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ENDEAVOR PLATINUM
VARIABLE ANNUITY
The PFL Endeavor Platinum
Variable Annuity Account
Semi-Annual Report
June 30, 1997
LOGO
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2
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THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
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, 1997. This report
contains information on the following subaccounts:
TCW Money Market
TCW Managed Asset Allocation
T. Rowe Price International Stock
Value Equity
Dreyfus Small Cap Value
Dreyfus U.S. Government Securities
T. Rowe Price Equity Income
T. Rowe Price Growth Stock
Opportunity Value
Enhanced Index
Growth
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,
LOGO
William L. Busler
President
PFL Life Insurance Company
This report may be distributed only to current policyholders or to persons who
have received current prospectuses of the variable annuity and the underlying
funds.
3
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THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
BALANCE SHEET (AMOUNTS IN THOUSANDS)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
TCW T.ROWE
TCW MANAGED PRICE
MONEY ASSET INT'L.
MARKET ALLOCATION STOCK
TOTAL SUBACCT. SUBACCT. SUBACCT.
-------- -------- ---------- --------
<S> <C> <C> <C> <C>
ASSETS
Cash.................................... $ 2 -- -- --
Investments in mutual funds, at current
market value (Note 2):
Endeavor Series Trust--TCW Money Market
Portfolio............................. 12,536 12,536 -- --
Endeavor Series Trust--TCW Managed
Asset Allocation Portfolio............ 12,388 -- 12,388 --
Endeavor Series Trust--T. Rowe Price
International Stock Portfolio......... 14,575 -- -- 14,575
Endeavor Series Trust--Value Equity
Portfolio............................. 21,593 -- -- --
Endeavor Series Trust--Dreyfus Small
Cap Value Portfolio................... 11,420 -- -- --
Endeavor Series Trust--Dreyfus U.S.
Gov't. Securities Portfolio........... 4,496 -- -- --
Endeavor Series Trust--T. Rowe Price
Equity Income Portfolio............... 17,716 -- -- --
Endeavor Series Trust--T. Rowe Price
Growth Stock Portfolio................ 15,170 -- -- --
Endeavor Series Trust--Opportunity
Value Portfolio....................... 1,515 -- -- --
Endeavor Series Trust--Enhanced Index
Portfolio............................. 75 -- -- --
WRL Investment Management, Inc.--Growth
Portfolio............................. 26,157 -- -- --
-------- ------ ------ ------
Total investments in mutual funds...... 137,641 12,536 12,388 14,575
-------- ------ ------ ------
Total Assets........................... $137,643 12,536 12,388 14,575
======== ====== ====== ======
LIABILITIES AND CONTRACT OWNERS' EQUITY:
Liabilities
Contract terminations payable.......... 11 2 2 1
-------- ------ ------ ------
Total Liabilities...................... $ 11 2 2 1
Contract Owners' Equity:
Deferred annuity contracts terminable
by owners (Note 3).................... 137,632 12,534 12,386 14,574
-------- ------ ------ ------
$137,643 12,536 12,388 14,575
======== ====== ====== ======
</TABLE>
See accompanying Notes to Financial Statements.
4
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<TABLE>
<CAPTION>
DREYFUS DREYFUS T.ROWE T.ROWE
SMALL U.S. PRICE PRICE
VALUE CAP GOV'T. EQUITY GROWTH OPPORTUNITY ENHANCED
EQUITY VALUE SECURITIES INCOME STOCK VALUE INDEX GROWTH
SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT.
- -------- -------- ---------- -------- -------- ----------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
-- 2 -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
21,593 -- -- -- -- -- -- --
-- 11,420 -- -- -- -- -- --
-- -- 4,496 -- -- -- -- --
-- -- -- 17,716 -- -- -- --
-- -- -- -- 15,170 -- -- --
-- -- -- -- -- 1,515 -- --
-- -- -- -- -- -- 75 --
-- -- -- -- -- -- -- 26,157
------ ------ ----- ------ ------ ----- --- ------
21,593 11,420 4,496 17,716 15,170 1,515 75 26,157
------ ------ ----- ------ ------ ----- --- ------
21,593 11,422 4,496 17,716 15,170 1,515 75 26,157
====== ====== ===== ====== ====== ===== === ======
1 -- -- 1 2 -- -- 2
------ ------ ----- ------ ------ ----- --- ------
1 -- -- 1 2 -- -- 2
21,592 11,422 4,496 17,715 15,168 1,515 75 26,155
------ ------ ----- ------ ------ ----- --- ------
21,593 11,422 4,496 17,716 15,170 1,515 75 26,157
====== ====== ===== ====== ====== ===== === ======
</TABLE>
5
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THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
STATEMENT OF OPERATIONS (AMOUNTS IN THOUSANDS)
Six Months Ended June 30, 1997, Except as Noted (Unaudited)
<TABLE>
<CAPTION>
TCW T.ROWE
TCW MANAGED PRICE
MONEY ASSET INT'L.
