowners' Equity: 10,906 17,158 72,330 93,123
---------- ---------- ---------- ----------
Total Liabilities and Policyowners' Equity $10,907 $17,166 $72,360 $93,165
========== ========= ========== ==========
Units Outstanding: 905,951.065 874,817.071 2,874,813.278 3,771,706.078
Net Asset Value per Unit:
Select*Life I $16.247809 $27.527545 $31.982454 $33.441647
Select*Life Series 2000 $11.939944 $14.462341 $19.152753 $17.663198
</TABLE>
The accompanying notes are an integral part of the financial statements.
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
(UNAUDITED)
FIDELITY'S VIP II
FIDELITY'S VIP FIDELITY'S VIP II INVESTMENT FIDELITY'S VIP II FIDELITY'S VIP II
OVERSEAS ASSET MANAGER GRADE BOND INDEX 500 CONTRAFUND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C>
$29,134
$32,880
$3,420
$14,034
$16,463
---------- ---------- ---------- ---------- ----------
$29,134 $32,880 $3,420 $14,034 $16,463
========== ========= ========== ========== ==========
$10 $13 $1 $4 $-
29,124 32,867 3,419 14,030 16,463
---------- ---------- ---------- ---------- ----------
$29,134 $32,880 $3,420 $14,034 $16,463
========== ========= ========== ========== ==========
1,700,476.614 1,965,801.774 259,877.697 682,001.586 996,926.350
$21.029374 $19.688067 $14.990182 $21.221086 $-
$14.575714 $13.898501 $11.957852 $20.424815 $16.540851
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
Select*Life VARIABLE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
June 30, 1997
(In Thousands, Except Share and Unit Data)
(UNAUDITED)
PUTNAM VT PUTNAM VT PUTNAM VT
DIVERSIFIED GROWTH AND UTILITIES GROWTH PUTNAM VT
INCOME INCOME AND INCOME VOYAGER
ASSETS: FUND FUND FUND FUND
- ------- ---- ---- ---- ----
<S> <C> <C> <C> <C>
Investments in mutual funds at market value:
FIDELITY'S VIP AND VIP II:
Money Market Portfolio
10,906,709 shares (cost $10,907)
High Income Portfolio
1,381,012 shares (cost $15,815)
Equity-Income Portfolio
3,280,149 shares (cost $54,406)
Growth Portfolio
2,724,136 shares (cost $66,547)
Overseas Portfolio
1,453,769 shares (cost $24,075)
Asset Manager Portfolio
1,980,697 shares (cost $29,172)
Investment Grade Bond Portfolio
288,824 shares (cost $3,365)
Index 500 Portfolio
135,438 shares (cost $11,209)
Contrafund Portfolio
918,179 shares (cost $14,084)
PUTNAM VARIABLE TRUST:
Putnam VT Diversified Income Fund
149,900 shares (cost $1,602) $1,616
Putnam VT Growth and Income Fund
680,988 shares (cost $15,301) $17,985
Putnam VT Utilities Growth and Income Fund
131,047 shares (cost $1,695) $1,888
Putnam VT Voyager Fund
1,170,864 shares (cost $35,010) $40,348
Putnam VT Asia Pacific Growth Fund
201,415 shares (cost $2,153)
Putnam VT New Opportunities Fund
876,576 shares (cost $15,105)
NORTHSTAR'S:
Income and Growth Fund
72,049 shares (cost $855)
Multi-Sector Bond Fund
73,241 shares (cost $381)
---------- ---------- ---------- ----------
Total Assets $1,616 $17,985 $1,888 $40,348
========== ========= ========= ==========
LIABILITIES AND POLICYOWNERS' EQUITY:
Due to ReliaStar Life Insurance Company
for accrued mortality and expense risks: $- $1 $- $3
Policyowners' Equity: 1,616 17,984 1,888 40,345
---------- ---------- ---------- ----------
Total Liabilities and Policyowners' Equity $1,616 $17,985 $1,888 $40,348
========== ========= ========= ==========
Units Outstanding: 126,903.995 927,543.981 122,610.169 2,232,456.337
Net Asset Value per Unit:
Select*Life I $12.841247 $19.222576 $15.511160 $18.245421
