1997 JANUS RETIREMENT ADVANTAGE SEMIANNUAL REPORT
(LOGO)
<PAGE>
TABLE OF CONTENTS
WRL SERIES ANNUITY ACCOUNT B
Statements of Assets, Liabilities and Equity Accounts 2
Statements of Operations 2
Statements of Changes in Equity Accounts 4
Selected Per Unit Data and Ratios 6
Notes to Financial Statements 8
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
AGGRESSIVE CAPITAL INTERNATIONAL
FOR THE SIX MONTHS OR PERIOD GROWTH GROWTH APPRECIATION GROWTH
ENDED JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT(1) SUB-ACCOUNT
- ------------------------------- ----------- ----------- -------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends $ 286,488 -- -- $78,891
Capital Gains 329,756 -- -- 19,913
----------- ----------- -------------- ------------
EXPENSES:
Mortality and expense risk charges 65,044 $51,191 $196 31,989
---------- ----------- -------------- ------------
Net investment income/(loss) 551,200 (51,191) (196) 66,815
---------- ----------- -------------- ------------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from
securities transactions 586,171 45,936 3,410 616,404
Change in unrealized appreciation/
(depreciation) 1,329,837 400,338 13,947 1,073,846
---------- ---------- -------------- ------------
NET GAIN/(LOSS) ON INVESTMENTS 1,916,008 446,274 17,357 1,690,250
---------- ---------- -------------- ------------
Net increase/(decrease) in net assets
resulting from operations $2,467,208 $395,083 $17,161 $1,757,065
========== ========== ============== ============
</TABLE>
(1) Period May 1, 1997 (inception) to June 30, 1997
<TABLE>
<CAPTION>
WORLDWIDE FLEXIBLE
FOR THE SIX MONTHS OR PERIOD GROWTH BALANCED EQUITY INCOME INCOME
ENDED JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT(1) SUB-ACCOUNT
- ------------------------------- ----------- ----------- -------------- -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Dividends $ 332,169 $ 177,356 -- $ 99,581
Capital Gains 203,012 11,585 -- 1,300
---------- ---------- ---------- ----------
EXPENSES:
Mortality and expense risk charges 103,850 22,623 $ 148 7,636
---------- ---------- ---------- ----------
Net investment income/(loss) 431,331 166,318 (148) 93,245
---------- ---------- ---------- ----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from
securities transactions 2,136,460 301,833 1 15,944
Change in unrealized appreciation/
(depreciation) 3,215,539 352,286 25,477 (11,924)
---------- ---------- ---------- ----------
NET GAIN/(LOSS) ON INVESTMENTS 5,351,999 654,119 25,478 4,020
---------- ---------- ---------- ----------
Net increase/(decrease) in net assets
resulting from operations $5,783,330 $ 820,437 $ 25,330 $ 97,265
========== ========== ============ ===========
</TABLE>
<TABLE>
<CAPTION>
SHORT-TERM MONEY
FOR THE SIX MONTHS OR PERIOD HIGH-YIELD BOND MARKET
ENDED JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
- ------------------------------- ----------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Dividends $ 42,576 $ 29,711 $167,926
Capital Gains -- 107 --
-------- -------- --------
EXPENSES:
Mortality and expense risk charges 2,745 3,533 22,139
-------- -------- --------
Net investment income/(loss) 39,831 26,285 145,787
-------- -------- --------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from
securities transactions 8,996 11,870 --
Change in unrealized appreciation/
(depreciation) 3,804 (6,168) --
-------- -------- --------
NET GAIN/(LOSS) ON INVESTMENTS 12,800 5,702 --
-------- -------- --------
Net increase/(decrease) in net assets
resulting from operations $ 52,631 $ 31,987 $145,787
======== ======== ========
</TABLE>
JANUS RETIREMENT ADVANTAGE JUNE 30, 1997 SEMIANNUAL REPORT 2
