NOTE: This filing contains five of the fourteen investment accounts of the
Equitable Life Insurance Company of Iowa Separate Account A as they have
been reported to PrimElite Variable Annuity contract owners. This electronic
filing does not contain the Equi-Select Series Trust Research Portfolio
Management's Discussion and Analysis or Financial Statements as they are not
required to be filed electronically. The Equi-Select Series Trust Research
Portfolio Semi-Annual Report has been filed in conforming paper copy. The
Smith Barney/Travelers Series Fund Inc. Semi-Annual Reports have also been
filed separately.
Equitable Life Insurance Company of Iowa
Separate Account A
Semi-Annual Report
For the Period Ending June 30, 1995
Table of Contents
Letter to Contract Owners
Separate Account A Financial Statements
Statements of Assets
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
The information contained in this report is intended for general
informational purposes only. This report is not authorized for
distribution to prospective investors unless preceded or
accompanied by current Trust, Fund, and Separate Account
prospectuses which contain important information concerning the
Trust, the Fund, the Company, and its current public offering of
variable annuity contracts.
Dear PrimElite Contract Owners:
Accumulating dollars for retirement can often be a confusing and difficult
process. The PrimElite Variable Annuity is designed to simplify the
process by providing you with an attractive means to help achieve your
retirement goals. Benefits of the product include high quality professional
fund management, flexible contract features, and tax-deferred accumulation.
Developed by Primerica Financial Services in partnership with Equitable Life
Insurance Company of Iowa, the PrimElite offers five different investment
options and a fixed account option in one product. Each option has a different
objective and you may allocate dollars among any of the options based on your
financial objectives. Smith Barney Mutual Funds Management Inc. lends its
expertise to the management of four portfolios: Money Market, High Income,
Income and Growth, and International Equity. Equitable Investment Services,
Inc. is the investment advisor for the Equi-Select Series Trust, which
includes the Research Portfolio. Portfolio management for the Research
Portfolio is provided by Massachusetts Financial Services Company (MFS),
the nation's oldest mutual fund company. Lastly, you can allocate some or
all of your PrimElite dollars in an account offering a fixed rate of return.
These investment funds and fixed account combined with the power of
tax-deferral make the PrimElite a sensible choice for accumulating dollars
for retirement.
If your investment needs change later, your PrimElite can change to meet those
needs. You can transfer monies between the options up to 12 times per year
without charge and without adverse tax consequences. Some restrictions apply
to transfers from the fixed account.
We're pleased that you have selected the PrimElite as a retirement vehicle.
Please contact our Customer Service Department at 800-648-6810 or your PFS
representative if you have questions about your PrimElite Variable Annuity.
Best regards,
/s/ Fred S. Hubbell
Fred S. Hubbell
President
Equitable Life Insurance
Company of Iowa
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF ASSETS (Unaudited)
June 30, 1995
<TABLE>
<CAPTION>
Research
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183) $4,600,132
Smith Barney/Travelers Series Fund Inc.
Smith Barney International Equity Portfolio,
10,494 shares at $10.24 per share (cost - $105,895)
Smith Barney/Travelers Series Fund Inc.
Smith Barney Income and Growth Portfolio,
38,226 shares at $11.44 per share (cost - $427,487)
Smith Barney/Travelers Series Fund Inc.
Smith Barney High Income Portfolio,
3,378 shares at $10.73 per share (cost - $35,790)
Smith Barney/Travelers Series Fund Inc.
Smith Barney Money Market Portfolio,
102,882 shares at $1.00 per share (cost - $102,882)
____________
TOTAL INVESTMENTS 4,600,132
Accrued investment income --
____________
NET ASSETS $4,600,132
============
NET ASSETS REPRESENTED BY:
Units 407,793
Unit Value 11.28
____________
Net Assets $4,600,132
============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF ASSETS (Unaudited)
June 30, 1995
<TABLE>
<CAPTION>
International
Equity
Account
______________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Smith Barney/Travelers Series Fund Inc.
Smith Barney International Equity Portfolio,
10,494 shares at $10.24 per share (cost - $105,895) $107,463
Smith Barney/Travelers Series Fund Inc.