Select*Life Series 2000 $12.667739 $19.320646 $15.261931 $18.041831
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES, CO
(UNAUDITED)
PUTNAM VT PUTNAM VT NORTHSTAR'S
ASIA PACIFIC NEW INCOME NORTHSTAR'S
GROWTH OPPORTUNITIES AND GROWTH MULTI-SECTOR BOND
FUND FUND FUND FUND TOTAL
---- ---- ---- ---- -----
<S> <C> <C> <C> <C> <C>
$10,907
17,166
72,360
93,165
29,134
32,880
3,420
14,034
16,463
1,616
17,985
1,888
40,348
$2,318 2,318
$16,611 16,611
$904 904
$382 382
---------- ---------- ---------- ---------- ----------
$2,318 $16,611 $904 $382 $371,581
========== ========== ========= ========== ========
$- $3 $- $- $116
2,318 16,608 904 382 371,465
---------- ---------- ---------- ---------- ----------
$2,318 $16,611 $904 $382 $371,581
========== ========== ========= ========== ========
193,588.489 1,015,275.796 59,474.810 27,496.920
$- $- $- $-
$11.917184 $16.336197 $15.105638 $13.586101
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
Select*Life VARIABLE ACCOUNT
STATEMENT OF OPERATIONS AND CHANGES
IN POLICYOWNERS' EQUITY
(In Thousands)
(UNAUDITED)
PERIOD ENDED YEAR ENDED YEAR ENDED
JUNE 30, DECEMBER 31, DECEMBER 31
1997 1996 1995
--------------- ----------- -----------
Net investment income:
<S> <C> <C> <C>
Reinvested dividend income ............... $7,486 $2,990 $ 2,259
Reinvested capital gains ................. 12,187 8,110 1,456
Mortality and expense risk charge ....... (1,230) (1,935) (1,186)
--------- --------- ---------
Net investment income and capital gains 18,443 9,165 2,529
--------- --------- ---------
Realized and unrealized gains:
Net realized gains on
redemptions of fund shares ............. 1,757 3,085 1,345
Increase in unrealized
appreciation of investments ............ 19,940 15,731 27,857
--------- --------- ---------
Net realized and unrealized gains ..... 21,697 18,816 29,202
--------- --------- ---------
Net additions from operations ..... 40,140 27,981 31,731
--------- --------- ---------
Policyowner transactions:
Net premium payments ..................... 65,668 108,108 66,506
Transfers (to) from Fixed Accounts ....... (1) 95 (401)
Policy loans ............................. (1,859) (2,266) (1,582)
Loan collateral interest crediting ....... 124 174 101
Surrenders ............................... (3,925) (5,080) (3,576)
Death benefits ........................... (420) (203) (220)
Cost of insurance charges ................ (12,367) (19,202) (12,860)
Death benefit guarantee charges .......... (221) (459) (488)
Monthly expense charges .................. (1,947) (2,932) (1,831)
--------- --------- ---------
Net additions for policyowner transactions 45,052 78,235 45,649
--------- --------- ---------
Net additions for the period....... 85,192 106,216 77,380
Policyowners' Equity, beginning of the year 286,273 180,057 102,677
--------- --------- ---------
Policyowners' Equity, end of the period .... $371,465 $286,273 $180,057
======== ======== ========
The accompanying notes are an integral part of the financial statements.
</TABLE>
Select*Life VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
ORGANIZATION AND CONTRACTS:
ReliaStar Select*Life Variable Account (the "Account") is a separate account of
ReliaStar Life Insurance Company ("ReliaStar Life"), a wholly owned subsidiary
of ReliaStar Financial Corp (formerly The NWNL Companies, Inc.). The Account is
registered as a unit investment trust under the Investment Company Act of 1940.
