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NORTHERN LIFE
SEPARATE ACCOUNT ONE
ANNUAL REPORT
FOR THE YEAR ENDED
DECEMBER 31, 1996
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.
INDEPENDENT AUDITORS' REPORT
Board of Directors
Northern Life Insurance
Company and Contract Owners of
Separate Account One:
We have audited the accompanying statement of assets and liabilities of
Northern Life Separate Account One as of December 31, 1996 and the related
combined statements of operations and changes in Contract Owners' equity for the
year ended December 31, 1996 and the period from October 20, 1995 to December
31, 1995. These financial statements are the responsibility of the management of
Northern Life Insurance Company. Our responsibility is to express an opinion on
these financial statements based on our audits.
We have conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatements. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures include
confirmation of the securities owned as of December 31, 1996, by correspondence
with the Account custodians. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of Northern Life Separate
Account One as of December 31, 1996, and the results of its operations and
changes in Contract Owners' equity for the year ended December 31, 1996 and the
period from October 20, 1995 to December 31, 1995, in conformity with generally
accepted accounting principles.
Deloitte & Touche LLP
Minneapolis, Minnesota
February 7, 1997
<TABLE>
<CAPTION>
SEPARATE ACCOUNT ONE
STATEMENT OF ASSETS AND LIABILITIES
December 31,1996
(In Thousands, Except Share and Unit Data)
NORTHSTAR NORTHSTAR NORTHSTAR FIDELITY VIPF
ASSETS: INCOME AND MULTI-SECTOR GROWTH MONEY MARKET
GROWTH FUND BOND FUND FUND PORTFOLIO
Investments in mutual funds at market value: _____________ _____________ _____________ _____________
<S> <C> <C> <C> <C>
NORTHSTAR'S:
Income and Growth Fund
61,948 shares (cost $733) $726
Multi-Sector Bond Fund
115,051 shares (cost $606) $604
Growth Fund
277,320 shares (cost $3,835) $3,905
FIDELITY'S VIPF AND VIPF II:
Money Market Portfolio
1,099,035 shares (cost $1,099) $1,099
Growth Portfolio
75,095 shares (cost $2,255)
Equity-Income Portfolio
212,728 shares (cost $4,227)
Overseas Portfolio
65,366 shares (cost $1,170)
Asset Manager Portfolio
44,853 shares (cost $713)
Asset Manager: Growth Portfolio
54,702 shares (cost $697)
Index 500 Portfolio
33,393 shares (cost $2,760)
Contrafund Portfolio
233,794 shares (cost $3,573)
ALGER AMERICAN FUND:
Small Capitalization Portfolio
64,686 shares (cost $2,649)
Growth Portfolio
53,112 shares (cost $1,732)
MidCap Growth Portfolio
116,201 shares (cost $2,409)
Leveraged AllCap Portfolio
76,447 shares (cost $1,442)
---------- ---------- ---------- ----------
Total Assets $726 $604 $3,905 $1,099
LIABILITIES AND CONTRACT OWNERS' EQUITY:
Due to Northern Life Insurance Co. for contract charges $1 $1 $4 $1
Contract Owners' Equity 725 603 3,901 1,098
---------- ---------- ---------- ----------
Total Liabilities and Contract Owners' Equity $726 $604 $3,905 $1,099
========== ========== ========== ==========
Units Outstanding: 62,237.333 52,791.181 318,137.812 104,844.463
Net Asset Value per Unit
Northern Advantage Variable Annuity $11.651860 $11.437367 $12.260050 $10.471216
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
FIDELITY VIPF FIDELITY VIPF FIDELITY VIPF FIDELITY VIPF II FIDELITY VIPF II FIDELITY VIPF II FIDELITY VIPF II
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> <C>
$2,338
$4,474
$1,232
$759
$717
$2,976
$3,872
---------- ---------- ---------- ---------- ---------- ---------- ----------
$2,338 $4,474 $1,232 $759 $717 $2,976 $3,872
$2 $5 $1 $1 $1 $3 $4
2,336 4,469 1,231 758 716 2,973 3,868
---------- ---------- ---------- ---------- ---------- ---------- ----------
$2,338 $4,474 $1,232 $759 $717 $2,976 $3,872
=========== =========== =========== ========== ========== =========== ===========
210,258.492 370,036.342 106,840.466 64,182.784 58,201.338 231,904.126 314,102.807
$11.110374 $12.076424 $11.513477 $11.818133 $12.298185 $12.820118 $12.311895
The accompanying notes are an integral part of the financial statements.
