Please direct all correspondence pertaining to this matter to:
Richard M. Zuckerman, Associate General Counsel, Citicorp Insurance Group,
P.O. Box 7031, Dover DE 19903
March 5, 1997
Securities and Exchange Commission
450 Fifth St., N.W.
Judiciary Plaza
Washington, DC 29549
RE: First Citicorp Life Variable Annuity Separate Account
`33 Act File #: 33-83354
`40 Act File #: 811-8732
Commissioners:
Pursuant to Rule 30(b)2-1 of the Investment Company Act of 1940, as amended,
attached hereto is a copy of the Annual Report furnished Contract Holders of
variable annuities utilizing the above referenced Separate Account as a basis
for investment purposes. Contained by reference thereto, and furnished Contract
Holders with the Consolidated Report of Experience of the Separate Account will
be the detailed experience of each of the funds which serve as the basis for
funding the Separate Account.
If you have any questions regarding this matter, please contact the undersigned
at (302) 672-5051 or Eric S. Miller at (302) 672-5033.
Sincerely,
/s/ Richard M. Zuckerman
Richard M. Zuckerman
Vice President, Associate General Counsel and
Secretary
<PAGE>
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| | | Variable Annuity |
| | |__________________|
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| | Annual Report 1996
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<PAGE>
Citicorp Insurance Group
First Citicorp All customer correspondence should be sent to:
Life Insurance P.O. Box 7055, Dover, DE 19903
Company
[CITICORP LOGO]
One Court Square, 24th Floor
Long Island City, NY 11120
Dear Contract Owner:
We are pleased to provide you with the results of the subaccounts in your First
Citicorp Life Insurance Company Variable Annuity Separate Account, covering the
one year period ending December 31, 1996. This annual report includes summaries
of the performance of the variable annuity subaccounts, as well as annual
reports of the underlying funds in which the subaccounts invest.
The performance of the subaccounts reflect the performance of the funds in which
they invest, but take into account the charges and expenses imposed under the
contract. Therefore, the subaccount performance figures are most representative
of the returns contract holders experienced for the full calendar year under the
annuity contract.
The annual report of the funds provide additional information, including the
specific investments of each fund and the percentage that each investment class
bears to the total fund investments.
The variable annuity you purchased was developed specifically to meet your
investment needs and help you reach your financial goals. Your satisfaction with
this product is important to us and we welcome any comments or suggestions you
may have regarding our product or service. Please feel free to call us at
1-800-497-4855 from 8:00 a.m. to 5:00 p.m. Eastern time, Monday through Friday.
We would like to thank you for the opportunity to be of service to you. We look
forward to continuing in that role as we work together to make your future the
best it can be.
Sincerely,
/s/ Larry D. Williams
Larry D. Williams
Senior Vice President
<PAGE>
Table of Contents
First Citicorp Life Insurance Company
Variable Annuity Separate Account Annual Report
Landmark VIP Funds Annual Report
Landmark VIP U.S. Government Fund
Landmark VIP Equity Fund
Landmark VIP Balanced Fund
Landmark VIP International Equity Fund
AIM Variable Insurance Funds, Inc. Annual Report
AIM V.I. Capital Appreciation Fund
Fidelity Variable Insurance Products Fund Annual Report
VIP: Growth Portfolio
MFS Variable Insurance Trust Annual Report
MFS World Governments Series
MFS Money Market Series
<PAGE>
FIRST CITICORP LIFE INSURANCE COMPANY
VARIABLE ANNUITY SEPARATE ACCOUNT
Financial Statements and Schedule
December 31, 1996
(With Independent Auditors' Report Thereon)
<PAGE>
[KPMG Peat Marwick LLP]
1010 Market Street
St. Louis, MO 63101-2085
Independent Auditors' Report
The Board of Directors
First Citicorp Life Insurance Company and
Policyholders of First Citicorp Life Insurance Company
Variable Annuity Separate Account:
We have audited the accompanying statements of net assets, including the
schedule of investments, of the Landmark Equity Fund, Landmark U.S.
