<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 0000932736
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE WOODWARD VARIABLE ANNUITY FUND
001 B000000 811-8854
001 C000000 3132590729
002 A000000 C/O NBD BANK P.O. BOX 7058
002 B000000 TROY
002 C000000 MI
002 D010000 48007
002 D020000 7058
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 WOODWARD BALANCED FUND
007 C030100 N
007 C010200 2
007 C020200 WOODWARD GROWTH/VALUE FUND
007 C030200 N
007 C010300 3
007 C020300 WOODWARD OPPORTUNITY FUND
007 C030300 N
007 C010400 4
007 C020400 WOODWARD CAPITAL GROWTH FUND
007 C030400 N
007 C010500 5
007 C020500 WOODWARD MONEY MARKET FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 NBD BANK
008 B00AA01 A
008 C00AA01 801-5148
008 D01AA01 DETROIT
008 D02AA01 MI
008 D03AA01 48226
010 A00AA01 NBD BANK
010 B00AA01 5148
<PAGE> PAGE 2
010 C01AA01 DETROIT
010 C02AA01 MI
010 C03AA01 48226
011 A00AA01 FIRST OF MICHIGAN CORPORATION
011 B00AA01 8-17209
011 C01AA01 DETROIT
011 C02AA01 MI
011 C03AA01 48243
011 A00AA02 ESSEX NATIONAL SECURITIES, INC.
011 B00AA02 8-25454
011 C01AA02 NAPA
011 C02AA02 CA
011 C03AA02 94558
012 A00AA01 NBD BANK
012 B00AA01 85-5148
012 C01AA01 TROY
012 C02AA01 MI
012 C03AA01 48007
012 C04AA01 7058
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 DETROIT
013 B02AA01 MI
013 B03AA01 48226
013 B04AA01 3424
015 A00AA01 NBD BANK
015 B00AA01 C
015 C01AA01 DETROIT
015 C02AA01 MI
015 C03AA01 48226
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 PAINE WEBBER MITCHELL HUTCHINS
