NOTE: This filing contains ten of the fourteen investment accounts of
the Equitable Life Insurance Company of Iowa Separate Account A as they have
been reported to Equi-Select Variable Annuity contract owners. This
electronic filing does not contain the Equi-Select Series Trust Management's
Discussion and Analysis or Financial Statements as they are not required
to be filed electronically. The Equi-Select Series Trust Management's
Discussion and Analysis and Financial Statements have been filed in
conforming paper copy.
Equitable Life Insurance Company of Iowa
Separate Account A
Equi-Select Series Trust
Semi-Annual Report
For the Period Ending June 30, 1995
Table of Contents
Letter to Contract Owners
Management's Discussion and Analysis*
Portfolio Performance Review*
Exhibit 1 Portfolio Performance Graphs*
Separate Account A Financial Statements
Statements of Assets
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Equi-Select Series Trust Financial Statements*
Schedules of Investments*
Statements of Assets and Liabilities*
Statements of Operations*
Statements of Changes in Net Assets*
Financial Highlights*
Notes to Financial Statements*
Trustees and Officers*
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 and Separate Account prospectuses
which contain important information concerning the Trust, the
Company, and its current public offering of variable annuity
contracts.
* The documents related to the Equi-Select Series Trust are not required
to be filed electronically and, therefore, are not included in this filing.
LETTER TO CONTRACT OWNERS
Dear Equi-Select Contract Owners:
On behalf of Equitable Life Insurance Company of Iowa and
the Equi-Select Series Trust, we wish to extend our
appreciation to you for selecting the Equi-Select Variable
Annuity product. We also hope that you will find the
information contained in this semi-annual report to be
valuable to you for your continued confidence in the Equi-
Select product.
This semi-annual report contains a discussion of each of the
ten Equi-Select Series Trust Portfolios and financial
information for both the Separate Account and the
Portfolios.
We are committed to providing you with a quality product and
quality service to assist you in meeting your financial
goals and we welcome the opportunity to serve you.
Sincerely,
/s/ Fred S. Hubbell /s/ Paul R. Schlaack
Fred S. Hubbell Paul R. Schlaack
President, Chairman and President and Chief Executive Officer
Chief Executive Officer Equitable Investment Serivces, Inc.
Equitable Life Insurance President, Chairman, and
Company of Iowa Principal Executive Officer
Equi-Select Series Trust
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 Money Market Portfolio,
3,514,861 shares at $1.00 per share (cost - $3,514,861) $3,514,861
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
76,592 shares at $10.92 per share (cost - $808,873)
Equi-Select Series Trust International Fixed Income Portfolio,
134,501 shares at $11.02 per share (cost - $1,423,375)
Equi-Select Series Trust OTC Portfolio,
324,400 shares at $11.77 per share (cost - $3,465,406)
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Equi-Select Series Trust Total Return Portfolio,
464,795 shares at $10.92 per share (cost - $4,834,293)
Equi-Select Series Trust Advantage Portfolio,
168,661 shares at $10.42 per share (cost - $1,714,983)
Equi-Select Series Trust Government Securities Portfolio,
79,521 shares at $11.03 per share (cost - $836,262)
Equi-Select Series Trust International Stock Portfolio,
269,400 shares at $9.92 per share (cost - $2,604,384)
Equi-Select Series Trust Short-Term Bond Portfolio,
37,976 shares at $10.53 per share (cost - $390,279)
____________
NET ASSETS $3,514,861
============
NET ASSETS REPRESENTED BY:
Units 342,698
Unit Value 10.26
____________
Net Assets $3,514,861
============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF ASSETS (Unaudited)
June 30, 1995
<TABLE>
<CAPTION>
Mortgage-
Backed
Securities
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
3,514,861 shares at $1.00 per share (cost - $3,514,861)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
76,592 shares at $10.92 per share (cost - $808,873) $836,754
Equi-Select Series Trust International Fixed Income Portfolio,
134,501 shares at $11.02 per share (cost - $1,423,375)
Equi-Select Series Trust OTC Portfolio,
324,400 shares at $11.77 per share (cost - $3,465,406)
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Equi-Select Series Trust Total Return Portfolio,
464,795 shares at $10.92 per share (cost - $4,834,293)
Equi-Select Series Trust Advantage Portfolio,
168,661 shares at $10.42 per share (cost - $1,714,983)
Equi-Select Series Trust Government Securities Portfolio,
79,521 shares at $11.03 per share (cost - $836,262)
Equi-Select Series Trust International Stock Portfolio,
269,400 shares at $9.92 per share (cost - $2,604,384)
Equi-Select Series Trust Short-Term Bond Portfolio,
37,976 shares at $10.53 per share (cost - $390,279)
____________
NET ASSETS $836,754
============
NET ASSETS REPRESENTED BY:
Units 76,415
Unit Value 10.95
____________
Net Assets $836,754
============
<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
Fixed
Income
Account
______________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
3,514,861 shares at $1.00 per share (cost - $3,514,861)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
76,592 shares at $10.92 per share (cost - $808,873)