Payments received under the contracts are allocated to Sub-Accounts of the
Account, each of which invested in one of the Funds listed below during the
year:
<TABLE>
<CAPTION>
FIDELITY'S VIP AND VIP II: PUTNAM VARIABLE TRUST: NORTHSTAR FUNDS:
-------------------------- ---------------------- ----------------
<S> <C> <C>
Money Market Portfolio Putnam VT Diversified Income Fund Income and Growth Fund
High Income Portfolio Putnam VT Growth and Income Fund Multi-Sector Bond Fund
Equity-Income Portfolio Putnam VT Utilities Growth and Income Fund
Growth Portfolio Putnam VT Voyager Fund
Overseas Portfolio Putnam VT Asia Pacific Growth Fund
Asset Manager Portfolio Putnam VT New Opportunities Fund
Investment Grade Bond Portfolio
Index 500 Portfolio
Contrafund Portfolio
</TABLE>
Northstar Investment Management Corporation, an affiliate of ReliaStar Life, is
the investment adviser for the two Northstar Funds and is paid fees for its
services by the Northstar Funds. Fidelity Management & Research Company is the
investment adviser for Fidelity's VIP and VIP II and is paid for its services by
the VIP and VIP II Portfolios. Putnam Investment Management, Inc. is the
investment adviser for Putnam Variable Trust and is paid fees for its services
by the Putnam Variable Trust. On May 3, 1993, ReliaStar Life added the
Sub-Account investing in the VIP II Index 500 Portfolio. On January 1, 1994,
Sub-Accounts investing in Putnam VT Diversified Income Fund, Putnam VT Growth
and Income Fund, Putnam VT Utilities Growth and Income Fund and Putnam VT
Voyager Fund were made available through the Select*Life Series 2000 policies
and on May 2, 1994, Sub-Accounts investing in these Putnam Variable Trust Funds
were made available to Select*Life I policies. On December 30, 1994,
Sub-Accounts investing in the Northstar Funds were made available to Select*Life
Series 2000 policies. On April 30, 1995 Sub-Accounts investing in the VIP II
Contrafund Portfolio, Putnam VT Asia Pacific Growth Fund and Putnam VT New
Opportunities Fund were made available to Select*Life Series 2000 policies.
SECURITIES VALUATION AND TRANSACTIONS:
The market value of investments in the Sub-Accounts is based on the closing net
asset values of the Fund shares held at the end of the period. Investment
transactions are accounted for on the trade date (date the order to purchase or
redeem is executed) and dividend income and capital distributions are recorded
on the ex-dividend date. Net realized gains and losses on redemptions of shares
of the Funds are determined on the basis of specific identification of Fund
share costs. Net investment income and realized and unrealized gain (loss) on
investments of each Sub-Account are allocated to the Policies on each valuation
date based on each policy's pro-rata share of the net assets of each Sub-Account
as of the beginning of the valuation period.
2. FEDERAL INCOME TAXES:
Under current tax law, the income, gains and losses from the separate account
investments are not taxable to either the Account or ReliaStar Life.
3. POLICY CHARGES:
Certain charges are made by ReliaStar Life to Policyowners' Variable
Accumulation Values in the Account in accordance with the terms of the Policies.
These charges may include: Cost of Insurance, computed as set forth in the
Policies; a Monthly Expense Charge as set forth in the Policies: Death Benefit
Guarantee Charge; Optional Insurance benefit charges based upon the policy terms
for optional benefits; and Surrender Charges and Sales Charge Refunds, as set
forth in the Policies.
