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Previous: EUA ENERGY INVESTMENT CORP, 35-CERT, 1997-08-28 |
Next: SERIES PORTFOLIO, NT-NSAR/A, 1997-08-28 |
NORTHERN LIFE
SEPARATE ACCOUNT ONE
SEMI-ANNUAL REPORT
FOR THE PERIOD ENDED
JUNE 30, 1997
(UNAUDITED)
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.
<TABLE>
<CAPTION>
SEPARATE ACCOUNT ONE
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1997
(In Thousands, Except Share and Unit Data)
(UNAUDITED)
NORTHSTAR NORTHSTAR NORTHSTAR FIDELITY VIP
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
141,100 shares (cost $1,710) $1,771
Multi-Sector Bond Fund
499,337 shares (cost $2,590) $2,607
Growth Fund
672,393 shares (cost $9,470) $10,046
FIDELITY'S VIP AND VIP II:
Money Market Portfolio
3,271,442 shares (cost $3,271) $3,271
Growth Portfolio
151,060 shares (cost $4,670)
Equity-Income Portfolio
430,603 shares (cost $8,702)
Overseas Portfolio
146,017 shares (cost $2,670)
Asset Manager Portfolio
107,226 shares (cost $1,707)
Asset Manager: Growth Portfolio
154,683 shares (cost $2,102)
Index 500 Portfolio
97,419 shares (cost $9,680)
Contrafund Portfolio
544,396 shares (cost $8,771)
ALGER AMERICAN FUND:
Small Capitalization Portfolio
98,408 shares (cost $3,915)
Growth Portfolio
87,928 shares (cost $3,008)
MidCap Growth Portfolio
167,908 shares (cost $3,509)
Leveraged AllCap Portfolio
124,633 shares (cost $2,415)
---------- ---------- ---------- ----------
Total Assets $1,771 $2,607 $10,046 $3,271
LIABILITIES AND CONTRACT OWNERS' EQUITY:
Due to Northern Life Insurance Co. for contract charges $2 $- $12 $3
Contract Owners' Equity 1,769 2,607 10,034 3,268
---------- ---------- ---------- ----------
Total Liabilities and Contract Owners' Equity $1,771 $2,607 $10,046 $3,271
=========== =========== =========== ===========
Units Outstanding: 140,363.256 220,931.402 773,602.818 306,128.863
Net Asset Value per Unit
Northern Advantage Variable Annuity $12.602002 $11.799183 $12.970756 $10.675010
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
(UNAUDITED)
FIDELITY VIP FIDELITY VIP FIDELITY VIP FIDELITY VIP II FIDELITY VIP II FIDELITY VIP II FIDELITY VIP I
GROWTH EQUITY-INCOME OVERSEAS ASSET MANAGER ASSET MANAGER: INDEX 500 CONTRAFUND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO GROWTH PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- ---------------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
$5,166
$9,499
$2,926
$1,780
$2,309
$10,094
$9,761
---------- ---------- ---------- ---------- ---------- ---------- ----------
$5,166 $9,499 $2,926 $1,780 $2,309 $10,094 $9,761
$6 $11 $3 $2 $2 $10 $11
5,160 9,488 2,923 1,778 2,307 10,084 9,750
---------- ---------- ---------- ---------- ---------- ---------- ----------
$5,166 $9,499 $2,926 $1,780 $2,309 $10,094 $9,761
=========== =========== =========== =========== =========== =========== ===========
410,863.660 679,684.473 219,557.738 136,222.759 165,481.799 658,927.483 714,349.982
$12.559331 $13.959090 $13.313097 $13.051472 $13.939665 $15.303736 $13.648439
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
SEPARATE ACCOUNT ONE
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
June 30, 1997
(In Thousands, Except Share and Unit Data)
(UNAUDITED)
ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN
ASSETS: SMALL CAPITALIZATION GROWTH MIDCAP GROWTH LEVERAGED
- ------ PORTFOLIO PORTFOLIO PORTFOLIO ALLCAP PORTFOLI
--------- --------- --------- ---------------
<S> <C> <C> <C> <C>
Investments in mutual funds at market value:
NORTHSTAR'S:
Income and Growth Fund
141,100 shares (cost $1,710)
Multi-Sector Bond Fund
499,337 shares (cost $2,590)
Growth Fund
672,393 shares (cost $9,470)
FIDELITY'S VIP AND VIP II:
Money Market Portfolio
3,271,442 shares (cost $3,271)
Growth Portfolio
151,060 shares (cost $4,670)
Equity-Income Portfolio
430,603 shares (cost $8,702)
Overseas Portfolio
146,017 shares (cost $2,670)
Asset Manager Portfolio