Equi-Select Series Trust International Fixed Income Portfolio,
134,501 shares at $11.02 per share (cost - $1,423,375) $1,481,827
Equi-Select Series Trust OTC Portfolio,
324,400 shares at $11.77 per share (cost - $3,465,406)
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Equi-Select Series Trust Total Return Portfolio,
464,795 shares at $10.92 per share (cost - $4,834,293)
Equi-Select Series Trust Advantage Portfolio,
168,661 shares at $10.42 per share (cost - $1,714,983)
Equi-Select Series Trust Government Securities Portfolio,
79,521 shares at $11.03 per share (cost - $836,262)
Equi-Select Series Trust International Stock Portfolio,
269,400 shares at $9.92 per share (cost - $2,604,384)
Equi-Select Series Trust Short-Term Bond Portfolio,
37,976 shares at $10.53 per share (cost - $390,279)
______________
NET ASSETS $1,481,827
==============
NET ASSETS REPRESENTED BY:
Units 134,928
Unit Value 10.98
______________
Net Assets $1,481,827
==============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF ASSETS (Unaudited)
June 30, 1995
<TABLE>
<CAPTION>
OTC
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
3,514,861 shares at $1.00 per share (cost - $3,514,861)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
76,592 shares at $10.92 per share (cost - $808,873)
Equi-Select Series Trust International Fixed Income Portfolio,
134,501 shares at $11.02 per share (cost - $1,423,375)
Equi-Select Series Trust OTC Portfolio,
324,400 shares at $11.77 per share (cost - $3,465,406) $3,817,777
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Equi-Select Series Trust Total Return Portfolio,
464,795 shares at $10.92 per share (cost - $4,834,293)
Equi-Select Series Trust Advantage Portfolio,
168,661 shares at $10.42 per share (cost - $1,714,983)
Equi-Select Series Trust Government Securities Portfolio,
79,521 shares at $11.03 per share (cost - $836,262)
Equi-Select Series Trust International Stock Portfolio,
269,400 shares at $9.92 per share (cost - $2,604,384)
Equi-Select Series Trust Short-Term Bond Portfolio,
37,976 shares at $10.53 per share (cost - $390,279)
____________
NET ASSETS $3,817,777
============
NET ASSETS REPRESENTED BY:
Units 326,839
Unit Value 11.68
____________
Net Assets $3,817,777
============
<FN>
See accompanying notes.
</FN>
</TABLE>
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 Money Market Portfolio,
3,514,861 shares at $1.00 per share (cost - $3,514,861)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
76,592 shares at $10.92 per share (cost - $808,873)
Equi-Select Series Trust International Fixed Income Portfolio,
134,501 shares at $11.02 per share (cost - $1,423,375)
Equi-Select Series Trust OTC Portfolio,
324,400 shares at $11.77 per share (cost - $3,465,406)
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183) $4,600,132
Equi-Select Series Trust Total Return Portfolio,
464,795 shares at $10.92 per share (cost - $4,834,293)
Equi-Select Series Trust Advantage Portfolio,
168,661 shares at $10.42 per share (cost - $1,714,983)
Equi-Select Series Trust Government Securities Portfolio,
79,521 shares at $11.03 per share (cost - $836,262)
Equi-Select Series Trust International Stock Portfolio,
269,400 shares at $9.92 per share (cost - $2,604,384)
Equi-Select Series Trust Short-Term Bond Portfolio,
37,976 shares at $10.53 per share (cost - $390,279)
____________
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>
Total
Return
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
3,514,861 shares at $1.00 per share (cost - $3,514,861)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
76,592 shares at $10.92 per share (cost - $808,873)
Equi-Select Series Trust International Fixed Income Portfolio,
134,501 shares at $11.02 per share (cost - $1,423,375)
Equi-Select Series Trust OTC Portfolio,
324,400 shares at $11.77 per share (cost - $3,465,406)
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Equi-Select Series Trust Total Return Portfolio,
464,795 shares at $10.92 per share (cost - $4,834,293) $5,075,095
Equi-Select Series Trust Advantage Portfolio,
168,661 shares at $10.42 per share (cost - $1,714,983)
Equi-Select Series Trust Government Securities Portfolio,
79,521 shares at $11.03 per share (cost - $836,262)
Equi-Select Series Trust International Stock Portfolio,
269,400 shares at $9.92 per share (cost - $2,604,384)
Equi-Select Series Trust Short-Term Bond Portfolio,
37,976 shares at $10.53 per share (cost - $390,279)
____________
NET ASSETS $5,075,095
============
NET ASSETS REPRESENTED BY:
Units 465,547
Unit Value 10.90
____________
Net Assets $5,075,095
============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF ASSETS (Unaudited)
June 30, 1995
<TABLE>
<CAPTION>
Advantage
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
3,514,861 shares at $1.00 per share (cost - $3,514,861)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
76,592 shares at $10.92 per share (cost - $808,873)
Equi-Select Series Trust International Fixed Income Portfolio,
134,501 shares at $11.02 per share (cost - $1,423,375)
Equi-Select Series Trust OTC Portfolio,
324,400 shares at $11.77 per share (cost - $3,465,406)
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Equi-Select Series Trust Total Return Portfolio,
464,795 shares at $10.92 per share (cost - $4,834,293)
Equi-Select Series Trust Advantage Portfolio,
168,661 shares at $10.42 per share (cost - $1,714,983) $1,758,137
Equi-Select Series Trust Government Securities Portfolio,
