PHL Variable Accumulation Account

LOGO

Financial Statements

December 31, 2023

With Report of Independent Registered Public Accounting Firm

PHL Variable Accumulation Account

Financial Statements

December 31, 2023

Contents

Audited Financial Statements


Statements of Net Assets			5

Statements of Operations and Change in Net Assets			7

Notes to Financial Statements			26

Note 1. Organization			26

Note 2. Additions, Mergers, Liquidations and Name Changes			27

Note 3. Significant Accounting Policies			28

Note 4. Purchases and Proceeds from Sales of Investments			32

Note 5. Related Party Transactions and Charges and Deductions			34

Note 6. Summary of Unit Transactions			37

Note 7. Financial Highlights			40

Note 8. Subsequent Events			52

Report of Independent Registered Public Accounting Firm			53

PHL Variable Accumulation Account

Statements of Net Assets

December 31, 2023


Subaccount	Number of Shares		Cost		Assets at Market Value		Net Assets		Units Outstanding		Range of Unit Values

AB VPS Balanced Hedged Allocation Portfolio		358,397	$	3,882,601	$	3,092,969	$	3,092,969		1,815,475	$	1.62	$	1.88
Alger Capital Appreciation Portfolio		40,192		1,583,632		3,143,822		3,143,822		346,697		11.47		9.04
AMT Sustainable Equity Portfolio		700,186		18,352,416		23,449,222		23,449,222		15,023,754		1.53		1.59
Calvert VP S&P MidCap 400 Index Portfolio		16,964		1,278,177		2,028,861		2,028,861		572,040		3.17		3.75
DWS Equity 500 Index VIP		715,272		8,722,633		19,290,897		19,290,897		2,158,410		7.94		10.51
DWS Small Cap Index VIP		42,103		555,038		573,857		573,857		193,857		2.74		3.08
Federated Hermes Fund for U.S. Government Securities II		2,481,890		28,615,831		23,205,671		23,205,671		8,911,710		2.25		3.38
Federated Hermes Government Money Fund II		15,761,447		15,761,446		15,761,447		15,761,447		17,316,152		0.84		0.96
Federated Hermes High Income Bond Fund II		591,578		4,496,295		3,348,334		3,348,334		717,203		5.21		6.12
Fidelity® VIP Contrafund® Portfolio		430,109		10,038,357		20,774,249		20,774,249		2,153,472		10.99		11.11
Fidelity® VIP Growth Opportunities Portfolio		814,213		16,913,307		48,421,248		48,421,248		6,357,685		11.71		10.64
Fidelity® VIP Growth Portfolio		125,663		4,412,887		11,606,220		11,606,220		1,325,059		9.28		8.03
Fidelity® VIP Investment Grade Bond Portfolio		1,425,062		17,592,594		15,689,933		15,689,933		11,332,603		1.28		1.50
Franklin Income VIP Fund		685,772		11,522,775		9,737,962		9,737,962		5,120,827		1.89		2.28
Franklin Mutual Shares VIP Fund		849,048		14,029,150		13,015,900		13,015,900		4,802,576		4.87		7.14
FTVIP Franklin DynaTech Fund		68,331		366,424		291,773		291,773		82,819		3.30		3.78
Guggenheim VT Long Short Equity Fund		9,377		93,480		159,129		159,129		80,211		1.78		2.21
Invesco V.I. American Franchise Fund		191,317		7,849,198		11,280,038		11,280,038		3,131,020		3.37		3.75
Invesco V.I. Capital Appreciation Fund		17,866		745,187		797,527		797,527		242,319		3.06		3.60
Invesco V.I. Core Equity Fund		73,863		1,877,589		2,163,433		2,163,433		748,641		2.63		3.09
Invesco V.I. Equity and Income Fund		89,858		1,456,982		1,470,081		1,470,081		597,209		2.24		2.70
Invesco V.I. Global Fund		30,242		1,025,714		1,073,606		1,073,606		411,699		2.39		2.88
Invesco V.I. Main Street Mid Cap Fund®		78,972		966,308		773,139		773,139		275,645		2.57		3.06
Invesco V.I. Main Street Small Cap Fund®		565,916		10,470,959		14,883,579		14,883,579		5,153,702		2.79		3.28
Lazard Retirement US Small Cap Equity Select Portfolio (b)		31,132		765,861		420,282		420,282		145,387		2.61		3.13
Lord Abbett Series Fund Bond Debenture Portfolio		191,263		2,198,281		1,973,832		1,973,832		966,813		1.85		2.25
Lord Abbett Series Fund Growth and Income Portfolio		694,266		18,368,337		25,035,250		25,035,250		9,230,176		2.44		2.92
Lord Abbett Series Fund Mid Cap Stock Portfolio		65,392		1,317,455		1,686,454		1,686,454		687,518		2.21		2.70
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		301,372		2,827,973		4,152,903		4,152,903		1,856,574		2.09		2.36
Morningstar Balanced ETF Asset Allocation Portfolio		1,293,033		12,953,520		13,434,613		13,434,613		7,866,266		1.62		1.82
Morningstar Growth ETF Asset Allocation Portfolio		549,040		5,280,198		6,226,113		6,226,113		3,095,156		1.90		2.14

(b) Name change. See Note 2.

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Net Assets (continued)

December 31, 2023


SubAccount	Number of Shares		Cost		Assets at Market Value		Net Assets		Units Outstanding		Range of Unit Values

Morningstar Income and Growth ETF Asset Allocation Portfolio		1,392,635	$	14,610,356	$	13,717,458	$	13,717,458		9,654,068	$	1.31	$	1.51
Neuberger Berman AMT Mid Cap Growth Portfolio		16,771		397,090		384,383		384,383		207,325		1.78		1.88
PIMCO CommodityReal Return® Strategy Portfolio		1,894,595		36,280,030		10,344,488		10,344,488		14,780,124		0.64		0.75
PIMCO Real Return Portfolio		61,091		764,585		706,825		706,825		484,192		1.32		1.56
PIMCO Total Return Portfolio		255,418		2,675,607		2,344,741		2,344,741		1,581,605		1.34		1.62
Rydex VT Inverse Government Long Bond Strategy Fund		801		297,514		82,707		82,707		313,025		0.24		0.30
Rydex VT Nova Fund		1,244		66,067		199,521		199,521		29,945		5.87		7.31
Templeton Developing Markets VIP Fund		163,627		1,488,740		1,346,651		1,346,651		692,121		1.12		5.58
Templeton Foreign VIP Fund		246,825		3,729,047		3,514,784		3,514,784		1,213,000		3.41		3.76
Templeton Growth VIP Fund		950,064		12,463,116		11,391,264		11,391,264		5,814,424		3.69		5.42
TVST Touchstone Balanced Fund		103,741		1,235,729		1,207,540		1,207,540		486,513		2.24		2.67
TVST Touchstone Bond Fund		1,261,110		12,747,207		11,059,936		11,059,936		8,321,526		1.23		1.43
TVST Touchstone Common Stock Fund		4,230,141		54,690,382		47,842,898		47,842,898		12,981,359		3.41		3.96
TVST Touchstone Small Company Fund		551,124		7,551,236		7,451,202		7,451,202		2,252,276		3.06		3.55
Virtus Duff & Phelps Real Estate Securities Series		1,128,556		26,456,294		21,939,135		21,939,135		5,444,944		10.70		19.44
Virtus KAR Capital Growth Series		965,766		21,039,623		31,223,199		31,223,199		6,984,822		5.96		4.77
Virtus KAR Enhanced Core Equity Series		2,450,499		28,046,601		27,666,129		27,666,129		6,127,369		2.42		5.82
Virtus KAR Small-Cap Growth Series		959,167		15,852,207		24,017,550		24,017,550		1,254,151		17.03		21.38
Virtus KAR Small-Cap Value Series		1,943,678		26,640,060		31,059,975		31,059,975		6,821,317		8.62		12.69
Virtus Newfleet Multi-Sector Intermediate Bond Series		3,656,448		33,848,300		31,116,377		31,116,377		12,153,517		4.17		6.04
Virtus SGA International Growth Series		5,167,676		84,800,486		69,505,236		69,505,236		33,298,942		4.63		4.15
Virtus Strategic Allocation Series		830,621		11,794,250		10,532,271		10,532,271		2,165,650		4.61		6.35
Wanger Acorn		2,023,406		34,843,988		26,971,998		26,971,998		2,770,613		8.08		11.14
Wanger International		1,368,318		32,351,314		27,886,318		27,886,318		7,071,834		7.80		8.57
Wanger Select (a)		-		-		-		-		-		6.73		10.46

(a) Merger. See Note 2.

