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ENDEAVOR VARIABLE ANNUITY
The PFL Endeavor
Variable Annuity Account
Annual Report
December 31, 1996
[LOGO OF PFL LIFE APPEARS HERE]
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Dear Valued Policyholder:
We are pleased to present the Annual Report of the PFL Endeavor Variable
Annuity Account for the period ending December 31, 1996. 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
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
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.
2
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THE PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT
REPORT OF INDEPENDENT AUDITORS
THE BOARD OF DIRECTORS AND CONTRACT OWNERS OF
THE PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT,
PFL LIFE INSURANCE COMPANY:
We have audited the accompanying balance sheet of The PFL Endeavor Variable
Annuity Account (comprising, respectively, the 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 and Growth subaccounts)
as of December 31, 1996, 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,
1996 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 Variable Annuity Account at December
31, 1996, 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
January 31, 1997
3
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THE PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT
BALANCE SHEET (AMOUNTS IN THOUSANDS)
December 31, 1996
<TABLE>
<CAPTION>
TCW
TCW MANAGED
MONEY ASSET
MARKET ALLOCATION
TOTAL SUBACCT. SUBACCT.
-------- -------- ----------
<S> <C> <C> <C>
ASSETS
Cash.............................................. $ 9 -- --
Investments in mutual funds, at current market
value (Note 2):
Endeavor Series Trust--TCW Money Market
Portfolio....................................... 30,542 30,542 --
Endeavor Series Trust--TCW Managed Asset
Allocation Portfolio............................ 229,142 -- 229,142
Endeavor Series Trust--T. Rowe Price
International Stock Portfolio................... 121,702 -- --
Endeavor Series Trust--Value Equity Portfolio.... 110,548 -- --
Endeavor Series Trust--Dreyfus Small Cap Value
Portfolio....................................... 76,482 -- --
Endeavor Series Trust--Dreyfus U.S. Government
Securities Portfolio............................ 19,823 -- --
Endeavor Series Trust--T. Rowe Price Equity
Income Portfolio................................ 64,935 -- --
Endeavor Series Trust--T. Rowe Price Growth Stock
Portfolio....................................... 48,731 -- --
Endeavor Series Trust--Opportunity Value
Portfolio....................................... 315 -- --
WRL Series Fund, Inc.--Growth Portfolio.......... 257,421 -- --
-------- ------ -------
Total investments in mutual funds................ 959,641 30,542 229,142
-------- ------ -------
Total Assets..................................... $959,650 30,542 229,142
======== ====== =======
LIABILITIES AND CONTRACT OWNERS' EQUITY
Liabilities:
Contract terminations payable.................... $ 2 -- 2
-------- ------ -------
Total Liabilities................................ 2 -- 2
Contract Owners' Equity:
Deferred annuity contracts terminable by owners
(Notes 3 and 6)................................. 959,648 30,542 229,140
-------- ------ -------
$959,650 30,542 229,142
======== ====== =======
</TABLE>
See accompanying Notes to Financial Statements.
4
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<TABLE>
<CAPTION>
T. ROWE T. ROWE T. ROWE
PRICE DREYFUS DREYFUS U.S. PRICE PRICE
INT'L. VALUE SMALL CAP GOV'T. EQUITY GROWTH OPPORTUNITY
STOCK EQUITY VALUE SECURITIES INCOME STOCK VALUE GROWTH
SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT.
