|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: INNOVATIVE GAMING CORP OF AMERICA, SC 13G/A, 1997-02-19 |
Next: RENAL TREATMENT CENTERS INC /DE/, 424B3, 1997-02-19 |
[GRAPHIC OMITTED]
SELECT*LIFE VARIABLE ACCOUNT
ANNUAL REPORT
FOR THE YEAR ENDED
DECEMBER 31, 1996
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 (VIPF), Variable Insurance Products Fund II
(VIPF II) and the Putnam Variable Trust (Putnam VT).
INDEPENDENT AUDITORS' REPORT
Board of Directors
ReliaStar Life Insurance
Company and Policyowners of
SELECT*LIFE Variable Account:
We have audited the accompanying statement of assets and liabilities of
SELECT*LIFE Variable Account as of December 31, 1996 and the related combined
statements of operations and changes in Policyowners' equity for each of the
three years in the period ended December 31, 1996. These financial statements
are the responsibility of the management of ReliaStar Life Insurance Company.
Our responsibility is to express an opinion on these financial statements based
on our audits.
We have 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
misstatements. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures include
confirmation of the securities owned as of December 31, 1996, by correspondence
with the Account custodians. 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 SELECT*LIFE Variable Account
as of December 31, 1996, and the results of its operations and changes in
Policyowners' equity for each of the three years in the period ended December
31, 1996, in conformity with generally accepted accounting principles.
Deloitte & Touche LLP
Minneapolis, Minnesota
February 7, 1997
<TABLE>
<CAPTION>
SELECT*LIFE VARIABLE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1996
(In Thousands, Except Share and Unit Data)
Fidelity's VIPF Fidelity's VIPF Fidelity's VIPF Fidelity's VIPF
Money Market High Income Equity-Income Growth
ASSETS: Portfolio Portfolio Portfolio Portfolio
- -------
Investments in mutual funds at market value: ______________ ______________ ______________ ______________
<S> <C> <C> <C> <C>
FIDELITY'S VIPF AND VIPF II:
Money Market Portfolio
8,331,158 shares (cost $8,331) 8,331
High Income Portfolio
1,174,765 shares (cost $13,271) $14,708
Equity-Income Portfolio
2,768,870 shares (cost $43,522) $58,229
Growth Portfolio
2,471,620 shares (cost $57,986) $76,996
Overseas Portfolio
1,218,598 shares (cost $19,635)
Asset Manager Portfolio
1,698,514 shares (cost $24,709)
Investment Grade Bond Portfolio
263,226 shares (cost $3,060)
Index 500 Portfolio
85,097 shares (cost $6,398)
Contrafund Portfolio
614,293 shares (cost $8,989)
PUTNAM'S VT:
Diversified Income Fund
123,850 shares (cost $1,309)
Growth and Income Fund
470,133 shares (cost $9,975)
Utilities Growth and Income Fund
104,825 shares (cost $1,314)
Voyager Fund
872,112 shares (cost $25,432)
Asia Pacific Growth Fund
146,046 shares (cost $1,546)
New Opportunities Fund
587,344 shares (cost $10,080)
NORTHSTAR'S:
Income and Growth Fund
50,357 shares (cost $591)
Multi-Sector Bond Fund
56,204 shares (cost $292)
------ ------- ------- -------
Total Assets $8,331 $14,708 $58,229 $76,966
====== ======= ======= =======
LIABILITIES AND POLICYOWNERS' EQUITY:
Due to (from) ReliaStar Life Insurance Company
for accrued mortality and expense risk: $5 $13 $22 $48
Policyowners' Equity: 8,326 14,695 58,207 76,918
------ ------- ------- -------
Total Liabilities and Policyowners' Equity $8,331 $14,708 $58,229 $76,966
====== ======= ======= =======
Units Outstanding: 654,425.374 773,942.356 2,622,030.390 3,452,718.980
Net Asset Value per Unit:
SELECT*LIFE I $15.890521 $25.660930 $27.587247 $29.496120
