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ENDEAVOR VARIABLE ANNUITY
The AUSA Endeavor
Variable Annuity Account
Annual Report
December 31, 1995
[LOGO OF AUSA LIFE APPEARS HERE]
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Dear Valued Policyholder:
We are pleased to present the Annual Report of the AUSA Endeavor Variable
Annuity Account for the year ended December 31, 1995. This report contains
information on the following subaccounts:
Money Market
Managed Asset Allocation
T. Rowe Price International Stock
Quest For Value Equity
Quest For Value Small Cap
U.S. Government Securities
T. Rowe Price Equity Income
T. Rowe Price Growth Stock
Growth
In addition to the variable annuity report, reports of the underlying mutual
fund portfolios are enclosed. These reports give you insight regarding the
underlying investments in your variable annuity policy.
We are pleased that you have chosen the Endeavor Variable Annuity to be part of
your financial future. We look forward to serving you in the future.
Sincerely,
/s/ William L. Busler
William L. Busler
Vice President
AUSA Life Insurance Company, Inc.
2
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THE AUSA ENDEAVOR VARIABLE ANNUITY ACCOUNT
REPORT OF INDEPENDENT AUDITORS
THE BOARD OF DIRECTORS AND CONTRACT OWNERS OF
THE AUSA ENDEAVOR VARIABLE ANNUITY ACCOUNT,
AUSA LIFE INSURANCE COMPANY, INC.:
We have audited the accompanying balance sheet of The AUSA Endeavor Variable
Annuity Account, formerly the ILI Endeavor Variable Annuity Account,
(comprising, respectively, the Money Market, Managed Asset Allocation, T. Rowe
Price International Stock, formerly Global Growth, Quest for Value Equity,
Quest for Value Small Cap, U.S. Government Securities, T. Rowe Price Equity
Income, T. Rowe Price Growth Stock and Growth subaccounts) as of December 31,
1995, and the related statements of operations and changes in contract owners'
equity for the periods indicated therein. These financial statements are the
responsibility of the Variable 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 mutual fund shares owned as of December 31,
1995 by correspondence with the mutual funds' transfer agent. 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 each of the respective
subaccounts constituting The AUSA Endeavor Variable Annuity Account at December
31, 1995, and the results of their operations and changes in their contract
owners' equity for the periods indicated therein in conformity with generally
accepted accounting principles.
Ernst & Young LLP
Des Moines, Iowa
February 6, 1996
3
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THE AUSA ENDEAVOR VARIABLE ANNUITY ACCOUNT
BALANCE SHEET
December 31, 1995
<TABLE>
<CAPTION>
MANAGED
MONEY ASSET
MARKET ALLOCATION
TOTAL SUBACCOUNT SUBACCOUNT
---------- ---------- ----------
<S> <C> <C> <C>
ASSETS
Investments in mutual funds, at current market
value:
Endeavor Series Trust--Money Market Portfolio
302,444.300 shares @ $1.00 (cost $302,444).. $ 302,444 302,444 --
Endeavor Series Trust--Managed Asset
Allocation Portfolio
58,916.896 shares @ $16.28 (cost $849,657).. 959,167 -- 959,167
Endeavor Series Trust--T. Rowe Price
International Stock Portfolio 65,430.721
shares @ $12.19 (cost $775,306)............. 797,600 -- --
Endeavor Series Trust--Quest for Value Equity
Portfolio 53,374.980 shares @ $14.23 (cost
$699,422)................................... 759,526 -- --
Endeavor Series Trust--Quest for Value Small
Cap Portfolio 52,866.272 shares @ $12.22
(cost $600,276)............................. 646,026 -- --
Endeavor Series Trust--U.S. Government
Securities Portfolio 20,217.241 shares @
$11.39 (cost $224,556)...................... 230,274 -- --
Endeavor Series Trust--T. Rowe Price Equity
Income Portfolio 28,963.239 shares @ $13.05
(cost $356,632)............................. 377,970 -- --
Endeavor Series Trust--T. Rowe Price Growth
Stock Portfolio 18,704.168 shares @ $13.72
(cost $240,718)............................. 256,621 -- --
WRL Series Fund, Inc.--Growth Portfolio
44,885.227 shares @ $31.660740 (cost
$1,347,228)................................. 1,421,100 -- --
---------- ------- -------
Total investments in mutual funds............ 5,750,728 302,444 959,167
---------- ------- -------
Total Assets................................. $5,750,728 302,444 959,167
========== ======= =======
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable................ $ 255 46 26
---------- ------- -------
Total Liabilities............................ 255 46 26
Contract Owners' Equity:
Deferred annuity contracts terminable by
owners (Notes 2 and 5)...................... 5,750,473 302,398 959,141
---------- ------- -------
$5,750,728 302,444 959,167
========== ======= =======
</TABLE>
See accompanying Notes to Financial Statements.
