PEOPLES BENEFIT LIFE INSURANCE CO SEPARATE ACCOUNT V
N-30D, 1999-03-10
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<PAGE>
 
March 10, 1999


VIA EDGAR
 
- ---------------------------------------

Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C.  20549

RE:  Peoples Benefit Life Insurance Company Separate Account V
     Advisor's Edge Variable Annuity, Advisor's Edge Select Variable Annuity,
     Dimensional Variable Annuity and PGA Retirement Annuity
     File No.33-80958, 811-6564, CIK 884067
     Rule 30b2-1 Filing

Commissioners:

As required by Rule 30d-2 under the Investment Company Act of 1940, as amended
(the "Act"), Peoples Benefit Life Insurance Company Separate Account V, a unit
investment trust registered under the Act, mailed to its contract owners the
annual report for the following underlying management investment companies:
Endeavor Series Trust; DFA Investment Dimensions Group, Inc.; Federated
Insurance Series; Montgomery Funds III; PB Series Trust; SteinRoe Variable
Investment Trust; Strong Variable Insurance Funds, Inc.; Wanger Advisors Trust
and Warburg Pincus Trust.  This filing constitutes the filing of those reports
as required by Rule 30b2-1 under the Act.

Pursuant to Rule 30d-1 under the Act, the following annual reports were filed
with the Commission via EDGAR on the dates indicated:
 
 .    Endeavor Series Trust (CIK: 847254) filed March 5, 1999
 .    DFA Investment Dimensions Group, Inc. (CIK: 355437) filed February 5, 1999
 .    Federated Insurance Series (CIK: 912577) filed February 26, 1999
 .    Montgomery Funds III (CIK: 930648) filed February 26, 1999 
 .    PB Series Trust (CIK: 1026222) filed February 23, 1999
 .    SteinRoe Variable Investment Trust (CIK: 815425) filed February 26, 1999
 .    Strong Variable Insurance Funds, Inc. (CIK: 883644) filed March 4, 1999
 .    Wanger Advisors Trust (CIK: 929521) filed March 5, 1999
 .    Warburg Pincus Trust (CIK: 941568) filed February 22, 1999

To the extent necessary, these filings are incorporated herein by reference.

Very truly yours,

/s/ Gregory E. Miller-Breetz

Gregory E. Miller-Breetz
Assistant General Counsel




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