Smith Barney Income and Growth Portfolio,
38,226 shares at $11.44 per share (cost - $427,487)
Smith Barney/Travelers Series Fund Inc.
Smith Barney High Income Portfolio,
3,378 shares at $10.73 per share (cost - $35,790)
Smith Barney/Travelers Series Fund Inc.
Smith Barney Money Market Portfolio,
102,882 shares at $1.00 per share (cost - $102,882)
______________
TOTAL INVESTMENTS 107,463
Accrued investment income --
______________
NET ASSETS $107,463
==============
NET ASSETS REPRESENTED BY:
Units 9,637
Unit Value 11.15
______________
Net Assets $107,463
==============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF ASSETS (Unaudited)
June 30, 1995
<TABLE>
<CAPTION>
Income and
Growth
Account
______________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Smith Barney/Travelers Series Fund Inc.
Smith Barney International Equity Portfolio,
10,494 shares at $10.24 per share (cost - $105,895)
Smith Barney/Travelers Series Fund Inc.
Smith Barney Income and Growth Portfolio,
38,226 shares at $11.44 per share (cost - $427,487) $437,309
Smith Barney/Travelers Series Fund Inc.
Smith Barney High Income Portfolio,
3,378 shares at $10.73 per share (cost - $35,790)
Smith Barney/Travelers Series Fund Inc.
Smith Barney Money Market Portfolio,
102,882 shares at $1.00 per share (cost - $102,882)
______________
TOTAL INVESTMENTS 437,309
Accrued investment income --
______________
NET ASSETS $437,309
==============
NET ASSETS REPRESENTED BY:
Units 41,227
Unit Value 10.61
______________
Net Assets $437,309
==============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF ASSETS (Unaudited)
June 30, 1995
<TABLE>
<CAPTION>
High
Income
Account
______________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Smith Barney/Travelers Series Fund Inc.
Smith Barney International Equity Portfolio,
10,494 shares at $10.24 per share (cost - $105,895)
Smith Barney/Travelers Series Fund Inc.
Smith Barney Income and Growth Portfolio,
38,226 shares at $11.44 per share (cost - $427,487)
Smith Barney/Travelers Series Fund Inc.
Smith Barney High Income Portfolio,
3,378 shares at $10.73 per share (cost - $35,790) $36,251
Smith Barney/Travelers Series Fund Inc.
Smith Barney Money Market Portfolio,
102,882 shares at $1.00 per share (cost - $102,882)
______________
TOTAL INVESTMENTS 36,251
Accrued investment income --
______________
NET ASSETS $36,251
==============
NET ASSETS REPRESENTED BY:
Units 3,553
Unit Value 10.20
______________
Net Assets $36,251
==============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF ASSETS (Unaudited)
June 30, 1995
<TABLE>
<CAPTION>
Money
Market
Account
______________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Smith Barney/Travelers Series Fund Inc.
Smith Barney International Equity Portfolio,
10,494 shares at $10.24 per share (cost - $105,895)
Smith Barney/Travelers Series Fund Inc.
Smith Barney Income and Growth Portfolio,
38,226 shares at $11.44 per share (cost - $427,487)
Smith Barney/Travelers Series Fund Inc.
Smith Barney High Income Portfolio,
3,378 shares at $10.73 per share (cost - $35,790)
Smith Barney/Travelers Series Fund Inc.
