Dear Variable Annuity Owner:
Despite some recent volatility, the U.S. stock market continued its strong
performance in the first half of 1996. Results for the first six months of 1996
in the subaccounts of the MEMBERS(R) Variable Annuity are shown in the following
table.
Percent increase
in Unit Value from
- -------------------------------------------------------------------
Subaccount 12/31/95 through 6/30/96
- -------------------------------------------------------------------
Capital Appreciation Stock 9.07%
Growth and Income Stock 6.90%
Balanced 2.52%
Bond -2.64%
Money Market 1.71%
International Stock 8.30%
- -------------------------------------------------------------------
World Governments -1.33%
- -------------------------------------------------------------------
Emerging Growth.........................n/a - inception 5/1/96
- -------------------------------------------------------------------
This booklet is divided into several sections. Each section contains the
semiannual report for a component of the MEMBERS(R) Variable Annuity. The first
section contains the following reports for the Century Variable Annuity Account:
Statement of Assets and Liabilities.......................page 2
Statement of Operations...................................page 4
Statement of Changes in Net Assets........................page 5
Notes to the Financial Statements.........................page 7
The Century Variable Annuity Account invests in mutual funds. The results shown
in this section reflect the deduction of the separate account level charges.
Returns at the subaccount level shown above are slightly lower than the returns
at the mutual fund level as a result of these charges.
The remaining sections of this booklet cover the mutual funds. The second
section contains the report for the Ultra Series Fund which includes the Capital
Appreciation Stock Fund, Growth and Income Stock Fund, Balanced Fund, Bond Fund,
and Money Market Fund. The third section is the report for the International
Stock Portfolio of the T. Rowe Price International Series, Inc., and the last
section has the financial information and results for the MFS(R) World
Governments Series and the MFS(R) Emerging Growth Series of the MFS(R) Variable
Insurance TrustSM.
The net assets in the Century Variable Annuity Account have continued their
strong growth in the first half of 1996. Net assets increased to over $255
million on June 30, 1996. We appreciate your confidence in our company and its
products. Please keep in mind that strong markets like the one we have seen over
the last 18 months are often followed by periods of slower growth or even
temporary declines. We continue to believe that your MEMBERS(R) Variable Annuity
is a great tool to accumulate and distribute dollars for your retirement
planning needs.
Sincerely,
/s/ Michael B. Kitchen
Michael B. Kitchen
President and Chief Executive Officer
Century Life of America
<PAGE>
CENTURY VARIABLE ANNUITY ACCOUNT
Statement of Assets and Liabilities
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Capital
Appreciation Growth and Money
Stock Income Stock Balanced Bond Market
Assets: Subaccount Subaccount Subaccount Subaccount Subaccount
Investments in Ultra Series Fund:
(note 2)
<S> <C> <C> <C> <C> <C>
Capital Appreciation Stock Fund,
3,380,016 shares at net asset value of
$13.72 per share (cost $42,013,819) $46,360,28 $ -- $ -- $ -- $ --
Growth and Income Stock Fund,
4,060,178 shares at net asset value
of $19.48 per share (cost $74,205,379) -- 79,086,576 -- -- --
Balanced Fund, 4,485,867 shares
at net asset value of $14.94
per share (cost $65,315,247) -- -- 67,022,618 -- --
Bond Fund, 1,270,901 shares
at net asset value of $10.28
per share (cost $13,174,157) -- -- -- 13,066,708 --
Money Market Fund, 15,066,055
shares at net asset value of $1.00
per share (cost $15,066,055) -- -- -- -- 15,066,055
----------- ----------- ----------- ----------- -----------
Total assets 46,360,284 79,086,576 67,022,618 13,066,708 15,066,055
----------- ----------- ----------- ----------- -----------
Liabilities:
Accrued adverse mortality and
expense charges 133,280 205,156 178,097 35,229 40,648
Other accrued expenses 15,994 24,619 21,372 4,227 4,878
----------- ----------- ----------- ----------- -----------
Total liabilities 149,274 229,775 199,469 39,456 45,526
----------- ----------- ----------- ----------- -----------
Net assets $46,211,010 $78,856,801 $66,823,149 $13,027,252 $15,020,529