107,226 shares (cost $1,707)
Asset Manager: Growth Portfolio
154,683 shares (cost $2,102)
Index 500 Portfolio
97,419 shares (cost $9,680)
Contrafund Portfolio
544,396 shares (cost $8,771)
ALGER AMERICAN FUND:
Small Capitalization Portfolio
98,408 shares (cost $3,915) $3,890
Growth Portfolio
87,928 shares (cost $3,008) $3,476
MidCap Growth Portfolio
167,908 shares (cost $3,509) $3,780
Leveraged AllCap Portfolio
124,633 shares (cost $2,415) $2,725
---------- ---------- ---------- ----------
Total Assets $3,890 $3,476 $3,780 $2,725
LIABILITIES AND CONTRACT OWNERS' EQUITY:
Due to Northern Life Insurance Co. for contract charges $5 $4 $5 $4
Contract Owners' Equity 3,885 3,472 3,775 2,721
---------- ---------- ---------- ----------
Total Liabilities and Contract Owners' Equity $3,890 $3,476 $3,780 $2,725
=========== =========== =========== ===========
Units Outstanding: 385,160.867 268,877.299 325,279.314 214,045.067
Net Asset Value per Unit
Northern Advantage Variable Annuity $10.087900 $12.911546 $11.605703 $12.713691
The accompanying notes are an integral part of the financial statements.
</TABLE>
TOTAL
-----
$1,771
2,607
10,046
3,271
5,166
9,499
2,926
1,780
2,309
10,094
9,761
3,890
3,476
3,780
2,725
----------
$73,101
==========
$80
73,021
----------
$73,101
=============
5,619,476.780
<TABLE>
<CAPTION>
SEPARATE ACCOUNT ONE
STATEMENT OF OPERATIONS AND
CHANGES IN CONTRACT OWNERS' EQUITY
(In Thousands)
(UNAUDITED)
Period ended Year ended Period from
June 30, December 31, Oct. 20, 19
1997 1996 Dec. 31, 19
--------------- -------------- --------------
Net investment income:
<S> <C> <C> <C>
Reinvested dividend income ......................................... $ 423 $ 67 $ 1
Reinvested capital gains ........................................... 1,107 122 4
Administrative expenses ............................................ (360) (146) --
-------- -------- --------
Net investment income
and capital gains ...................................... 1,170 4 5
-------- -------- --------
Realized and unrealized gains:
Net realized gains on
redemptions of fund shares ................................... 840 70 --
Increase in unrealized
appreciation of investments .................................. 3,679 1,220 12
-------- -------- --------
Net realized and unrealized gains ............................ 4,519 1,290 12
-------- -------- --------
Net additions from operations .......................... 5,689 1,333 17
-------- -------- --------
Contract Owners' transactions:
Net purchase payments .............................................. 33,639 27,327 549
Surrenders ......................................................... (407) (94) -
Policy loans ....................................................... (231) (87) -
Transfers between Sub-Accounts
and Fixed Account ............................................ 3,233 2,053 -
-------- -------- --------
Net additions for Contract
Owners' transactions ................................... 36,234 29,199 549
-------- -------- --------
Net additions for the period ..................... 41,923 30,532 566
Contract Owners' Equity, beginning of the year .......................... 31,098 566 -
-------- -------- --------
Contract Owners' Equity, end of the period .............................. $ 73,021 $ 31,098 $ 566
======== ======== ========
The accompanying notes are an integral part of the financial statements.
</TABLE>
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 VIP AND VIP 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 advisor for Fidelity's Variable Insurance Products Fund (VIP) and
Variable Insurance Products Fund II (VIP II) and is paid for its services by
the VIP and VIP II Portfolios. Northstar Investment Management Corporation,
an affiliate of Northern Life, is the investment adviser for the three
Northstar Funds offered through the Northstar Variable Trust 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.
