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ENDEAVOR VARIABLE ANNUITY
The AUSA Endeavor
Variable Annuity Account
Semi-Annual Report
June 30, 1996
[LOGO OF AUSA LIFE APPEARS HERE]
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THIS PAGE LEFT BLANK INTENTIONALLY
2
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Dear Valued Policyholder:
We are pleased to present the Semi-Annual Report of the AUSA Endeavor Variable
Annuity Account for the period ended June 30, 1996. 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.
3
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THE AUSA ENDEAVOR VARIABLE ANNUITY ACCOUNT
BALANCE SHEET
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
MANAGED
MONEY ASSET
MARKET ALLOCATION
TOTAL SUBACCOUNT SUBACCOUNT
----------- ---------- ----------
<S> <C> <C> <C>
ASSETS
Cash........................................ $ 184 -- --
Investments in mutual funds, at current
market value (Note 2):
Endeavor Series Trust--Money Market
Portfolio................................. 639,053 639,053 --
Endeavor Series Trust--Managed Asset
Allocation Portfolio...................... 1,369,439 -- 1,369,439
Endeavor Series Trust--T. Rowe Price
International Stock Portfolio ............ 1,673,121 -- --
Endeavor Series Trust--Quest for Value
Equity Portfolio.......................... 1,663,228 -- --
Endeavor Series Trust--Quest for Value
Small Cap Portfolio....................... 1,148,295 -- --
Endeavor Series Trust--U.S. Government
Securities Portfolio...................... 472,916 -- --
Endeavor Series Trust--T. Rowe Price Equity
Income Portfolio.......................... 1,214,634 -- --
Endeavor Series Trust--T. Rowe Price Growth
Stock Portfolio........................... 884,761 -- --
WRL Series Fund, Inc.--Growth Portfolio.... 3,191,743 -- --
----------- ------- ---------
Total investments in mutual funds.......... 12,257,190 639,053 1,369,439
----------- ------- ---------
Total Assets................................ $12,257,374 639,053 1,369,439
=========== ======= =========
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable.............. $ 853 112 122
----------- ------- ---------
Total Liabilities.......................... 853 112 122
Contract Owners' Equity:
Deferred annuity contracts terminable by
owners (Notes 3 and 6).................... 12,256,521 638,941 1,369,317
----------- ------- ---------
$12,257,374 639,053 1,369,439
=========== ======= =========
</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>
-- -- 131 -- 11 42 --
-- -- -- -- -- -- --
1,673,121 -- -- -- -- -- --
-- 1,663,228 -- -- -- -- --
-- -- 1,148,295 -- -- -- --
-- -- -- 472,916 -- -- --
-- -- -- -- 1,214,634 -- --
-- -- -- -- -- 884,761 --
-- -- -- -- -- -- 3,191,743
--------- --------- --------- ------- --------- ------- ---------
1,673,121 1,663,228 1,148,295 472,916 1,214,634 884,761 3,191,743
--------- --------- --------- ------- --------- ------- ---------
1,673,121 1,663,228 1,148,426 472,916 1,214,645 884,803 3,191,743
========= ========= ========= ======= ========= ======= =========
62 128 -- 2 -- -- 427
--------- --------- --------- ------- --------- ------- ---------
62 128 -- 2 -- -- 427
1,673,059 1,663,100 1,148,426 472,914 1,214,645 884,803 3,191,316
--------- --------- --------- ------- --------- ------- ---------
1,673,121 1,663,228 1,148,426 472,916 1,214,645 884,803 3,191,743
========= ========= ========= ======= ========= ======= =========
</TABLE>
5
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THE AUSA ENDEAVOR VARIABLE ANNUITY ACCOUNT
STATEMENT OF OPERATIONS
Six Months Ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
MONEY
MARKET
COMBINED SUBACCOUNT
-------- ----------
<S> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends................................................. $175,847 10,635
Expenses (Note 5):
Administration fee........................................ 1,390 76
Mortality and expense risk charge......................... 62,201 3,096
-------- -------
Net investment income (loss)............................ 112,256 7,463
-------- -------
NET REALIZED AND UNREALIZED CAPITAL GAIN (LOSS) FROM
INVESTMENTS
Net realized capital gain (loss) from sales of investments:
Proceeds from sales....................................... 636,509 237,003
Cost of investments sold.................................. 590,132 237,003
-------- -------
Net realized capital gain (loss) from sale of investments.. 46,377 --
-------- -------
Net change in unrealized appreciation/depreciation of