Smith Barney Money Market Portfolio,
102,882 shares at $1.00 per share (cost - $102,882) $102,882
______________
TOTAL INVESTMENTS 102,882
Accrued investment income 154
______________
NET ASSETS $103,036
==============
NET ASSETS REPRESENTED BY:
Units 10,264
Unit Value 10.04
______________
Net Assets $103,036
==============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Unaudited)
For the period January 1, 1995 or Commencement of Operations*
through June 30, 1995
<TABLE>
<CAPTION>
International Income
Research Equity and Growth
Account Account Account
______________ ______________ ______________
<S> <C> <C> <C>
INVESTMENT INCOME (LOSS)
Income:
Dividends -- -- --
Expenses (Note 2):
Administrative charges ($1,702) ($10) ($70)
Mortality and expense
risk charges (14,105) (84) (577)
______________ ______________ ______________
Net investment income (loss) (15,807) (94) (647)
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 4)
Net realized gain (loss) on
investments 1,203 -- 87
Net unrealized appreciation
(depreciation) of
investments 383,073 1,568 9,822
______________ ______________ ______________
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS $368,469 $1,474 $9,262
============== ============== ==============
<FN>
*Commencement of operations - See Note 1
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Unaudited)
For the period January 1, 1995 or Commencement of Operations*
through June 30, 1995
<TABLE>
<CAPTION>
High Money
Income Market
Account Account
______________ ______________
<S> <C> <C>
INVESTMENT INCOME (LOSS)
Income:
Dividends -- $242
Expenses (Note 2):
Administrative charges ($7) (6)
Mortality and expense
risk charges (55) (47)
______________ ______________
Net investment income (loss) (62) 189
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 4)
Net realized gain (loss) on
investments -- --
Net unrealized appreciation
(depreciation) of
investments 461 --
______________ ______________
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS $399 $189
============== ==============
<FN>
*Commencement of operations - See Note 1
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the periods ended December 31, 1994 (Audited)
and June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Research
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $4,874
Net realized gain (loss) on investments (3)
Net unrealized appreciation (depreciation) of investments (20,124)
______________
Net increase (decrease) in net assets resulting from operations (15,253)
Changes from principal transactions:
Purchase payments 635,302
Contract distributions and terminations (50)
Transfer payments from (to) other Accounts 52,604
______________
Increase in net assets derived from principal transactions 687,856
______________
Total increase 672,603
______________
NET ASSETS AT DECEMBER 31, 1994 672,603
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) (15,807)
Net realized gain (loss) on investments 1,203
Net unrealized appreciation (depreciation) of investments 383,073
______________
Net increase (decrease) in net assets resulting from operations 368,469
Changes from principal transactions:
Purchase payments 2,121,827
Contract distributions and terminations (2,217)
Transfer payments from (to) other Accounts 20,032
Transfer payments from (to) Fixed Account and other Funds 1,419,418
______________
Increase in net assets derived from principal transactions 3,559,060
______________
Total increase 3,927,529
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $4,600,132
==============
<FN>
* Commencement of operations - Research Account
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the periods ended December 31, 1994 (Audited)
and June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
International
Equity
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) --
Net realized gain (loss) on investments --
Net unrealized appreciation (depreciation) of investments --
______________
Net increase (decrease) in net assets resulting from operations --
Changes from principal transactions:
Purchase payments --
Contract distributions and terminations --
Transfer payments from (to) other Accounts --
______________
Increase in net assets derived from principal transactions --
______________
Total increase --
______________
NET ASSETS AT DECEMBER 31, 1994 --
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) ($94)
Net realized gain (loss) on investments --
Net unrealized appreciation (depreciation) of investments 1,568
______________
Net increase (decrease) in net assets resulting from operations 1,474
Changes from principal transactions:
Purchase payments 105,989
Contract distributions and terminations --
Transfer payments from (to) other Accounts --
Transfer payments from (to) Fixed Account and other Funds --
______________
Increase in net assets derived from principal transactions 105,989
______________
Total increase 107,463
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $107,463
==============
<FN>
* Commencement of operations - Research Account
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the periods ended December 31, 1994 (Audited)
and June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Income
and Growth
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) --
Net realized gain (loss) on investments --
Net unrealized appreciation (depreciation) of investments --
______________
Net increase (decrease) in net assets resulting from operations --
Changes from principal transactions:
Purchase payments --
Contract distributions and terminations --
Transfer payments from (to) other Accounts --
______________
Increase in net assets derived from principal transactions --
______________
Total increase --