MARKET ALLOCATION STOCK
TOTAL SUBACCT. SUBACCT. SUBACCT.
------- -------- ---------- --------
<S> <C> <C> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends................................ $ 3,243 293 147 89
Expenses (Note 5):
Administrative fee....................... 7 -- 1 1
Mortality and expense risk charge........ 923 98 86 96
------- ----- ----- -----
Net Investment income (loss)........... 2,313 195 60 (8)
------- ----- ----- -----
NET REALIZED AND UNREALIZED CAPITAL GAIN
(LOSS) FROM INVESTMENTS
Net realized capital gain from sales of
investments:
Proceeds from sales...................... 18,963 8,780 1,754 1,014
Cost of investments sold................. 16,429 8,780 1,361 798
------- ----- ----- -----
Net realized capital gain from sales of
investments.............................. 2,534 -- 393 216
Net change in unrealized
appreciation/depreciation of investments:
Beginning of the period.................. 8,280 -- 973 1,037
End of the period........................ 16,149 -- 1,616 2,195
------- ----- ----- -----
Net change in unrealized
appreciation/depreciation of
investments........................... 7,869 -- 643 1,158
------- ----- ----- -----
Net realized and unrealized capital
gain (loss) from investments.......... 10,403 -- 1,036 1,374
------- ----- ----- -----
INCREASE FROM OPERATIONS.................. $12,716 195 1,096 1,366
======= ===== ===== =====
</TABLE>
/1/Period from May 1, 1997 (commencement of operations) to June 30, 1997
See accompanying Notes to Financial Statements.
6
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<TABLE>
<CAPTION>
DREYFUS DREYFUS T.ROWE T.ROWE
SMALL U.S. PRICE PRICE
VALUE CAP GOV'T. EQUITY GROWTH OPPORTUNITY ENHANCED
EQUITY VALUE SECURITIES INCOME STOCK VALUE INDEX GROWTH
SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT./1/ SUBACCT.
- -------- -------- ---------- -------- -------- ----------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
745 1,123 138 384 103 4 -- 217
1 1 1 1 -- -- -- 1
145 73 34 115 95 6 1 174
----- ----- --- ----- ----- --- --- -----
599 1,049 103 268 8 (2) (1) 42
----- ----- --- ----- ----- --- --- -----
993 791 850 2,111 1,194 329 -- 1,147
640 549 856 1,499 867 314 -- 765
----- ----- --- ----- ----- --- --- -----
353 242 (6) 612 327 15 -- 382
1,744 1,181 84 1,319 1,102 -- -- 840
3,078 1,416 75 2,271 2,651 85 1 2,761
----- ----- --- ----- ----- --- --- -----
1,334 235 (9) 952 1,549 85 1 1,921
----- ----- --- ----- ----- --- --- -----
1,687 477 (15) 1,564 1,876 100 1 2,303
----- ----- --- ----- ----- --- --- -----
2,286 1,526 88 1,832 1,884 98 -- 2,345
===== ===== === ===== ===== === === =====
</TABLE>
7
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THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY (AMOUNTS IN THOUSANDS)
Six Months Ended June 30, 1997 and Year Ended December 31, 1996, Except as
Noted (Unaudited)
<TABLE>
<CAPTION>
TCW T. ROWE
TCW MANAGED PRICE
MONEY ASSET INT'L. VALUE
MARKET ALLOCATION STOCK EQUITY
TOTAL SUBACCT. SUBACCT. SUBACCT. SUBACCT.