SELECT*LIFE Series 2000 $11.630991 $13.428116 $16.455088 $15.517378
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
Fidelity's VIPF II
Fidelity's VIPF Fidelity's VIPF II Investment Fidelity's VIPF II Fidelity's VIPF II
Overseas Asset Manager Grade Bond Index 500 Contrafund
Portfolio Portfolio Portfolio Portfolio Portfolio
______________ ______________ ______________ ______________ _________________
<S> <C> <C> <C> <C> <C>
$22,958
$28,756
$3,222
$7,585
$10,173
------- ------- ------ ------ -------
$22,958 $28,756 $3,222 $7,585 $10,173
======= ======= ====== ====== =======
$10 $13 $1 $2 $-
22,948 28,743 3,221 7,583 10,173
------- ------- ------ ------ -------
$22,958 $28,756 $3,222 $7,585 $10,173
======= ======= ====== ====== =======
1,536,316.506 1,892,481.312 247,189.999 441,948.368 686,514.792
$18.132967 $17.774921 $14.638773 $17.724683 $-
$12.518269 $12.498123 $11.631128 $16.991905 $14.817873
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
SELECT*LIFE VARIABLE ACCOUNT
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
December 31, 1996
(in Thousands, Except Share and Unit Data)
Putnam's VT Putnam's VT Putnam's VT
Diversified Growth and Utilities Growth Putnam's VT
Income Income and Income Voyager
ASSETS: Fund Fund Fund Fund
- -------
Investments in mutual funds at market value: _____________ _____________ _____________ _____________
<S> <C> <C> <C> <C>
FIDELITY'S VIPF AND VIPF II:
Money Market Portfolio
8,331,158 shares (cost $8,331)
High Income Portfolio
1,174,765 shares (cost 13,271)
Equity-Income Portfolio
2,768,870 shares (cost $43,522)
Growth Portfolio
2,471,620 shares (cost $57,986)
Overseas Portfolio
1,218,598 shares (cost $19,635)
Asset Manager Portfolio
1,698,514 shares (cost $24,709)
Investment Grade Bond Portfolio
263,226 shares (cost $3,060)
Index 500 Portfolio
85,097 shares (cost $6,398)
Contrafund Portfolio
614,293 shares (cost $8,989)
PUTNAM'S VT:
Diversified Income Fund
123,850 shares (cost $1,309) $1,396
Growth and Income Fund
470,133 shares (cost $9,975) $11,547
Utilities Growth and Income Fund
104,825 shares (cost $1,314) $1,551
Voyager Fund
872,112 shares (cost $25,432) $28,370
Asia Pacific Growth Fund
146,046 shares (cost $1,546)
New Opportunities Fund
587,344 shares (cost $10,080)
NORTHSTAR'S:
Income and Growth Fund
50,357 shares (cost $591)
Multi-Sector Bond Fund
56,204 shares (cost $292)
----- ------ ----- ------
Total Assets $1,396 $11,547 $1,551 $28,370
====== ======= ====== =======
LIABILITIES AND POLICYOWNERS' EQUITY:
Due to (from) ReliaStar Life Insurance Company
for accrued mortality and expense risks: $1 $- $4 $6
Policyowners' Equity: 1,395 11,547 1,547 28,364
----- ------ ----- ------
Total Liabilities and Policyowners' Equity $1,396 $11,547 $1,551 $28,370
====== ======= ====== =======
Units Outstanding: 112,611.941 691,973.875 107,970.108 1,750,710.230
Net Asset Value per Unit:
SELECT*LIFE I $12.597066 $16.669506 $14.583970 $16.420248
SELECT*LIFE Series 2000 $12.377481 $16.688048 $14.292632 $16.172504
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
Putnam's VT Putnam's 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>
$ 8,331
14,708
58,229
76,966
22,958
28,756
3,222
7,585
10,173
1,396
11,547
1,551
28,370
$1,608 1,608
$10,114 10,114
$590 590
$295 295
------ ------- ---- ---- --------
$1,608 $10,114 $590 $295 $286,399
====== ======= ==== ==== ========
$- $1 $- $- $126
1,608 10,113 590 295 $286,273
------ ------- ---- ---- --------
$1,608 $10,114 $590 $295 $286,399
====== ======= ==== ==== ========
144,086.091 681,263.859 42,551.251 22,576.638 15,861,312.069
$- $- $- $-
$11.161174 $14.844820 $13.870191 $13.078392
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)
YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1996 1995 1994
--------------- ----------- ------------
Net investment income:
<S> <C> <C> <C>
Reinvested dividend income ............... $2,990 $ 2,259 $ 1,454
Reinvested capital gains ................. 8,110 1,456 2,880
Mortality and expense risk charge ....... (1,935) (1,186) (692)
--------- --------- ---------
Net investment income and capital gains 9,165 2,529 3,642
--------- --------- ---------
Realized and unrealized gains (losses):
Net realized gains on
redemptions of fund shares ............. 3,085 1,345 896
Increase (decrease) in unrealized
appreciation of investments ............ 15,731 27,857 (4,458)
--------- --------- ---------
Net realized and unrealized gains (losses) 18,816 29,202 (3,562)
--------- --------- ---------
Net additions from operations ..... 27,981 31,731 80
--------- --------- ---------
Policyowner transactions:
Net premium payments ..................... 108,108 66,506 49,268
Transfers from (to) Fixed Accounts ....... 95 (401) (35)
Policy loans ............................. (2,266) (1,582) (781)
Loan collateral interest crediting ....... 174 101 69
Surrenders ............................... (5,080) (3,576) (2,080)
Death benefits ........................... (203) (220) (87)
Cost of insurance charges ................ (19,202) (12,860) (8,762)
Death benefit guarantee charges .......... (459) (488) (531)
Monthly expense charges .................. (2,932) (1,831) (1,057)
--------- --------- ---------
Net additions for policyowner transactions 78,235 45,649 36,004
--------- --------- ---------
Net additions for the year......... 106,216 77,380 36,084
Policyowners' Equity, beginning of the year 180,057 102,677 66,593
--------- --------- ---------
Policyowners' Equity, end of the year ...... $286,273 $180,057 $102,677
======== ======== ========
The accompanying notes are an integral part of the financial statements.
</TABLE>
SELECT*LIFE VARIABLE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
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 VIPF AND VIPF II: PUTNAM VT: NORTHSTAR FUNDS:
---------------------------- ---------- ----------------
<S> <C> <C>
Money Market Portfolio Diversified Income Fund Income and Growth Fund
High Income Portfolio Growth and Income Fund Multi-Sector Bond Fund
Equity-Income Portfolio Utilities Growth and Income Fund
Growth Portfolio Voyager Fund
Overseas Portfolio Asia Pacific Growth Fund
Asset Manager Portfolio 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 VIPF and VIPF II
and is paid for its services by the VIPF and VIPF II Portfolios. Putnam
Investment Management, Inc. is the investment adviser for the Putnam VT
Funds and is paid fees for its services by the Putnam VT Funds. On May 3,
1993, ReliaStar Life added the Sub-Account investing in the VIPF II Index
500 Portfolio. On January 1, 1994, Sub-Accounts investing in Putnam VT's
Diversified Income Fund, Growth and Income Fund, Utilities Growth and
Income Fund and Voyager Fund were made available through the SELECT*LIFE
Series 2000 policies and on May 2, 1994, Sub-Accounts investing in these
Putnam VT 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 VIPF II Contrafund Portfolio, the Putnam VT Asia Pacific
Growth Fund and the 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's 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 VIPF Growth Portfolio and VIPF II Asset Manager
Portfolio, respectively.
5. INVESTMENTS:
The net realized gains (losses) on redemptions of fund shares during the
years ended December 31, 1996, 1995 and 1994 were as follows, (in
thousands):
<TABLE>
<CAPTION>
SELECT CAPITAL
GROWTH
TOTAL FUND, INC.
