-----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, J5Ui2HLWisFDVbNKfD+ZJcvx8We4PfXPB+3rD45JG5j0u+f9eGYsivGHnA0zqA7P rtiLvNCm7/CYtoHElvWDLw== 0001016843-98-000485.txt : 19980827 0001016843-98-000485.hdr.sgml : 19980827 ACCESSION NUMBER: 0001016843-98-000485 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19980630 FILED AS OF DATE: 19980826 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: SEC FILE NUMBER: 811-04420 FILM NUMBER: 98697668 BUSINESS ADDRESS: STREET 1: 201 HIGHLAND AVE CITY: LARGO STATE: FL ZIP: 34640 BUSINESS PHONE: 813-587-18 MAIL ADDRESS: STREET 1: 201 HIGHLAND AVENUE CITY: LARGO STATE: FL ZIP: 33770 N-30D 1 WRL Series Life Account Semi-Annual Report June 30,1998 Westerm Reserve Life Assurance Co. of Ohio August 1998 ACC00003 (8/98) TABLE OF CONTENTS WRL SERIES LIFE ACCOUNT Page Statement of Assets and Liabilities........................ 1 Statement of Operations.................................... 4 Statement of Changes in Net Assets......................... 7 Selected Per Unit Data and Ratios.......................... 10 Notes to Financial Statements.............................. 16 WRL SERIES LIFE ACCOUNT STATEMENT OF ASSETS AND LIABILITIES At June 30, 1998 All amounts (except unit value) in thousands (unaudited) ----------------------------------
MONEY MARKET BOND GROWTH SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT --------------- ------------- -------------- ASSETS: Investment in WRL Series Fund, Inc.: Shares ............................................. 20,276 1,867 12,676 =========== =========== ======== Cost ............................................... $ 20,276 $ 20,873 $ 385,566 =========== =========== =========== Investment, at net asset value ...................... $ 20,276 $ 21,598 $ 629,006 Transfers receivable from depositor ................. 216 0 615 ----------- ----------- ----------- Total assets ....................................... 20,492 21,598 629,621 ----------- ----------- ----------- LIABILITIES: Accrued expenses. ................................... 1 1 16 Transfers payable to depositor ...................... 0 418 0 ----------- ----------- ----------- Total liabilities .................................. 1 419 16 ----------- ----------- ----------- Net assets ......................................... $ 20,491 $ 21,179 $ 629,605 =========== =========== =========== NET ASSETS: Policy Owners' equity: Units .............................................. 1,243.6 968.5 8,230.8 =========== =========== =========== Unit value ......................................... $ 16.48 $ 21.87 $ 76.49 =========== =========== =========== Policy Owners' equity .............................. $ 20,491 $ 21,179 $ 629,605 ----------- ----------- ----------- Depositor's equity: Units .............................................. N/A N/A N/A =========== =========== =========== Unit value ......................................... $ N/A $ N/A $ N/A =========== =========== =========== Depositor's equity ................................. $ N/A $ N/A $ N/A ----------- ----------- ----------- Net assets applicable to outstanding units ......... $ 20,491 $ 21,179 $ 629,605 =========== =========== ===========
STRATEGIC EMERGING GLOBAL TOTAL RETURN GROWTH SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- -------------- -------------- ASSETS: Investment in WRL Series Fund, Inc.: Shares ............................................. 8,512 5,619 8,687 =========== ========== ======= Cost ............................................... $ 157,892 $ 74,663 $ 148,852 =========== ========== =========== Investment, at net asset value ...................... $ 207,745 $ 92,699 $ 216,314 Transfers receivable from depositor ................. 0 21 55 ----------- ---------- ----------- Total assets ....................................... 207,745 92,720 216,369 ----------- ---------- ----------- LIABILITIES: Accrued expenses .................................... 5 2 5 Transfers payable to depositor ...................... 1 0 0 ----------- ---------- ----------- Total liabilities .................................. 6 2 5 ----------- ---------- ----------- Net assets ......................................... $ 207,739 $ 92,718 $ 216,364 =========== ========== =========== NET ASSETS: Policy Owners' equity: Units .............................................. 9,091.9 4,619.9 7,555.8 =========== ========== =========== Unit value ......................................... $ 22.85 $ 20.07 $ 28.64 =========== ========== =========== Policy Owners' equity .............................. $ 207,739 $ 92,718 $ 216,364 ----------- ---------- ----------- Depositor's equity: Units .............................................. N/A N/A N/A =========== ========== =========== Unit value ......................................... $ N/A $ N/A $ N/A =========== ========== =========== Depositor's equity ................................. $ N/A $ N/A $ N/A ----------- ---------- ----------- Net assets applicable to outstanding units ......... $ 207,739 $ 92,718 $ 216,364 =========== ========== ===========
The notes to the financial statements are an integral part of this report. 1 9 9 8 S e m i - A n n u a l R e p o r t 1 WRL SERIES LIFE ACCOUNT STATEMENT OF ASSETS AND LIABILITIES At June 30, 1998 All amounts (except unit value) in thousands (unaudited) ----------------------------------
AGGRESSIVE GROWTH BALANCED GROWTH & INCOME SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------------- ------------- ----------------- ASSETS: Investment in WRL Series Fund, Inc.: Shares ............................................. 6,766 1,044 1,108 =========== ========== ========== Cost ............................................... $ 101,986 $ 12,063 $ 13,720 =========== ========== ========== Investment, at net asset value ...................... $ 135,581 $ 13,003 $ 13,775 Transfers receivable from depositor ................. 89 8 13 ----------- ---------- ---------- Total assets ....................................... 135,670 13,011 13,788 ----------- ---------- ---------- LIABILITIES: Accrued expenses .................................... 3 0 0 Transfers payable to depositor ...................... 0 0 0 ----------- ---------- ---------- Total liabilities .................................. 3 0 0 ----------- ---------- ---------- Net assets ......................................... $ 135,667 $ 13,011 $ 13,788 =========== ========== ========== NET ASSETS: Policy Owners' equity: Units .............................................. 5,911.5 885.4 850.0 =========== ========== ========== Unit value ......................................... $ 22.95 $ 14.70 $ 16.22 =========== ========== ========== Policy Owners' equity .............................. $ 135,667 $ 13,011 $ 13,788 ----------- ---------- ---------- Depositor's equity: Units .............................................. N/A N/A N/A =========== ========== ========== Unit value ......................................... $ N/A $ N/A $ N/A =========== ========== ========== Depositor's equity ................................. $ N/A $ N/A $ N/A ----------- ---------- ---------- Net assets applicable to outstanding units ......... $ 135,667 $ 13,011 $ 13,788 =========== ========== ==========
TACTICAL ASSET ALLOCATION C.A.S.E. GROWTH VALUE EQUITY SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT --------------- ----------------- ------------- ASSETS: Investment in WRL Series Fund, Inc.: Shares ............................................. 2,550 1,080 2,332 ========== ========== ========== Cost ............................................... $ 32,629 $ 15,659 $ 30,100 ========== ========== ========== Investment, at net asset value ...................... $ 36,303 $ 15,297 $ 34,340 Transfers receivable from depositor ................. 9 28 1 ---------- ---------- ---------- Total assets ....................................... 36,312 15,325 34,341 ---------- ---------- ---------- LIABILITIES: Accrued expenses .................................... 1 0 1 Transfers payable to depositor ...................... 0 0 0 ---------- ---------- ---------- Total liabilities .................................. 1 0 1 ---------- ---------- ---------- Net assets ......................................... $ 36,311 $ 15,325 $ 34,340 ========== ========== ========== NET ASSETS: Policy Owners' equity: Units .............................................. 2,182.7 1,196.0 2,329.9 ========== ========== ========== Unit value ......................................... $ 16.64 $ 12.81 $ 14.74 ========== ========== ========== Policy Owners' equity .............................. $ 36,311 $ 15,325 $ 34,340 ---------- ---------- ---------- Depositor's equity: Units .............................................. N/A N/A N/A ========== ========== ========== Unit value ......................................... $ N/A $ N/A $ N/A ========== ========== ========== Depositor's equity ................................. $ N/A $ N/A $ N/A ---------- ---------- ---------- Net assets applicable to outstanding units ......... $ 36,311 $ 15,325 $ 34,340 ========== ========== ==========
The notes to the financial statements are an integral part of this report. 2 W R L S e r i e s L i f e A c c o u n t WRL SERIES LIFE ACCOUNT STATEMENT OF ASSETS AND LIABILITIES At June 30, 1998 All amounts (except unit value) in thousands (unaudited) ----------------------------------