investments:
Beginning of the period................................... 354,489 --
End of the period......................................... 957,111 --
-------- -------
Net change in unrealized appreciation/depreciation of
investments............................................ 602,622 --
-------- -------
Net realized and unrealized capital gain (loss) from
investments............................................ 648,999 --
-------- -------
INCREASE (DECREASE) FROM OPERATIONS........................ $761,255 7,463
======== =======
</TABLE>
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 SUBACCOUNT SUBACCOUNT SUBACCOUNT
- ---------- ------------- ---------- ---------- ---------- ------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
23,475 9,667 38,264 46,327 15,968 10,460 14,186 6,865
210 188 220 177 41 34 47 397
7,981 7,987 8,737 5,914 2,653 5,598 4,150 16,085
------- ------- ------- ------- ------- ------ ------ -------
15,284 1,492 29,307 40,236 13,274 4,828 9,989 (9,617)
------- ------- ------- ------- ------- ------ ------ -------
58,741 27,539 27,922 137,521 66,121 18,001 17,416 46,245
49,136 26,616 18,903 121,502 68,341 15,293 15,108 38,230
------- ------- ------- ------- ------- ------ ------ -------
9,605 923 9,019 16,019 (2,220) 2,708 2,308 8,015
------- ------- ------- ------- ------- ------ ------ -------
109,510 22,294 60,104 45,750 5,718 21,338 15,903 73,872
167,905 115,072 139,115 53,080 (16,380) 63,257 39,356 395,706
------- ------- ------- ------- ------- ------ ------ -------
58,395 92,778 79,011 7,330 (22,098) 41,919 23,453 321,834
------- ------- ------- ------- ------- ------ ------ -------
68,000 93,701 88,030 23,349 (24,318) 44,627 25,761 329,849
------- ------- ------- ------- ------- ------ ------ -------
83,284 95,193 117,337 63,585 (11,044) 49,455 35,750 320,232
======= ======= ======= ======= ======= ====== ====== =======
</TABLE>
7
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THE AUSA ENDEAVOR VARIABLE ANNUITY ACCOUNT
STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY
Six Months Ended June 30, 1996 and Year Ended December 31, 1995, Except as
Noted (Unaudited)
<TABLE>
<CAPTION>
MANAGED T. ROWE PRICE
MONEY ASSET INTERNATIONAL
MARKET ALLOCATION STOCK
TOTAL SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------------- ------------------ ------------------ ------------------
1996 1995 1996 1995 1996 1995 1996 1995
----------- --------- -------- -------- --------- ------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income
(loss).................. $ 112,256 127,095 7,463 3,105 15,284 70 1,492 2,658
Net realized capital gain
(loss).................. 46,377 31,866 -- -- 9,605 3,066 923 (5,399)
Net change in unrealized
appreciation/depreciation
of investments.......... 602,622 426,743 -- -- 58,395 126,529 92,778 45,378
----------- --------- -------- -------- --------- ------- --------- -------
Increase (decrease) from
operations.............. 761,255 585,704 7,463 3,105 83,284 129,665 95,193 42,637
----------- --------- -------- -------- --------- ------- --------- -------
CONTRACT TRANSACTIONS
Net contract purchase
payments................ 4,904,561 3,101,963 569,179 364,210 216,613 171,807 510,912 414,317
Transfer payments from
(to) other subaccounts
or general account...... 988,157 359,061 (240,099) (120,602) 152,800 123,270 297,095 (11,421)
Contract terminations,
withdrawals, and other
deductions.............. (147,925) (116,242) -- -- (42,521) (36,468) (27,728) (27,021)
----------- --------- -------- -------- --------- ------- --------- -------
Increase (decrease) from
contract transactions... 5,744,793 3,344,782 329,080 243,608 326,892 258,609 780,279 375,875
----------- --------- -------- -------- --------- ------- --------- -------
Net increase in contract
owners' equity.......... 6,506,048 3,930,486 336,543 246,713 410,176 388,274 875,472 418,512
----------- --------- -------- -------- --------- ------- --------- -------
CONTRACT OWNERS' EQUITY
Beginning of period...... 5,750,473 1,819,987 302,398 55,685 959,141 570,867 797,587 379,075
----------- --------- -------- -------- --------- ------- --------- -------
End of period............ $12,256,521 5,750,473 638,941 302,398 1,369,317 959,141 1,673,059 797,587
=========== ========= ======== ======== ========= ======= ========= =======
</TABLE>
/1/Period from June 16, 1995 (commencement of operations) to December 31, 1995
/2/Period from June 26, 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.
