REPUBLIC-VANGUARD LIFE
AMERICAN CAPITOL PORTFOLIO
AS OF DECEMBER 31, 2001

LONG-TERM BONDS OWNED
                                                            BOOK
CUSIP            DESCRIPTION             RATE  MATURITY    VALUE

3735403N1  GEORGIA MUN ELEC AUTH PWR    7.400  01/01/23    353,981
             REV
31359EE80  FNMA 1993-196 G              5.500  12/25/07    174,008
035229BP7  ANHEUSER BUSH COS INC.       6.750  12/15/27  2,031,535
097023AL9  BOEING COMPANY               6.350  06/03/15  2,029,347
12613XAP6  CNH EQUIP TR 2001-A A4       5.380  08/15/07    999,861
130335AW2  CALIFORNIA INFRASTRUCTURE    6.310  09/25/08  1,009,654
             97-1 A6
14040KAM0  CAPITAL ONE MASTR 98-4 A     5.430  01/15/07    503,777
23334XAC0  DVI RECEIVABLES  01-1 A3     5.137  11/11/04    954,988
250854AB2  DETROIT EDISON SEC OTHER ABS 5.510  03/01/07  1,499,925
263534BG3  DU PONT E I DE NEMOURS & CO. 6.500  01/15/28  1,979,682
345397TT0  FORD MOTOR CR CO             6.125  03/20/04  1,999,426
36962GLF9  GENERAL ELEC CAP CORP M/N/T  6.900  09/15/15  2,096,129
36962GWF7  GENERAL ELECTRIC CAP CORP    5.375  04/23/04  1,498,777
             M/T/N
55262TCN1  MBNA MASTER CR CARD 97-I A   6.550  01/15/07  1,033,527
585510CG3  MELLON FINANCIAL CO          6.375  02/15/10  1,982,649
590188HZ4  MERRILL LYNCH & CO., INC.    6.000  02/12/03  2,007,235
617059DD9  ORGAN JP COML MTG FIN CORP   7.069  09/15/29  1,653,101
            97-C5 A2
                                                        ----------
                                                        23,807,601
                                                        ==========
REPUBLIC-VANGUARD LIFE
AMERICAN CAPITOL PORTFOLIO
AS OF DECEMBER 31, 2001
LONG-TERM BONDS OWNED
                                                          MARKET
  CUSIP          DESCRIPTION            PAR       COST    PRICE

3735403N1  GEORGIA MUN ELEC AUTH PWR  350,000    354,200  100.715
             REV
31359EE80  FNMA 1993-196 G            176,293    172,712  100.745
035229BP7  ANHEUSER BUSH COS INC.   2,000,000  2,032,820  104.056
097023AL9  BOEING COMPANY           2,000,000  2,033,906  103.589
12613XAP6  CNH EQUIP TR 2001-A A4   1,000,000    999,846  102.179
130335AW2  CALIFORNIA
            INFRASTRUCTURE 97-1 A 6 1,000,000  1,011,055  104.837
14040KAM0  CAPITAL ONE MASTR 98-4 A   500,000    504,219  103.489
23334XAC0  DVI RECEIVABLES  01-1 A3   955,000    954,988  102.576
250854AB2  DETROIT EDISON SEC
              OTHER ABS             1,500,000  1,499,891  103.749
263534BG3  DU PONT E I DE
             NEMOURS & CO.          2,000,000  1,978,440  101.006
345397TT0  FORD MOTOR CR CO         2,000,000  1,999,180  102.551
36962GLF9  GENERAL ELEC CAP CORP
             M/N/T                  2,000,000  2,111,040  106.908
36962GWF7  GENERAL ELECTRIC CAP
             CORP M/T/N             1,500,000  1,498,440  103.688
55262TCN1  MBNA MASTER CR CARD
             97-I A                 1,000,000  1,037,500  105.879
585510CG3  MELLON FINANCIAL CO      2,000,000  1,977,020  100.501
590188HZ4  MERRILL LYNCH & CO.,INC. 2,000,000  2,025,860  103.179
617059DD9  MORGAN JP COML MTG
            FIN CORP 97-C5 A2       1,589,921  1,654,014  105.129
                                   ---------- ----------
                                   23,571,213 23,845,130
                                   ========== ==========