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.
<TABLE>
<CAPTION>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
4. INVESTMENTS:
The net realized gains (losses) on redemptions of fund shares for the
period ended June 30, 1997, the year ended December 31, 1996, and the
period from October 20, 1995 (date operations commenced) to December 31,
1995, were as follows (in thousands):
NORTHSTAR'S
INCOME AND
TOTAL GROWTH FUND
------------------------------------------------- ------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995 June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions...... $9,963 $1,998 $- $343 $52 $-
Cost........................... 9,123 1,928 - 330 49 -
------------- ------------- ------------- ------------- ------------- -------------
Net realized gains (losses) on
redemptions of fund shares.. $840 $70 $- $13 $3 $-
============= ============== ============= ============ ============= =============
</TABLE>
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S
MULTI-SECTOR GROWTH
BOND FUND FUND
------------------------------------------------- -----------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995 June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$515 $95 $- $643 $283 $-
529 93 - 634 272 -
------------- ------------- ------------- ------------- ------------- -------------
($14) $2 $- $9 $11 $-
============= ============== ============= ============ ============= =============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP FIDELITY'S VIP
MONEY MARKET GROWTH
PORTFOLIO PORTFOLIO
----------------------------------------------- ------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995 June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions........ $627 $206 $- $252 $90 $-
Cost............................. 627 206 - 238 88 -
------------- ------------- ------------- ------------- ------------- -------------
Net realized gains on
redemptions of fund shares.. $- $- $- $14 $2 $-
============= ============== ============= ============ ============= =============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP FIDELITY'S VIP
EQUITY-INCOME OVERSEAS
PORTFOLIO PORTFOLIO
------------------------------------------------- --------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995 June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$227 $149 $- $85 $62 $-
220 145 - 81 60 -
------------- ------------- ------------- ------------- ------------- -------------
$7 $4 $- $4 $2 $-
============= ============== ============= ============ ============= =============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP II FIDELITY'S VIP II
ASSET MANAGER ASSET MANAGER:
PORTFOLIO GROWTH PORTFOLIO
------------------------------------------------ ---------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995 June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions....... $262 $109 $- $166 $30 $-
Cost............................ 261 105 - 147 27 -
------------- ------------- ------------- ------------- ------------- -------------
Net realized gains on
redemptions of fund shares. $1 $4 $- $19 $3 $-
============= ============== ============= ============ ============= =============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP II FIDELITY'S VIP II
INDEX 500 CONTRAFUND
PORTFOLIO PORTFOLIO
-------------------------------------------------- ---------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995 June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
$5,989 $138 $- $88 $110 $-
5,187 134 - 75 100 -
------------- ------------- ------------- ------------- ------------- -------------
$802 $4 $- $13 $10 $-
============= ============== ============= ============ ============= =============
</TABLE>
<TABLE>
<CAPTION>
ALGER AMERICAN ALGER AMERICAN
SMALL CAPITALIZATION GROWTH
PORTFOLIO PORTFOLIO
------------------------------------------------- ----------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995 June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions....... $282 $308 $- $120 $248 $-
Cost............................ 318 297 - 106 240 -
------------- ------------- ------------- ------------- ------------- -------------
Net realized losses (gains) on
redemptions of fund shares. ($36) $11 $- $14 $8 $-
============= ============== ============= ============ ============= =============
</TABLE>
<TABLE>
