<PAGE>
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1
<PAGE>
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Dear Valued Policyholder:
We are pleased to present the Semi-Annual Report of the PFL Endeavor Platinum
Variable Annuity Account for the period ending June 30, 1995. This report
contains information on the following subaccounts:
Money Market
Managed Asset Allocation
T. Rowe Price International Stock
Quest For Value Equity
Quest For Value Small Cap
U.S. Government Securities
T. Rowe Price Equity Income
T. Rowe Price Growth Stock
Growth
In addition to the variable annuity report, reports of the underlying mutual
fund portfolios are enclosed. These reports give you insight regarding the
underlying investments in your variable annuity policy.
We are pleased that you have chosen the Endeavor Platinum Variable Annuity to be
part of your financial future. We look forward to serving you in the future.
Sincerely,
/s/ William L. Busler
William L. Busler
President
PFL Life Insurance Company
2
<PAGE>
================================================================================
THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
BALANCE SHEET
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
MANAGED
MONEY ASSET
MARKET ALLOCATION
TOTAL SUBACCOUNT SUBACCOUNT
--------- ---------- ----------
<S> <C> <C> <C>
ASSETS
Cash:.................................................................. $ 29 3 --
Investments in mutual funds, at current market value:
Endeavor Series Trust - Money Market Portfolio
2,293,210.420 shares (cost $2,293,210)........................... 2,293,210 2,293,210 --
Endeavor Series Trust - Managed Asset Allocation Portfolio
145,914.831 shares (cost $2,008,345)............................. 2,223,742 -- 2,223,742
Endeavor Series Trust - T. Rowe Price International Stock Portfolio
207,534.924 shares (cost $2,379,907)............................. 2,353,446 -- --
Endeavor Series Trust - Quest for Value Equity Portfolio
135,772.074 shares (cost $1,522,121)............................. 1,743,313 -- --
Endeavor Series Trust - Quest for Value Small Cap Portfolio
144,250.007 shares (cost $1,569,679)............................. 1,640,122 -- --
Endeavor Series Trust - U.S. Government Securities Portfolio
104,619.525 shares (cost $1,073,884)............................. 1,128,844 -- --
Endeavor Series Trust - T. Rowe Price Equity Income Portfolio
46,239.691 shares (cost $494,994)................................ 519,271 -- --
Endeavor Series Trust - T. Rowe Price Growth Stock Portfolio
45,445.297 shares (cost $517,516)................................ 554,887 -- --
WRL Series Fund, Inc. - Growth Portfolio
121,785.025 shares (cost $3,052,392)............................. 3,574,381 -- --
---------- --------- ---------
Total investments in mutual funds................................... 16,031,216 2,293,210 2,223,742
---------- --------- ---------
Total Assets........................................................ $16,031,245 2,293,213 2,223,742
========== ========= =========
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable....................................... $ 39 -- 10
---------- --------- ---------
Total Liabilities................................................... 39 -- 10
Contract Owners' Equity:
Deferred annuity contracts terminable by owners (Notes 2 and 5)....... 16,031,206 2,293,213 2,223,732
---------- --------- ---------
$16,031,245 2,293,213 2,223,742
========== ========= =========
</TABLE>
See accompanying Notes to Financial Statements
3
<PAGE>
================================================================================
THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
BALANCE SHEET
June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
T. ROWE PRICE QUEST QUEST
INTERNATIONAL FOR VALUE FOR VALUE
STOCK EQUITY SMALL CAP
SUBACCOUNT SUBACCOUNT SUBACCOUNT
------------ ---------- ----------
<S> <C> <C> <C>
ASSETS
Cash:.................................................................. 21 -- --
Investments in mutual funds, at current market value:
Endeavor Series Trust - Money Market Portfolio
2,293,210.420 shares (cost $2,293,210)........................... -- -- --
Endeavor Series Trust - Managed Asset Allocation Portfolio
145,914.831 shares (cost $2,008,345)............................. -- -- --
Endeavor Series Trust - T. Rowe Price International Stock Portfolio
207,534.924 shares (cost $2,379,907)............................. 2,353,446 -- --
Endeavor Series Trust - Quest for Value Equity Portfolio
135,772.074 shares (cost $1,522,121)............................. -- 1,743,313 --
Endeavor Series Trust - Quest for Value Small Cap Portfolio
144,250.007 shares (cost $1,569,679)............................. -- -- 1,640,122
Endeavor Series Trust - U.S. Government Securities Portfolio
104,619.525 shares (cost $1,073,884)............................. -- -- --
Endeavor Series Trust - T. Rowe Price Equity Income Portfolio
46,239.691 shares (cost $494,994)................................ -- -- --
Endeavor Series Trust - T. Rowe Price Growth Stock Portfolio
45,445.297 shares (cost $517,516)................................ -- -- --