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets

Years Ended December 31, 2023 and 2022


	AB VPS Balanced Hedged Allocation Portfolio		Alger Capital Appreciation Portfolio		AMT Sustainable Equity Portfolio
Net assets as of December 31, 2021		$ 4,996,572		$ 4,484,300		$ 31,394,439

Investment income (loss):
Dividend distributions		121,375		-		29,249
Investment Expenses:
Mortality and expense risk and administrative charges		(60,817)		(38,874)		(331,727)

Net investment income (loss)		60,558		(38,874)		(302,478)

Increase (decrease) in net assets from operations:
Capital gain distributions		395,406		233,892		2,233,672
Realized capital gain (loss) on investments		(78,986)		(79,130)		670,046
Change in unrealized appreciation (depreciation)		(1,347,694)		(1,733,206)		(8,569,286)

Net gain (loss) on investments		(1,031,274)		(1,578,444)		(5,665,568)

Net increase (decrease) in net assets from operations		(970,716)		(1,617,318)		(5,968,046)

Contract owner transactions:
Deposits		232		3,270		29,483
Terminations, withdrawals and annuity payments		(622,485)		(275,228)		(2,843,069)
Transfers between subaccounts, net		53,987		593		(863,372)
Maintenance charges and mortality adjustments		(56,425)		(1,383)		(153,061)

Increase (decrease) in net assets from contract transactions		(624,691)		(272,748)		(3,830,019)

Total increase (decrease) in net assets		(1,595,407)		(1,890,066)		(9,798,065)

Net assets as of December 31, 2022		$ 3,401,165		$ 2,594,234		$ 21,596,374

Investment income (loss):
Dividend distributions		27,265		-		16,853
Investment Expenses:
Mortality and expense risk and administrative charges		(46,425)		(36,475)		(297,195)

Net investment income (loss)		(19,160)		(36,475)		(280,342)

Increase (decrease) in net assets from operations:
Capital gain distributions		156,220		-		354,127
Realized capital gain (loss) on investments		(138,212)		46,743		445,026
Change in unrealized appreciation (depreciation)		327,969		1,002,776		4,459,234

Net gain (loss) on investments		345,977		1,049,519		5,258,387

Net increase (decrease) in net assets from operations		326,817		1,013,044		4,978,045

Contract owner transactions:
Deposits		13,798		60		4,749
Terminations, withdrawals and annuity payments		(308,553)		(391,276)		(2,344,775)
Transfers between subaccounts, net		(293,298)		(70,801)		(622,746)
Maintenance charges and mortality adjustments		(46,960)		(1,439)		(162,425)

Increase (decrease) in net assets from contract transactions		(635,013)		(463,456)		(3,125,197)

Total increase (decrease) in net assets		(308,196)		549,588		1,852,848

Net assets as of December 31, 2023		$ 3,092,969		$ 3,143,822		$ 23,449,222

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Calvert VP S&P MidCap 400 Index Portfolio		DWS Equity 500 Index VIP		DWS Small Cap Index VIP
Net assets as of December 31, 2021		$ 2,500,866		$ 23,120,364		$ 428,382

Investment income (loss):
Dividend distributions		19,617		240,287		3,357
Investment Expenses:
Mortality and expense risk and administrative charges		(25,958)		(243,560)		(5,054)

Net investment income (loss)		(6,341)		(3,273)		(1,697)

Increase (decrease) in net assets from operations:
Capital gain distributions		222,036		1,119,538		63,152
Realized capital gain (loss) on investments		28,982		681,303		(3,836)
Change in unrealized appreciation (depreciation)		(704,845)		(6,167,305)		(152,907)

Net gain (loss) on investments		(453,827)		(4,366,464)		(93,591)

Net increase (decrease) in net assets from operations		(460,168)		(4,369,737)		(95,288)

Contract owner transactions:
Deposits		408		14,781		-
Terminations, withdrawals and annuity payments		(145,957)		(1,579,292)		(31,349)
Transfers between subaccounts, net		(100,818)		88,770		184,565
Maintenance charges and mortality adjustments		(1,098)		(33,388)		(435)

Increase (decrease) in net assets from contract transactions		(247,465)		(1,509,129)		152,781

Total increase (decrease) in net assets		(707,633)		(5,878,866)		57,493

Net assets as of December 31, 2022		$ 1,793,233		$ 17,241,498		$ 485,875

Investment income (loss):
Dividend distributions		22,984		256,195		5,640
Investment Expenses:
Mortality and expense risk and administrative charges		(23,315)		(233,105)		(6,014)

Net investment income (loss)		(331)		23,090		(374)

Increase (decrease) in net assets from operations:
Capital gain distributions		77,553		966,691		12,090
Realized capital gain (loss) on investments		10,472		701,936		1,195
Change in unrealized appreciation (depreciation)		172,327		2,351,306		64,497

Net gain (loss) on investments		260,352		4,019,933		77,782

Net increase (decrease) in net assets from operations		260,021		4,043,023		77,408

Contract owner transactions:
Deposits		-		10,813		-
Terminations, withdrawals and annuity payments		(50,730)		(1,791,062)		(3,868)
Transfers between subaccounts, net		27,017		(174,722)		14,820
Maintenance charges and mortality adjustments		(680)		(38,653)		(378)

Increase (decrease) in net assets from contract transactions		(24,393)		(1,993,624)		10,574

Total increase (decrease) in net assets		235,628		2,049,399		87,982

Net assets as of December 31, 2023		$ 2,028,861		$ 19,290,897		$ 573,857

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Federated Hermes Fund for U.S. Government Securities II		Federated Hermes Government Money Fund II		Federated Hermes High Income Bond Fund II
Net assets as of December 31, 2021		$ 32,251,266		$ 19,402,387		$ 4,602,978

Investment income (loss):
Dividend distributions		537,515		204,556		220,316
Investment Expenses:
Mortality and expense risk and administrative charges		(350,649)		(241,341)		(51,734)

Net investment income (loss)		186,866		(36,785)		168,582

Increase (decrease) in net assets from operations:
Capital gain distributions		-		-		-
Realized capital gain (loss) on investments		(626,658)		-		(157,921)
Change in unrealized appreciation (depreciation)		(3,820,847)		-		(573,861)

Net gain (loss) on investments		(4,447,505)		-		(731,782)

Net increase (decrease) in net assets from operations		(4,260,639)		(36,785)		(563,200)

Contract owner transactions:
Deposits		66,154		165,158		2,541
Terminations, withdrawals and annuity payments		(3,399,201)		(3,420,337)		(481,846)
Transfers between subaccounts, net		276,473		1,190,104		(125,636)
Maintenance charges and mortality adjustments		(102,577)		(79,628)		(9,170)

Increase (decrease) in net assets from contract transactions		(3,159,151)		(2,144,703)		(614,111)

Total increase (decrease) in net assets		(7,419,790)		(2,181,488)		(1,177,311)

Net assets as of December 31, 2022		$ 24,831,476		$ 17,220,899		$ 3,425,667

Investment income (loss):
Dividend distributions		602,343		703,379		199,627
Investment Expenses:
Mortality and expense risk and administrative charges		(294,093)		(210,207)		(45,302)

Net investment income (loss)		308,250		493,172		154,325

Increase (decrease) in net assets from operations:
Capital gain distributions		-		-		-
Realized capital gain (loss) on investments		(519,487)		-		(111,109)
Change in unrealized appreciation (depreciation)		877,526		-		311,842

Net gain (loss) on investments		358,039		-		200,733

Net increase (decrease) in net assets from operations		666,289		493,172		355,058

Contract owner transactions:
Deposits		55,100		20,410		16,821
Terminations, withdrawals and annuity payments		(3,208,446)		(2,995,356)		(420,777)
Transfers between subaccounts, net		971,096		1,100,805		(22,650)
Maintenance charges and mortality adjustments		(109,844)		(78,483)		(5,785)

Increase (decrease) in net assets from contract transactions		(2,292,094)		(1,952,624)		(432,391)

