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Previous: TUSCARORA INVESTMENT TRUST, 24F-2NT, 1996-08-27 |
Next: MIDCOM COMMUNICATIONS INC, 8-K, 1996-08-27 |
NORTHERN LIFE
SEPARATE ACCOUNT ONE
SEMI-ANNUAL REPORT
FOR THE PERIOD ENDED
JUNE 30, 1996
(UNAUDITED)
[LOGO]
This report has been prepared to provide information to owners of Separate
Account One Contracts. If it is used for any other purpose, it must be
accompanied or preceded by a current Separate Account One Prospectus which
discloses any charges and other important information about the Account,
together with the current Prospectuses for the underlying Funds.
<PAGE>
SEPARATE ACCOUNT ONE
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1996
(In Thousands, Except Share and Unit Data)
(UNAUDITED)
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S NORTHSTAR'S FIDELITY VIPF II
ASSETS: INCOME AND MULTI-SECTOR GROWTH MONEY MARKET
- ------- GROWTH FUND BOND FUND FUND PORTFOLIO
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Investments in mutual funds at market value:
NORTHSTAR'S:
Income and Growth Fund
17,010 shares (cost $197) $198
Multi-Sector Bond Fund
26,994 shares (cost $139) $140
Growth Fund
74,068 shares (cost $1,010) $1,039
FIDELITY'S VIPF AND VIPF II:
Money Market Portfolio
56,346 shares (cost $56) $56
Growth Portfolio
15,285 shares (cost $452)
Equity-Income Portfolio
49,119 shares (cost $953)
Overseas Portfolio
14,582 shares (cost $255)
Asset Manager Portfolio
15,142 shares (cost $234)
Asset Manager: Growth Portfolio
15,726 shares (cost $190)
Index 500 Portfolio
6,481 shares (cost $505)
Contrafund Portfolio
61,123 shares (cost $877)
ALGER AMERICAN FUND:
Small Capitalization Portfolio
21,456 shares (cost $903)
Growth Portfolio
23,436 shares (cost $762)
MidCap Growth Portfolio
19,424 shares (cost $404)
Leveraged AllCap Portfolio
17,489 shares (cost $331)
---------- ---------- ---------- ----------
Total Assets $198 $140 $1,039 $56
==== ==== ====== ===
LIABILITIES AND CONTRACT OWNER'S EQUITY:
- ----------------------------------------
Due to (from) Northern Life Insurance Co. for contract charges: $ - $ - $ - $-
Contract Owners' Equity: 198 140 1,039 56
---------- ---------- ---------- ----------
Total Liabilities and Contract Owners' Equity $198 $140 $1,039 $56
==== ==== ====== ===
Units Outstanding: 18,491.654 13,037.072 84,822.969 5,481.561
Net Asset Value per Unit:
Northern Advantage Variable Annuity $10.697253 $10.727712 $12.256050 $10.268369
</TABLE>
The accompanying notes are an integral part of the financial statements.
i
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
(UNAUDITED)
<TABLE>
<CAPTION>
FIDELITY VIPF FIDELITY VIPF FIDELITY VIPF FIDELITY VIPF II
ASSETS: GROWTH EQUITY-INCOME OVERSEAS ASSET MANAGER
- ------- PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------ ------------- --------------
<S> <C> <C> <C> <C>
Investments in mutual funds at market value:
NORTHSTAR'S:
Income and Growth Fund
17,010 shares (cost $197)
Multi-Sector Bond Fund
26,994 shares (cost $139)
Growth Fund
74,068 shares (cost $1,010)
FIDELITY'S VIPF AND VIPF II:
Money Market Portfolio
56,346 shares (cost $56)
Growth Portfolio
15,285 shares (cost $452) $459
Equity-Income Portfolio
49,119 shares (cost $953) $957
Overseas Portfolio
14,582 shares (cost $255) $261
Asset Manager Portfolio
15,142 shares (cost $234) $237
Asset Manager: Growth Portfolio
15,726 shares (cost $190)
Index 500 Portfolio
6,481 shares (cost $505)
Contrafund Portfolio
61,123 shares (cost $877)
ALGER AMERICAN FUND:
Small Capitalization Portfolio
21,456 shares (cost $903)
Growth Portfolio
23,436 shares (cost $762)
MidCap Growth Portfolio
19,424 shares (cost $404)
Leveraged AllCap Portfolio
17,489 shares (cost $331)
---------- ---------- ---------- ----------
Total Assets $459 $957 $261 $237
==== ==== ==== ====
LIABILITIES AND CONTRACT OWNER'S EQUITY:
- ----------------------------------------
Due to (from) Northern Life Insurance Co. for contract charges: $1 $1 $- $-
Contract Owners' Equity: 458 956 261 237
---------- ---------- ---------- ----------
Total Liabilities and Contract Owners' Equity $459 $957 $261 $237
==== ==== ==== ====
Units Outstanding: 42,498.355 84,861.858 23,672.247 21,516.528
Net Asset Value per Unit:
Northern Advantage Variable Annuity $10.801885 $11.266419 $11.005013 $10.988752
</TABLE>
The accompanying notes are an integral part of the financial statements.