</TABLE>
<TABLE>
<CAPTION>
SEPARATE ACCOUNT ONE
STATEMENT OF ASSETS AND LIABILITIES, CONTINUED
December 31,1996
(In Thousands, Except Share and Unit Data)
ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN
ASSETS: SMALL CAPITALIZATION GROWTH MIDCAP GROWTH LEVERAGED
PORTFOLIO PORTFOLIO PORTFOLIO ALLCAP PORTFOLIO
Investments in mutual funds at market value: _____________ _____________ _____________ _____________
<S> <C> <C> <C> <C>
NORTHSTAR'S:
Income and Growth Fund
61,948 shares (cost $733)
Multi-Sector Bond Fund
115,051 shares (cost $606)
Growth Fund
277,320 shares (cost $3,835)
FIDELITY'S VIPF AND VIPF II:
Money Market Portfolio
1,099,035 shares (cost $1,099)
Growth Portfolio
75,095 shares (cost $2,255)
Equity-Income Portfolio
212,728 shares (cost $4,227)
Overseas Portfolio
65,366 shares (cost $1,170)
Asset Manager Portfolio
44,853 shares (cost $713)
Asset Manager: Growth Portfolio
54,702 shares (cost $697)
Index 500 Portfolio
33,393 shares (cost $2,760)
Contrafund Portfolio
233,794 shares (cost $3,573)
ALGER AMERICAN FUND:
Small Capitalization Portfolio
64,686 shares (cost $2,649) $2,646
Growth Portfolio
53,112 shares (cost $1,732) $1,823
MidCap Growth Portfolio
116,201 shares (cost $2,409) $2,481
Leveraged AllCap Portfolio
76,447 shares (cost $1,442) $1,480
---------- ---------- ---------- ----------
Total Assets $2,646 $1,823 $2,481 $1,480
========== ========== ========== ==========
LIABILITIES AND CONTRACT OWNERS' EQUITY:
Due to Northern Life Insurance Co. for contract charges $3 $2 $3 $2
Contract Owners' Equity 2,643 1,821 2,478 1,478
---------- ---------- ---------- ----------
Total Liabilities and Contract Owners' Equity $2,646 $1,823 $2,481 $1,480
========== ========== ========== ==========
Units Outstanding: 261,902.389 162,852.097 227,029.231 130,393.355
Net Asset Value per Unit
Northern Advantage Variable Annuity $10.092908 $11.184155 $10.915641 $11.338130
The accompanying notes are an integral part of the financial statements.
</TABLE>
TOTAL
_____________
$726
604
3,905
1,099
2,338
4,474
1,232
759
717
2,976
3,872
2,646
1,823
2,481
1,480
----------
$31,132
=============
$34
31,098
----------
$31,132
=============
2,675,715.216
The accompanying notes are an integral part of the financial statements.