Total increase (decrease) in net assets		(1,625,805)		(1,459,452)		(77,333)

Net assets as of December 31, 2023		$ 23,205,671		$ 15,761,447		$ 3,348,334

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Fidelity® VIP Contrafund® Portfolio		Fidelity® VIP Growth Opportunities Portfolio		Fidelity® VIP Growth Portfolio
Net assets as of December 31, 2021		$ 27,766,702		$ 62,241,084		$ 14,591,626

Investment income (loss):
Dividend distributions		81,938		-		59,254
Investment Expenses:
Mortality and expense risk and administrative charges		(272,202)		(589,392)		(148,233)

Net investment income (loss)		(190,264)		(589,392)		(88,979)

Increase (decrease) in net assets from operations:
Capital gain distributions		993,853		8,679,672		871,785
Realized capital gain (loss) on investments		227,180		(113,214)		(77,186)
Change in unrealized appreciation (depreciation)		(8,390,214)		(32,092,421)		(4,367,003)

Net gain (loss) on investments		(7,169,181)		(23,525,963)		(3,572,404)

Net increase (decrease) in net assets from operations		(7,359,445)		(24,115,355)		(3,661,383)

Contract owner transactions:
Deposits		65,691		67,869		39,032
Terminations, withdrawals and annuity payments		(1,917,097)		(5,287,734)		(782,260)
Transfers between subaccounts, net		(252,268)		5,723,804		(40,738)
Maintenance charges and mortality adjustments		(23,333)		(244,345)		(32,804)

Increase (decrease) in net assets from contract transactions		(2,127,007)		259,594		(816,770)

Total increase (decrease) in net assets		(9,486,452)		(23,855,761)		(4,478,153)

Net assets as of December 31, 2022		$ 18,280,250		$ 38,385,323		$ 10,113,473

Investment income (loss):
Dividend distributions		75,333		-		3,931
Investment Expenses:
Mortality and expense risk and administrative charges		(254,006)		(586,375)		(141,356)

Net investment income (loss)		(178,673)		(586,375)		(137,425)

Increase (decrease) in net assets from operations:
Capital gain distributions		694,048		-		496,950
Realized capital gain (loss) on investments		776,263		50,482		236,760
Change in unrealized appreciation (depreciation)		4,104,186		16,585,386		2,630,553

Net gain (loss) on investments		5,574,497		16,635,868		3,364,263

Net increase (decrease) in net assets from operations		5,395,824		16,049,493		3,226,838

Contract owner transactions:
Deposits		34,228		138,718		39,002
Terminations, withdrawals and annuity payments		(2,653,757)		(4,623,776)		(1,608,402)
Transfers between subaccounts, net		(267,002)		(1,267,197)		(106,358)
Maintenance charges and mortality adjustments		(15,294)		(261,313)		(58,333)

Increase (decrease) in net assets from contract transactions		(2,901,825)		(6,013,568)		(1,734,091)

Total increase (decrease) in net assets		2,493,999		10,035,925		1,492,747

Net assets as of December 31, 2023		$ 20,774,249		$ 48,421,248		$ 11,606,220

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Fidelity® VIP Investment Grade Bond Portfolio		Franklin Income VIP Fund		Franklin Mutual Shares VIP Fund
Net assets as of December 31, 2021		$ 21,337,464		$ 14,291,954		$ 18,015,413

Investment income (loss):
Dividend distributions		390,831		592,704		282,600
Investment Expenses:
Mortality and expense risk and administrative charges		(244,346)		(174,584)		(216,152)

Net investment income (loss)		146,485		418,120		66,448

Increase (decrease) in net assets from operations:
Capital gain distributions		1,012,092		240,582		1,706,653
Realized capital gain (loss) on investments		(327,376)		(143,695)		106,694
Change in unrealized appreciation (depreciation)		(3,787,277)		(1,422,770)		(3,408,596)

Net gain (loss) on investments		(3,102,561)		(1,325,883)		(1,595,249)

Net increase (decrease) in net assets from operations		(2,956,076)		(907,763)		(1,528,801)

Contract owner transactions:
Deposits		32,895		16,930		20,917
Terminations, withdrawals and annuity payments		(2,042,587)		(2,096,356)		(2,367,023)
Transfers between subaccounts, net		167,820		(440,056)		(119,232)
Maintenance charges and mortality adjustments		(132,160)		(107,522)		(102,615)

Increase (decrease) in net assets from contract transactions		(1,974,032)		(2,627,004)		(2,567,953)

Total increase (decrease) in net assets		(4,930,108)		(3,534,767)		(4,096,754)

Net assets as of December 31, 2022		$ 16,407,356		$ 10,757,187		$ 13,918,659

Investment income (loss):
Dividend distributions		392,253		514,957		243,327
Investment Expenses:
Mortality and expense risk and administrative charges		(207,357)		(143,041)		(184,096)

Net investment income (loss)		184,896		371,916		59,231

Increase (decrease) in net assets from operations:
Capital gain distributions		-		624,292		1,119,961
Realized capital gain (loss) on investments		(253,518)		(211,498)		116,218
Change in unrealized appreciation (depreciation)		803,219		(120,972)		192,284

Net gain (loss) on investments		549,701		291,822		1,428,463

Net increase (decrease) in net assets from operations		734,597		663,738		1,487,694

Contract owner transactions:
Deposits		4,916		1,020		3,588
Terminations, withdrawals and annuity payments		(1,747,420)		(1,649,407)		(2,067,864)
Transfers between subaccounts, net		425,205		83,282		(208,838)
Maintenance charges and mortality adjustments		(134,721)		(117,858)		(117,339)

Increase (decrease) in net assets from contract transactions		(1,452,020)		(1,682,963)		(2,390,453)

Total increase (decrease) in net assets		(717,423)		(1,019,225)		(902,759)

Net assets as of December 31, 2023		$ 15,689,933		$ 9,737,962		$ 13,015,900

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	FTVIP Franklin DynaTech Fund		Guggenheim VT Long Short Equity Fund		Invesco V.I. American Franchise Fund
Net assets as of December 31, 2021		$ 373,790		$ 200,325		$ 14,697,358

Investment income (loss):
Dividend distributions		-		711		-
Investment Expenses:
Mortality and expense risk and administrative charges		(3,343)		(2,240)		(142,154)

Net investment income (loss)		(3,343)		(1,529)		(142,154)

Increase (decrease) in net assets from operations:
Capital gain distributions		126,713		-		3,002,262
Realized capital gain (loss) on investments		2,611		10,321		(103,477)
Change in unrealized appreciation (depreciation)		(272,620)		(38,127)		(7,418,653)

Net gain (loss) on investments		(143,296)		(27,806)		(4,519,868)

Net increase (decrease) in net assets from operations		(146,639)		(29,335)		(4,662,022)

Contract owner transactions:
Deposits		2,292		349		14,613
Terminations, withdrawals and annuity payments		(16,690)		(27,879)		(917,231)
Transfers between subaccounts, net		(11,071)		744		711,001
Maintenance charges and mortality adjustments		(459)		(305)		(31,976)

Increase (decrease) in net assets from contract transactions		(25,928)		(27,091)		(223,593)

Total increase (decrease) in net assets		(172,567)		(56,426)		(4,885,615)

Net assets as of December 31, 2022		$ 201,223		$ 143,899		$ 9,811,743

Investment income (loss):
Dividend distributions		-		404		-
Investment Expenses:
Mortality and expense risk and administrative charges		(3,252)		(2,175)		(135,726)

Net investment income (loss)		(3,252)		(1,771)		(135,726)

Increase (decrease) in net assets from operations:
Capital gain distributions		-		-		228,702
Realized capital gain (loss) on investments		4,515		956		361,611
Change in unrealized appreciation (depreciation)		81,985		16,849		3,122,469

Net gain (loss) on investments		86,500		17,805		3,712,782

Net increase (decrease) in net assets from operations		83,248		16,034		3,577,056

Contract owner transactions:
Deposits		1,600		362		34,505
Terminations, withdrawals and annuity payments		(18,185)		(854)		(1,516,354)
Transfers between subaccounts, net		24,113		(62)		(574,180)
Maintenance charges and mortality adjustments		(226)		(250)		(52,732)