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS, LIABILITIES, AND EQUITY ACCOUNTS
AGGRESSIVE CAPITAL INTERNATIONAL
GROWTH GROWTH APPRECIATION GROWTH
AS OF JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
- ------------------------------- --------------- ------------- ------------ -------------
<S> <C> <C> <C> <C>
ASSETS:
Shares 1,348,870.763 929,106.818 32,730.379 766,067.905
=============== ============= =========== ===========
Investments at cost $ 19,562,109 $ 16,289,731 $ 370,634 $12,456,372
=============== ============= =========== ===========
Investments at net asset value $ 23,056,693 $ 17,392,879 $ 384,582 $14,149,274
Accrued transfers from/(to)depositor-net (9,387) (16,683) 655 7,942
--------------- ------------- ----------- -----------
Total Assets 23,056,306 17,376,196 385,237 14,157,216
--------------- ------------- ----------- -----------
LIABILITIES: -- -- -- --
--------------- ------------- ----------- -----------
Total net assets $ 23,056,306 $ 17,376,196 $ 385,237 $14,157,216
=============== ============= =========== ===========
EQUITY ACCOUNTS:
Policyowners equity:
Units 1,275,505.4836 920,660.5524 30,321.6782 760,499.3699
=============== ============= =========== ===========
Unit Value $ 18.076211 $ 18.873619 $ 11.737273 $ 18.615684
=============== ============= =========== ===========
Value $ 23,056,306 $ 17,376,196 $ 355,894 $14,157,216
--------------- ------------- ----------- -----------
Depositors equity:
Units -- -- 2,500.000 --
=============== ============= =========== ===========
Unit Value -- -- 11.737273 --
=============== ============= =========== ===========
Value -- -- 29,343 --
--------------- ------------- ----------- -----------
Total Equity $ 23,056,306 $ 17,376,196 $ 385,237 $14,157,216
=============== ============= =========== ===========
</TABLE>
<TABLE>
<CAPTION>
WORLDWIDE FLEXIBLE
GROWTH BALANCED EQUITY INCOME INCOME
AS OF JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
- ------------------------------- ------------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
ASSETS:
Shares 1,823,870.083 511,365.253 25,533.804 233,113.121
============= =========== ========== ===========
Investments at cost $ 36,655,643 $ 7,208,212 $ 271,737 $ 2,623,308
============= =========== ========== ===========
Investments at net asset value $ 41,620,714 $ 8,289,231 $ 297,214 $ 2,629,516
Accrued transfers from/(to)depositor-net (291,732) (287) 6,641 4,479
------------- ----------- ---------- -----------
Total Assets 41,328,982 8,288,944 303,855 2,633,995
------------- ----------- ---------- -----------
LIABILITIES: -- -- -- --
------------- ----------- ---------- -----------
Total net assets $ 41,328,982 $ 8,288,944 $ 303,855 $ 2,633,995
============= =========== ========== ===========
EQUITY ACCOUNTS:
Policyowners equity:
Units 1,796,975.2921 483,853.7545 23,632.6142 192,206.6255
============== ============ =========== ============
Unit Value $ 22.999193 $ 17.131093 $ 11.627420 $ 13.703974
============== ============ =========== ============
Value $ 41,328,982 $ 8,288,944 $ 274,786 $ 2,633,995
-------------- ----------- ----------- ------------
Depositors equity:
Units -- -- 2,500.000 --
============== =========== =========== ============
Unit Value -- -- 11.627420 --
============== =========== =========== ============
Value -- -- 29,069 --
-------------- ----------- ----------- ------------
Total Equity $ 41,328,982 $ 8,288,944 $ 303,855 $ 2,633,995
============== =========== =========== ============
</TABLE>
<TABLE>
<CAPTION>
SHORT-TERM MONEY
HIGH-YIELD BOND MARKET
AS OF JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
----------- -------------- -------------
<S> <C> <C> <C>
ASSETS:
Shares 91,731.542 122,995.147 6,129,515.010
