-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PpoBUYCwoeatXbDhuQ6LSfmo3MTqjZHCx9rlVEmR787Y9vq8o5kBd1vbOU1RpRz9 5hUgoRak13raXElah5U+Ag== 0000950144-96-005951.txt : 19960829 0000950144-96-005951.hdr.sgml : 19960829 ACCESSION NUMBER: 0000950144-96-005951 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960630 FILED AS OF DATE: 19960828 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WRL SERIES LIFE ACCOUNT CENTRAL INDEX KEY: 0000778209 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-04420 FILM NUMBER: 96621776 BUSINESS ADDRESS: STREET 1: 201 HIGHLAND AVE CITY: LARGO STATE: FL ZIP: 34640 BUSINESS PHONE: 813-587-1800 MAIL ADDRESS: STREET 1: 201 HIGHLAND AVENUE CITY: LARGO STATE: FL ZIP: 34640 N-30D 1 WRL SERIES LIFE ACCOUNT SEMI-ANNUAL REPORT 1 S E M I - A N N U A L R E P O R T J U N E 3 0 , 1 9 9 6 WRL SERIES LIFE ACCOUNT WESTERN RESERVE LIFE ASSURANCE CO. OF OHIO August 1996 ACC00003-S (8/96) 2 - -------------------------------------------------------------------------------- T A B L E O F C O N T E N T S - --------------------------------------------------------------------------------
PAGE WRL SERIES LIFE ACCOUNT Financial Statements: Money Market Sub-Account..................... 2 Bond Sub-Account............................. 4 Growth Sub-Account........................... 6 Short-to-Intermediate Government Sub-Account............................... 8 Global Sub-Account........................... 10 Equity-Income Sub-Account.................... 12 Emerging Growth Sub-Account.................. 14 Aggressive Growth Sub-Account................ 16 Balanced Sub-Account......................... 18 Utility Sub-Account.......................... 20 Tactical Asset Allocation Sub-Account........ 22 C.A.S.E. Growth Sub-Account.................. 24 Value Equity Sub-Account..................... 26 Notes to Financial Statements..................... 28
1 3 WRL SERIES LIFE ACCOUNT MONEY MARKET SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: Money Market Portfolio (11,764,190.220 shares; cost $ 11,764,190)................... $ 11,764,190 Accrued transfers from (to) depositor - net................................ (270,307) ------------- Total assets................................. 11,493,883 ------------- LIABILITIES:....................................... 0 ------------- Total net assets............................. $ 11,493,883 ============= EQUITY ACCOUNTS: Policy Owners' equity: Money Market sub-account (759,285.927539 units; $ 15.137753 unit value)............... $ 11,493,883 ------------- Total equity................................. $ 11,493,883 =============
STATEMENT OF OPERATIONS
SIX MONTHS ENDED INVESTMENT INCOME: JUNE 30, 1996 Dividend income................................ $ 253,864 Capital gain distributions..................... 0 --------- 253,864 EXPENSES: Mortality and expense risk charges............. 45,000 --------- Net investment income (loss)................. 208,864 --------- Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions...................... 0 Change in unrealized appreciation (depreciation)............................... 0 --------- Net gain (loss) on investments............... 0 --------- Net increase (decrease) in equity accounts resulting from operations................ $ 208,864 =========
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
SIX MONTHS ENDED YEAR ENDED JUNE 30, 1996 DECEMBER 31, 1995 OPERATIONS: Net investment income (loss)...................................................... $ 208,864 $ 397,410 Net gain (loss) on investments.................................................... 0 0 ------------ ------------- Net increase (decrease) in equity accounts resulting from operations....................................................... 208,864 397,410 ------------ ------------- EQUITY TRANSACTIONS: Proceeds from units sold (redeemed)............................................... 2,078,437 3,139,280 ------------ ------------- Less cost of units redeemed: Administrative charges.......................................................... 966,194 1,356,484 Policy loans.................................................................... 112,030 219,767 Surrender benefits.............................................................. 460,541 899,893 Death benefits.................................................................. 13,277 7,670 ------------ ------------- 1,552,042 2,483,814 ------------ ------------- Increase (decrease) in equity accounts from capital unit transactions..................................................... 526,395 655,466 ------------ ------------- Net increase (decrease) in equity accounts...................................... 735,259 1,052,876 EQUITY ACCOUNTS: Beginning of period............................................................... 10,758,624 9,705,748 ------------ ------------- End of period..................................................................... $ 11,493,883 $ 10,758,624 ============ =============
The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 2 4 WRL SERIES LIFE ACCOUNT MONEY MARKET SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 DECEMBER 31 -------- -------------------------------------------------------- 1996 1995 1994 1993 1992 1991 -------- -------- ------- ------- ------- ------- Accumulation unit value, beginning of period.... $ 14.83 $ 14.19 $ 13.84 $ 13.63 $ 13.33 $ 12.78 Income from operations: Net investment income (loss)................ .31 .64 .35 .21 .30 .55 Net realized and unrealized gain (loss) on investments................ .00 .00 .00 .00 .00 .00 -------- -------- ------- ------- ------- ------- Total income (loss) from operations....... .31 .64 .35 .21 .30 .55 -------- -------- ------- ------- ------- ------- Accumulation unit value, end of period.......... $ 15.14 $ 14.83 $ 14.19 $ 13.84 $ 13.63 $ 13.33 ======== ========= ======== ======== ======== ======== Total return.................................... 2.07% 4.49% 2.58% 1.52% 2.24% 4.34% Ratios and supplemental data: Net assets at end of period (in thousands).... $ 11,494 $ 10,759 $ 9,706 $ 4,985 $ 4,619 $ 4,042 Ratio of net investment income (loss) to average net assets**..................... 4.05% 4.37% 2.66% 1.51% 2.12% 4.28%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 3 5 WRL SERIES LIFE ACCOUNT BOND SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: Bond Portfolio (997,676.361 shares; cost $ 11,089,016)................................ $ 10,548,410 Accrued transfers from (to) depositor - net........... (3,569) ------------ Total assets...................................... 10,544,841 ------------ LIABILITIES:............................................ 0 ------------ Total net assets.................................. $ 10,544,841 ============ EQUITY ACCOUNTS: Policy Owners' equity: Bond sub-account (561,811.796778 units; $18.769348 unit value)............................ $ 10,544,841 ------------ Total equity...................................... $ 10,544,841 ============
STATEMENT OF OPERATIONS
SIX MONTHS ENDED INVESTMENT INCOME: JUNE 30, 1996 Dividend income................................. $ 286,890 Capital gain distributions...................... 0 ---------- 286,890 EXPENSES: Mortality and expense risk charges.............. 45,636 ---------- Net investment income (loss).................. 241,254 ---------- Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions.................................. (33,848) Change in unrealized appreciation (depreciation)................................ (693,371) ---------- Net gain (loss) on investments................ (727,219) ---------- Net increase (decrease) in equity accounts resulting from operations................. $ (485,965) ==========
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
SIX MONTHS ENDED YEAR ENDED JUNE 30, 1996 DECEMBER 31, 1995 OPERATIONS: Net investment income (loss)...................................................... $ 241,254 $ 459,977 Net gain (loss) on investments.................................................... (727,219) 1,080,157 ------------ ------------- Net increase (decrease) in equity accounts resulting from operations....................................................... (485,965) 1,540,134 ------------ ------------- EQUITY TRANSACTIONS: Proceeds from units sold (redeemed)............................................... 1,747,591 3,749,029 ------------ ------------- Less cost of units redeemed: Administrative charges.......................................................... 614,828 916,494 Policy loans.................................................................... 65,776 197,829 Surrender benefits.............................................................. 98,202 357,384 Death benefits.................................................................. 4,111 10,202 ------------ ------------- 782,917 1,481,909 ------------ ------------- Increase (decrease) in equity accounts from capital unit transactions..................................................... 964,674 2,267,120 ------------ ------------- Net increase (decrease) in equity accounts...................................... 478,709 3,807,254 EQUITY ACCOUNTS: Beginning of period............................................................... 10,066,132 6,258,878 ------------ ------------- End of period..................................................................... $ 10,544,841 $ 10,066,132 ============ =============