INTERNATIONAL U.S. THIRD AVENUE EQUITY EQUITY VALUE SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT (a) --------------- ------------ ---------------- ASSETS: Investment in WRL Series Fund, Inc.: Shares ............................................. 374 594 224 ========= ========= ========= Cost ............................................... $ 4,443 $ 7,770 $ 2,276 ========= ========= ========= Investment, at net asset value ...................... $ 4,714 $ 8,229 $ 2,144 Transfers receivable from depositor ................. 18 31 1 --------- --------- --------- Total assets ....................................... 4,732 8,260 2,145 --------- --------- --------- LIABILITIES: Accrued expenses .................................... 0 0 0 Transfers payable to depositor ...................... 0 0 0 --------- --------- --------- Total liabilities .................................. 0 0 0 --------- --------- --------- Net assets ......................................... $ 4,732 $ 8,260 $ 2,145 ========= ========= ========= NET ASSETS: Policy Owners' equity: Units .............................................. 378.7 576.4 204.7 ========= ========= ========= Unit value ......................................... $ 12.49 $ 14.33 $ 9.55 ========= ========= ========= Policy Owners' equity .............................. $ 4,732 $ 8,260 $ 1,954 --------- --------- --------- Depositor's equity: Units .............................................. N/A N/A 20.0 ========= ========= ========= Unit value ......................................... $ N/A $ N/A $ 9.55 ========= ========= ========= Depositor's equity ................................. $ N/A $ N/A $ 191 --------- --------- --------- Net assets applicable to outstanding units ......... $ 4,732 $ 8,260 $ 2,145 ========= ========= ========= REAL ESTATE SECURITIES SUB-ACCOUNT (b) ---------------- ASSETS: Investment in WRL Series Fund, Inc.: Shares ............................................. 65 ======== Cost ............................................... $ 644 ======== Investment, at net asset value ...................... $ 638 Transfers receivable from depositor ................. 0 -------- Total assets ....................................... 638 -------- LIABILITIES: Accrued expenses .................................... 0 Transfers payable to depositor ...................... 0 -------- Total liabilities .................................. 0 -------- Net assets ......................................... $ 638 ======== NET ASSETS: Policy Owners' equity: Units .............................................. 25.2 ======== Unit value ......................................... $ 9.77 ======== Policy Owners' equity .............................. $ 247 -------- Depositor's equity: Units .............................................. 40.0 ======== Unit value ......................................... $ 9.77 ======== Depositor's equity ................................. $ 391 -------- Net assets applicable to outstanding units ......... $ 638 ======== - ---------- (a) The inception date of this Sub-Account was January 2, 1998. (b) The inception date of this Sub-Account was May 1, 1998.
The notes to the financial statements are an integral part of this report. 1 9 9 8 S e m i - A n n u a l R e p o r t 3 WRL SERIES LIFE ACCOUNT STATEMENT OF OPERATIONS For the period ended June 30, 1998 All amounts in thousands (unaudited) ----------------------------------
MONEY MARKET BOND GROWTH SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT -------------- ------------ ------------ INVESTMENT INCOME: Dividend income ....................................................... $ 483 $ 29 $ 404 Capital gain distributions ............................................ 0 0 5,200 ------- ----- -------- Total investment income .............................................. 483 29 5,604 EXPENSES: Mortality and expense risk ............................................ 82 87 2,374 ------- ----- -------- Net investment income (loss) ......................................... 401 (58) 3,230 ------- ----- -------- REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) from securities transactions ................. 0 323 5,816 Change in unrealized appreciation (depreciation) ...................... 0 394 152,631 ------- ----- -------- Net gain (loss) on investment ........................................ 0 717 158,447 ------- ----- -------- Net increase (decrease) in equity accounts resulting from operations $ 401 $ 659 $ 161,677 ======= ===== =========
STRATEGIC EMERGING GLOBAL TOTAL RETURN GROWTH SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- -------------- ------------ INVESTMENT INCOME: Dividend income ....................................................... $ 1,093 $ 237 $ 0 Capital gain distributions ............................................ 0 620 352 -------- ------- -------- Total investment income .............................................. 1,093 857 352 EXPENSES: Mortality and expense risk ............................................ 787 393 840 -------- ------- -------- Net investment income (loss) ......................................... 306 464 (488) -------- ------- -------- REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) from securities transactions ................. 1,782 400 1,750 Change in unrealized appreciation (depreciation) ...................... 40,869 4,266 36,285 -------- ------- -------- Net gain (loss) on investment ........................................ 42,651 4,666 38,035 -------- ------- -------- Net increase (decrease) in equity accounts resulting from operations $ 42,957 $ 5,130 $ 37,547 ======== ======= ========
The notes to the financial statements are an integral part of this report. 4 W R L S e r i e s L i f e A c c o u n t WRL SERIES LIFE ACCOUNT STATEMENT OF OPERATIONS For the period ended June 30, 1998 All amounts in thousands (unaudited) ----------------------------------
AGGRESSIVE GROWTH & GROWTH BALANCED INCOME SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT ------------- ------------- ------------- INVESTMENT INCOME: Dividend income ....................................................... $ 356 $ 44 $ 239 Capital gain distributions ............................................ 2,001 13 48 -------- ----- ------ Total investment income .............................................. 2,357 57 287 EXPENSES: Mortality and expense risk ............................................ 500 55 53 -------- ----- ------ Net investment income (loss) ......................................... 1,857 2 234 -------- ----- ------ REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) from securities transactions ................. 721 167 284 Change in unrealized appreciation (depreciation) ...................... 24,563 263 (427) -------- ----- ------ Net gain (loss) on investment ........................................ 25,284 430 (143) -------- ----- ------ Net increase (decrease) in equity accounts resulting from operations $ 27,141 $ 432 $ 91 ======== ===== ======
TACTICAL ASSET C.A.S.E. ALLOCATION GROWTH VALUE EQUITY SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT --------------- ------------ ------------ INVESTMENT INCOME: Dividend income ......................................................... $ 80 $ 368 $ 17 Capital gain distributions .............................................. 754 90 74 ------- ------ ------- Total investment income ................................................ 834 458 91 EXPENSES: Mortality and expense risk .............................................. 149 62 140 ------- ------ ------- Net investment income (loss) ........................................... 685 396 (49) ------- ------ ------- REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) from securities transactions ................... 184 213 480 Change in unrealized appreciation (depreciation) ........................ 1,185 (127) 1,062 ------- ------ ------- Net gain (loss) on investment .......................................... 1,369 86 1,542 ------- ------ ------- Net increase (decrease) in equity accounts resulting from operations .. $ 2,054 $ 482 $ 1,493 ======= ====== =======
The notes to the financial statements are an integral part of this report. 1 9 9 8 S e m i - A n n u a l R e p o r t 5 WRL SERIES LIFE ACCOUNT STATEMENT OF OPERATIONS For the period ended June 30, 1998 All amounts in thousands (unaudited) ----------------------------------
INTERNATIONAL U.S. THIRD AVENUE EQUITY EQUITY VALUE SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT (a) ------------- ----------- --------------- INVESTMENT INCOME: Dividend income ....................................................... $ 3 $ 63 $ 0 Capital gain distributions ............................................ 0 10 0 ----- ----- ------- Total investment income .............................................. 3 73 0 EXPENSES: Mortality and expense risk ............................................ 14 27 8 ----- ----- ------- Net investment income (loss) ......................................... (11) 46 (8) ----- ----- -------- REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) from securities transactions ................. 64 238 19 Change in unrealized appreciation (depreciation) ...................... 374 444 (132) ----- ----- ------- Net gain (loss) on investment ........................................ 438 682 (113) ----- ----- ------- Net increase (decrease) in equity accounts resulting from operations $ 427 $ 728 $ (121) ===== ===== =======
REAL ESTATE SECURITIES SUB-ACCOUNT (b) --------------- INVESTMENT INCOME: Dividend income ....................................................... $ 0 Capital gain distributions ............................................ 0 ----- Total investment income .............................................. 0 EXPENSES: Mortality and expense risk ............................................ 1 ----- Net investment income (loss) ......................................... (1) ------ REALIZED AND UNREALIZED GAIN (LOSS): Net realized gain (loss) from securities transactions ................. (1) Change in unrealized appreciation (depreciation) ...................... (6) ------ Net gain (loss) on investment ........................................ (7) ------ Net increase (decrease) in equity accounts resulting from operations $ (8) - ---------- (a) The inception date of this Sub-Account was January 2, 1998. (b) The inception date of this Sub-Account was May 1, 1998.