---------------- -------------- ------------- ------------- --------------
1997 1996 1997 1996 1997 1996 1997 1996 1997 1996
-------- ------ ------ ------ ------ ----- ------ ----- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income
(loss)................ $ 2,313 1,231 195 204 60 (2) (8) (70) 599 49
Net realized capital
gain (loss)........... 2,534 1,480 -- -- 393 394 216 48 353 297
Net change in
unrealized
appreciation/
depreciation of
investments........... 7,869 5,886 -- -- 643 637 1,158 850 1,334 1,288
-------- ------ ------ ------ ------ ----- ------ ----- ------ ------
Increase from
operations............ 12,716 8,597 195 204 1,096 1,029 1,366 828 2,286 1,634
-------- ------ ------ ------ ------ ----- ------ ----- ------ ------
CONTRACT TRANSACTIONS
Net contract purchase
payments.............. 33,096 58,144 5,343 12,487 2,409 4,146 3,145 4,419 4,570 8,377
Transfer payments from
(to) other subaccounts
or general account.... 3,512 1,106 (2,390) (4,752) 785 366 767 1,659 1,004 1,260
Contract terminations,
withdrawals, and other
deductions............ (6,327) (4,742) (849) (1,407) (860) (511) (694) (604) (1,003) (288)
-------- ------ ------ ------ ------ ----- ------ ----- ------ ------
Increase from contract
transactions.......... 30,281 54,508 2,104 6,328 2,334 4,001 3,218 5,474 4,571 9,349
-------- ------ ------ ------ ------ ----- ------ ----- ------ ------
Net increase in
contract owners'
equity................ 42,997 63,105 2,299 6,532 3,430 5,030 4,584 6,302 6,857 10,983
-------- ------ ------ ------ ------ ----- ------ ----- ------ ------
CONTRACT OWNERS' EQUITY
Beginning of period.... 94,635 31,530 10,235 3,703 8,956 3,926 9,990 3,688 14,735 3,752
-------- ------ ------ ------ ------ ----- ------ ----- ------ ------
End of period.......... $137,632 94,635 12,534 10,235 12,386 8,956 14,574 9,990 21,592 14,735
======== ====== ====== ====== ====== ===== ====== ===== ====== ======
</TABLE>
/1/Period from November 20, 1996 (commencement of operations) to December 31,
1996
/2/Period from May 1, 1997 (commencement of operations) to June 30, 1997
See accompanying Notes to Financial Statements.
8
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<TABLE>
<CAPTION>
DREYFUS DREYFUS T. ROWE T. ROWE
SMALL U.S. PRICE PRICE
CAP GOV'T. EQUITY GROWTH OPPORTUNITY ENHANCED
VALUE SECURITIES INCOME STOCK VALUE INDEX GROWTH
SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT.
- ------------- ------------- -------------- ------------- -------------- -------- --------------
1997 1996 1997 1996 1997 1996 1997 1996 1997 1996/1/ 1997/2/ 1997 1996
- ------ ----- ----- ------ ------ ------ ------ ----- ----- ------- -------- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1,049 125 103 47 268 (46) 8 1 (2) -- (1) 42 923
242 96 (6) 25 612 92 327 154 15 -- -- 382 374
235 960 (9) (44) 952 1,095 1,549 923 85 -- 1 1,921 177
- ------ ----- ----- ------ ------ ------ ------ ----- ----- --- --- ------ ------
1,526 1,181 88 28 1,832 1,141 1,884 1,078 98 -- -- 2,345 1,474
- ------ ----- ----- ------ ------ ------ ------ ----- ----- --- --- ------ ------
1,931 2,938 856 3,808 4,597 6,077 3,359 5,786 1,212 170 59 5,615 9,936
939 695 (436) (2,205) 1,011 1,983 745 629 8 36 16 1,063 1,435
(472) (222) (247) (373) (951) (269) (271) (218) (9) -- -- (971) (850)
- ------ ----- ----- ------ ------ ------ ------ ----- ----- --- --- ------ ------
2,398 3,411 173 1,230 4,657 7,791 3,833 6,197 1,211 206 75 5,707 10,521
- ------ ----- ----- ------ ------ ------ ------ ----- ----- --- --- ------ ------
3,924 4,592 261 1,258 6,489 8,932 5,717 7,275 1,309 206 75 8,052 11,995
- ------ ----- ----- ------ ------ ------ ------ ----- ----- --- --- ------ ------
7,498 2,906 4,235 2,977 11,226 2,294 9,451 2,176 206 -- -- 18,103 6,108
- ------ ----- ----- ------ ------ ------ ------ ----- ----- --- --- ------ ------
11,422 7,498 4,496 4,235 17,715 11,226 15,168 9,451 1,515 206 75 26,155 18,103
====== ===== ===== ====== ====== ====== ====== ===== ===== === === ====== ======
</TABLE>
9
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THE PFL ENDEAVOR PLATINUM VARIABLE ANNUITY ACCOUNT
NOTES TO FINANCIAL STATEMENTS (AMOUNTS IN THOUSANDS, EXCEPT WHERE NOTED)
June 30, 1997 (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 Enhanced Index Subaccount commenced operations on May 1, 1997. The
Opportunity Value Subaccount commenced operations on November 20, 1996.