4. RELIASTAR LIFE'S SELECT FUNDS:
On May 1, 1995, Select Capital Growth Fund, Inc. ("SCG") and Select Managed
Fund, Inc. ("SMF") were liquidated, and Policy Owners' values in the
Sub-Accounts investing in SCG and SMF were transferred to the Sub-Accounts
investing in shares of the VIP Growth Portfolio and VIP II Asset Manager
Portfolio, respectively.
5. INVESTMENTS:
The net realized gains (losses) on redemptions of fund shares during the period
ended June 30, 1997 and the years ended December 31, 1996 and 1995 were as
follows, (in thousands):
<TABLE>
<CAPTION>
SELELCT CAPITAL
GROWTH
TOTAL FUND, INC.
------------------------------------------------- ------------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $9,847 $19,497 $18,128 $- $- $2,470
Cost ............... 8,090 16,412 16,783 - - 2,608
----------- ----------- ----------- ----------- ----------- -----------
Net realized gains
(losses) on
redemptions of
fund shares ..... $1,757 $3,085 $ 1,345 $- $- ($138)
========== ============ =========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
SELECTED FIDELITY' VIP
MANAGED MONEY MARKET
FUND, INC. PORTFOLIO
- ----------------------------------------------------- -----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
$- $- $4,660 $4,061 $7,266 $2,499
- - 4,677 4,061 7,266 2,499
----------- ----------- ----------- ----------- ----------- -----------
$- $- ($17) $- $- $ -
========== ============ =========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP FIDELITY'S VIP
HIGH INCOME EQUITY INCOME
PORTFOLIO PORTFOLIO
---------------------------------------------- -----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $855 $1,328 $1,149 $1,261 $2,160 $1,111
Cost ............... 768 1,166 947 693 1,348 821
----------- ----------- ----------- ----------- ----------- -----------
Net realized gains
on redemptions of
fund shares ...... $87 $162 $202 $568 $812 $290
========== ============ =========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP FIDELITY'S VIP
GROWTH OVERSEAS
PORTFOLIO PORTFOLIO
------------------------------------------------ -----------------------------------------------
<S> <C> <C> <C> <C> <C>
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
$961 $2,114 $967 $728 $1,483 $1,486
403 1,134 538 489 1,129 1,219
----------- ----------- ----------- ----------- ----------- -----------
$558 $980 $429 $239 $354 $ 267
========== ============ =========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP II FIDELITY'S VIP II
ASSET MANAGER INVESTMENT GRADE
PORTFOLIO BOND PORTFOLIO
-------------------------- ---------------------------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $740 $1,703 $2,494 $194 $483 $329
Cost ............... 664 1,534 2,326 189 471 327
----------- ----------- ----------- ----------- ----------- -----------
Net realized gains
on redemptions of
fund shares ...... $76 $169 $168 $5 $12 $2
========== ============ =========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP II FIDELITY'S VIP II
INDEX 500 CONTRAFUND
PORTFOLIO BOND PORTFOLIO
---------------------------------------------- ----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
$82 $261 $208 $122 $235 $92
50 181 168 96 210 79
----------- ----------- ----------- ----------- ----------- -----------
$32 $80 $40 $26 $25 $13
========== ============ =========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM VT PUTNAM VT
DIVERSIFIED INCOME GROWTH AND INCOME
FUND FUND
--------------------------------------------- -----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $134 $293 $40 $233 $464 $102
Cost................ 125 283 38 162 339 85
----------- ----------- ----------- ----------- ----------- -----------
Net realized gains
on redemptions of
fund shares ...... $9 $10 $ 2 $71 $125 $ 17
========== ============ =========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM VT PUTNAM VT
UTILITIES GROWTH AND INCOME VOYAGER
FUND FUND
---------------------------------------------- --------------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
$71 $354 $184 $193 $517 $154
54 283 164 136 348 126
----------- ----------- ----------- ----------- ----------- -----------
$17 $71 $ 20 $57 $169 $ 28
========== ============ =========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM VT PUTNAM VT
ASIA PACIFIC NEW OPPORTUNITIES
GROWTH FUND FUND
----------------------------------------------- ----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $63 $259 $23 $47 $517 $113
Cost ............... 59 245 23 42 418 91
----------- ----------- ----------- ----------- ----------- -----------
Net realized gains
on redemptions of
fund shares ...... $4 $14 $- $5 $99 $ 22
========== ============ =========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S
INCOME AND GROWTH MULTI-SECTOR BOND
FUND FUND
------------------------------------------------- -----------------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
$36 $30 $3 $66 $30 $44
34 28 3 65 29 44
----------- ----------- ----------- ----------- ----------- -----------
$2 $2 $- $1 $1 $-
========== ============ =========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
Select*Life VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
6. POLICYOWNERS' TRANSACTIONS:
Unit transactions in each Sub-Account for the period ended June 30, 1997 and the
years ended December 31, 1996 and 1995 were as follows:
SELECT CAPITAL SELECT
GROWTH MANAGED
FUND, INC. FUND, INC.