-------- -------- --------- ------------ -------- -------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
1 3 4 -- -- 1 -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
121,702 -- -- -- -- -- -- --
-- 110,548 -- -- -- -- -- --
-- -- 76,482 -- -- -- -- --
-- -- -- 19,823 -- -- -- --
-- -- -- -- 64,935 -- -- --
-- -- -- -- -- 48,731 -- --
-- -- -- -- -- -- 315 --
-- -- -- -- -- -- -- 257,421
------- ------- ------ ------ ------ ------ --- -------
121,702 110,548 76,482 19,823 64,935 48,731 315 257,421
------- ------- ------ ------ ------ ------ --- -------
121,703 110,551 76,486 19,823 64,935 48,732 315 257,421
======= ======= ====== ====== ====== ====== === =======
-- -- -- -- -- -- -- --
------- ------- ------ ------ ------ ------ --- -------
-- -- -- -- -- -- -- --
121,703 110,551 76,486 19,823 64,935 48,732 315 257,421
------- ------- ------ ------ ------ ------ --- -------
121,703 110,551 76,486 19,823 64,935 48,732 315 257,421
======= ======= ====== ====== ====== ====== === =======
</TABLE>
5
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THE PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT
STATEMENT OF OPERATIONS (AMOUNTS IN THOUSANDS)
Year Ended December 31, 1996, Except as Noted
<TABLE>
<CAPTION>
TCW
TCW MANAGED
MONEY ASSET
MARKET ALLOCATION
TOTAL SUBACCT. SUBACCT.
-------- -------- ----------
<S> <C> <C> <C>
NET INVESTMENT INCOME (LOSS)
Income:
Dividends........................................ $ 27,904 1,245 3,793
Expenses (Note 5):
Administrative fee............................... 443 10 122
Mortality and expense risk charge................ 11,237 365 2,943
-------- ------ ------
Net investment income (loss)................... 16,224 870 728
-------- ------ ------
NET REALIZED AND UNREALIZED CAPITAL GAIN FROM
INVESTMENTS
Net realized capital gain from sales of
investments:
Proceeds from sales.............................. 70,848 24,793 15,228
Cost of investments sold......................... 60,774 24,793 12,264
-------- ------ ------
Net realized capital gain from sales of
investments...................................... 10,074 -- 2,964
Net change in unrealized appreciation/depreciation
of investments:
Beginning of the period.......................... 78,863 -- 25,121
End of the period................................ 175,289 -- 52,892
-------- ------ ------
Net change in unrealized
appreciation/depreciation of investments...... 96,426 -- 27,771
-------- ------ ------
Net realized and unrealized capital gain from
investments................................... 106,500 -- 30,735
-------- ------ ------
INCREASE FROM OPERATIONS.......................... $122,724 870 31,463
======== ====== ======
</TABLE>
/1/Period from November 18, 1996 (commencement of operations) to December 31,
1996.
See accompanying Notes to Financial Statements.
6
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<TABLE>
<CAPTION>
T. ROWE T. ROWE T. ROWE
PRICE DREYFUS DREYFUS U.S. PRICE PRICE
INT'L. VALUE SMALL CAP GOV'T. EQUITY GROWTH OPPORTUNITY
STOCK EQUITY VALUE SECURITIES INCOME STOCK VALUE GROWTH
SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT./1/ SUBACCT.