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
- ------------------ ------------------ ---------------- ------------------ ---------------- --------------------
1996 1995 1996 1995 1996 1995/1/ 1996 1995/2/ 1996 1995/3/ 1996 1995
- --------- ------- --------- ------- ------- ------- --------- ------- ------- ------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
29,307 (2,984) 40,236 2,286 13,274 (658) 4,828 (702) 9,989 (930) (9,617) 124,250
9,019 12,440 16,019 3,137 (2,220) 802 2,708 2,964 2,308 810 8,015 14,046
79,011 58,248 7,330 45,887 (22,098) 5,718 41,919 21,338 23,453 15,903 321,834 107,742
- --------- ------- --------- ------- ------- ------- --------- ------- ------- ------- --------- ---------
117,337 67,704 63,585 51,310 (11,044) 5,862 49,455 23,600 35,750 15,783 320,232 246,038
- --------- ------- --------- ------- ------- ------- --------- ------- ------- ------- --------- ---------
623,154 452,866 312,916 337,487 271,664 223,574 642,063 269,068 534,731 203,721 1,223,329 664,913
176,952 138,439 137,983 (3,930) (16,977) 834 153,358 86,340 59,369 38,125 267,676 108,006
(13,850) (2,005) (12,061) (23,639) (999) -- (8,190) (1,049) (1,659) (1,017) (40,917) (25,043)
- --------- ------- --------- ------- ------- ------- --------- ------- ------- ------- --------- ---------
786,256 589,300 438,838 309,918 253,688 224,408 787,231 354,359 592,441 240,829 1,450,088 747,876
- --------- ------- --------- ------- ------- ------- --------- ------- ------- ------- --------- ---------
903,593 657,004 502,423 361,228 242,644 230,270 836,686 377,959 628,191 256,612 1,770,320 993,914
- --------- ------- --------- ------- ------- ------- --------- ------- ------- ------- --------- ---------
759,507 102,503 646,003 284,775 230,270 -- 377,959 -- 256,612 -- 1,420,996 427,082
- --------- ------- --------- ------- ------- ------- --------- ------- ------- ------- --------- ---------
1,663,100 759,507 1,148,426 646,003 472,914 230,270 1,214,645 377,959 884,803 256,612 3,191,316 1,420,996
========= ======= ========= ======= ======= ======= ========= ======= ======= ======= ========= =========
</TABLE>
9
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THE AUSA ENDEAVOR VARIABLE ANNUITY ACCOUNT
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
June 30, 1996
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 June 30, 1996.
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. INVESTMENTS
A summary of the mutual fund investment at June 30, 1996 follows:
<TABLE>
<CAPTION>
NUMBER OF NET ASSET VALUE MARKET
SHARES HELD PER SHARE VALUE COST
------------- --------------- ----------- -----------
<S> <C> <C> <C> <C>
Endeavor Series Trust
Money Market Portfo-
lio................... 639,052.770 1.00 $ 639,053 $ 639,053
Managed Asset Alloca-
tion Portfolio........ 78,793.953 17.38 1,369,439 1,201,534
T. Rowe Price Interna-
tional Stock Portfo-
lio................... 126,273.269 13.25 1,673,121 1,558,049
Quest for Value Equity
Portfolio............. 106,960.035 15.55 1,663,228 1,524,113
Quest for Value Small
Cap Portfolio......... 90,274.711 12.72 1,148,295 1,095,215
U.S. Government Securi-
ties Portfolio........ 43,992.176 10.75 472,916 489,296
T. Rowe Price Equity
Income Portfolio...... 87,195.521 13.93 1,214,634 1,151,377
T. Rowe Price Growth
Stock Portfolio....... 60,766.553 14.56 884,761 845,405
WRL Series Fund, Inc.