--------------------------------------- ---------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of year........... - - 157,399.779 - - 286,168.977
Units purchased ............... - - 9,126.623 - - 12,895.412
Units redeemed ................ - - (7,913.917) - - (10,403.233)
Units transferred between
Sub-Accounts and/or
Fixed Account............... - - (158,612.485) - - (288,661.156)
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of period .............. - - - - - -
=========== =========== =========== =========== ============= ============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP FIDELITY'S VIP FIDELITY'S VIP
MONEY MARKET HIGH INCOME EQUITY-INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------------------- ---------------------------------------- ---------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
654,425.374 454,516.667 240,089.964 773,942.356 577,083.123 397,251.963 2,622,030.390 2,023,713.030 1,463,010.155
503,731.915 680,738.566 409,244.895 168,186.946 307,417.472 262,813.321 423,318.572 931,595.789 749,089.473
(103,239.168) (88,518.792) (51,202.041) (63,418.996) (91,762.343) (82,813.141) (163,989.522) (293,135.228) (256,323.181)
(148,967.056) (392,311.067) (143,616.151) (3,893.235) (18,795.895) (169.020) (6,546.162) (40,143.201) 67,936.583
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
905,951.065 654,425.374 454,516.667 874,817.071 773,942.356 577,083.123 2,874,813.278 2,622,030.390 2,023,713.030
=========== =========== =========== =========== =========== =========== ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP FIDELITY'S VIP
GROWTH OVERSEAS
PORTFOLIO PORTFOLIO
-------------------------------------- ---------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of year......... 3,452,718.980 2,622,289.757 1,761,649.810 1,536,316.506 1,229,928.330 900,424.038
Units purchased ............. 564,484.778 1,248,929.016 1,030,790.587 255,651.238 536,747.626 617,148.362
Units redeemed .............. (242,570.232) (429,120.324) (342,106.549) (99,300.642) (188,865.914) (177,939.623)
Units transferred between
Sub-Accounts and/or
Fixed Account............. (2,927.448) 10,620.532 171,955.909 7,809.512 (41,493.536) (109,704.447)
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of period............ 3,771,706.078 3,452,718.980 2,622,289.757 1,700,476.614 1,536,316.506 1,229,928.330
============= ============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP II FIDELITY'S VIP II FIDELITY'S VIP II
ASSET MANAGER INVESTMENT GRADE INDEX 500
PORTFOLIO BOND PORTFOLIO PORTFOLIO
--------------------------------------- ----------------------------------------- ---------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1,892,481.312 1,704,151.254 1,132,373.018 247,189.999 214,771.624 153,890.893 441,948.368 181,509.017 70,686.713
215,675.301 516,081.976 711,584.303 36,490.521 83,199.869 89,695.793 194,862.990 235,038.604 108,548.505
(114,906.054) (233,834.183) (245,931.324) (14,040.601) (26,334.967) (25,144.781) (37,407.349) (42,862.946) (20,962.032)
(27,448.785) (93,917.735) 106,125.257 (9,762.222) (24,446.527) (3,670.281) 82,597.577 68,263.694 23,235.831
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
1,965,801.774 1,892,481.312 1,704,151.254 259,877.697 247,189.999 214,771.624 682,001.586 441,948.368 181,509.017
============= ============= ============= =========== =========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP II PUTNAM VT