- -------- -------- --------- ------------ -------- -------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
729 1,976 2,674 436 354 525 -- 16,172
66 42 31 5 15 13 -- 139
1,464 1,198 852 202 540 456 -- 3,217
------ ------ ------ ----- ----- ----- --- ------
(801) 736 1,791 229 (201) 56 -- 12,816
------ ------ ------ ----- ----- ----- --- ------
4,813 3,499 4,065 1,853 970 1,628 37 13,962
4,276 2,344 3,504 1,664 696 1,210 37 9,986
------ ------ ------ ----- ----- ----- --- ------
537 1,155 561 189 274 418 -- 3,976
2,636 12,562 4,426 563 2,266 1,913 -- 29,376
16,143 27,439 15,836 455 9,138 7,517 -- 45,869
------ ------ ------ ----- ----- ----- --- ------
13,507 14,877 11,410 (108) 6,872 5,604 -- 16,493
------ ------ ------ ----- ----- ----- --- ------
14,044 16,032 11,971 81 7,146 6,022 -- 20,469
------ ------ ------ ----- ----- ----- --- ------
13,243 16,768 13,762 310 6,945 6,078 -- 33,285
====== ====== ====== ===== ===== ===== === ======
</TABLE>
7
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THE PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT
STATEMENTS OF CHANGES IN CONTRACT OWNERS' EQUITY (AMOUNTS IN THOUSANDS)
Years Ended December 31, 1996 and 1995, Except as Noted
<TABLE>
<CAPTION>
TCW TCW T. ROWE PRICE
MONEY MANAGED INTERNATIONAL
MARKET ASSET 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).................. $ 16,224 18,207 870 816 728 448 (801) 715
Net realized capital
gain.................... 10,074 5,077 -- -- 2,964 2,310 537 270
Net change in unrealized
appreciation/depreciation
of investments.......... 96,426 98,622 -- -- 27,771 31,591 13,507 6,070
-------- ------- ------- ------ -------- -------- ------- ------
Increase from
operations.............. 122,724 121,906 870 816 31,463 34,349 13,243 7,055
-------- ------- ------- ------ -------- -------- ------- ------
CONTRACT TRANSACTIONS
Net contract purchase
payments................ 150,050 88,212 12,211 5,842 13,250 12,410 16,257 9,185
Transfer payments from
(to) other subaccounts
or general account...... 78,317 11,541 5,680 1,552 2,506 (13,051) 10,431 (5,983)
Contract terminations,
withdrawals, and other
deductions.............. (52,551) (30,449) (11,765) (3,793) (12,118) (10,070) (6,132) (4,530)
-------- ------- ------- ------ -------- -------- ------- ------
Increase (decrease) from
contract transactions... 175,816 69,304 6,126 3,601 3,638 (10,711) 20,556 (1,328)
-------- ------- ------- ------ -------- -------- ------- ------
Net increase in contract
owners' equity.......... 298,540 191,210 6,996 4,417 35,101 23,638 33,799 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............ $959,648 661,108 30,542 23,546 229,140 194,039 121,703 87,904
======== ======= ======= ====== ======== ======== ======= ======
</TABLE>
/1/Period from January 3, 1995 (commencement of operations) to December 31,
1995
/2/Period from November 18, 1996 (commencement of operations) to December 31,
1996
See accompanying Notes to Financial Statements.
8
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<TABLE>
<CAPTION>
DREYFUS DREYFUS U.S. T. ROWE PRICE T. ROWE PRICE
VALUE SMALL CAP GOVERNMENT EQUITY GROWTH OPPORTUNITY
EQUITY VALUE SECURITIES INCOME STOCK VALUE GROWTH
SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT SUBACCOUNT
- --------------- -------------- ------------- --------------- --------------- ----------- ----------------
1996 1995 1996 1995 1996 1995 1996 1995/1/ 1996 1995/1/ 1996/2/ 1996 1995
- ------- ------ ------ ------ ------ ----- ------ ------- ------ ------- ----------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
736 (230) 1,791 314 229 (25) (201) (107) 56 (119) -- 12,816 16,395
1,155 972 561 184 189 106 274 71 418 322 -- 3,976 842
14,877 11,749 11,410 4,328 (108) 568 6,872 2,266 5,604 1,913 -- 16,493 40,137
- ------- ------ ------ ------ ------ ----- ------ ------ ------ ------ --- ------- -------
16,768 12,491 13,762 4,826 310 649 6,945 2,230 6,078 2,116 -- 33,285 57,374
- ------- ------ ------ ------ ------ ----- ------ ------ ------ ------ --- ------- -------
20,562 12,996 11,126 8,736 6,793 4,592 21,213 8,911 13,844 8,446 193 34,601 17,094
13,551 9,310 5,637 2,469 4,193 1,487 19,065 8,365 10,830 9,027 166 6,258 (1,635)
(4,444) (2,587) (3,080) (1,976) (980) (280) (1,524) (270) (1,233) (376) (44) (11,231) (6,567)