Government Fund, Landmark International Equity Fund, Landmark Balanced
Fund, A.I.M. V.I. Capital Appreciation Fund, Fidelity Growth Portfolio, MFS
Money Market Series, and MFS World Government Series Portfolios of First
Citicorp Life Insurance Company Variable Annuity Separate Account as of
December 31, 1996, and the related statements of operations and changes in
net assets for the periods presented. These financial statements are the
responsibility of First Citicorp Life Insurance Company Variable Annuity
Separate Account's management. Our responsibility is to express an opinion
on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of investments owned at
December 31, 1996 by correspondence with the Landmark Variable Insurance
Products Fund, A.I.M. Variable Insurance Funds, Inc., Fidelity Variable
Insurance Products Fund, and MFS Variable Insurance Trust. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the Landmark Equity
Fund, Landmark U.S. Government Fund, Landmark International Equity Fund,
Landmark Balanced Fund, A.I.M. V.I. Capital Appreciation Fund, Fidelity
Growth Portfolio, MFS Money Market Series, and MFS World Government Series
Portfolios of First Citicorp Life Insurance Company Variable Annuity
Separate Account as of December 31, 1996, and the results of their
operations and changes in their net assets for the periods presented, in
conformity with generally accepted accounting principles.
/s/ KPMG Peat Marwick LLP
February 7, 1997
1
<PAGE>
FIRST CITICORP LIFE INSURANCE COMPANY
VARIABLE ANNUITY SEPARATE ACCOUNT
Statements of Net Assets
December 31, 1996
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Landmark Landmark Landmark A.I.M. V.I. Fidelity
Landmark U.S. Government International Balanced Capital Appreciation Growth
Equity Fund Fund Equity Fund Fund Fund Portfolio
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net assets:
Investments at market value
(see schedule of investments) $1,643,528 306,967 867,328 1,404,849 5,168,933 4,295,213
Payable to First Citicorp Life
Insurance Company 887 2,171 2,490 761 2,748 2,299
- ----------------------------------------------------------------------------------------------------------------------------------
Total net assets $1,642,641 304,796 864,838 1,404,088 5,166,185 4,292,914
- ----------------------------------------------------------------------------------------------------------------------------------
Total net assets represented by:
Variable annuity cash value
invested in separate account 1,642,641 304,796 864,838 1,404,088 5,166,185 4,292,914
- ----------------------------------------------------------------------------------------------------------------------------------
Total net assets represented $1,642,641 304,796 864,838 1,404,088 5,166,185 4,292,914
- ----------------------------------------------------------------------------------------------------------------------------------
Total units held 1,268,604 284,376 801,357 1,177,696 3,464,766 2,902,936
Accumulated unit value $ 1.29 1.07 1.08 1.19 1.49 1.48
Cost of investments $1,523,974 311,584 856,169 1,359,587 4,685,767 4,061,385
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[table restubbed]
- ------------------------------------------------------------------------
MFS MFS World
Money Government
Market Series Series
- ------------------------------------------------------------------------
Net assets:
Investments at market value
(see schedule of investments) $520,227 527,381
Payable to First Citicorp Life
Insurance Company 283 2,298
- ------------------------------------------------------------------------
Total net assets $519,944 525,083
- ------------------------------------------------------------------------
Total net assets represented by:
Variable annuity cash value
invested in separate account 519,944 525,083
- ------------------------------------------------------------------------
Total net assets represented $519,944 525,083
- ------------------------------------------------------------------------
Total units held 491,668 467,158
Accumulated unit value $ 1.06 1.12
Cost of investments $520,227 524,058
- ------------------------------------------------------------------------
[end restubbed table]
See accompanying notes to financial statements.
2
<PAGE>
FIRST CITICORP LIFE INSURANCE COMPANY
VARIABLE ANNUITY SEPARATE ACCOUNT
Statements of Operations
For the year ended December 31, 1996
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Landmark Landmark Landmark A.I.M. V.I.