79,521 shares at $11.03 per share (cost - $836,262)
Equi-Select Series Trust International Stock Portfolio,
269,400 shares at $9.92 per share (cost - $2,604,384)
Equi-Select Series Trust Short-Term Bond Portfolio,
37,976 shares at $10.53 per share (cost - $390,279)
____________
NET ASSETS $1,758,137
============
NET ASSETS REPRESENTED BY:
Units 168,091
Unit Value 10.46
____________
Net Assets $1,758,137
============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF ASSETS (Unaudited)
June 30, 1995
<TABLE>
<CAPTION>
Government
Securities
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
3,514,861 shares at $1.00 per share (cost - $3,514,861)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
76,592 shares at $10.92 per share (cost - $808,873)
Equi-Select Series Trust International Fixed Income Portfolio,
134,501 shares at $11.02 per share (cost - $1,423,375)
Equi-Select Series Trust OTC Portfolio,
324,400 shares at $11.77 per share (cost - $3,465,406)
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Equi-Select Series Trust Total Return Portfolio,
464,795 shares at $10.92 per share (cost - $4,834,293)
Equi-Select Series Trust Advantage Portfolio,
168,661 shares at $10.42 per share (cost - $1,714,983)
Equi-Select Series Trust Government Securities Portfolio,
79,521 shares at $11.03 per share (cost - $836,262) $876,998
Equi-Select Series Trust International Stock Portfolio,
269,400 shares at $9.92 per share (cost - $2,604,384)
Equi-Select Series Trust Short-Term Bond Portfolio,
37,976 shares at $10.53 per share (cost - $390,279)
____________
NET ASSETS $876,998
============
NET ASSETS REPRESENTED BY:
Units 79,381
Unit Value 11.05
____________
Net Assets $876,998
============
<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
Stock
Account
______________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
3,514,861 shares at $1.00 per share (cost - $3,514,861)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
76,592 shares at $10.92 per share (cost - $808,873)
Equi-Select Series Trust International Fixed Income Portfolio,
134,501 shares at $11.02 per share (cost - $1,423,375)
Equi-Select Series Trust OTC Portfolio,
324,400 shares at $11.77 per share (cost - $3,465,406)
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Equi-Select Series Trust Total Return Portfolio,
464,795 shares at $10.92 per share (cost - $4,834,293)
Equi-Select Series Trust Advantage Portfolio,
168,661 shares at $10.42 per share (cost - $1,714,983)
Equi-Select Series Trust Government Securities Portfolio,
79,521 shares at $11.03 per share (cost - $836,262)
Equi-Select Series Trust International Stock Portfolio,
269,400 shares at $9.92 per share (cost - $2,604,384) $2,672,982
Equi-Select Series Trust Short-Term Bond Portfolio,
37,976 shares at $10.53 per share (cost - $390,279)
______________
NET ASSETS $2,672,982
==============
NET ASSETS REPRESENTED BY:
Units 267,783
Unit Value 9.98
______________
Net Assets $2,672,982
==============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF ASSETS (Unaudited)
June 30, 1995
<TABLE>
<CAPTION>
Short-Term
Bond
Account
____________
<S> <C>
ASSETS
Investments at net asset value:
Equi-Select Series Trust Money Market Portfolio,
3,514,861 shares at $1.00 per share (cost - $3,514,861)
Equi-Select Series Trust Mortgage-Backed Securities Portfolio,
76,592 shares at $10.92 per share (cost - $808,873)
Equi-Select Series Trust International Fixed Income Portfolio,
134,501 shares at $11.02 per share (cost - $1,423,375)
Equi-Select Series Trust OTC Portfolio,
324,400 shares at $11.77 per share (cost - $3,465,406)
Equi-Select Series Trust Research Portfolio,
410,588 shares at $11.20 per share (cost - $4,237,183)
Equi-Select Series Trust Total Return Portfolio,
464,795 shares at $10.92 per share (cost - $4,834,293)
Equi-Select Series Trust Advantage Portfolio,
168,661 shares at $10.42 per share (cost - $1,714,983)
Equi-Select Series Trust Government Securities Portfolio,
79,521 shares at $11.03 per share (cost - $836,262)
Equi-Select Series Trust International Stock Portfolio,
269,400 shares at $9.92 per share (cost - $2,604,384)
Equi-Select Series Trust Short-Term Bond Portfolio,
37,976 shares at $10.53 per share (cost - $390,279) $399,774
____________
NET ASSETS $399,774
============
NET ASSETS REPRESENTED BY:
Units 37,841
Unit Value 10.56
____________
Net Assets $399,774
============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Unaudited)
For the six months ended June 30, 1995
<TABLE>
<CAPTION>
Mortgage-
Money Backed
Market Securities
Account Account
______________ ______________
<S> <C> <C>
INVESTMENT INCOME (LOSS)
Income:
Dividends $47,080 --
Expenses (Note 2):
Administrative charges (1,356) ($2,074)
Mortality and expense
risk charges (11,243) (250)
______________ ______________
Net investment income (loss) 34,481 (2,324)
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 4)
Net realized gain (loss) on
investments -- 546
Net unrealized appreciation
(depreciation) of
investments -- 28,210
______________ ______________
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS $34,481 $26,432
============== ==============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Unaudited)
For the six months ended June 30, 1995
<TABLE>
<CAPTION>
International
Fixed
Income OTC Research
Account Account Account
______________ ______________ ______________
<S> <C> <C> <C>
INVESTMENT INCOME (LOSS)
Income:
Dividends -- -- --