020 B000001 13-2638166
020 C000001 42
020 A000002 ROBINSON, HUMPREY CO. INC.
020 B000002 58-1472560
020 C000002 13
020 A000003 SMITH BARNEY, HARRIS UPHAM CO.
020 B000003 13-1912900
020 C000003 6
020 A000004 STANDARD & POORS SECURITIES
020 B000004 13-2671951
020 C000004 1
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
<PAGE> PAGE 3
021 000000 64
022 A000001 PAINE WEBBER MITCHELL HUTCHINS
022 B000001 13-2638166
022 C000001 145
022 D000001 2
022 A000002 ROBINSON-HUMPHREY CO., INC.
022 B000002 58-1472560
022 C000002 34
022 D000002 0
022 A000003 FIRST (THE) BOSTON CORPORATION
022 B000003 13-5659485
022 C000003 143
022 D000003 0
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 630
022 D000004 2
022 A000005 SHEARSON LEHMAN BROTHERS INC.
022 B000005 13-2726611
022 C000005 165
022 D000005 0
022 A000006 MERRILL LYNCH
022 B000006 13-5674085
022 C000006 165
022 D000006 0
022 A000007 CITICORP SECURITIES MARKETS INC.
022 B000007 13-2771536
022 C000007 120
022 D000007 0
022 A000008 DEMPSEY & CO.
022 B000008 36-2053877
022 C000008 78
022 D000008 2
022 A000009 LEHMAN COMMERCIAL PAPER
022 B000009 13-2726611
022 C000009 275
022 D000009 0
022 A000010 WILLIAMS CAPITAL GROUP
022 B000010 13-3747879
022 C000010 115
022 D000010 0
023 C000000 32296
023 D000000 9745
024 00AA00 N
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
<PAGE> PAGE 4
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
041 00AA00 N
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 N
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 Y
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
<PAGE> PAGE 5
056 00AA00 Y
057 00AA00 N
058 A00AA00 Y
058 B00AA00 Y
058 C00AA00 N
058 D00AA00 N
058 E00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
080 A00AA00 JOHNSON & HIGGINS
080 C00AA00 1000
081 A00AA00 N
081 B00AA00 0
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 1525
028 A020100 0
028 A030100 0
028 A040100 0
028 B010100 879
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 955
028 C020100 64
028 C030100 0
028 C040100 15
028 D010100 696
028 D020100 0
028 D030100 0
028 D040100 7
028 E010100 427
028 E020100 0
028 E030100 0
028 E040100 4
028 F010100 587
028 F020100 93
<PAGE> PAGE 6
028 F030100 0
028 F040100 38
028 G010100 5069
028 G020100 157
028 G030100 0
028 G040100 64
028 H000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.750
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
<PAGE> PAGE 7
066 A000100 N
067 000100 Y
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 Y
070 E020100 N
070 F010100 Y
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 Y
070 H020100 N
070 I010100 Y
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 Y
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 Y
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 9121
071 B000100 845
071 C000100 6013
071 D000100 14
072 A000100 9
072 B000100 182
072 C000100 58
072 D000100 0
072 E000100 0
072 F000100 41
<PAGE> PAGE 8
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 29
072 K000100 0
072 L000100 1
072 M000100 0
072 N000100 4
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 10
072 S000100 4
072 T000100 27
072 U000100 4
072 V000100 0
072 W000100 5
072 X000100 125
072 Y000100 80
072 Z000100 195
072AA000100 52
072BB000100 0
072CC010100 753
072CC020100 0
072DD010100 193
072DD020100 0
072EE000100 0
073 A010100 0.2486
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 1537
074 C000100 0
074 D000100 3877
074 E000100 0
074 F000100 5643
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 12
074 K000100 0
074 L000100 57
074 M000100 111
074 N000100 11237
074 O000100 7
074 P000100 11
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
<PAGE> PAGE 9
074 R040100 8
074 S000100 0
074 T000100 11211
074 U010100 995
074 U020100 0
074 V010100 11.27
074 V020100 0.00
074 W000100 0.0000
074 X000100 2
074 Y000100 0
075 A000100 0
075 B000100 7129
076 000100 0.00
028 A010200 496
028 A020200 0
028 A030200 0
028 A040200 0
028 B010200 363
028 B020200 0
028 B030200 0
028 B040200 0
028 C010200 350
028 C020200 11
028 C030200 0
028 C040200 46
028 D010200 205
028 D020200 0
028 D030200 0
028 D040200 33
028 E010200 262
028 E020200 0
028 E030200 0
028 E040200 10
028 F010200 218
028 F020200 16
028 F030200 0
028 F040200 21
028 G010200 1894
028 G020200 27
028 G030200 0
028 G040200 110
028 H000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.750
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
<PAGE> PAGE 10
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
066 A000200 Y
066 D000200 Y
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
<PAGE> PAGE 11
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 3415
071 B000200 358
071 C000200 2048
071 D000200 17
072 A000200 9
072 B000200 8
072 C000200 36
072 D000200 0
072 E000200 0
072 F000200 13
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 19
072 K000200 0
072 L000200 1
072 M000200 0
072 N000200 1
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 10
072 S000200 4
072 T000200 27
072 U000200 4
<PAGE> PAGE 12
072 V000200 0
072 W000200 3
072 X000200 82
072 Y000200 68
072 Z000200 30
072AA000200 36
072BB000200 0
072CC010200 310
072CC020200 0
072DD010200 30
072DD020200 0
072EE000200 3
073 A010200 0.1271
073 A020200 0.0000
073 B000200 0.0046
073 C000200 0.0000
074 A000200 0
074 B000200 279
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 3403
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 51
074 M000200 30