The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 4 6 WRL SERIES LIFE ACCOUNT BOND SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 DECEMBER 31 --------- -------------------------------------------------- 1996 1995 1994 1993 1992 --------- -------- ------- ------- ------- Accumulation unit value, beginning of period.... $ 19.67 $ 16.14 $ 17.50 $ 15.57 $ 14.68 Income from operations: Net investment income (loss)................ .44 1.05 .89 2.11 1.00 Net realized and unrealized gain (loss) on investments................ (1.34) 2.48 (2.25) (.18) (.11) -------- -------- ------- ------- ------- Total income (loss) from operations....... (.90) 3.53 (1.36) 1.93 .89 -------- -------- ------- ------- ------- Accumulation unit value, end of period.......... $18.77 $ 19.67 $ 16.14 $ 17.50 $ 15.57 ======== ======== ======= ======= ======= Total return.................................... (4.60)% 21.89% (7.77)% 12.40% 6.08% Ratios and supplemental data: Net assets at end of period (in thousands).... $ 10,545 $ 10,066 $ 6,259 $ 6,985 $ 4,558 Ratio of net investment income (loss) to average net assets**..................... 4.67% 5.80% 5.57% 12.92% 6.69% 1991 ------- Accumulation unit value, beginning of period.... $ 12.48 Income from operations: Net investment income (loss)................ .48 Net realized and unrealized gain (loss) on investments................ 1.72 ------- Total income (loss) from operations....... 2.20 ------- Accumulation unit value, end of period.......... $ 14.68 ======= Total return.................................... 17.63% Ratios and supplemental data: Net assets at end of period (in thousands).... $ 3,055 Ratio of net investment income (loss) to average net assets**..................... 3.59%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 5 7 WRL SERIES LIFE ACCOUNT GROWTH SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: Growth Portfolio (8,778,585.496 shares; cost $ 221,822,024)....................... $ 319,767,690 Accrued transfers from (to) depositor - net... (2,124) ------------- Total assets.............................. 319,765,566 ------------- LIABILITIES:.................................... 0 ------------- Total net assets.......................... $ 319,765,566 ============= EQUITY ACCOUNTS: Policy Owners' equity: Growth sub-account (6,719,846.992884 units; $47.585245 unit value)............. $ 319,765,566 ------------- Total equity.............................. $ 319,765,566 =============
STATEMENT OF OPERATIONS
SIX MONTHS ENDED INVESTMENT INCOME: JUNE 30, 1996 Dividend income......................... $ 556,048 Capital gain distributions.............. 0 ------------ 556,048 EXPENSES: Mortality and expense risk charges...... 1,276,304 ------------ Net investment income (loss).......... (720,256) ------------ Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions.......................... 2,351,206 Change in unrealized appreciation (depreciation)........................ 38,243,622 ------------ Net gain (loss) on investments........ 40,594,828 ------------ Net increase (decrease) in equity accounts resulting from operations........................ $ 39,874,572 ============
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
SIX MONTHS ENDED YEAR ENDED JUNE 30, 1996 DECEMBER 31, 1995 OPERATIONS: Net investment income (loss)...................................................... $ (720,256) $ 23,250,380 Net gain (loss) on investments.................................................... 40,594,828 54,801,782 -------------- ------------- Net increase (decrease) in equity accounts resulting from operations....................................................... 39,874,572 78,052,162 -------------- ------------- EQUITY TRANSACTIONS: Proceeds from units sold (redeemed)............................................... 41,253,311 61,850,933 -------------- ------------- Less cost of units redeemed: Administrative charges.......................................................... 13,662,676 23,714,204 Policy loans.................................................................... 4,138,487 5,518,596 Surrender benefits.............................................................. 5,829,082 8,982,170 Death benefits.................................................................. 199,177 711,078 -------------- ------------- 23,829,422 38,926,048 -------------- ------------- Increase (decrease) in equity accounts from capital unit transactions..................................................... 17,423,889 22,924,885 -------------- ------------- Net increase (decrease) in equity accounts...................................... 57,298,461 100,977,047 EQUITY ACCOUNTS: Beginning of period............................................................... 262,467,105 161,490,058 -------------- ------------- End of period..................................................................... $ 319,765,566 $ 262,467,105 ============== =============
The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 6 8 WRL SERIES LIFE ACCOUNT GROWTH SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 DECEMBER 31 --------- ------------------------------------------------------ 1996 1995 1994 1993 1992 --------- --------- --------- --------- --------- Accumulation unit value, beginning of period.... $ 41.47 $ 28.44 $ 31.30 $ 30.37 $ 29.95 Income from operations: Net investment income (loss)................ (.11) 3.89 .04 .46 1.09 Net realized and unrealized gain (loss) on investments................ 6.23 9.14 (2.90) .47 (.67) --------- --------- --------- --------- --------- Total income (loss) from operations....... 6.12 13.03 (2.86) .93 .42 --------- --------- --------- --------- --------- Accumulation unit value, end of period.......... $ 47.59 $ 41.47 $ 28.44 $ 31.30 $ 30.37 ========= ========= ========= ========= ========= Total return.................................... 14.75% 45.81% (9.13)% 3.06% 1.41% Ratios and supplemental data: Net assets at end of period (in thousands).... $ 319,766 $ 262,467 $ 161,490 $ 169,757 $ 146,053 Ratio of net investment income (loss) to average net assets**..................... (.50)% 11.05% .16% 1.56% 3.84% 1991 --------- Accumulation unit value, beginning of period.... $ 18.91 Income from operations: Net investment income (loss)................ 1.72 Net realized and unrealized gain (loss) on investments................ 9.32 --------- Total income (loss) from operations....... 11.04 --------- Accumulation unit value, end of period.......... $ 29.95 ========= Total return.................................... 58.37% Ratios and supplemental data: Net assets at end of period (in thousands).... $ 111,375 Ratio of net investment income (loss) to average net assets**..................... 7.14%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 7 9 WRL SERIES LIFE ACCOUNT SHORT-TO-INTERMEDIATE GOVERNMENT SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: Short-to-Intermediate Government Portfolio (142,188.718 shares; cost $1,457,073).......... $ 1,455,350 Accrued transfers from (to) depositor - net........ (8,713) ----------- Total assets................................... 1,446,637 ----------- LIABILITIES:......................................... 0 ----------- Total net assets............................... $ 1,446,637 =========== EQUITY ACCOUNTS: Policy Owners' equity: Short-to-Intermediate Government sub-account (125,915.056414 units; $11.488993 unit value).. $ 1,446,637 ----------- Total equity................................... $ 1,446,637 ===========
STATEMENT OF OPERATIONS
SIX MONTHS ENDED INVESTMENT INCOME: JUNE 30, 1996 Dividend income.................................. $ 23,433 Capital gain distributions....................... 0 --------- 23,433 EXPENSES: Mortality and expense risk charges............... 6,643 --------- Net investment income (loss)................... 16,790 --------- Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions........................ 14,142 Change in unrealized appreciation (depreciation)................................. (40,252) --------- Net gain (loss) on investments................. (26,110) --------- Net increase (decrease) in equity accounts resulting from operations.................. $ (9,320) =========
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