=========== ============== =============
Investments at cost $ 1,025,213 $ 1,243,618 $ 6,129,515
=========== ============== =============
Investments at net asset value $ 1,020,055 $ 1,234,872 $ 6,129,515
Accrued transfers from/(to)depositor-net 486 (34) 432,114
----------- -------------- -------------
Total Assets 1,020,541 1,234,838 6,561,629
----------- -------------- -------------
LIABILITIES: -- -- --
----------- -------------- -------------
Total net assets $ 1,020,541 $ 1,234,838 $ 6,561,629
=========== ============== =============
EQUITY ACCOUNTS:
Policyowners equity:
Units 85,338.9792 106,648.1513 597,945.5107
=========== ============== =============
Unit Value 11.958671 $ 11.578612 $ 10.973624
=========== ============== =============
Value $ 1,020,541 $ 1,234,838 $ 6,561,629
----------- -------------- -------------
Depositors equity:
Units -- -- --
=========== ============== =============
Unit Value -- -- --
=========== ============== =============
Value -- -- --
----------- -------------- -------------
Total Equity $ 1,020,541 $ 1,234,838 $ 6,561,629
=========== ============== =============
</TABLE>
See Notes to Financial Statements
JANUS RETIREMENT ADVANTAGE JUNE 30, 1997 SEMIANNUAL REPORT 3
<PAGE>
STATEMENTS OF CHANGES IN EQUITY ACCOUNTS
<TABLE>
<CAPTION>
FOR THE YEAR OR PERIOD ENDED CAPITAL
JUNE 30, 1997(UNAUDITED) AND GROWTH AGGRESSIVE GROWTH APPRECIATION INTERNATIONAL GROWTH
DECEMBER 31, 1996 SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
- ------------------------------ -------------------------- --------------------------- ------------ --------------------------
1997 1996 1997 1996 1997(1) 1997 1996
------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income/(loss) $ 551,200 $ 286,185 $ (51,191) $ 63,822 $ (196) $ 66,815 $ 60,618
Net gain/(loss) on investments 1,916,008 1,799,612 446,274 875,020 17,357 1,690,250 896,343
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) in
equity accounts resulting
from operations 2,467,208 2,085,797 395,083 938,842 17,161 1,757,065 956,961
------------ ------------ ------------ ------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Proceeds from units sold
(redeemed) 4,303,517 4,799,761 1,422,761) 6,702,926 343,086 6,364,390 3,703,610
Less cost of units redeemed:
Administrative charges 6,516 8,882 7,139 11,557 10 1,713 2,040
Policy loans -- -- -- -- -- -- --
Surrender benefits 403,922 304,288 409,023 488,330 -- 118,798 63,430
Death benefits -- 235 -- 1,357 -- -- 1,633
------------ ------------ ------------ ------------ ------------ ------------ ------------
Increase (decrease) from
equity transactions 3,893,079 4,486,356 (1,838,923) 6,201,682 343,076 6,243,879 3,636,507
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) in
equity accounts 6,360,287 6,572,153 (1,443,840) 7,140,524 360,237 8,000,944 4,593,468
Depositor's equity
contribution/(redemption) -- (1,452) -- (1,849) 25,000 -- (32,804)
EQUITY ACCOUNTS:
Beginning of period 16,696,019 10,125,318 18,820,036 11,681,361 -- 6,156,272 1,595,608
------------ ------------ ------------ ------------ ------------ ------------ ------------
End of period $ 23,056,306 $ 16,696,019 $ 17,376,196 $ 18,820,036 $ 385,237 $ 14,157,216 $ 6,156,272
------------ ------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
(1) Period May 1, 1997 (inception) to June 30, 1997
<TABLE>
<CAPTION>
FOR THE YEAR OR PERIOD ENDED
JUNE 30, 1997 (UNAUDITED) WORLDWIDE GROWTH BALANCED EQUITY INCOME FLEXIBLE INCOME
AND DECEMBER 31, 1996 SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
- ------------------------------- -------------------------- -------------------------- ------------- --------------------------
1997 1996 1997 1996 1997(2) 1997 1996