ii
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
(UNAUDITED)
<TABLE>
<CAPTION>
FIDELITY VIPF II FIDELITY VIPF II FIDELITY VIPF II
ASSETS: ASSET MANAGER: INDEX 500 CONTRAFUND
- ------- GROWTH PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------- -----------------
<S> <C> <C> <C>
Investments in mutual funds at market value:
NORTHSTAR'S:
Income and Growth Fund
17,010 shares (cost $197)
Multi-Sector Bond Fund
26,994 shares (cost $139)
Growth Fund
74,068 shares (cost $1,010)
FIDELITY'S VIPF AND VIPF II:
Money Market Portfolio
56,346 shares (cost $56)
Growth Portfolio
15,285 shares (cost $452)
Equity-Income Portfolio
49,119 shares (cost $953)
Overseas Portfolio
14,582 shares (cost $255)
Asset Manager Portfolio
15,142 shares (cost $234)
Asset Manager: Growth Portfolio
15,726 shares (cost $190) $195
Index 500 Portfolio
6,481 shares (cost $505) $518
Contrafund Portfolio $904
61,123 shares (cost $877)
ALGER AMERICAN FUND:
Small Capitalization Portfolio
21,456 shares (cost $903)
Growth Portfolio
23,436 shares (cost $762)
MidCap Growth Portfolio
19,424 shares (cost $404)
Leveraged AllCap Portfolio
17,489 shares (cost $331)
---------- ---------- ----------
Total Assets $195 $518 $904
==== ==== ====
LIABILITIES AND CONTRACT OWNER'S EQUITY:
- ----------------------------------------
Due to (from) Northern Life Insurance Co. for contract charges: $- $- $1
Contract Owners' Equity: 195 518 903
---------- ---------- ----------
Total Liabilities and Contract Owners' Equity $195 $518 $904
==== ==== ====
Units Outstanding: 17,294.917 44,693.180 81,568.685
Net Asset Value per Unit:
Northern Advantage Variable Annuity $11.263901 $11.577654 $11.067148
</TABLE>
The accompanying notes are an integral part of the financial statements.
ii
<PAGE>
SEPARATE ACCOUNT ONE
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1996
(In Thousands, Except Share and Unit Data)
(UNAUDITED)
<TABLE>
<CAPTION>
ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN
ASSETS: SMALL CAPITALIZATION GROWTH MIDCAP GROWTH LEVERAGED
- ------- PORTFOLIO PORTFOLIO PORTFOLIO ALLCAP PORTFOLIO
------------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
Investments in mutual funds at market value:
NORTHSTAR'S:
Income and Growth Fund
17,010 (cost $197)
Multi-Sector Bond Fund
26,994 shares (cost $139)
Growth Fund
74,068 shares (cost $1,010)
FIDELITY'S VIPF AND VIPF II:
Money Market Portfolio
56,346 shares (cost $56)
Growth Portfolio
15,285 shares (cost $452)
Equity-Income Portfolio
49,119 shares (cost $953)
Overseas Portfolio
14,582 shares (cost $255)
Asset Manager Portfolio
15,142 shares (cost $234)
Asset Manager: Growth Portfolio
15,726 shares (cost $190)
Index 500 Portfolio
6,481 shares (cost $505)
Contrafund Portfolio
61,123 shares (cost $877)
ALGER AMERICAN FUND:
Small Capitalization Portfolio
21,456 shares (cost $903) $908
Growth Portfolio
23,436 shares (cost $762) $756
MidCap Growth Portfolio
19,424 shares (cost $404) $402
Leveraged AllCap Portfolio
17,489 shares (cost $331) $337
---------- ---------- ---------- ----------
Total Assets $908 $756 $402 $337
==== ==== ==== ====
LIABILITIES AND CONTRACT OWNER'S EQUITY:
- ----------------------------------------
Due to (from) Northern Life Insurance Co.