The notes to the financial statements are an integral part of this report. 6 W R L S e r i e s L i f e A c c o u n t WRL SERIES LIFE ACCOUNT STATEMENT OF CHANGES IN NET ASSETS For the period ended All amounts in thousands (unaudited) ----------------------------------
MONEY MARKET BOND SUB-ACCOUNT SUB-ACCOUNT ----------------------- ------------------------ JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, 1998 1997 1998 1997 ---------- ------------- ---------- ------------ OPERATIONS: Net investment income (loss) ........................... $ 401 $ 639 $ (58) $ 661 Net gain (loss) on investment .......................... 0 0 717 418 -------- -------- -------- -------- Net increase (decrease) in equity accounts resulting from operations ....................................... 401 639 659 1,079 -------- -------- -------- -------- CAPITAL UNIT TRANSACTIONS: Proceeds from units sold (redeemed) .................... 6,438 7,719 4,709 7,506 -------- -------- -------- -------- Less cost of units redeemed: Administrative charges ................................ 1,550 3,108 1,080 1,633 Policy loans .......................................... 634 687 239 428 Surrender benefits .................................... 596 854 499 437 Death benefits ........................................ 8 9 28 15 -------- -------- -------- -------- 2,788 4,658 1,846 2,513 -------- -------- -------- -------- Increase (decrease) in equity accounts from capital unit transactions .................................... 3,650 3,061 2,863 4,993 -------- -------- -------- -------- Net increase (decrease) in equity accounts ............ 4,051 3,700 3,522 6,072 Depositor's equity contribution (redemption) ........... 0 0 0 0 NET ASSETS: Beginning of period .................................... 16,440 12,740 17,657 11,585 -------- -------- -------- -------- End of period .......................................... $ 20,491 $ 16,440 $ 21,179 $ 17,657 ======== ======== ======== ========
GROWTH SUB-ACCOUNT ------------------------ JUNE 30, DECEMBER 31, 1998 1997 --------- ------------ OPERATIONS: Net investment income (loss) ........................... $ 3,230 $ 44,206 Net gain (loss) on investment .......................... 158,447 15,238 -------- --------- Net increase (decrease) in equity accounts resulting from operations ....................................... 161,677 59,444 -------- --------- CAPITAL UNIT TRANSACTIONS: Proceeds from units sold (redeemed) .................... 60,342 106,236 -------- --------- Less cost of units redeemed: Administrative charges ................................ 21,466 37,231 Policy loans .......................................... 8,075 11,212 Surrender benefits .................................... 10,462 15,746 Death benefits ........................................ 2,682 711 -------- --------- 42,685 64,900 -------- --------- Increase (decrease) in equity accounts from capital unit transactions .................................... 17,657 41,336 -------- --------- Net increase (decrease) in equity accounts ............ 179,334 100,780 Depositor's equity contribution (redemption) ........... 0 0 NET ASSETS: Beginning of period .................................... 450,271 349,491 -------- --------- End of period .......................................... $ 629,605 $ 450,271 ========= =========
STRATEGIC GLOBAL TOTAL RETURN SUB-ACCOUNT SUB-ACCOUNT ------------------------ ----------------------- JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, 1998 1997 1998 1997 -------- ------------ -------- ------------ OPERATIONS: Net investment income (loss) ........................... $ 306 $ 15,859 464 $ 6,101 Net gain (loss) on investment .......................... 42,651 805 4,666 6,521 -------- --------- -------- -------- Net increase (decrease) in equity accounts resulting from operations ....................................... 42,957 16,664 5,130 12,622 -------- --------- -------- -------- CAPITAL UNIT TRANSACTIONS: Proceeds from units sold (redeemed) .................... 34,831 64,272 12,972 22,072 -------- --------- -------- -------- Less cost of units redeemed: Administrative charges ................................ 8,973 12,590 3,679 6,025 Policy loans .......................................... 2,821 2,948 1,009 1,624 Surrender benefits .................................... 2,848 3,391 1,279 2,044 Death benefits ........................................ 424 149 170 148 -------- --------- -------- -------- 15,066 19,078 6,137 9,841 -------- --------- -------- -------- Increase (decrease) in equity accounts from capital unit transactions .................................... 19,765 45,194 6,835 12,231 -------- --------- -------- -------- Net increase (decrease) in equity accounts ............ 62,722 61,858 11,965 24,853 Depositor's equity contribution (redemption) ........... 0 0 0 0 NET ASSETS: Beginning of period .................................... 145,017 83,159 80,753 55,900 -------- --------- -------- -------- End of period .......................................... $ 207,739 $ 145,017 $ 92,718 $ 80,753 ========= ========= ======== ========
EMERGING GROWTH SUB-ACCOUNT ------------------------- JUNE 30, DECEMBER 31, 1998 1997 ---------- ------------ OPERATIONS: Net investment income (loss) ........................... $ (488) $ 13,841 Net gain (loss) on investment .......................... 38,035 10,932 --------- --------- Net increase (decrease) in equity accounts resulting from operations ....................................... 37,547 24,773 --------- --------- CAPITAL UNIT TRANSACTIONS: Proceeds from units sold (redeemed) .................... 29,735 54,392 --------- --------- Less cost of units redeemed: Administrative charges ................................ 9,216 14,518 Policy loans .......................................... 2,827 3,692 Surrender benefits .................................... 3,423 3,986 Death benefits ........................................ 154 192 --------- --------- 15,620 22,388 --------- --------- Increase (decrease) in equity accounts from capital unit transactions .................................... 14,115 32,004 --------- --------- Net increase (decrease) in equity accounts ............ 51,662 56,777 Depositor's equity contribution (redemption) ........... 0 0 NET ASSETS: Beginning of period .................................... 164,702 107,925 --------- --------- End of period .......................................... $ 216,364 $ 164,702 ========= =========
The notes to the financial statements are an integral part of this report. 1 9 9 8 S e m i - A n n u a l R e p o r t 7 WRL SERIES LIFE ACCOUNT STATEMENT OF CHANGES IN NET ASSETS For the period ended All amounts in thousands (unaudited) ----------------------------------
AGGRESSIVE GROWTH BALANCED SUB-ACCOUNT SUB-ACCOUNT ------------------------ ----------------------- JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, 1998 1997 1998 1997 -------- ------------ -------- ------------ OPERATIONS: Net investment income (loss) ........................... $ 1,857 $ 7,795 $ 2 $ 992 Net gain (loss) on investment .......................... 25,284 6,524 430 226 -------- -------- -------- -------- Net increase (decrease) in equity accounts resulting from operations ....................................... 27,141 14,319 432 1,218 -------- -------- -------- -------- CAPITAL UNIT TRANSACTIONS: Proceeds from units sold (redeemed) .................... 24,345 40,282 2,887 4,373 -------- -------- -------- -------- Less cost of units redeemed: Administrative charges ................................ 6,481 9,888 659 958 Policy loans .......................................... 1,808 1,926 140 179 Surrender benefits .................................... 2,078 2,485 215 153 Death benefits ........................................ 104 58 10 3 -------- -------- -------- -------- 10,471 14,357 1,024 1,293 -------- -------- -------- -------- Increase (decrease) in equity accounts from capital unit transactions .................................... 13,874 25,925 1,863 3,080 -------- -------- -------- -------- Net increase (decrease) in equity accounts ............ 41,015 40,244 2,295 4,298 Depositor's equity contribution (redemption) ........... 0 0 0 0 NET ASSETS: Beginning of period .................................... 94,652 54,408 10,716 6,418 -------- -------- -------- -------- End of period .......................................... $ 135,667 $ 94,652 $ 13,011 $ 10,716 ========= ======== ======== ========