------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income/(loss) $ 431,331 $ 190,327 $ 166,318 $ 84,055 $ (148) $ 93,245 $ 136,562
Net gain/(loss) on investments 5,351,999 3,754,842 654,119 534,086 25,478 4,020 28,685
Net increase/(decrease)
in equity accounts resulting
from operations 5,783,330 3,945,169 820,437 618,141 25,330 97,265 165,247
------------ ------------ ------------ ------------ ------------ ------------ ------------
EQUITY TRANSACTIONS:
Proceeds from units sold
(redeemed) 12,271,797 8,933,782 2,302,683 1,501,584 253,525 368,352 (326,493)
Less cost of units redeemed:
Administrative charges 6,717 9,466 2,612 3,148 -- 766 1,223
Policy loans -- -- -- -- -- -- --
Surrender benefits 219,944 465,167 167,759 61,517 -- 28,956 73,878
Death benefits -- 1,333 -- 229 -- -- 224
------------ ------------ ------------ ------------ ------------ ------------ ------------
Increase (decrease) from equity
transactions 12,045,136 8,457,816 2,132,312 1,436,690 253,525 338,630 (401,818)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease)
in equity accounts 17,828,466 12,402,985 2,952,749 2,054,831 278,855 435,895 (236,571)
Depositors equity contribution/
(redemption) -- (1,666) -- (1,362) 25,000 -- (1,197)
EQUITY ACCOUNTS:
Beginning of period 23,500,516 11,099,197 5,336,195 3,282,726 -- 2,198,100 2,435,868
------------ ------------ ------------ ------------ ------------ ------------ ------------
End of period $ 41,328,982 $ 23,500,516 $ 8,288,944 $ 5,336,195 $ 303,855 $ 2,633,995 $ 2,198,100
------------ ------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
(2) Period May 1, 1997 (inception) to June 30, 1997
See Notes to Financial Statements
JANUS RETIREMENT ADVANTAGE JUNE 30, 1997 SEMIANNUAL REPORT 4
<PAGE>
STATEMENTS OF CHANGES IN EQUITY ACCOUNTS
<TABLE>
<CAPTION>
FOR THE YEAR OR PERIOD ENDED
JUNE 30, 1997 (UNAUDITED) HIGH YIELD SHORT-TERM BOND MONEY MARKET
AND DECEMBER 31, 1996 SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT
- ------------------------------------- -------------------------- ------------------------- -------------------------
1997 1996(1) 1997 1996 1997 1996
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income/(loss) $ 39,831 $ 18,226 $ 26,285 $ 39,719 $ 145,787 $ 157,414
Net gain/(loss) on investments 12,800 24,534 5,702 (9,894) -- --
----------- ----------- ----------- ----------- ----------- -----------
Net increase/(decrease) in equity
accounts resulting from operations 52,631 42,760 31,987 29,825 145,787 157,414
----------- ----------- ----------- ----------- ----------- -----------
EQUITY TRANSACTIONS:
Proceeds from units sold (redeemed) 366,911 591,467 227,489 (173,543) 647,963 4,791,643
Less cost of units redeemed:
Administrative charges 101 6 518 883 588 626
Policy loans -- -- -- -- -- --
Surrender benefits 29,427 -- 33,272 57,578 326,810 552,314
Death benefits -- -- -- -- -- --
Increase (decrease) from ----------- ----------- ---------- ----------- ----------- -----------
equity transactions 337,383 591,461 193,699 (232,004) 320,565 4,238,703
----------- ----------- ----------- ----------- ----------- -----------
Net increase/(decrease) in
equity accounts 390,014 634,221 225,686 (202,179) 466,352 4,396,117
Depositor's equity contribution/
(redemption) (28,694) 25,000 -- (1,082) -- (26,062)
EQUITY ACCOUNTS:
Beginning of period 659,221 -- 1,009,152 1,212,413 6,095,277 1,725,222
----------- ----------- ----------- ----------- ----------- -----------
End of period $ 1,020,541 $ 659,221 $ 1,234,838 $ 1,009,152 $ 6,561,629 $ 6,095,277
=========== =========== =========== =========== =========== ===========
</TABLE>
(1) Period May 1, 1996 (inception) to December 31, 1996.