Expenses (Note 2):
Administrative charges ($543) ($1,494) ($1,702)
Mortality and expense
risk charges (4,500) (12,382) (14,105)
______________ ______________ ______________
Net investment income (loss) (5,043) (13,876) (15,807)
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 4)
Net realized gain (loss) on
investments 2,504 2,869 1,203
Net unrealized appreciation
(depreciation) of
investments 58,745 345,144 383,073
______________ ______________ ______________
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS $56,206 $334,137 $368,469
============== ============== ==============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Unaudited)
For the six months ended June 30, 1995
<TABLE>
<CAPTION>
Total Government
Return Advantage Securities
Account Account Account
______________ ______________ ______________
<S> <C> <C> <C>
INVESTMENT INCOME (LOSS)
Income:
Dividends -- -- --
Expenses (Note 2):
Administrative charges ($1,641) ($751) ($286)
Mortality and expense
risk charges (13,600) (6,222) (2,373)
______________ ______________ ______________
Net investment income (loss) (15,241) (6,973) (2,659)
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 4)
Net realized gain (loss) on
investments 905 1,665 1,412
Net unrealized appreciation
(depreciation) of
investments 243,244 47,214 40,820
______________ ______________ ______________
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS $228,908 $41,906 $39,573
============== ============== ==============
<FN>
See accompanying notes.
</FN>
</TABLE>
EQUITABLE LIFE INSURANCE COMPANY OF IOWA SEPARATE ACCOUNT A
STATEMENTS OF OPERATIONS (Unaudited)
For the six months ended June 30, 1995
<TABLE>
<CAPTION>
International Short-Term
Stock Bond
Account Account
______________ ______________
<S> <C> <C>
INVESTMENT INCOME (LOSS)
Income:
Dividends -- --
Expenses (Note 2):
Administrative charges ($990) ($110)
Mortality and expense
risk charges (8,203) (910)
______________ ______________
Net investment income (loss) (9,193) (1,020)
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (NOTE 4)
Net realized gain (loss) on
investments 3,954 289
Net unrealized appreciation
(depreciation) of
investments 69,475 9,622
______________ ______________
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS $64,236 $8,891
============== ==============
<FN>
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) $1,504
Net realized gain (loss) on investments --
Net unrealized appreciation (depreciation) of investments --
______________
Net increase (decrease) in net assets resulting from operations 1,504
Changes from principal transactions:
Purchase payments 947,439
Contract distributions and terminations --
Transfer payments from (to) other Accounts (603,444)
______________
Increase in net assets derived from principal transactions 343,995
______________
Total increase 345,499
______________
NET ASSETS AT DECEMBER 31, 1994 345,499
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) 34,481
Net realized gain (loss) on investments --
Net unrealized appreciation (depreciation) of investments --
______________
Net increase (decrease) in net assets resulting from operations 34,481
Changes from principal transactions:
Purchase payments 10,387,273
Contract distributions and terminations --
Transfer payments from (to) other Accounts (6,737,974)
Transfer payments from (to) Fixed Account and other Funds (514,418)
______________
Increase in net assets derived from principal transactions 3,134,881
______________
Total increase 3,169,362
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $3,514,861
==============
<FN>
* Commencement of operations
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>
Mortgage-
Backed
Securities
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $414
Net realized gain (loss) on investments 3
Net unrealized appreciation (depreciation) of investments (329)
______________
Net increase (decrease) in net assets resulting from operations 88
Changes from principal transactions:
Purchase payments 8,983
Contract distributions and terminations --
Transfer payments from (to) other Accounts 19,751
______________
Increase in net assets derived from principal transactions 28,734
______________
Total increase 28,822
______________
NET ASSETS AT DECEMBER 31, 1994 28,822
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) (2,324)
Net realized gain (loss) on investments 546
Net unrealized appreciation (depreciation) of investments 28,210
______________
Net increase (decrease) in net assets resulting from operations 26,432
Changes from principal transactions:
Purchase payments 541,608
Contract distributions and terminations --
Transfer payments from (to) other Accounts 239,531
Transfer payments from (to) Fixed Account and other Funds 361
______________
Increase in net assets derived from principal transactions 781,500
______________
Total increase 807,932
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $836,754
==============
<FN>
* Commencement of operations
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
Fixed
Income
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $342
Net realized gain (loss) on investments 3
Net unrealized appreciation (depreciation) of investments (292)
______________
Net increase (decrease) in net assets resulting from operations 53
Changes from principal transactions:
Purchase payments 21,572
Contract distributions and terminations --
Transfer payments from (to) other Accounts 29,663