Effective May 1, 1996, the names of the Money Market, Managed Asset Allocation,
Quest for Value Equity, and the U.S. Government Securities Portfolios and
Subaccounts were changed to TCW Money Market, TCW Managed Asset Allocation,
Value Equity, and Dreyfus U.S. Government Securities Portfolios and
Subaccounts, respectively. Effective October 29, 1996, the names of the Value
Small Cap Portfolio and Subaccount were changed to Dreyfus Small Cap Value
Portfolio and Subaccount, respectively. 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 advisor for the WRL Investment Management, 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 Investment Management, 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, 1997.
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.
10
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2. INVESTMENTS
A summary of the mutual fund investment at June 30, 1997 follows:
<TABLE>
<CAPTION>
NET ASSET
NUMBER VALUE
OF SHARES PER SHARE MARKET
HELD (IN DOLLARS) VALUE COST
--------- ------------ -------- --------
<S> <C> <C> <C> <C>
Endeavor Series Trust
TCW Money Market Portfolio........... 12,536 $ 1.00 $ 12,536 $ 12,536
TCW Managed Asset Allocation
Portfolio........................... 598 20.72 12,388 10,772
T. Rowe Price International Stock
Portfolio........................... 943 15.45 14,575 12,380
Value Equity Portfolio............... 1,146 18.84 21,593 18,515
Dreyfus Small Cap Value Portfolio.... 738 15.47 11,420 10,004
Dreyfus U.S. Government Securities
Portfolio........................... 402 11.18 4,496 4,421
T. Rowe Price Equity Income
Portfolio........................... 1,026 17.26 17,716 15,445
T. Rowe Price Growth Stock
Portfolio........................... 804 18.88 15,170 12,519
Opportunity Value Portfolio.......... 138 11.02 1,515 1,430
Enhanced Index Portfolio............. 7 11.19 75 74
WRL Investment Management, Inc.
Growth Portfolio..................... 676 38.717398 26,157 23,396
-------- --------
$137,641 $121,492
======== ========
</TABLE>
3. CONTRACT OWNERS' EQUITY
A summary of deferred annuity contracts terminable by owners at June 30, 1997
follows:
<TABLE>
<CAPTION>
ACCUMULATION
ACCUMULATION UNIT VALUE TOTAL
SUBACCOUNT UNITS OWNED (IN DOLLARS) CONTRACT VALUE
---------- ------------ ------------ --------------
<S> <C> <C> <C>
TCW Money Market...................... 11,347 $ 1.104619 $ 12,534
TCW Managed Asset Allocation.......... 8,162 1.517550 12,386
T. Rowe Price International Stock..... 11,370 1.281744 14,574
Value Equity.......................... 11,774 1.833816 21,592
Dreyfus Small Cap Value............... 6,983 1.635700 11,422
Dreyfus U.S. Government Securities.... 3,927 1.144741 4,496
T. Rowe Price Equity Income........... 10,302 1.719479 17,715
T. Rowe Price Growth Stock............ 8,163 1.858236 15,168
Opportunity Value..................... 1,389 1.091099 1,515
Enhanced Index........................ 67 1.116001 75
Growth................................ 1,477 17.705439 26,155
--------
$137,632
========
</TABLE>
11
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A summary of changes in contract owners' account units follows:
<TABLE>
<CAPTION>
TCW T.ROWE DREYFUS DREYFUS T.ROWE T.ROWE
TCW MANAGED PRICE SMALL U.S. PRICE PRICE
MONEY ASSET INT'L. VALUE CAP GOV'T. EQUITY GROWTH OPPORTUNITY ENHANCED
MARKET ALLOCATION STOCK EQUITY VALUE SECURITIES INCOME STOCK VALUE INDEX GROWTH
SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT.