SIX MONTHS ENDED YEAR ENDED JUNE 30, 1996 DECEMBER 31, 1995 OPERATIONS: Net investment income (loss)..................................................... $ 16,790 $ 62,086 Net gain (loss) on investments................................................... (26,110) 68,387 ------------ ----------- Net increase (decrease) in equity accounts resulting from operations...................................................... (9,320) 130,473 ------------ ----------- EQUITY TRANSACTIONS: Proceeds from units sold (redeemed).............................................. 47,793 679,242 ------------ ----------- Less cost of units redeemed: Administrative charges......................................................... 84,958 141,954 Policy loans................................................................... 18,527 52,521 Surrender benefits............................................................. 6,336 41,967 Death benefits................................................................. 0 144 ------------ ----------- 109,821 236,586 ------------ ----------- Increase (decrease) in equity accounts from capital unit transactions.......... (62,028) 442,656 ------------ ----------- Net increase (decrease) in equity accounts..................................... (71,348) 573,129 EQUITY ACCOUNTS: Beginning of period.............................................................. 1,517,985 944,856 ------------ ----------- End of period.................................................................... $ 1,446,637 $ 1,517,985 ============ ===========
The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 8 10 WRL SERIES LIFE ACCOUNT SHORT-TO-INTERMEDIATE GOVERNMENT SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 DECEMBER 31 -------- ------------------------------------------------------- 1996 1995 1994 1993 1992+ -------- ------- ------- ------- ------- Accumulation unit value, beginning of period.... $ 11.55 $ 10.27 $ 10.40 $ 10.04 $ 10.00 Income from operations: Net investment income (loss)................ .13 .61 .40 .14 .01 Net realized and unrealized gain (loss) on investments................ (.19) .67 (.53) .22 .03 -------- ------- ------- ------- ------- Total income (loss) from operations....... (.06) 1.28 (.13) .36 .04 -------- ------- ------- ------- ------- Accumulation unit value, end of period.......... $ 11.49 $ 11.55 $ 10.27 $ 10.40 $ 10.04 ======== ======== ======== ======== ======== Total return.................................... (.56)% 12.53% (1.32)% 3.64% .38% Ratios and supplemental data: Net assets at end of period (in thousands).... $ 1,447 $ 1,518 $ 945 $ 1,408 $ 803 Ratio of net investment income (loss) to average net assets**..................... 2.24% 5.53% 4.06% 1.39% .16%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. + The inception date of this sub-account was December 3, 1992. The total return is not annualized. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 9 11 WRL SERIES LIFE ACCOUNT GLOBAL SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: Global Portfolio (3,385,054.315 shares; cost $50,894,174)...................... $ 63,114,178 Accrued transfers from (to) depositor - net........ 230,948 ------------- Total assets................................... 63,345,126 ------------- LIABILITIES:......................................... 0 ------------- Total net assets............................... $ 63,345,126 ============= EQUITY ACCOUNTS: Policy Owners' equity: Global sub-account (4,426,776.496416 units; $14.309538 unit value).................. $ 63,345,126 ------------- Total equity................................... $ 63,345,126 =============
STATEMENT OF OPERATIONS
SIX MONTHS ENDED INVESTMENT INCOME: JUNE 30, 1996 Dividend income.................................. $ 56,589 Capital gain distributions....................... 0 ----------- 56,589 EXPENSES: Mortality and expense risk charges............... 215,188 ----------- Net investment income (loss)................... (158,599) ----------- Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions........................ 173,700 Change in unrealized appreciation (depreciation)................................. 8,618,815 ----------- Net gain (loss) on investments................. 8,792,515 ----------- Net increase (decrease) in equity accounts resulting from operations.................. $ 8,633,916 ===========
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
SIX MONTHS ENDED YEAR ENDED JUNE 30, 1996 DECEMBER 31, 1995 OPERATIONS: Net investment income (loss)...................................................... $ (158,599) $ 1,187,745 Net gain (loss) on investments.................................................... 8,792,515 4,626,003 ------------ ------------- Net increase (decrease) in equity accounts resulting from operations....................................................... 8,633,916 5,813,748 ------------ ------------- EQUITY TRANSACTIONS: Proceeds from units sold (redeemed)............................................... 21,963,901 15,012,786 ------------ ------------- Less cost of units redeemed: Administrative charges.......................................................... 2,634,026 4,017,781 Policy loans.................................................................... 612,165 666,264 Surrender benefits.............................................................. 753,092 721,584 Death benefits.................................................................. 33,952 44,234 ------------ ------------- 4,033,235 5,449,863 ------------ ------------- Increase (decrease) in equity accounts from capital unit transactions..................................................... 17,930,666 9,562,923 ------------ ------------- Net increase (decrease) in equity accounts...................................... 26,564,582 15,376,671 Depositors' equity contribution (redemption)...................................... (268,153) 0 EQUITY ACCOUNTS: Beginning of period............................................................... 37,048,697 21,672,026 ------------ ------------- End of period..................................................................... $ 63,345,126 $ 37,048,697 ============ =============
The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 10 12 WRL SERIES LIFE ACCOUNT GLOBAL SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 DECEMBER 31 --------- ---------------------------- 1996 1995 1994+ --------- -------- ----------- Accumulation unit value, beginning of period.... $ 11.95 $ 9.80 $ 10.00 Income from operations: Net investment income (loss)................ (.04 ) .45 .71 Net realized and unrealized gain (loss) on investments................ 2.40 1.70 (.91) --------- -------- ----------- Total income (loss) from operations....... 2.36 2.15 (.20) --------- -------- ----------- Accumulation unit value, end of period.......... $ 14.31 $ 11.95 $ 9.80 ========= ========= ============= Total return.................................... 19.75 % 21.96% (2.02)% Ratios and supplemental data: Net assets at end of period (in thousands).... $ 63,345 $ 37,049 $ 21,672 Ratio of net investment income (loss) to average net assets**..................... (.65 )% 4.25% 7.39%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. + The inception date of this sub-account was March 1, 1994. The total return is not annualized. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 11 13 WRL SERIES LIFE ACCOUNT EQUITY-INCOME SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: Equity-Income Portfolio (3,438,341.648 shares; cost $40,169,631)...................... $ 46,976,019 Accrued transfers from (to) depositor - net........ (26,950) ------------- Total assets................................... 46,949,069 ------------- LIABILITIES:......................................... 0 ------------- Total net assets............................... $ 46,949,069 ============= EQUITY ACCOUNTS: Policy Owners' equity: Equity-Income sub-account (3,210,384.840602 units; $14.624125 unit value).................. $ 46,949,069 ------------- Total equity................................... $ 46,949,069 =============
STATEMENT OF OPERATIONS
SIX MONTHS ENDED INVESTMENT INCOME: JUNE 30, 1996 Dividend income................................... $ 309,811 Capital gain distributions........................ 0 ------------ 309,811 EXPENSES: Mortality and expense risk charges................ 193,347 ------------ Net investment income (loss).................... 116,464 ------------ Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions.................................... 198,647 Change in unrealized appreciation (depreciation).................................. 2,355,398 ------------ Net gain (loss) on investments.................. 2,554,045 ------------ Net increase (decrease) in equity accounts resulting from operations................... $ 2,670,509 ============
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