See Notes to Financial Statements
JANUS RETIREMENT ADVANTAGE JUNE 30, 1997 SEMIANNUAL REPORT 5
<PAGE>
JANUS RETIREMENT ADVANTAGE WRL SERIES ANNUITY ACCOUNT B
<TABLE>
<CAPTION>
SELECTED PER UNIT DATA AND RATIOS*
FOR EACH YEAR OR PERIOD ENDED
DECEMBER 31 AND THE PERIOD GROWTH
ENDED JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT
- ------------------------------------ -------------------------------------------------------------------
1997 1996 1995 1994 1993(1)
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
ACCUMULATION UNIT VALUE,
BEGINNING OF PERIOD $ 16.01 $ 13.61 $ 10.55 $ 10.35 $ 10.00
---------- ---------- ---------- ---------- ----------
INCOME FROM OPERATIONS:
Net investment income/(loss) .45 .32 .26 (.04) .03
Net realized and unrealized
gain/(loss) on investments 1.62 2.08 2.80 .24 .32
---------- ---------- ---------- ---------- ----------
Total income/(loss) from
operations 2.07 2.40 3.06 .20 .35
---------- ---------- ---------- ---------- ----------
ACCUMULATION UNIT VALUE,
END OF PERIOD $ 18.08 $ 16.01 $ 13.61 $ 10.55 $ 10.35
========== ========== ========== ========== ==========
Total return** 12.91% 17.61% 29.07% 1.90% 3.50%
---------- ---------- ---------- ---------- ----------
RATIOS AND SUPPLEMENTAL DATA:
Net assets at end of period
(in thousands) $ 23,056 $ 16,696 $ 10,125 $ 4,758 $ 1
Ratio of net investment income/
(loss) to average net assets*** 5.45% 2.10% 2.08% (.35)% .97%
---------- ---------- ---------- ---------- ----------
</TABLE>
<TABLE>
<CAPTION>
SELECTED PER UNIT DATA AND RATIOS*
FOR EACH YEAR OR PERIOD ENDED
DECEMBER 31 AND THE PERIOD AGGRESSIVE GROWTH
ENDED JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT
- ------------------------------------ -------------------------------------------------------------------
1997 1996 1995 1994 1993(1)
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
ACCUMULATION UNIT VALUE,
BEGINNING OF PERIOD $ 18.45 $ 17.21 $ 13.62 $ 11.81 $ 10.00
---------- ---------- ---------- ---------- ----------
INCOME FROM OPERATIONS:
Net investment income/(loss) (.05) .07 .15 .08 .01
Net realized and unrealized
gain/(loss) on investments .47 1.17 3.44 1.73 1.80
---------- ---------- ---------- ---------- ----------
Total income/(loss) from
operations .42 1.24 3.59 1.81 1.81
---------- ---------- ---------- ---------- ----------
ACCUMULATION UNIT VALUE,
END OF PERIOD $ 18.87 $ 18.45 $ 17.21 $ 13.62 $ 11.81
========== ========== ========== ========== ==========
Total return** 2.30% 7.18% 26.41% 15.35% 18.05%
---------- ---------- ---------- ---------- ----------
RATIOS AND SUPPLEMENTAL DATA:
Net assets at end of period
(in thousands) $ 17,376 $ 18,820 $ 11,681 $ 4,828 $ 1
Ratio of net investment income/
(loss) to average net assets*** (.65)% .42% 1.00% .63% .15%
---------- ---------- ---------- ---------- ----------
</TABLE>
<TABLE>
<CAPTION>
FOR EACH YEAR OR PERIOD ENDED CAPITAL
DECEMBER 31 AND THE PERIOD APPRECIATION INTERNATIONAL GROWTH
ENDED JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT SUB-ACCOUNT
- ------------------------------------- ------------ -----------------------------------------------------
1997(3) 1997 1996 1995 1994(2)
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
ACCUMULATION UNIT VALUE,
BEGINNING OF PERIOD $ 10.00 $ 15.78 $ 11.80 $ 9.66 $ 10.00
---------- ---------- ---------- ---------- ----------
INCOME FROM OPERATIONS:
Net investment income/(loss) (.01) .11 .24 (.06) (.05)
Net realized and unrealized
gain/(loss) on investments 1.75 2.73 3.74 2.20 (.29)