074 N000200 3763
074 O000200 3
074 P000200 4
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 2
074 S000200 0
074 T000200 3754
074 U010200 323
074 U020200 0
074 V010200 11.63
074 V020200 0.00
074 W000200 0.0000
074 X000200 2
074 Y000200 0
075 A000200 0
075 B000200 2193
076 000200 0.00
028 A010300 687
028 A020300 0
<PAGE> PAGE 13
028 A030300 0
028 A040300 0
028 B010300 679
028 B020300 0
028 B030300 0
028 B040300 0
028 C010300 405
028 C020300 4
028 C030300 0
028 C040300 8
028 D010300 467
028 D020300 0
028 D030300 0
028 D040300 15
028 E010300 221
028 E020300 0
028 E030300 0
028 E040300 0
028 F010300 363
028 F020300 7
028 F030300 0
028 F040300 0
028 G010300 2822
028 G020300 11
028 G030300 0
028 G040300 23
028 H000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.750
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
<PAGE> PAGE 14
048 K010300 0
048 K020300 0.000
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 Y
066 D000300 Y
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 Y
070 M010300 N
<PAGE> PAGE 15
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 5284
071 B000300 840
071 C000300 2616
071 D000300 32
072 A000300 9
072 B000300 13
072 C000300 19
072 D000300 0
072 E000300 0
072 F000300 16
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 31
072 K000300 0
072 L000300 1
072 M000300 0
072 N000300 2
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 10
072 S000300 4
072 T000300 27
072 U000300 4
072 V000300 0
072 W000300 3
072 X000300 98
072 Y000300 80
072 Z000300 14
072AA000300 0
072BB000300 36
072CC010300 236
072CC020300 0
072DD010300 14
072DD020300 0
072EE000300 1
073 A010300 0.0505
073 A020300 0.0000
073 B000300 0.0023
<PAGE> PAGE 16
073 C000300 0.0000
074 A000300 0
074 B000300 236
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 4643
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 67
074 K000300 0
074 L000300 5
074 M000300 34
074 N000300 4985
074 O000300 3
074 P000300 6
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 4
074 S000300 0
074 T000300 4972
074 U010300 451
074 U020300 0
074 V010300 11.02
074 V020300 0.00
074 W000300 0.0000
074 X000300 2
074 Y000300 0
075 A000300 0
075 B000300 2844
076 000300 0.00
028 A010400 862
028 A020400 0
028 A030400 0
028 A040400 0
028 B010400 1008
028 B020400 0
028 B030400 0
028 B040400 0
028 C010400 559
028 C020400 9
028 C030400 0
028 C040400 14
028 D010400 437
028 D020400 0
028 D030400 0
028 D040400 15
028 E010400 325
<PAGE> PAGE 17
028 E020400 0
028 E030400 0
028 E040400 0
028 F010400 303
028 F020400 12
028 F030400 0
028 F040400 66
028 G010400 3494
028 G020400 21
028 G030400 0
028 G040400 95
028 H000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.750
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
<PAGE> PAGE 18
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
066 A000400 Y
066 C000400 Y
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 N
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 5809
071 B000400 152
071 C000400 3411
071 D000400 4
<PAGE> PAGE 19
072 A000400 9
072 B000400 15
072 C000400 31
072 D000400 0
072 E000400 0
072 F000400 21
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 14
072 K000400 0
072 L000400 1
072 M000400 0
072 N000400 2
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 10
072 S000400 4
072 T000400 27
072 U000400 4
072 V000400 0
072 W000400 4
072 X000400 87
072 Y000400 63
072 Z000400 22
072AA000400 8
072BB000400 0
072CC010400 511
072CC020400 0
072DD010400 22
072DD020400 0
072EE000400 4
073 A010400 0.0555
073 A020400 0.0000
073 B000400 0.0074
073 C000400 0.0000
074 A000400 0
074 B000400 249
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 6176
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 6
074 M000400 33
074 N000400 6464
<PAGE> PAGE 20
074 O000400 20
074 P000400 5
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 4
074 S000400 0
074 T000400 6435
074 U010400 566
074 U020400 0
074 V010400 11.37
074 V020400 0.00
074 W000400 0.0000
074 X000400 2
074 Y000400 0
075 A000400 0
075 B000400 3670
076 000400 0.00
028 A010500 150
028 A020500 3
028 A030500 0
028 A040500 0
028 B010500 19
028 B020500 4
028 B030500 0
028 B040500 16
028 C010500 107
028 C020500 4
028 C030500 0
028 C040500 0
028 D010500 62
028 D020500 4
028 D030500 0
028 D040500 3
028 E010500 29
028 E020500 4
028 E030500 0
028 E040500 0
028 F010500 133
028 F020500 5
028 F030500 0
028 F040500 5
028 G010500 500
028 G020500 24
028 G030500 0
028 G040500 24
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
<PAGE> PAGE 21
048 000500 0.450
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 32.2
062 E000500 0.0
062 F000500 2.2
062 G000500 7.2
062 H000500 0.0
062 I000500 52.6
062 J000500 0.0
062 K000500 0.0
062 L000500 5.8
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 78
063 B000500 0.0
064 A000500 Y
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
<PAGE> PAGE 22
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 Y
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 9
072 B000500 35
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 3
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 5
072 K000500 0
072 L000500 1
<PAGE> PAGE 23
072 M000500 0
072 N000500 0
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 10
072 S000500 4
072 T000500 27
072 U000500 4
072 V000500 0
072 W000500 10
072 X000500 64
072 Y000500 61
072 Z000500 32
072AA000500 0
072BB000500 0
072CC010500 0
072CC020500 0
072DD010500 32
072DD020500 0