SEPARATE ACCOUNT ONE
STATEMENT OF OPERATIONS AND
CHANGES IN CONTRACT OWNERS' EQUITY
(In Thousands)
<TABLE>
<CAPTION>
Year ended Period from
December 31, Oct. 20, 1995 to
1996 Dec. 31, 1995
--------------- -------------
Net investment income:
<S> <C> <C>
Reinvested dividend income............................... $67 $ 1
Reinvested capital gains................................. 122 4
Administrative expenses.................................. (146) -
--------- ---------
Net investment income
and capital gains ........................... 43 5
--------- ---------
Realized and unrealized gains:
Net realized gains on
redemptions of fund shares ........................ 70 -
Increase in unrealized
appreciation of investments ....................... 1,220 12
--------- ---------
Net realized and unrealized gains.................. 1,290 12
--------- ---------
Net additions from operations................ 1,333 17
--------- ---------
Contract Owners' transactions:
Net purchase payments ................................... 27,327 550
Surrenders .............................................. (94) -
Policy loans............................................. (87) -
Transfers between Sub-Accounts
and Fixed Account ................................. 2,053 -
--------- ---------
Net additions for Contract
Owners' transactions ........................ 29,199 550
--------- ---------
Net additions for the year............. 30,532 567
Contract Owners' Equity, beginning of the year................ 566 -
--------- ---------
Contract Owners' Equity, end of the year...................... $31,098 $567
========= =========
The accompanying notes are an integral part of the financial statements.
</TABLE>
SEPARATE ACCOUNT ONE
NOTES TO FINANCIAL STATEMENTS
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 advisor 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.
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.
4. INVESTMENTS:
The net realized gains on redemptions of fund shares for 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):
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S
INCOME AND MULTI-SECTOR
TOTAL GROWTH FUND BOND FUND
------------------------------ -------------------------------- -------------------------------
Year ended Period from Year ended Period from Year ended Period from
Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995
1996 to Dec. 31, 1995 1996 to Dec. 31, 1995 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions........ $1,998 $- $52 $- $95 $-
Cost............................. 1,928 - 49 - 93 -
------------- ------------- ------------- ------------- ------------- -------------
Net realized gains on
redemptions of fund shares.. $70 $- $3 $- $2 $-
============= ============= ============ ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
NORTHSTAR'S FIDELITY'S VIPF FIDELITY'S VIPF
GROWTH MONEY MARKET GROWTH
FUND PORTFOLIO PORTFOLIO
----------------------------- ------------------------------- -------------------------------
Year ended Period from Year ended Period from Year ended Period from
Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995
1996 to Dec. 31, 1995 1996 to Dec. 31, 1995 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$283 $- $206 $- $90 $-
272 - 206 - 88 -
------------- ------------- ------------- ------------- ------------- -------------
$11 $- $- $- $2 $-
============= ============= ============= ============= ============ ============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF FIDELITY'S VIPF FIDELITY'S VIPF II
EQUITY-INCOME OVERSEAS ASSET MANAGER
PORTFOLIO PORTFOLIO PORTFOLIO
----------------------------- ------------------------------- -------------------------------
Year ended Period from Year ended Period from Year ended Period from
Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995
1996 to Dec. 31, 1995 1996 to Dec. 31, 1995 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions........ $149 $- $62 $- $109 $-
Cost............................. 145 - 60 - 105 -
------------- ------------- ------------- ------------- ------------- -------------
Net realized gains on