Increase (decrease) in net assets from contract transactions		7,302		(804)		(2,108,761)

Total increase (decrease) in net assets		90,550		15,230		1,468,295

Net assets as of December 31, 2023		$ 291,773		$ 159,129		$ 11,280,038

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Invesco V.I. Capital Appreciation Fund		Invesco V.I. Core Equity Fund		Invesco V.I. Equity and Income Fund
Net assets as of December 31, 2021		$ 982,661		$ 2,779,784		$ 1,611,600

Investment income (loss):
Dividend distributions		-		20,396		20,876
Investment Expenses:
Mortality and expense risk and administrative charges		(9,689)		(28,524)		(20,541)

Net investment income (loss)		(9,689)		(8,128)		335

Increase (decrease) in net assets from operations:
Capital gain distributions		251,954		346,624		192,629
Realized capital gain (loss) on investments		(8,583)		32,178		4,152
Change in unrealized appreciation (depreciation)		(541,607)		(953,275)		(342,386)

Net gain (loss) on investments		(298,236)		(574,473)		(145,605)

Net increase (decrease) in net assets from operations		(307,925)		(582,601)		(145,270)

Contract owner transactions:
Deposits		-		71,624		38
Terminations, withdrawals and annuity payments		(57,521)		(181,470)		(77,269)
Transfers between subaccounts, net		(5,253)		(58,416)		129,188
Maintenance charges and mortality adjustments		(516)		(7,295)		(3,923)

Increase (decrease) in net assets from contract transactions		(63,290)		(175,557)		48,034

Total increase (decrease) in net assets		(371,215)		(758,158)		(97,236)

Net assets as of December 31, 2022		$ 611,446		$ 2,021,626		$ 1,514,364

Investment income (loss):
Dividend distributions		-		15,185		24,936
Investment Expenses:
Mortality and expense risk and administrative charges		(9,448)		(26,952)		(19,882)

Net investment income (loss)		(9,448)		(11,767)		5,054

Increase (decrease) in net assets from operations:
Capital gain distributions		-		49,003		75,706
Realized capital gain (loss) on investments		5,797		37,980		333
Change in unrealized appreciation (depreciation)		206,284		341,203		41,593

Net gain (loss) on investments		212,081		428,186		117,632

Net increase (decrease) in net assets from operations		202,633		416,419		122,686

Contract owner transactions:
Deposits		-		73,797		-
Terminations, withdrawals and annuity payments		(43,734)		(258,689)		(280,950)
Transfers between subaccounts, net		27,629		(61,697)		115,662
Maintenance charges and mortality adjustments		(447)		(28,023)		(1,681)

Increase (decrease) in net assets from contract transactions		(16,552)		(274,612)		(166,969)

Total increase (decrease) in net assets		186,081		141,807		(44,283)

Net assets as of December 31, 2023		$ 797,527		$ 2,163,433		$ 1,470,081

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Invesco V.I. Global Fund		Invesco V.I. Main Street Mid Cap Fund®		Invesco V.I. Main Street Small Cap Fund®
Net assets as of December 31, 2021		$ 1,450,798		$ 986,237		$ 19,780,425

Investment income (loss):
Dividend distributions		-		2,693		39,674
Investment Expenses:
Mortality and expense risk and administrative charges		(13,568)		(10,824)		(214,866)

Net investment income (loss)		(13,568)		(8,131)		(175,192)

Increase (decrease) in net assets from operations:
Capital gain distributions		171,827		160,900		1,858,940
Realized capital gain (loss) on investments		26,212		(4,146)		359,893
Change in unrealized appreciation (depreciation)		(632,519)		(296,842)		(5,352,747)

Net gain (loss) on investments		(434,480)		(140,088)		(3,133,914)

Net increase (decrease) in net assets from operations		(448,048)		(148,219)		(3,309,106)

Contract owner transactions:
Deposits		(403)		129		20,121
Terminations, withdrawals and annuity payments		(45,171)		(99,740)		(1,765,672)
Transfers between subaccounts, net		(80,062)		(4,472)		(194,288)
Maintenance charges and mortality adjustments		(2,263)		(5,463)		(103,717)

Increase (decrease) in net assets from contract transactions		(127,899)		(109,546)		(2,043,556)

Total increase (decrease) in net assets		(575,947)		(257,765)		(5,352,662)

Net assets as of December 31, 2022		$ 874,851		$ 728,472		$ 14,427,763

Investment income (loss):
Dividend distributions		-		2,154		130,249
Investment Expenses:
Mortality and expense risk and administrative charges		(13,586)		(10,101)		(187,666)

Net investment income (loss)		(13,586)		(7,947)		(57,417)

Increase (decrease) in net assets from operations:
Capital gain distributions		115,746		-		-
Realized capital gain (loss) on investments		11,229		5,205		164,277
Change in unrealized appreciation (depreciation)		169,008		94,386		2,047,067

Net gain (loss) on investments		295,983		99,591		2,211,344

Net increase (decrease) in net assets from operations		282,397		91,644		2,153,927

Contract owner transactions:
Deposits		1,425		-		3,487
Terminations, withdrawals and annuity payments		(101,375)		(33,258)		(1,506,374)
Transfers between subaccounts, net		17,571		(12,930)		(93,295)
Maintenance charges and mortality adjustments		(1,263)		(789)		(101,929)

Increase (decrease) in net assets from contract transactions		(83,642)		(46,977)		(1,698,111)

Total increase (decrease) in net assets		198,755		44,667		455,816

Net assets as of December 31, 2023		$ 1,073,606		$ 773,139		$ 14,883,579

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Lazard Retirement US Small Cap Equity Select Portfolio (b)		Lord Abbett Series Fund Bond Debenture Portfolio		Lord Abbett Series Fund Growth and Income Portfolio
Net assets as of December 31, 2021		$ 491,129		$ 3,146,681		$ 33,884,275

Investment income (loss):
Dividend distributions		-		103,416		344,462
Investment Expenses:
Mortality and expense risk and administrative charges		(5,639)		(35,119)		(356,128)

Net investment income (loss)		(5,639)		68,297		(11,666)

Increase (decrease) in net assets from operations:
Capital gain distributions		112,470		6,636		2,105,754
Realized capital gain (loss) on investments		(296)		(34,529)		305,341
Change in unrealized appreciation (depreciation)		(188,343)		(456,647)		(5,874,922)

Net gain (loss) on investments		(76,169)		(484,540)		(3,463,827)

Net increase (decrease) in net assets from operations		(81,808)		(416,243)		(3,475,493)

Contract owner transactions:
Deposits		9,780		113		71,103
Terminations, withdrawals and annuity payments		(19,657)		(315,881)		(2,956,862)
Transfers between subaccounts, net		1,565		(215,092)		(1,933,378)
Maintenance charges and mortality adjustments		215		(2,451)		(98,457)

Increase (decrease) in net assets from contract transactions		(8,097)		(533,311)		(4,917,594)

Total increase (decrease) in net assets		(89,905)		(949,554)		(8,393,087)

Net assets as of December 31, 2022		$ 401,224		$ 2,197,127		$ 25,491,188

Investment income (loss):
Dividend distributions		-		99,165		225,721
Investment Expenses:
Mortality and expense risk and administrative charges		(5,244)		(29,705)		(310,903)

Net investment income (loss)		(5,244)		69,460		(85,182)

Increase (decrease) in net assets from operations:
Capital gain distributions		-		-		491,482
Realized capital gain (loss) on investments		(1,016)		(43,301)		344,559
Change in unrealized appreciation (depreciation)		39,806		66,175		1,989,317

Net gain (loss) on investments		38,790		22,874		2,825,358

Net increase (decrease) in net assets from operations		33,546		92,334		2,740,176

Contract owner transactions:
Deposits		-		38		61,104
Terminations, withdrawals and annuity payments		(20,671)		(389,287)		(3,178,428)
Transfers between subaccounts, net		6,613		75,617		40,517
Maintenance charges and mortality adjustments		(430)		(1,997)		(119,307)

Increase (decrease) in net assets from contract transactions		(14,488)		(315,629)		(3,196,114)

Total increase (decrease) in net assets		19,058		(223,295)		(455,938)

Net assets as of December 31, 2023		$ 420,282		$ 1,973,832		$ 25,035,250

(b) Name change. See Note 2.

