REPUBLIC-VANGUARD LIFE                   EXHIBIT 3(d)2 of the Amendment of
AMERICAN CAPITOL PORTFOLIO               the Reinsurance Agreement(page 1)
AS OF DECEMBER 31, 2001

LONG-TERM BONDS OWNED
                                                                      BOOK
CUSIP          DESCRIPTION                     RATE     MATURITY      VALUE

3735403N1  GEORGIA MUN ELEC AUTH PWR REV        7.400   01/01/23     353,980.71
31359EE80  FNMA 1993-196 G                      5.500   12/25/07     174,008.38
24710XAQ1  DELMARVA PWR & LT CO M/T/N           7.560   02/01/17   2,145,552.46
035229BP7  ANHEUSER BUSH COS INC.               6.750   12/15/27   2,031,534.52
097023AL9  BOEING COMPANY                       6.350   06/03/15   2,029,347.15
12613XAP6  CNH EQUIP TR 2001-A A4               5.380   08/15/07     999,860.93
130335AW2  CALIFORNIA INFRASTRUCTURE 97-1 A6    6.310   09/25/08   1,009,654.35
14040KAM0  APITAL ONE MASTR 98-4 A              5.430   01/15/07     503,776.55
23334XAC0  DVI RECEIVABLES  01-1 A3             5.137   11/11/04     954,987.59
250854AB2  DETROIT EDISON SEC    OTHER ABS      5.510   03/01/07   1,499,925.48
263534BG3  DU PONT E I DE NEMOURS & CO.         6.500   01/15/28   1,979,682.22
303901AF9  FAIRFAX FINL HLDGS LTD               6.875   04/15/08   1,998,181.62
345397TT0  FORD MOTOR CR CO                     6.125   03/20/04   1,999,425.72
36962GLF9  GENERAL ELEC CAP CORP M/N/T          6.900   09/15/15   2,096,128.56
36962GWF7  GENERAL ELECTRIC CAP CORP  M/T/N     5.375   04/23/04   1,498,777.21
55262TCN1  MBNA MASTER CR CARD 97-I A           6.550   01/15/07   1,033,527.01
585510CG3  MELLON FINANCIAL CO                  6.375   02/15/10   1,982,648.72
590188HZ4  MERRILL LYNCH & CO., INC.            6.000   02/12/03   2,007,235.20
617059DD9  MORGAN JP COML MTG FIN CORP 97-C5 A2 7.069   09/15/29   1,653,100.72

                                                                  27,951,335.10

REPUBLIC-VANGUARD LIFE                       EXHIBIT 3(d)2 of the Amendment of
AMERICAN CAPITOL PORTFOLIO                    the Reinsurance Agreement(page 2)
AS OF DECEMBER 31, 2001

LONG-TERM BONDS OWNED                                                    MARKET
CUSIP         DESCRIPTION                       PAR            COST      PRICE

3735403N1  GEORGIA MUN ELEC AUTH PWR REV     350,000.00     354,200.00  100.715
31359EE80  FNMA 1993-196 G                   176,292.70     172,711.84  100.745
24710XAQ1  DELMARVA PWR & LT CO M/T/N      2,000,000.00   2,163,640.00  101.358
035229BP7  ANHEUSER BUSH COS INC.          2,000,000.00   2,032,820.00  104.056
097023AL9  BOEING COMPANY                  2,000,000.00   2,033,906.00  103.589
12613XAP6  CNH EQUIP TR 2001-A A4          1,000,000.00     999,845.60  102.179
130335AW2  CALIFORNIA INFRASTRUCTURE
             97-1 A6                       1,000,000.00   1,011,054.69  103.489
14040KAM0  APITAL ONE MASTR 98-4 A           500,000.00     504,218.75  103.489
23334XAC0  DVI RECEIVABLES  01-1 A3          955,000.00     954,987.59  102.576
250854AB2  DETROIT EDISON SEC OTHER ABS    1,500,000.00   1,499,890.95  103.749
263534BG3  DU PONT E I DE NEMOURS & CO.    2,000,000.00   1,978,440.00  101.006
303901AF9  FAIRFAX FINL HLDGS LTD          2,000,000.00   1,997,420.00   70.808
345397TT0  FORD MOTOR CR CO                2,000,000.00   1,999,180.00  102.551
36962GLF9  GENERAL ELEC CAP CORP M/N/T     2,000,000.00   2,111,040.00  106.908
36962GWF7  GENERAL ELECTRIC CAP CORP M/T/N 1,000,000.00   1,037.500.00  105.879
585510CG3  MELLON FINANCIAL CO             2,000,000.00   1,977,020.00  100.501
590188HZ4  MERRILL LYNCH & CO., INC.       2,000,000.00   2,025,860.00  103.179
617059DD9  MORGAN JP COML MTG FIN CORP
             97-C5 A2                      1,589,920.51   1,654,014.18  105.129

                                          27,571,213.21  28,006,189.60


REPUBLIC-VANGUARD LIFE                         EXHIBIT 3(d)2 of the Amendment of
AMERICAN CAPITOL PORTFOLIO                     the Reinsurance Agreement(page 4)
AS OF DECEMBER 31, 2001

LONG-TERM BONDS OWNED
                                                        MARKET       ACCRUED
CUSIP           DESCRIPTION                              VALUE       INTEREST

3735403N1  GEORGIA MUN ELEC AUTH PWR REV              352,502.50    12,950.00
31359EE80  FNMA 1993-196 G                            177,605.78       808.01
24710XAQ1  DELMARVA PWR & LT CO M/T/N               2,027,160.00    63,000.00
035229BP7  ANHEUSER BUSH COS INC.                   2,081,120.00     6,000.00
097023AL9  BOEING COMPANY                           2,071,780.00     9,877.78
12613XAP6  CNH EQUIP TR 2001-A A4                   1,021,786.10     2,391.11
130335AW2  CALIFORNIA INFRASTRUCTURE 97-1 A6        1,048,370.00     1,051.67
14040KAM0  CAPITAL ONE MASTR 98-4 A                   517,444.60     1,206.67
23334XAC0  DVI RECEIVABLES  01-1 A3                   979,602.61     2,725.46
250854AB2  DETROIT EDISON SEC    OTHER ABS          1,556,230.80    27,550.00
263534BG3  DU PONT E I DE NEMOURS & CO.             2,020,120.00    59,944.44
303901AF9  FAIRFAX FINL HLDGS LTD                   1,416,160.00    29,027.78
345397TT0  FORD MOTOR CR CO                         2,051,020.00    34,368.06
36962GLF9  GENERAL ELEC CAP CORP M/N/T              2,138,160.00    40,633.33
36962GWF7  GENERAL ELECTRIC CAP CORP  M/T/N         1,555,312.50    15,229.17
55262TCN1  MBNA MASTER CR CARD 97-I A               1,058,793.60     2,911.11
585510CG3  MELLON FINANCIAL CO                      2,010,020.00    48,166.67
590188HZ4  MERRILL LYNCH & CO., INC.                2,063,580.00    46,333.33
617059DD9  MORGAN JP COML MTG FIN CORP 97-C5 A2     1,671,465.15     4,995.18

                                                   27,818,233.64   409,169.77