for contract charges: $1 $1 $- $-
Contract Owners' Equity: 907 755 402 337
---------- ---------- ---------- ----------
Total Liabilities and Contract Owners' Equity $908 $756 $402 $337
==== ==== ==== ====
Units Outstanding: 86,286.973 71,375.201 37,688.627 29,625.505
Net Asset Value per Unit:
Northern Advantage Variable Annuity $10.518136 $10.581784 $10.654009 $11.360434
</TABLE>
The accompanying notes are an integral part of the financial statements.
iii
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
(UNAUDITED)
ASSETS: TOTAL
- ------- ----------
Investments in mutual funds at market value:
NORTHSTAR'S:
Income and Growth Fund
17,010 (cost $197) $198
Multi-Sector Bond Fund
26,994 shares (cost $139) 140
Growth Fund
74,068 shares (cost $1,010) 1,039
FIDELITY'S VIPF AND VIPF II:
Money Market Portfolio
56,346 shares (cost $56) 56
Growth Portfolio
15,285 shares (cost $452) 459
Equity-Income Portfolio
49,119 shares (cost $953) 957
Overseas Portfolio
14,582 shares (cost $255) 261
Asset Manager Portfolio
15,142 shares (cost $234) 237
Asset Manager: Growth Portfolio
15,726 shares (cost $190) 195
Index 500 Portfolio
6,481 shares (cost $505) 518
Contrafund Portfolio
61,123 shares (cost $877) 904
ALGER AMERICAN FUND:
Small Capitalization Portfolio
21,456 shares (cost $903) 908
Growth Portfolio
23,436 shares (cost $762) 756
MidCap Growth Portfolio
19,424 shares (cost $404) 402
Leveraged AllCap Portfolio
17,489 shares (cost $331) 337
----------
Total Assets $7,367
======
LIABILITIES AND CONTRACT OWNER'S EQUITY:
- ----------------------------------------
Due to (from) Northern Life Insurance Co.
for contract charges: $5
Contract Owners' Equity: 7,362
----------
Total Liabilities and Contract Owners' Equity $7,367
======
Units Outstanding: 662,915.332
Net Asset Value per Unit:
Northern Advantage Variable Annuity
The accompanying notes are an integral part of the financial statements.
iv
<PAGE>
SEPARATE ACCOUNT ONE
STATEMENT OF OPERATIONS AND
CHANGES IN CONTRACT OWNERS' EQUITY
(In Thousands)
(UNAUDITED)
<TABLE>
<CAPTION>
Six months Period from
ended Oct. 20, 1995 to
June 30, 1996 Dec. 31, 1995
--------------- ---------------
<S> <C> <C>
Net investment income:
Reinvested dividend income............................... $11 $ 1
Reinvested capital gains................................. 37 4
Administrative expenses.................................. (18) -
--------- ---------
Net investment income
and capital gains ........................... 30 5
--------- ---------
Realized and unrealized gains:
Net realized gains on
redemptions of fund shares ........................ 18 -
Increase in unrealized
appreciation of investments ....................... 87 12
--------- ---------
Net realized and unrealized gains.................. 105 12
--------- ---------
Net additions from operations................ 135 17
--------- ---------
Contract Owners' transactions:
Net purchase payments ................................... 6,771 550
Surrenders .............................................. (30) -
Policy loans............................................. (5) -
Transfers between Sub-Accounts
and Fixed Account ................................. (76) -
--------- ---------
Net additions for Contract
Owners' transactions ........................ 6,660 550
--------- ---------
Net additions for the period........... 6,795 567
Contract Owners' Equity, beginning of the period.............. 567 -
--------- ---------
Contract Owners' Equity, end of the period.................... $7,362 $567
====== ====
</TABLE>
The accompanying notes are an integral part of the financial statements.