______________
Increase in net assets derived from principal transactions 51,235
______________
Total increase 51,288
______________
NET ASSETS AT DECEMBER 31, 1994 51,288
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) (5,043)
Net realized gain (loss) on investments 2,504
Net unrealized appreciation (depreciation) of investments 58,745
______________
Net increase (decrease) in net assets resulting from operations 56,206
Changes from principal transactions:
Purchase payments 882,286
Contract distributions and terminations --
Transfer payments from (to) other Accounts 488,797
Transfer payments from (to) Fixed Account and other Funds 3,250
______________
Increase in net assets derived from principal transactions 1,374,333
______________
Total increase 1,430,539
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $1,481,827
==============
<FN>
* Commencement of operations
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>
OTC
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) ($908)
Net realized gain (loss) on investments (66)
Net unrealized appreciation (depreciation) of investments 7,227
______________
Net increase (decrease) in net assets resulting from operations 6,253
Changes from principal transactions:
Purchase payments 585,144
Contract distributions and terminations --
Transfer payments from (to) other Accounts 68,709
______________
Increase in net assets derived from principal transactions 653,853
______________
Total increase 660,106
______________
NET ASSETS AT DECEMBER 31, 1994 660,106
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) (13,876)
Net realized gain (loss) on investments 2,869
Net unrealized appreciation (depreciation) of investments 345,144
______________
Net increase (decrease) in net assets resulting from operations 334,137
Changes from principal transactions:
Purchase payments 1,542,392
Contract distributions and terminations (43)
Transfer payments from (to) other Accounts 1,278,291
Transfer payments from (to) Fixed Account and other Funds 2,894
______________
Increase in net assets derived from principal transactions 2,823,534
______________
Total increase 3,157,671
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $3,817,777
==============
<FN>
* Commencement of operations
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 1,416,526
Transfer payments from (to) Fixed Account and other Funds 22,924
______________
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
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>
Total
Return
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $2,657
Net realized gain (loss) on investments (37)
Net unrealized appreciation (depreciation) of investments (2,441)
______________
Net increase (decrease) in net assets resulting from operations 179
Changes from principal transactions:
Purchase payments 198,999
Contract distributions and terminations --
Transfer payments from (to) other Accounts 125,747
______________
Increase in net assets derived from principal transactions 324,746
______________
Total increase 324,925
______________
NET ASSETS AT DECEMBER 31, 1994 324,925
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) (15,241)
Net realized gain (loss) on investments 905
Net unrealized appreciation (depreciation) of investments 243,244
______________
Net increase (decrease) in net assets resulting from operations 228,908
Changes from principal transactions:
Purchase payments 2,865,705
Contract distributions and terminations (8,691)
Transfer payments from (to) other Accounts 1,660,724
Transfer payments from (to) Fixed Account and other Funds 3,524
______________
Increase in net assets derived from principal transactions 4,521,262
______________
Total increase 4,750,170
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $5,075,095
==============
<FN>
* Commencement of operations
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>
Advantage
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $4,252
Net realized gain (loss) on investments 166
Net unrealized appreciation (depreciation) of investments (4,060)
______________
Net increase (decrease) in net assets resulting from operations 358
Changes from principal transactions:
Purchase payments 225,148
Contract distributions and terminations --
Transfer payments from (to) other Accounts 233,518
______________
Increase in net assets derived from principal transactions 458,666
______________
Total increase 459,024
______________
NET ASSETS AT DECEMBER 31, 1994 459,024
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) (6,973)
Net realized gain (loss) on investments 1,665
Net unrealized appreciation (depreciation) of investments 47,214
______________
Net increase (decrease) in net assets resulting from operations 41,906
Changes from principal transactions:
Purchase payments 827,609
Contract distributions and terminations (212)
Transfer payments from (to) other Accounts 429,810
Transfer payments from (to) Fixed Account and other Funds --
______________
Increase in net assets derived from principal transactions 1,257,207
______________
Total increase 1,299,113
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $1,758,137
==============
<FN>
* Commencement of operations
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>
Government
Securities
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $166
Net realized gain (loss) on investments 1
Net unrealized appreciation (depreciation) of investments (84)