072EE000500 0
073 A010500 0.0396
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 16
074 B000500 361
074 C000500 760
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 5
074 M000500 38
074 N000500 1180
074 O000500 0
074 P000500 1
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 3
074 S000500 0
074 T000500 1176
074 U010500 1176
074 U020500 0
074 V010500 1.00
<PAGE> PAGE 24
074 V020500 0.00
074 W000500 1.0002
074 X000500 2
074 Y000500 0
075 A000500 780
075 B000500 0
076 000500 0.00
SIGNATURE DANE CRIGER
TITLE VICE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932736
<NAME> The Woodward Variable Annuity Fund
<SERIES>
<NAME> Woodward Balanced Fund
<NUMBER> 1
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-START> FEB-15-1995
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 10,305
<INVESTMENTS-AT-VALUE> 11,058
<RECEIVABLES> 69
<ASSETS-OTHER> 100
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,237
<PAYABLE-FOR-SECURITIES> 7
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19
<TOTAL-LIABILITIES> 26
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,331
<SHARES-COMMON-STOCK> 995
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 2
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 52
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 753
<NET-ASSETS> 11,211
<DIVIDEND-INCOME> 58
<INTEREST-INCOME> 183
<OTHER-INCOME> 0
<EXPENSES-NET> 46
<NET-INVESTMENT-INCOME> 195
<REALIZED-GAINS-CURRENT> 52
<APPREC-INCREASE-CURRENT> 753
<NET-CHANGE-FROM-OPS> 1,000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 193
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 979
<NUMBER-OF-SHARES-REDEEMED> 8
<SHARES-REINVESTED> 18
<NET-CHANGE-IN-ASSETS> 11,138
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 41
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 46
<AVERAGE-NET-ASSETS> 7,129
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 1.27
<PER-SHARE-DIVIDEND> 0.25
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.27
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932736
<NAME> The Woodward Variable Annuity Fund
<SERIES>
<NAME> Woodward Growth/Value Fund
<NUMBER> 2
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-START> FEB-15-1995
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 3,372
<INVESTMENTS-AT-VALUE> 3,682
<RECEIVABLES> 51
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 30
<TOTAL-ASSETS> 3,763
<PAYABLE-FOR-SECURITIES> 2
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9
<TOTAL-LIABILITIES> 10
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3,368
<SHARES-COMMON-STOCK> 323
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 32
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 310
<NET-ASSETS> 3,754
<DIVIDEND-INCOME> 36
<INTEREST-INCOME> 8
<OTHER-INCOME> 0
<EXPENSES-NET> 14
<NET-INVESTMENT-INCOME> 30
<REALIZED-GAINS-CURRENT> 36
<APPREC-INCREASE-CURRENT> 310
<NET-CHANGE-FROM-OPS> 376
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 30
<DISTRIBUTIONS-OF-GAINS> 3
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 328
<NUMBER-OF-SHARES-REDEEMED> 12
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 3,710
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 13
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14
<AVERAGE-NET-ASSETS> 2,193
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 1.63
<PER-SHARE-DIVIDEND> 0.13
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.63
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932736
<NAME> The Woodward Variable Annuity Fund
<SERIES>
<NAME> Woodward Opportunity Fund
<NUMBER> 3
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-START> FEB-15-1995
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 4,643
<INVESTMENTS-AT-VALUE> 4,879
<RECEIVABLES> 72
<ASSETS-OTHER> 32
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,983
<PAYABLE-FOR-SECURITIES> 3
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9
<TOTAL-LIABILITIES> 12
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 4,771
<SHARES-COMMON-STOCK> 451
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (37)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 236
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,970
<NET-ASSETS> 19
<DIVIDEND-INCOME> 13
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 18
<NET-INVESTMENT-INCOME> 14
<REALIZED-GAINS-CURRENT> (36)
<APPREC-INCREASE-CURRENT> 235
<NET-CHANGE-FROM-OPS> 213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 14
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 1
<NUMBER-OF-SHARES-SOLD> 453
<NUMBER-OF-SHARES-REDEEMED> 3
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 4,970
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 16
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 18
<AVERAGE-NET-ASSETS> 2,844
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.02
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932736
<NAME> The Woodward Variable Annuity Fund
<SERIES>
<NAME> Woodward Capital Growth Fund
<NUMBER> 4
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-START> FEB-15-1995
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 5,914
<INVESTMENTS-AT-VALUE> 6,426
<RECEIVABLES> 6
<ASSETS-OTHER> 33
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 6,464
<PAYABLE-FOR-SECURITIES> 20
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9
<TOTAL-LIABILITIES> 29
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5,918
<SHARES-COMMON-STOCK> 566