Growth Portfolio....... 87,622.974 36.425878 3,191,743 2,796,037
------------- ----------- -----------
1,320,931.962 $12,257,190 $11,300,079
============= =========== ===========
</TABLE>
10
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3. CONTRACT OWNERS' EQUITY
A summary of deferred annuity contracts terminable by owners at June 30, 1996
follows:
<TABLE>
<CAPTION>
ACCUMULATION ACCUMULATION TOTAL
SUBACCOUNT UNITS OWNED UNIT VALUE CONTRACT VALUE
- ---------- ------------- ------------ --------------
<S> <C> <C> <C>
Money Market......................... 563,117.506 1.134650 638,941
Managed Asset Allocation............. 804,012.356 1.703104 1,369,317
T. Rowe Price International Stock.... 1,314,413.724 1.272856 1,673,059
Quest for Value Equity............... 1,078,352.532 1.542260 1,663,100
Quest for Value Small Cap............ 880,865.671 1.303747 1,148,426
U.S. Government Securities........... 434,585.766 1.088194 472,914
T. Rowe Price Equity Income.......... 881,357.333 1.378153 1,214,645
T. Rowe Price Growth Stock........... 609,913.132 1.450703 884,803
Growth............................... 191,185.288 16.692266 3,191,316
----------
12,256,521
==========
</TABLE>
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
1/1/95................. 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 at
12/31/95............... 271,035 607,869 681,094 547,234 535,283 204,814 293,620 189,614 97,436
Units purchased......... 505,092 130,598 417,479 423,651 246,476 247,020 480,398 379,890 79,665
Units redeemed and
transferred............ (213,010) 65,545 215,841 107,468 99,106 (17,248) 107,340 40,409 14,084
--------- ------- --------- --------- ------- -------- ------- ------- -------
Units outstanding at
6/30/96................ 563,117 804,012 1,314,414 1,078,353 880,865 434,586 881,358 609,913 191,185
========= ======= ========= ========= ======= ======== ======= ======= =======
</TABLE>
4. 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.
11
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5. 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.
6. NET ASSETS
At June 30, 1996 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........... $11,299,410 638,941 1,201,412 1,557,987 1,523,985 1,095,346 489,294 1,151,388 845,447 2,795,610
Adjustment for
appreciation
(depreciation)
to market
value........... 957,111 -- 167,905 115,072 139,115 53,080 (16,380) 63,257 39,356 395,706
----------- ------- --------- --------- --------- --------- ------- --------- ------- ---------
Total Contract
Owners' Equity.. $12,256,521 638,941 1,369,317 1,673,059 1,663,100 1,148,426 472,914 1,214,645 884,803 3,191,316
=========== ======= ========= ========= ========= ========= ======= ========= ======= =========
</TABLE>
7. PURCHASES AND SALES OF INVESTMENT SECURITIES
The aggregate cost of purchases and proceeds from sales of investments were as
follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED JUNE 30, 1996 AND
YEAR ENDED DECEMBER 31, 1995 OR
COMMENCEMENT OF OPERATIONS TO
DECEMBER 31, 1995
-------------------------------------
1996 1995
------------------ ------------------
PURCHASES SALES PURCHASES SALES
---------- ------- ---------- -------
<S> <C> <C> <C> <C>
Endeavor Series Trust
Money Market Portfolio.................. $ 573,612 237,003 $ 396,123 149,327
Managed Asset Allocation Portfolio...... 401,013 58,741 380,622 123,035
T. Rowe Price International Stock
Portfolio.............................. 809,359 27,539 482,406 104,421
Quest for Value Equity Portfolio........ 843,594 27,922 639,975 53,908
Quest for Value Small Cap Portfolio..... 616,441 137,521 436,139 124,482
U.S. Government Securities Portfolio.... 333,081 66,121 274,251 50,497
T. Rowe Price Equity Income Portfolio... 810,038 18,001 406,641 52,973
T. Rowe Price Growth Stock Portfolio.... 619,795 17,416 245,760 5,852
WRL Series Fund, Inc.
Growth Portfolio........................ 1,487,039 46,245 970,989 100,431
---------- ------- ---------- -------
$6,493,972 636,509 $4,232,906 764,926
========== ======= ========== =======
</TABLE>
12