______________
NET ASSETS AT DECEMBER 31, 1994 --
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) ($647)
Net realized gain (loss) on investments 87
Net unrealized appreciation (depreciation) of investments 9,822
______________
Net increase (decrease) in net assets resulting from operations 9,262
Changes from principal transactions:
Purchase payments 408,015
Contract distributions and terminations --
Transfer payments from (to) other Accounts 20,032
Transfer payments from (to) Fixed Account and other Funds --
______________
Increase in net assets derived from principal transactions 428,047
______________
Total increase 437,309
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $437,309
==============
<FN>
* Commencement of operations - Research Account
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the periods ended December 31, 1994 (Audited)
and June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
High
Income
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) --
Net realized gain (loss) on investments --
Net unrealized appreciation (depreciation) of investments --
______________
Net increase (decrease) in net assets resulting from operations --
Changes from principal transactions:
Purchase payments --
Contract distributions and terminations --
Transfer payments from (to) other Accounts --
______________
Increase in net assets derived from principal transactions --
______________
Total increase --
______________
NET ASSETS AT DECEMBER 31, 1994 --
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) ($62)
Net realized gain (loss) on investments --
Net unrealized appreciation (depreciation) of investments 461
______________
Net increase (decrease) in net assets resulting from operations 399
Changes from principal transactions:
Purchase payments 35,852
Contract distributions and terminations --
Transfer payments from (to) other Accounts --
Transfer payments from (to) Fixed Account and other Funds --
______________
Increase in net assets derived from principal transactions 35,852
______________
Total increase 36,251
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $36,251
==============
<FN>
* Commencement of operations - Research Account
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
For the periods ended December 31, 1994 (Audited)
and June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
Money
Market
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) --
Net realized gain (loss) on investments --
Net unrealized appreciation (depreciation) of investments --
______________
Net increase (decrease) in net assets resulting from operations --
Changes from principal transactions:
Purchase payments --
Contract distributions and terminations --
Transfer payments from (to) other Accounts --
______________
Increase in net assets derived from principal transactions --
______________
Total increase --
______________
NET ASSETS AT DECEMBER 31, 1994 --
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) $189
Net realized gain (loss) on investments --
Net unrealized appreciation (depreciation) of investments --
______________
Net increase (decrease) in net assets resulting from operations 189
Changes from principal transactions:
Purchase payments 142,911
Contract distributions and terminations --
Transfer payments from (to) other Accounts (40,064)
Transfer payments from (to) Fixed Account and other Funds --
______________
Increase in net assets derived from principal transactions 102,847
______________
Total increase 103,036
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $103,036
==============
<FN>
* Commencement of operations - Research Account
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA
SEPARATE ACCOUNT A
NOTES TO FINANCIAL STATEMENTS (unaudited)
June 30, 1995
NOTE 1 - INVESTMENT AND ACCOUNTING POLICIES
Equitable Life Insurance Company of Iowa Separate Account A was
organized by Equitable Life Insurance Company of Iowa (the "Company")
in accordance with the provisions of Iowa Insurance laws and is a part
of the total operations of the Company. The assets and liabilities of
the Equitable Life Insurance Company of Iowa Separate Account A are
clearly identified and distinguished from the other assets and liabilities
of the Company. Commencement of operations is defined as the date of
initial sale of contract units to contract owners. The Equitable Life
Insurance Company of Iowa Separate Account A investment accounts commenced
operations on October 7, 1994 for the Research Account, March 27, 1995 for
the International Equity Account, April 5, 1995 for the Income and Growth
Account, April 28, 1995 for the High Income Account, and May 24, 1995 for
the Money Market Account. Investments are stated at the closing net
asset values per share on June 30, 1995.
Equitable Life Insurance Company of Iowa Separate Account A consists
of fourteen investment accounts, four of which (International Equity,
Income and Growth, High Income, and Money Market), as directed by
eligible contract owners, are invested in specified portfolios of the
Smith Barney/Travelers Series Fund Inc., an open-end management investment
company under the Investment Company Act of 1940, which commenced operations
on June 16, 1994. Activity in these four investment accounts, as well as
the Research Account, which invests in the Equi-Select Series Trust, is
available to contract owners of the PrimElite Variable Annuity product.
The remaining ten investment accounts (including the Research Account)
are invested in specified portfolios of the Equi-Select Series Trust,
which commenced operations on October 4, 1994. These ten investment
accounts are available to contract owners of the Equi-Select Variable
Annuity product.