=========== =========== =========== =========== ===========
Units outstanding (note 5) 3,284,531 5,781,398 5,469,890 1,178,183 1,400,001
=========== =========== =========== =========== ===========
Net asset value per unit $ 14.07 $ 13.64 $ 12.22 $ 11.06 $ 10.73
=========== =========== =========== =========== ===========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
CENTURY VARIABLE ANNUITY ACCOUNT
Statement of Assets and Liabilities
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
International World Emerging
Stock Governments Growth
Assets: Subaccount Subaccount Subaccount*
- --------------------------------------------------- ----------- ---------- ----------
Investments in Ultra Series Fund:
(note 2)
<S> <C> <C> <C>
Investments in T. Rowe Price
International Fund, Inc.:
International Stock Portfolio,
1,812,026 shares at net asset value of
$12.17 per share (cost $19,991,117) $22,052,358 $ -- $ --
Investments in MFSAE Variable Insurance TrustSM:
World Governments Series,
883,679 shares at net asset value of
$10.10 per share (cost $9,086,433) -- 8,925,162 --
Investments in MFSAE Variable Insurance TrustSM:
Emerging Growth Series,
378,339 shares at net asset value of
$13.13 per share (cost $5,022,100) -- -- 4,967,589
----------- ---------- ----------
Total assets 22,052,358 8,925,162 4,967,589
----------
----------- ---------- ----------
Liabilities:
Accrued adverse mortality and
expense charges 59,128 25,599 4,593
Other accrued expenses 7,095 3,072 551
----------- ---------- ----------
Total liabilities 66,223 28,671 5,144
----------- ---------- ----------
Net assets $21,986,135 $8,896,491 $4,962,445
=========== ========== ==========
Units outstanding (note 5) 1,852,112 798,873 497,297
=========== ========== ==========
Net asset value per unit $ 11.87 $ 11.14 $ 9.98
=========== ========== ==========
See accompanying notes to financial statements.
*The data is for the period beginning May 1, 1996 (date of initial activity).
</TABLE>
<PAGE>
CENTURY VARIABLE ANNUITY ACCOUNT
Statement of Operations
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Capital
Appreciation Growth and Money
Stock Income Stock Balanced Bond Market
Investment income (loss): Subaccount Subaccount Subaccount Subaccount Subaccount
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Dividend income $85,802 $320,026 $519,292 $144,964 $261,167
Adverse mortality and expense charges
(note 3) (230,338) (343,551) (301,547) (59,970) (68,278)
Administrative charges (27,641) (41,226) (36,186) (7,196) (8,193)
-------- -------- -------- -------- --------
Net investment income (loss) (172,177) (64,751) 181,559 77,798 184,696
-------- -------- -------- -------- --------
Realized and unrealized gain (loss)
on investments:
Realized gain (loss) on security
transactions:
Proceeds from sale of securities 1,212,919 -- -- 201,539 7,705,187
Cost of securities sold (1,062,425) -- -- (203,909) (7,705,187)
--------- --------- -------- -------- --------
Net realized gain (loss) on security
transactions 150,494 -- -- (2,370) --
Net change in unrealized appreciation
or depreciation on investments 2,651,723 3,250,332 784,345 (286,383) --
--------- --------- -------- -------- --------
Net gain (loss) on investments 2,802,217 3,250,332 784,345 (288,753) --
--------- --------- -------- -------- --------
Net increase (decrease) in net assets
resulting from operations $2,630,040 $3,185,581 $965,904 $(210,955) $184,696
========= ========= ======== ======== ========
International World Emerging
Stock Governments Growth
Investment income (loss): Subaccount Subaccount Subaccount*
Dividend income $114,464 -- --
Adverse mortality and expense charges
(note 3) (102,868) (45,976) (4,593)
Administrative charges (12,344) (5,517) (551)
-------- -------- --------
Net investment income (loss) (748) (51,493) (5,144)
-------- -------- --------
Realized and unrealized gain (loss)
on investments:
Realized gain (loss) on security
transactions:
Proceeds from sale of securities 8,296 169,355 --
Cost of securities sold (7,671) (174,155) --
-------- -------- --------
Net realized gain (loss) on security
transactions 625 (4,800) --
Net change in unrealized appreciation
or depreciation on investments 1,286,708 (13,122) (54,511)
--------- --------- --------
Net gain (loss) on investments 1,287,333 (17,922) (54,511)
--------- --------- --------
Net increase (decrease) in net assets
resulting from operations $1,286,585 $(69,415) $(59,655)
========= ========= =========
See accompanying notes to financial statements.