4
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<TABLE>
<CAPTION>
T. ROWE PRICE QUEST QUEST U.S. T. ROWE PRICE T. ROWE PRICE
INTERNATIONAL FOR VALUE FOR VALUE GOVERNMENT EQUITY GROWTH
STOCK EQUITY SMALL CAP SECURITIES INCOME STOCK GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------- ---------- ---------- ---------- ------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
-- -- -- -- -- -- --
-- -- -- -- -- -- --
797,600 -- -- -- -- -- --
-- 759,526 -- -- -- -- --
-- -- 646,026 -- -- -- --
-- -- -- 230,274 -- -- --
-- -- -- -- 377,970 -- --
-- -- -- -- -- 256,621 --
-- -- -- -- -- -- 1,421,100
------- ------- ------- ------- ------- ------- ---------
797,600 759,526 646,026 230,274 377,970 256,621 1,421,100
------- ------- ------- ------- ------- ------- ---------
797,600 759,526 646,026 230,274 377,970 256,621 1,421,100
======= ======= ======= ======= ======= ======= =========
13 19 23 4 11 9 104
------- ------- ------- ------- ------- ------- ---------
13 19 23 4 11 9 104
797,587 759,507 646,003 230,270 377,959 256,612 1,420,996
------- ------- ------- ------- ------- ------- ---------
797,600 759,526 646,026 230,274 377,970 256,621 1,421,100
======= ======= ======= ======= ======= ======= =========
</TABLE>
5
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THE AUSA ENDEAVOR VARIABLE ANNUITY ACCOUNT
STATEMENT OF OPERATIONS
Year Ended December 31, 1995, Except as Noted
<TABLE>
<CAPTION>
MONEY
MARKET
TOTAL SUBACCOUNT
-------- ----------
<S> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends................................................ $168,612 4,279
Expenses (Note 4):
Administration Fee....................................... 2,205 70
Mortality and expense risk charge........................ 39,312 1,104
-------- -------
Net investment income (loss)........................... 127,095 3,105
-------- -------
NET REALIZED AND UNREALIZED CAPITAL GAIN FROM INVESTMENTS
Net realized capital gain (loss) from sales of
investments:
Proceeds from sales...................................... 764,926 149,327
Cost of investments sold................................. 733,060 149,327
-------- -------
Net realized capital gain (loss) from sales of
investments.............................................. 31,866 --
-------- -------
Net change in unrealized appreciation/depreciation of
investments:
Beginning of the period.................................. (72,254) --
End of the period........................................ 354,489 --
-------- -------
Net change in unrealized appreciation/depreciation of
investments........................................... 426,743 --
-------- -------
Net realized and unrealized capital gain from
investments........................................... 458,609 --
-------- -------
INCREASE FROM OPERATIONS.................................. $585,704 3,105
======== =======
</TABLE>
/1/Period from June 16, 1995 (commencement of operations) to December 31, 1995
/2/Period from June 28, 1995 (commencement of operations) to December 31, 1995
/3/Period from April 28, 1995 (commencement of operations) to December 31, 1995
See accompanying Notes to Financial Statements.