SIX MONTHS ENDED YEAR ENDED JUNE 30, 1996 DECEMBER 31, 1995 OPERATIONS: Net investment income (loss)...................................................... $ 116,464 $ 1,756,089 Net gain (loss) on investments.................................................... 2,554,045 4,992,475 ------------ ------------- Net increase (decrease) in equity accounts resulting from operations.............. 2,670,509 6,748,564 ------------ ------------- EQUITY TRANSACTIONS: Proceeds from units sold (redeemed)............................................... 7,909,160 14,236,727 ------------ ------------- Less cost of units redeemed: Administrative charges.......................................................... 2,087,494 3,380,854 Policy loans.................................................................... 525,522 657,750 Surrender benefits.............................................................. 582,519 918,863 Death benefits.................................................................. 83,340 28,153 ------------ ------------- 3,278,875 4,985,620 ------------ ------------- Increase (decrease) in equity accounts from capital unit transactions........... 4,630,285 9,251,107 ------------ ------------- Net increase (decrease) in equity accounts...................................... 7,300,794 15,999,671 EQUITY ACCOUNTS: Beginning of period............................................................... 39,648,275 23,648,604 ------------ ------------- End of period..................................................................... $ 46,949,069 $ 39,648,275 ============ =============
The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 12 14 WRL SERIES LIFE ACCOUNT EQUITY-INCOME SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 DECEMBER 31 --------- ------------------------------------------ 1996 1995 1994 1993+ --------- -------- -------- -------- Accumulation unit value, beginning of period.... $ 13.74 $ 11.12 $ 11.28 $ 10.00 Income from operations: Net investment income (loss) .04..... .68 .18 .19 Net realized and unrealized gain (loss) on investments................ .84 1.94 (.34) 1.09 --------- -------- -------- -------- Total income (loss) from operations....... .88 2.62 (.16) 1.28 --------- -------- -------- -------- Accumulation unit value, end of period.......... $ 14.62 $ 13.74 $ 11.12 $ 11.28 ========= ========= ========= ========= Total return.................................... 6.44 % 23.55% (1.42)% 12.81% Ratios and supplemental data: Net assets at end of period (in thousands).... $ 46,949 $ 39,648 $ 23,649 $ 13,343 Ratio of net investment income (loss) to average net assets**..................... .53 % 5.47% 1.93% 1.89%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. + The inception date of this sub-account was March 1, 1993. The total return is not annualized. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 13 15 WRL SERIES LIFE ACCOUNT EMERGING GROWTH SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: Emerging Growth Portfolio (4,831,873.583 shares; cost $65,476,854)........................... $ 92,691,597 Accrued transfers from (to) depositor - net............. 334,747 ------------ Total assets........................................ 93,026,344 ------------ LIABILITIES:.............................................. 0 ------------ Total net assets.................................... $ 93,026,344 ============ EQUITY ACCOUNTS: Policy Owners' equity: Emerging Growth sub-account (4,778,427.188807 units; $19.467984 unit value)....................... $ 93,026,344 ------------ Total equity........................................ $ 93,026,344 ============
STATEMENT OF OPERATIONS
SIX MONTHS ENDED INVESTMENT INCOME: JUNE 30, 1996 Dividend income................................... $ 0 Capital gain distributions........................ 0 ------------ 0 EXPENSES: Mortality and expense risk charges................ 349,546 ------------ Net investment income (loss).................... (349,546) ------------ Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions.................................... 621,251 Change in unrealized appreciation (depreciation).................................. 12,661,499 ------------ Net gain (loss) on investments.................. 13,282,750 ------------ Net increase (decrease) in equity accounts resulting from operations................... $ 12,933,204 ============
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
SIX MONTHS ENDED YEAR ENDED JUNE 30, 1996 DECEMBER 31, 1995 OPERATIONS: Net investment income (loss)...................................................... $ (349,546) $ 2,356,904 Net gain (loss) on investments.................................................... 13,282,750 16,180,870 ------------ ------------- Net increase (decrease) in equity accounts resulting from operations.............. 12,933,204 18,537,774 ------------ ------------- EQUITY TRANSACTIONS: Proceeds from units sold (redeemed)............................................... 18,256,910 21,556,186 ------------ ------------- Less cost of units redeemed: Administrative charges.......................................................... 3,902,917 5,846,452 Policy loans.................................................................... 935,073 1,387,434 Surrender benefits.............................................................. 1,209,977 1,602,690 Death benefits.................................................................. 20,756 38,971 ------------ ------------- 6,068,723 8,875,547 ------------ ------------- Increase (decrease) in equity accounts from capital unit transactions........... 12,188,187 12,680,639 ------------ ------------- Net increase (decrease) in equity accounts...................................... 25,121,391 31,218,413 EQUITY ACCOUNTS: Beginning of period............................................................... 67,904,953 36,686,540 ------------ ------------- End of period..................................................................... $ 93,026,344 $ 67,904,953 ============ =============
The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 14 16 WRL SERIES LIFE ACCOUNT EMERGING GROWTH SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 DECEMBER 31 -------- ------------------------------------------ 1996 1995 1994 1993+ -------- -------- -------- -------- Accumulation unit value, beginning of period.... $ 16.56 $ 11.38 $ 12.40 $ 10.00 Income from operations: Net investment income (loss)................ (.08) .65 (.09) (.09) Net realized and unrealized gain (loss) on investments................ 2.99 4.53 (.93) 2.49 -------- -------- -------- -------- Total income (loss) from operations....... 2.91 5.18 (1.02) 2.40 -------- -------- -------- -------- Accumulation unit value, end of period.......... $ 19.47 $ 16.56 $ 11.38 $ 12.40 ========= ========= ========= ========= Total return.................................... 17.57% 45.49% (8.18)% 23.96% Ratios and supplemental data: Net assets at end of period (in thousands).... $ 93,026 $ 67,905 $ 36,687 $ 18,620 Ratio of net investment income (loss) to average net assets**..................... (.88)% 4.66% (.86)% (.77)%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. + The inception date of this sub-account was March 1, 1993. The total return is not annualized. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 15 17 WRL SERIES LIFE ACCOUNT AGGRESSIVE GROWTH SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: Aggressive Growth Portfolio (3,181,289.571 shares; cost $40,488,302)......................... $ 44,572,500 Accrued transfers from (to) depositor - net........... 161,555 ------------ Total assets...................................... 44,734,055 ------------ LIABILITIES:............................................ 0 ------------ Total net assets.................................. $ 44,734,055 ============ EQUITY ACCOUNTS: Policy Owners' equity: Aggressive Growth sub-account (3,165,054.132847 units; $14.133741 unit value)..................... $ 44,734,055 ------------ Total equity...................................... $ 44,734,055 ============
STATEMENT OF OPERATIONS
SIX MONTHS ENDED INVESTMENT INCOME: JUNE 30, 1996 Dividend income..................................... $ 0 Capital gain distributions.......................... 0 ------------ 0 EXPENSES: Mortality and expense risk charges.................. 176,347 ------------ Net investment income (loss)...................... (176,347) ------------ Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions...................................... 981,033 Change in unrealized appreciation (depreciation).................................... 1,066,974 ------------ Net gain (loss) on investments.................... 2,048,007 ------------ Net increase (decrease) in equity accounts resulting from operations..................... $ 1,871,660 ============
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