CONTRAFUND DIVERSIFIED INCOME
PORTFOLIO FUND
--------------------------------------- ---------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of year......... 686,514.792 160,147.180 - 112,611.941 70,401.445 25,076.593
Units purchased ............. 368,287.477 558,061.891 131,616.362 30,441.166 60,427.261 37,489.819
Units reedeemed ............. (71,365.996) (83,680.846) (12,028.370) (7,483.410) (11,808.045) (7,437.939)
Units transferred between
Sub-Accounts and/or
Fixed Account ............ 13,490.077 51,986.567 40,559.188 (8,665.702) (6,408.720) 15,272.972
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of period............. 996,926.350 686,514.792 160,147.180 126,903.995 112,611.941 70,401.445
=========== =========== =========== =========== =========== ==========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM VT PUTNAM VT PUTNAM VT
GROWTH AND INCOME UTILITIES GROWTH AND VOYAGER
FUND INCOME FUND FUND
- ---------------------------------------- ---------------------------------------- ---------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
691,973.875 282,045.753 64,421.965 107,970.108 81,748.531 46,807.467 1,750,710.230 781,013.273 199,880.663
260,654.678 406,240.138 209,131.345 23,221.155 52,797.542 47,951.821 619,790.093 1,040,657.483 611,602.541
(56,527.128) (74,223.988) (32,341.113) (8,004.432) (16,817.701) (10,123.479) (158,911.697) (220,017.675) (101,392.794)
31,442.556 77,911.972 40,833.556 (576.662) (9,758.265) (2,887.278) 20,867.711 149,057.148 70,922.863
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
927,543.981 691,973.875 282,045.753 122,610.169 107,970.108 81,748.531 2,232,456.337 1,750,710.230 781,013.273
=========== =========== =========== =========== =========== ========== ============= ============= ===========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM VT PUTNAM VT
ASIA PACIFIC GROWTH NEW OPPORTUNITIES
FUND FUND
--------------------------------------- ---------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of year......... 144,086.091 29,436.771 - 681,263.859 110,223.166 -
Units purchased ............. 60,264.701 111,743.026 25,202.823 400,906.853 536,749.300 86,605.419
Units redeemed .............. (12,220.487) (15,459.659) (2,640.223) (76,403.993) (71,815.080) (8,233.093)
Units transferred between
Sub-Accounts and/or
Fixed Account ............ 1,458.184 18,365.954 6,874.171 9,509.077 106,106.472 31,850.840
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of period............. 193,588.489 144,086.091 29,436.771 1,015,275.796 681,263.859 110,223.166
=========== =========== ========== ============= =========== ===========
</TABLE>
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S
INCOME AND GROWTH MULTI-SECTOR BOND
FUND FUND
--------------------------------------- ----------------------------------------
Period ended Year ended Year ended Period ended Year ended Year ended
June 30, Dec. 31, Dec. 31, June 30, Dec. 31, Dec. 31,
1997 1996 1995 1997 1996 1995
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
42,551.251 8,746.326 - 22,576.638 9,904.096 -
21,879.087 33,180.420 6,057.272 8,237.595 10,103.684 3,255.666
(4,900.748) (3,841.706) (537.367) (2,912.955) (1,468.579) (424.093)
(54.780) 4,466.211 3,226.421 (404.358) 4,037.437 7,072.523
----------- ----------- ----------- ----------- ----------- -----------
