The Phoenix Edge Series Fund CIK number 0000792359 has been filed as a separate
document under submission type N30-D.
<PAGE>
Phoenix Home Life
Semi-Annual Reports for:
Phoenix Home Life Variable
Universal Life Account
The Phoenix Edge(SM)The Phoenix Edge Series Fund
June 30, 1995
<PAGE>
TABLE OF CONTENTS
PHOENIX HOME LIFE VARIABLE UNIVERSAL LIFE ACCOUNT
<TABLE>
<CAPTION>
<S> <C>
Money Market Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 6
Growth Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 6
Bond Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 7
Total Return Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 7
International Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 8
Balanced Sub-Account
Statement of Assets and Liabilities 2
Statement of Operations 3
Statement of Changes in Net Assets 4
Financial Highlights 8
Notes to Financial Statements 9
</TABLE>
THE PHOENIX EDGE SERIES FUND
<TABLE>
<CAPTION>
<S> <C>
Money Market Series
Schedule of Investments 2-2
Statement of Assets and Liabilities 2-4
Statement of Operations 2-4
Statement of Changes in Net Assets 2-5
Financial Highlights 2-5
Growth Series
Schedule of Investments 2-6
Statement of Assets and Liabilities 2-8
Statement of Operations 2-8
Statement of Changes in Net Assets 2-9
Financial Highlights 2-9
Bond Series
Schedule of Investments 2-10
Statement of Assets and Liabilities 2-12
Statement of Operations 2-12
Statement of Changes in Net Assets 2-13
Financial Highlights 2-13
Total Return Series
Schedule of Investments 2-15
Statement of Assets and Liabilities 2-17
Statement of Operations 2-17
Statement of Changes in Net Assets 2-18
Financial Highlights 2-18
International Series
Schedule of Investments 2-20
Statement of Assets and Liabilities 2-22
Statement of Operations 2-22
Statement of Changes in Net Assets 2-23
Financial Highlights 2-23
Balanced Series
Schedule of Investments 2-24
Statement of Assets and Liabilities 2-26
Statement of Operations 2-26
Statement of Changes in Net Assets 2-27
Financial Highlights 2-27
Real Estate Series
Schedule of Investments 2-28
Statement of Assets and Liabilities 2-30
Statement of Operations 2-30
Statement of Changes in Net Assets 2-31
Financial Highlights 2-31
Notes to Financial Statements 2-32
</TABLE>
<PAGE>
This semiannual report for the Phoenix Home Life Variable Accumulation
Account for the six months ended June 30, 1995, contains the financial
statements for the Account's various annuity contracts. This report also
contains a list of portfolio holdings, management's discussion of performance
and investment strategy and financial statements for each of the mutual funds
that comprise the Phoenix Edge Series Fund.
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Money
Market Growth Bond
Sub-Account Sub-Account Sub-Account
----------- ----------- ------------
<S> <C> <C> <C>
Assets
Investment in The Phoenix Edge Series Fund, at market $ 433,921 $21,881,115 $2,570,716
Distribution receivable -- -- --
---------- ---------- -----------
Total assets 433,921 21,881,115 2,570,716
Liabilities
Accrued expenses to related party 179 8,869 1,054
---------- ---------- -----------
Net assets $ 433,742 $21,872,246 $2,569,662
========== ========== ===========
Net assets consist of:
Cost to participants $ 12,565 $13,569,758 $2,044,686
Investment income 468,025 4,190,603 544,812
Mortality and expense risk charges (46,848) (298,427) (31,057)
Net realized gain (loss) -- 92,991 (6,853)
Net unrealized appreciation on investment in The Phoenix Edge
Series Fund -- 4,317,321 18,074
---------- ---------- -----------
Net assets $ 433,742 $21,872,246 $2,569,662
========== ========== ===========
Accumulation units outstanding 278,948 7,669,798 1,348,717
========== ========== ===========
Net asset value per unit $1.554921 $ 2.851737 $ 1.905264
========== ========== ===========
Investments at cost $ 433,921 $17,563,794 $2,552,642
========== ========== ===========
</TABLE>
<TABLE>
<CAPTION>
Total
Return International Balanced