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Lord Abbett Series Fund Mid Cap Stock Portfolio		Morningstar Aggressive Growth ETF Asset Allocation Portfolio		Morningstar Balanced ETF Asset Allocation Portfolio
Net assets as of December 31, 2021		$ 2,347,979		$ 5,625,404		$ 18,726,090

Investment income (loss):
Dividend distributions		14,671		66,336		257,328
Investment Expenses:
Mortality and expense risk and administrative charges		(25,787)		(61,302)		(217,686)

Net investment income (loss)		(11,116)		5,034		39,642

Increase (decrease) in net assets from operations:
Capital gain distributions		112,342		156,646		700,722
Realized capital gain (loss) on investments		15,807		142,898		38,677
Change in unrealized appreciation (depreciation)		(400,471)		(1,095,452)		(3,302,377)

Net gain (loss) on investments		(272,322)		(795,908)		(2,562,978)

Net increase (decrease) in net assets from operations		(283,438)		(790,874)		(2,523,336)

Contract owner transactions:
Deposits		895		13,042		65,211
Terminations, withdrawals and annuity payments		(280,250)		(505,527)		(1,941,196)
Transfers between subaccounts, net		(49,977)		(86,393)		259,426
Maintenance charges and mortality adjustments		(3,562)		(15,969)		(109,852)

Increase (decrease) in net assets from contract transactions		(332,894)		(594,847)		(1,726,411)

Total increase (decrease) in net assets		(616,332)		(1,385,721)		(4,249,747)

Net assets as of December 31, 2022		$ 1,731,647		$ 4,239,683		$ 14,476,343

Investment income (loss):
Dividend distributions		7,701		64,513		256,928
Investment Expenses:
Mortality and expense risk and administrative charges		(22,296)		(53,602)		(192,195)

Net investment income (loss)		(14,595)		10,911		64,733

Increase (decrease) in net assets from operations:
Capital gain distributions		47,774		80,477		299,055
Realized capital gain (loss) on investments		39,893		184,211		1,603
Change in unrealized appreciation (depreciation)		148,181		312,722		1,086,762

Net gain (loss) on investments		235,848		577,410		1,387,420

Net increase (decrease) in net assets from operations		221,253		588,321		1,452,153

Contract owner transactions:
Deposits		570		8,491		31,359
Terminations, withdrawals and annuity payments		(262,315)		(607,957)		(1,984,526)
Transfers between subaccounts, net		(2,432)		(59,790)		(337,506)
Maintenance charges and mortality adjustments		(2,269)		(15,845)		(203,210)

Increase (decrease) in net assets from contract transactions		(266,446)		(675,101)		(2,493,883)

Total increase (decrease) in net assets		(45,193)		(86,780)		(1,041,730)

Net assets as of December 31, 2023		$ 1,686,454		$ 4,152,903		$ 13,434,613

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Morningstar Growth ETF Asset Allocation Portfolio		Morningstar Income and Growth ETF Asset Allocation Portfolio		Neuberger Berman AMT Mid Cap Growth Portfolio
Net assets as of December 31, 2021		$ 8,504,678		$ 18,841,810		$ 732,748

Investment income (loss):
Dividend distributions		105,090		270,013		-
Investment Expenses:
Mortality and expense risk and administrative charges		(94,842)		(221,990)		(6,774)

Net investment income (loss)		10,248		48,023		(6,774)

Increase (decrease) in net assets from operations:
Capital gain distributions		263,953		677,412		98,549
Realized capital gain (loss) on investments		60,927		(146,036)		(5,859)
Change in unrealized appreciation (depreciation)		(1,532,169)		(3,094,095)		(286,156)

Net gain (loss) on investments		(1,207,289)		(2,562,719)		(193,466)

Net increase (decrease) in net assets from operations		(1,197,041)		(2,514,696)		(200,240)

Contract owner transactions:
Deposits		7,025		938		1,111
Terminations, withdrawals and annuity payments		(1,015,553)		(1,798,443)		(93,961)
Transfers between subaccounts, net		40,206		84,838		(60,543)
Maintenance charges and mortality adjustments		(41,573)		(138,645)		3,164

Increase (decrease) in net assets from contract transactions		(1,009,895)		(1,851,312)		(150,229)

Total increase (decrease) in net assets		(2,206,936)		(4,366,008)		(350,469)

Net assets as of December 31, 2022		$ 6,297,742		$ 14,475,802		$ 382,279

Investment income (loss):
Dividend distributions		106,883		281,659		-
Investment Expenses:
Mortality and expense risk and administrative charges		(82,823)		(187,378)		(5,284)

Net investment income (loss)		24,060		94,281		(5,284)

Increase (decrease) in net assets from operations:
Capital gain distributions		138,368		130,988		-
Realized capital gain (loss) on investments		42,161		(131,652)		2,545
Change in unrealized appreciation (depreciation)		565,038		1,113,712		60,872

Net gain (loss) on investments		745,567		1,113,048		63,417

Net increase (decrease) in net assets from operations		769,627		1,207,329		58,133

Contract owner transactions:
Deposits		-		300		-
Terminations, withdrawals and annuity payments		(537,994)		(1,981,787)		(90,191)
Transfers between subaccounts, net		(254,735)		162,561		34,073
Maintenance charges and mortality adjustments		(48,527)		(146,747)		89

Increase (decrease) in net assets from contract transactions		(841,256)		(1,965,673)		(56,029)

Total increase (decrease) in net assets		(71,629)		(758,344)		2,104

Net assets as of December 31, 2023		$ 6,226,113		$ 13,717,458		$ 384,383

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	PIMCO CommodityReal Return® Strategy Portfolio		PIMCO Real Return Portfolio		PIMCO Total Return Portfolio
Net assets as of December 31, 2021		$ 16,214,114		$ 1,312,934		$ 3,962,933

Investment income (loss):
Dividend distributions		3,287,427		79,932		78,909
Investment Expenses:
Mortality and expense risk and administrative charges		(204,990)		(14,909)		(42,277)

Net investment income (loss)		3,082,437		65,023		36,632

Increase (decrease) in net assets from operations:
Capital gain distributions		-		-		-
Realized capital gain (loss) on investments		(3,947,407)		(5,365)		(76,474)
Change in unrealized appreciation (depreciation)		2,643,868		(226,900)		(543,574)

Net gain (loss) on investments		(1,303,539)		(232,265)		(620,048)

Net increase (decrease) in net assets from operations		1,778,898		(167,242)		(583,416)

Contract owner transactions:
Deposits		16,206		45		1,338
Terminations, withdrawals and annuity payments		(1,594,890)		(57,648)		(286,638)
Transfers between subaccounts, net		(4,947,926)		(38,105)		(494,541)
Maintenance charges and mortality adjustments		(98,804)		(942)		(2,661)

Increase (decrease) in net assets from contract transactions		(6,625,414)		(96,650)		(782,502)

Total increase (decrease) in net assets		(4,846,516)		(263,892)		(1,365,918)

Net assets as of December 31, 2022		$ 11,367,598		$ 1,049,042		$ 2,597,015

Investment income (loss):
Dividend distributions		1,614,321		24,169		82,418
Investment Expenses:
Mortality and expense risk and administrative charges		(138,320)		(10,351)		(32,281)

Net investment income (loss)		1,476,001		13,818		50,137

Increase (decrease) in net assets from operations:
Capital gain distributions		-		-		-
Realized capital gain (loss) on investments		(731,004)		(34,142)		(59,309)
Change in unrealized appreciation (depreciation)		(1,757,865)		42,054		110,362

Net gain (loss) on investments		(2,488,869)		7,912		51,053

Net increase (decrease) in net assets from operations		(1,012,868)		21,730		101,190

Contract owner transactions:
Deposits		2,593		-		13,234
Terminations, withdrawals and annuity payments		(1,138,719)		(65,302)		(251,003)
Transfers between subaccounts, net		1,208,806		(298,058)		(114,360)
Maintenance charges and mortality adjustments		(82,922)		(587)		(1,335)

Increase (decrease) in net assets from contract transactions		(10,242)		(363,947)		(353,464)

Total increase (decrease) in net assets		(1,023,110)		(342,217)		(252,274)