SIX MONTHS ENDED YEAR ENDED JUNE 30, 1996 DECEMBER 31, 1995 OPERATIONS: Net investment income (loss)...................................................... $ (176,347) $ 663,994 Net gain (loss) on investments.................................................... 2,048,007 4,424,350 ------------ ------------- Net increase (decrease) in equity accounts resulting from operations.............. 1,871,660 5,088,344 ------------ ------------- EQUITY TRANSACTIONS: Proceeds from units sold (redeemed)............................................... 13,932,534 23,169,917 ------------ ------------- Less cost of units redeemed: Administrative charges.......................................................... 2,742,009 2,568,298 Policy loans.................................................................... 421,765 627,821 Surrender benefits.............................................................. 807,116 712,307 Death benefits.................................................................. 3,218 80,922 ------------ ------------- 3,974,108 3,989,348 ------------ ------------- Increase (decrease) in equity accounts from capital unit transactions........... 9,958,426 19,180,569 ------------ ------------- Net increase (decrease) in equity accounts...................................... 11,830,086 24,268,913 Depositors' equity contribution (redemption)...................................... 0 (274,290) EQUITY ACCOUNTS: Beginning of period............................................................... 32,903,969 8,909,346 ------------ ------------- End of period..................................................................... $ 44,734,055 $ 32,903,969 ============ =============
The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 16 18 WRL SERIES LIFE ACCOUNT AGGRESSIVE GROWTH SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 DECEMBER 31 -------- ------------------------ 1996 1995 1994+ -------- -------- ------- Accumulation unit value, beginning of period.......... $ 13.43 $ 9.82 $ 10.00 Income from operations: Net investment income (loss)...................... (.06) .37 (.06) Net realized and unrealized gain (loss) on investments...................... .76 3.24 (.12) -------- -------- ------- Total income (loss) from operations............. .70 3.61 (.18) -------- -------- ------- Accumulation unit value, end of period................ $ 14.13 $ 13.43 $ 9.82 ========= ========= ======== Total return.......................................... 5.27% 36.79% (1.85)% Ratios and supplemental data: Net assets at end of period (in thousands).......... $ 44,734 $ 32,904 $ 8,909 Ratio of net investment income (loss) to average net assets**........................... (.88)% 2.93% (.60)%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. + The inception date of this sub-account was March 1, 1994. The total return is not annualized. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 17 19 WRL SERIES LIFE ACCOUNT BALANCED SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: Balanced Portfolio (451,225.876 shares; cost $4,534,788).................................... $ 4,927,949 Accrued transfers from (to) depositor - net............. 20,376 ----------- Total assets........................................ 4,948,325 ----------- LIABILITIES:.............................................. 0 ----------- Total net assets.................................... $ 4,948,325 =========== EQUITY ACCOUNTS: Policy Owners' equity: Balanced sub-account (432,240.015022 units; $11.448095 unit value).............................. $ 4,948,325 ----------- Total equity........................................ $ 4,948,325 ===========
STATEMENT OF OPERATIONS
SIX MONTHS ENDED INVESTMENT INCOME: JUNE 30, 1996 Dividend income................................... $ 31,143 Capital gain distributions........................ 0 ---------- 31,143 EXPENSES: Mortality and expense risk charges................ 19,764 ---------- Net investment income (loss).................... 11,379 ---------- Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions.................................... 40,303 Change in unrealized appreciation (depreciation).. 80,561 ---------- Net gain (loss) on investments.................. 120,864 ---------- Net increase (decrease) in equity accounts resulting from operations................... $ 132,243 ==========
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
SIX MONTHS ENDED YEAR ENDED JUNE 30, 1996 DECEMBER 31, 1995 OPERATIONS: Net investment income (loss)...................................................... $ 11,379 $ 102,635 Net gain (loss) on investments.................................................... 120,864 401,549 ------------ ----------- Net increase (decrease) in equity accounts resulting from operations.............. 132,243 504,184 ------------ ----------- EQUITY TRANSACTIONS: Proceeds from units sold (redeemed)............................................... 1,568,208 1,545,514 ------------ ----------- Less cost of units redeemed: Administrative charges.......................................................... 252,952 327,290 Policy loans.................................................................... 34,142 29,025 Surrender benefits.............................................................. 37,222 27,726 Death benefits.................................................................. 3,029 14,811 ------------ ----------- 327,345 398,852 ------------ ----------- Increase (decrease) in equity accounts from capital unit transactions........... 1,240,863 1,146,662 ------------ ----------- Net increase (decrease) in equity accounts...................................... 1,373,106 1,650,846 Depositors' equity contribution (redemption)...................................... (220,175) 0 EQUITY ACCOUNTS: Beginning of period............................................................... 3,795,394 2,144,548 ------------ ----------- End of period..................................................................... $ 4,948,325 $ 3,795,394 ============ ===========
The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 18 20 WRL SERIES LIFE ACCOUNT BALANCED SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 DECEMBER 31 ------- ----------------------- 1996 1995 1994+ ------- ------- ------- Accumulation unit value, beginning of period.......... $11.13 $ 9.37 $ 10.00 Income from operations: Net investment income (loss)...................... .03 .37 .22 Net realized and unrealized gain (loss) on investments...................... .29 1.39 (.85) ------- ------- ------- Total income (loss) from operations............. .32 1.76 (.63) ------- ------- ------- Accumulation unit value, end of period................ $11.45 $ 11.13 $ 9.37 ======== ======== ======== Total return.......................................... 2.90 % 18.73% (6.29)% Ratios and supplemental data: Net assets at end of period (in thousands).......... $4,948 $ 3,795 $ 2,145 Ratio of net investment income (loss) to average net assets**........................... .51 % 3.59% 2.55%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. + The inception date of this sub-account was March 1, 1994. The total return is not annualized. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 19 21 WRL SERIES LIFE ACCOUNT UTILITY SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: Utility Portfolio (331,481.107 shares; cost $3,542,652).................................... $ 3,826,996 Accrued transfers from (to) depositor - net............. 525 ----------- Total assets........................................ 3,827,521 ----------- LIABILITIES:.............................................. 0 ----------- Total net assets.................................... $ 3,827,521 =========== EQUITY ACCOUNTS: Policy Owners' equity: Utility sub-account (312,538.027823 units; $12.246576 unit value).............................. $ 3,827,521 ----------- Total equity........................................ $ 3,827,521 ===========
STATEMENT OF OPERATIONS
SIX MONTHS ENDED INVESTMENT INCOME: JUNE 30, 1996 Dividend income................................. $ 24,420 Capital gain distributions...................... 0 ---------- 24,420 EXPENSES: Mortality and expense risk charges.............. 14,890 ---------- Net investment income (loss).................. 9,530 ---------- Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions....................... 77,773 Change in unrealized appreciation (depreciation)................................ 39,381 ---------- Net gain (loss) on investments................ 117,154 ---------- Net increase (decrease) in equity accounts resulting from operations................. $ 126,684 ==========
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