redemptions of fund shares.. $4 $- $2 $- $4 $-
============= ============= ============= ============= ============ =============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF II FIDELITY'S VIPF II FIDELITY'S VIPF II
ASSET MANAGER: INDEX 500 CONTRAFUND
GROWTH PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------- ------------------------------ -------------------------------
Year ended Period from Year ended Period from Year ended Period from
Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995
1996 to Dec. 31, 1995 1996 to Dec. 31, 1995 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$30 $- $138 $- $110 $-
27 - 134 - 100 -
------------- ------------- ------------- ------------- ------------- -------------
$3 $- $4 $- $10 $-
============= ============= ============= ============= ============= =============
</TABLE>
<TABLE>
<CAPTION>
ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN
SMALL CAPITALIZATION GROWTH MIDCAP GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
------------------------------ -------------------------------- -------------------------------
Year ended Period from Year ended Period from Year ended Period from
Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995
1996 to Dec. 31, 1995 1996 to Dec. 31, 1995 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Proceeds from redemptions........ $308 $- $248 $- $51 $-
Cost............................. 297 - 240 - 48 -
------------- ------------- ------------- ------------- ------------- -------------
Net realized gains on
redemptions of fund shares.. $11 $- $8 $- $3 $-
============= ============= ============= ============= ============= =============
</TABLE>
ALGER AMERICAN
LEVERAGED ALLCAP
PORTFOLIO
-----------------------------
Year ended Period from
Dec. 31, Oct. 20, 1995
1996 to Dec. 31, 1995
------------- -------------
$67 $-
64 -
------------- -------------
$3 $-
============== =============
5. CONTRACT OWNERS' TRANSACTIONS:
Unit transactions in each Sub-Account for the year ended December 31, 1996
and the period from October 20, 1995 (date operations commenced) to
December 31, 1995, were as follows:
<TABLE>
<CAPTION>
NORTHSTAR'S INCOME NORTHSTAR'S MULTI-SECTOR
TOTAL AND GROWTH FUND BOND FUND
----------------------------- ------------------------------- ------------------------------
Year ended Period from Year ended Period from Year ended Period from
Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995,
1996 to Dec. 31, 1995 1996 to Dec. 31, 1995 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the year......... 55,709.004 - 2,292.052 - 1,937.476 -
Units purchased.................. 2,494,947.871 55,795.772 47,182.364 2,304.328 53,616.245 1,949.911
Units redeemed................... (12,394.481) (86.768) - (12.276) (26.734) (12.435)
Units transferred between
Sub-Accounts and/or
Fixed Account ................ 137,452.822 - 12,762.917 - (2,734.806) -
------------- ------------- ------------- ------------- ------------- -------------
Units outstanding, end of the year 2,675,715.216 55,709.004 62,237.333 2,292.052 52,792.181 1,937.476
============= ========== ========== ========= ========== =========
NORTHSTAR'S FIDELITY'S VIPF FIDELITY'S VIPF
GROWTH FUND MONEY MARKET PORTFOLIO GROWTH PORTFOLIO
------------------------------- ------------------------------- -------------------------------
Year ended Period from Year ended Period from Year ended Period from
Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995
1996 to Dec. 31, 1995 1996 to Dec. 31, 1995 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
1,068.330 - - - 5,111.723 -
311,051.414 1,072.056 119,347.280 - 189,045.320 5,111.723
(1,754.714) (3.726) (2,153.819) - (1,648.307) -
7,772.782 - (12,348.998) - 17,749.756 -
------------- ------------- ------------- ------------- ------------- -------------
318,137.812 1,068.330 104,844.463 - 210,258.492 5,111.723
============= ============== =========== ============= =========== ============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF FIDELITY'S VIPF FIDELITY'S VIPF II
EQUITY INCOME PORTFOLIO OVERSEAS PORTFOLIO ASSET MANAGER PORTFOLIO
