<PAGE>
- --------------------------------------------------------------------------------
ENDEAVOR PLATINUM
VARIABLE ANNUITY
The PFL Endeavor Platinum
Variable Annuity Account
Annual Report
December 31, 1995
[LOGO OF PFL LIFE APPEARS HERE]
<PAGE>
- --------------------------------------------------------------------------------
Dear Valued Policyholder:
We are pleased to present the Annual Report of the PFL Endeavor Platinum
Variable Annuity Account for the year ended December 31, 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
REPORT OF INDEPENDENT AUDITORS
THE BOARD OF DIRECTORS AND CONTRACT OWNERS OF
THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT,
PFL LIFE INSURANCE COMPANY:
We have audited the accompanying balance sheet of The PFL Endeavor Platinum
Variable Annuity Account (comprising, respectively, the Money Market, Managed
Asset Allocation, T. Rowe Price International Stock, formerly Global Growth,
Quest for Value Equity, Quest for Value Small Cap, U.S. Government Securities,
T. Rowe Price Equity Income, T. Rowe Price Growth Stock and Growth subaccounts)
as of December 31, 1995, and the related statements of operations and changes
in contract owners' equity for the periods indicated therein. These financial
statements are the responsibility of the Variable Account's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. Our
procedures included confirmation of mutual fund shares owned as of December 31,
1995 by correspondence with the mutual funds' transfer agent. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of each of the respective
subaccounts constituting The PFL Endeavor Platinum Variable Annuity Account at
December 31, 1995, and the results of their operations and changes in their
contract owners' equity for the periods indicated therein in conformity with
generally accepted accounting principles.
Ernst & Young LLP
Des Moines, Iowa
February 6, 1996
3
<PAGE>
- --------------------------------------------------------------------------------
THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
BALANCE SHEET
December 31, 1995
<TABLE>
<CAPTION>
MANAGED
MONEY ASSET
MARKET ALLOCATION
TOTAL SUBACCOUNT SUBACCOUNT
----------- ---------- ----------
<S> <C> <C> <C>
ASSETS
Investments in mutual funds, at current
market value:
Endeavor Series Trust--Money Market
Portfolio
3,703,297.290 shares @ $1.00 (cost
$3,703,297)................................ $ 3,703,297 3,703,297 --
Endeavor Series Trust--Managed Asset
Allocation Portfolio
241,145.079 shares @ $16.28 (cost
$3,589,645)................................ 3,925,842 -- 3,925,842
Endeavor Series Trust--T. Rowe Price
International Stock Portfolio
302,560.318 shares @ $12.19 (cost
$3,500,922)................................ 3,688,210 -- --
Endeavor Series Trust--Quest for Value
Equity Portfolio
263,661.125 shares @ $14.23 (cost
$3,296,412)................................ 3,751,898 -- --
Endeavor Series Trust--Quest for Value Small
Cap Portfolio
237,805.033 shares @ $12.22 (cost
$2,685,388)................................ 2,905,978 -- --
Endeavor Series Trust--U.S. Government
Securities Portfolio
261,403.765 shares @ $11.39 (cost
$2,849,683)................................ 2,977,389 -- --
Endeavor Series Trust--T. Rowe Price Equity
Income Portfolio
175,758.069 shares @ $13.05 (cost
$2,070,324)................................ 2,293,643 -- --
Endeavor Series Trust--T. Rowe Price Growth
Stock Portfolio
158,627.527 shares @ $13.72 (cost
$1,997,939)................................ 2,176,370 -- --
WRL Series Fund, Inc.--Growth Portfolio
192,952.355 shares @ $31.660740 (cost
$5,446,116)................................ 6,109,014 -- --
----------- --------- ---------
Total investments in mutual funds........... 31,531,641 3,703,297 3,925,842
----------- --------- ---------
Total Assets................................ $31,531,641 3,703,297 3,925,842
=========== ========= =========
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable............... $ 1,576 61 197
----------- --------- ---------
Total Liabilities........................... 1,576 61 197
Contract Owners' Equity:
Deferred annuity contracts terminable by
owners (Notes 2 and 5)..................... 31,530,065 3,703,236 3,925,645
----------- --------- ---------
$31,531,641 3,703,297 3,925,842
=========== ========= =========
</TABLE>
See accompanying Notes to Financial Statements.