REPUBLIC-VANGUARD LIFE
AMERICAN CAPITOL PORTFOLIO
AS OF DECEMBER 31, 2001

LONG-TERM BONDS OWNED
                                                    MARKET   ACCRUED
  CUSIP      DESCRIPTION                             VALUE  INTEREST

3735403N1  GEORGIA MUN ELEC AUTH PWR REV            352,503   12,950
31359EE80  FNMA 1993-196 G                          177,606      808
035229BP7  ANHEUSER BUSH COS INC.                 2,081,120    6,000
097023AL9  BOEING COMPANY                         2,071,780    9,878
12613XAP6  CNH EQUIP TR 2001-A A4                 1,021,786    2,391
130335AW2  CALIFORNIA INFRASTRUCTURE 97-1 A 6     1,048,370    1,052
14040KAM0  CAPITAL ONE MASTR 98-4 A                 517,445    1,207
23334XAC0  DVI RECEIVABLES  01-1 A3                 979,603    2,725
250854AB2  DETROIT EDISON SEC OTHER ABS           1,556,231   27,550
263534BG3  DU PONT E I DE NEMOURS & CO.           2,020,120   59,944
345397TT0  FORD MOTOR CR CO                       2,051,020   34,368
36962GLF9  GENERAL ELEC CAP CORP M/N/T            2,138,160   40,633
36962GWF7  GENERAL ELECTRIC CAP CORP M/T/N        1,555,313   15,229
55262TCN1  MBNA MASTER CR CARD 97-I A             1,058,794    2,911
585510CG3  MELLON FINANCIAL CO                    2,010,020   48,167
590188HZ4  MERRILL LYNCH & CO.,INC                2,063,580   46,333
617059DD9  MORGAN JP COML MTG FIN CORP 97-C5 A2   1,671,465    4,995
                                                 -------------------
                                                 24,374,914  317,142
                                                 ===================

REPUBLIC-VANGUARD LIFE
AMERICAN CAPITOL PORTFOLIO
AS OF DECEMBER 31, 2001

LONG-TERM BONDS OWNED
  CUSIP      DESCRIPTION                           INTEREST  NET
                                                   RECEIVED AMORT

3735403N1  GEORGIA MUN ELEC AUTH PWR REV           25,900     (79)
31359EE80  FNMA 1993-196 G                          9,640   3,038
035229BP7  ANHEUSER BUSH COS INC.                 135,000    (450)
097023AL9  BOEING COMPANY                         127,000  (1,372)
12613XAP6  CNH EQUIP TR 2001-A A4                  30,337      15
130335AW2  CALIFORNIA INFRASTRUCTURE 97-1 A 6      63,100   1,400)
14040KAM0  CAPITAL ONE MASTR 98-4 A                18,100    (442)
23334XAC0  DVI RECEIVABLES  01-1 A3                28,754
250854AB2  DETROIT EDISON SEC OTHER ABS            39,488      35
263534BG3  DU PONT E I DE NEMOURS & CO.           130,000     289
345397TT0  FORD MOTOR CR CO                        61,250     246
36962GLF9  GENERAL ELEC CAP CORP M/N/T            138,000  (4,292)
36962GWF7  GENERAL ELECTRIC CAP CORP M/T/N         40,313     337
55262TCN1  MBNA MASTER CR CARD 97-I A              43,667   3,973)
585510CG3  MELLON FINANCIAL CO                    127,500   1,578
590188HZ4  MERRILL LYNCH & CO.,INC  33            120,000  (6,131)
617059DD9  MORGAN JP COML MTG FIN CORP 97-C5 A2    81,521  (6,925)
                                                ------------------
                                                1,219,570 (19,526)
                                                ==================
CASH TO BE TRANSFERRED (EXCLUDING POST-12/31/01 INTEREST)
                                   17,216,054