Sub-Account Sub-Account Sub-Account
----------- ------------ ------------
<S> <C> <C> <C>
Assets
Investment in The Phoenix Edge Series Fund, at market $13,924,084 $1,139,028 $ 322,089
Distribution receivable -- -- --
---------- ----------- -----------
Total assets 13,924,084 1,139,028 322,089
Liabilities
Accrued expenses to related party 5,693 467 142
---------- ----------- -----------
Net assets $13,918,391 $1,138,561 $ 321,947
========== =========== ===========
Net assets consist of:
Cost to participants $ 9,495,607 $ 952,652 $ 266,209
Investment income 3,299,588 55,650 35,681
Mortality and expense risk charges (253,381) (15,182) (4,713)
Net realized gain (loss) 264,677 (37,330) (2,030)
Net unrealized appreciation on investment in The Phoenix Edge
Series Fund 1,111,900 182,771 26,800
---------- ----------- -----------
Net assets $13,918,391 $1,138,561 $ 321,947
========== =========== ===========
Accumulation units outstanding 6,664,228 851,505 258,563
========== =========== ===========
Net asset value per unit $ 2.088523 $ 1.337116 $1.245140
========== =========== ===========
Investments at cost $12,812,184 $ 956,257 $ 295,289
========== =========== ===========
</TABLE>
See Notes to Financial Statements
2
<PAGE>
STATEMENT OF OPERATIONS
For the six months ended June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Money
Market Growth Bond
Sub-Account Sub-Account Sub-Account
----------- ----------- ------------
<S> <C> <C> <C>
Investment income
Distributions $23,753 $ 150,666 $ 88,536
Expenses
Mortality and expense risk charges 2,096 50,124 5,008
---------- ----------- -----------
Net investment income 21,657 100,542 83,528
---------- ----------- -----------
Net realized gain -- 3,237 1,256
---------- ----------- -----------
Net unrealized appreciation on investment in The Phoenix Edge
Series Fund -- 2,834,964 171,484
---------- ----------- -----------
Net gain on investments -- 2,838,201 172,740
---------- ----------- -----------
Net increase in net assets resulting from operations $21,657 $2,938,743 $256,268
========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Total
Return International Balanced
Sub-Account Sub-Account Sub-Account
----------- ------------ ------------
<S> <C> <C> <C>
Investment income
Distributions $ 244,297 $ -- $ 6,266
Expenses
Mortality and expense risk charges 33,086 3,104 814
---------- ----------- -----------
Net investment income (loss) 211,211 (3,104) 5,452
---------- ----------- -----------
Net realized gain (loss) 7,024 (22,432) (100)
---------- ----------- -----------
Net unrealized appreciation on investment in The Phoenix Edge
Series Fund 1,139,834 60,623 25,451
---------- ----------- -----------
Net gain on investments 1,146,858 38,191 25,351
---------- ----------- -----------
Net increase in net assets resulting from operations $1,358,069 $ 35,087 $30,803
========== =========== ===========
</TABLE>
See Notes to Financial Statements
3
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
For the six months ended June 30, 1995
(Unaudited)
<TABLE>
<CAPTION>
Money
Market Growth Bond
Sub-Account Sub-Account Sub-Account
----------- ----------- ------------
<S> <C> <C> <C>
From operations
Net investment income $ 21,657 $ 100,542 $ 83,528
Net realized gain -- 3,237 1,256
Net change in unrealized appreciation on investment in The
Phoenix Edge Series Fund -- 2,834,964 171,484
---------- ----------- -----------
Net increase in net assets resulting from operations 21,657 2,938,743 256,268
---------- ----------- -----------
From accumulation unit transactions
Participant deposits 932,341 12,599 34
Participant transfers (796,416) 404,929 779,307
Participant withdrawals (352,667) (215,553) (47,892)
---------- ----------- -----------
Net (decrease) increase in net assets resulting from
participant transactions (216,742) 201,975 731,449
---------- ----------- -----------
Net (decrease) increase in net assets (195,085) 3,140,718 987,717
---------- ----------- -----------
Net assets