4
<PAGE>
- --------------------------------------------------------------------------------
<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>
-- -- -- -- -- -- --
-- -- -- -- -- -- --
3,688,210 -- -- -- -- -- --
-- 3,751,898 -- -- -- -- --
-- -- 2,905,978 -- -- -- --
-- -- -- 2,977,389 -- -- --
-- -- -- -- 2,293,643 -- --
-- -- -- -- -- 2,176,370 --
-- -- -- -- -- -- 6,109,014
--------- --------- --------- --------- --------- --------- ---------
3,688,210 3,751,898 2,905,978 2,977,389 2,293,643 2,176,370 6,109,014
--------- --------- --------- --------- --------- --------- ---------
3,688,210 3,751,898 2,905,978 2,977,389 2,293,643 2,176,370 6,109,014
========= ========= ========= ========= ========= ========= =========
92 121 126 108 95 103 673
--------- --------- --------- --------- --------- --------- ---------
92 121 126 108 95 103 673
3,688,118 3,751,777 2,905,852 2,977,281 2,293,548 2,176,267 6,108,341
--------- --------- --------- --------- --------- --------- ---------
3,688,210 3,751,898 2,905,978 2,977,389 2,293,643 2,176,370 6,109,014
========= ========= ========= ========= ========= ========= =========
</TABLE>
5
<PAGE>
- --------------------------------------------------------------------------------
THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
STATEMENT OF OPERATIONS
Year Ended December 31, 1995, Except as Noted
<TABLE>
<CAPTION>
MONEY
MARKET
TOTAL SUBACCOUNT
---------- ----------
<S> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends.............................................. $ 858,337 132,597
Expenses (Note 4):
Administrative fee..................................... 4,340 363
Mortality and expense risk charge...................... 291,814 40,458
---------- ---------
Net investment income (loss)......................... 562,183 91,776
---------- ---------
NET REALIZED AND UNREALIZED CAPITAL GAIN FROM
INVESTMENTS
Net realized capital gain (loss) from sales of
investments:
Proceeds from sales.................................... 5,463,286 2,453,849
Cost of investments sold............................... 5,170,349 2,453,849
---------- ---------
Net realized capital gain (loss) from sales of
investments............................................ 292,937 --
---------- ---------
Net change in unrealized appreciation/depreciation of
investments:
Beginning of period.................................... (99,307) --
End of period.......................................... 2,391,915 --
---------- ---------
Net change in unrealized appreciation/depreciation of
investments......................................... 2,491,222 --
---------- ---------
Net realized and unrealized capital gain from
investments......................................... 2,784,159 --
---------- ---------
INCREASE FROM OPERATIONS................................ $3,346,342 91,776
========== =========
</TABLE>
/1/Period from January 20, 1995 (commencement of operations) to December 31,
1995
/2/Period from January 5, 1995 (commencement of operations) to December 31,
1995
See accompanying Notes to Financial Statements.
6
<PAGE>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MANAGED T. ROWE PRICE QUEST QUEST U.S. T. ROWE PRICE T. ROWE PRICE
ASSET INTERNATIONAL FOR VALUE FOR VALUE GOVERNMENT EQUITY GROWTH
ALLOCATION STOCK EQUITY SMALL CAP SECURITIES INCOME STOCK GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT/1/ SUBACCOUNT/2/ SUBACCOUNT
---------- ------------- ---------- ---------- ---------- ------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
32,056 51,831 15,253 33,063 10,207 676 1,922 580,732
778 893 454 297 211 23 21 1,300
39,637 41,239 32,447 28,147 25,287 12,002 12,129 60,468
------- ------- ------- ------- --------- ------- ------- ---------
(8,359) 9,699 (17,648) 4,619 (15,291) (11,349) (10,228) 518,964
------- ------- ------- ------- --------- ------- ------- ---------
515,801 284,815 231,712 226,676 1,185,517 53,368 72,600 438,948
456,128 295,875 188,777 218,687 1,098,971 47,128 59,586 351,348
------- ------- ------- ------- --------- ------- ------- ---------
59,673 (11,060) 42,935 7,989 86,546 6,240 13,014 87,600
------- ------- ------- ------- --------- ------- ------- ---------
(10,491) (71,432) (160) 10,289 (824) -- -- (26,689)
336,197 187,288 455,486 220,590 127,706 223,319 178,431 662,898
------- ------- ------- ------- --------- ------- ------- ---------
346,688 258,720 455,646 210,301 128,530 223,319 178,431 689,587
------- ------- ------- ------- --------- ------- ------- ---------
406,361 247,660 498,581 218,290 215,076 229,559 191,445 777,187
------- ------- ------- ------- --------- ------- ------- ---------
398,002 257,359 480,933 222,909 199,785 218,210 181,217 1,296,151
======= ======= ======= ======= ========= ======= ======= =========
</TABLE>
7
<PAGE>
- --------------------------------------------------------------------------------
THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
STATEMENT OF CHANGES IN CONTRACT OWNERS' EQUITY