Net assets as of December 31, 2023		$ 10,344,488		$ 706,825		$ 2,344,741

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Rydex VT Inverse Government Long Bond Strategy Fund		Rydex VT Nova Fund		Templeton Developing Markets VIP Fund
Net assets as of December 31, 2021		$ 99,149		$ 222,017		$ 1,791,733

Investment income (loss):
Dividend distributions		-		745		36,856
Investment Expenses:
Mortality and expense risk and administrative charges		(1,602)		(2,276)		(18,292)

Net investment income (loss)		(1,602)		(1,531)		18,564

Increase (decrease) in net assets from operations:
Capital gain distributions		-		21,121		106,499
Realized capital gain (loss) on investments		(7,535)		1,543		(5,064)
Change in unrealized appreciation (depreciation)		50,394		(89,007)		(524,950)

Net gain (loss) on investments		42,859		(66,343)		(423,515)

Net increase (decrease) in net assets from operations		41,257		(67,874)		(404,951)

Contract owner transactions:
Deposits		-		-		1,083
Terminations, withdrawals and annuity payments		(1,460)		(1,077)		(96,365)
Transfers between subaccounts, net		(33,237)		(10,116)		15,700
Maintenance charges and mortality adjustments		(222)		(195)		(1,841)

Increase (decrease) in net assets from contract transactions		(34,919)		(11,388)		(81,423)

Total increase (decrease) in net assets		6,338		(79,262)		(486,374)

Net assets as of December 31, 2022		$ 105,487		$ 142,755		$ 1,305,359

Investment income (loss):
Dividend distributions		-		-		27,489
Investment Expenses:
Mortality and expense risk and administrative charges		(1,499)		(2,183)		(17,108)

Net investment income (loss)		(1,499)		(2,183)		10,381

Increase (decrease) in net assets from operations:
Capital gain distributions		-		-		997
Realized capital gain (loss) on investments		(67,753)		752		(22,316)
Change in unrealized appreciation (depreciation)		72,426		49,264		150,226

Net gain (loss) on investments		4,673		50,016		128,907

Net increase (decrease) in net assets from operations		3,174		47,833		139,288

Contract owner transactions:
Deposits		-		-		909
Terminations, withdrawals and annuity payments		(1,083)		(514)		(68,844)
Transfers between subaccounts, net		(24,689)		9,598		(29,072)
Maintenance charges and mortality adjustments		(182)		(151)		(989)

Increase (decrease) in net assets from contract transactions		(25,954)		8,933		(97,996)

Total increase (decrease) in net assets		(22,780)		56,766		41,292

Net assets as of December 31, 2023		$ 82,707		$ 199,521		$ 1,346,651

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Templeton Foreign VIP Fund		Templeton Growth VIP Fund		TVST Touchstone Balanced Fund
Net assets as of December 31, 2021		$ 4,409,552		$ 15,973,008		$ 1,363,825

Investment income (loss):
Dividend distributions		118,618		21,346		5,418
Investment Expenses:
Mortality and expense risk and administrative charges		(49,316)		(190,617)		(16,712)

Net investment income (loss)		69,302		(169,271)		(11,294)

Increase (decrease) in net assets from operations:
Capital gain distributions		-		-		260,309
Realized capital gain (loss) on investments		(72,100)		(648,267)		8,764
Change in unrealized appreciation (depreciation)		(400,944)		(1,199,775)		(500,027)

Net gain (loss) on investments		(473,044)		(1,848,042)		(230,954)

Net increase (decrease) in net assets from operations		(403,742)		(2,017,313)		(242,248)

Contract owner transactions:
Deposits		8,687		36,528		1,076
Terminations, withdrawals and annuity payments		(438,252)		(2,398,503)		(140,500)
Transfers between subaccounts, net		(33,651)		442,983		47,467
Maintenance charges and mortality adjustments		(5,834)		(100,706)		(829)

Increase (decrease) in net assets from contract transactions		(469,050)		(2,019,698)		(92,786)

Total increase (decrease) in net assets		(872,792)		(4,037,011)		(335,034)

Net assets as of December 31, 2022		$ 3,536,760		$ 11,935,997		$ 1,028,791

Investment income (loss):
Dividend distributions		116,254		377,611		15,275
Investment Expenses:
Mortality and expense risk and administrative charges		(46,437)		(161,958)		(14,699)

Net investment income (loss)		69,817		215,653		576

Increase (decrease) in net assets from operations:
Capital gain distributions		-		-		-
Realized capital gain (loss) on investments		(43,940)		(404,157)		(30,685)
Change in unrealized appreciation (depreciation)		601,455		2,259,249		198,387

Net gain (loss) on investments		557,515		1,855,092		167,702

Net increase (decrease) in net assets from operations		627,332		2,070,745		168,278

Contract owner transactions:
Deposits		17,502		6,917		-
Terminations, withdrawals and annuity payments		(531,726)		(1,798,204)		(149,921)
Transfers between subaccounts, net		(122,062)		(698,376)		160,886
Maintenance charges and mortality adjustments		(13,022)		(125,815)		(494)

Increase (decrease) in net assets from contract transactions		(649,308)		(2,615,478)		10,471

Total increase (decrease) in net assets		(21,976)		(544,733)		178,749

Net assets as of December 31, 2023		$ 3,514,784		$ 11,391,264		$ 1,207,540

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	TVST Touchstone Bond Fund		TVST Touchstone Common Stock Fund		TVST Touchstone Small Company Fund
Net assets as of December 31, 2021		$ 15,193,369		$ 65,174,465		$ 10,300,501

Investment income (loss):
Dividend distributions		256,700		199,305		2,628
Investment Expenses:
Mortality and expense risk and administrative charges		(177,029)		(697,782)		(112,274)

Net investment income (loss)		79,671		(498,477)		(109,646)

Increase (decrease) in net assets from operations:
Capital gain distributions		97,404		6,504,108		2,185,557
Realized capital gain (loss) on investments		(208,945)		2,176,638		213,586
Change in unrealized appreciation (depreciation)		(2,233,608)		(19,825,990)		(3,881,570)

Net gain (loss) on investments		(2,345,149)		(11,145,244)		(1,482,427)

Net increase (decrease) in net assets from operations		(2,265,478)		(11,643,721)		(1,592,073)

Contract owner transactions:
Deposits		19,254		67,563		8,804
Terminations, withdrawals and annuity payments		(1,247,819)		(5,189,578)		(794,309)
Transfers between subaccounts, net		112,506		(2,975,548)		(439,064)
Maintenance charges and mortality adjustments		(106,823)		(392,628)		(54,731)

Increase (decrease) in net assets from contract transactions		(1,222,882)		(8,490,191)		(1,279,300)

Total increase (decrease) in net assets		(3,488,360)		(20,133,912)		(2,871,373)

Net assets as of December 31, 2022		$ 11,705,009		$ 45,040,553		$ 7,429,128

Investment income (loss):
Dividend distributions		501,331		193,358		15,454
Investment Expenses:
Mortality and expense risk and administrative charges		(148,469)		(632,099)		(96,556)

Net investment income (loss)		352,862		(438,741)		(81,102)

Increase (decrease) in net assets from operations:
Capital gain distributions		-		2,922,187		31,832
Realized capital gain (loss) on investments		(169,235)		770,070		17,934
Change in unrealized appreciation (depreciation)		331,443		7,199,791		1,041,449

Net gain (loss) on investments		162,208		10,892,048		1,091,215

Net increase (decrease) in net assets from operations		515,070		10,453,307		1,010,113

Contract owner transactions:
Deposits		2,861		8,866		1,292
Terminations, withdrawals and annuity payments		(1,383,720)		(5,311,145)		(845,801)
Transfers between subaccounts, net		332,763		(1,953,504)		(89,842)
Maintenance charges and mortality adjustments		(112,047)		(395,179)		(53,688)

Increase (decrease) in net assets from contract transactions		(1,160,143)		(7,650,962)		(988,039)

Total increase (decrease) in net assets		(645,073)		2,802,345		22,074

Net assets as of December 31, 2023		$ 11,059,936		$ 47,842,898		$ 7,451,202

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Virtus Duff & Phelps Real Estate Securities Series		Virtus KAR Capital Growth Series		Virtus KAR Enhanced Core Equity Series
Net assets as of December 31, 2021		$ 34,075,994		$ 44,995,935		$ 36,751,846