The financial statements included herein present only those investment
accounts available to contract owners of the PrimElite Variable
Annuity product. The financial statements of the remaining investment
accounts available to contract owners of the Equi-Select Variable
Annuity product are presented separately.
The average cost method is used to determine realized gains and
losses. Dividends are taken into income on an accrual basis as of the
ex-dividend date.
NOTE 2 - EXPENSES
The Company is compensated for mortality and expense risks and
administrative costs by a charge equivalent to an annual rate of 1.25%
and 0.15%, respectively, of the total net assets of each Account.
These charges amounted to $14,869 and $1,795 during the six months
ended June 30, 1995 and $980 and $118 in 1994.
NOTE 2 - EXPENSES (continued)
An annual contract administration charge of $30 is deducted on each
contract anniversary prior to the maturity date, upon full withdrawal
of a contract's value or upon commencement of annuity payments if such
withdrawal is made or annuity payments commence on a date other than
the contract anniversary. A transfer charge computed as the lesser of
2% of the contract value transferred or $25 will be imposed on each
transfer between Accounts in excess of twelve in any one calendar
year. A withdrawal charge may be imposed in the event of withdrawal
of any portion of the contract value or upon annuitization. The
withdrawal charge is 8% of the amount withdrawn prior to the first
anniversary of the purchase payment and reduces by 1% at each
subsequent purchase payment anniversary. Withdrawal charges of $174
were assessed during the six months ended June 30, 1995. No
withdrawal charges were assessed in 1994.
NOTE 3 - FEDERAL INCOME TAXES
Operations of the Equitable Life Insurance Company of Iowa Separate
Account A will form a part of the operations of the Company which is
taxed as a life insurance company under the Internal Revenue Code.
Under current law, no federal income taxes are payable with respect to
operations of Equitable Life Insurance Company of Iowa Separate
Account A.
NOTE 4 - PURCHASES AND SALES OF INVESTMENT SECURITIES
The aggregate cost of purchases and proceeds from sales and investments
were as follows:
<TABLE>
<CAPTION>
Period From
January 1, 1995 or
Commencement of Period From
Operations* October 7, 1994* to
to June 30, 1995 December 31, 1994
_________________________ _________________________
Purchases Sales Purchases Sales
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Research Portfolio $3,563,497 $14,487 $687,042 $69
International
Equity Portfolio 105,950 55 -- --
Income and Growth
Portfolio 432,708 5,308 -- --
High Income Portfolio 35,850 60 -- --
Money Market Portfolio 152,915 50,033 -- --
<FN>
*Commencement of operations of the accounts of Equitable Life Insurance
Company of Iowa Separate Account A:
Research Account - October 7, 1994
International Equity Account - March 27, 1995
Income and Growth Account - April 5, 1995
High Income Account - April 28, 1995
Money Market Account - May 24, 1995
</FN>
</TABLE>
NOTE 5 - SUMMARY OF CHANGES FROM UNIT TRANSACTIONS
Transactions in units were as follow:
<TABLE>
<CAPTION>
Period From
January 1, 1995 or
Commencement of Period From
Operations* October 7, 1994* to
to June 30, 1995 December 31, 1994
_________________________ _________________________
Purchases Sales Purchases Sales
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Research Account 339,433 817 69,182 5
International
Equity Account 9,637 -- -- --
Income and Growth Account 41,227 -- -- --
High Income Account 3,553 -- -- --
Money Market Account 14,264 4,000 -- --
<FN>
*Commencement of operations:
Research Account - October 7, 1994
Smith Barney International Equity Account - March 27, 1995
Smith Barney Income and Growth Account - April 5, 1995
Smith Barney High IncomeAccount - April 28, 1995
Smith Barney Money Market Account - May 24, 1995
</FN>
</TABLE>
NOTE 6 - NET ASSETS
Net assets at June 30, 1995 consisted of the following:
<TABLE>
<CAPTION>
International Income
Research Equity and Growth
Account Account Account
______________ ______________ ______________
<S> <C> <C> <C>
Unit transactions $4,248,354 $105,989 $428,134
Accumulated net
investment income (loss) (11,171) (94) (647)
Net unrealized appreciation
(depreciation) of
investments 362,949 1,568 9,822
______________ ______________ ______________
$4,600,132 $107,463 $437,309
============== ============== ==============
</TABLE>
<TABLE>
<CAPTION>
High Money
Income Market
Account Account
______________ ______________
<S> <C> <C>
Unit transactions $35,852 $102,847
Accumulated net
investment income (loss) (62) 189
Net unrealized appreciation
(depreciation) of
investments 461 --
______________ ______________
$36,251 $103,036
============== ==============
</TABLE>
The information contained in this report is intended for general
informational purposes only. This report is not authorized for