-------------------------------------------------- -----------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $19,497 $18,128 $7,424 $- $2,470 $347
Cost ............... 16,412 16,783 6,528 - 2,608 385
----------- ----------- ----------- ----------- ----------- -----------
Net realized gains
(losses) on
redemptions of
fund shares ..... $3,085 $ 1,345 $ 896 $- ($138) ($38)
=========== ========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
SELECT FIDELITY'S VIPF
MANAGED MONEY MARKET
FUND, INC. PORTFOLIO
------------------------------------------------- ------------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$- $4,660 $820 $7,266 $2,499 $1,572
- 4,677 741 7,266 2,499 1,572
----------- ----------- ----------- ----------- ----------- -----------
$- ($17) $79 $- $ - $-
=========== ========== ========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF FIDELITY'S VIPF
HIGH INCOME EQUITY INCOME
PORTFOLIO PORTFOLIO
---------------------------------------------- ----------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $1,328 $1,149 $551 $2,160 $1,111 $1,079
Cost ............... 1,166 947 407 1,348 821 877
----------- ----------- ----------- ----------- ----------- -----------
Net realized gains
(losses) on
redemptions of
fund shares ...... $162 $202 $144 $812 $290 $202
============= =========== ========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF FIDELITY'S VIPF
GROWTH OVERSEAS
PORTFOLIO PORTFOLIO
------------------------------------------------ -----------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$2,114 $967 $1,007 $1,483 $1,486 $729
1,134 538 717 1,129 1,219 606
----------- ----------- ----------- ----------- ----------- -----------
$980 $429 $290 $354 $ 267 $123
=========== =========== ========== ========== =========== ==========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF II FIDELITY'S VIPF II
ASSET MANAGER INVESTMENT GRADE
PORTFOLIO BOND PORTFOLIO
---------------------------------------------- ----------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $1,703 $2,494 $941 $483 $329 $247
Cost ............... 1,534 2,326 839 471 327 254
----------- ----------- ----------- ----------- ----------- -----------
Net realized gains
(losses) on
redemptions of
fund shares ...... $169 $168 $102 $12 $2 ($7)
=========== ========== =========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF II FIDELITY'S VIPF II
INDEX 500 CONTRAFUND
PORTFOLIO BOND PORTFOLIO
------------------------------------------------ -----------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$261 $208 $53 $235 $92 $-
181 168 53 210 79 -
----------- ----------- ----------- ----------- ----------- -----------
$80 $40 $- $25 $13 $-
=========== =========== ========== =========== =========== ==========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM'S VT PUTNAM'S VT
DIVERSIFIED INCOME GROWTH AND INCOME
FUND FUND
------------------------------- ---------------------------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $293 $40 $9 $464 $102 $7
Cost................ 283 38 9 339 85 7
----------- ----------- ----------- ----------- ----------- -----------
Net realized gains
(losses) on
redemptions of
fund shares ...... $10 $ 2 $- $125 $ 17 $-
=========== ========== =========== =========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM'S VT PUTNAM'S VT
UTILITIES GROWTH AND INCOME VOYAGER
FUND FUND
------------------------------------------------ -----------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$354 $184 $49 $517 $154 $13
283 164 48 348 126 13
----------- ----------- ----------- ----------- ----------- -----------
$71 $ 20 $ 1 $169 $ 28 $ -
=========== =========== ========== ========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM'S VT PUTNAM'S VT
ASIA PACIFIC NEW OPPORTUNITIES
GROWTH FUND FUND
---------------------------------------------- ------------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from
redemptions ...... $259 $23 $- $517 $113 $-
Cost ............... 245 23 - 418 91 -
----------- ----------- ----------- ----------- ----------- -----------
Net realized gains
(losses) on
redemptions of
fund shares ...... $14 $- $- $99 $ 22 $-
=========== ========== ========== =========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S
INCOME AND GROWTH MULTI-SECTOR BOND
FUND FUND
------------------------------------------------ -----------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$30 $3 $- $30 $44 $-
28 3 - 29 44 -
----------- ----------- ----------- ----------- ----------- -----------
$2 $- $- $1 $- $-
=========== =========== ========== ========== =========== ==========
</TABLE>
6. POLICYOWNERS' TRANSACTIONS:
Unit transactions in each Sub-Account for the years ended December 31, 1996,
1995 and 1994 were as follows:
<TABLE>
<CAPTION>
SELECT CAPITAL SELECT
GROWTH MANAGED
FUND, INC. FUND, INC.