Investment income (loss):
Dividend distributions		233,563		-		785,495
Investment Expenses:
Mortality and expense risk and administrative charges		(333,109)		(399,791)		(454,741)

Net investment income (loss)		(99,546)		(399,791)		330,754

Increase (decrease) in net assets from operations:
Capital gain distributions		571,844		5,054,547		1,318,815
Realized capital gain (loss) on investments		(71,841)		(661,321)		173,291
Change in unrealized appreciation (depreciation)		(8,868,236)		(20,257,960)		(4,131,162)

Net gain (loss) on investments		(8,368,233)		(15,864,734)		(2,639,056)

Net increase (decrease) in net assets from operations		(8,467,779)		(16,264,525)		(2,308,302)

Contract owner transactions:
Deposits		43,128		27,097		57,764
Terminations, withdrawals and annuity payments		(2,697,573)		(2,436,757)		(3,330,408)
Transfers between subaccounts, net		(2,113,107)		(102,714)		(581,552)
Maintenance charges and mortality adjustments		(122,209)		(29,616)		(234,458)

Increase (decrease) in net assets from contract transactions		(4,889,761)		(2,541,990)		(4,088,654)

Total increase (decrease) in net assets		(13,357,540)		(18,806,515)		(6,396,956)

Net assets as of December 31, 2022		$ 20,718,454		$ 26,189,420		$ 30,354,890

Investment income (loss):
Dividend distributions		448,699		-		834,531
Investment Expenses:
Mortality and expense risk and administrative charges		(272,322)		(372,653)		(384,371)

Net investment income (loss)		176,377		(372,653)		450,160

Increase (decrease) in net assets from operations:
Capital gain distributions		215,102		1,981,891		255,610
Realized capital gain (loss) on investments		(59,572)		340,409		(64,460)
Change in unrealized appreciation (depreciation)		1,626,803		6,254,961		(675,818)

Net gain (loss) on investments		1,782,333		8,577,261		(484,668)

Net increase (decrease) in net assets from operations		1,958,710		8,204,608		(34,508)

Contract owner transactions:
Deposits		58,867		84,204		149,918
Terminations, withdrawals and annuity payments		(1,972,710)		(2,626,809)		(3,156,868)
Transfers between subaccounts, net		1,286,040		(589,622)		297,042
Maintenance charges and mortality adjustments		(110,226)		(38,602)		55,655

Increase (decrease) in net assets from contract transactions		(738,029)		(3,170,829)		(2,654,253)

Total increase (decrease) in net assets		1,220,681		5,033,779		(2,688,761)

Net assets as of December 31, 2023		$ 21,939,135		$ 31,223,199		$ 27,666,129

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Virtus KAR Small- Cap Growth Series		Virtus KAR Small- Cap Value Series		Virtus Newfleet Multi-Sector Intermediate Bond Series
Net assets as of December 31, 2021		$ 35,984,482		$ 41,997,589		$ 43,588,322

Investment income (loss):
Dividend distributions		-		65,404		1,178,512
Investment Expenses:
Mortality and expense risk and administrative charges		(335,674)		(428,789)		(493,633)

Net investment income (loss)		(335,674)		(363,385)		684,879

Increase (decrease) in net assets from operations:
Capital gain distributions		2,715,025		2,174,950		-
Realized capital gain (loss) on investments		(419,164)		(311,547)		(485,228)
Change in unrealized appreciation (depreciation)		(12,876,907)		(11,841,879)		(4,710,978)

Net gain (loss) on investments		(10,581,046)		(9,978,476)		(5,196,206)

Net increase (decrease) in net assets from operations		(10,916,720)		(10,341,861)		(4,511,327)

Contract owner transactions:
Deposits		45,333		46,714		56,011
Terminations, withdrawals and annuity payments		(1,716,861)		(3,372,583)		(4,734,192)
Transfers between subaccounts, net		(639,621)		812,992		(1,093,983)
Maintenance charges and mortality adjustments		(25,831)		(135,623)		(208,881)

Increase (decrease) in net assets from contract transactions		(2,336,980)		(2,648,500)		(5,981,045)

Total increase (decrease) in net assets		(13,253,700)		(12,990,361)		(10,492,372)

Net assets as of December 31, 2022		$ 22,730,782		$ 29,007,228		$ 33,095,950

Investment income (loss):
Dividend distributions		-		153,752		1,424,892
Investment Expenses:
Mortality and expense risk and administrative charges		(300,081)		(377,133)		(418,326)

Net investment income (loss)		(300,081)		(223,381)		1,006,566

Increase (decrease) in net assets from operations:
Capital gain distributions		1,568,404		1,149,775		-
Realized capital gain (loss) on investments		(134,399)		(211,281)		(339,876)
Change in unrealized appreciation (depreciation)		2,820,783		4,068,499		1,541,216

Net gain (loss) on investments		4,254,788		5,006,993		1,201,340

Net increase (decrease) in net assets from operations		3,954,707		4,783,612		2,207,906

Contract owner transactions:
Deposits		131,910		119,752		45,268
Terminations, withdrawals and annuity payments		(2,626,509)		(3,248,752)		(3,994,219)
Transfers between subaccounts, net		(124,896)		528,061		(34,450)
Maintenance charges and mortality adjustments		(48,444)		(129,926)		(204,078)

Increase (decrease) in net assets from contract transactions		(2,667,939)		(2,730,865)		(4,187,479)

Total increase (decrease) in net assets		1,286,768		2,052,747		(1,979,573)

Net assets as of December 31, 2023		$ 24,017,550		$ 31,059,975		$ 31,116,377

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Virtus SGA International Growth Series		Virtus Strategic Allocation Series		Wanger Acorn
Net assets as of December 31, 2021		$ 91,928,995		$ 15,868,335		$ 35,088,271

Investment income (loss):
Dividend distributions		-		27,928		-
Investment Expenses:
Mortality and expense risk and administrative charges		(959,533)		(147,176)		(322,263)

Net investment income (loss)		(959,533)		(119,248)		(322,263)

Increase (decrease) in net assets from operations:
Capital gain distributions		1,968,251		796,052		8,592,404
Realized capital gain (loss) on investments		(695,744)		(175,065)		(90,170)
Change in unrealized appreciation (depreciation)		(18,310,640)		(5,362,145)		(19,986,383)

Net gain (loss) on investments		(17,038,133)		(4,741,158)		(11,484,149)

Net increase (decrease) in net assets from operations		(17,997,666)		(4,860,406)		(11,806,412)

Contract owner transactions:
Deposits		92,152		47,922		27,988
Terminations, withdrawals and annuity payments		(7,385,444)		(978,194)		(1,721,861)
Transfers between subaccounts, net		3,289,033		(193,863)		(158,420)
Maintenance charges and mortality adjustments		(406,739)		(8,064)		(20,320)

Increase (decrease) in net assets from contract transactions		(4,410,998)		(1,132,199)		(1,872,613)

Total increase (decrease) in net assets		(22,408,664)		(5,992,605)		(13,679,025)

Net assets as of December 31, 2022		$ 69,520,331		$ 9,875,730		$ 21,409,246

Investment income (loss):
Dividend distributions		68,945		114,378		-
Investment Expenses:
Mortality and expense risk and administrative charges		(901,664)		(131,711)		(321,077)

Net investment income (loss)		(832,719)		(17,333)		(321,077)

Increase (decrease) in net assets from operations:
Capital gain distributions		-		650,778		-
Realized capital gain (loss) on investments		(3,459,598)		(55,749)		42,517
Change in unrealized appreciation (depreciation)		14,950,150		1,348,927		4,724,195

Net gain (loss) on investments		11,490,552		1,943,956		4,766,712

Net increase (decrease) in net assets from operations		10,657,833		1,926,623		4,445,635

Contract owner transactions:
Deposits		78,446		25,673		124,711
Terminations, withdrawals and annuity payments		(7,701,860)		(1,073,409)		(1,826,923)
Transfers between subaccounts, net		(2,600,012)		(214,807)		2,838,775
Maintenance charges and mortality adjustments		(449,502)		(7,539)		(19,446)

Increase (decrease) in net assets from contract transactions		(10,672,928)		(1,270,082)		1,117,117

Total increase (decrease) in net assets		(15,095)		656,541		5,562,752

Net assets as of December 31, 2023		$ 69,505,236		$ 10,532,271		$ 26,971,998

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Statements of Operations and Change in Net Assets (continued)