Landmark U.S. Government International Balanced Capital Appreciation
Equity Fund Fund Equity Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Investment income - dividends $ 56,894 18,520 25,447 68,748 7,450
Expenses:
Mortality and expense risk fees 14,517 3,101 8,002 13,696 40,480
Daily administrative charges 1,740 371 960 1,641 4,856
- ----------------------------------------------------------------------------------------------------------------------------------
Total expenses 16,257 3,472 8,962 15,337 45,336
- ----------------------------------------------------------------------------------------------------------------------------------
Net investment income (loss) 40,637 15,048 16,485 53,411 (37,886)
- ----------------------------------------------------------------------------------------------------------------------------------
Realized and unrealized gain (loss)
on investments:
Realized gain (loss) on sale of investments 15,916 472 3,827 14,761 47,770
Change in unrealized gain (loss)
on investments 69,678 (12,125) 11,523 9,979 417,715
- ----------------------------------------------------------------------------------------------------------------------------------
Net gain (loss) on investments 85,594 (11,653) 15,350 24,740 465,485
- ----------------------------------------------------------------------------------------------------------------------------------
Increase in net assets resulting
from operations $126,231 3,395 31,835 78,151 427,599
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[table restubbed]
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
Fidelity MFS MFS World
Growth Money Government
Portfolio Market Series Series
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Investment income - dividends $128,270 4,679 --
Expenses:
Mortality and expense risk fees 35,536 1,364 3,889
Daily administrative charges 4,274 157 466
- -------------------------------------------------------------------------------------------
Total expenses 39,810 1,521 4,355
- -------------------------------------------------------------------------------------------
Net investment income (loss) 88,460 3,158 (4,355)
- -------------------------------------------------------------------------------------------
Realized and unrealized gain (loss)
on investments:
Realized gain (loss) on sale of investments 28,292 -- (7,002)
Change in unrealized gain (loss)
on investments 200,003 -- 20,206
- -------------------------------------------------------------------------------------------
Net gain (loss) on investments 228,295 -- 13,204
- -------------------------------------------------------------------------------------------
Increase in net assets resulting
from operations $316,755 3,158 8,849
- -------------------------------------------------------------------------------------------
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
FIRST CITICORP LIFE INSURANCE COMPANY
VARIABLE ANNUITY SEPARATE ACCOUNT
Statements of Changes in Net Assets
For the year ended December 31, 1996
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
Landmark Landmark Landmark A.I.M. V.I.
Landmark U.S. Government International Balanced Capital Appreciation
Equity Fund Fund Equity Fund Fund Fund
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Increase (decrease) in net assets
resulting from operations:
Net investment income (loss) $ 40,637 15,048 16,485 53,411 (37,886)
Realized gain (loss) on sale
of investments 15,916 472 3,827 14,761 47,770
Change in unrealized gain (loss)
on investments 69,678 (12,125) 11,523 9,979 417,715
- --------------------------------------------------------------------------------------------------------------------------------
Increase in net assets resulting
from operations 126,231 3,395 31,835 78,151 427,599
- --------------------------------------------------------------------------------------------------------------------------------
Capital transactions:
Contract deposits 814,078 110,373 526,463 723,142 3,128,453
Transfers between funds 26,342 3,789 (23,480) (19,445) 49,024
Transfers from First Citicorp Life
Insurance Company 16,494 -- 11,431 7,959 170,820
Annual administrative charges (437) (49) (196) (461) (1,111)
Contract withdrawals (86,467) (34,848) (71,248) (96,406) (339,282)
- --------------------------------------------------------------------------------------------------------------------------------
Increase in net assets resulting
from capital transactions 770,010 79,265 442,970 614,789 3,007,904
- --------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 896,241 82,660 474,805 692,940 3,435,503
Net assets at beginning of period 746,400 222,136 390,033 711,148 1,730,682
- --------------------------------------------------------------------------------------------------------------------------------
Net assets at end of period $1,642,641 304,796 864,838 1,404,088 5,166,185
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[table restubbed]
<TABLE>
<CAPTION>
Fidelity MFS MFS World
Growth Money Government
Portfolio Market Series Series
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Increase (decrease) in net assets
resulting from operations:
Net investment income (loss) $ 88,460 3,158 (4,355)
Realized gain (loss) on sale
of investments 28,292 -- (7,002)
Change in unrealized gain (loss)
on investments 200,003 -- 20,206
- ---------------------------------------------------------------------------------------
Increase in net assets resulting
from operations 316,755 3,158 8,849
- ---------------------------------------------------------------------------------------
Capital transactions:
Contract deposits 2,553,418 479,146 340,827
Transfers between funds 30,429 (31,005) (35,654)
Transfers from First Citicorp Life
Insurance Company 66,088 -- 907
Annual administrative charges (951) (27) (128)
Contract withdrawals (291,647) (50,186) (54,832)
- ---------------------------------------------------------------------------------------
Increase in net assets resulting
from capital transactions 2,357,337 397,928 251,120
- ---------------------------------------------------------------------------------------
Total increase in net assets 2,674,092 401,086 259,969
Net assets at beginning of period 1,618,822 118,858 265,114
- ---------------------------------------------------------------------------------------
Net assets at end of period $4,292,914 519,944 525,083
- ---------------------------------------------------------------------------------------
</TABLE>
[end restubbed table]
See accompanying notes to financial statements.