v
<PAGE>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
ORGANIZATION AND CONTRACTS:
Separate Account One (the "Account") is a separate account of Northern Life
Insurance Company ("Northern Life"), an indirect, wholly-owned subsidiary of
ReliaStar Financial Corp. (formerly The NWNL Companies, Inc.). The Account
commenced operations on October 20, 1995 and is registered as a unit
investment trust under the Investment Company Act of 1940.
Payments received under the contracts are allocated to Sub-Accounts of the
Account, each of which is invested in one of the Funds listed below during
the period.
<TABLE>
<CAPTION>
ALGER AMERICAN FUND FIDELITY'S VIPF AND VIPF II NORTHSTAR FUNDS
------------------- --------------------------- ---------------
<S> <C> <C>
Small Capitalization Portfolio Money Market Portfolio Income and Growth Fund
Growth Portfolio Equity-Income Portfolio Growth Fund
MidCap Growth Portfolio Growth Portfolio Multi-Sector Bond Fund
Leveraged AllCap Portfolio Overseas Portfolio
Asset Manager Portfolio
Asset Manager: Growth Portfolio
Index 500 Portfolio
Contrafund Portfolio
</TABLE>
Fred Alger Management, Inc. is the investment adviser for the four portfolios
of the Alger American Fund and is paid fees for its services by the Alger
American Fund Portfolios. Fidelity Management & Research Company is the
investment adviser for Fidelity's Variable Insurance Products Fund (VIPF) and
Variable Insurance Products Fund II (VIPF II) and is paid for its services by
the VIPF and VIPF II Portfolios. Northstar Investment Management Corporation,
an affiliate of Northern Life, is the investment adviser for the three
Northstar Funds and is paid for its services by the Northstar Funds.
SECURITIES VALUATION TRANSACTIONS AND RELATED INVESTMENT INCOME:
The market value of investments in the Sub-Accounts is based on the closing
net asset values of the Fund shares held at the end of the period. Investment
transactions are accounted for on the trade date (date the order to purchase
or redeem is executed) and dividend income and capital gain distributions are
recorded on the ex-dividend date. Net realized gains and losses on
redemptions of shares of the Funds are determined on the basis of specific
identification of Fund share costs.
VARIABLE ANNUITY RESERVES:
The amount of the reserves for contracts in the distribution period is
determined by actuarial assumptions which meet statutory requirements. Gains
or losses resulting from actual mortality experience, the full responsibility
for which is assumed by Northern Life, are offset by transfers to or from
Northern Life.
2. FEDERAL INCOME TAXES:
Under current tax law, the income, gains and losses from the separate account
investments are not taxable to either the Account or Northern Life.
3. CONTRACT CHARGES:
No deduction is made for a sales charge from the purchase payments made for
the contracts. However, on certain surrenders, Northern Life will deduct from
the contract value a surrender charge as set forth in the contract.
Certain charges are made by Northern Life to Contract Owners' Variable
Account Contract Value in accordance with the terms of the Contracts. These
charges may include: an annual contract charge of $30 from each contract on
the anniversary date or at the time of surrender, if surrender is at a time
other than the anniversary date; a daily administrative charge; and a daily
charge for mortality and expense risk assumed by Northern Life. Northern Life
bears the risk of adverse mortality experience and any costs for sales and
administrative services and expenses which exceed these periodic charges.