<CAPTION>
ALGER AMERICAN ALGER AMERICAN
MIDCAP GROWTH LEVERAGED ALLCAP
PORTFOLIO PORTFOLIO
-------------------------------------------------- ------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995 June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions...... $273 $51 $- $91 $67 $-
Cost........................... 283 48 - 87 64 -
------------- ------------- ------------- ------------- ------------- -------------
Net realized losses (gains) on
redemptions of fund shares ($10) $3 $- $4 $3 $-
============= ============== ============= ============ ============= ============
</TABLE>
<TABLE>
<CAPTION>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(UNAUDITED)
5. CONTRACT OWNERS' TRANSACTIONS:
Unit transactions in each Sub-Account for the period ended June 30, 1997,
the year ended December 31, 1996, and the period from October 20, 1995
(date operations commenced) to December 31, 1995, were as follows:
NORTHSTAR'S INCOME
TOTAL AND GROWTH FUND
----------------------------------------------- -----------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995 June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the year..2,675,715.216 55,709.004 - 62,237.333 2,292.052 -
Units purchased...........2,748,071.215 2,494,947.871 55,795.772 78,290.920 47,182.364 2,304.328
Units redeemed............ (52,958.636) (12,394.481) (86.768) (2,062.458) - (12.276)
Units transferred between
Sub-Accounts and/or
Fixed Account ......... 248,648.986 137,452.822 - 1,897.461 12,762.917 -
------------ ------------- ------------ ----------- ----------
Units outstanding,
end of the period...... 5,619,476.780 2,675,715.216 55,709.004 140,363.256 62,237.333 2,292.052
============= ============= ========== =========== ========== =========
</TABLE>
<TABLE>
<CAPTION>
NORTHSTAR'S MULTI-SECTOR NORTHSTAR'S
BOND FUND GROWTH FUND
- ------------------------------------------------- --------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995, June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
52,792.181 1,937.476 - 318,137.812 1,068.330 -
119,533.822 53,616.245 1,949.911 457,648.133 311,051.414 1,072.056
(1,120.360) (26.734) (12.435) (6,145.099) (1,754.714) (3.726)
49,725.759 (2,734.806) - 3,961.972 7,772.782 -
----------- ---------- --------- ----------- ----------- ---------
220,931.402 52,792.181 1,937.476 773,602.818 318,137.812 1,068.330
=========== ========== ========= =========== =========== =========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP FIDELITY'S VIP
MONEY MARKET PORTFOLIO GROWTH PORTFOLIO
------------------------------------------------ -------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995 June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the year.. 104,844.463 - - 210,258.492 5,111.723 -
Units purchased .......... 254,105.049 119,347.280 - 176,674.233 189,045.320 5,111.723
Units redeemed............ (660.258) (2,153.819) - (4,406.057) (1,648.307) -
Units transferred between
Sub-Accounts and/or
Fixed Account ......... (52,160.391) (12,348.998) - 28,336.992 17,749.756 -
----------- ----------- ------------ ----------- ----------- ---------
Units outstanding,
end of the period....... 306,128.863 104,844.463 - 410,863.660 210,258.492 5,111.723
=========== =========== ============ =========== =========== =========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP FIDELITY'S VIP
EQUITY INCOME PORTFOLIO OVERSEAS PORTFOLIO
------------------------------------------------- -------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995, June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
370,036.342 3,922.397 - 106,840.466 1,765.385 -
263,676.214 310,038.397 3,934.538 103,351.314 108,755.881 1,767.901
(8,415.198) (727.820) (12.141) (2,524.737) (106.480) (2.516)
54,387.115 56,803.368 - 11,890.695 (3,574,320) -
---------- ---------- --------- ----------- ----------- ---------
679,684.473 370,036.342 3,922.397 219,557.738 106,840.466 1,765.385
=========== =========== ========= =========== =========== =========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP II FIDELITY'S VIP II ASSET
ASSET MANAGER PORTFOLIO MANAGER: GROWTH PORTFOLIO
------------------------------------------------ -------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995, June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the year.. 64,182.784 1,959.639 - 58,201.338 6,432.006 -