Beginning of period 628,827 18,731,528 1,581,945
---------- ----------- -----------
End of period $ 433,742 $21,872,246 $2,569,662
========== =========== ===========
</TABLE>
<TABLE>
<CAPTION>
Total
Return International Balanced
Sub-Account Sub-Account Sub-Account
----------- ------------ ------------
<S> <C> <C> <C>
From operations
Net investment income (loss) $ 211,211 $ (3,104) $ 5,452
Net realized gain (loss) 7,024 (22,432) (100)
Net change in unrealized appreciation on investment in The
Phoenix Edge Series Fund 1,139,834 60,623 25,451
---------- ----------- -----------
Net increase in net assets resulting from operations 1,358,069 35,087 30,803
---------- ----------- -----------
From accumulation unit transactions
Participant deposits 44,287 1,129 82
Participant transfers (172,030) (233,314) (22,545)
Participant withdrawals (202,427) (61,066) (8,810)
---------- ----------- -----------
Net decrease in net assets resulting from participant
transactions (330,170) (293,251) (31,273)
---------- ----------- -----------
Net increase (decrease) in net assets 1,027,899 (258,164) (470)
---------- ----------- -----------
Net assets
Beginning of period 12,890,492 1,396,725 322,417
---------- ----------- -----------
End of period $13,918,391 $1,138,561 $321,947
========== =========== ===========
</TABLE>
See Notes to Financial Statements
4
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
For the year ended December 31, 1994
<TABLE>
<CAPTION>
Money
Market Growth Bond
Sub-Account Sub-Account Sub-Account
----------- ------------ ------------
<S> <C> <C> <C>
From operations
Net investment income $ 19,190 $ 1,193,847 $ 120,299
Net realized loss -- (2,616) (16,902)
Net change in unrealized depreciation on investment in
The Phoenix Edge Series Fund -- (1,022,095) (217,226)
----------- ----------- -----------
Net increase (decrease) in net assets resulting from
operations 19,190 169,136 (113,829)
----------- ----------- -----------
From accumulation unit transactions
Participant deposits 466,709 573,221 6,350
Participant transfers (537,395) 476,706 (200,637)
Participant withdrawals (213,336) (758,521) (90,992)
----------- ----------- -----------
Net (decrease) increase in net assets resulting from
participant transactions (284,022) 291,406 (285,279)
----------- ----------- -----------
Net (decrease) increase in net assets (264,832) 460,542 (399,108)
----------- ----------- -----------
Net assets
Beginning of period 893,659 18,270,986 1,981,053
----------- ----------- -----------
End of period $ 628,827 $18,731,528 $1,581,945
=========== =========== ===========
Total
Return International Balanced
Sub-Account Sub-Account Sub-Account
---------- ----------- -----------
From operations
Net investment income $ 739,142 $ 32,683 $ 12,861
Net realized loss (4,265) (8,957) (1,932)
Net change in unrealized depreciation on investment in
The Phoenix Edge Series Fund (984,229) (52,837) (23,465)
----------- ----------- -----------
Net decrease in net assets resulting from operations (249,352) (29,111) (12,536)
----------- ----------- -----------
From accumulation unit transactions
Participant deposits 202,349 80,593 1,891
Participant transfers (169,326) 360,650 (5,925)
Participant withdrawals (413,557) (116,037) (58,530)
----------- ----------- -----------
Net (decrease) increase in net assets resulting from
participant transactions (380,534) 325,206 (62,564)
----------- ----------- -----------
Net (decrease) increase in net assets (629,886) 296,095 (75,100)
----------- ----------- -----------
Net assets
Beginning of period 13,520,378 1,100,630 397,517
----------- ----------- -----------
End of period $12,890,492 $ 1,396,725 $ 322,417
=========== =========== ===========
</TABLE>
See Notes to Financial Statements
5
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a unit outstanding throughout the indicated period)
Money Market Sub-Account
<TABLE>
<CAPTION>
Six Months
Ended
6/30/95 Year Ended December 31,
(Unaudited) 1994 1993 1992 1991 1990