---------- ---------- ---------- ---------- ----------
Total income/(loss) from
operations 1.74 2.84 3.98 2.14 (.34)
---------- ---------- ---------- ---------- ----------
ACCUMULATION UNIT VALUE,
END OF PERIOD $ 11.74 $ 18.62 $ 15.78 $ 11.80 $ 9.66
---------- ---------- ---------- ---------- ----------
Total return** 17.37% 17.93% 33.75% 22.11% (3.35)%
========== ========== ========== ========== ==========
RATIOS AND SUPPLEMENTAL DATA:
Net assets at end of period
(in thousands) $ 385 $ 14,157 $ 6,156 $ 1,596 $ 904
Ratio of net investment income/
(loss) to average net assets*** (.64)% 1.34% 1.72% (.66)% (.89)%
---------- ---------- ---------- ---------- ----------
</TABLE>
<TABLE>
<CAPTION>
FOR EACH YEAR OR PERIOD ENDED
DECEMBER 31 AND THE PERIOD WORLDWIDE GROWTH
ENDED JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT
- ----------------------------------- --------------------------------------------------------------------
1997 1996 1995 1994 1993(1)
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
ACCUMULATION UNIT VALUE,
BEGINNING OF PERIOD $ 19.40 $ 15.14 $ 11.99 $ 11.91 $ 10.00
---------- ---------- ---------- ---------- ----------
INCOME FROM OPERATIONS:
Net investment income/(loss) .28 .19 (.04) (.10) .02
Net realized and unrealized
gain/(loss) on investments 3.32 4.07 3.19 .18 1.89
---------- ---------- ---------- ---------- ----------
Total income/(loss) from
operations 3.60 4.26 3.15 .08 1.91
---------- ---------- ---------- ---------- ----------
ACCUMULATION UNIT VALUE,
END OF PERIOD $ 23.00 $ 19.40 $ 15.14 $ 11.99 $ 11.91
---------- ---------- ---------- ---------- ----------
Total return** 18.54% 28.12% 26.29% .68% 19.10%
========== ========== ========== ========== ==========
RATIOS AND SUPPLEMENTAL DATA:
Net assets at end of period
(in thousands) $ 41,329 $ 23,501 $ 11,099 $ 6,738 $ 1
Ratio of net investment income/
(loss) to average net assets*** 2.67% 1.12% (.32)% (.86)% .63%
---------- ---------- ---------- ---------- ----------
</TABLE>
<TABLE>
<CAPTION>
FOR EACH YEAR OR PERIOD ENDED DECEMBER 31 BALANCED EQUITY INCOME
AND THE PERIOD ENDED JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT SUB-ACCOUNT
---------------------------------------------------------------------- -------------
1997 1996 1995 1994 1993 (1) 1997 (3)
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
ACCUMULATION UNIT VALUE, BEGINNING
OF PERIOD $ 15.30 $ 13.26 $ 10.72 $ 10.72 $ 10.00 $ 10.00
--------- --------- --------- --------- --------- ---------
INCOME FROM OPERATIONS:
Net investment income/(loss) .38 .28 .13 .05 .08 (.01)
Net realized and unrealized gain/(loss)
on investments 1.45 1.76 2.41 (.05) .64 1.64
--------- --------- --------- --------- --------- ---------
Total income/(loss) from operations 1.83 2.04 2.54 -- .72 1.63
--------- --------- --------- --------- --------- ---------
ACCUMULATION UNIT VALUE, END OF PERIOD $ 17.13 $ 15.30 $ 13.26 $ 10.72 $ 10.72 $ 11.63
========= ========= ========= ========= ========= =========
Total return** 11.96% 15.36% 23.73% 0.00% 7.20% 16.27%
--------- --------- --------- --------- --------- ---------
RATIOS AND SUPPLEMENTAL DATA:
Net assets at end of period
(in thousands) $ 8,289 $ 5,336 $ 3,283 $ 2,162 $ 1 $ 304
Ratio of net investment income/(loss)
to average net assets*** 4.72% 1.98% 1.08% .51% 2.61% (.64)%
--------- --------- --------- --------- --------- ---------
<FN>
- ----------
*The above table calculates the change for a unit outstanding by using the
average units outstanding throughout each period.