------------------------------- ------------------------------- ------------------------------
Year ended Period from Year ended Period from Year ended Period from
Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995,
1996 to Dec. 31, 1995 1996 to Dec. 31, 1995 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the year......... 3,922.397 - 1,765.385 - 1,959.639 -
Units purchased ................. 310,038.397 3,934.538 108,755.881 1,767.901 59,932.805 1,972.128
Units redeemed .................. (727.820) (12.141) (106.480) (2.516) (87.797) (12.489)
Units transferred between
Sub-Accounts and/or
Fixed Account ................ 56,803.368 - (3,574.320) - 2,378.137 -
------------- ------------- ------------- ------------- ------------- -------------
Units outstanding, end of the year 370,036.342 3,922.397 106,840.466 1,765.385 64,182.784 1,959.639
=========== ============= ============= ============= ============= ==============
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S VIPF II ASSET FIDELITY'S VIPF II FIDELITY'S VIPF II
MANAGER: GROWTH PORTFOLIO INDEX 500 PORTFOLIO CONTRAFUND PORTFOLIO
------------------------------- ------------------------------ -------------------------------
Year ended Period from Year ended Period from Year ended Period from
Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995
1996 to Dec. 31, 1995 1996 to Dec. 31, 1995 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
6,432.006 - 702.335 - 7,416.671 -
52,849.666 6,444.530 222,299.511 707.189 271,007.709 7,416.671
- (12.524) (257.679) (4.854) (851.926) -
(1,080.334) - 9,159.959 - 36,530.353 -
------------- ------------- ------------- ------------- ------------- -------------
58,201.338 6,432.006 231,904.126 702.335 314,102.807 7,416.671
============= ============= ============= ============== ============= =============
</TABLE>
<TABLE>
<CAPTION>
ALGER AMERICAN SMALL ALGER AMERICAN ALGER AMERICAN
CAPITALIZATION PORTFOLIO GROWTH PORTFOLIO MIDCAP GROWTH PORTFOLIO
------------------------------ ------------------------------- -------------------------------
Year ended Period from Year ended Period from Year ended Period from
Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995 Dec. 31, Oct. 20, 1995,
1996 to Dec. 31, 1995 1996 to Dec. 31, 1995 1996 to Dec. 31, 1995
------------- ------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C> <C>
Units outstanding,
beginning of the year......... 9,498.434 - 7,530.562 - 2,208.390 -
Units purchased.................. 261,796.643 9,504.716 165,135.641 7,530.562 194,904.338 2,212.160
Units redeemed .................. (1,831.359) (6.282) (1,018.026) - (622.342) (3.770)
Units transferred between
Sub-Accounts and/or
Fixed Account ................ (7,561.329) - (8,796.080) - 30,538.845 -
------------- ------------- ------------- ------------- ------------- -------------
Units outstanding,end of the year 261,902.389 9,498.434 162,852.097 7,530.562 227,029.231 2,208.390
============= ============ =========== ============= ============= ==============
</TABLE>
ALGER AMERICAN
LEVERAGED ALLCAP PORTFOLIO
------------------------------
Year ended Period from
Dec. 31, Oct. 20, 1995
1996 to Dec. 31, 1995
------------- -------------
3,863.604 -
127,984.657 3,867.359
(1,307.478) (3.755)
(147.428) -
------------- -------------
130,393.355 3,863.604
============= =============
6. COMBINING STATEMENT OF OPERATIONS AND CHANGES IN CONTRACT OWNERS' EQUITY:
Operations and changes in Contract Owners' equity for the year ended
December 31, 1996 were as follows (in thousands):
<TABLE>
<CAPTION>
NORTHSTAR'S NORTHSTAR'S NORTHSTAR'S FIDELITY'S VIPF
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 $67 $15 $14 $7 $15
Reinvested capital gains 122 46 10 11 -
Administrative expenses (146) (4) (3) (17) (4)
--------- --------- --------- --------- ---------
Net investment income (loss)
and capital gains 43 57 21 1 11
--------- --------- --------- --------- ---------
Realized and unrealized gains:
Net realized gains on
redemptions of fund shares 70 3 2 11 -
Increase (decrease) in unrealized
appreciation of investments 1,220 (7) (2) 70 -