WRL Series Fund, Inc. - Growth Portfolio
121,785.025 shares (cost $3,052,392)............................. -- -- --
--------- ---------- ----------
Total investments in mutual funds................................... 2,353,446 1,743,313 1,640,122
--------- ---------- ----------
Total Assets........................................................ 2,353,467 1,743,313 1,640,122
========= ========== ==========
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable....................................... -- 9 17
--------- ---------- ----------
Total Liabilities................................................... -- 9 17
Contract Owners' Equity:
Deferred annuity contracts terminable by owners (Notes 2 and 5)....... 2,353,467 1,743,304 1,640,105
--------- ---------- ----------
2,353,467 1,743,313 1,640,122
========= ========== ==========
</TABLE>
<TABLE>
<CAPTION>
U.S. T. ROWE PRICE T. ROWE PRICE
GOVERNMENT EQUITY GROWTH
SECURITIES INCOME STOCK GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
ASSETS
Cash:.................................................................. 5 -- -- --
Investments in mutual funds, at current market value:
Endeavor Series Trust - Money Market Portfolio
2,293,210.420 shares (cost $2,293,210)........................... -- -- -- --
Endeavor Series Trust - Managed Asset Allocation Portfolio
145,914.831 shares (cost $2,008,345)............................. -- -- -- --
Endeavor Series Trust - T. Rowe Price International Stock Portfolio
207,534.924 shares (cost $2,379,907)............................. -- -- -- --
Endeavor Series Trust - Quest for Value Equity Portfolio
135,772.074 shares (cost $1,522,121)............................. -- -- -- --
Endeavor Series Trust - Quest for Value Small Cap Portfolio
144,250.007 shares (cost $1,569,679)............................. -- -- -- --
Endeavor Series Trust - U.S. Government Securities Portfolio
104,619.525 shares (cost $1,073,884)............................. 1,128,844 -- -- --
Endeavor Series Trust - T. Rowe Price Equity Income Portfolio
46,239.691 shares (cost $494,994)................................ -- 519,271 -- --
Endeavor Series Trust - T. Rowe Price Growth Stock Portfolio
45,445.297 shares (cost $517,516)................................ -- -- 554,887 --
WRL Series Fund, Inc. - Growth Portfolio
121,785.025 shares (cost $3,052,392)............................. -- -- -- 3,574,381
---------- --------- ---------- ----------
Total investments in mutual funds................................... 1,128,844 519,271 554,887 3,574,381
---------- --------- ---------- ----------
Total Assets........................................................ 1,128,849 519,271 554,887 3,574,381
========== ========= ========== ==========
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable....................................... -- 1 2 --
---------- --------- ---------- ----------
Total Liabilities................................................... -- 1 2 --
Contract Owners' Equity:
Deferred annuity contracts terminable by owners (Notes 2 and 5)....... 1,128,849 519,270 554,885 3,574,381
---------- --------- ---------- ----------
1,128,849 519,271 554,887 3,574,381
========== ========= ========== ==========
</TABLE>
See accompanying Notes to Financial Statements
4
<PAGE>
================================================================================
THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
STATEMENT OF OPERATIONS
Six Months Ended June 30, 1995 or Commencement
of Operations to June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
MONEY
MARKET
TOTAL SUBACCOUNT
------ ----------
<S> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends................................................. $ 125,816 49,128
Expenses:
Administrative fee........................................ 106 --
Mortality and expense risk charge (Note 4)................ 98,898 15,482
---------- ---------
Net investment income (loss)........................... 26,812 33,646
---------- ---------
NET REALIZED AND UNREALIZED CAPITAL GAIN
FROM INVESTMENTS
Net realized capital gain (loss) from sales
of investments:
Proceeds from sales....................................... 2,052,293 1,103,642
Cost of investments sold.................................. 2,029,919 1,103,642
---------- ---------
22,374 --
Capital gain dividends.................................... 77,628 --
---------- ---------
Net realized capital gain................................... 100,002 --
---------- ---------
Net change in unrealized appreciation
(depreciation) of investments:
Beginning of period...................................... (99,307) --
End of period............................................ 1,119,169 --
---------- ---------
Net change in unrealized appreciation (depreciation)
of investments........................................ 1,218,476 --
---------- ---------
Net realized and unrealized capital gain from
investments........................................... 1,318,478 --
---------- ---------
INCREASE FROM OPERATIONS.................................... $ 1,345,290 33,646
========== =========
</TABLE>
See accompanying Notes to Financial Statements.