**Not annualized for periods of less than 1 full year.
***Annualized for periods of less than 1 full year.
(1) Period September 13,1993 (inception) to December 31, 1993
(2) Period May 2, 1994 (inception) to December 31, 1994
(3) Period May 1, 1997 (inception) to June 30, 1997
</FN>
</TABLE>
See Notes to Financial Statements
JANUS RETIREMENT ADVANTAGE JUNE 30, 1997 SEMIANNUAL REPORT 6
<PAGE>
JANUS RETIREMENT ADVANTAGE WRL SERIES ANNUITY ACCOUNT B
<TABLE>
<CAPTION>
SELECTED PER UNIT DATA AND RATIOS*
FOR EACH YEAR OR PERIOD ENDED DECEMBER 31 FLEXIBLE INCOME HIGH-YIELD
AND THE PERIOD ENDED JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT SUB-ACCOUNT
---------------------------------------------------- ------------------
1997 1996 1995 1994 1993(1) 1997 1996(3)
------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
ACCUMULATION UNIT VALUE, BEGINNING
OF PERIOD $ 13.17 $ 12.15 $ 9.90 $ 10.07 $ 10.00 $ 11.19 $ 10.00
------- ------- ------- ------- ------- ------- -------
INCOME FROM OPERATIONS:
Net investment income/(loss) .53 .83 .57 .41 .10 .54 .55
Net realized and unrealized gain/(loss)
on investments -- .19 1.68 (.58) (.03) .23 .64
------- ------- ------- ------- ------- ------- -------
Total income/(loss) from operations .53 1.02 2.25 (.17) .07 .77 1.19
------- ------- ------- ------- ------- ------- -------
ACCUMULATION UNIT VALUE, END OF PERIOD $ 13.70 $ 13.17 $ 12.15 $ 9.90 $ 10.07 $ 11.96 $ 11.19
======= ======= ======= ======= ======= ======= =======
Total return** 4.02% 8.41% 22.81% (1.74)% .70% 6.86% 11.91%
------- ------- ------- ------- ------- ------- -------
RATIOS AND SUPPLEMENTAL DATA:
Net assets at end of period
(in thousands) $ 2,634 $ 2,198 $ 2,436 $ 893 $ 1 $ 1,021 $ 659
Ratio of net investment income/(loss)
to average net assets*** 7.86% 6.75% 5.53% 4.69% 3.43% 9.32% 7.88%
------- ------- ------- ------- ------- ------- -------
</TABLE>
<TABLE>
<CAPTION>
FOR EACH YEAR OR PERIOD ENDED
DECEMBER 31 AND THE PERIOD ENDED SHORT-TERM BOND MONEY MARKET
JUNE 30, 1997 (UNAUDITED) SUB-ACCOUNT SUB-ACCOUNT
------------------------------------------------------ ------------------------------
1997 1996 1995 1994 1993(1) 1997 1996 1995(2)
-------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
ACCUMULATION UNIT VALUE, BEGINNING
OF PERIOD $ 11.26 $ 10.90 $ 10.04 $ 10.03 $ 10.00 $ 10.74 $ 10.30 $ 10.00
-------- -------- -------- -------- -------- -------- -------- --------
INCOME FROM OPERATIONS:
Net investment income/(loss) .27 .38 .40 .50 .10 .23 .44 .30
Net realized and unrealized gain/(loss)
on investments .05 (.02) .46 (.49) (.07) -- -- --
-------- -------- -------- -------- -------- -------- -------- --------
Total income/(loss) from operations .32 .36 .86 .01 .03 .23 .44 .30
-------- -------- -------- -------- -------- -------- -------- --------
ACCUMULATION UNIT VALUE, END OF PERIOD $ 11.58 $ 11.26 $ 10.90 $ 10.04 $ 10.03 $ 10.97 $ 10.74 $ 10.30
======== ======== ======== ======== ======== ======== ======== ========
Total return** 2.88% 3.24% 8.61% .08% .30% 2.14% 4.28% 3.03%
-------- -------- -------- -------- -------- -------- -------- --------
RATIOS AND SUPPLEMENTAL DATA:
Net assets at end of period
(in thousands) $ 1,235 $ 1,009 $ 1,212 $ 2,437 $ 1 $ 6,562 $ 6,095 $ 1,725
Ratio of net investment income/(loss)
to average net assets*** 4.79% 3.51% 4.11% 5.35% 3.45% 4.23% 4.19% 4.42%
-------- -------- -------- -------- -------- -------- -------- --------
<FN>
- ----------
*The above table calculates the change for a unit outstanding by using the
average units outstanding throughout each period.