______________
Net increase (decrease) in net assets resulting from operations 83
Changes from principal transactions:
Purchase payments 14,453
Contract distributions and terminations --
Transfer payments from (to) other Accounts (100)
______________
Increase in net assets derived from principal transactions 14,353
______________
Total increase 14,436
______________
NET ASSETS AT DECEMBER 31, 1994 14,436
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) (2,659)
Net realized gain (loss) on investments 1,412
Net unrealized appreciation (depreciation) of investments 40,820
______________
Net increase (decrease) in net assets resulting from operations 39,573
Changes from principal transactions:
Purchase payments 628,049
Contract distributions and terminations --
Transfer payments from (to) other Accounts 194,940
Transfer payments from (to) Fixed Account and other Funds --
______________
Increase in net assets derived from principal transactions 822,989
______________
Total increase 862,562
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $876,998
==============
<FN>
* Commencement of operations
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
Stock
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $1,275
Net realized gain (loss) on investments (74)
Net unrealized appreciation (depreciation) of investments (877)
______________
Net increase (decrease) in net assets resulting from operations 324
Changes from principal transactions:
Purchase payments 159,544
Contract distributions and terminations (50)
Transfer payments from (to) other Accounts 73,652
______________
Increase in net assets derived from principal transactions 233,146
______________
Total increase 233,470
______________
NET ASSETS AT DECEMBER 31, 1994 233,470
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) (9,193)
Net realized gain (loss) on investments 3,954
Net unrealized appreciation (depreciation) of investments 69,475
______________
Net increase (decrease) in net assets resulting from operations 64,236
Changes from principal transactions:
Purchase payments 1,437,366
Contract distributions and terminations (4,989)
Transfer payments from (to) other Accounts 938,982
Transfer payments from (to) Fixed Account and other Funds 3,917
______________
Increase in net assets derived from principal transactions 2,375,276
______________
Total increase 2,439,512
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $2,672,982
==============
<FN>
* Commencement of operations
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>
Short-Term
Bond
Account
______________
<S> <C>
NET ASSETS AT OCTOBER 7, 1994* --
INCREASE IN NET ASSETS
Operations:
Net investment income (loss) $129
Net realized gain (loss) on investments 2
Net unrealized appreciation (depreciation) of investments (127)
______________
Net increase (decrease) in net assets resulting from operations 4
Changes from principal transactions:
Purchase payments 11,675
Contract distributions and terminations --
Transfer payments from (to) other Accounts (100)
______________
Increase in net assets derived from principal transactions 11,575
______________
Total increase 11,579
______________
NET ASSETS AT DECEMBER 31, 1994 11,579
INCREASE IN NET ASSETS (unaudited)
Operations:
Net investment income (loss) (1,020)
Net realized gain (loss) on investments 289
Net unrealized appreciation (depreciation) of investments 9,622
______________
Net increase (decrease) in net assets resulting from operations 8,891
Changes from principal transactions:
Purchase payments 288,931
Contract distributions and terminations --
Transfer payments from (to) other Accounts 90,373
Transfer payments from (to) Fixed Account and other Funds --
______________
Increase in net assets derived from principal transactions 379,304
______________
Total increase 388,195
______________
NET ASSETS AT JUNE 30, 1995 (unaudited) $399,774
==============
<FN>
* Commencement of operations
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. Equitable Life Insurance Company of Iowa
Separate Account A commenced operations on October 7, 1994 with the
initial sale of contract units to contract owners. 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, ten of which (the Money Market,
Mortgage-Backed Securities, International Fixed Income, OTC, Research,
Total Return, Advantage, Government Securities, International Stock
and Short-Term Bond) are invested in specified portfolios of the Equi-
Select Series Trust, an open-end series management investment company
under the Investment Company Act of 1940, as directed by eligible
contract owners. Activity in these ten investment accounts is
available to contract owners of the Equi-Select Variable Annuity
product.
The remaining four investment accounts are invested in specified
portfolios of the Smith Barney/Travelers Series Fund Inc. These four
investment accounts and the Research Account, which invests in the
Equi-Select Series Trust, are available to contract owners of the
PrimElite Variable Annuity product.
The financial statements included herein present only those investment
accounts available to contract owners of the Equi-Select Variable
Annuity product. The financial statements of the remaining investment
accounts and the Research Account available to contract owners of the
PrimElite 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 $73,788 and $10,947 for the six months ended
June 30, 1995 and $3,241 and $391 in 1994.