*The data is for the period beginning May 1, 1996 (date of initial activity).
</TABLE>
<PAGE>
CENTURY VARIABLE ANNUITY ACCOUNT
Statement of Changes in Net Assets
Six Months Ended June 30, 1996 and the Year Ended December 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
CAPITAL APPRECIATION STOCK SUBACCOUNT GROWTH AND INCOME STOCK SUBACCOUNT
Operations: 1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net investment income (loss) $(172,177) $748,689 $(64,751) $2,445,983
Net realized gain (loss) on
security transactions 150,494 1,478 -- 6,948
Net change in unrealized appreciation
or depreciation on investments 2,651,723 1,856,614 3,250,332 1,848,620
---------- ---------- ---------- ----------
operations 2,630,040 2,606,781 3,185,581 4,301,551
---------- ---------- ---------- ----------
Capital unit transactions (note 5):
Proceeds from sales of units 30,297,034 26,775,941 51,985,274 34,898,103
Cost of units repurchased (12,823,708) (6,523,112) (12,145,966) (9,194,950)
---------- ---------- ---------- ----------
Change in net assets from capital
unit transactions 17,473,326 20,252,829 39,839,308 25,703,153
---------- ---------- ---------- ----------
Increase (decrease) in net assets 20,103,366 22,859,610 43,024,889 30,004,704
Net assets:
Beginning of period 26,107,644 3,248,034 35,831,912 5,827,208
---------- ---------- ---------- ----------
End of period $46,211,010 $26,107,644 $78,856,801 $35,831,912
========== ========== ========== ==========
BALANCED SUBACCOUNT BOND SUBACCOUNT
Operations: 1996 1995 1996 1995
---- ---- ---- ----
Net investment income (loss) $181,559 $1,717,682 $77,798 $195,183
Net realized gain (loss) on
security transactions -- 4,302 (2,370) 3,149
Net change in unrealized appreciation
or depreciation on investments 784,345 1,148,835 (286,383) 216,889
---------- ---------- --------- ---------
Change in net assets from
operations 965,904 2,870,819 (210,955) 415,221
---------- ---------- --------- ---------
Capital unit transactions (note 5):
Proceeds from sale of units 44,376,191 32,100,084 9,879,924 7,330,321
Cost of units repurchased (10,691,173) (9,369,392) (2,965,288) (2,685,189)
---------- ---------- ---------- ---------
Change in net assets from capital
unit transactions 33,685,018 22,730,692 6,914,636 4,645,132
---------- ---------- ---------- ---------
Increase (decrease) in net assets 34,650,922 25,601,511 6,703,681 5,060,353
Net assets:
Beginning of period 32,172,227 6,570,716 6,323,571 1,263,218
---------- ---------- ---------- ---------
End of period $66,823,149 $32,172,227 $13,027,252 $6,323,571
========== ========== ========== =========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
CENTURY VARIABLE ANNUITY ACCOUNT
Statement of Changes in Net Assets
Six Months Ended June 30, 1996 and the Year Ended December 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
MONEY MARKET SUBACCOUNT INTERNATIONAL STOCK SUBACCOUNT
Operations: 1996 1995 1996 1995
---- ---- ---- ----
<S> <C> <C> <C> <C>
Net investment income (loss) $184,696 $192,649 $(748) $(80,827)
Net realized gain (loss) on
security transactions -- -- 625 3,124
Net change in unrealized appreciation
or depreciation on investments -- -- 1,286,708 873,668
---------- ---------- ---------- ----------
Change in net assets from
operations 184,696 192,649 1,286,585 795,965
---------- ---------- ---------- ----------
Capital unit transactions (note 5):
Proceeds from sales of units 34,454,198 26,622,937 15,769,206 13,898,714
Cost of units repurchased (26,348,328) (22,701,986) (7,025,391) (6,004,541)
---------- ---------- ---------- ----------
Change in net assets from capital
unit transactions 8,105,870 3,920,951 8,743,815 7,894,173
---------- ---------- ---------- ----------
Increase (decrease) in net assets 8,290,566 4,113,600 10,030,400 8,690,138
Net assets:
Beginning of period 6,729,963 2,616,363 11,955,735 3,265,597
---------- ---------- ---------- ----------
End of period $15,020,529 $6,729,963 $21,986,135 $11,955,735
========== ========== ========== ==========
WORLD GOVERNMENTS SUBACCOUNT EMERGING GROWTH SUBACCOUNT*
Operations: 1996 1995 1996
---- ---- ----
Net investment income (loss) $(51,493) $486,265 $(5,144)
Net realized gain (loss) on
security transactions (4,800) 12,038 --
Net change in unrealized appreciation
or depreciation on investments (13,122) (114,274) (54,511)
--------- --------- ---------
Change in net assets from
operations (69,415) 384,029 (59,655)
--------- --------- ---------
Capital unit transactions (note 5):
Proceeds from sale of units 6,569,495 7,213,831 5,342,207
Cost of units repurchased (3,317,391) (3,747,086) (320,107)
--------- --------- ---------
Change in net assets from capital
unit transactions 3,252,104 3,466,745 5,022,100
--------- --------- ---------
Increase (decrease) in net assets 3,182,689 3,850,774 4,962,445
Net assets:
Beginning of period 5,713,802 1,863,028 --
--------- --------- ---------
End of period $8,896,491 $5,713,802 $4,962,445
========= ========= =========
See accompanying notes to financial statements.