--------------------------------------- --------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of year........... - 157,399.779 162,138.780 - 286,168.977 311,725.041
Units purchased ............... - 9,126.623 27,211.524 - 12,895.412 43,556.351
Units redeemed ................ - (7,913.917) (21,989.106) - (10,403.233) (46,804.601)
Units transferred between
Sub-Accounts and/or
Fixed Account............... - (158,612.485) (9,961.419) - (288,661.156) (22,307.814)
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of year ................ - - 157,399.779 - - 286,168.977
=========== =========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF FIDELITY'S VIPF FIDELITY'S VIPF
MONEY MARKET HIGH INCOME EQUITY-INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
--------------------------------------- --------------------------------------- -------------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
454,516.667 240,089.964 156,045.604 577,083.123 397,251.963 254,797.519 2,023,713.030 1,463,010.155 1,055,644.747
680,738.566 409,244.895 165,487.964 307,417.472 262,813.321 211,773.478 931,595.789 749,089.473 601,244.662
(88,518.792) (51,202.041) (28,807.773) (91,762.343) (82,813.141) (56,358.865) (293,135.228) (256,323.181) (192,736.128)
(392,311.067) (143,616.151) (52,635.831) (18,795.895) (169.020) (12,960.169) (40,143.201) 67,936.583 (1,143.126)
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
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
=========== =========== =========== =========== =========== =========== ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF FIDELITY'S VIPF
GROWTH OVERSEAS
PORTFOLIO PORTFOLIO
--------------------------------------- --------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of year......... 2,622,289.757 1,761,649.810 1,096,817.909 1,229,928.330 900,424.038 379,052.212
Units purchased ............. 1,248,929.016 1,030,790.587 953,158.878 536,747.626 617,148.362 556,399.917
Units redeemed .............. (429,120.324) (342,106.549) (244,337.361) (188,865.914) (177,939.623) (111,750.664)
Units transferred between
Sub-Accounts and/or
Fixed Account............. 10,620.532 171,955.909 (43,989.616) (41,493.536) (109,704.447) 76,722.573
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end 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
============= ============= ============= ============= ============= ===========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF II FIDELITY'S VIPF II FIDELITY'S VIPF II
ASSET MANAGER INVESTMENT GRADE INDEX 500
PORTFOLIO BOND PORTFOLIO PORTFOLIO
--------------------------------------- ---------------------------------------- --------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1,704,151.254 1,132,373.018 397,491.821 214,771.624 153,890.893 73,061.118 181,509.017 70,686.713 23,356.992
516,081.976 711,584.303 860,156.216 83,199.869 89,695.793 93,970.791 235,038.604 108,548.505 53,563.087
(233,834.183) (245,931.324) (135,570.699) (26,334.967) (25,144.781) (15,634.489) (42,862.946) (20,962.032) (8,321.224)
(93,917.735) 106,125.257 10,295.680 (24,446.527) (3,670.281) 2,493.473 68,263.694 23,235.831 2,087.858
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
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
============= ============= ============= =========== =========== =========== =========== =========== ==========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF II PUTNAM'S VT
CONTRAFUND DIVERSIFIED INCOME
PORTFOLIO FUND
--------------------------------------- ---------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of year......... 160,147.180 - - 70,401.445 25,076.593 -
Units purchased ............. 558,061.891 131,616.362 - 60,427.261 37,489.819 18,122.626
Units reedeemed ............. (83,680.846) (12,028.370) - (11,808.045) (7,437.939) (1,598.271)
Units transferred between
Sub-Accounts and/or
Fixed Account ............ 51,986.567 40,559.188 - (6,408.720) 15,272.972 8,552.238
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of year............... 686,514.792 160,147.180 - 112,611.941 70,401.445 25,076.593
=========== =========== =========== =========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM'S VT PUTNAM'S VT PUTNAM'S VT
GROWTH AND INCOME UTILITIES GROWTH AND VOYAGER