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
NOTE 2 - EXPENSES (continued)
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 $1,426 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
Six Months Ended October 7, 1994* to
June 30, 1995 December 31, 1994
_________________________ _________________________
Purchases Sales Purchases Sales
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Money Market Portfolio $7,630,283 $4,459,240 $759,639 $415,821
Mortgage-Backed Securities
Portfolio 794,350 14,748 29,782 1,060
International Fixed
Income Portfolio 1,436,241 66,578 52,990 1,785
OTC Portfolio 2,853,294 43,648 654,619 1,662
Research Portfolio 3,563,497 14,487 687,042 69
Total Return Portfolio 4,556,557 47,679 325,895 1,348
Advantage Portfolio 1,459,545 204,942 535,350 76,801
Government Securities
Portfolio 851,128 30,624 14,453 108
International Stock
Portfolio 2,472,017 104,523 234,384 1,382
Short-Term Bond Portfolio 401,875 23,458 11,675 104
<FN>
*Commencement of operations
</FN>
</TABLE>
NOTE 5 - SUMMARY OF CHANGES FROM UNIT TRANSACTIONS
Transactions in units were as follow:
<TABLE>
<CAPTION>
Period From
Six Months Ended October 7, 1994* to
June 30, 1995 December 31, 1994
_________________________ _________________________
Purchases Sales Purchases Sales
____________ ____________ ____________ ____________
<S> <C> <C> <C> <C>
Money Market Account 1,029,249 720,873 101,861 67,539
Mortgage-Backed Securities
Account 73,529 -- 2,896 10
International Fixed
Income Account 129,830 -- 5,135 37
OTC Account 263,998 940 63,781 --
Research Account 339,433 817 69,182 5
Total Return Account 441,385 8,944 33,106 --
Advantage Account 139,087 16,512 53,240 7,724
Government Securities
Account 77,953 -- 1,438 10
International Stock
Account 246,057 1,936 23,667 5
Short-Term Bond Account 36,918 218 1,151 10
<FN>
*Commencement of operations
</FN>
</TABLE>
NOTE 6 - NET ASSETS
Net assets at June 30, 1995 consisted of the following:
<TABLE>
<CAPTION>
Mortgage- International
Money Backed Fixed
Market Securities Income OTC
Account Account Account Account
____________ _____________ ____________ _____________
<S> <C> <C> <C> <C>
Unit transactions $3,478,876 $810,783 $1,428,075 $3,480,191
Accumulated net
investment income (loss) 35,985 (1,910) (4,701) (14,785)
Net unrealized appreciation
(depreciation) of
investments -- 27,881 58,453 352,371
____________ _____________ ____________ _____________
$3,514,861 $836,754 $1,481,827 $3,817,777
============ ============= ============ =============
</TABLE>
<TABLE>
<CAPTION>
Total
Research Return Advantage
Account Account Account
____________ _____________ ____________
<S> <C> <C> <C>
Unit transactions $4,248,354 $4,847,486 $1,717,704
Accumulated net
investment income (loss) (11,171) (13,194) (2,721)
Net unrealized appreciation
(depreciation) of
investments 362,949 240,803 43,154
____________ _____________ ____________
$4,600,132 $5,075,095 $1,758,137
============ ============= ============
</TABLE>
<TABLE>
<CAPTION>
Government International Short-Term
Securities Stock Bond
Account Account Account
____________ _____________ ____________
<S> <C> <C> <C>
Unit transactions $838,755 $2,612,561 $391,170
Accumulated net
investment income (loss) (2,493) (8,177) (891)
Net unrealized appreciation
(depreciation) of
investments 40,736 68,598 9,495
____________ _____________ ____________
$876,998 $2,672,982 $399,774
============ ============= ============
</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> 01
<NAME> MONEY MARKET ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 3,514,861
<INVESTMENTS-AT-VALUE> 3,514,861
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,514,861
<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> 3,478,876
<SHARES-COMMON-PRIOR> 343,995
<ACCUMULATED-NII-CURRENT> 35,985
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 3,514,861
<DIVIDEND-INCOME> 47,080
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (12,599)
<NET-INVESTMENT-INCOME> 34,481
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 34,481
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,387,273
<NUMBER-OF-SHARES-REDEEMED> (7,252,392)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,169,362
<ACCUMULATED-NII-PRIOR> 1,504
<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> 02
<NAME> MORTGAGE-BACKED SECURITIES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 808,873
<INVESTMENTS-AT-VALUE> 836,754
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 836,754
<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> 810,783
<SHARES-COMMON-PRIOR> 28,737
<ACCUMULATED-NII-CURRENT> (1,910)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,881
<NET-ASSETS> 836,754
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (2,324)
<NET-INVESTMENT-INCOME> (2,324)
<REALIZED-GAINS-CURRENT> 546
<APPREC-INCREASE-CURRENT> 28,210
<NET-CHANGE-FROM-OPS> 26,432
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 781,500
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 807,932
<ACCUMULATED-NII-PRIOR> 414
<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> 03
<NAME> INTERNATIONAL FIXED INCOME ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 1,423,375
<INVESTMENTS-AT-VALUE> 1,481,827
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,481,827
<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> 1,428,075
<SHARES-COMMON-PRIOR> 51,238
<ACCUMULATED-NII-CURRENT> (4,701)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 58,453