Units purchased .......... 64,559.526 59,932.805 1,972.128 89,118.202 52,849.666 6,444.530
Units redeemed ........... (1,300.948) (87.797) (12.489) (2,154.844) - (12.524)
Units transferred between
Sub-Accounts and/or
Fixed Account ......... 8,781.397 2,378.137 - 20,317.103 (1,080.334) -
--------- --------- ---------- ---------- ---------- ---------
Units outstanding,
end of the period....... 136,222.759 64,182.784 1,959.639 165,481.799 58,201.338 6,432.006
=========== ========== ========= =========== ========== =========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIP II FIDELITY'S VIP II
INDEX 500 PORTFOLIO CONTRAFUND PORTFOLIO
-------------------------------------------------- ----------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995 June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
231,904.126 702.335 - 314,102.807 7,416.671 -
380,481.495 222,299.511 707.189 357,175.130 271,007.709 7,416.671
(4,817.118) (257.679) (4.854) (8,267.943) (851.926) -
51,358.980 9,159.959 - 51,339.988 36,530.353 -
---------- --------- ------- ----------- ----------- ---------
658,927.483 231,904.126 702.335 714,349.982 314,102.807 7,416.671
=========== =========== ======= =========== =========== =========
</TABLE>
<TABLE>
<CAPTION>
ALGER AMERICAN SMALL ALGER AMERICAN
CAPITALIZATION PORTFOLIO GROWTH PORTFOLIO
------------------------------------------------ -------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995 June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the year.. 261,902.389 9,498.434 - 162,852.097 7,530.562 -
Units purchased........... 130,325.575 261,796.643 9,504.716 96,610.164 165,135.641 7,530.562
Units redeemed ........... (3,013.909) (1,831.359) (6.282) (2,035.684) (1,018.026) -
Units transferred between
Sub-Accounts and/or
Fixed Account ......... (4,053.188) (7,561.329) - 11,450.722 (8,796.080) -
---------- ---------- --------- ---------- ---------- ----------
Units outstanding,
end of the period....... 385,160.867 261,902.389 9,498.434 268,877.299 162,852.097 7,530.562
=========== =========== ========= =========== =========== =========
</TABLE>
<TABLE>
<CAPTION>
ALGER AMERICAN ALGER AMERICAN
MIDCAP GROWTH PORTFOLIO LEVERAGED ALLCAP PORTFOLIO
------------------------------------------------- -------------------------------------------------
Period ended Year ended Period from Period ended Year ended Period from
June 30, Dec. 31, Oct. 20, 1995, June 30, Dec. 31, Oct. 20, 1995
1997 1996 to Dec. 31, 1995 1997 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the year.. 227,029.231 2,208.390 - 130,393.355 3,863.604 -
Units purchased........... 81,966.041 194,904.338 2,212.160 94,555.397 127,984.657 3,867.359
Units redeemed ........... (2,456.252) (622.342) (3.770) (3,577.772) (1,307.478) (3.755)
Units transferred between
Sub-Accounts and/or
Fixed Account ......... 18,740.294 30,538.845 - (7,325.913) (147.428) -
---------- ---------- --------- ---------- ----------- ---------
Units outstanding,
end of the period....... 325,279.314 227,029.231 2,208.390 214,045.067 130,393.355 3,863.604
=========== =========== ========= =========== =========== =========
</TABLE>
<TABLE>
<CAPTION>
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 period ended June
30, 1997 were as follows (in thousands):
NORTHSTAR'S NORTHSTAR'S NORTHSTAR'S FIDELITY'S VIP
INCOME AND MULTI-SECTOR GROWTH MONEY MARKET
TOTAL GROWTH FUND BOND FUND FUND PORTFOLIO
-------------- -------------- -------------- -------------- --------------
Net investment income:
<S> <C> <C> <C> <C> <C>
Reinvested dividend income ........... $ 423 $ 25 $ 57 $ 33 $ 49
Reinvested capital gains ............. 1,107 - - - -
Administrative expenses .............. (360) (9) (9) (48) (13)
-------- -------- -------- -------- --------
Net investment income (loss)
and capital gains .............. 1,170 16 48 (15) 36
-------- -------- -------- -------- --------
Realized and unrealized gains (losses):
Net realized gains (losses) on
redemptions of fund shares ............... 840 13 (14) 9 -
Increase in unrealized
appreciation of investments ....... 3,679 68 19 506 -
-------- -------- -------- -------- --------
Net realized and unrealized
gains .......................... 4,519 81 5 515 -
-------- -------- -------- -------- --------
Net additions
from operations .......... 5,689 97 53 500 36
-------- -------- -------- -------- --------