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 511
<NET-ASSETS> 6,435
<DIVIDEND-INCOME> 31
<INTEREST-INCOME> 15
<OTHER-INCOME> 0
<EXPENSES-NET> 24
<NET-INVESTMENT-INCOME> 22
<REALIZED-GAINS-CURRENT> 8
<APPREC-INCREASE-CURRENT> 512
<NET-CHANGE-FROM-OPS> 542
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22
<DISTRIBUTIONS-OF-GAINS> 4
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 573
<NUMBER-OF-SHARES-REDEEMED> 10
<SHARES-REINVESTED> 2
<NET-CHANGE-IN-ASSETS> 6,433
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 21
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 24
<AVERAGE-NET-ASSETS> 3,670
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 1.38
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.01
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.37
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000932736
<NAME> The Woodward Variable Annuity Fund
<SERIES>
<NAME> Woodward Money Market Fund
<NUMBER> 5
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-START> FEB-15-1995
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,117
<INVESTMENTS-AT-VALUE> 1,121
<RECEIVABLES> 5
<ASSETS-OTHER> 54
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,180
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4
<TOTAL-LIABILITIES> 4
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,176
<SHARES-COMMON-STOCK> 1,176
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,176
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 35
<OTHER-INCOME> 0
<EXPENSES-NET> 3
<NET-INVESTMENT-INCOME> 32
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 32
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 32
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,168
<NUMBER-OF-SHARES-REDEEMED> 24
<SHARES-REINVESTED> 32
<NET-CHANGE-IN-ASSETS> 1,176
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3
<AVERAGE-NET-ASSETS> 811
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
THE WOODWARD VARIABLE ANNUITY FUND
(the "Trust")
Special Meeting of Shareholders
November 28, 1995
---------
CERTIFICATE OF INSPECTOR OF ELECTION
------------------------------------
The undersigned, as Inspector of Election, does hereby certify as
follows:
1. That I was duly appointed and qualified to act as Inspector of
Election at the Special Meeting of Shareholders of the Trust, held on November
28, 1995 at 10:00 a.m. Eastern Time at NBD Bank, Staff Floor, Conference Room
D, 611 Woodward Avenue, Detroit, Michigan.
2. That I was not a candidate for the Board of Trustees or any other
office of the Trust.
3. That I determined the number of shares of the Balanced, Growth/Value,
Opportunity, Capital Growth and Money Market Funds outstanding on the Trust's
records as of the close of business on October 9, 1995, the number of such
shares represented at the Meeting, and the authenticity, validity and
effectiveness of proxies; that I counted and tabulated all proxies; that I
determined the existence of a quorum and the result of each vote held at said
Meeting and did such acts as were proper to conduct the votes with fairness to
all shareholders; and that I performed my duties impartially and in good
faith.
4. That the result of the voting of the Balanced Fund with respect to the
resolution approving the proposal to approve a New Investment Advisory
Agreement between the Trust and NBD Bank was as follows:
For the resolution: 809,084.681 votes
Against the resolution: 3,742.409 votes
Abstaining: 49,479.131 votes
and that said resolution was duly adopted with respect to the Balanced Fund.
5. That the result of the voting of the Growth/Value Fund with respect to
the resolution approving the proposal to approve a New Investment Advisory
Agreement between the Trust and NBD Bank was as follows:
For the resolution: 252,096.581 votes
Against the resolution: -0- votes
Abstaining: 18,468.792 votes
and that said resolution was duly adopted with respect to the Growth/Value
Fund.
6. That the result of the voting of the Opportunity Fund with respect to
the resolution approving the proposal to approve a New Investment Advisory
Agreement between the Trust and NBD Bank was as follows:
For the resolution: 347,798.979 votes
Against the resolution: 1,414.116 votes
Abstaining: 19,046.38 votes
and that said resolution was duly adopted with respect to the Opportunity
Fund.
7. That the result of the voting of the Capital Growth Fund with respect
to the resolution approving the proposal to approve a New Investment Advisory
Agreement between the Trust and NBD Bank was as follows:
For the resolution: 460,661.561 votes
Against the resolution: 1,361.372 votes
Abstaining: 31,227.697 votes
and that said resolution was duly adopted with respect to the Capital Growth
Fund.
8. That the result of the voting of the Money Market Fund with respect
to the resolution approving the proposal to approve a New Investment Advisory
Agreement between the Trust and NBD Bank was as follows:
For the resolution: 961,609.082 votes
Against the resolution: -0- votes
Abstaining: -0- votes
and that said resolution was duly adopted with respect to the Money Market
Fund.
Dated: Nov. 30, 1995
-------------
/s/ Susan Young
---------------------
Inspector of Election
Sworn to and Subscribed
Before me this 30th day
of November, 1995.
/s/ Mary J. Apap
- ----------------------
Notary Public
My Commission Expires:
MARY J. APAP
NOTARY PUBLIC - WAYNE COUNTY, MI
MY COMMISSION EXPIRES 09/12/98