4
<PAGE>
FIRST CITICORP LIFE INSURANCE COMPANY
VARIABLE ANNUITY SEPARATE ACCOUNT
Statements of Changes in Net Assets
For the period from March 6, 1995 (Inception) to December 31, 1995
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Landmark Landmark Landmark A.I.M. V.I.
Landmark U.S. Government International Balanced Capital Appreciation
Equity Fund Fund Equity Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Increase (decrease) in net assets
resulting from operations:
Net investment income (loss) $ 4,844 5,986 2,789 10,347 (9,142)
Realized gain (loss) on sale
of investments 399 82 373 1,230 15,496
Change in unrealized gain (loss)
on investments 49,875 7,508 (364) 35,283 65,451
- -------------------------------------------------------------------------------------------------------------------------------
Increase in net assets resulting
from operations 55,118 13,576 2,798 46,860 71,805
- -------------------------------------------------------------------------------------------------------------------------------
Capital transactions:
Contract deposits 687,397 211,010 398,496 661,835 1,733,060
Transfers between funds 1,553 (1,393) (1,565) 8,693 22,034
Transfers from First Citicorp Life
Insurance Company 3,103 -- 1,000 2,801 9,603
Annual administrative charges
Contract withdrawals (771) (1,057) (10,696) (9,041) (105,820)
- -------------------------------------------------------------------------------------------------------------------------------
Increase in net assets resulting
from capital transactions 691,282 208,560 387,235 664,288 1,658,877
- -------------------------------------------------------------------------------------------------------------------------------
Total increase in net assets 746,400 222,136 390,033 711,148 1,730,682
Net assets at beginning of period -- -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------------
Net assets at end of period $746,400 222,136 390,033 711,148 1,730,682
- -------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[table restubbed]
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------
Fidelity MFS MFS World
Growth Money Government
Portfolio Market Series Series
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Increase (decrease) in net assets
resulting from operations:
Net investment income (loss) $ (8,878) 2,000 23,119
Realized gain (loss) on sale
of investments 6,321 -- 488
Change in unrealized gain (loss)
on investments 33,825 -- (16,883)
- ----------------------------------------------------------------------------------------
Increase in net assets resulting
from operations 31,268 2,000 6,724
- ----------------------------------------------------------------------------------------
Capital transactions:
Contract deposits 1,567,401 175,629 266,180
Transfers between funds 31,479 (58,771) (2,030)
Transfers from First Citicorp Life
Insurance Company 17,277 -- --
Annual administrative charges
Contract withdrawals (28,603) -- (5,760)
- ----------------------------------------------------------------------------------------
Increase in net assets resulting
from capital transactions 1,587,554 116,858 258,390
- ----------------------------------------------------------------------------------------
Total increase in net assets 1,618,822 118,858 265,114
Net assets at beginning of period -- -- --
- ----------------------------------------------------------------------------------------
Net assets at end of period $1,618,822 118,858 265,114
- ----------------------------------------------------------------------------------------
</TABLE>
[end restubbed]
See accompanying notes to financial statements.
5
<PAGE>
FIRST CITICORP LIFE INSURANCE COMPANY
VARIABLE ANNUITY SEPARATE ACCOUNT
Notes to Financial Statements
December 31, 1996
- --------------------------------------------------------------------------------
(1) History
First Citicorp Life Insurance Company Variable Annuity Separate Account
(the "Account") is a separate investment account maintained under the
provisions of New York Insurance Law by First Citicorp Life Insurance
Company (the "Company"), a subsidiary of Citicorp Life Insurance
Company. The Account operates as a unit investment trust registered
under the Investment Company act of 1940, as amended, and supports the
operations of the Company's individual flexible premium deferred
variable annuity contracts (the "contracts"). The Account invests in
portfolios of the Landmark Variable Insurance Products (VIP) Funds, the
A.I.M. Variable Insurance Funds, Inc., the Fidelity Investments Variable
Insurance Products Fund, and the MFS Variable Insurance Trust (the
"Funds"). The available portfolios of the Landmark VIP Funds include the
Landmark VIP Equity Fund, the Landmark VIP U.S. Government Fund, the
Landmark VIP International Equity Fund, and the Landmark VIP Balanced
Fund. The AIM V.I. Capital Appreciation Fund of the AIM Variable
Insurance Funds, Inc., the Growth Portfolio of the Fidelity Investments
Variable Insurance Products Fund, the MFS Money Market Series, and the
MFS World Government Series of the MFS Variable Insurance Trust are also
available for investment.
The account had no assets or operations until March 6, 1995, when the
initial investment was made.