------------- --------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $1.515458 $1.466849 $1.433159 $1.390671 $1.318772 $1.225312
Income from investment
operations
Net investment income 0.039463 0.048609 0.033690 0.042488 0.071899 0.093460
----------- -------- -------- -------- -------- ---------
Total from investment
operations 0.039463 0.048609 0.033690 0.042488 0.071899 0.093460
----------- -------- -------- -------- -------- ---------
Change in net asset value 0.039463 0.048609 0.033690 0.042488 0.071899 0.093460
----------- -------- -------- -------- -------- ---------
Net asset value, end of period $1.554921 $1.515458 $1.466849 $1.433159 $1.390671 $1.318772
=========== ======== ======== ======== ======== =========
Total return 2.60% 3.31% 2.35% 3.06% 5.45% 7.63%
Ratios/supplemental data:
Net assets, end of period (000) $434 $629 $894 $592 $3,669 $748
Ratio to average net assets of:
Total expenses 0.50%(1) 0.50% 0.50% 0.50% 0.50% 0.50%
Net investment income 5.17%(1) 3.43% 2.28% 3.17% 5.05% 7.35%
</TABLE>
Growth Sub-Account
<TABLE>
<CAPTION>
Six Months
Ended
6/30/95 Year Ended December 31,
(Unaudited) 1994 1993 1992 1991 1990
----------- ---------- --------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $2.467899 $2.444383 $2.052568 $1.870245 $1.317081 $1.272374
Income from investment
operations
Net investment income 0.013132 0.165989 0.173745 0.106426 0.355697 0.019556
Net realized and unrealized
gain (loss) 0.370706 (0.142473) 0.218070 0.075897 0.197467 0.025151
--------- --------- -------- -------- -------- ---------
Total from investment
operations 0.383838 0.023516 0.391815 0.182323 0.553164 0.044707
--------- --------- -------- -------- -------- ---------
Change in net asset value 0.383838 0.023516 0.391815 0.182323 0.553164 0.044707
--------- --------- -------- -------- -------- ---------
Net asset value, end of period $2.851737 $2.467899 $2.444383 $2.052568 $1.870245 $1.317081
========= ========= ======== ======== ======== =========
Total return 15.55% 0.96% 19.09% 9.75% 42.00% 3.51%
Ratios/supplemental data:
Net assets, end of period (000) $21,872 $18,732 $18,271 $15,787 $3,594 $1,350
Ratio to average net assets of:
Total expenses 0.50%(1) 0.50% 0.50% 0.50% 0.50% 0.50%
Net investment income 1.00%(1) 6.29% 7.82% 8.81% 22.63% 2.67%
Portfolio turnover 5%(1) 5% 7% 9% 59% 21%
(1) Annualized
</TABLE>
See Notes to Financial Statements
6
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a unit outstanding throughout the indicated period)
Bond Sub-Account
<TABLE>
<CAPTION>
Six Months
Ended
6/30/95 Year Ended December 31,
(Unaudited) 1994 1993 1992 1991 1990
------------ ---------- ---------- --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $1.689832 $1.796321 $1.557550 $1.422219 $1.195462 $1.142149
Income from investment operations
Net investment income 0.070218 0.112542 0.175054 0.094760 0.105078 0.044704
Net realized and unrealized gain
(loss) 0.145214 (0.219031) 0.063717 0.040571 0.121679 0.008609
---------- --------- --------- -------- -------- ---------
Total from investment operations 0.215432 (0.106489) 0.238771 0.135331 0.226757 0.053313
---------- --------- --------- -------- -------- ---------
Change in net asset value 0.215432 (0.106489) 0.238771 0.135331 0.226757 0.053313
---------- --------- --------- -------- -------- ---------
Net asset value, end of period $1.905264 $1.689832 $1.796321 $1.557550 $1.422219 $1.195462
========== ========= ========= ======== ======== =========
Total return 12.75% (5.93)% 15.33% 9.52% 18.97% 4.67%
Ratios/supplemental data:
Net assets, end of period (000) $2,570 $1,582 $1,981 $721 $567 $524
Ratio to average net assets of:
Total expenses 0.50%(1) 0.50% 0.50% 0.50% 0.50% 0.50%
Net investment income 8.34%(1) 7.01% 9.94% 6.58% 7.90% 8.51%
Portfolio turnover 6%(1) 8% 4% 20% 41% 32%
</TABLE>
Total Return Sub-Account
<TABLE>
<CAPTION>
Six
Months
Ended
6/30/95 Year Ended December 31,
(Unaudited) 1994 1993 1992 1991 1990