FUND INCOME FUND FUND
---------------------------------------- ---------------------------------------- --------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
282,045.753 64,421.965 - 81,748.531 46,807.467 - 781,013.273 199,880.663 -
406,240.138 209,131.345 61,265.475 52,797.542 47,951.821 30,500.830 1,040,657.483 611,602.541 191,562.886
(74,223.988) (32,341.113) (6,093.938) (16,817.701) (10,123.479) (3,408.255) (220,017.675) (101,392.794) (18,498.061)
77,911.972 40,833.556 9,250.428 (9,758.265) (2,887.278) 19,714.892 149,057.148 70,922.863 26,815.838
----------- ----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
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
=========== =========== ========== =========== ========== ========== ============= =========== ===========
</TABLE>
<TABLE>
<CAPTION>
PUTNAM'S VT PUTNAM'S VT
ASIA PACIFIC GROWTH NEW OPPORTUNITIES
FUND FUND
---------------------------------------- --------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of year......... 29,436.771 - - 110,223.166 - -
Units purchased ............. 111,743.026 25,202.823 - 536,749.300 86,605.419 -
Units redeemed .............. (15,459.659) (2,640.223) - (71,815.080) (8,233.093) -
Units transferred between
Sub-Accounts and/or
Fixed Account ............ 18,365.954 6,874.171 - 106,106.472 31,850.840 -
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of year............... 144,086.091 29,436.771 - 681,263.859 110,223.166 -
=========== ========== =========== =========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S
INCOME AND GROWTH MULTI-SECTOR BOND
FUND FUND
--------------------------------------- ---------------------------------------
Year ended Year ended Year ended Year ended Year ended Year ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1996 1995 1994 1996 1995 1994
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
8,746.326 - - 9,904.096 - -
33,180.420 6,057.272 - 10,103.684 3,255.666 -
(3,841.706) (537.367) - (1,468.579) (424.093) -
4,466.211 3,226.421 - 4,037.437 7,072.523 -
----------- ----------- ----------- ----------- ----------- -----------
42,551.251 8,746.326 - 22,576.638 9,904.096 -
========== ========= =========== ========== ========= ===========
</TABLE>
7. COMBINING STATEMENT OF OPERATIONS AND CHANGES IN POLICYOWNERS' EQUITY:
Operations and changes in Policyowners' equity for the year ended December
31, 1996 were as follows, (in thousands):
<TABLE>
<CAPTION>
FIDELITY'S FIDELITY'S FIDELITY'S FIDELITY'S
VIPF VIPF VIPF FIDELITY'S FIDELITY'S VIPF II
MONEY HIGH EQUITY- VIPF VIPF ASSET
MARKET INCOME INCOME GROWTH OVERSEAS MANAGER
TOTAL PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Net investment income:
Reinvested dividend income.... $2,990 $417 $832 $67 $156 $ 202 $ 840
Reinvested capital gains ...... 8,110 - 163 1,929 3,939 223 692
Mortality and expense risk charge (1,935) (68) (103) (458) (557) (119) (210)
--------- --------- --------- --------- --------- --------- ---------
Net investment income (loss)
and capital gains ..... 9,165 349 892 1,538 3,538 306 1,322
--------- --------- --------- --------- --------- --------- ---------
Realized and unrealized gains (losses):
Net realized gains on
redemptions of fund shares.. 3,085 - 162 812 980 354 169
Increase (decrease) in unrealized
appreciation on investments . 15,731 - 473 3,943 3,837 1,706 1,834
--------- --------- --------- --------- --------- -------- ---------
Net realized and
unrealized gains (losses) 18,816 - 635 4,755 4,817 2,060 2,003
--------- --------- --------- --------- --------- --------- ---------
Net additions
from operations.... 27,981 349 1,527 6,293 8,355 2,366 3,325
--------- --------- --------- --------- --------- --------- ---------
Policyowner transactions:
Net premium payments.......... 108,108 7,798 4,359 15,950 21,247 6,819 6,607
Transfers from (to) Fixed Account 95 (4,502) (267) (782) 329 (582) (1,215)
Policy loans .................. (2,266) (97) (67) (576) (758) (235) (209)
Loan collateral interest crediting 174 7 9 49 57 16 26
Surrenders .................... (5,080) (164) (286) (977) (1,807) (493) (545)
Death benefits ................ (203) (1) (10) (72) (53) (17) (25)
Cost of insurance charges ..... (19,202) (698) (995) (3,423) (4,894) (1,500) (1,948)
Death benefit guarantee charges (459) (8) (32) (115) (173) (47) (61)