*The data is for the period beginning May 1, 1996 (date of initial activity).
</TABLE>
<PAGE>
CENTURY VARIABLE ANNUITY ACCOUNT
Notes to Financial Statements
(1) Organization
The Century Variable Annuity Account (the Variable Account) is a unit
investment trust registered under the Investment Company Act of 1940 with
the Securities and Exchange Commission. The Variable Account was
established as a separate investment account within Century Life of America
(the Company) to receive and invest net premiums paid under variable
annuity contracts (Contracts).
Although the assets in the Variable Account are the property of the
Company, the assets in the Variable Account attributable to the Contracts
are not chargeable with liabilities arising out of any other business which
the Company may conduct. The assets of the Variable Account are available
to cover the general liabilities of the Company only to the extent that the
Variable Account's assets exceed its liabilities arising under the
Contracts. The Company has the right to transfer to the general account any
assets of the Variable Account which are in excess of reserves and other
contract liabilities. All obligations arising under the Contracts are
general corporate obligations of the Company.
(2) Significant Accounting Policies
Investments
The Variable Account currently is divided into eight subaccounts but may,
in the future, include additional subaccounts. Each subaccount invests
exclusively in shares of a single underlying fund. (The term fund is used
to mean an investment portfolio sometimes called a fund, i.e., Ultra Series
Fund, T. Rowe Price International Fund, Inc., MFSAE Variable Insurance
TrustSM, or any other open-end management investment company or unit
investment trust in which a subaccount invests.) The income, gains and
losses, realized or unrealized, from the assets allocated to each
subaccount are credited to or charged against that subaccount without
regard to income, gains or losses from any other subaccount.
The Variable Account invests in shares of Ultra Series Fund, T. Rowe Price
International Fund, Inc., and MFSAE Variable Insurance TrustSM. Each is a
management investment company of the series type with one or more funds.
Each is registered with the SEC as an open-end, management investment
company. Such registration does not involve supervision of the management
or investment practices or policies of the companies or their funds by the
SEC.
Ultra Series Fund currently has five funds available as investment options
under the Contracts while T. Rowe Price International Fund, Inc. has one
and MFSAE Variable Insurance TrustSM has two funds available as an
investment option under the Contracts. Ultra Series Fund and MFSAE Variable
Insurance TrustSM also have other funds that are not available under the
Contracts. All three companies may, in the future, create additional funds
that may or may not be available as investment options under the Contracts.
Each fund has its own investment objectives and the income, gains and
losses for each fund are determined separately for that fund.
Century Investment Management Co. (CIMCO) serves as the Investment Adviser
to the Ultra Series Fund and manages its assets in accordance with general
policies and guidelines established by the board of trustees of the Ultra
Series Fund. The Company owns one half of CIMCO's outstanding stock and one
half is owned indirectly by CUNA Mutual Insurance Society.
Rowe Price-Fleming International, Inc. (RPFI) serves as the Investment
Adviser to the International Stock Portfolio and manages its assets in
accordance with general policies and guidelines established by the board of
directors of T. Rowe Price International Fund, Inc. RPFI was founded in
1979 as a joint venture between T. Rowe Price Associates, Inc. and Robert
Fleming Holdings Limited.