--------- ---------- --------- ---------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $1.885207 $1.921620 $1.739683 $1.580099 $1.228305 $1.167301
Income from investment operations
Net investment income 0.031620 0.107937 0.069686 0.201127 0.137396 0.073609
Net realized and unrealized gain
(loss) 0.171696 (0.144350) 0.112251 (0.041543) 0.214398 (0.012605)
-------- --------- -------- --------- -------- ----------
Total from investment operations 0.203316 (0.036413) 0.181937 0.159584 0.351794 0.061004
-------- --------- -------- --------- -------- ----------
Change in net asset value 0.203316 (0.036413) 0.181937 0.159584 0.351794 0.061004
-------- --------- -------- --------- -------- ----------
Net asset value, end of period $2.088523 $1.885207 $1.921620 $1.739683 $1.580099 $1.228305
======== ========= ======== ========= ======== ==========
Total return 10.78% (1.89)% 10.46% 10.10% 28.64% 5.23%
Ratios/supplemental data:
Net assets, end of period (000) $13,918 $12,890 $13,520 $9,681 $4,126 $3,170
Ratio to average net assets of:
Total expenses 0.50%(1) 0.50% 0.50% 0.50% 0.50% 0.50%
Net investment income 3.19%(1) 5.69% 3.70% 13.99% 10.18% 4.80%
Portfolio turnover 6%(1) 11% 4% 25% 23% 12%
(1) Annualized
</TABLE>
See Notes to Financial Statements
7
<PAGE>
FINANCIAL HIGHLIGHTS
(Selected data for a unit outstanding throughout the indicated period)
International Sub-Account
<TABLE>
<CAPTION>
Six Months From
Ended Inception
6/30/95 Year Ended December 31, 5/1/90 to
(Unaudited) 1994 1993 1992 1991 12/31/90
----------- ---------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period $1.292393 $1.298093 $0.942557 $1.086612 $0.912564 $1.000000
Income from investment
operations
Net investment (loss) income (0.003956) 0.006399 (0.005002) 0.000360 0.183596 0.010025
Net realized and unrealized
gain (loss) 0.048679 (0.012099) 0.360538 (0.144415) (0.009548) (0.097461)
---------- --------- --------- --------- --------- ----------
Total from investment
operations 0.044723 (0.005700) 0.355536 (0.144055) 0.174048 (0.087436)
---------- --------- --------- --------- --------- ----------
Change in net asset value 0.044723 (0.005700) 0.355536 (0.144055) 0.174048 (0.087436)
---------- --------- --------- --------- --------- ----------
Net asset value, end of period $1.337116 $1.292393 $1.298093 $0.942557 $1.086612 $0.912564
========== ========= ========= ========= ========= ==========
Total return 3.46% (0.44)% 37.72% (13.26)% 19.07% (8.74)%
Ratios/supplemental data:
Net assets, end of period
(000) $1,139 $1,397 $1,101 $362 $250 $51
Ratio to average net assets
of:
Total expenses 0.50%(1) 0.50% 0.50% 0.50% 0.50% 0.50%(1)
Net investment (loss) income (0.50)%(1) 2.42% (0.50)% 0.04% 9.41% 3.93%(1)
Portfolio turnover 7%(1) 43% 3% 44% 21% 162%(1)
</TABLE>
Balanced Sub-Account
<TABLE>
<CAPTION>
Six Months From
Ended Year Ended Inception
6/30/95 December 31, 5/1/92 to
(Unaudited) 1994 1993 12/31/92
----------- ----------- --------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $1.132914 $ 1.171796 $1.084386 $1.000000
Income from investment operations
Net investment income 0.019864 0.039890 0.037543 0.014331
Net realized and unrealized gain (loss) 0.092362 (0.078772) 0.049867 0.070055
--------- --------- -------- ---------
Total from investment operations 0.112226 (0.038882) 0.087410 0.084386
--------- --------- -------- ---------
Change in net asset value 0.112226 (0.038882) 0.087410 0.084386
--------- --------- -------- ---------
Net asset value, end of period $1.245140 $ 1.132914 $1.171796 $1.084386
========= ========= ======== =========
Total return 9.91% (3.32)% 8.06% 8.44%
Ratios/supplemental data:
Net assets, end of period (000) $322 $322 $398 $260
Ratio to average net assets of:
Total expenses 0.50%(1) 0.50% 0.50% 0.50%(1)
Net investment income 3.35%(1) 3.56% 3.08% 2.79%(1)
Portfolio turnover 15%(1) 9% 4% 1%(1)
</TABLE>
(1) Annualized
[/TABLE]
See Notes to Financial Statements
8
<PAGE>
PHOENIX HOME LIFE VARIABLE UNIVERSAL LIFE ACCOUNT