5
<PAGE>
================================================================================
THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
STATEMENT OF OPERATIONS
Six Months Ended June 30, 1995 or Commencement
of Operations to June 30, 1995 (Unaudited)
<TABLE>
<CAPTION>
MANAGED T. ROWE PRICE QUEST
ASSET INTERNATIONAL FOR VALUE
ALLOCATION STOCK EQUITY
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ----------
<S> <C> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends................................................. 32,841 -- 9,740
Expenses:
Administrative fee........................................ 18 16 14
Mortality and expense risk charge (Note 4)................ 15,902 16,872 10,463
--------- --------- ---------
Net investment income (loss)........................... 16,921 (16,888) (737)
--------- --------- ---------
NET REALIZED AND UNREALIZED CAPITAL GAIN
FROM INVESTMENTS
Net realized capital gain (loss) from sales
of investments:
Proceeds from sales....................................... 165,639 175,165 53,871
Cost of investments sold.................................. 159,332 185,338 49,659
--------- --------- ---------
6,307 (10,173) 4,212
Capital gain dividends.................................... -- 52,569 4,437
--------- --------- ---------
Net realized capital gain................................... 6,307 42,396 8,649
--------- --------- ---------
Net change in unrealized appreciation
(depreciation) of investments:
Beginning of period...................................... (10,491) (71,432) (160)
End of period............................................ 215,397 (26,461) 221,192
--------- --------- ---------
Net change in unrealized appreciation (depreciation)
of investments........................................ 225,888 44,971 221,352
--------- --------- ---------
Net realized and unrealized capital gain from
investments........................................... 232,195 87,367 230,001
--------- --------- ---------
INCREASE FROM OPERATIONS.................................... 249,116 70,479 229,264
========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
QUEST U.S. T. ROWE PRICE T. ROWE PRICE
FOR VALUE GOVERNMENT EQUITY GROWTH
SMALL CAP SECURITIES INCOME STOCK GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT/1/ SUBACCOUNT/2/ SUBACCOUNT
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends................................................. 11,567 10,345 238 2,388 9,569
Expenses:
Administrative fee........................................ 17 -- -- 7 34
Mortality and expense risk charge (Note 4)................ 9,493 6,754 1,754 1,578 20,600
---------- --------- --------- --------- ---------
Net investment income (loss)........................... 2,057 3,591 (1,516) 803 (11,065)
---------- --------- --------- --------- ---------
NET REALIZED AND UNREALIZED CAPITAL GAIN
FROM INVESTMENTS
Net realized capital gain (loss) from sales
of investments:
Proceeds from sales....................................... 141,355 189,187 21,442 33,353 168,639
Cost of investments sold.................................. 140,684 183,632 19,903 29,417 158,312
---------- --------- --------- --------- ---------
671 5,555 1,539 3,936 10,327
Capital gain dividends.................................... 20,622 -- -- -- --
---------- --------- --------- --------- ---------
Net realized capital gain................................... 21,293 5,555 1,539 3,936 10,327
---------- --------- --------- --------- ---------
Net change in unrealized appreciation
(depreciation) of investments:
Beginning of period...................................... 10,289 (824) -- -- (26,689)
End of period............................................ 70,443 54,960 24,278 37,371 521,989
---------- --------- --------- --------- ---------
Net change in unrealized appreciation (depreciation)
of investments........................................ 60,154 55,784 24,278 37,371 548,678
---------- --------- --------- --------- ---------
Net realized and unrealized capital gain from
investments........................................... 81,447 61,339 25,817 41,307 559,005
---------- --------- --------- --------- ---------
INCREASE FROM OPERATIONS.................................... 83,504 64,930 24,301 42,110 547,940
========== ========= ========= ========= =========
</TABLE>
/1/ Period from January 20, 1995 (commencement of operations) to June 30, 1995.