- ------- ------ ------ ------ ------ ----- ------ ------ ------ ------ --- ------- -------
29,669 19,719 13,683 9,229 10,006 5,799 38,754 17,006 23,441 17,097 315 29,628 8,892
- ------- ------ ------ ------ ------ ----- ------ ------ ------ ------ --- ------- -------
46,437 32,210 27,445 14,055 10,316 6,448 45,699 19,236 29,519 19,213 315 62,913 66,266
- ------- ------ ------ ------ ------ ----- ------ ------ ------ ------ --- ------- -------
64,114 31,904 49,041 34,986 9,507 3,059 19,236 -- 19,213 -- -- 194,508 128,242
- ------- ------ ------ ------ ------ ----- ------ ------ ------ ------ --- ------- -------
110,551 64,114 76,486 49,041 19,823 9,507 64,935 19,236 48,732 19,213 315 257,421 194,508
======= ====== ====== ====== ====== ===== ====== ====== ====== ====== === ======= =======
</TABLE>
9
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THE PFL ENDEAVOR VARIABLE ANNUITY ACCOUNT
NOTES TO FINANCIAL STATEMENTS (AMOUNTS IN THOUSANDS, EXCEPT WHERE NOTED)
December 31, 1996
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 Opportunity Value Subaccount commenced operations on November 18, 1996. The
T. Rowe Price Equity Income Subaccount and the T. Rowe Price Growth Stock
Subaccount commenced operations on January 3, 1995. Effective May 1, 1996, the
names of the Money Market, Managed Asset Allocation, Quest for Value Equity,
Quest for Value Small Cap and U.S. Government Securities Portfolios and
Subaccounts were changed to TCW Money Market, TCW Managed Asset Allocation,
Value Equity, Value Small Cap 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 Dreyfus Small Cap Value Subaccount, respectively. Effective
March 25, 1995, the names of the Global Growth Portfolio and Subaccount were
changed to T. Rowe Price International Stock Portfolio and 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
advisor 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, 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.
10
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2. INVESTMENTS
A summary of the mutual fund investment at December 31, 1996 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........... 30,542 $ 1.00 $ 30,542 $ 30,542
TCW Managed Asset Allocation
Portfolio........................... 12,163 18.84 229,142 176,250
T. Rowe Price International Stock
Portfolio........................... 8,724 13.95 121,702 105,559
Value Equity Portfolio............... 6,423 17.21 110,548 83,109
Dreyfus Small Cap Value Portfolio.... 5,203 14.70 76,482 60,646
Dreyfus U.S. Government Securities
Portfolio........................... 1,765 11.23 19,823 19,368
T. Rowe Price Equity Income
Portfolio........................... 4,192 15.49 64,935 55,797
T. Rowe Price Growth Stock
Portfolio........................... 2,991 16.29 48,731 41,214
Opportunity Value Portfolio.......... 31 10.06 315 315
WRL Series Fund, Inc.
Growth Portfolio..................... 7,355 35.001280 257,421 211,552
-------- --------
$959,641 $784,352
======== ========
</TABLE>
3. CONTRACT OWNERS' EQUITY
Contract owners' equity at December 31, 1996 includes an amount of $2,954,
which represents the current value of PFL Life's capital contribution of
$1,900. A summary of deferred annuity contracts terminable by owners at
December 31, 1996 follows:
<TABLE>
<CAPTION>
ACCUMULATION
UNIT
ACCUMULATION VALUE TOTAL
SUBACCOUNT UNITS OWNED (IN DOLLARS) CONTRACT VALUE
- ---------- ------------ ------------ --------------
<S> <C> <C> <C>
TCW Money Market...................... 26,461 $ 1.154219 $ 30,542
TCW Managed Asset Allocation.......... 124,999 1.833135 229,140
T. Rowe Price International Stock..... 91,462 1.330640 121,703
Value Equity.......................... 65,227 1.694854 110,551
Dreyfus Small Cap Value............... 51,125 1.496065 76,486
Dreyfus U.S. Government Securities.... 17,562 1.128769 19,823
T. Rowe Price Equity Income........... 42,673 1.521680 64,935
T. Rowe Price Growth Stock............ 30,238 1.611613 48,732
Opportunity Value..................... 314 1.004355 315
Growth................................ 15,174 16.964068 257,421
--------
$959,648
========
</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
MARKET ALLOCATION STOCK EQUITY VALUE SECURITIES INCOME STOCK VALUE GROWTH
SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT.
