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ENDEAVOR VARIABLE ANNUITY
The PFL Endeavor
Variable Annuity Account
Semi-Annual Report
June 30, 1996
[LOGO OF PFL LIFE APPEARS HERE]
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Dear Valued Policyholder:
We are pleased to present the Semi-Annual Report of the PFL Endeavor Variable
Annuity Account for the period ending June 30, 1996. 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 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
3
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THE PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT
BALANCE SHEET (AMOUNTS IN THOUSANDS)
June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
MANAGED
MONEY ASSET
MARKET ALLOCATION
TOTAL SUBACCOUNT SUBACCOUNT
-------- ---------- ----------
<S> <C> <C> <C>
ASSETS
Cash............................................ $ 9 -- --
Investments in mutual funds, at current market
value (Note 2):
Endeavor Series Trust--Money Market Portfolio.. 24,740 24,740 --
Endeavor Series Trust--Managed Asset Allocation
Portfolio..................................... 210,949 -- 210,949
Endeavor Series Trust--T. Rowe
Price International Stock Portfolio........... 106,627 -- --
Endeavor Series Trust--Quest for Value Equity
Portfolio..................................... 85,842 -- --
Endeavor Series Trust--Quest for Value Small
Cap Portfolio................................. 61,853 -- --
Endeavor Series Trust--U.S. Government
Securities Portfolio.......................... 14,844 -- --
Endeavor Series Trust--T. Rowe Price Equity
Income Portfolio.............................. 38,312 -- --
Endeavor Series Trust--T. Rowe Price Growth
Stock Portfolio............................... 32,525 -- --
WRL Series Fund, Inc.--Growth Portfolio........ 238,125 -- --
-------- ------ -------
Total investments in mutual funds.............. 813,817 24,740 210,949
-------- ------ -------
Total Assets................................... $813,826 24,740 210,949
======== ====== =======
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable.................. $ 2 1 1
-------- ------ -------
Total Liabilities.............................. 2 1 1
Contract Owners' Equity:
Deferred annuity contracts terminable by owners
(Notes 3 and 6)............................... 813,824 24,739 210,948
-------- ------ -------
$813,826 24,740 210,949
======== ====== =======
</TABLE>
See accompanying Notes to Financial Statements.
4
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<TABLE>
<CAPTION>
T. ROWE PRICE QUEST QUEST U.S. T. ROWE PRICE T. ROWE PRICE
INTERNATIONAL FOR VALUE FOR VALUE GOVERNMENT EQUITY GROWTH
STOCK EQUITY SMALL CAP SECURITIES INCOME STOCK GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- ------------- ---------- ---------- ---------- ------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C>
1 3 3 -- 1 1 --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
106,627 -- -- -- -- -- --
-- 85,842 -- -- -- -- --
-- -- 61,853 -- -- -- --
-- -- -- 14,844 -- -- --
-- -- -- -- 38,312 -- --
-- -- -- -- -- 32,525 --
-- -- -- -- -- -- 238,125
------- ------ ------ ------ ------ ------ -------
106,627 85,842 61,853 14,844 38,312 32,525 238,125
------- ------ ------ ------ ------ ------ -------
106,628 85,845 61,856 14,844 38,313 32,526 238,125
======= ====== ====== ====== ====== ====== =======
-- -- -- -- -- -- --
------- ------ ------ ------ ------ ------ -------
-- -- -- -- -- -- --
106,628 85,845 61,856 14,844 38,313 32,526 238,125
------- ------ ------ ------ ------ ------ -------
106,628 85,845 61,856 14,844 38,313 32,526 238,125
======= ====== ====== ====== ====== ====== =======
</TABLE>
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THE PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT
STATEMENT OF OPERATIONS (AMOUNTS IN THOUSANDS)
Six Months Ended June 30, 1996 (Unaudited)
<TABLE>
<CAPTION>
MONEY
MARKET
TOTAL SUBACCOUNT
-------- ----------
<S> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends................................................. $ 11,395 577
Expenses (Note 5):
Administrative Fee........................................ 201 6
Mortality and expense risk charge......................... 5,095 169
-------- ------
Net investment income (loss)............................ 6,099 402
-------- ------
NET REALIZED AND UNREALIZED CAPITAL GAIN (LOSS) FROM
INVESTMENTS
Net realized capital gain from sales of investments:
Proceeds from sales....................................... 38,952 15,191
Cost of investments sold.................................. 33,955 15,191
-------- ------
Net realized capital gain from sales of investments........ 4,997 --
Net change in unrealized appreciation/depreciation of
investments:
Beginning of the period................................... 78,863 --
End of the period......................................... 135,513 --
-------- ------
Net change in unrealized appreciation/depreciation of
investments............................................ 56,650 --
-------- ------
Net realized and unrealized capital gain (loss) from
investments............................................ 61,647 --
-------- ------
INCREASE (DECREASE) FROM OPERATIONS........................ $ 67,746 402
======== ======
</TABLE>
See accompanying Notes to Financial Statements.