GROWTH & INCOME SUB-ACCOUNT ------------------------ JUNE 30, DECEMBER 31, 1998 1997 -------- ------------ OPERATIONS: Net investment income (loss) ........................... $ 234 $ 1,214 Net gain (loss) on investment .......................... (143) 283 -------- -------- Net increase (decrease) in equity accounts resulting from operations ....................................... 91 1,497 -------- -------- CAPITAL UNIT TRANSACTIONS: Proceeds from units sold (redeemed) .................... 5,733 3,232 -------- -------- Less cost of units redeemed: Administrative charges ................................ 689 733 Policy loans .......................................... 112 163 Surrender benefits .................................... 251 260 Death benefits ........................................ 47 11 -------- -------- 1,099 1,167 -------- -------- Increase (decrease) in equity accounts from capital unit transactions .................................... 4,634 2,065 -------- -------- Net increase (decrease) in equity accounts ............ 4,725 3,562 Depositor's equity contribution (redemption) ........... 0 0 NET ASSETS: Beginning of period .................................... 9,063 5,501 -------- -------- End of period .......................................... $ 13,788 $ 9,063 ======== ========
TACTICAL ASSET ALLOCATION C.A.S.E. GROWTH SUB-ACCOUNT SUB-ACCOUNT ----------------------- ----------------------- JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, 1998 1997 1998 1997 -------- ------------ -------- ------------ OPERATIONS: Net investment income (loss) ......................... $ 685 $ 1,913 $ 396 $ 994 Net gain (loss) on investment ........................ 1,369 1,362 86 (252) -------- -------- -------- -------- Net increase (decrease) in equity accounts resulting from operations ..................................... 2,054 3,275 482 742 -------- -------- -------- -------- CAPITAL UNIT TRANSACTIONS: Proceeds from units sold (redeemed) .................. 7,698 11,386 4,458 8,029 -------- -------- -------- -------- Less cost of units redeemed: Administrative charges .............................. 1,589 2,219 1,046 970 Policy loans ........................................ 382 463 373 146 Surrender benefits .................................. 516 742 132 144 Death benefits ...................................... 77 60 10 6 -------- -------- -------- -------- 2,564 3,484 1,561 1,266 -------- -------- -------- -------- Increase (decrease) in equity accounts from capital unit transactions .................................. 5,134 7,902 2,897 6,763 -------- -------- -------- -------- Net increase (decrease) in equity accounts .......... 7,188 11,177 3,379 7,505 Depositor's equity contribution (redemption) ......... 0 0 0 (25) NET ASSETS: Beginning of period .................................. 29,123 17,946 11,946 4,466 -------- -------- -------- -------- End of period ........................................ $ 36,311 $ 29,123 $ 15,325 $ 11,946 ======== ======== ======== ========
VALUE EQUITY SUB-ACCOUNT ------------------------ JUNE 30, DECEMBER 31, 1998 1997 ------- ------------ OPERATIONS: Net investment income (loss) ......................... $ (49) $ 183 Net gain (loss) on investment ........................ 1,542 3,038 -------- -------- Net increase (decrease) in equity accounts resulting from operations ..................................... 1,493 3,221 -------- -------- CAPITAL UNIT TRANSACTIONS: Proceeds from units sold (redeemed) .................. 7,912 17,023 -------- -------- Less cost of units redeemed: Administrative charges .............................. 1,341 1,257 Policy loans ........................................ 188 542 Surrender benefits .................................. 153 388 Death benefits ...................................... 97 0 -------- -------- 1,779 2,187 -------- -------- Increase (decrease) in equity accounts from capital unit transactions .................................. 6,133 14,836 -------- -------- Net increase (decrease) in equity accounts .......... 7,626 18,057 Depositor's equity contribution (redemption) ......... 0 (230) NET ASSETS: Beginning of period .................................. 26,714 8,887 -------- -------- End of period ........................................ $ 34,340 $ 26,714 ======== ========
The notes to the financial statements are an integral part of this report. 8 W R L S e r i e s L i f e A c c o u n t WRL SERIES LIFE ACCOUNT STATEMENT OF CHANGES IN NET ASSETS For the period ended All amounts in thousands (unaudited) ----------------------------------
INTERNATIONAL U.S. EQUITY EQUITY SUB-ACCOUNT SUB-ACCOUNT ----------------------- ----------------------- JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, 1998 1997 (a) 1998 1997 (a) -------- ------------ -------- ------------ OPERATIONS: Net investment income (loss) ........................... $ (11) $ (4) $ 46 $ 107 Net gain (loss) on investment .......................... 438 31 682 96 ------- ------- ------ ------- Net increase (decrease) in equity accounts resulting from operations ....................................... 427 27 728 203 ------- ------- ------ ------- CAPITAL UNIT TRANSACTIONS: Proceeds from units sold (redeemed) .................... 2,326 2,458 4,627 3,208 ------- ------- ------ ------- Less cost of units redeemed: Administrative charges ................................ 164 117 271 91 Policy loans .......................................... 76 59 43 56 Surrender benefits .................................... 18 14 35 9 Death benefits ........................................ 52 0 4 0 ------- ------- ------ ------- 310 190 353 156 ------- ------- ------ ------- Increase (decrease) in equity accounts from capital unit transactions .................................... 2,016 2,268 4,274 3,052 ------- ------- ------ ------- Net increase (decrease) in equity accounts ............ 2,443 2,295 5,002 3,255 Depositor's equity contribution (redemption) ........... 0 (6) 0 3 NET ASSETS: Beginning of period .................................... 2,289 0 3,258 0 ------- ------- ------ ------- End of period .......................................... $ 4,732 $ 2,289 $ 8,260 $ 3,258 ======= ======= ======= =======
THIRD AVENUE REAL ESTATE VALUE SECURITIES SUB-ACCOUNT SUB-ACCOUNT ------------ ----------- JUNE 30, JUNE 30, 1998 (b) 1998 (c) ------------ ----------- OPERATIONS: Net investment income (loss) ........................... $ (8) $ (1) Net gain (loss) on investment .......................... (113) (7) ------- ------- Net increase (decrease) in equity accounts resulting from operations ....................................... (121) (8) ------- ------- CAPITAL UNIT TRANSACTIONS: Proceeds from units sold (redeemed) .................... 2,134 246 ------- ------ Less cost of units redeemed: Administrative charges ................................ 44 0 Policy loans .......................................... 9 0 Surrender benefits .................................... 15 0 Death benefits ........................................ 0 0 ------- ------ 68 0 ------- ------ Increase (decrease) in equity accounts from capital unit transactions .................................... 2,066 246 ------- ------ Net increase (decrease) in equity accounts ............ 1,945 238 Depositor's equity contribution (redemption) ........... 200 400 NET ASSETS: Beginning of period .................................... 0 0 ------- ------ End of period .......................................... $ 2,145 $ 638 ======= ====== - ---------- (a) The inception date of this Sub-Account was January 2, 1997. (b) The inception date of this Sub-Account was January 2, 1998. (c) The inception date of this Sub-Account was May 1, 1998.