Massachusetts Financial Services Company (MFS) serves as the Investment
Adviser to the MFS World Governments Series and Emerging Growth Series and
manages its assets in accordance with general policies and guidelines
established by the board of trustees of MFSAE Variable Insurance TrustSM.
MFS is a subsidiary of Sun Life Assurance Company of Canada (U.S.) which,
in turn, is a subsidiary of Sun Life Assurance Company of Canada.
The assets of each fund are held separate from the assets of the other
funds, and each fund is offered at a price equal to its respective net
asset value per share, without sales charge. Dividends and capital gain
distributions from each fund are reinvested in that fund. Investments in
shares of the Funds are stated at market value which is the net asset value
per share as determined by the Funds. Realized gains and losses from
security transactions are reported on an average cost basis.
Dividend income is recorded on the ex-dividend date.
Federal Income Taxes
Currently, no charge is made against the Variable Account for any federal,
state or local taxes (other than premium taxes) that the Company incurs or
that may be attributable to the Variable Account or the Contracts. The
Company may, however, make such a charge in the future from surrender
value, death benefits or annuity payments, as appropriate. Such taxes may
include taxes (levied by any government entity) which the Company
determines to have resulted from: (1) the establishment or maintenance of
the Variable Account, (2) receipt by the Company of purchase payments, (3)
issuance of the Contracts, or (4) the payment of annuity payments.
Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of increase and decrease in
net assets from operations during the period. Actual results could differ
from those estimates.
(3) Fees and Charges
Organization Costs
Century Life of America absorbed all organization expenses of the Variable
Account.
Contract Charges
Surrender Charge (Contingent Deferred Sales Charge). No charge for sales
expenses is deducted from purchase payments at the time purchase payments
are paid. However, a surrender charge is deducted upon surrender or partial
withdrawal of purchase payments within 7 years of their being paid and, in
certain circumstances, upon payment of a death benefit or the election of
certain annuity payment options.
For purchase payments withdrawn or surrendered within one year of having
been paid, the charge is 7% of the amount of the payment withdrawn or
surrendered. For each purchase payment, the surrender charge decreases by
1% for each full year that has elapsed since the payment was made. No
surrender charge is assessed upon the withdrawal or surrender of the
contract value in excess of aggregate purchase payments or on purchase
payments made more than 7 years prior to the withdrawal or surrender.
Subject to certain restrictions. for the first partial withdrawal (or
surrender) in each contract year, an amount equal to 10% of aggregate
purchase payments subject to a surrender charge (as of the time of
withdrawal or surrender) may be surrendered without a surrender charge. The
surrender charge also may be waived in certain circumstances as provided in
the Contracts.
Annual Contract Fee. On each contract anniversary (or upon surrender of the
Contract) prior to the annuity date, the Company deducts an annual contract
fee of $30 from the variable contract value. After the annuity date, the
Company deducts this fee from variable annuity payments. A pro-rated
portion of the fee is deducted upon annuitization of a Contract except on a
contract anniversary.
Transfer Fee. No charge is made for transfers, however, the Company
reserves the right to charge $10 for the 13th and each subsequent transfer
during a Contract year.
Premium Taxes. If state or other premium taxes are applicable to a
Contract, they will be deducted either: (a) from purchase payments as they
are received, (b) from contract value upon surrender or partial withdrawal,
(c) upon application of adjusted contract value to an annuity payment
option, or (d) upon payment of a death benefit. The Company, however,
reserves the right to deduct premium taxes at the time it pays such taxes.
Variable Account Charges
Mortality and Expense Risk Charge. The Company deducts a daily mortality
and expense risk charge to compensate it for assuming certain mortality and
expense risks. The charge is deducted from the assets of the Variable
Account at an annual rate of 1.25% (approximately 0.85% for mortality risk
and 0.40% for expense risks).
Asset-Based Administration Charge. The Company deducts a daily
administration charge to compensate it for certain expenses it incurs in
administration of the Contract. The charge is deducted from the assets of
the Variable Account at an annual rate of 0.15%.