Various states and other governmental units levy a premium tax on annuity
contracts issued by insurance companies. If the owner of a contract lives in
a state which levies such a tax, Northern Life may deduct the amount of the
tax from the purchase payments received or the Contract Value immediately
before it is applied to an Annuity Payout.
vi
<PAGE>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
4. INVESTMENTS:
The net realized gains on redemptions of fund shares for the six months
ended June 30, 1996 and the period from October 20, 1995 (date operations
commenced) to December 31, 1995, were as follows (in thousands):
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S
INCOME AND MULTI-SECTOR
TOTAL GROWTH FUND BOND FUND
----------------------------- ----------------------------- -----------------------------
Six months Period from Six months Period from Six months Period from
ended Oct. 20, 1995 ended Oct. 20, 1995 ended Oct. 20, 1995
June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995
------------ ------------ ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions....... $268 $- $1 $- $1 $-
Cost............................ 250 - 1 - 1 -
--------- --------- --------- --------- --------- ---------
Net realized gains on
redemptions of fund shares. $18 $- $- $- $- $-
========= ========= ========= ========= ========= =========
<CAPTION>
FIDELITY'S VIPF FIDELITY'S VIPF FIDELITY'S VIPF II
EQUITY-INCOME OVERSEAS ASSET MANAGER
PORTFOLIO PORTFOLIO PORTFOLIO
----------------------------- ----------------------------- -----------------------------
Six months Period from Six months Period from Six months Period from
ended Oct. 20, 1995 ended Oct. 20, 1995 ended Oct. 20, 1995
June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995
------------ ------------ ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions....... $23 $- $8 $- $11 $-
Cost............................ 23 - 7 - 11 -
--------- --------- --------- --------- --------- ---------
Net realized gains on
redemptions of fund shares. $- $- $1 $- $- $-
========= ========= ========= ========= ========= =========
<CAPTION>
ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN
SMALL CAPITALIZATION GROWTH MIDCAP GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
----------------------------- ----------------------------- -----------------------------
Six months Period from Six months Period from Six months Period from
ended Oct. 20, 1995 ended Oct. 20, 1995 ended Oct. 20, 1995
June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995
------------ ------------ ------------ ------------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions....... $133 $- $32 $- $- $-
Cost............................ 121 - 28 - - -
--------- --------- --------- --------- --------- ---------
Net realized gains on
redemptions of fund shares. $12 $- $4 $- $- $-
========= ========= ========= ========= ========= =========
</TABLE>
vii
<PAGE>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
<TABLE>
<CAPTION>
NORTHSTAR'S FIDELITY'S VIPF FIDELITY'S VIPF
GROWTH MONEY MARKET GROWTH
FUND PORTFOLIO PORTFOLIO
----------------------------- ----------------------------- -----------------------------
Six months Period from Six months Period from Six months Period from
ended Oct. 20, 1995 ended Oct. 20, 1995 ended Oct. 20, 1995
June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995
------------ ------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions........ $- $- $- $- $45 $-
Cost............................. - - - - 44 -
--------- --------- --------- --------- --------- ---------
Net realized gains on
redemptions of fund shares.. $- $- $- $- $1 $-
========= ========= ========= ========= ========= =========
<CAPTION>
FIDELITY'S VIPF II FIDELITY'S VIPF II FIDELITY'S VIPF II
ASSET MANAGER: INDEX 500 CONTRAFUND
GROWTH PORTFOLIO PORTFOLIO PORTFOLIO
----------------------------- ----------------------------- -----------------------------
Six months Period from Six months Period from Six months Period from
ended Oct. 20, 1995 ended Oct. 20, 1995 ended Oct. 20, 1995
June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995
------------ ------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions........ $4 $- $6 $- $3 $-
Cost............................. 4 - 6 - 3 -
--------- --------- --------- --------- --------- ---------
Net realized gains on
redemptions of fund shares.. $- $- $- $- $- $-
========= ========= ========= ========= ========= =========
</TABLE>
ALGER AMERICAN
LEVERAGED ALLCAP
PORTFOLIO
-----------------------------
Six months Period from
ended Oct. 20, 1995
June 30, 1996 to Dec. 31, 1995
------------ ------------
Proceeds from redemptions........... $1 $-
Cost................................ 1 -
--------- ---------
Net realized gains on
redemptions of fund shares..... $- $-
========= =========
viii
<PAGE>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
5. CONTRACT OWNERS' TRANSACTIONS:
Unit transactions in each Sub-Account for the six months ended June 30,
1996 and the period from October 20, 1995 (date operations commenced) to
December 31, 1995, were as follows:
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S
INCOME AND MULTI-SECTOR
TOTAL GROWTH FUND BOND FUND
--------------------------------------------------------------------------------------------------
Six months Period from Six months Period from Six months Period from
ended Oct. 20, 1995 ended Oct. 20, 1995 ended Oct. 20, 1995
June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995
------------ ------------ ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the period..... 55,709.004 - 2,292.052 - 1,937.476 -
Units purchased................ 619,979.895 55,795.772 15,745.874 2,304.328 11,170.074 1,949.911
Units redeemed................. (3,343.108) (86.768) (71.587) (12.276) (72.513) (12.435)
Units transferred between......