6
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<TABLE>
<CAPTION>
MANAGED T. ROWE PRICE QUEST QUEST U.S. T. ROWE PRICE T. ROWE PRICE
ASSET INTERNATIONAL FOR VALUE FOR VALUE GOVERNMENT EQUUITY GROWTH
ALLOCATION STOCK EQUITY SMALL CAP SECURITIES INCOME STOCK GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- ---------- ------------- ---------- ---------- ---------- ------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
3,781 725 1,955 2,672 434 344 515 392
60 29 17 14 1 5 4 65
1,407 679 520 381 79 192 177 1,491
------ ------ ------ ----- ---- ----- ----- ------
2,314 17 1,418 2,277 354 147 334 (1,164)
------ ------ ------ ----- ---- ----- ----- ------
7,797 2,867 1,940 1,768 845 383 651 7,510
6,395 2,555 1,323 1,563 757 289 493 5,389
------ ------ ------ ----- ---- ----- ----- ------
1,402 312 617 205 88 94 158 2,121
25,121 2,636 12,562 4,426 563 2,266 1,913 29,376
36,795 10,354 18,009 6,093 (197) 3,799 3,053 57,607
------ ------ ------ ----- ---- ----- ----- ------
11,674 7,718 5,447 1,667 (760) 1,533 1,140 28,231
------ ------ ------ ----- ---- ----- ----- ------
13,076 8,030 6,064 1,872 (672) 1,627 1,298 30,352
------ ------ ------ ----- ---- ----- ----- ------
15,390 8,047 7,482 4,149 (318) 1,774 1,632 29,188
====== ====== ====== ===== ==== ===== ===== ======
</TABLE>
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THE PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT
STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY (AMOUNTS IN THOUSANDS)
Six Months Ended June 30, 1996 and Year Ended December 31, 1995, Except as
Noted (Unaudited)
<TABLE>
<CAPTION>
MANAGED T. ROWE PRICE
ASSET INTERNATIONAL
MONEY MARKET ALLOCATION STOCK
TOTAL SUBACCOUNT SUBACCOUNT SUBACCOUNT
----------------- -------------- ---------------- ---------------
1996 1995 1996 1995 1996 1995 1996 1995
-------- ------- ------ ------ ------- ------- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income
(loss)................ $ 6,099 18,207 402 816 2,314 448 17 715
Net realized capital
gain.................. 4,997 5,077 -- -- 1,402 2,310 312 270
Net change in
unrealized
appreciation of
investments........... 56,650 98,622 -- -- 11,674 31,591 7,718 6,070
-------- ------- ------ ------ ------- ------- ------- ------
Increase (decrease)
from operations....... 67,746 121,906 402 816 15,390 34,349 8,047 7,055
-------- ------- ------ ------ ------- ------- ------- ------
CONTRACT TRANSACTIONS
Net contract purchase
payments.............. 82,698 88,212 6,281 5,842 7,001 12,410 8,511 9,185
Transfer payments from
(to) other subaccounts
or general account.... 31,199 11,541 3,298 1,552 369 (13,051) 5,279 (5,983)
Contract terminations,
withdrawals, and other
deductions............ (28,927) (30,449) (8,788) (3,793) (5,851) (10,070) (3,113) (4,530)
-------- ------- ------ ------ ------- ------- ------- ------
Increase (decrease)
from contract
transactions.......... 84,970 69,304 791 3,601 1,519 (10,711) 10,677 (1,328)
-------- ------- ------ ------ ------- ------- ------- ------
Net increase in
contract owners'
equity................ 152,716 191,210 1,193 4,417 16,909 23,638 18,724 5,727
-------- ------- ------ ------ ------- ------- ------- ------
CONTRACT OWNERS' EQUITY
Beginning of period.... 661,108 469,898 23,546 19,129 194,039 170,401 87,904 82,177
-------- ------- ------ ------ ------- ------- ------- ------
End of period.......... $813,824 661,108 24,739 23,546 210,948 194,039 106,628 87,904
======== ======= ====== ====== ======= ======= ======= ======
</TABLE>
/1/Period from January 3, 1995 (commencement of operations) to December 31,
1995
See accompanying Notes to Financial Statements.