-------- ---------- -------- -------- -------- ---------- -------- -------- ----------- --------
<S> <C> <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....... 10,754 7,818 13,001 13,373 8,625 6,218 15,335 9,588 192 2,158
Units redeemed and
transferred.......... (5,397) (5,794) 3,396 5,659 1,864 2,887 12,395 6,453 122 (321)
------ ------- ------ ------ ------ ------ ------ ------ --- ------
Units outstanding at
12/31/96............. 26,461 124,999 91,462 65,227 51,125 17,562 42,673 30,238 314 15,174
====== ======= ====== ====== ====== ====== ====== ====== === ======
</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 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 December 31, 1996 contract owners' equity was comprised of:
<TABLE>
<CAPTION>
TCW T. ROWE T. ROWE T. ROWE
TCW MANAGED PRICE DREYFUS DREYFUS U.S. PRICE PRICE
MONEY ASSET INT'L. VALUE SMALL CAP GOV'T. EQUITY GROWTH OPPORTUNITY
MARKET ALLOCATION STOCK EQUITY VALUE SECURITIES INCOME STOCK VALUE GROWTH
TOTAL SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT. SUBACCT.
-------- -------- ---------- -------- -------- --------- ------------ -------- -------- ----------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Unit
transactions,
accumulated net
investment income
and realized
capital gains... $784,359 30,542 176,248 105,560 83,112 60,650 19,368 55,797 41,215 315 211,552
Adjustment for
appreciation/
depreciation to
market value.... 175,289 -- 52,892 16,143 27,439 15,836 455 9,138 7,517 -- 45,869
-------- ------ ------- ------- ------- ------ ------ ------ ------ --- -------
Total Contract
Owners' Equity.. $959,648 30,542 229,140 121,703 110,551 76,486 19,823 64,935 48,732 315 257,421
======== ====== ======= ======= ======= ====== ====== ====== ====== === =======
</TABLE>
12
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7. 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
--------------------------------------------
1996 1995
---------------------- ---------------------
PURCHASES SALES PURCHASES SALES
------------ --------- ---------------------
<S> <C> <C> <C> <C>
Endeavor Series Trust
TCW Money Market Portfolio........ $ 31,789 24,793 26,533 22,147
TCW Managed Asset Allocation Port-
folio............................ 19,595 15,228 18,528 28,949
T. Rowe Price International Stock
Portfolio........................ 24,567 4,813 14,396 15,085
Value Equity Portfolio............ 33,901 3,499 25,078 5,610
Dreyfus Small Cap Value Portfo-
lio.............................. 19,535 4,065 16,203 6,683
Dreyfus U.S. Government Securities
Portfolio........................ 12,087 1,853 7,759 1,988
T. Rowe Price Equity Income Port-
folio............................ 39,523 970 18,189 1,290
T. Rowe Price Growth Stock Portfo-
lio.............................. 25,124 1,628 19,565 2,587
Opportunity Value Portfolio....... 352 37 -- --
WRL Series Fund, Inc.
Growth Portfolio.................. 56,406 13,962 38,417 13,226
----------- --------- ---------- ---------
$ 262,879 70,848 184,668 97,565
=========== ========= ========== =========
</TABLE>
13
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