/2/ Period from January 5, 1995 (commencement of operations) to June 30, 1995.
See accompanying Notes to Financial Statements.
6
<PAGE>
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THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
STATEMENT OF CHANGES IN CONTRACT OWNERS' EQUITY
Six Months Ended June 30, 1995 or Commencement of Operations to June 30, 1995
and Period from July 5, 1994 (commencement of operations)
through December 31, 1994 (Unaudited)
<TABLE>
<CAPTION>
MANAGED T. ROWE PRICE
MONEY ASSET INTERNATIONAL
MARKET ALLOCATION STOCK
TOTAL SUBACCOUNT SUBACCOUNT SUBACCOUNT
-------------------- ------------------- ------------------- --------------------
1995 1994 1995 1994 1995 1994 1995 1994
---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income
(loss)........................ $ 26,812 (3,370) 33,646 11,861 16,921 (4,384) (16,888) (6,379)
Net realized capital
gain (loss)................... 100,002 2,320 -- -- 6,307 469 42,396 (1,436)
Net change in unrealized
appreciation (depreciation)
of investments................ 1,218,476 (99,307) -- -- 225,888 (10,491) 44,971 (71,432)
--------- --------- --------- --------- --------- --------- --------- ---------
Increase (decrease) from
operations.................... 1,345,290 (100,357) 33,646 11,861 249,116 (14,406) 70,479 (79,247)
--------- --------- --------- --------- --------- --------- --------- ---------
CONTRACT TRANSACTIONS
Net contract purchase
payments...................... 7,791,604 7,994,206 1,679,067 1,534,909 629,400 1,331,887 949,917 1,535,637
Transfers between funds........ -- -- (351,985) 69,900 68,085 (14,187) 85,673 (97,952)
Contract terminations,
withdrawals, and other
deductions.................... (921,039) (78,498) (612,785) (71,400) (25,616) (547) (110,733) (307)
--------- --------- --------- --------- --------- --------- --------- ---------
Increase from contract
transactions.................. 6,870,565 7,915,708 714,297 1,533,409 671,869 1,317,153 924,857 1,437,378
--------- --------- --------- --------- --------- --------- --------- ---------
Net increase in contract
owners' equity................ 8,215,855 7,815,351 747,943 1,545,270 920,985 1,302,747 995,336 1,358,131
--------- --------- --------- --------- --------- --------- --------- ---------
CONTRACT OWNERS' EQUITY
Beginning of period............ 7,815,351 -- 1,545,270 -- 1,302,747 -- 1,358,131 --
--------- --------- --------- --------- --------- --------- --------- ---------
End of period.................. $16,031,206 7,815,351 2,293,213 1,545,270 2,223,732 1,302,747 2,353,467 1,358,131
========== ========= ========= ========= ========= ========= ========= =========
</TABLE>
/1/ Period from January 20, 1995 (commencement of operations) to June 30, 1995.
/2/ Period from January 5, 1995 (commencement of operations) to June 30, 1995.
See accompanying Notes to Financial Statements.
7
<PAGE>
================================================================================
<TABLE>
<CAPTION>
QUEST QUEST U.S.