6
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<TABLE>
<CAPTION>
MANAGED T. ROWE PRICE QUEST QUEST U.S. T. ROWE PRICE T. ROWE PRICE
ASSET INTERNATIONAL FOR VALUE FOR VALUE GOVERNMENT EQUITY GROWTH
ALLOCATION STOCK EQUITY SMALL CAP SECURITIES INCOME STOCK GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT/1/ SUBACCOUNT/2/ SUBACCOUNT/3/ SUBACCOUNT
- ---------- ------------- ---------- ---------- ------------- ------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
10,741 9,218 1,199 8,097 52 294 37 134,695
658 364 174 251 -- -- -- 688
10,013 6,196 4,009 5,560 710 996 967 9,757
------- ------- ------ ------- ------ ------ ------ -------
70 2,658 (2,984) 2,286 (658) (702) (930) 124,250
------- ------- ------ ------- ------ ------ ------ -------
123,035 104,421 53,908 124,482 50,497 52,973 5,852 100,431
119,969 109,820 41,468 121,345 49,695 50,009 5,042 86,385
------- ------- ------ ------- ------ ------ ------ -------
3,066 (5,399) 12,440 3,137 802 2,964 810 14,046
------- ------- ------ ------- ------ ------ ------ -------
(17,019) (23,084) 1,856 (137) -- -- -- (33,870)
109,510 22,294 60,104 45,750 5,718 21,338 15,903 73,872
------- ------- ------ ------- ------ ------ ------ -------
126,529 45,378 58,248 45,887 5,718 21,338 15,903 107,742
------- ------- ------ ------- ------ ------ ------ -------
129,595 39,979 70,688 49,024 6,520 24,302 16,713 121,788
------- ------- ------ ------- ------ ------ ------ -------
129,665 42,637 67,704 51,310 5,862 23,600 15,783 246,038
======= ======= ====== ======= ====== ====== ====== =======
</TABLE>
7
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THE AUSA ENDEAVOR VARIABLE ANNUITY ACCOUNT
STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY
Years Ended December 31, 1995 and 1994, Except as Noted
<TABLE>
<CAPTION>
MANAGED T. ROWE PRICE
MONEY ASSET INTERNATIONAL
MARKET ALLOCATION STOCK
TOTAL SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------------- ----------------- ---------------- ----------------
1995 1994 1995 1994/1/ 1995 1994 1995 1994
---------- --------- -------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income
(loss).................. $127,095 (11,336) 3,105 424 70 (3,641) 2,658 (4,028)
Net realized capital gain
(loss).................. 31,866 (2,536) -- -- 3,066 (1,317) (5,399) 78
Net change in unrealized
appreciation/depreciation
of investments.......... 426,743 (72,009) -- -- 126,529 (17,283) 45,378 (23,321)
---------- --------- -------- ------- ------- ------- ------- -------
Increase (decrease) from
operations.............. 585,704 (85,881) 3,105 424 129,665 (22,241) 42,637 (27,271)
---------- --------- -------- ------- ------- ------- ------- -------
CONTRACT TRANSACTIONS
Net contract purchase
payments................ 3,101,963 1,676,100 364,210 75,106 171,807 527,169 414,317 378,543
Transfer payments from
(to) other subaccounts
or general account...... 359,061 45,761 (120,602) (19,845) 123,270 12,015 (11,421) 12,264
Contract terminations,
withdrawals, and other
deductions.............. (116,242) (8,786) -- -- (36,468) (6,310) (27,021) (1,238)
---------- --------- -------- ------- ------- ------- ------- -------
Increase from contract
transactions............ 3,344,782 1,713,075 243,608 55,261 258,609 532,874 375,875 389,569
---------- --------- -------- ------- ------- ------- ------- -------
Net increase in contract
owners' equity.......... 3,930,486 1,627,194 246,713 55,685 388,274 510,633 418,512 362,298
---------- --------- -------- ------- ------- ------- ------- -------
CONTRACT OWNERS' EQUITY
Beginning of period...... 1,819,987 192,793 55,685 -- 570,867 60,234 379,075 16,777
---------- --------- -------- ------- ------- ------- ------- -------
End of period............ $5,750,473 1,819,987 302,398 55,685 959,141 570,867 797,587 379,075
========== ========= ======== ======= ======= ======= ======= =======
</TABLE>
/1/Period from March 17, 1994 (commencement of operations) to December 31, 1994
/2/Period from June 16, 1995 (commencement of operations) to December 31, 1995
/3/Period from June 28, 1995 (commencement of operations) to December 31, 1995
/4/Period from April 28, 1995 (commencement of operations) to December 31, 1995
See accompanying Notes to Financial Statements.