--------- --------- --------- --------- ---------
Net realized and unrealized
gains (losses) 1,290 (4) - 81 -
--------- --------- --------- --------- ---------
Net additions
from operations 1,333 53 21 82 11
--------- --------- --------- --------- ---------
Contract Owners' transactions:
Net purchase payments 27,327 507 593 3,699 1,181
Surrenders ................. (94) (1) (1) (9) -
Policy Loans................ (87) - - (16) (22)
Transfers between Sub-Accounts
and/or Fixed Account 2,053 142 (30) 134 (72)
--------- --------- --------- --------- ---------
Net additions for
Contract Owners' transactions 29,199 648 562 3,808 1,087
--------- --------- --------- --------- ---------
Net additions
for the year 30,532 701 583 3,890 1,098
Contract Owners' Equity,
beginning of the year 566 24 20 11 -
--------- --------- --------- --------- ---------
Contract Owners' Equity,
end of the year............. $31,098 $725 $603 $3,901 $1,098
========= ======== ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
FIDELITY'S FIDELITY'S
FIDELITY'S VIPF FIDELITY'S VIPF FIDELITY'S VIPF VIPF II VIPF II FIDELITY'S FIDELITY'S VIPF II
GROWTH EQUITY-INCOME OVERSEAS ASSET MANAGER ASSET MANAGER: VIPF II INDEX CONTRAFUND
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO GROWTH PORTFOLIO 500 PORTFOLIO PORTFOLIO
-------------- -------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
$1 $- $1 $2 $11 $1 $-
5 3 1 2 21 2 1
(11) (19) (6) (5) (4) (13) (17)
--------- --------- --------- --------- --------- --------- ---------
(5) (16) (4) (1) 28 (10) (16)
--------- --------- --------- --------- --------- --------- ---------
2 4 2 4 3 4 10
83 246 62 45 21 216 298
--------- --------- --------- --------- --------- --------- ---------
85 250 64 49 24 220 308
--------- --------- --------- --------- --------- --------- ---------
80 234 60 48 52 210 292
--------- --------- --------- --------- --------- --------- ---------
1,996 3,514 1,162 662 584 2,607 3,027
(7) (12) (4) (2) (2) (7) (12)
(14) (2) (1) - - (1) (2)
231 693 (4) 29 15 157 486
--------- --------- --------- --------- --------- --------- ---------
2,206 4,193 1,153 689 597 2,756 3,499
--------- --------- --------- --------- --------- --------- ---------
2,286 4,427 1,213 737 649 2,966 3,791
50 42 18 21 67 7 77
--------- --------- --------- --------- --------- --------- ---------
$2,336 $4,469 $1,231 $758 $716 $2,973 $3,868
========= ========= ========= ======== ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN ALGER AMERICAN
SMALL CAPITALIZATION GROWTH MIDCAP LEVERAGED ALLCAP
PORTFOLIO PORTFOLIO GROWTH PORTFOLIO PORTFOLIO
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
Net investment income:
Reinvested dividend income $- $- $- $-
Reinvested capital gains 2 11 5 2
Administrative expenses (15) (11) (10) (7)
--------- --------- --------- ---------
Net investment income
and capital gains (13) - (5) (5)
--------- --------- --------- ---------
Realized and unrealized gains:
Net realized gains on
redemptions of fund shares 11 8 3 3
Increase (decrease) in unrealized
appreciation of investments (7) 88 71 36
--------- --------- --------- ---------
Net realized and unrealized
gains ................ 4 96 74 39
--------- --------- --------- ---------
Net additions (reductions)
from operations (9) 96 69 34
--------- --------- --------- ---------
Contract Owners' transactions:
Net purchase payments 2,623 1,738 2,034 1,400
Surrenders ................. (13) (5) (8) (11)
Policy Loans................ (9) (10) (3) (7)
Transfers between Sub-Accounts
and/or Fixed Account (42) (73) 364 23
--------- --------- --------- ---------
Net additions for
Contract Owners' transactions 2,559 1,650 2,387 1,405
--------- --------- --------- ---------
Net additions
for the year 2,550 1,746 2,456 1,439
Contract Owners' Equity,
beginning of the year 93 75 22 39
--------- --------- --------- ---------
Contract Owners' Equity,
end of the year............. $2,643 $1,821 $2,478 $1,478
========= ========= ========= ========
</TABLE>
SEPARATE ACCOUNT ONE
NORTHERN LIFE
1110 THIRD AVENUE
SEATTLE, WASHINGTON 98111
(206) 292-1111
45461a
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