(4) Investment Transactions
The cost of shares purchased, including reinvestment of dividend
distributions, during the six months ended June 30, 1996, was as follows:
<PAGE>
Capital Appreciation Stock Fund...........................$18,664,184
Growth and Income Stock Fund.............................. 40,004,980
Balanced Fund............................................. 34,065,658
Bond Fund................................................. 7,232,746
Money Market Fund......................................... 16,026,531
International Stock Portfolio............................. 8,818,415
World Governments Series.................................. 3,398,104
Emerging Growth........................................... 5,022,100
$133,232,718
===========
(5) Unit Activity from Contract Transactions
Transactions in units of each subaccount of the Variable Account for the
year ended December 31, 1995 and for the six-month period ended June 30,
1996 were as follows:
<TABLE>
<CAPTION>
Capital
Appreciation Growth and Money
Stock Income Stock Balanced Bond Market
Subaccount Subaccount Subaccount Subaccount Subaccount
<S> <C> <C> <C> <C> <C>
Units outstanding at December 31, 1994 324,922 593,599 664,679 127,666 257,622
Units sold 2,250,573 2,997,868 2,868,364 676,502 2,565,795
Units repurchased (550,906) (783,591) (834,995) (247,419) (2,185,506)
---------- ---------- ---------- ---------- ----------
Units outstanding at December 31, 1995 2,024,589 2,807,876 2,698,049 556,749 637,911
---------- ---------- ---------- ---------- ----------
Units sold 2,170,937 3,880,656 3,651,222 888,815 3,236,165
Units repurchased (910,995) (907,134) (879,381) (267,381) (2,474,075)
---------- ---------- ---------- ---------- ----------
Units outstanding at June 30, 1996 3,284,531 5,781,398 5,469,890 1,178,183 1,400,001
========== ========== ========== ========== ==========
International World Emerging
Stock Governments Growth
Subaccount Subaccount Subaccount*
Units outstanding at December 31, 1994 326,923 186,155 --
Units sold1,336,544 663,603
Units repurchased (572,787) (343,768) --
---------- -------- --------
Units outstanding at December 31, 19951,090,681 505,990 --
---------- -------- --------
Units sold 1,373,794 591,698 529,286
Units repurchased (612,363) (298,815) (31,989)
---------- -------- --------
Units outstanding at June 30, 1996 1,852,112 798,873 497,297
========== ======== ========
*The data is for the period beginning May 1, 1996 (date of initial activity).
</TABLE>
(6) Annuitization
As of June 30, 1996, there were no annuitized contracts.
(7) Condensed Financial Information
The table below gives per unit information about the financial history of
each subaccount for each period.
<TABLE>
<CAPTION>
Capital Appreciation Growth and Income Balanced Bond
Stock Subaccount Stock Subaccount Subaccount Subaccount
Net asset value: 1996* 1995 1996* 1995 1996* 1995 1996* 1995
----- ---- ----- ---- ----- ---- ----- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Beginning of period $12.90 $10.00 $12.76 $9.82 $11.92 $9.89 $11.36 $9.89
End of period 14.07 12.90 13.64 12.76 12.22 11.92 11.06 11.36
Percentage increase in unit
value during period 9.07% 29.0% 6.90% 29.9% 2.52% 20.5% -2.64% 14.9%
Number of units outstanding
at end of period 3,284,531 2,024,589 5,781,398 2,807,876 5,469,890 2,698,049 1,178,183 556,749
<PAGE>
Money Market International World Governments Emerging Growth
Subaccount Stock Subaccount Subaccount Subaccount
Net asset value: 1996* 1995 1996* 1995 1996* 1995 1996**
----- ---- ----- ---- ----- ---- ------
Beginning of period $10.55 $10.16 $10.96 $9.99 $11.29 $10.01 $10.00
End of period 10.73 10.55 11.87 10.96 11.14 11.29 9.98
Percentage increase in unit
value during period 1.71% 3.8% 8.30% 9.7% -1.33% 12.8% -0.20%
Number of units outstanding
at end of period 1,400,001 637,911 1,852,112 1,090,681 798,873 505,990 497,297
For the Money Market Subaccount, the "seven-day average yield" for the
seven days ended June 30, 1996, was 3.69% and the "effective yield" for
that period was 3.82%.
* 1996 data is for the six-month period ended June 30, 1996.
**1996 data is for the two-month period ended June 30, 1996.
</TABLE>