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 1--Organization:
Phoenix Home Life Variable Universal Life Account (the Account) is a separate
investment account of Phoenix Home Life Mutual Insurance Company (Phoenix
Home Life). The Account is registered as a unit investment trust under the
Investment Company Act of 1940, as amended. Policies offered by the Account
have a death benefit, cash surrender value and loan privileges. The account
was established January 1, 1987 and currently consists of six sub-accounts.
The assets of each sub-account are invested in shares of six of the seven
designated portfolios of The Phoenix Edge Series Fund (the Fund). The Real
Estate Series is currently not available to the Account. Additionally,
contract holders may also direct the allocation of their investments between
the Account and the Guaranteed Interest Account of the general account of
Phoenix Home Life through participant transfers.
Each series has distinct investment objectives. The Money Market Series is
a short-term investment fund, the Growth Series is a growth common stock
fund, the Bond Series is a long-term debt fund, the Total Return Series
invests in equity securities and long and short-term debt, the International
Series invests primarily in an internationally diversified portfolio of
equity securities, and the Balanced Series is a balanced fund which invests
in growth stocks and at least 25% of its assets in fixed income senior
securities.
Note 2--Significant Accounting Policies:
A. Valuation of Investments: Investments are made exclusively in the Fund and
are valued at the net asset values per share of the respective Series.
B. Investment transactions and related income: Realized gains and losses
include capital gain distributions from the Fund as well as gains and losses
on sales of shares in the fund determined on the LIFO (last in, first out)
basis.
C. Income taxes: The Account is not a separate entity from Phoenix Home Life
and under current federal income tax law, income arising from the Account is
not taxed since reserves are established equivalent to such income.
Therefore, no provision for related federal or state income taxes is
required.
D. Distributions: Distributions are recorded as investment income on the
ex-dividend date.
Note 3--Purchases and Sales of Shares of The Phoenix Edge Series Fund:
Purchases and sales of shares of the Fund for the six months ended June 30,
1995 aggregated the following:
<TABLE>
<CAPTION>
Sub-Account Purchases Sales
------------- ---------- -----------
<S> <C> <C>
Money Market $1,350,639 $1,542,348
Growth 757,007 469,545
Bond 878,430 64,399
Total Return 403,321 532,397
International 43,669 341,416
Balanced 24,093 50,179
</TABLE>
Note 4--Participant Accumulation Unit Transactions (In units):
<TABLE>
<CAPTION>
Sub-Account
-----------------------------------------------------------------------
Money Total
Market Growth Bond Return International Balanced
--------- -------- -------- --------- ------------- ---------
<S> <C> <C> <C> <C> <C> <C>
Participant deposits 609,959 4,687 19 22,539 925 70
Participant transfers (517,621) 157,133 439,413 (93,799) (181,446) (18,746)
Participant withdrawals (228,332) (82,094) (26,870) (102,217) (48,702) (7,352)
</TABLE>
Note 5--Policy Loans:
Transfers are made to Phoenix Home Life's general account as a result of
policy loans. Contract provisions allow contract owners to borrow up to 75%
of a policy's cash value during the first three policy years and up to 90% of
cash value thereafter, with interest of 8% due and payable on each policy
anniversary. At the time a loan is granted an amount equivalent to the amount
of the loan is transferred from the Account to Phoenix Home Life's general
account as collateral for the outstanding loan. These transfers are included
in participant withdrawals in the accompanying financial statements. Amounts
in the general account are credited with interest at 7.25%. Loan repayments
result in a transfer of collateral back to the Account.