-------- ---------- -------- -------- -------- ---------- -------- -------- ----------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Units
outstanding at
1/1/96......... 3,516 3,314 3,607 2,808 2,578 2,656 1,786 1,612 -- -- 443
Units
purchased...... 11,640 3,329 4,053 5,605 2,428 3,476 4,402 4,001 169 -- 650
Units redeemed
and
transferred.... (5,739) (120) 959 641 373 (2,360) 1,226 281 36 -- 38
------ ----- ------ ------ ----- ------ ------ ----- ----- --- -----
Units
outstanding at
12/31/96....... 9,417 6,523 8,619 9,054 5,379 3,772 7,414 5,894 205 -- 1,131
Units
purchased...... 4,873 1,706 2,679 2,697 1,308 761 2,886 2,008 1,172 52 341
Units redeemed
and
transferred.... (2,943) (67) 72 23 296 (606) 2 261 12 15 5
------ ----- ------ ------ ----- ------ ------ ----- ----- --- -----
Units
outstanding at
6/30/97........ 11,347 8,162 11,370 11,774 6,983 3,927 10,302 8,163 1,389 67 1,477
====== ===== ====== ====== ===== ====== ====== ===== ===== === =====
</TABLE>
At June 30, 1997 contract owners' equity was comprised of:
<TABLE>
<CAPTION>
TCW T.ROWE DREYFUS DREYFUS T.ROWE T.ROWE
TCW MANAGED PRICE SMALL U.S. PRICE PRICE
MONEY ASSET INT'L. VALUE CAP GOV'T. EQUITY GROWTH OPPORTUNITY
MARKET ALLOCATION STOCK EQUITY VALUE SECURITIES INCOME STOCK VALUE
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.. $121,483 12,534 10,770 12,379 18,514 10,006 4,421 15,444 12,517 1,430
Adjustment for
appreciation/depreciation
to market
value.......... 16,149 -- 1,616 2,195 3,078 1,416 75 2,271 2,651 85
-------- ------ ------ ------ ------ ------ ----- ------ ------ -----
Total Contract
Owners'
Equity......... $137,632 12,534 12,386 14,574 21,592 11,422 4,496 17,715 15,168 1,515
======== ====== ====== ====== ====== ====== ===== ====== ====== =====
<CAPTION>
ENHANCED
INDEX GROWTH
SUBACCT. SUBACCT.
-------- --------
<S> <C> <C>
Unit
transactions,
accumulated net
investment
income and
realized
capital gains.. 74 23,394
Adjustment for
appreciation/depreciation
to market
value.......... 1 2,761
-------- --------
Total Contract
Owners'
Equity......... 75 26,155
======== ========
</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.
5. 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.
12
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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 JUNE 30, 1997 AND
YEAR ENDED DECEMBER 31, 1996 OR
COMMENCEMENT OF OPERATIONS TO DECEMBER 31, 1996
---------------------------------------------------
1997 1996
------------------------- -------------------------
PURCHASES SALES PURCHASES SALES
------------- ----------- ------------- -----------
<S> <C> <C> <C> <C>
Endeavor Series Trust
TCW Money Market Portfo-
lio...................... $ 11,080 8,780 13,753 7,221
TCW Managed Asset Alloca-
tion Portfolio........... 4,150 1,754 5,690 1,691
T. Rowe Price Interna-
tional Stock Portfolio... 4,224 1,014 6,034 629
Value Equity Portfolio.... 6,164 993 10,350 952
Dreyfus Small Cap Value
Portfolio................ 4,237 791 4,100 566
Dreyfus U.S. Government
Securities Portfilio..... 1,126 850 3,964 2,688
T. Rowe Price Equity In-
come Portfolio........... 7,036 2,111 8,095 349
T. Rowe Price Growth Stock
Portfolio................ 5,035 1,194 6,903 704
Opportunity Value Portfo-
lio...................... 1,538 329 207 --
Enhanced Index Portfolio.. 74 -- -- --
WRL Investment Management,
Inc.
Growth Portfolio.......... 6,896 1,147 12,662 1,217
------------ ----------- ----------- -----------
$ 51,560 18,963 71,758 16,017
============ =========== =========== ===========
</TABLE>
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