Contract Owners' transactions:
Net purchase payments ................ 33,639 949 1,387 5,660 2,682
Surrenders ........................... (407) (13) (10) (42) (7)
Policy Loans ......................... (231) (12) (3) (34) 12
Transfers between Sub-Accounts
and/or Fixed Account .............. 3,233 23 577 49 (553)
-------- -------- -------- -------- --------
Net additions for
Contract Owners' transactions .. 36,234 947 1,951 5,633 2,134
-------- -------- -------- -------- --------
Net additions
for the period ........... 41,923 1,044 2,004 6,133 2,170
Contract Owners' Equity,
beginning of the year ................ 31,098 725 603 3,901 1,098
-------- -------- -------- -------- --------
Contract Owners' Equity,
end of the period .................... $ 73,021 $ 1,769 $ 2,607 $ 10,034 $ 3,268
======== ======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S FIDELITY'S
FIDELITY'S VIP FIDELITY'S VIP FIDELITY'S VIP VIP II VIP II FIDELITY'S FIDELITY'S VIP II
GROWTH EQUITY-INCOME OVERSEAS ASSET MANAGER ASSET MANAGER: VIP II INDEX CONTRAFUND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO GROWTH PORTFOLIO 500 PORTFOLIO PORTFOLIO
- -------------- -------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
$ 19 $ 89 $ 25 $ 33 $- $ 42 $ 39
83 448 99 82 1 86
(27) (49) (14) (9) (10) (45) (46)
- ------ -------- -------- -------- -------- -------- --------
75 488 110 106 (9) 83 95
- ------ -------- -------- -------- -------- -------- --------
14 7 4 1 19 802 13
413 550 194 27 187 198 691
- ------ -------- -------- -------- -------- -------- --------
427 557 198 28 206 1,000 704
- ------ -------- -------- -------- -------- -------- --------
502 1,045 308 134 197 1,083 799
- ------ -------- -------- -------- -------- -------- --------
2,045 3,384 1,269 794 1,158 5,371 4,536
(31) (73) (14) (6) (24) (29) (68)
(20) (35) (17) (10) (4) (39) (37)
328 698 146 108 264 725 652
- ------ -------- -------- -------- -------- -------- --------
2,322 3,974 1,384 886 1,394 6,028 5,083
- ------ -------- -------- -------- -------- -------- --------
2,824 5,019 1,692 1,020 1,591 7,111 5,882
2,336 4,469 1,231 758 716 2,973 3,868
- ------ -------- -------- -------- -------- -------- --------
5,160 $ 9,488 $ 2,923 $ 1,778 $ 2,307 $ 10,084 $ 9,750
====== ======== ======== ======== ======== ======== ========
</TABLE>
<TABLE>
<CAPTION>
ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN
SMALL CAPITALIZATION GROWTH MIDCAP LEVERAGED ALLCAP
PORTFOLIO PORTFOLIO GROWTH PORTFOLIO PORTFOLIO
--------------- --------------- --------------- ---------------
Net investment income:
<S> <C> <C> <C> <C>
Reinvested dividend income ................. $- $ 10 $ 2 $-
Reinvested capital gains ................... 138 19 49 --
Administrative expenses .................... (24) (19) (23) (15)
------- ------- ------- -------
Net investment income (loss)
and capital gains .................... 114 10 28 (15)
------- ------- ------- -------
Realized and unrealized gains (losses):
Net realized (losses) gains on
redemptions of fund shares .............. (36) 14 (10) 4
(Decrease) increase in unrealized
appreciation of investments ............. (22) 377 199 272
------- ------- ------- -------
Net realized and unrealized
(losses) gains ....................... (58) 391 189 276
------- ------- ------- -------
Net additions
from operations ................ 56 401 217 261
------- ------- ------- -------
Contract Owners' transactions:
Net purchase payments ...................... 1,254 1,139 901 1,110
Surrenders ................................. (24) (23) (12) (31)
Policy Loans ............................... (5) (1) (15) (11)
Transfers between Sub-Accounts
and/or Fixed Account .................... (39) 135 206 (86)
------- ------- ------- -------
Net additions for
Contract Owners' transactions ........ 1,186 1,250 1,080 982
------- ------- ------- -------
Net additions
for the period ................. 1,242 1,651 1,297 1,243
Contract Owners' Equity,
beginning of the year ...................... 2,643 1,821 2,478 1,478
------- ------- ------- -------
Contract Owners' Equity,
end of the period .......................... $ 3,885 $ 3,472 $ 3,775 $ 2,721
======= ======= ======= =======
</TABLE>
SEPARATE ACCOUNT ONE
NORTHERN LIFE
1110 THIRD AVENUE
SEATTLE, WASHINGTON 98111
(206) 292-1111
45787a
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