The notes to the financial statements are an integral part of this report. 1 9 9 8 S e m i - A n n u a l R e p o r t 9 WRL SERIES LIFE ACCOUNT SELECTED PER UNIT DATA AND RATIOS* For the period ended (unaudited) ----------------------------------
MONEY MARKET SUB-ACCOUNT ------------------------- JUNE 30, DECEMBER 31, ----------- ------------ 1998 1997 ----------- ------------ Accumulation unit value, beginning of period ..................... $ 16.13 $ 15.45 Income from operations: Net investment income (loss) ................................... 0.35 0.68 Net realized and unrealized gain (loss) on investment .......... 0.00 0.00 -------- -------- Net income (loss) from operations ............................. 0.35 0.68 -------- -------- Accumulation unit value, end of period ........................... $ 16.48 $ 16.13 ======== ======== Total return (a) ................................................. 2.18% 4.37% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 20,491 $ 16,440 Ratio of net investment income (loss) to average net assets (b) . 4.29% 4.28%
MONEY MARKET SUB-ACCOUNT --------------------------------------------------- DECEMBER 31, --------------------------------------------------- 1996 1995 1994 1993 ------------ ------------ ------------ ------------ Accumulation unit value, beginning of period ..................... $ 14.83 $ 14.19 $ 13.84 $ 13.63 Income from operations: Net investment income (loss) ................................... 0.62 0.64 0.35 0.21 Net realized and unrealized gain (loss) on investment .......... 0.00 0.00 0.00 0.00 -------- -------- -------- -------- Net income (loss) from operations ............................. 0.62 0.64 0.35 0.21 -------- -------- -------- -------- Accumulation unit value, end of period ........................... $ 15.45 $ 14.83 $ 14.19 $ 13.84 ======== ======== ======== ======== Total return (a) ................................................. 4.17% 4.49% 2.58% 1.52% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 12,740 $ 10,759 $ 9,706 $ 4,985 Ratio of net investment income (loss) to average net assets (b). 4.07% 4.37% 2.66% 1.51%
BOND SUB-ACCOUNT ----------------------- JUNE 30, DECEMBER 31, --------- ------------ 1998 1997 ---------- ---------- Accumulation unit value, beginning of period ..................... $ 21.12 $ 19.53 Income from operations: Net investment income (loss) ................................... (0.06) 1.01 Net realized and unrealized gain (loss) on investment .......... 0.81 0.58 ------- -------- Net income (loss) from operations ............................. 0.75 1.59 ------- -------- Accumulation unit value, end of period ........................... $ 21.87 $ 21.12 ======= ======== Total return (a) ................................................. 3.52% 8.18% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $21,179 $ 17,657 Ratio of net investment income (loss) to average net assets (b) . (0.59%) 5.06%
BOND SUB-ACCOUNT ------------------------------------------------- DECEMBER 31, ------------------------------------------------- 1996 1995 1994 1993 ------------ ------------ ------------ ---------- Accumulation unit value, beginning of period ..................... $ 19.67 $ 16.14 $ 17.50 $ 15.57 Income from operations: Net investment income (loss) ................................... 0.99 1.05 0.89 2.11 Net realized and unrealized gain (loss) on investment .......... (1.13) 2.48 (2.25) (0.18) ------- -------- ------- ------- Net income (loss) from operations ............................. (0.14) 3.53 (1.36) 1.93 ------- -------- ------- ------- Accumulation unit value, end of period ........................... $ 19.53 $ 19.67 $ 16.14 $ 17.50 ======= ======== ======= ======= Total return (a) ................................................. (0.75%) 21.89% (7.77%) 12.40% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $11,585 $ 10,066 $ 6,259 $ 6,985 Ratio of net investment income (loss) to average net assets (b) . 5.34% 5.80% 5.57% 12.92%
GROWTH SUB-ACCOUNT --------------------------- JUNE 30, DECEMBER 31, ------------- ------------- 1998 1997 ------------- ------------- Accumulation unit value, beginning of period ......................... $ 56.48 $ 48.48 Income from operations: Net investment income (loss) ....................................... 0.40 5.83 Net realized and unrealized gain (loss) on investment .............. 19.61 2.17 --------- --------- Net income (loss) from operations ................................. 20.01 8.00 --------- --------- Accumulation unit value, end of period ............................... $ 76.49 $ 56.48 ========= ========= Total return (a) ..................................................... 35.43% 16.50% Ratio and supplemental data: Net assets at end of period (in thousands) .......................... $ 629,605 $ 450,271 Ratio of net investment income (loss) to average net assets (b) ..... 1.20% 10.84%
GROWTH SUB-ACCOUNT ------------------------------------------------------- DECEMBER 31, ------------------------------------------------------- 1996 1995 1994 1993 ------------- ------------- -------------- ------------ Accumulation unit value, beginning of period ......................... $ 41.47 $ 28.44 $ 31.30 $ 30.37 Income from operations: Net investment income (loss) ....................................... 2.88 3.89 0.04 0.46 Net realized and unrealized gain (loss) on investment .............. 4.13 9.14 (2.90) 0.47 --------- --------- -------- --------- Net income (loss) from operations ................................. 7.01 13.03 (2.86) 0.93 --------- --------- -------- --------- Accumulation unit value, end of period ............................... $ 48.48 $ 41.47 $ 28.44 $ 31.30 ========= ========= ======== ========= Total return (a) ..................................................... 16.91% 45.81% (9.13%) 3.06% Ratio and supplemental data: Net assets at end of period (in thousands) .......................... $ 349,491 $ 262,467 $ 161,490 $ 169,757 Ratio of net investment income (loss) to average net assets (b) ..... 6.41% 11.05% 0.16% 1.56%
The notes to the financial statements are an integral part of this report. 10 W R L S e r i e s L i f e A c c o u n t WRL SERIES LIFE ACCOUNT SELECTED PER UNIT DATA AND RATIOS* For the period ended (unaudited) ----------------------------------
GLOBAL SUB-ACCOUNT --------------------------- JUNE 30, DECEMBER 31, ------------- ------------- 1998 1997 ------------- ------------- Accumulation unit value, beginning of period ..................... $ 17.80 $ 15.13 Income from operations: Net investment income (loss) ................................... 0.04 2.30 Net realized and unrealized gain (loss) on investment .......... 5.01 0.37 --------- --------- Net income (loss) from operations ............................. 5.05 2.67 --------- --------- Accumulation unit value, end of period ........................... $ 22.85 $ 17.80 ========= ========= Total return (a) ................................................. 28.33% 17.69% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 207,739 $ 145,017 Ratio of net investment income (loss) to average net assets (b) . 0.34% 13.39%
GLOBAL SUB-ACCOUNT ------------------------------------ DECEMBER 31, ------------------------------------ 1996 1995 1994 (D) ------------ ----------- ----------- Accumulation unit value, beginning of period ..................... $ 11.95 $ 9.80 $ 10.00 Income from operations: Net investment income (loss) ................................... 1.50 0.45 0.71 Net realized and unrealized gain (loss) on investment .......... 1.68 1.70 (0.91) -------- ------- ------- Net income (loss) from operations ............................. 3.18 2.15 (0.20) -------- ------- ------- Accumulation unit value, end of period ........................... $ 15.13 $ 11.95 $ 9.80 ======== ======= ======= Total return (a) ................................................. 26.60% 21.96% (2.02%) Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 83,159 $37,049 $21,672 Ratio of net investment income (loss) to average net assets (b) . 11.09% 4.25% 8.86%