59,474.810 42,551.251 8,746.326 27,496.920 22,576.638 9,904.096
========== ========== ========= ========== ========== =========
</TABLE>
<TABLE>
<CAPTION>
Select*Life VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
7. COMBINING STATEMENT OF OPERATIONS AND CHANGES IN POLICYOWNERS' EQUITY:
Operations and changes in Policyowners' equity for the period ended June 30,
1997 were as follows, (in thousands):
FIDELITY'S FIDELITY'S FIDELITY'S FIDELITY'S
VIP VIP VIP FIDELITY'S FIDELITY'S VIP II
MONEY HIGH EQUITY- VIP VIP ASSET
MARKET INCOME INCOME GROWTH OVERSEAS MANAGER
TOTAL PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- --------- --------- ---------
Net investment income:
<S> <C> <C> <C> <C> <C> <C> <C>
Reinvested dividend income.... $7,486 $254 $1,063 $1,013 $527 $411 $1,010
Reinvested capital gains ...... 12,187 - 131 5,096 2,357 1,630 2,533
Mortality and expense risk charge (1,230) (33) (62) (251) (329) (102) (125)
--------- --------- --------- --------- --------- --------- ---------
Net investment income
and capital gains ..... 18,443 221 1,132 5,858 2,555 1,939 3,418
--------- --------- --------- --------- --------- --------- ---------
Realized and unrealized gains (losses):
Net realized gains on
redemptions of fund shares.. 1,757 - 87 568 558 239 76
Increase (decrease) in unrealized
appreciation on investments . 19,940 - (86) 3,247 7,638 1,736 (339)
--------- --------- --------- --------- --------- -------- ---------
Net realized and
unrealized gains (losses) 21,697 - 1 3,815 8,196 1,975 (263)
--------- --------- --------- --------- --------- --------- ---------
Net additions
from operations.... 40,140 221 1,133 9,673 10,751 3,914 3,155
--------- --------- --------- --------- --------- --------- ---------
Policyowner transactions:
Net premium payments.......... 65,668 5,746 2,583 8,162 10,516 3,552 3,071
Transfers (to) from Fixed Account (1) (2,370) (118) (201) (38) 132 (427)
Policy loans .................. (1,859) (97) (216) (469) (600) (151) (143)
Loan collateral interest crediting 124 4 6 30 44 12 15
Surrenders .................... (3,925) (471) (216) (565) (1,072) (306) (324)
Death benefits ................ (420) (43) (37) (138) (106) (10) (46)
Cost of insurance charges ..... (12,367) (370) (589) (2,028) (2,783) (820) (1,015)
Death benefit guarantee charges (221) (4) (15) (56) (82) (22) (29)
Monthly expense charges ....... (1,947) (36) (68) (285) (425) (125) (133)
--------- --------- --------- --------- --------- --------- ---------
Net additions for
policyowner transactions .. 45,052 2,359 1,330 4,450 5,454 2,262 969
--------- --------- --------- --------- --------- --------- ---------
Net additions
for the period........ 85,192 2,580 2,463 14,123 16,205 6,176 4,124
Policyowners' Equity,
beginning of the year ........ 286,273 8,326 14,695 58,207 76,918 22,948 28,743
--------- --------- --------- --------- --------- --------- ---------
Policyowners' Equity,
end of the period............. $371,465 $10,906 $17,158 $72,330 $93,123 $29,124 $32,867
======== ======= ======= ======= ======= ======= =======
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S
VIP II PUTNAM PUTNAM
INVESTMENT FIDELITY'S FIDELITY'S VT VT
GRADE VIP II VIP II DIVERSIFIED GROWTH AND
BOND INDEX 500 CONTRAFUND INCOME INCOME
PORTFOLIO PORTFOLIO PORTFOLIO FUND FUND
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C>
$194 $95 $94 $100 $973
- 193 247 - -
(13) (36) (44) (6) (52)