distribution to prospective investors unless preceded or
accompanied by current Trust, Fund, and Separate Account
prospectuses which contain important information concerning the
Trust, the Fund, the Company, and its current public offering of
variable annuity contracts.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENTS OF ASSETS, STATEMENTS OF OPERATIONS, STATEMENTS OF CHANGES IN
NET ASSETS, AND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 05
<NAME> RESEARCH ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 4,237,183
<INVESTMENTS-AT-VALUE> 4,600,132
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,600,132
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 4,248,354
<SHARES-COMMON-PRIOR> 687,853
<ACCUMULATED-NII-CURRENT> (11,171)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 362,949
<NET-ASSETS> 4,600,132
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (15,807)
<NET-INVESTMENT-INCOME> (15,807)
<REALIZED-GAINS-CURRENT> 1,203
<APPREC-INCREASE-CURRENT> 383,073
<NET-CHANGE-FROM-OPS> 368,469
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,561,277
<NUMBER-OF-SHARES-REDEEMED> (2,217)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,927,529
<ACCUMULATED-NII-PRIOR> 4,874
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENTS OF ASSETS, STATEMENTS OF OPERATIONS, STATEMENTS OF CHANGES IN
NET ASSETS, AND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> INTERNATIONAL EQUITY ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 105,895
<INVESTMENTS-AT-VALUE> 107,463
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 107,463
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 105,989
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (94)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,568
<NET-ASSETS> 107,463
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (94)
<NET-INVESTMENT-INCOME> (94)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 1,568
<NET-CHANGE-FROM-OPS> 1,474
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 105,989
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 107,463
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENTS OF ASSETS, STATEMENTS OF OPERATIONS, STATEMENTS OF CHANGES IN
NET ASSETS, AND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 12
<NAME> INCOME AND GROWTH ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 427,487
<INVESTMENTS-AT-VALUE> 437,309
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 437,309
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 428,134
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (647)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,822
<NET-ASSETS> 437,309
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (647)
<NET-INVESTMENT-INCOME> (647)
<REALIZED-GAINS-CURRENT> 87
<APPREC-INCREASE-CURRENT> 9,822
<NET-CHANGE-FROM-OPS> 9,262
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 428,047
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 437,309
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENTS OF ASSETS, STATEMENTS OF OPERATIONS, STATEMENTS OF CHANGES IN
NET ASSETS, AND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 13
<NAME> HIGH INCOME ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 35,790
<INVESTMENTS-AT-VALUE> 36,251
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,251
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 35,852
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (62)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 461
<NET-ASSETS> 36,251
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (62)
<NET-INVESTMENT-INCOME> (62)
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 461
<NET-CHANGE-FROM-OPS> 399
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 35,852
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 36,251
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
STATEMENTS OF ASSETS, STATEMENTS OF OPERATIONS, STATEMENTS OF CHANGES IN
NET ASSETS, AND NOTES TO FINANCIAL STATEMENTS (UNAUDITED) AND IS
QUALIFIED IN ITS ENTIRETY TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 14
<NAME> MONEY MARKET ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 102,882
<INVESTMENTS-AT-VALUE> 102,882
<RECEIVABLES> 154
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 154
<TOTAL-ASSETS> 103,036
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 102,847
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 189
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 103,036
<DIVIDEND-INCOME> 242
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (53)
<NET-INVESTMENT-INCOME> 189
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 189
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 142,911
<NUMBER-OF-SHARES-REDEEMED> (40,064)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 103,036
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 0
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 0
<EXPENSE-RATIO> 0
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