SIX MONTHS ENDED YEAR ENDED JUNE 30, 1996 DECEMBER 31, 1995 OPERATIONS: Net investment income (loss)..................................................... $ 9,530 $ 88,634 Net gain (loss) on investments................................................... 117,154 336,528 ----------- ----------- Net increase (decrease) in equity accounts resulting from operations............. 126,684 425,162 ----------- ----------- EQUITY TRANSACTIONS: Proceeds from units sold (redeemed).............................................. 1,567,265 1,368,262 ----------- ----------- Less cost of units redeemed: Administrative charges......................................................... 184,588 221,419 Policy loans................................................................... 34,912 26,862 Surrender benefits............................................................. 43,877 126,576 Death benefits................................................................. 1,489 2,896 ----------- ----------- 264,866 377,753 ----------- ----------- Increase (decrease) in equity accounts from capital unit transactions.......... 1,302,399 990,509 ----------- ----------- Net increase (decrease) in equity accounts..................................... 1,429,083 1,415,671 Depositors' equity contribution (redemption)..................................... (232,644) 0 EQUITY ACCOUNTS: Beginning of period.............................................................. 2,631,082 1,215,411 ----------- ----------- End of period.................................................................... $ 3,827,521 $ 2,631,082 =========== ===========
The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 20 22 WRL SERIES LIFE ACCOUNT UTILITY SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 DECEMBER 31 ------- ----------------------- 1996 1995 1994+ ------- ------- ------- Accumulation unit value, beginning of period.......... $11.77 $ 9.49 $ 10.00 Income from operations: Net investment income (loss)...................... .04 .49 .29 Net realized and unrealized gain (loss) on investment....................... .44 1.79 (.80) ------- ------- ------- Total income (loss) from operations............. .48 2.28 (.51) ------- ------- ------- Accumulation unit value, end of period................ $12.25 $ 11.77 $ 9.49 ======== ======== ======== Total return.......................................... 4.01 % 24.14% (5.15)% Ratios and supplemental data: Net assets at end of period (in thousands).......... $3,828 $ 2,631 $ 1,215 Ratio of net investment income (loss) to average net assets**........................... .57 % 4.57% 3.09%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. + The inception date for this sub-account was March 1, 1994. The total return is not annualized. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 21 23 WRL SERIES LIFE ACCOUNT TACTICAL ASSET ALLOCATION SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: Tactical Asset Allocation Portfolio (1,149,267.304 shares; cost $12,874,402)........................... $ 13,768,609 Accrued transfers from (to) depositor - net............. 32,871 ------------ Total assets........................................ 13,801,480 ------------ LIABILITIES:.............................................. 0 ------------ Total net assets.................................... $ 13,801,480 ============ EQUITY ACCOUNTS: Policy Owners' equity: Tactical Asset Allocation sub-account (1,111,174.151903 units; $12.420627 unit value)..... $ 13,801,480 ------------ Total equity........................................ $ 13,801,480 ============
STATEMENT OF OPERATIONS
SIX MONTHS ENDED INVESTMENT INCOME: JUNE 30, 1996 Dividend income................................... $ 73,812 Capital gain distributions........................ 0 ---------- 73,812 EXPENSES: Mortality and expense risk charges................ 54,382 ---------- Net investment income (loss).................... 19,430 ---------- Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions.................................... 169,581 Change in unrealized appreciation (depreciation).. 278,487 ---------- Net gain (loss) on investments.................. 448,068 ---------- Net increase (decrease) in equity accounts resulting from operations................... $ 467,498 ==========
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
SIX MONTHS ENDED PERIOD ENDED JUNE 30, 1996 DECEMBER 31, 1995* OPERATIONS: Net investment income (loss)..................................................... $ 19,430 $ 314,171 Net gain (loss) on investments................................................... 448,068 733,874 ------------ ------------ Net increase (decrease) in equity accounts resulting from operations............. 467,498 1,048,045 ------------ ------------ EQUITY TRANSACTIONS: Proceeds from units sold (redeemed).............................................. 5,154,770 9,081,189 ------------ ------------ Less cost of units redeemed: Administrative charges......................................................... 460,689 434,848 Policy loans................................................................... 171,291 145,685 Surrender benefits............................................................. 634,621 70,630 Death benefits................................................................. 44 22,440 ------------ ------------ 1,266,645 673,603 ------------ ------------ Increase (decrease) in equity accounts from capital unit transactions.......... 3,888,125 8,407,586 ------------ ------------ Net increase (decrease) in equity accounts..................................... 4,355,623 9,455,631 Depositors' equity contribution (redemption)..................................... 0 (9,774) EQUITY ACCOUNTS: Beginning of period.............................................................. 9,445,857 0 ------------ ------------ End of period.................................................................... $ 13,801,480 $ 9,445,857 ============ ============
* The inception of this sub-account was January 3, 1995. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 22 24 WRL SERIES LIFE ACCOUNT TACTICAL ASSET ALLOCATION SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 DECEMBER 31 -------- ----------- 1996 1995+ -------- ----------- Accumulation unit value, beginning of period................. $ 11.90 $ 10.00 Income from operations: Net investment income (loss)............................. .02 .61 Net realized and unrealized gain (loss) on investments............................. .50 1.29 -------- ----------- Total income (loss) from operations.................... .52 1.90 -------- ----------- Accumulation unit value, end of period....................... $ 12.42 $ 11.90 ========= ============= Total return................................................. 4.35% 19.03% Ratios and supplemental data: Net assets at end of period (in thousands)................. $ 13,801 $ 9,446 Ratio of net investment income (loss) to average net assets**.................................. .32% 5.47%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. + The inception date of this sub-account was January 3, 1995. The total return is not annualized. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 23 25 WRL SERIES LIFE ACCOUNT C.A.S.E. GROWTH SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: C.A.S.E. Growth Portfolio (47,162.079 shares; cost $ 597,303)........................... $ 587,013 Accrued transfers from (to) depositor - net... 71,110 ------------- Total assets.............................. 658,123 ------------- LIABILITIES:.................................... 0 ------------- Total net assets.......................... $ 658,123 ============== EQUITY ACCOUNTS: Policy Owners' equity: C.A.S.E. Growth sub-account (64,197.404527 units; $ 9.867294 unit value).................... $ 633,455 Depositors' equity: C.A.S.E. Growth sub-account (2,500.000000 units; $ 9.867294 unit value).................... 24,668 ------------- Total equity.............................. $ 658,123 ==============
STATEMENT OF OPERATIONS
PERIOD ENDED INVESTMENT INCOME: JUNE 30, 1996* Dividend income............................ $ 0 Capital gain distributions................. 0 -------------- 0 EXPENSES: Mortality and expense risk charges......... 534 -------------- Net investment income (loss)............. (534) -------------- Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions............................. 0 Change in unrealized appreciation (depreciation)........................... (10,289) -------------- Net gain (loss) on investments........... (10,289) -------------- Net increase (decrease) in equity accounts resulting from operations... $ (10,823) ===============
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