8
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<TABLE>
<CAPTION>
QUEST QUEST U.S. T. ROWE PRICE T. ROWE PRICE
FOR VALUE FOR VALUE GOVERNMENT EQUITY GROWTH
EQUITY SMALL CAP SECURITIES INCOME STOCK GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- ---------------- ---------------- ---------- ------------- ------------- ------------------
1995 1994 1995 1994 1995/2/ 1995/3/ 1995/4/ 1995 1994
- ------- ------- -------- ------- ---------- ------------- ------------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
(2,984) (628) 2,286 (2,828) (658) (702) (930) 124,250 (635)
12,440 18 3,137 (519) 802 2,964 810 14,046 (796)
58,248 1,853 45,887 (166) 5,718 21,338 15,903 107,742 (33,092)
- ------- ------- -------- ------- ------- ------- ------- --------- --------
67,704 1,243 51,310 (3,513) 5,862 23,600 15,783 246,038 (34,523)
- ------- ------- -------- ------- ------- ------- ------- --------- --------
452,866 96,333 337,487 282,278 223,574 269,068 203,721 664,913 316,671
138,439 1,925 (3,930) 4,475 834 86,340 38,125 108,006 34,927
(2,005) -- (23,639) -- -- (1,049) (1,017) (25,043) (1,238)
- ------- ------- -------- ------- ------- ------- ------- --------- --------
589,300 98,258 309,918 286,753 224,408 354,359 240,829 747,876 350,360
- ------- ------- -------- ------- ------- ------- ------- --------- --------
657,004 99,501 361,228 283,240 230,270 377,959 256,612 993,914 315,837
- ------- ------- -------- ------- ------- ------- ------- --------- --------
102,503 3,002 284,775 1,535 -- -- -- 427,082 111,245
- ------- ------- -------- ------- ------- ------- ------- --------- --------
759,507 102,503 646,003 284,775 230,270 377,959 256,612 1,420,996 427,082
======= ======= ======== ======= ======= ======= ======= ========= ========
</TABLE>
9
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THE AUSA ENDEAVOR VARIABLE ANNUITY ACCOUNT
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization -- Effective January 1, 1995, AUSA Life Insurance Company, Inc.
assumed the Endeavor Variable Annuity contracts issued by International Life
Investors Insurance Company, another indirect, wholly-owned subsidiary of AEGON
USA, Inc. In conjunction with this assumption, the AUSA Endeavor Variable
Annuity Account ("Mutual Fund Account") commenced operations on January 1,
1995. On that same day, all the assets and liabilities of the ILI Endeavor
Variable Annuity Account were merged into the Mutual Fund Account. The Mutual
Fund Account is a segregated investment account of AUSA Life Insurance Company,
Inc. ("AUSA Life"), an indirect, wholly-owned subsidiary of AEGON USA, Inc.
("AUSA"), a holding company. AUSA is an indirect, wholly-owned subsidiary of
AEGON nv, a holding company organized under the laws of The Netherlands.
The T. Rowe Price Equity Income, the U.S. Government Securities, the T. Rowe
Price Growth Stock, and the Money Market subaccounts, as part of the Mutual
Fund Account, commenced operations on June 28, 1995, June 16, 1995, April 28,
1995, and March 17, 1994, respectively. Effective March 24, 1995, the names of
the Global Growth Portfolio and Global Growth Subaccount were changed to T.