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<TABLE>
<CAPTION>
QUEST QUEST U.S. T. ROWE PRICE T. ROWE PRICE
FOR VALUE FOR VALUE GOVERNMENT EQUITY GROWTH
EQUITY SMALL CAP SECURITIES INCOME STOCK GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- --------------- -------------- ------------- --------------- --------------- ----------------
1996 1995 1996 1995 1996 1995 1996 1995/1/ 1996 1995/1/ 1996 1995
- ------ ------ ------ ------ ------ ----- ------ ------- ------ ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1,418 (230) 2,277 314 354 (25) 147 (107) 334 (119) (1,164) 16,395
617 972 205 184 88 106 94 71 158 322 2,121 842
5,447 11,749 1,667 4,328 (760) 568 1,533 2,266 1,140 1,913 28,231 40,137
- ------ ------ ------ ------ ------ ----- ------ ------ ------ ------ ------- -------
7,482 12,491 4,149 4,826 (318) 649 1,774 2,230 1,632 2,116 29,188 57,374
- ------ ------ ------ ------ ------ ----- ------ ------ ------ ------ ------- -------
11,047 12,996 6,782 8,736 5,041 4,592 11,070 8,911 8,163 8,446 18,802 17,094
5,478 9,310 3,272 2,469 850 1,487 7,012 8,365 4,168 9,027 1,473 (1,635)
(2,276) (2,587) (1,388) (1,976) (236) (280) (779) (270) (650) (376) (5,846) (6,567)
- ------ ------ ------ ------ ------ ----- ------ ------ ------ ------ ------- -------
14,249 19,719 8,666 9,229 5,655 5,799 17,303 17,006 11,681 17,097 14,429 8,892
- ------ ------ ------ ------ ------ ----- ------ ------ ------ ------ ------- -------
21,731 32,210 12,815 14,055 5,337 6,448 19,077 19,236 13,313 19,213 43,617 66,266
- ------ ------ ------ ------ ------ ----- ------ ------ ------ ------ ------- -------
64,114 31,904 49,041 34,986 9,507 3,059 19,236 -- 19,213 -- 194,508 128,242
- ------ ------ ------ ------ ------ ----- ------ ------ ------ ------ ------- -------
85,845 64,114 61,856 49,041 14,844 9,507 38,313 19,236 32,526 19,213 238,125 194,508
====== ====== ====== ====== ====== ===== ====== ====== ====== ====== ======= =======
</TABLE>
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THE PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT
NOTES TO FINANCIAL STATEMENTS (AMOUNTS IN THOUSANDS)
June 30, 1996 (Unaudited)
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Organization -- The PFL Endeavor 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 Subaccount and the T. Rowe Price Growth Stock
Subaccount commenced operations on January 3, 1995. The U.S. Government
Securities Subaccount commenced operations on May 9, 1994. Effective March 25,
1995, the names of the Global Growth Portfolio and Global Growth Subaccount
were changed to T. Rowe Price International Stock Portfolio and T. Rowe Price
International Stock Subaccount, respectively. The investment objective of the
portfolio was changed from an investment on a global basis to an investment on
an international basis (i.e. non-U.S. companies). 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, 1996.
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.
2. INVESTMENTS
A summary of the mutual fund investment at June 30, 1996 follows:
<TABLE>
<CAPTION>
NUMBER NET ASSET
OF SHARES VALUE MARKET
HELD PER SHARE VALUE COST
--------- --------- -------- --------
<S> <C> <C> <C> <C>
Endeavor Series Trust
Money Market Portfolio.................. 24,740 1.00 $ 24,740 $ 24,740
Managed Asset Allocation Portfolio...... 12,137 17.38 210,949 174,154
T. Rowe Price International Stock
Portfolio.............................. 8,047 13.25 106,627 96,273
Quest for Value Equity Portfolio........ 5,520 15.55 85,842 67,833
Quest for Value Small Cap Portfolio..... 4,863 12.72 61,853 55,760
U.S. Government Securities Portfolio.... 1,381 10.75 14,844 15,041
T. Rowe Price Equity Income Portfolio... 2,750 13.93 38,312 34,513
T. Rowe Price Growth Stock Portfolio.... 2,234 14.56 32,525 29,472
WRL Series Fund, Inc.