Note 6--Investment Advisory Fees and Related Party Transactions:
Phoenix Home Life and its indirect subsidiary, Phoenix Equity Planning
Corporation, a registered broker/dealer in securities, provide all services
to the Account.
The cost of insurance is charged to each policy on a monthly basis by a
withdrawal of participant units prorated among the elected sub- accounts. The
amount charged to each policy depends on a number of variables including sex,
age and risk class as well as the death benefit and cash value of the policy.
Such costs aggregated $164,312 during the six months ended June 30, 1995.
Upon partial surrender of a policy a surrender fee of the lesser of $25 or
2% of the partial surrender amount paid is deducted from the policy value and
paid to Phoenix Home Life. No partial surrender fees were paid during the six
months ended June 30, 1995.
Phoenix Equity Planning Corporation is the principal underwriter and
distributor for the Account. Phoenix Equity Planning Corporation is
reimbursed for its distribution and underwriting expenses by Phoenix Home
Life.
An acquisition expense allowance is paid to Phoenix Home Life over a ten
year period from contract inception by a withdrawal of units. The acquisition
expense allowance consists of a sales load of 5.5% of the issue premium to
compensate Phoenix Home Life for distribution expenses incurred, an issue
administration charge of 1.0% of the issue premium to compensate Phoenix Home
Life for underwriting and
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start-up expenses and premium taxes which currently range from .75% to 4% of
premiums paid based on the state where the contract holder resides. In the
event of a surrender before ten years, the unpaid balance of the acquisition
expenses is deducted and paid to Phoenix Home Life. Deductions related to
these charges amounted to $137,874 during the six months ended June 30, 1995.
Phoenix Home Life assumes the risk that insureds may live for a shorter
time than projected because of inaccuracies in the projecting process and,
accordingly, that an aggregate amount of death benefits greater than
projected will be payable and that its expenses may be higher than its
deductions for such expenses. In return for the assumption of these mortality
and expense risks, Phoenix Home Life charges the Account an annual rate of
0.50% of the average daily net assets of the Account for mortality and
expense risks assumed.
Note 7--Diversification Requirements
Under the provisions of Section 817(h) of the Internal Revenue Code (the
Code), a variable universal life contract, other than a contract issued in
connection with certain types of employee benefit plans, will not be treated
as a universal life contract for federal tax purposes for any period for
which the investments of the segregated asset account on which the contract
is based are not adequately diversified. The Code provides that the
"adequately diversified" requirement may be met if the underlying investments
satisfy either a statutory safe harbor test or diversification requirements
set forth in regulations issued by the Secretary of Treasury.
The Internal Revenue Service has issued regulations under Section 817(h)
of the Code. Phoenix Home Life believes that the Account satisfies the
current requirements of the regulations, and it intends that the Account will
continue to meet such requirements.
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PHOENIX HOME LIFE
VARIABLE UNIVERSAL LIFE ACCOUNT
Phoenix Home Life Mutual Insurance Company
One American Row
Hartford, Connecticut 06115
Underwriter
Phoenix Equity Planning Corporation
P.O. Box 2200
100 Bright Meadow Boulevard
Enfield, Connecticut 06083-2200
Custodian
The Chase Manhattan Bank, N.A.
1 Chase Manhattan Plaza
Floor 3B
New York, New York 10081
International Series Custodian
The Chase Manhattan Bank, N.A.
1211 Avenue of the Americas
New York, New York 10036
Attention: Global Custody Division
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Phoenix Home Life
Phoenix Home Life Mutual Insurance Company
101 Munson Street
P.O. Box 810
Greenfield, Massachusetts 01302-0810
OL-1273 (2/95)
E Printed on recycled paper using soybean ink
(C) 1995 Phoenix Home Life Mutual Insurance Company
Phoenix Home Life
E Printed on recycled paper using soybean ink
(C) 1995 Phoenix Home Life Mutual Insurance Company