STRATEGIC TOTAL RETURN SUB-ACCOUNT ------------------------- JUNE 30, DECEMBER 31, ------------ ------------ 1998 1997 ------------ ------------ Accumulation unit value, beginning of period ..................... $ 18.91 $ 15.66 Income from operations: Net investment income (loss) ................................... 0.10 1.56 Net realized and unrealized gain (loss) on investment .......... 1.06 1.69 -------- -------- Net income (loss) from operations ............................. 1.16 3.25 -------- -------- Accumulation unit value, end of period ........................... $ 20.07 $ 18.91 ======== ======== Total return (a) ................................................. 6.13% 20.77% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 92,718 $ 80,753 Ratio of net investment income (loss) to average net assets (b) . 1.05% 8.89%
STRATEGIC TOTAL RETURN SUB-ACCOUNT --------------------------------------------------- DECEMBER 31, --------------------------------------------------- 1996 1995 1994 1993 (c) ------------ ------------ ------------ ------------ Accumulation unit value, beginning of period ..................... $ 13.74 $ 11.12 $11.28 $ 10.00 Income from operations: Net investment income (loss) ................................... 0.82 0.68 0.18 0.19 Net realized and unrealized gain (loss) on investment .......... 1.10 1.94 (0.34) 1.09 -------- -------- ------- -------- Net income (loss) from operations ............................. 1.92 2.62 (0.16) 1.28 -------- -------- ------- -------- Accumulation unit value, end of period ........................... $ 15.66 $ 13.74 $ 11.12 $ 11.28 ======== ======== ======= ======== Total return (a) ................................................. 13.97% 23.55% (1.42%) 12.81% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 55,900 $ 39,648 $23,649 $ 13,343 Ratio of net investment income (loss) to average net assets (b) . 5.76% 5.47% 1.93% 2.27%
EMERGING GROWTH SUB-ACCOUNT --------------------------- JUNE 30, DECEMBER 31, ------------- ------------- 1998 1997 ------------- ------------- Accumulation unit value, beginning of period ..................... $ 23.48 $ 19.51 Income from operations: Net investment income (loss) ................................... (0.07) 2.20 Net realized and unrealized gain (loss) on investment .......... 5.23 1.77 -------- --------- Net income (loss) from operations ............................. 5.16 3.97 -------- --------- Accumulation unit value, end of period ........................... $ 28.64 $ 23.48 ======== ========= Total return (a) ................................................. 21.94% 20.37% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 216,364 $ 164,702 Ratio of net investment income (loss) to average net assets (b) . (0.52%) 10.18%
EMERGING GROWTH SUB-ACCOUNT --------------------------------------------------- DECEMBER 31, --------------------------------------------------- 1996 1995 1994 1993 (c) ------------- ------------ ------------ ----------- Accumulation unit value, beginning of period ..................... $ 16.56 $ 11.38 $ 12.40 $ 10.00 Income from operations: Net investment income (loss) ................................... 0.82 0.65 (0.09) (0.09) Net realized and unrealized gain (loss) on investment .......... 2.13 4.53 (0.93) 2.49 --------- -------- ------- ------- Net income (loss) from operations ............................. 2.95 5.18 (1.02) 2.40 --------- -------- ------- ------- Accumulation unit value, end of period ........................... $ 19.51 $ 16.56 $ 11.38 $ 12.40 ========= ======== ======= ======= Total return (a) ................................................. 17.82% 45.49% (8.18%) 23.96% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 107,925 $ 67,905 $36,687 $18,620 Ratio of net investment income (loss) to average net assets (b) . 4.51% 4.66% (0.86%) (0.92%)
The notes to the financial statements are an integral part of this report. 1 9 9 8 S e m i - A n n u a l R e p o r t 11 WRL SERIES LIFE ACCOUNT SELECTED PER UNIT DATA AND RATIOS* For the period ended (unaudited) ----------------------------------
AGGRESSIVE GROWTH SUB-ACCOUNT -------------------------- JUNE 30, DECEMBER 31, ------------- ------------ 1998 1997 ------------- ------------ Accumulation unit value, beginning of period ..................... $ 18.10 $ 14.70 Income from operations: Net investment income (loss) ................................... 0.33 1.75 Net realized and unrealized gain (loss) on investment .......... 4.52 1.65 --------- -------- Net income (loss) from operations ............................. 4.85 3.40 --------- -------- Accumulation unit value, end of period ........................... $ 22.95 $ 18.10 ========= ======== Total return (a) ................................................. 26.81% 23.14% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 135,667 $ 94,652 Ratio of net investment income (loss) to average net assets (b) . 3.29% 10.26%
AGGRESSIVE GROWTH SUB-ACCOUNT ----------------------------------- DECEMBER 31, ----------------------------------- 1996 1995 1994 (d) ------------ ----------- ---------- Accumulation unit value, beginning of period ..................... $ 13.43 $ 9.82 $ 10.00 Income from operations: Net investment income (loss) ................................... 0.36 0.37 (0.06) Net realized and unrealized gain (loss) on investment .......... 0.91 3.24 (0.12) -------- ------- ------- Net income (loss) from operations ............................. 1.27 3.61 (0.18) -------- ------- ------- Accumulation unit value, end of period ........................... $ 14.70 $ 13.43 $ 9.82 ======== ======= ======= Total return (a) ................................................. 9.46% 36.79% (1.85%) Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 54,408 $32,904 $ 8,909 Ratio of net investment income (loss) to average net assets (b) . 2.65% 2.93% (0.72%)
BALANCED SUB-ACCOUNT -------------------------------------------------------------- JUNE 30, DECEMBER 31, ------------ ------------------------------------------------- 1998 1997 1996 1995 1994 (d) ------------ ------------ ------------ ----------- ----------- Accumulation unit value, beginning of period ..................... $ 14.17 $ 12.21 $ 11.13 $ 9.37 $ 10.00 Income from operations: Net investment income (loss) ................................... 0.01 1.55 0.36 0.37 0.22 Net realized and unrealized gain (loss) on investment .......... 0.52 0.41 0.72 1.39 (0.85) -------- -------- -------- -------- ------- Net income (loss) from operations ............................. 0.53 1.96 1.08 1.76 (0.63) -------- -------- -------- -------- ------- Accumulation unit value, end of period ........................... $ 14.70 $ 14.17 $ 12.21 $ 11.13 $ 9.37 ======== ======== ======== ======== ======= Total return (a) ................................................. 3.72% 16.06% 9.73% 18.73% (6.29%) Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 13,011 $ 10,716 $ 6,418 $ 3,795 $ 2,145 Ratio of net investment income (loss) to average net assets (b) . 0.03% 11.62% 3.18% 3.59% 3.06%
GROWTH & INCOME SUB-ACCOUNT -------------------------------------------------------------- JUNE 30, DECEMBER 31, ------------ ------------------------------------------------- 1998 1997 1996 1995 1994 (d) ------------ ------------ ------------ ----------- ----------- Accumulation unit value, beginning of period ..................... $ 16.09 $ 13.03 $ 11.77 $ 9.49 $ 10.00 Income from operations: Net investment income (loss) ................................... 0.32 2.61 0.76 0.49 0.29 Net realized and unrealized gain (loss) on investment .......... (0.19) 0.45 0.50 1.79 (0.80) -------- -------- -------- -------- ------- Net income (loss) from operations ............................. 0.13 3.06 1.26 2.28 (0.51) -------- -------- -------- -------- ------- Accumulation unit value, end of period ........................... $ 16.22 $ 16.09 $ 13.03 $ 11.77 $ 9.49 ======== ======== ======== ======== ======= Total return (a) ................................................. 0.80% 23.54% 10.64% 24.14% (5.15%) Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 13,788 $ 9,063 $ 5,501 $ 2,631 $ 1,215 Ratio of net investment income (loss) to average net assets (b). 3.94% 18.50% 6.38% 4.57% 3.71%