Sub-Accounts and/or
Fixed Account .............. (9,430.459) - 525.315 - 2.035 -
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of the period........... 662,915.332 55,709.004 18,491.654 2,292.052 13,037.072 1,937.476
=========== ========== ========== ========= ========== =========
<CAPTION>
FIDELITY'S VIPF FIDELITY'S VIPF FIDELITY'S VIPF II
EQUITY-INCOME OVERSEAS ASSET MANAGER
PORTFOLIO PORTFOLIO PORTFOLIO
--------------------------------------------------------------------------------------------------
Six months Period from Six months Period from Six months Period from
ended Oct. 20, 1995 ended Oct. 20, 1995 ended Oct. 20, 1995
June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995
------------ ------------ ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the period..... 3,922.397 - 1,765.385 - 1,959.639 -
Units purchased................ 80,323.205 3,934.538 21,893.436 1,767.901 19,142.115 1,972.128
Units redeemed................. (569.053) (12.141) (19.574) (2.516) (72.825) (12.489)
Units transferred between
Sub-Accounts and/or
Fixed Account .............. 1,185.309 - 33.000 - 487.599 -
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of the period........... 84,861.858 3,922.397 23,672.247 1,765.385 21,516.528 1,959.639
========== ========= ========== ========= ========== =========
</TABLE>
ix
<PAGE>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
<TABLE>
<CAPTION>
NORTHSTAR'S FIDELITY'S VIPF FIDELITY'S VIPF
GROWTH MONEY MARKET GROWTH
FUND PORTFOLIO PORTFOLIO
--------------------------------------------------------------------------------------------------
Six months Period from Six months Period from Six months Period from
ended Oct. 20, 1995 ended Oct. 20, 1995 ended Oct. 20, 1995
June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995
------------ ------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the period...... 1,068.330 - - - 5,111.723 -
Units purchased................. 83,252.879 1,072.056 5,481.354 - 40,554.174 5,111.723
Units redeemed.................. (25.844) (3.726) - - (378.858) -
Units transferred between.......
Sub-Accounts and/or
Fixed Account ............... 527.604 - 0.207 - (2,788.684) -
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of the period............ 84,822.969 1,068.330 5,481.561 - 42,498.355 5,111.723
========== ========= ========= =========== ========== =========
<CAPTION>
FIDELITY'S VIPF II FIDELITY'S VIPF II FIDELITY'S VIPF II
ASSET MANAGER: INDEX 500 CONTRAFUND
GROWTH PORTFOLIO PORTFOLIO PORTFOLIO
---------------------------------------------------------------------------------------------------
Six months Period from Six months Period from Six months Period from
ended Oct. 20, 1995 ended Oct. 20, 1995 ended Oct. 20, 1995
June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995
------------ ------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the period.... 6,432.006 - 702.335 - 7,416.671 -
Units purchased............... 11,039.144 6,444.530 43,776.974 707.189 73,398.234 7,416.671
Units redeemed................ (73.037) (12.524) (137.519) (4.854) (630.618) -
Units transferred between
Sub-Accounts and/or
Fixed Account ............. (103.196) - 351.390 - 1,384.398 -
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of the period.......... 17,294.917 6,432.006 44,693.180 702.335 81,568.685 7,416.671
========== ========= ========== ======= ========== =========
</TABLE>
x
<PAGE>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
5. CONTRACT OWNERS' TRANSACTIONS (CONTINUED):
Unit transactions in each Sub-Account for the six months ended June 30,
1996 and the period from October 20, 1995 (date operations commenced) to
December 31, 1995, were as follows:
<TABLE>
<CAPTION>
ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN
SMALL CAPITALIZATION GROWTH MIDCAP GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
--------------------------------------------------------------------------------------------------
Six months Period from Six months Period from Six months Period from
ended Oct. 20, 1995 ended Oct. 20, 1995 ended Oct. 20, 1995