FOR VALUE FOR VALUE GOVERNMENT
EQUITY SMALL CAP SECURITIES
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------------- ---------------- ----------------
1995 1994 1995 1994 1995 1994
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income
(loss)........................ (737) (2,196) 2,057 (2,031) 3,591 (1,552)
Net realized capital
gain (loss)................... 8,649 275 21,293 1,312 5,555 (29)
Net change in unrealized
appreciation (depreciation)
of investments................ 221,352 (160) 60,154 10,289 55,784 (824)
--------- ------- --------- ------- --------- -------
Increase (decrease) from
operations.................... 229,264 (2,081) 83,504 9,570 64,930 (2,405)
--------- ------- --------- ------- --------- -------
CONTRACT TRANSACTIONS
Net contract purchase
payments...................... 649,861 732,058 937,099 695,430 696,402 449,895
Transfers between funds........ 156,129 18,200 (30,336) (27,721) (69,348) --
Contract terminations,
withdrawals, and other
deductions.................... (38,842) (1,285) (26,412) (1,029) (7,002) (3,623)
--------- ------- --------- ------- --------- -------
Increase from contract
transactions.................. 767,148 748,973 880,351 666,680 620,052 446,272
--------- ------- --------- ------- --------- -------
Net increase in contract
owners' equity................ 996,412 746,892 963,855 676,250 684,982 443,867
--------- ------- --------- ------- --------- -------
CONTRACT OWNERS' EQUITY
Beginning of period............ 746,892 -- 676,250 -- 443,867 --
--------- ------- --------- ------- --------- -------
End of period.................. 1,743,304 746,892 1,640,105 676,250 1,128,849 443,867
========= ======= ========= ======= ========= =======
</TABLE>
<TABLE>
<CAPTION>
T. ROWE PRICE T. ROWE PRICE
EQUITY GROWTH
INCOME STOCK GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------------
1995/1/ 1995/2/ 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income
(loss)........................ (1,516) 803 (11,065) 1,311
Net realized capital
gain (loss)................... 1,539 3,936 10,327 1,729
Net change in unrealized
appreciation (depreciation)
of investments................ 24,278 37,371 548,678 (26,689)
-------- -------- --------- ---------
Increase (decrease) from
operations.................... 24,301 42,110 547,940 (23,649)
-------- -------- --------- ---------
CONTRACT TRANSACTIONS
Net contract purchase
payments...................... 445,805 462,321 1,341,732 1,714,390
Transfers between funds........ 49,789 62,724 29,269 51,760
Contract terminations,
withdrawals, and other
deductions.................... (625) (12,270) (86,754) (307)
-------- -------- --------- ---------
Increase from contract
transactions.................. 494,969 512,775 1,284,247 1,765,843
-------- -------- --------- ---------
Net increase in contract
owners' equity................ 519,270 554,885 1,832,187 1,742,194
-------- -------- --------- ---------
CONTRACT OWNERS' EQUITY
Beginning of period............ -- -- 1,742,194 --
-------- -------- --------- ---------
End of period.................. 519,270 554,885 3,574,381 1,742,194
======== ======== ========= =========
</TABLE>
See accompanying Notes to Financial Statements.
8
<PAGE>
================================================================================
THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
NOTES TO FINANCIAL STATEMENTS
June 30, 1995 (Unaudited)
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization -- The PFL Endeavor Platinum Variable Annuity Account ("Mutual Fund
Account") is a segregated investment account of PFL Life Insurance Company ("PFL
Life"), an indirect, wholly-owned subsidiary of AEGON USA, Inc. ("AUSA"), a
holding company. AUSA is an indirect, wholly-owned subsidiary of AEGON nv, a
holding company organized under the laws of The Netherlands.
The T. Rowe Price Equity Income Portfolio, as part of the Mutual Fund Account,
commenced operations on January 20, 1995. The T. Rowe Price Growth Stock
Portfolio, as part of the Mutual Fund Account, commenced operations on January
5, 1995. All other subaccounts of the Mutual Fund Account commenced operations
on July 5, 1994. The investment advisor of the Endeavor Series Trust is Endeavor
Investment Advisors, a general partnership between Endeavor Management Co. and
AUSA Financial Markets, Inc., an affiliate of PFL Life. The investment adviser
for the WRL Series Fund, Inc. is Western Reserve Life Assurance Co. of Ohio, an
affiliate of PFL Life.