--------- --------- --------- --------- ---------
181 252 297 94 921
--------- --------- --------- --------- ---------
5 32 26 9 71
(107) 1,638 1,195 (73) 1,112
--------- --------- --------- --------- ---------
(102) 1,670 1,221 (64) 1,183
--------- --------- --------- --------- ---------
79 1,922 1,518 30 2,104
--------- --------- --------- --------- ---------
454 3,548 5,563 372 4,652
(160) 1,629 246 (95) 641
(11) (15) (11) - (26)
- 2 1 - 1
(34) (80) (108) (14) (147)
(1) (1) (2) (2) (10)
(112) (467) (772) (60) (667)
(3) (3) - - (2)
(14) (88) (145) (10) (109)
--------- --------- --------- --------- ---------
119 4,525 4,772 191 4,333
--------- --------- --------- --------- ---------
198 6,447 6,290 221 6,437
3,221 7,583 10,173 1,395 11,547
--------- --------- --------- --------- ---------
$3,419 $14,030 $16,463 $1,616 $17,984
========= ======= ======= ====== =======
</TABLE>
<TABLE>
<CAPTION>
PUTNAM PUTNAM PUTNAM
VT PUTNAM VT VT NORTHSTAR'S NORTHSTAR'S
UTILITIES GROWTH VT ASIA PACIFIC NEW INCOME AND MULTI-SECTOR
AND INCOME VOYAGER GROWTH OPPORTUNITIES GROWTH BOND
FUND FUND FUND FUND FUND FUND
----------- ----------- ----------- ----------- ----------- -----------
Net investment income:
<S> <C> <C> <C> <C> <C> <C>
Reinvested dividend income....... $145 $1,540 $39 $- $13 $15
Reinvested capital gains ......... - - - - - -
Mortality and expense risk charge (6) (122) (7) (39) (2) (1)
--------- --------- --------- --------- --------- ---------
Net investment income
(loss) and capital gains .... 139 1,418 32 (39) 11 14
--------- --------- --------- --------- --------- ---------
Realized and unrealized gains (losses):
Net realized gains on
redemptions of fund shares .... 17 57 4 5 2 1
(Decrease) increase in unrealized
appreciation on investments .... (44) 2,400 103 1,472 50 (2)
--------- --------- --------- --------- --------- ---------
Net realized and
unrealized (losses) gains .. (27) 2,457 107 1,477 52 (1)
--------- --------- --------- --------- --------- ---------
Net additions
from operations........ 112 3,875 139 1,438 63 13
--------- --------- --------- --------- --------- ---------
Policyowner transactions:
Net premium payments ............. 337 10,117 658 5,923 306 108
Transfers from (to) Fixed Account 3 490 43 206 14 4
Policy loans ..................... (8) (83) (3) (8) (10) (8)
Loan collateral interest crediting - 8 - 1 - -
Surrenders ....................... (16) (441) (12) (96) (13) (10)
Death benefits ................... (1) (16) (1) (4) (1) (1)
Cost of insurance charges ........ (74) (1,651) (97) (807) (38) (17)
Death benefit guarantee charges .. - (5) - - - -
Monthly expense charges .......... (12) (313) (17) (158) (7) (2)
--------- --------- --------- --------- --------- ---------
Net additions for
policyowner transactions ..... 229 8,106 571 5,057 251 74
--------- --------- --------- --------- --------- ---------
Net additions
for the period ......... 341 11,981 710 6,495 314 87
Policyowners' Equity,
beginning of the year............ 1,547 28,364 1,608 10,113 590 295
--------- --------- --------- --------- --------- ---------
Policyowners' Equity,
end of the period ............... $1,888 $40,345 $2,318 $16,608 $904 $382
====== ======= ====== ======= ==== ====
</TABLE>
RELIASTAR'S Select*Life VARIABLE ACCOUNT
20 WASHINGTON AVENUE SOUTH
MINNEAPOLIS, MINNESOTA 55401
(612) 372-5507
38778j
(Select*Life)
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