The notes to the financial statements are an integral part of this report. 12 W R L S e r i e s L i f e A c c o u n t WRL SERIES LIFE ACCOUNT SELECTED PER UNIT DATA AND RATIOS* For the period ended (unaudited) ----------------------------------
TACTICAL ASSET ALLOCATION SUB-ACCOUNT --------------------------------------------------------- JUNE 30, DECEMBER 31, ------------ ------------------------------------------ 1998 1997 1996 1995 (e) ------------ ------------ ------------ ------------ Accumulation unit value, beginning of period ..................... $ 15.60 $ 13.50 $ 11.90 $ 10.00 Income from operations: Net investment income (loss) ................................... 0.34 1.20 0.53 0.61 Net realized and unrealized gain (loss) on investment .......... 0.70 0.90 1.07 1.29 -------- -------- -------- -------- Net income (loss) from operations ............................. 1.04 2.10 1.60 1.90 -------- -------- -------- -------- Accumulation unit value, end of period ........................... $ 16.64 $ 15.60 $ 13.50 $ 11.90 ======== ======== ======== ======== Total return (a) ................................................. 6.67% 15.55% 13.40% 19.03% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 36,311 $ 29,123 $ 17,946 $ 9,446 Ratio of net investment income (loss) to average net assets (b) . 4.09% 8.14% 4.35% 5.47%
C.A.S.E. GROWTH SUB-ACCOUNT ------------------------------------------ JUNE 30, DECEMBER 31, ------------ --------------------------- 1998 1997 1996 (f) ------------ ------------ ------------ Accumulation unit value, beginning of period ..................... $ 12.32 $ 10.81 $ 10.00 Income from operations: Net investment income (loss) ................................... 0.37 1.51 0.37 Net realized and unrealized gain (loss) on investment .......... 0.12 0.00 0.44 -------- -------- -------- Net income (loss) from operations ............................. 0.49 1.51 0.81 -------- -------- -------- Accumulation unit value, end of period ........................... $ 12.81 $ 12.32 $ 10.81 ======== ======== ======== Total return (a) ................................................. 3.98% 14.00% 8.09% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $ 15,325 $ 11,946 $ 4,466 Ratio of net investment income (loss) to average net assets (b) . 5.70% 12.65% 6.11%
VALUE EQUITY SUB-ACCOUNT ------------------------------------------ JUNE 30, DECEMBER 31, ------------ --------------------------- 1998 1997 1996 (F) ------------ ------------ ------------ Accumulation unit value, beginning of period ..................... $ 13.94 $ 11.25 $ 10.00 Income from operations: Net investment income (loss) ................................... (0.02) 0.14 0.05 Net realized and unrealized gain (loss) on investment .......... 0.82 2.55 1.20 ------- -------- -------- Net income (loss) from operations ............................. 0.80 2.69 1.25 ------- -------- -------- Accumulation unit value, end of period ........................... $ 14.74 $ 13.94 $ 11.25 ======= ======== ======== Total return (a) ................................................. 5.71% 23.93% 12.51% Ratio and supplemental data: Net assets at end of period (in thousands) ...................... $34,340 $ 26,714 $ 8,887 Ratio of net investment income (loss) to average net assets (b) . (0.31%) 1.05% 0.77%
The notes to the financial statements are an integral part of this report. 1 9 9 8 S e m i - A n n u a l R e p o r t 13 WRL SERIES LIFE ACCOUNT SELECTED PER UNIT DATA AND RATIOS* For the period ended (unaudited) ----------------------------------
INTERNATIONAL EQUITY SUB-ACCOUNT ---------------------------- JUNE 30, DECEMBER 31, 1998 1997 (g) ------------ ------------- Accumulation unit value, beginning of period ......................... $ 10.65 $ 10.00 Income from operations: Net investment income (loss) ....................................... (0.04) (0.03) Net realized and unrealized gain (loss) on investment .............. 1.88 0.68 ------- ------- Net income (loss) from operations ................................. 1.84 0.65 ------- ------- Accumulation unit value, end of period ............................... $ 12.49 $ 10.65 ======= ======= Total return (a) ..................................................... 17.28% 6.54% Ratio and supplemental data: Net assets at end of period (in thousands) .......................... $ 4,732 $ 2,289 Ratio of net investment income (loss) to average net assets (b) ..... (0.68%) (0.28%)
U.S. EQUITY SUB-ACCOUNT ---------------------------- JUNE 30, DECEMBER 31, 1998 1997 (g) ------------ ------------- Accumulation unit value, beginning of period ......................... $ 12.59 $ 10.00 Income from operations: Net investment income (loss) ....................................... 0.10 0.99 Net realized and unrealized gain (loss) on investment .............. 1.64 1.60 -------- --------- Net income (loss) from operations ................................. 1.74 2.59 -------- --------- Accumulation unit value, end of period ............................... $ 14.33 $ 12.59 ======== ========= Total return (a) ..................................................... 13.83% 25.89% Ratio and supplemental data: Net assets at end of period (in thousands) .......................... $ 8,260 $ 3,258 Ratio of net investment income (loss) to average net assets (b) ..... 1.47% 8.28%
The notes to the financial statements are an integral part of this report. 14 W R L S e r i e s L i f e A c c o u n t WRL SERIES LIFE ACCOUNT SELECTED PER UNIT DATA AND RATIOS* For the period ended (unaudited) ----------------------------------
THIRD AVENUE REAL ESTATE VALUE SECURITIES SUB-ACCOUNT SUB-ACCOUNT -------------- ------------ JUNE 30, JUNE 30, 1998 (h) 1998 (i) -------------- ------------ Accumulation unit value, beginning of period ......................... $ 10.00 $ 10.00 Income from operations: Net investment income (loss) ....................................... (0.04) (0.01) Net realized and unrealized gain (loss) on investment .............. (0.41) (0.22) ------- ------- Net income (loss) from operations ................................. (0.45) (0.23) ------- ------- Accumulation unit value, end of period ............................... $ 9.55 $ 9.77 ======= ======= Total return (a) ..................................................... (4.52%) (2.30%) Ratio and supplemental data: Net assets at end of period (in thousands) .......................... $ 2,145 $ 638 Ratio of net investment income (loss) to average net assets (b) ..... (0.87%) (0.89%) - ---------- NOTES TO SELECTED PER UNIT DATA AND RATIOS: * The above tables illustrate the change for a unit outstanding computed using average units outstanding throughout each period. (a) For periods less than one year, the total return is not annualized. (b) For periods less than one year, the ratio of net investment income to average net assets is annualized. (c) The inception date of this Sub-Account was March 1, 1993. (d) The inception date of this Sub-Account was March 1, 1994. (e) The inception date of this Sub-Account was January 3, 1995. (f) The inception date of this Sub-Account was May 1, 1996. (g) The inception date of this Sub-Account was January 2, 1997. (h) The inception date of this Sub-Account was January 2, 1998. (i) The inception date of this Sub-Account was May 1, 1998.