Rowe Price International Stock Portfolio and T. Rowe Price International Stock
Subaccount, respectively. The investment objective of the portfolio was changed
from investment on a global basis to investment on an international basis (i.e.
in non-U.S. companies). The investment advisor of the Endeavor Series Trust is
Endeavor Investment Advisors, a general partnership between Endeavor Management
Co. and AUSA Financial Markets Inc., an affiliate of AUSA Life. The investment
advisor for the WRL Series Fund, Inc. is Western Reserve Life Assurance Co. of
Ohio, an affiliate of AUSA Life.
The Mutual Fund Account is registered with the Securities and Exchange
Commission as a Unit Investment Trust pursuant to provisions of the Investment
Company Act of 1940.
Investments -- Net purchase payments received by the Mutual Fund Account are
invested in the portfolios of the Endeavor Series Trust, and the Growth
Portfolio of the WRL Series Fund, Inc. (collectively the "Series Funds"), as
selected by the contract owner. Investments are stated at the closing net asset
values per share on December 31, 1995.
Realized capital gains and losses from sale of shares in the Series Funds are
determined on the first-in, first-out basis. Investment transactions are
accounted for on the trade date (date the order to buy or sell is executed) and
dividend income is recorded on the ex-dividend date. Unrealized gains or losses
from investments in the Series Funds are credited or charged to contract
owners' equity.
Dividend Income -- Dividends received from the Series Funds investments are
reinvested to purchase additional mutual fund shares.
2. CONTRACT OWNERS' EQUITY
A summary of deferred annuity contracts terminable by owners at December 31,
1995 follows:
<TABLE>
<CAPTION>
ACCUMULATION ACCUMULATION TOTAL
SUBACCOUNT UNITS OWNED UNIT VALUE CONTRACT VALUE
- ---------- ------------ ------------ --------------
<S> <C> <C> <C>
Money Market.......................... 271,034.756 $ 1.115718 $ 302,398
Managed Asset Allocation.............. 607,869.454 1.577873 959,141
T. Rowe Price International Stock..... 681,093.799 1.171039 797,587
Quest for Value Equity................ 547,233.586 1.387903 759,507
Quest for Value Small Cap............. 535,283.029 1.206843 646,003
U.S. Government Securities............ 204,813.593 1.124292 230,270
T. Rowe Price Equity Income........... 293,619.530 1.287240 377,959
T. Rowe Price Growth Stock............ 189,613.999 1.353339 256,612
Growth................................ 97,436.321 14.583843 1,420,996
----------
$5,750,473
==========
</TABLE>
10
<PAGE>
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A summary of changes in contract owners' account units follows:
<TABLE>
<CAPTION>
T. ROWE T. ROWE T. ROWE
MANAGED PRICE QUEST QUEST U.S. PRICE PRICE
MONEY ASSET INTERNATIONAL FOR VALUE FOR VALUE GOVERNMENT EQUITY GROWTH
MARKET ALLOCATION STOCK EQUITY SMALL CAP SECURITIES INCOME STOCK GROWTH
SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT.
-------- ---------- ------------- --------- --------- ---------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Units outstanding at
1/1/94................. -- 43,225 14,507 2,948 1,386 -- -- -- 10,009
Units purchased......... 70,621 390,851 328,628 93,234 259,793 -- -- -- 29,222
Units redeemed and
transferred............ (18,697) 4,490 9,835 1,850 4,237 -- -- -- 3,260
-------- ------- ------- ------- ------- ------- ------- ------- ------
Units outstanding at
12/31/94............... 51,924 438,566 352,970 98,032 265,416 -- -- -- 42,491
Units purchased......... 329,022 110,905 362,256 344,140 292,146 204,064 223,477 160,519 48,457
Units redeemed and
transferred............ (109,911) 58,398 (34,132) 105,062 (22,279) 750 70,143 29,095 6,488
-------- ------- ------- ------- ------- ------- ------- ------- ------
Units outstanding
12/31/95............... 271,035 607,869 681,094 547,234 535,283 204,814 293,620 189,614 97,436
======== ======= ======= ======= ======= ======= ======= ======= ======
</TABLE>
3. TAXES
Operations of the Mutual Fund Account form a part of AUSA Life, which is taxed
as a life insurance company under Subchapter L of the Internal Revenue Code of
1986, as amended (the Code). The operations of the Mutual Fund Account are
accounted for separately from other operations of AUSA Life for purposes of
federal income taxation. The Mutual Fund Account is not separately taxable as a
regulated investment company under Subchapter M of the Code and is not
otherwise taxable as an entity separate from AUSA Life. Under existing federal
income tax laws, the income of the Mutual Fund Account, to the extent applied
to increase reserves under the variable annuity contracts, is not taxable to
AUSA Life.