Monthly expense charges ....... (2,932) (62) (121) (475) (739) (227) (262)
--------- --------- --------- --------- --------- --------- ---------
Net additions for
policyowner transactions .. 78,235 2,273 2,590 9,579 13,209 3,734 2,368
--------- --------- --------- --------- --------- --------- ---------
Net additions
for the year.......... 106,216 2,622 4,117 15,872 21,564 6,100 5,693
Policyowners' Equity,
beginning of the year ........ 180,057 5,704 10,578 42,335 55,354 16,848 23,050
--------- --------- --------- --------- --------- --------- ---------
Policyowners' Equity,
end of the year............... $286,273 $8,326 $14,695 $58,207 $76,918 $22,948 $28,743
======== ====== ======= ======= ======= ======= =======
</TABLE>
FIDELITY'S
VIPF II PUTNAM'S PUTNAM'S
INVESTMENT FIDELITY'S FIDLEITY'S VT VT
GRADE VIPF II VIPF II DIVERSIFIED GROWTH AND
BOND INDEX 500 CONTRAFUND INCOME INCOME
PORTFOLIO PORTFOLIO PORTFOLIO FUND FUND
--------- --------- --------- --------- ---------
$ 139 $ 33 $ - $ 63 $ 117
- 84 22 - 204
(24) (40) (48) (10) (60)
--------- --------- --------- --------- ---------
115 77 (26) 53 261
--------- --------- --------- --------- ---------
12 80 25 10 125
(51) 793 1,155 25 1,043
--------- --------- --------- --------- ---------
(39) 873 1,180 35 1,168
--------- --------- --------- --------- ---------
76 950 1,154 88 1,429
--------- --------- --------- --------- ---------
986 3,577 7,406 696 6,047
(300) 1,125 730 (65) 1,274
(19) (9) (21) (4) (38)
1 1 - - 1
(47) (76) (60) (17) (109)
(5) (4) - (1) (5)
(211) (447) (837) (92) (784)
(6) (5) - (1) (2)
(27) (86) (155) (15) (130)
--------- --------- --------- --------- ---------
372 4,076 7,063 501 6,254
--------- --------- --------- --------- ---------
448 5,026 8,217 589 7,683
2,773 2,557 1,956 806 3,864
--------- --------- --------- --------- ---------
$3,221 $7,583 $10,173 $1,395 $11,547
========= ========= ========= ========= ==========
<TABLE>
<CAPTION>
PUTNAM'S PUTNAM'S PUTNAM'S
VT PUTNAM'S 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
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net investment income:
Reinvested dividend income....... $41 $48 $8 $- $13 $14
Reinvested capital gains ......... - 811 - - 38 5
Mortality and expense risk charge (11) (171) (8) (44) (3) (1)
--------- --------- --------- --------- --------- ---------
Net investment income
(loss) and capital gains .... 30 688 - (44) 48 18
--------- --------- --------- --------- --------- ---------
Realized and unrealized gains (losses):
Net realized gains on
redemptions of fund shares .... 71 169 14 99 2 1
Increase (decrease) in unrealized
appreciation on investments .... 83 921 54 (86) (2) 3
--------- --------- --------- --------- --------- ---------
Net realized and
unrealized gains ........... 154 1,090 68 13 - 4
--------- --------- --------- --------- --------- ---------
Net additions (reductions)
from operations........ 184 1,778 68 (31) 48 22
--------- --------- --------- --------- --------- ---------
Policyowner transactions:
Net premium payments ............. 663 16,198 1,193 8,025 413 124
Transfers (to) from Fixed Account (104) 2,466 204 1,664 68 52
Policy loans ..................... (36) (187) (2) (8) - -
Loan collateral interest crediting 1 6 - - - -
Surrenders ....................... (35) (395) (5) (64) - -
Death benefits ................... (4) (6) - - - -
Cost of insurance charges ........ (117) (2,268) (130) (804) (39) (15)
Death benefit guarantee charges .. (1) (8) - - - -
Monthly expense charges .......... (19) (430) (21) (154) (7) (2)
--------- --------- --------- --------- --------- ---------
Net additions for
policyowner transactions ..... 348 15,376 1,239 8,659 435 159
--------- --------- --------- --------- --------- ---------
Net additions
for the year ........... 532 17,154 1,307 8,628 483 181
Policyowners' Equity,
beginning of the year............ 1,015 11,210 301 1,485 107 114
--------- --------- --------- --------- --------- ---------
Policyowners' Equity,
end of the year ................. $1,547 $28,364 $1,608 $10,113 $590 $295
========= ========= ========= ========= ======== ========
</TABLE>
RELIASTAR'S SELECT*LIFE VARIABLE ACCOUNT
20 WASHINGTON AVENUE SOUTH
MINNEAPOLIS, MINNESOTA 55401
(612) 372-5507
38502j
(SELECT*LIFE)
|
|