The notes to the financial statements are an integral part of this report. 19 9 8 S e m i - A n n u a l R e p o r t 15 WRL SERIES LIFE ACCOUNT NOTES TO FINANCIAL STATEMENTS June 30, 1998 (unaudited) -------------------------------------------------------- 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 sixteen investment options referred to as sub-accounts. Each sub-account invests in the corresponding Portfolio of the WRL Series Fund, Inc. (collectively referred to as the "Fund" and individually as a "Portfolio"), a registered management investment company under the Investment Company Act of 1940, as amended. The Fund has entered into annually renewable investment advisory agreements for each Portfolio with WRL Investment Management, Inc. ("WRL Management") as investment adviser. Costs incurred in connection with the advisory services rendered by WRL Management are paid by each Portfolio. WRL Management has entered into sub-advisory agreements with various management companies, some of which are affiliates of WRL. Each sub-adviser is compensated directly by WRL Management. On January 2, 1998 and May 1, 1998, WRL made initial contributions totaling $ 600,000 to the Life Account. The respective amounts of the contributions and units received are as follows: SUB-ACCOUNT CONTRIBUTIONS UNITS - --------------------- --------------- --------- Third Avenue Value $ 200,000 20,000 Real Estate Securities 400,000 40,000 The Life Account holds assets to support the benefits under certain flexible premium variable universal life insurance policies (the "Policies") issued by WRL. The Life Account's equity transactions are accounted for using the appropriate effective date at the corresponding accumulation unit value. The following significant accounting policies, which are in conformity with generally accepted accounting principles for unit investment trusts, have been consistently applied in the preparation of the Trust's financial statements. A. VALUATION OF INVESTMENTS AND SECURITIES TRANSACTIONS Investments in the Fund's shares are stated at the closing net asset value ("NAV") per share as determined by the Fund. Investment transactions are accounted for on the trade date at the Fund NAV next determined after receipt of sale or redemption orders without sales charges. Dividend income and capital gains 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. C. ESTIMATES 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. NOTE 2 -- CHARGES AND DEDUCTIONS Charges are assessed by WRL in connection with the issuance and administration of the Policies. A. POLICY CHARGES Under some forms of the Policies, a sales charge and premium taxes are deducted by WRL prior to allocation of policyowner payments to the sub-accounts. Thereafter, monthly administrative and cost of insurance charges are deducted from the policy. Contingent surrender charges 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 is assessed to compensate WRL for assumption of mortality and expense risks and administrative services in connection with issuance and administration of the Policies. This charge (not assessed at the individual contract level) effectively reduces the value of a unit outstanding during the year. 16 W R L S e r i e s L i f e A c c o u n t WRL SERIES LIFE ACCOUNT NOTES TO FINANCIAL STATEMENTS (continued) June 30, 1998 All amounts in thousands (unaudited) ---------------------------------- NOTE 3 -- DIVIDENDS AND DISTRIBUTIONS Dividends of the Money Market Portfolio are declared daily and reinvested monthly. Dividends and capital gains distributions of the remaining Portfolios are typically declared and reinvested annually. Dividends and distributions of the Fund are recorded on the ex-date and are generally paid to and reinvested by the Life Account on the next business day after the ex-date. Dividends are not declared by the Life Account, since the increase in the value of the underlying investment in the Fund is reflected daily in the unit price used to calculate the equity value within the Life Account. Consequently, a dividend distribution by the underlying Fund does not change either the unit price or equity values within the Life Account. NOTE 4 -- SECURITIES TRANSACTIONS Securities transactions are summarized as follows: For the period ended June 30, 1998
MONEY MARKET BOND GROWTH SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT Purchase of long-term securities .................... $ 21,832 $ 6,656 $ 30,921 Proceeds from sales of long-term securities ......... 17,937 3,393 10,424 STRATEGIC TOTAL EMERGING GLOBAL RETURN GROWTH SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT Purchase of long-term securities .................... $ 24,641 $ 8,584 $ 17,521 Proceeds from sales of long-term securities ......... 4,370 1,224 3,867 AGGRESSIVE GROWTH & GROWTH BALANCED INCOME SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT Purchase of long-term securities .................... $ 17,550 $ 2,479 $ 7,044 Proceeds from sales of long-term securities ......... 1,770 606 2,148 TACTICAL ASSET C.A.S.E. VALUE ALLOCATION GROWTH EQUITY SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT Purchase of long-term securities .................... $ 6,730 $ 4,478 $ 7,853 Proceeds from sales of long-term securities ......... 721 1,191 1,706 INTERNATIONAL U.S. THIRD AVENUE EQUITY EQUITY VALUE SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT (a) Purchase of long-term securities .................... $ 2,996 $ 6,177 $ 2,822 Proceeds from sales of long-term securities ......... 1,003 1,877 565 REAL ESTATE SECURITIES SUB-ACCOUNT (b) Purchase of long-term securities .................... $ 677 Proceeds from sales of long-term securities ......... 32 - ---------- (a) The inception date of this Sub-Account was January 2, 1998. (b) The inception date of this Sub-Account was May 1, 1998.
1 9 9 8 S e m i - A n n u a l R e p o r t 17 WRL SERIES LIFE ACCOUNT NOTES TO FINANCIAL STATEMENTS (continued) June 30, 1998 All amounts in thousands (unaudited) ---------------------------------- NOTE 5 -- UNIT ACTIVITY For the period ended June 30, 1998
MONEY MARKET BOND GROWTH SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT Units balance - beginning of year ......... 1,019.5 835.9 7,972.0 Units issued .............................. 5,232.1 484.3 1,443.3 Units redeemed ............................ 5,008.0 351.7 1,184.5 ------- ----- ------- Units balance - end of period ............. 1,243.6 968.5 8,230.8 ======= ===== ======= STRATEGIC TOTAL EMERGING GLOBAL RETURN GROWTH SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT Units balance - beginning of year ......... 8,144.9 4,270.3 7,013.3 Units issued .............................. 2,687.2 999.9 1,923.4 Units redeemed ............................ 1,740.2 650.3 1,380.9 ------- --------- ------- Units balance - end of period ............. 9,091.9 4,619.9 7,555.8 ======= ========= ======= AGGRESSIVE GROWTH & GROWTH BALANCED INCOME SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT Units balance - beginning of year ......... 5,230.2 756.3 563.1 Units issued .............................. 1,801.2 316.5 586.3 Units redeemed ............................ 1,119.9 187.4 299.4 ------- --------- ------- Units balance - end of period ............. 5,911.5 885.4 850.0 ======= ========= ======= TACTICAL ASSET C.A.S.E. VALUE ALLOCATION GROWTH EQUITY SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT Units balance - beginning of year ......... 1,867.2 969.3 1,915.9 Units issued .............................. 716.2 612.0 1,002.9 Units redeemed ............................ 400.7 385.3 588.9 ------- --------- ------- Units balance - end of period ............. 2,182.7 1,196.0 2,329.9 ======= ========= ======= INTERNATIONAL U.S. THIRD AVENUE EQUITY EQUITY VALUE SUB-ACCOUNT SUB-ACCOUNT SUB-ACCOUNT (a) Units balance - beginning of year ......... 214.9 258.8 N/A Units issued .............................. 334.7 609.4 325.7 Units redeemed ............................ 170.9 291.8 101.0 ------- --------- ------- Units balance - end of period ............. 378.7 576.4 224.7 ======= ========= ======= REAL ESTATE SECURITIES SUB-ACCOUNT (b) Units balance - beginning of year ......... N/A Units issued .............................. 68.9 Units redeemed ............................ 3.7 ------- Units balance - end of period ............. 65.2 ======= - ---------- (a) The inception date of this Sub-Account was January 2, 1998. (b) The inception date of this Sub-Account was May 1, 1998.
18 W R L S e r i e s L i f e A c c o u n t WRL SERIES LIFE ACCOUNT NOTES TO FINANCIAL STATEMENTS (continued) June 30, 1998 All amounts in thousands (unaudited) ---------------------------------- NOTE 6 -- OTHER MATTERS At June 30, 1998, the equity accounts included net unrealized appreciation (depreciation) on investments as follows: SUB-ACCOUNT - ------------------------------------- Money Market ...................... $ N/A Bond .............................. 725 Growth ............................ 243,440 Global ............................ 49,853 Strategic Total Return ............ 18,036 Emerging Growth ................... 67,462 Aggressive Growth ................. 33,595 Balanced .......................... 940 Growth & Income ................... 55 Tactical Asset Allocation ......... 3,674 C.A.S.E. Growth ................... (362) Value Equity ...................... 4,240 International Equity .............. 271 U.S. Equity ....................... 459 Third Avenue Value ................ (132) Real Estate Securities ............ (6) 1 9 9 8 S e m i - A n n u a l R e p o r t 19 This Page Intentionally Left Blank 20 W R L S e r i e s L i f e A c c o u n t /DIAMOND/ WRL SERIES LIFE ACCOUNT OFFICE OF THE WRL SERIES LIFE ACCOUNT 201 Highland Avenue Largo, FL 33770-2597 1-800-851-9777 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: PricewaterhouseCoopers LLP 1055 Broadway Kansas City, MO 64105 THIS MATERIAL IS FOR POLICY HOLDERS' 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. [LOGO] -------------------------------------------------- Western Reserve Life Assurance Co. of Ohio Distributor: InterSecurities, Inc. 201 Highland Avenue /bullet/ Largo, Florida 33770-2597 August 1998 ACC00003 (8/98) -----END PRIVACY-ENHANCED MESSAGE-----