The Mutual Fund Account is registered with the Securities and Exchange
Commission as a Unit Investment Trust pursuant to provisions of the Investment
Company Act of 1940.
Investments -- Net purchase payments received by the Mutual Fund Account are
invested in the portfolios of the Endeavor Series Trust, and the Growth
Portfolio of the WRL Series Fund, Inc. (collectively the "Series Funds"), as
selected by the contract owner. Investments are stated at the closing net asset
values per share on June 30, 1995.
Realized capital gains and losses from sale of shares in the Series Funds are
determined on the first-in, first-out basis. Investment transactions are
accounted for on the trade date (date the order to buy or sell is executed) and
dividend income is recorded on the ex-dividend date. Unrealized gains or losses
from investments in the Series Funds are credited or charged to contract owners'
equity.
Dividend Income -- Dividends received from the Series Funds investments are
reinvested to purchase additional mutual fund shares.
9
<PAGE>
================================================================================
2. CONTRACT OWNERS' EQUITY
A summary of deferred annuity contracts terminable by owners at June 30, 1995
follows:
<TABLE>
<CAPTION>
ACCUMULATION
ACCUMULATION UNIT TOTAL
SUBACCOUNT UNITS OWNED VALUE CONTRACT VALUE
---------- --------------- ------------ --------------
<S> <C> <C> <C>
Money Market............................................. 2,217,239.627 $1.034265 $ 2,293,213
Managed Asset Allocation................................. 1,988,770.438 1.118144 2,223,732
T. Rowe Price International Stock........................ 2,454,012.999 0.959028 2,353,467
Quest for Value Equity................................... 1,434,310.707 1.215430 1,743,304
Quest for Value Small Cap................................ 1,550,834.477 1.057563 1,640,105
U.S. Government Securities............................... 1,054,439.659 1.070568 1,128,849
T. Rowe Price Equity Income.............................. 466,097.378 1.114081 519,270
T. Rowe Price Growth Stock............................... 458,091.420 1.211298 554,885
Growth................................................... 305,912.396 11.684330 3,574,381
------------
$16,031,206
============
</TABLE>
A summary of changes in contract owners' account units follows:
<TABLE>
<CAPTION>
T. ROWE T. ROWE
MANAGED T. ROWE QUEST QUEST U.S. PRICE PRICE
MONEY ASSET PRICE INT'L FOR VALUE FOR VALUE GOVERNMENT EQUITY GROWTH
MARKET ALLOCATION STOCK EQUITY SMALL CAP SECURITIES INCOME GROWTH GROWTH
SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT.
-------- -------- -------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Units outstanding at 1/1/94. -- -- -- -- -- -- -- -- --
Units purchased............. 1,524,000 1,344,568 1,543,161 723,486 702,507 454,189 -- -- 177,498
Units redeemed and
transferred................ (1,325) (14,895) (98,450) 16,725 (29,464) (3,679) -- -- 5,289
--------- --------- --------- --------- --------- --------- ------- ------- -------
Units outstanding at
12/31/94................... 1,522,675 1,329,673 1,444,711 740,211 673,043 450,510 -- -- 182,787
Units purchased............. 1,638,233 621,427 1,035,805 593,873 934,601 677,762 420,143 412,049 128,093
Units redeemed and
transferred................ (943,668) 37,670 (26,503) 100,227 (56,810) (73,832) 45,954 46,042 (4,968)
--------- --------- --------- --------- --------- --------- ------- ------- -------
Units outstanding at
6/30/95.................... 2,217,240 1,988,770 2,454,013 1,434,311 1,550,834 1,054,440 466,097 458,091 305,912
========= ========= ========= ========= ========= ========= ======= ======= =======
</TABLE>
3. TAXES
Operations of the Mutual Fund Account form a part of PFL Life, which is taxed as
a life insurance company under Subchapter L of the Internal Revenue Code of
1986, as amended (the "Code"). The operations of the Mutual Fund Account are
accounted for separately from other operations of PFL Life for purposes of
federal income taxation. The Mutual Fund Account is not separately taxable as a
regulated investment company under Subchapter M of the Code and is not otherwise
taxable as an entity separate from PFL Life. Under existing federal income tax
laws, the income of the Mutual Fund Account, to the extent applied to increase
reserves under the variable annuity contracts, is not taxable to PFL Life.