Years Ended December 31, 1995 and 1994, Except as Noted
<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)................ $ 562,183 (3,370) 91,776 11,861 (8,359) (4,384) 9,699 (6,379)
Net realized capital
gain (loss)........... 292,937 2,320 -- -- 59,673 469 (11,060) (1,436)
Net change in
unrealized
appreciation/
depreciation of
investments........... 2,491,222 (99,307) -- -- 346,688 (10,491) 258,720 (71,432)
----------- --------- ---------- --------- --------- --------- --------- ---------
Increase (decrease)
from operations....... 3,346,342 (100,357) 91,776 11,861 398,002 (14,406) 257,359 (79,247)
----------- --------- ---------- --------- --------- --------- --------- ---------
CONTRACT TRANSACTIONS
Net contract purchase
payments.............. 21,662,505 7,994,206 4,526,586 1,534,909 1,883,952 1,331,887 1,936,013 1,535,637
Transfer payments from
(to) other
subaccounts........... 263,239 -- (1,773,778) 69,900 444,020 (14,187) 315,158 (97,952)
Contract terminations,
withdrawals, and other
deductions............ (1,557,372) (78,498) (686,618) (71,400) (103,076) (547) (178,543) (307)
----------- --------- ---------- --------- --------- --------- --------- ---------
Increase from contract
transactions.......... 20,368,372 7,915,708 2,066,190 1,533,409 2,224,896 1,317,153 2,072,628 1,437,378
----------- --------- ---------- --------- --------- --------- --------- ---------
Net increase in
contract owners'
equity................ 23,714,714 7,815,351 2,157,966 1,545,270 2,622,898 1,302,747 2,329,987 1,358,131
----------- --------- ---------- --------- --------- --------- --------- ---------
CONTRACT OWNERS' EQUITY
Beginning of period.... 7,815,351 -- 1,545,270 -- 1,302,747 -- 1,358,131 --
----------- --------- ---------- --------- --------- --------- --------- ---------
End of period.......... $31,530,065 7,815,351 3,703,236 1,545,270 3,925,645 1,302,747 3,688,118 1,358,131
=========== ========= ========== ========= ========= ========= ========= =========
</TABLE>
/1/Period from January 20, 1995 (commencement of operations) to December 31,
1995
/2/Period from January 5, 1995 (commencement of operations) to December 31,
1995
See accompanying Notes to Financial Statements.
8
<PAGE>
- --------------------------------------------------------------------------------
<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
-------------------- ------------------ ------------------ ------------- ------------- --------------------
1995 1994 1995 1994 1995 1994 1995/1/ 1995/2/ 1995 1994
--------- ------- --------- ------- --------- ------- ------------- ------------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
(17,648) (2,196) 4,619 (2,031) (15,291) (1,552) (11,349) (10,228) 518,964 1,311
42,935 275 7,989 1,312 86,546 (29) 6,240 13,014 87,600 1,729
455,646 (160) 210,301 10,289 128,530 (824) 223,319 178,431 689,587 (26,689)
--------- ------- --------- ------- --------- ------- --------- --------- --------- ---------
480,933 (2,081) 222,909 9,570 199,785 (2,405) 218,210 181,217 1,296,151 (23,649)
--------- ------- --------- ------- --------- ------- --------- --------- --------- ---------
1,938,053 732,058 1,954,060 695,430 3,283,653 449,895 1,621,945 1,584,777 2,933,466 1,714,390
735,365 18,200 135,312 (27,721) (883,538) -- 459,377 444,858 386,465 51,760
(149,466) (1,285) (82,679) (1,029) (66,486) (3,623) (5,984) (34,585) (249,935) (307)
--------- ------- --------- ------- --------- ------- --------- --------- --------- ---------
2,523,952 748,973 2,006,693 666,680 2,333,629 446,272 2,075,338 1,995,050 3,069,996 1,765,843
--------- ------- --------- ------- --------- ------- --------- --------- --------- ---------
3,004,885 746,892 2,229,602 676,250 2,533,414 443,867 2,293,548 2,176,267 4,366,147 1,742,194
--------- ------- --------- ------- --------- ------- --------- --------- --------- ---------
746,892 -- 676,250 -- 443,867 -- -- -- 1,742,194 --
--------- ------- --------- ------- --------- ------- --------- --------- --------- ---------
3,751,777 746,892 2,905,852 676,250 2,977,281 443,867 2,293,548 2,176,267 6,108,341 1,742,194
========= ======= ========= ======= ========= ======= ========= ========= ========= =========
</TABLE>
9
<PAGE>
- --------------------------------------------------------------------------------
THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
NOTES TO FINANCIAL STATEMENTS
December 31, 1995
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 Subaccount commenced operations on January 20,
1995. The T. Rowe Price Growth Stock Subaccount commenced operations on January
5, 1995. All other subaccounts commenced operations on July 5, 1994. Effective
March 24, 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 investment on a global basis to
investment on an international basis (i.e. in 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 December 31, 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.