**Not annualized for periods of less than 1 full year.
***Annualized for periods of less than 1 full year.
(1) Period September 13,1993 (inception) to December 31, 1993
(2) Period May 1, 1995 (inception) to December 31, 1995
(3) Period May 1, 1996 (inception) to December 31, 1996
</FN>
</TABLE>
See Notes to Financial Statements
JANUS RETIREMENT ADVANTAGE JUNE 30, 1997 SEMIANNUAL REPORT 7
<PAGE>
JANUS RETIREMENT ADVANTAGE WRL SERIES ANNUITY ACCOUNT B
Notes to Financial Statements
June 30, 1997 (unaudited)
1. ORGANIZATION AND SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES
The WRL Series Annuity Account B (the "Account") was established as a variable
accumulation deferred annuity separate account of Western Reserve Life Assurance
Co. of Ohio ("WRL") and is registered as a unit investment trust under the
Investment Company Act of 1940, as amended. The Account encompasses the Janus
Retirement Advantage, \Registered Trademark\ a tax deferred variable annuity
contract (the "Contracts") issued by WRL. The Account contains eleven investment
options referred to as Sub-Accounts: Growth; Aggressive Growth; Capital
Appreciation; International Growth; Worldwide Growth; Balanced; Equity Income;
Flexible Income; High-Yield; Short-Term Bond; and Money Market. Each Sub-Account
invests in the corresponding Portfolio of the Janus Aspen Series (the "Trust"),
which is registered as an open-end management investment company under the
Investment Company Act of 1940, as amended.
The Accounts equity transactions are accounted for using the appropriate
effective date at the corresponding accumulation unit value.
On May 1, 1997, WRL made an initial depositor's equity contribution of $25,000
to the Capital Appreciation and Equity Income Sub-Accounts for which it received
2,500 units of each Sub-Account.
The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.
The following significant accounting policies, which are in conformity with
generally accepted accounting principles for unit investment trusts, have been
consistently used in preparation of the Account's financial statements.
VALUATION OF INVESTMENTS
The investments in the Trust's shares are stated at the closing net asset value
("NAV") per share as determined by the Trust on June 30, 1997. Investment
transactions are accounted for on the trade date, using the Trust NAV per share
next determined after receipt of sale or redemption order without sales charges.
Dividend income and capital gains distributions are recorded on the ex-dividend
date. The cost of investments sold is determined on a first-in, first-out basis.
FEDERAL INCOME TAXES
The operations of the Account are a part of and are taxed with the total
operations of WRL, which is taxed as a life insurance company under the Internal
Revenue Code of 1986, as amended. Under current law, the investment income the
Account, including realized and unrealized capital gains, is not taxable to WRL.
Accordingly, no provision for Federal income taxes has been made.
2. CHARGES AND DEDUCTIONS
Charges are assessed by WRL in connection with the issuance and administration
of the Contracts.
CONTRACT CHARGE
On each anniversary through maturity date, WRL will deduct an annual contract
charge as partial compensation for providing administrative services under the
Contracts. Deduction of the annual contract charge is currently waived when the
account value on the anniversary is equal to or greater than $25,000.
ANNUITY SUB-ACCOUNT CHARGE
A daily charge equal to an annual rate of .65% of average daily net assets of
each sub-account is assessed to compensate WRL for assumption of mortality and
expense risks and administrative services in connection with issuance and
administration of the Contracts. This charge (not assessed at the individual
contract level) effectively reduces the value of a unit outstanding during the
year.
3. DIVIDENDS AND DISTRIBUTIONS
Dividends of the Trust's Money Market Portfolio are declared daily and
reinvested monthly. Dividends of the remaining Trust portfolios are typically
declared and reinvested semiannually, while capital gains distributions are
typically declared and reinvested annually. Dividends and distributions of the
Trust are generally paid to and reinvested by the Account the next business day
after declaration.
4. OTHER MATTERS
As of June 30, 1997 the equity accounts include
net unrealized appreciation (depreciation) on investments as follows:
SUB-ACCOUNT:
Growth $3,503,584
Aggressive Growth 1,103,148
Capital Appreciation 13,948
International Growth 1,692,902
Worldwide Growth 4,965,07
Balanced 1,081,019
Equity Income 25,477
Flexible Income 6,208
High-Yield (5,158)
Short-Term Bond (8,746)
Money Market N/A
JANUS RETIREMENT ADVANTAGE JUNE 30, 1997 SEMIANNUAL REPORT 8
<PAGE>
JANUS [LOGO]
P.O. BOX 173375
DENVER, CO 80217-3375
1-800-504-4440