The assets of the Account are the property of the Company. The portion
of the Account's assets applicable to the contracts are not chargeable
with liabilities arising out of any other business conducted by the
Company.
In addition to the Account, a contract owner may also allocate funds to
the General Account, which is part of the Company's general account.
Amounts allocated to the General Account are credited with a guaranteed
rate for one year. Because of exemptive and exclusionary provisions,
interests in the General Account have not been registered under the
Securities Act of 1933, and the General Account has not been registered
as an investment company under the Investment Company Act of 1940.
(2) Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed
by the Account in preparation of the financial statements in conformity
with generally accepted accounting principles.
Investment Valuation - The investment in the Fund is stated at market
value, which is the net asset value of each of the respective series as
determined by the Fund at the close of business on the last working day
of the period.
(Continued)
6
<PAGE>
FIRST CITICORP LIFE INSURANCE COMPANY
VARIABLE ANNUITY SEPARATE ACCOUNT
Notes to Financial Statements
- -------------------------------------------------------------------------------
Accounting for Investments - Investment transactions are accounted for
on the trade date. Dividend income is recorded on the ex-dividend date.
The cost of investments sold is generally determined on the specific
identification method.
Federal Income Taxes - The Company is taxed under federal law as a life
insurance company. The Account is part of the Company's total operations
and is not taxed separately. Under existing law, no taxes are payable on
investment income and realized capital gains of the Account.
Use of Estimates - The preparation of financial statements in conformity
with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported
amounts of increase and decrease in net assets from operations during
the period. Actual results could differ from those estimates.
(3) Contract Charges
Daily charges for mortality and expense risks assumed by the Company are
assessed through the daily unit value calculation, and are equivalent on
an annual basis to 1.25% of the net assets of the contracts.
An annual contract fee of $30 is assessed against each contract on its
anniversary date by surrendering units. Daily charges for administrative
expenses are assessed through the daily unit value calculation, and are
equivalent on an annual basis to 0.15% of the net assets of the
contracts.
The contracts provide that in the event that a contract owner withdraws
all or a portion of the contract value within five contract years, a
deferred sales charge will be assessed. The deferred sales charge is
based on a table of charges of which the maximum charge is currently 7%
of the contract value. During each contract year, up to 10% of purchase
payments less any prior withdrawal of purchase payments may be withdrawn
without a deferred sales charge.
Premium taxes may be applicable, depending on the laws of various
jurisdictions. Various states and other governmental entities levy a
premium tax on annuity contracts issued by insurance companies.
(Continued)
7
<PAGE>
FIRST CITICORP LIFE INSURANCE COMPANY
VARIABLE ANNUITY SEPARATE ACCOUNT
Notes to Financial Statements
- -------------------------------------------------------------------------------
(4) Purchases of Investments
For the year ended December 31, 1996, investment activity in each of the
respective Funds was as follows:
- ---------------------------------------------------------------------------
Cost of Proceeds
Shares of purchases from sales
- ---------------------------------------------------------------------------
Landmark Variable Insurance Products Funds:
Landmark Equity Fund $ 892,938 81,890
Landmark U.S. Government Fund 129,993 33,652
Landmark International Equity Fund 539,187 77,496
Landmark Balanced Fund 794,814 126,321
A.I.M. Variable Insurance Funds, Inc.:
A.I.M. V.I. Capital Appreciation Fund 3,147,164 175,511
Fidelity Variable Insurance Products Fund:
Growth Portfolio 2,585,036 137,992
MFS Variable Insurance Trust:
MFS Money Market Series 500,697 99,405
MFS World Government Series 341,676 92,782
- ---------------------------------------------------------------------------
(Continued)
8
<PAGE>
FIRST CITICORP LIFE INSURANCE COMPANY
VARIABLE ANNUITY SEPARATE ACCOUNT
Notes to Financial Statements
- -------------------------------------------------------------------------------
(5) Net Increase in Accumulation Units
For the year ended December 31, 1996, transactions in accumulation units
for contractholders of the Account were as follows:
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Landmark Landmark Landmark A.I.M. V.I. Fidelity
Landmark U.S. Government International Balanced Capital Appreciation Growth
Equity Fund Fund Equity Fund Fund Fund Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Units purchased 654,041 106,935 502,007 629,962 2,203,112 1,799,603