PERIOD ENDED JUNE 30, 1996* OPERATIONS: Net investment income (loss)................................................................................... $ (534) Net gain (loss) on investments................................................................................. (10,289) -------------- Net increase (decrease) in equity accounts resulting from operations.................................................................................... (10,823) -------------- EQUITY TRANSACTIONS: Proceeds from units sold (redeemed)............................................................................ 651,204 -------------- Less cost of units redeemed: Administrative charges....................................................................................... 5,456 Policy loans................................................................................................. 1,802 Surrender benefits........................................................................................... 0 Death benefits............................................................................................... 0 -------------- 7,258 -------------- Increase (decrease) in equity accounts from capital unit transactions.................................................................................. 643,946 -------------- Net increase (decrease) in equity accounts................................................................... 633,123 Depositors' equity contribution (redemption)................................................................... 25,000 EQUITY ACCOUNTS: Beginning of period............................................................................................ 0 -------------- End of period.................................................................................................. $ 658,123 ===============
* The inception of this sub-account was May 1, 1996. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 24 26 WRL SERIES LIFE ACCOUNT C.A.S.E. GROWTH SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 ------- 1996+ ------- Accumulation unit value, beginning of period................. $10.00 Income from operations: Net investment income (loss)............................. (.01) Net realized and unrealized gain (loss) on investments............................. (.12) ------- Total income (loss) from operations.................... (.13) ------- Accumulation unit value, end of period....................... $ 9.87 ======= Total return................................................. (1.33)% Ratios and supplemental data: Net assets at end of period (in thousands)................. $ 658 Ratio of net investment income (loss) to average net assets**.................................. (.50)%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. + The inception date of this sub-account was May 1, 1996. The total return is not annualized. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 25 27 WRL SERIES LIFE ACCOUNT VALUE EQUITY SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- STATEMENT OF ASSETS, LIABILITIES AND EQUITY ACCOUNTS
ASSETS: JUNE 30, 1996 Investments, at net asset value: WRL Series Fund, Inc.: Value Equity Portfolio (32,128.154 shares; cost $ 321,510)........................... $ 323,752 Accrued transfers from (to) depositor - net... (9,638) ------------- Total assets.............................. 314,114 ------------- LIABILITIES:.................................... 0 ------------- Total net assets.......................... $ 314,114 ============== EQUITY ACCOUNTS: Policy Owners' equity: Value Equity sub-account (11,216.866822 units; $ 10.062305 unit value)................... $ 112,868 Depositors' equity: Value Equity sub-account (20,000.00000 units; $ 10.062305 unit value)................... 201,246 ------------- Total equity.............................. $ 314,114 ==============
STATEMENT OF OPERATIONS
PERIOD ENDED INVESTMENT INCOME: JUNE 30, 1996* Dividend income............................ $ 0 Capital gain distributions................. 0 -------------- 0 EXPENSES: Mortality and expense risk charges......... 359 -------------- Net investment income (loss)............. (359) -------------- Net realized and unrealized gain (loss) on investments: Net realized gain (loss) from securities transactions............................. 0 Change in unrealized appreciation (depreciation)........................... 2,242 -------------- Net gain (loss) on investments........... 2,242 -------------- Net increase (decrease) in equity accounts resulting from operations... $ 1,883 ===============
STATEMENT OF CHANGES IN EQUITY ACCOUNTS
PERIOD ENDED JUNE 30, 1996* OPERATIONS: Net investment income (loss)................................................................................... $ (359) Net gain (loss) on investments................................................................................. 2,242 -------------- Net increase (decrease) in equity accounts resulting from operations.................................................................................... 1,883 -------------- EQUITY TRANSACTIONS: Proceeds from units sold (redeemed)............................................................................ 112,564 -------------- Less cost of units redeemed: Administrative charges....................................................................................... 333 Policy loans................................................................................................. 0 Surrender benefits........................................................................................... 0 Death benefits............................................................................................... 0 -------------- 333 -------------- Increase (decrease) in equity accounts from capital unit transactions.................................................................................. 112,231 -------------- Net increase (decrease) in equity accounts................................................................... 114,114 Depositors' equity contribution (redemption)................................................................... 200,000 EQUITY ACCOUNTS: Beginning of period............................................................................................ 0 -------------- End of period.................................................................................................. $ 314,114 ===============
* The inception of this sub-account was May 1, 1996. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 26 28 WRL SERIES LIFE ACCOUNT VALUE EQUITY SUB-ACCOUNT (UNAUDITED) - -------------------------------------------------------------------------------- SELECTED PER UNIT DATA AND RATIOS* FOR THE PERIOD ENDED
JUNE 30 ------- 1996+ ------- Accumulation unit value, beginning of period................. $10.00 Income from operations: Net investment income (loss)............................. .00 Net realized and unrealized gain (loss) on investments............................. .06 ------- Total income (loss) from operations.................... .06 ------- Accumulation unit value, end of period....................... $10.06 ======== Total return................................................. .62 % Ratios and supplemental data: Net assets at end of period (in thousands)................. $ 314 Ratio of net investment income (loss) to average net assets**.................................. (.84)%
* The above table illustrates the change for a unit outstanding computed using average units outstanding throughout each period. ** This ratio is annualized for the period ended June 30, 1996. + The inception date of this sub-account was May 1, 1996. The total return is not annualized. The notes to the financial statements are an integral part of this report. - -------------------------------------------------------------------------------- 27 29 WRL SERIES LIFE ACCOUNT NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - -------------------------------------------------------------------------------- JUNE 30, 1996 NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The WRL Series Life Account (the "Life Account") was established as a variable life insurance separate account of Western Reserve Life Assurance Co. of Ohio ("WRL") and is registered as a unit investment trust ("Trust") under the Investment Company Act of 1940, as amended. The Life Account contains thirteen investment options referred to as sub-accounts. Each sub-account invests in the corresponding portfolio of the WRL Series Fund, Inc. (the "Fund"), a registered management investment company under the Investment Company Act of 1940, as amended. These portfolios and their respective investment management organizations are as follows:
PORTFOLIO INVESTMENT MANAGER --------- ------------------------ Money Market J.P. Morgan Investment Management Inc. Bond Janus Capital Corporation ("JCC") Growth JCC Short-to-Intermediate AEGON USA Investment Government Management, Inc. ("AEGON Management") Global JCC Equity-Income Luther King Capital Management Corporation Emerging Growth Van Kampen American Capital Asset Management, Inc. Aggressive Growth Fred Alger Management, Inc. Balanced AEGON Management Utility Federated Investment Counseling Tactical Asset Dean Investment Associates Allocation C.A.S.E. Growth C.A.S.E. Management, Inc. Value Equity NWQ Investment Management Company, Inc.