June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995 June 30, 1996 to Dec. 31, 1995
------------ ------------ ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the period..... 9,498.434 - 7,530.562 - 2,208.390 -
Units purchased ............... 90,065.099 9,504.716 62,772.125 7,530.562 35,103.559 2,212.160
Units redeemed ................ (592.379) (6.282) (4.920) - (148.127) (3.770)
Units transferred between
Sub-Accounts and/or
Fixed Account .............. (12,684.181) - 1,077.434 - 524.805 -
----------- ----------- ----------- ----------- ----------- -----------
Units outstanding,
end of the period........... 86,286.973 9,498.434 71,375.201 7,530.562 37,688.627 2,208.390
========== ========= ========== ========= ========== =========
</TABLE>
xii
<PAGE>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
ALGER AMERICAN
LEVERAGED ALLCAP
PORTFOLIO
-------------------------------
Six months Period from
ended Oct. 20, 1995
June 30, 1996 to Dec. 31, 1995
------------- -------------
Units outstanding,
beginning of the period.......... 3,863.604 -
Units purchased .................... 26,261.649 3,867.359
Units redeemed ..................... (546.254) (3.755)
Units transferred between
Sub-Accounts and/or
Fixed Account ................... 46.506 -
----------- -----------
Units outstanding,
end of the period................ 29,625.505 3,863.604
========== =========
xii
<PAGE>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
6. COMBINING STATEMENT OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY:
Operations and changes in Contract Owners' equity for the six months ended
June 30, 1996 were as follows (in thousands):
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S NORTHSTAR'S FIDELITY'S VIPF II
INCOME AND MULTI-SECTOR GROWTH MONEY MARKET
TOTAL GROWTH FUND BOND FUND FUND PORTFOLIO
-------------- -------------- -------------- -------------- ----------------
<S> <C> <C> <C> <C> <C>
Net investment income:
Reinvested dividend income . $11 $3 $3 $1 $1
Reinvested capital gains ... 37 - - - -
Administrative expenses .... (18) (1) (1) (1) -
--------- --------- --------- --------- ---------
Net investment income
and capital gains (losses) 30 2 2 - 1
--------- --------- --------- --------- ---------
Realized and unrealized gains:
Net realized gains on
redemptions of fund shares 18 - - - -
Increase (decrease) in unrealized
appreciation of investments 87 1 1 30 -
--------- --------- --------- --------- ---------
Net realized and unrealized
gains (losses) ....... 105 1 1 30 -
--------- --------- --------- --------- ---------
Net additions
from operations 135 3 3 30 1
--------- --------- --------- --------- ---------
Contract Owners' transactions:
Net purchase payments ...... 6,771 166 117 998 55
Surrenders ................. (30) (1) - - -
Policy loans................ (5) - - - -
Transfers between Sub-Accounts
and/or Fixed Account .... (76) 6 - - -
--------- --------- --------- --------- ---------
Net additions for
Contract Owners' transactions 6,660 171 117 998 55
--------- --------- --------- --------- ---------
Net additions
for the period.. 6,795 174 120 1,028 56
Contract Owners' Equity,
beginning of the year....... 567 24 20 11 -
--------- --------- --------- --------- ---------
Contract Owners' Equity,
end of the period........... $7,362 $198 $140 $1,039 $56
====== ==== ==== ====== ===
</TABLE>
xiii
<PAGE>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
<TABLE>
<CAPTION>
FIDELITY'S
FIDELITY'S VIPF FIDELITY'S VIPF FIDELITY'S VIPF FIDELITY'S VIPF II VIPF II
GROWTH EQUITY-INCOME OVERSEAS ASSET MANAGER ASSET MANAGER:
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO GROWTH PORTFOLIO
-------------- -------------- -------------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
Net investment income:
Reinvested dividend income . $- $- $- $2 $-
Reinvested capital gains ... 6 3 - 2 4
Administrative expenses .... (2) (2) - (1) (1)
--------- --------- --------- --------- ---------
Net investment income
and capital gains (losses) 4 1 - 3 3
--------- --------- --------- --------- ---------
Realized and unrealized gains:
Net realized gains on
redemptions of fund shares 1 - 1 - -