Units withdrawn and contract charges (68,251) (33,452) (67,205) (82,376) (235,872) (202,480)
Units transferred between funds 33,803 3,645 (11,390) (9,936) 152,013 67,883
- ------------------------------------------------------------------------------------------------------------------------------------
Net increase 619,593 77,128 423,412 537,650 2,119,253 1,665,006
Units at beginning of period 649,011 207,248 377,945 640,046 1,345,513 1,237,930
- ------------------------------------------------------------------------------------------------------------------------------------
Units at end of period 1,268,604 284,376 801,357 1,177,696 3,464,766 2,902,936
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[restubbed table]
- ------------------------------------------------------------------------
MFS MFS World
Money Government
Market Series Series
- ------------------------------------------------------------------------
Units purchased 454,216 307,532
Units withdrawn and contract charges (48,418) (49,947)
Units transferred between funds (30,038) (32,341)
- ------------------------------------------------------------------------
Net increase 375,760 225,244
Units at beginning of period 115,908 241,914
- ------------------------------------------------------------------------
Units at end of period 491,668 467,158
- ------------------------------------------------------------------------
[end restubbed table]
For the period March 6, 1995 (Inception) to December 31, 1995, transactions in
accumulation units for contractholders of the Account were as follows:
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Landmark Landmark Landmark A.I.M. V.I. Fidelity
Landmark U.S. Government International Balanced Capital Appreciation Growth
Equity Fund Fund Equity Fund Fund Fund Portfolio
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Units purchased 645,474 209,726 388,739 637,592 1,407,226 1,223,339
Units withdrawn and contract charges (737) (1,009) (10,290) (8,504) (85,419) (21,324)
Units transferred between funds 4,274 (1,469) (504) 10,958 23,706 35,915
- -----------------------------------------------------------------------------------------------------------------------------------
Net increase 649,011 207,248 377,945 640,046 1,345,513 1,237,930
Units at beginning of period -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Units at end of period 649,011 207,248 377,945 640,046 1,345,513 1,237,930
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[table restubbed]
- -------------------------------------------------------------------
MFS MFS World
Money Government
Market Series Series
- -------------------------------------------------------------------
Units purchased 173,434 249,273
Units withdrawn and contract charges - (5,455)
Units transferred between funds (57,526) (1,904)
- -------------------------------------------------------------------
Net increase 115,908 241,914
Units at beginning of period -- --
- -------------------------------------------------------------------
Units at end of period 115,908 241,914
- -------------------------------------------------------------------
[end restubbed table]
(Continued)
9
<PAGE>
FIRST CITICORP LIFE INSURANCE COMPANY
VARIABLE ANNUITY SEPARATE ACCOUNT
Schedule of Investments
December 31, 1996
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------
Number Market
of shares value Cost
- --------------------------------------------------------------------------------------
<S> <C> <C> <C>
Landmark Variable Insurance Products Funds:
Landmark Equity Fund 129,514 $1,643,528 1,523,974
Landmark U.S. Government Fund 30,727 306,967 311,584
Landmark International Equity Fund 81,746 867,328 856,169
Landmark Balanced Fund 123,124 1,404,849 1,359,587
A.I.M. Variable Insurance Funds, Inc.:
A.I.M. V.I. Capital Appreciation Fund 266,028 5,168,933 4,685,767
Fidelity Variable Insurance Products Fund:
Fidelity Growth Portfolio 137,932 4,295,213 4,061,385
MFS Variable Insurance Trust:
MFS Money Market Series 520,227 520,227 520,227
MFS World Government Series 49,847 527,381 524,058
- --------------------------------------------------------------------------------------
</TABLE>
10
<PAGE>
The following documents have been previously filed via EDGAR and are herein
incorporated by reference. Financial information may be obtained from the
following:
Landmark Institutional Funds
CIK#: 0000878732
Form Type: N-30B-2
File Number: 811-06401
Filing Date: 3/03/97
Accession No.: 0000950156-97-000229
<PAGE>
AIM Variable Insurance Funds, Inc.
CIK #: 0000896435
Form Type: N-30D
File Number: 811-07452
Filing Date: 3/05/97
Accession No.: 0000899243-97-000334
<PAGE>
Fidelity Variable Insurance Products Fund
CIK #: 0000814066
Form Type: N-30D
File Number: 811-03329
Filing Date: 2/26/97
Accession No.: 0000215829-97-000003
<PAGE>
MFS Variable Insurance Trust
CIK #: 0000918571
Form Type: N-30D
File Number: 811-08326
Filing Date: 3/05/97
Accession No.: 0000950156-97-000271, 0000950156-97-000283