2. CONTRACT OWNERS' EQUITY
A summary of deferred annuity contracts terminable by owners at December 31,
1995 follows:
<TABLE>
<CAPTION>
ACCUMULATION
ACCUMULATION UNIT TOTAL
SUBACCOUNT UNITS OWNED VALUE CONTRACT VALUE
- ---------- ------------- ------------ --------------
<S> <C> <C> <C>
Money Market......................... 3,516,158.473 $ 1.053205 $ 3,703,236
Managed Asset Allocation............. 3,313,507.707 1.184740 3,925,645
T. Rowe Price International Stock.... 3,606,823.400 1.022539 3,688,118
Quest for Value Equity............... 2,808,066.903 1.336071 3,751,777
Quest for Value Small Cap............ 2,577,504.165 1.127390 2,905,852
U.S. Government Securities........... 2,656,099.798 1.120922 2,977,281
T. Rowe Price Equity Income.......... 1,786,079.570 1.284124 2,293,548
T. Rowe Price Growth Stock........... 1,611,995.783 1.350045 2,176,267
Growth............................... 442,772.285 13.795672 6,108,341
-----------
$31,530,065
===========
</TABLE>
10
<PAGE>
- --------------------------------------------------------------------------------
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 STOCK 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......... 4,371,335 1,693,308 2,026,680 1,603,267 1,864,220 3,076,825 1,404,730 1,288,344 250,284
Units redeemed and
transferred............ (2,377,852) 290,527 135,432 464,589 40,241 (871,235) 381,350 323,652 9,701
---------- --------- --------- --------- --------- --------- --------- --------- -------
Units outstanding at
12/31/95............... 3,516,158 3,313,508 3,606,823 2,808,067 2,577,504 2,656,100 1,786,080 1,611,996 442,772
========== ========= ========= ========= ========= ========= ========= ========= =======
</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.
4. ADMINISTRATIVE, MORTALITY AND EXPENSE RISK CHARGES
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' 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' 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' account.
11
<PAGE>
- --------------------------------------------------------------------------------
5. NET ASSETS
At December 31, 1995 contract owners' equity was comprised of:
<TABLE>
<CAPTION>
T. ROWE QUEST QUEST T. ROWE T. ROWE
MANAGED PRICE FOR FOR U.S. PRICE PRICE
MONEY ASSET INT'L VALUE 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.. $29,138,150 3,703,236 3,589,448 3,500,830 3,296,291 2,685,262 2,849,575 2,070,229 1,997,836 5,445,443
Adjustment for
appreciation to
market value... 2,391,915 -- 336,197 187,288 455,486 220,590 127,706 223,319 178,431 662,898
----------- --------- --------- --------- --------- --------- --------- --------- --------- ---------
Total Contract
Owners'
Equity......... $31,530,065 3,703,236 3,925,645 3,688,118 3,751,777 2,905,852 2,977,281 2,293,548 2,176,267 6,108,341
=========== ========= ========= ========= ========= ========= ========= ========= ========= =========
</TABLE>
6. PURCHASES AND SALES OF INVESTMENT SECURITIES
The aggregate cost of purchases and proceeds from sales of investments were as
follows:
<TABLE>
<CAPTION>
YEAR ENDED DECEMBER 31 OR COMMENCEMENT
OF OPERATIONS TO DECEMBER 31
---------------------------------------
1995 1994
--------------------- -----------------
PURCHASES SALES PURCHASES SALES
----------- --------- --------- -------
<S> <C> <C> <C> <C>
Endeavor Series Trust
Money Market Portfolio................ $ 4,608,764 2,453,849 1,891,995 343,613
Managed Asset Allocation Portfolio.... 2,731,032 515,801 1,381,275 67,003
T. Rowe Price International Stock
Portfolio............................ 2,367,406 284,815 1,561,048 130,221
Quest for Value Equity Portfolio...... 2,736,494 231,712 763,450 15,030
Quest for Value Small Cap Portfolio... 2,238,358 226,676 732,076 67,671
U.S. Government Securities Portfolio.. 3,503,308 1,185,517 450,063 4,688
T. Rowe Price Equity Income Portfo-
lio.................................. 2,117,452 53,368 -- --
T. Rowe Price Growth Stock Portfolio.. 2,057,525 72,600 -- --
WRL Series Fund, Inc.
Growth Portfolio...................... 4,030,195 438,948 1,912,778 147,238
----------- --------- --------- -------
$26,390,534 5,463,286 8,692,685 775,464
=========== ========= ========= =======
</TABLE>
12
<PAGE>
- --------------------------------------------------------------------------------
THIS PAGE LEFT BLANK INTENTIONALLY
13
<PAGE>
- --------------------------------------------------------------------------------
THIS PAGE LEFT BLANK INTENTIONALLY
14
<PAGE>
- --------------------------------------------------------------------------------
THIS PAGE LEFT BLANK INTENTIONALLY
15
<PAGE>
- --------------------------------------------------------------------------------
THIS PAGE LEFT BLANK INTENTIONALLY