Increase (decrease) in unrealized
appreciation of investments 6 3 6 2 6
--------- --------- --------- --------- ---------
Net realized and unrealized
gains (losses) ....... 7 3 7 2 6
--------- --------- --------- --------- ---------
Net additions
from operations 11 4 7 5 9
--------- --------- --------- --------- ---------
Contract Owners' transactions:
Net purchase payments ...... 423 897 234 206 121
Surrenders ................. - (6) - (1) (1)
Policy loans................ (4) - - - -
Transfers between Sub-Accounts
and/or Fixed Account .... (23) 19 2 6 (1)
--------- --------- --------- --------- ---------
Net additions for
Contract Owners' transactions 396 910 236 211 119
--------- --------- --------- --------- ---------
Net additions
for the period.. 407 914 243 216 128
Contract Owners' Equity,
beginning of the year....... 51 42 18 21 67
--------- --------- --------- --------- ---------
Contract Owners' Equity,
end of the period........... $458 $956 $261 $237 $195
==== ==== ==== ==== ====
</TABLE>
xiv
<PAGE>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
FIDELITY'S
FIDELITY'S VIPF II
VIPF II INDEX CONTRAFUND
500 PORTFOLIO PORTFOLIO
------------ ------------
Net investment income:
Reinvested dividend income . $1 $-
Reinvested capital gains ... 2 1
Administrative expenses .... (1) (2)
--------- ---------
Net investment income
and capital gains (losses) 2 (1)
--------- ---------
Realized and unrealized gains:
Net realized gains on
redemptions of fund shares - -
Increase (decrease) in unrealized
appreciation of investments 13 26
--------- ---------
Net realized and unrealized
gains (losses) ....... 13 26
--------- ---------
Net additions
from operations 15 25
--------- ---------
Contract Owners' transactions:
Net purchase payments ...... 488 798
Surrenders ................. (2) (7)
Policy loans................ - -
Transfers between Sub-Accounts
and/or Fixed Account .... 10 10
--------- ---------
Net additions for
Contract Owners' transactions 496 801
--------- ---------
Net additions
for the period.. 511 826
Contract Owners' Equity,
beginning of the year....... 7 77
--------- ---------
Contract Owners' Equity,
end of the period........... $518 $903
==== ====
xiv
<PAGE>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
6. COMBINING STATEMENT OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY
(CONTINUED):
Operations and changes in Contract Owners' equity for the six months ended
June 30, 1996 were as follows (in thousands):
<TABLE>
<CAPTION>
ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN
SMALL CAPITALIZATION GROWTH MIDCAP GROWTH LEVERAGED ALLCAP
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Net investment income:
Reinvested dividend income . $- $- $- $-
Reinvested capital gains ... 2 11 4 2
Administrative expenses .... (3) (2) (1) -
--------- --------- --------- ---------
Net investment income
and capital gains (losses) (1) 9 3 2
--------- --------- --------- ---------
Realized and unrealized gains:
Net realized gains on
redemptions of fund shares 12 4 - -
Increase (decrease) in unrealized
appreciation of investments - (9) (2) 4
--------- --------- --------- ---------
Net realized and unrealized
gains (losses) ....... 12 (5) (2) 4
--------- --------- --------- ---------
Net additions
from operations 11 4 1 6
--------- --------- --------- ---------
Contract Owners' transactions:
Net purchase payments ...... 940 667 369 292
Surrenders ................. (6) - - (6)
Policy loans................ - - (1) -
Transfers between Sub-Accounts
and/or Fixed Account .... (131) 9 11 6
--------- --------- --------- ---------
Net additions for
Contract Owners' transactions 803 676 379 292
--------- --------- --------- ---------
Net additions
for the period.. 814 680 380 298
Contract Owners' Equity,
beginning of the year....... 93 75 22 39
--------- --------- --------- ---------
Contract Owners' Equity,
end of the period........... $907 $755 $402 $337
==== ==== ==== ====
</TABLE>
xv
<PAGE>
SEPARATE ACCOUNT ONE
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Seattle, Washington 98101
(206) 292-1111
45787
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