WRL and AEGON Management are indirectly wholly-owned subsidiaries of AEGON USA, Inc., which is an indirect wholly-owned subsidiary of AEGON nv, a Netherlands corporation. On May 1, 1996 WRL made an initial contribution to the Life Account. The amount of the contribution and units received from the corresponding sub-accounts are as follows:
SUB-ACCOUNT CONTRIBUTION UNITS --------------- ------------ ------ C.A.S.E. Growth $ 25,000 2,500.000000 Value Equity 200,000 20,000.000000
The Life Account holds assets to support the benefits under flexible premium variable universal life insurance policies (the "Policies") issued by WRL, which issued the first of such Policies on October 3, 1986. The Life Account's equity transactions are accounted for using the appropriate effective date at the corresponding accumulation unit value. The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The following significant accounting policies, which are in conformity with generally accepted accounting principles for unit investment trusts, have been consistently used in preparation of the Trust's financial statements. A. VALUATION OF INVESTMENTS The investments in the Fund's shares are stated at the closing net asset value ("NAV") per share as determined by the Fund on June 30, 1996. Investment transactions are accounted for on the trade date, using the Fund NAV next determined after receipt of sale or redemption order without sales charges. Dividend income and capital gain distributions are recorded on the ex-dividend date. The cost of investments sold is determined on a first-in, first-out basis. B. FEDERAL INCOME TAXES The operations of the Life Account are a part of and are taxed with the total operations of WRL, which is taxed as a life insurance company under the Internal Revenue Code. Under current law, the investment income of the Life Account, including realized and unrealized capital gains, is not taxable to WRL. Accordingly, no provision for Federal income taxes has been made. - -------------------------------------------------------------------------------- 28 30 WRL SERIES LIFE ACCOUNT NOTES TO FINANCIAL STATEMENTS (CONTINUED) (UNAUDITED) - -------------------------------------------------------------------------------- NOTE 2 - CHARGES AND DEDUCTIONS Charges are assessed by WRL in connection with issuance and administration of the Policies. A. POLICY CHARGES Under some forms of the Policies, sales and other administrative charges are deducted by WRL prior to allocation of policyowner payments to the sub-accounts. Thereafter, monthly administrative charges are deducted from the sub-accounts, some of which continue only during the first policy year. Contingent surrender charges may also apply. Under the other forms of the Policies, such "front-end" and other administrative charges are not deducted prior to allocation of the initial premium payment but may reside as contingent surrender charges. Under all forms of the Policy, monthly charges against policy cash values are made to compensate WRL for costs of insurance provided. B. LIFE ACCOUNT CHARGES A daily charge equal to an annual rate of 0.90% of average daily net assets of the Life Account is assessed to compensate WRL for assumption of mortality and expense risks in connection with issuance and administration of the Policies. This charge (not assessed at the individual policy level) effectively reduces the value of a unit outstanding during the year. NOTE 3 - DIVIDENDS AND DISTRIBUTIONS Dividends of the Fund's Money Market Portfolio are declared daily and reinvested monthly. Dividends of the remaining portfolios are declared and reinvested semiannually, while capital gain distributions are declared and reinvested annually. Dividends and distributions of the Fund are generally paid to and reinvested by the Life Account the next business day after declaration. NOTE 4 - OTHER MATTERS As of June 30, 1996 the equity accounts include net unrealized appreciation (depreciation) on investments as follows: SUB-ACCOUNT - --------------- Money Market........................... $ n/a Bond................................... (540,606) Growth................................. 97,945,666 Short-to-Intermediate Government....... (1,723) Global................................. 12,220,004 Equity-Income.......................... 6,806,388 Emerging Growth........................ 27,214,743 Aggressive Growth...................... 4,084,198 Balanced............................... 393,161 Utility................................ 284,344 Tactical Asset Allocation.............. 894,207 C.A.S.E. Growth........................ (10,290) Value Equity........................... 2,242
- -------------------------------------------------------------------------------- 29 31 This page is intentionally left blank. 32 This page is intentionally left blank. 33 This page is intentionally left blank. 34 - -------------------------------------------------------------------------------- W R L S E R I E S L I F E A C C O U N T - -------------------------------------------------------------------------------- OFFICE OF THE WRL SERIES LIFE ACCOUNT 201 Highland Avenue Largo, FL 33770-2597 1-800-851-9777 Ext. 6510 --------------------------------------------- DISTRIBUTOR: InterSecurities, Inc. 201 Highland Avenue Largo, FL 33770-2597 --------------------------------------------- INSURER: Western Reserve Life Assurance Co. of Ohio 201 Highland Avenue Largo, FL 33770-2597 --------------------------------------------- INDEPENDENT ACCOUNTANTS: Price Waterhouse LLP 1055 Broadway Kansas City, MO 64105 35 THIS MATERIAL IS FOR POLICYHOLDER'S REPORTING PURPOSES ONLY AND SHALL NOT BE USED IN CONNECTION WITH A SOLICITATION, OFFER OR ANY PROPOSED SALE OR PURCHASE OF SECURITIES. THIS MATERIAL MUST BE PRECEDED OR ACCOMPANIED BY A PROSPECTUS. WRL Logo - -------------------------------------------------------------------------------- Western Reserve Life Assurance Co. of Ohio Distributor: InterSecurities, Inc. 201 Highland Avenue - Largo, FL 33770-2597 August 1996 ACC00003-S (8/96) -----END PRIVACY-ENHANCED MESSAGE-----