Growth Portfolio........................ 6,537 36.425878 238,125 180,518
-------- --------
$813,817 $678,304
======== ========
</TABLE>
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3. CONTRACT OWNERS' EQUITY
Contract owners' equity at June 30, 1996 includes an amount of $2,667, which
represents the current value of PFL Life's capital contribution of $1,900. A
summary of deferred annuity contracts terminable by owners at June 30, 1996
follows:
<TABLE>
<CAPTION>
ACCUMULATION
ACCUMULATION UNIT TOTAL
SUBACCOUNT UNITS OWNED VALUE CONTRACT VALUE
- ---------- ------------ ------------ --------------
<S> <C> <C> <C>
Money Market.......................... 21,803 1.134650 $ 24,739
Managed Asset Allocation.............. 123,861 1.703104 210,948
T. Rowe Price International Stock..... 83,771 1.272856 106,628
Quest for Value Equity................ 55,662 1.542260 85,845
Quest for Value Small Cap............. 47,445 1.303747 61,856
U.S. Government Securities............ 13,641 1.088194 14,844
T. Rowe Price Equity Income........... 27,800 1.378153 38,313
T. Rowe Price Growth Stock............ 22,421 1.450703 32,526
Growth................................ 14,266 16.692266 238,125
--------
$813,824
========
</TABLE>
A summary of changes in contract owners' account units follows:
<TABLE>
<CAPTION>
T. ROWE T. ROWE T. ROWE
MANAGED PRICE QUEST QUEST U.S. PRICE PRICE
MONEY ASSET INTERNATIONAL FOR VALUE FOR VALUE GOVERNMENT EQUITY GROWTH
MARKET ALLOCATION STOCK EQUITY SMALL CAP SECURITIES INCOME STOCK GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
---------- ---------- ------------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Units outstanding
at 1/1/95........ 17,837 130,910 76,518 30,512 32,607 3,103 -- -- 12,759
Units purchased... 5,331 8,434 8,306 10,253 7,689 4,247 7,630 6,773 1,344
Units redeemed and
transferred...... (2,064) (16,369) (9,759) 5,430 340 1,107 7,313 7,424 (766)
------ ------- ------ ------ ------ ------ ------ ------ ------
Units outstanding
at 12/31/95...... 21,104 122,975 75,065 46,195 40,636 8,457 14,943 14,197 13,337
Units purchased... 5,577 4,240 6,918 7,399 5,372 4,630 8,243 5,759 1,200
Units redeemed and
transferred...... (4,878) (3,354) 1,788 2,068 1,437 554 4,614 2,465 (271)
------ ------- ------ ------ ------ ------ ------ ------ ------
Units outstanding
at 12/31/96...... 21,803 123,861 83,771 55,662 47,445 13,641 27,800 22,421 14,266
====== ======= ====== ====== ====== ====== ====== ====== ======
</TABLE>
4. 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.
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5. ADMINISTRATIVE, MORTALITY AND EXPENSE RISK CHARGE
Administrative charges include an annual charge of the lesser of 2% of the
policy value or $35 per contract which will commence on the first policy
anniversary of each contract owner's account. For policies issued on or after
May 1, 1995, the fee is waived if the sum of the premium payments less the sum
of all partial withdrawals is at least $50,000 on the policy anniversary.
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' 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' account for administrative expenses.
6. NET ASSETS
At June 30, 1996 contract owners' equity was comprised of:
<TABLE>
<CAPTION>
T. ROWE T. ROWE T. ROWE
MANAGED PRICE QUEST QUEST U.S. PRICE PRICE
MONEY ASSET INTERNATIONAL FOR VALUE FOR VALUE GOVERNMENT EQUITY GROWTH
MARKET ALLOCATION STOCK EQUITY SMALL CAP SECURITIES INCOME STOCK GROWTH
TOTAL SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT.
-------- -------- ---------- ------------- --------- --------- ---------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit
transactions,
accumulated net
investment income
and realized
capital gains.... $678,311 24,739 174,153 96,274 67,836 55,763 15,041 34,514 29,473 180,518
Adjustment for
appreciation/
depreciation to
market value..... 135,513 0 36,795 10,354 18,009 6,093 (197) 3,799 3,053 57,607
-------- ------ ------- ------- ------ ------ ------ ------ ------ -------
Total Contract
Owners' Equity... $813,824 24,739 210,948 106,628 85,845 61,856 14,844 38,313 32,526 238,125
======== ====== ======= ======= ====== ====== ====== ====== ====== =======
</TABLE>
7. 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 JUNE 30, 1996 AND
YEAR ENDED DECEMBER 31, 1995
OR COMMENCEMENT OF OPERATIONS TO
DECEMBER 31, 1995
-------------------------------------
1996 1995
------------------ ------------------
PURCHASES SALES PURCHASES SALES
---------- ------- ---------- -------
<S> <C> <C> <C> <C>
Endeavor Series Trust
Money Market Portfolio.................. $ 16,385 15,191 26,533 22,147
Managed Asset Allocation Portfolio...... 11,630 7,797 18,528 28,949
T. Rowe Price International Stock Port-
folio.................................. 13,560 2,867 14,396 15,085
Quest for Value Equity Portfolio........ 17,604 1,940 25,078 5,610
Quest for Value Small Cap Portfolio..... 12,708 1,768 16,203 6,683
U.S. Government Securities Portfolio.... 6,853 845 7,759 1,988
T. Rowe Price Equity Income Portfolio... 17,832 383 18,189 1,290
T. Rowe Price Growth Stock Portfolio.... 12,665 651 19,565 2,587
WRL Series Fund, Inc.
Growth Portfolio........................ 20,775 7,510 38,417 13,226
--------- ------- -------- -------
$ 130,012 38,952 184,668 97,565
========= ======= ======== =======
</TABLE>
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