<NET-ASSETS> 1,481,827
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (5,043)
<NET-INVESTMENT-INCOME> (5,043)
<REALIZED-GAINS-CURRENT> 2,504
<APPREC-INCREASE-CURRENT> 58,745
<NET-CHANGE-FROM-OPS> 56,206
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,374,333
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,430,539
<ACCUMULATED-NII-PRIOR> 342
<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> 04
<NAME> OTC ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 3,465,406
<INVESTMENTS-AT-VALUE> 3,817,777
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,817,777
<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> 3,480,191
<SHARES-COMMON-PRIOR> 653,787
<ACCUMULATED-NII-CURRENT> (14,785)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 352,371
<NET-ASSETS> 3,817,777
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (13,876)
<NET-INVESTMENT-INCOME> (13,876)
<REALIZED-GAINS-CURRENT> 2,869
<APPREC-INCREASE-CURRENT> 345,144
<NET-CHANGE-FROM-OPS> 334,137
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,823,577
<NUMBER-OF-SHARES-REDEEMED> (43)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3,157,671
<ACCUMULATED-NII-PRIOR> (908)
<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> 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> 06
<NAME> TOTAL RETURN ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 4,834,293
<INVESTMENTS-AT-VALUE> 5,075,095
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5,075,095
<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> 4,847,486
<SHARES-COMMON-PRIOR> 324,709
<ACCUMULATED-NII-CURRENT> (13,194)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 240,803
<NET-ASSETS> 5,075,095
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (15,241)
<NET-INVESTMENT-INCOME> (15,241)
<REALIZED-GAINS-CURRENT> 905
<APPREC-INCREASE-CURRENT> 243,244
<NET-CHANGE-FROM-OPS> 228,908
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,529,953
<NUMBER-OF-SHARES-REDEEMED> (8,691)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,750,170
<ACCUMULATED-NII-PRIOR> 2,657
<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 STATEMENT (UNAUDITED) AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<SERIES>
<NUMBER> 07
<NAME> ADVANTAGE ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 1,714,983
<INVESTMENTS-AT-VALUE> 1,758,137
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,758,137
<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> 1,717,704
<SHARES-COMMON-PRIOR> 458,832
<ACCUMULATED-NII-CURRENT> (2,721)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 43,154
<NET-ASSETS> 1,758,137
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (6,973)
<NET-INVESTMENT-INCOME> (6,973)
<REALIZED-GAINS-CURRENT> 1,665
<APPREC-INCREASE-CURRENT> 47,214
<NET-CHANGE-FROM-OPS> 41,906
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,257,419
<NUMBER-OF-SHARES-REDEEMED> (212)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1,299,113
<ACCUMULATED-NII-PRIOR> 4,252
<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> 08
<NAME> GOVERNMENT SECURITIES ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 836,262
<INVESTMENTS-AT-VALUE> 876,998
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 876,998
<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> 838,755
<SHARES-COMMON-PRIOR> 14,354
<ACCUMULATED-NII-CURRENT> (2,493)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 40,736
<NET-ASSETS> 876,998
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (2,659)
<NET-INVESTMENT-INCOME> (2,659)
<REALIZED-GAINS-CURRENT> 1,412
<APPREC-INCREASE-CURRENT> 40,820
<NET-CHANGE-FROM-OPS> 39,573
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 822,989
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 862,562
<ACCUMULATED-NII-PRIOR> 166
<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> 09
<NAME> INTERNATIONAL STOCK ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 2,604,384
<INVESTMENTS-AT-VALUE> 2,672,982
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,672,982
<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> 2,612,561
<SHARES-COMMON-PRIOR> 233,072
<ACCUMULATED-NII-CURRENT> (8,177)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 68,598
<NET-ASSETS> 2,672,982
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (9,193)
<NET-INVESTMENT-INCOME> (9,193)
<REALIZED-GAINS-CURRENT> 3,954
<APPREC-INCREASE-CURRENT> 69,475
<NET-CHANGE-FROM-OPS> 64,236
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,380,265
<NUMBER-OF-SHARES-REDEEMED> (4,989)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,439,512
<ACCUMULATED-NII-PRIOR> 1,275
<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> 10
<NAME> SHORT-TERM BOND ACCOUNT
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> JUN-30-1995
<INVESTMENTS-AT-COST> 390,279
<INVESTMENTS-AT-VALUE> 399,774
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 399,774
<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> 391,170
<SHARES-COMMON-PRIOR> 11,577
<ACCUMULATED-NII-CURRENT> (891)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,495
<NET-ASSETS> 399,774
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> (1,020)
<NET-INVESTMENT-INCOME> (1,020)
<REALIZED-GAINS-CURRENT> 289
<APPREC-INCREASE-CURRENT> 9,622
<NET-CHANGE-FROM-OPS> 8,891
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 379,304
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 388,195
<ACCUMULATED-NII-PRIOR> 129
<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>