4. ADMINISTRATIVE, MORTALITY AND EXPENSE RISK CHARGE
Administrative charges include an annual charge of the lesser of 2% of the
policy value or $35 per contract which will commence on the first policy
anniversary of each contract owner's account. For policies issued on or after
May 1, 1995, the fee is waived if the sum of the premium payments made less the
sum of all partial withdrawals is at least $50,000 on the policy anniversary.
Charges for administrative fees to the variable annuity contracts are an
expense of the Mutual Fund Account.
AUSA Life deducts a daily charge equal to an annual rate of 1.25% of the value
of the contract owners' account as a charge for assuming certain mortality and
expense risks. AUSA Life also deducts a daily charge equal to an annual rate of
.15% of the contract owners' account for administrative expenses.
11
<PAGE>
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5. NET ASSETS
At December 31, 1995 contract owners' equity was comprised of:
<TABLE>
<CAPTION>
T. ROWE QUEST QUEST T. ROWE T. ROWE
MANAGED PRICE FOR FOR U.S. PRICE PRICE
MONEY ASSET INT'L VALUE VALUE GOV'T EQUITY GROWTH
MARKET ALLOCATION STOCK EQUITY SMALL CAP SECURITIES INCOME STOCK GROWTH
TOTAL SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT.
---------- -------- ---------- -------- -------- --------- ---------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit transactions,
accumulated net
investment income
and realized capital
gains............... $5,395,984 302,398 849,631 775,293 699,403 600,253 224,552 356,621 240,709 1,347,124
Adjustment for
appreciation to
market value........ 354,489 -- 109,510 22,294 60,104 45,750 5,718 21,338 15,903 73,872
---------- ------- ------- ------- ------- ------- ------- ------- ------- ---------
Total Contract
Owners' Equity...... $5,750,473 302,398 959,141 797,587 759,507 646,003 230,270 377,959 256,612 1,420,996
========== ======= ======= ======= ======= ======= ======= ======= ======= =========
</TABLE>
6. PURCHASES AND SALES OF INVESTMENT SECURITIES
The aggregate cost of purchases and proceeds from sales of investments were as
follows:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31 OR
COMMENCEMENT OF OPERATIONS TO DECEMBER 31
-----------------------------------------
1995 1994
-------------------- --------------------
PURCHASES SALES PURCHASES SALES
-------------------- --------------------
<S> <C> <C> <C> <C>
Endeavor Series Trust
Money Market Portfolio.............. $ 396,123 149,327 $ 85,906 30,258
Managed Asset Allocation Portfolio.. 380,622 123,035 583,629 53,308
T. Rowe Price International Stock
Portfolio.......................... 482,406 104,421 403,512 17,370
Quest for Value Equity Portfolio.... 639,975 53,908 98,386 489
Quest for Value Small Cap
Portfolio.......................... 436,139 124,482 293,269 8,768
U.S. Government Securities
Portfolio.......................... 274,251 50,497 -- --
T. Rowe Price Equity Income
Portfolio.......................... 406,641 52,973 -- --
T. Rowe Price Growth Stock
Portfolio.......................... 245,760 5,852 -- --
WRL Series Fund, Inc.
Growth Portfolio.................... 970,989 100,431 359,303 8,831
----------- -------- ----------- --------
$ 4,232,906 764,926 $1,824,005 119,024
=========== ======== =========== ========
</TABLE>
12