10
<PAGE>
================================================================================
4. ADMINISTRATIVE, MORTALITY AND EXPENSE RISK CHARGES
Administrative charges include an annual charge of $35 per contract which will
commence on the first policy anniversary of each contract owner's account.
Charges for administrative fees to the variable annuity contracts are an expense
of the Mutual Fund Account.
PFL Life deducts a daily charge equal to an annual rate of 1.25% of the value of
the contract owners' individual account as a charge for assuming certain
mortality and expense risks. PFL Life also deducts a daily charge equal to an
annual rate of .15% of the contract owners' individual account for
administrative expenses. In addition, during the first ten policy years PFL Life
imposes a daily distribution financing charge equal to an annual rate of .25% of
the value of the contract owners' individual account.
5. NET ASSETS
At June 30, 1995 contract owners' equity was comprised of:
<TABLE>
<CAPTION>
T. ROWE QUEST
MANAGED PRICE FOR
MONEY ASSET INT'L VALUE
MARKET ALLOCATION STOCK EQUITY
TOTAL SUBACCT. SUBACCT. SUBACCT. SUBACCT.
---------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Unit transactions, accumulated
net investment income and
realized capital gains.................. $14,912,037 2,293,213 2,008,335 2,379,928 1,522,112
Adjustment for appreciation
(depreciation) to market value........... 1,119,169 -- 215,397 (26,461) 221,192
---------- --------- --------- --------- ---------
Total Contract Owners' Equity............. $16,031,206 2,293,213 2,223,732 2,353,467 1,743,304
========== ========= ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
QUEST T. ROWE T. ROWE
FOR U.S. PRICE PRICE
VALUE GOVERNMENT EQUITY GROWTH
SMALL CAP SECURITIES INCOME STOCK MARKET
SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT.
---------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
Unit transactions, accumulated
net investment income and
realized capital gains................... 1,569,662 1,073,889 494,992 517,514 3,052,392
Adjustment for appreciation
(depreciation) to market value........... 70,443 54,960 24,278 37,371 521,989
---------- --------- --------- --------- ---------
Total Contract Owners' Equity............. 1,640,105 1,128,849 519,270 554,885 3,574,381
========== ========= ========= ========= =========
</TABLE>
6. PURCHASES AND SALES OF INVESTMENT SECURITIES
The aggregate cost of purchases and proceeds from sales of investments were as
follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED OR COMMENCEMENT OF OPERATIONS TO JUNE 30, 1995
AND COMMENCEMENT OF OPERATIONS TO DECEMBER 31, 1994
-----------------------------------------------------------------
1995 1994
PURCHASES SALES PURCHASES SALES
----------- ----------- ----------- ----------
<S> <C> <C> <C> <C>
Endeavor Series Trust
Money Market Portfolio....................... $ 1,858,515 1,103,642 1,891,995 343,613
Managed Asset Allocation Portfolio........... 852,937 165,639 1,381,275 67,003
T. Rowe Price International Stock Portfolio.. 1,135,855 175,165 1,561,048 130,221
Quest for Value Equity Portfolio............. 823,085 53,871 763,450 15,030
Quest for Value Small Cap Portfolio.......... 1,044,648 141,355 732,076 67,671
U.S. Government Securities Portfolio......... 812,171 189,187 450,063 4,688
T. Rowe Price Equity Income Portfolio........ 514,897 21,442 -- --
T. Rowe Price Growth Stock Portfolio......... 546,933 33,353 -- --
WRL Series Fund, Inc.
Growth Portfolio............................. 1,443,436 168,639 1,912,778 147,238
----------- ----------- ----------- ----------
$ 9,032,477 2,052,293 8,692,685 775,464
=========== =========== =========== ==========
</TABLE>
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1665 795
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================================================================================
ENDEAVOR PLATINUM
VARIABLE ANNUITY
The PFL Endeavor Platinum
Variable Annuity Account
Semi-Annual Report
June 30, 1995
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