Years Ended December 31, 2023 and 2022


	Wanger International		Wanger Select (a)
Net assets as of December 31, 2021		$ 41,070,177		$ 5,183,152

Investment income (loss):
Dividend distributions		260,344		-
Investment Expenses:
Mortality and expense risk and administrative charges		(374,507)		(44,695)

Net investment income (loss)		(114,163)		(44,695)

Increase (decrease) in net assets from operations:
Capital gain distributions		5,149,162		1,757,009
Realized capital gain (loss) on investments		209,797		(98,441)
Change in unrealized appreciation (depreciation)		(19,272,028)		(3,418,577)

Net gain (loss) on investments		(13,913,069)		(1,760,009)

Net increase (decrease) in net assets from operations		(14,027,232)		(1,804,704)

Contract owner transactions:
Deposits		41,812		13,385
Terminations, withdrawals and annuity payments		(2,377,375)		(454,473)
Transfers between subaccounts, net		1,736,632		91,950
Maintenance charges and mortality adjustments		(97,629)		(7,505)

Increase (decrease) in net assets from contract transactions		(696,560)		(356,643)

Total increase (decrease) in net assets		(14,723,792)		(2,161,347)

Net assets as of December 31, 2022		$ 26,346,385		$ 3,021,805

Investment income (loss):
Dividend distributions		84,347		-
Investment Expenses:
Mortality and expense risk and administrative charges		(353,018)		(12,077)

Net investment income (loss)		(268,671)		(12,077)

Increase (decrease) in net assets from operations:
Capital gain distributions		-		-
Realized capital gain (loss) on investments		37,465		(2,554,178)
Change in unrealized appreciation (depreciation)		4,137,247		2,839,069

Net gain (loss) on investments		4,174,712		284,891

Net increase (decrease) in net assets from operations		3,906,041		272,814

Contract owner transactions:
Deposits		55,667		4,260
Terminations, withdrawals and annuity payments		(2,367,372)		(220,448)
Transfers between subaccounts, net		46,911		(3,077,710)
Maintenance charges and mortality adjustments		(101,314)		(721)

Increase (decrease) in net assets from contract transactions		(2,366,108)		(3,294,619)

Total increase (decrease) in net assets		1,539,933		(3,021,805)

Net assets as of December 31, 2023		$ 27,886,318		$ -

(a) Merger. See Note 2.

The accompanying notes are an integral part of these financial statements.

PHL Variable Accumulation Account

Notes to Financial Statements

December 31, 2023

Note 1. Organization

The PHL Variable Accumulation Account (the “Separate Account”), is a separate account of PHL Variable Insurance Company (“PHL”, ”PHL Variable”, the Company, “we” or “us”). PHL is a wholly-owned subsidiary of PHL Delaware, LLC (“PHL Delaware” or the “Parent”). PHL is a provider of life insurance and annuity products. In November 2019,

PHL stopped marketing and selling new business.

The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended and was established on December 7, 1994. As directed by the owners, amounts directed to each subaccount are invested in a designated mutual fund as follows:


Subaccount		Share Class

AB VPS Balanced Hedged Allocation Portfolio		Class B
Alger Capital Appreciation Portfolio		Class I-2
AMT Sustainable Equity Portfolio		Class S
Calvert VP S&P MidCap 400 Index Portfolio		Class I
DWS Equity 500 Index VIP		Class A
DWS Small Cap Index VIP		Class A
Federated Hermes Fund for U.S. Government Securities II		Primary
Federated Hermes Government Money Fund II		Service
Federated Hermes High Income Bond Fund II		Primary
Fidelity® VIP Contrafund® Portfolio		Service Class
Fidelity® VIP Growth Opportunities Portfolio		Service Class
Fidelity® VIP Growth Portfolio		Service Class
Fidelity® VIP Investment Grade Bond Portfolio		Service Class
Franklin Income VIP Fund		Class 2
Franklin Mutual Shares VIP Fund		Class 2
FTVIP Franklin DynaTech Fund		Class 2
Guggenheim VT Long Short Equity Fund		-
Invesco V.I. American Franchise Fund		Series I
Invesco V.I. Capital Appreciation Fund		Series II
Invesco V.I. Core Equity Fund		Series I
Invesco V.I. Equity and Income Fund		Series II
Invesco V.I. Global Fund		Series II
Invesco V.I. Main Street Mid Cap Fund®		Series I
Invesco V.I. Main Street Small Cap Fund®		Series II
Lazard Retirement US Small Cap Equity Select Portfolio		Service
Lord Abbett Series Fund Bond Debenture Portfolio		Class VC
Lord Abbett Series Fund Growth and Income Portfolio		Class VC
Lord Abbett Series Fund Mid Cap Stock Portfolio		Class VC
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		Class II
Morningstar Balanced ETF Asset Allocation Portfolio		Class II
Morningstar Growth ETF Asset Allocation Portfolio		Class II
Morningstar Income and Growth ETF Asset Allocation Portfolio		Class II
Neuberger Berman AMT Mid Cap Growth Portfolio		S Class
PIMCO CommodityReal Return® Strategy Portfolio		Advisor Class
PIMCO Real Return Portfolio		Advisor Class
PIMCO Total Return Portfolio		Advisor Class

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 1. Organization (continued)


Subaccount		Share Class

Rydex VT Inverse Government Long Bond Strategy Fund		-
Rydex VT Nova Fund		-
Templeton Developing Markets VIP Fund		Class 2
Templeton Foreign VIP Fund		Class 2
Templeton Growth VIP Fund		Class 2
TVST Touchstone Balanced Fund		-
TVST Touchstone Bond Fund		-
TVST Touchstone Common Stock Fund		-
TVST Touchstone Small Company Fund		-
Virtus Duff & Phelps Real Estate Securities Series		Class A
Virtus KAR Capital Growth Series		Class A
Virtus KAR Enhanced Core Equity Series		Class A
Virtus KAR Small-Cap Growth Series		Class A
Virtus KAR Small-Cap Value Series		Class A
Virtus Newfleet Multi-Sector Intermediate Bond Series		Class A
Virtus SGA International Growth Series		Class A
Virtus Strategic Allocation Series		Class A
Wanger Acorn		-
Wanger International		-
Wanger Select		-

Fifty-six subaccounts are currently offered by the Separate Account, all of which had activity.

Additionally, contract owners may direct the allocation of their premium payments and contract value between the Separate Account, the Guaranteed Interest Account (“GIA”) and/or the Market Value Adjusted Guaranteed Interest Account (“MVA”). The MVA was closed to new investment effective May 1, 2013.

PHL Variable and the Separate Account are subject to regulation by the State of Connecticut Department of Insurance and the U.S. Securities and Exchange Commission (“SEC”). The assets and liabilities of the Separate Account are clearly identified and distinguished from PHL Variable’s other asset and liabilities. Premium payments and contract value allocated by a contract owner to the GIA are not legally insulated and are subject to claims against PHL Variable’s general account assets.

Note 2. Additions, Mergers, Liquidations and Name Changes

A. Additions

There were no fund additions in 2022 or 2023.

B. Mergers

As a result of restructuring, the following underlying fund that was previously offered is no longer available as an investment option to our Contract Owners. Any Contract Owner allocations that remained in this fund were redeemed and used to purchase shares of the surviving fund as indicated:


Date	Surviving Subaccount	Closed Subaccount

April 21, 2023	Wanger Acorn	Wanger Select

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 2. Additions, Mergers, Liquidations and Name Changes (continued)

C. Liquidations

There were no fund liquidations in 2022 or 2023.

D. Name Changes

During the last two years the following subaccount name changes were made effective:


Date	New Name	Old Name

May 2, 2022	AB VPS Balanced Hedged Allocation Portfolio	AB VPS Balanced Wealth Strategy Portfolio
May 2, 2022	Wanger Acorn	Wanger USA
September 1, 2023	Lazard Retirement US Small Cap Equity Select Portfolio	Lazard Retirement US Small -Mid Cap Equity

Note 3. Significant Accounting Policies

Investment Valuation

Investments in mutual fund shares are carried in the statements of net assets at market value (net asset value of the underlying mutual fund). Investment transactions are accounted for on the trade date. Realized capital gains and losses on sales of investments are determined based on the average cost of investments sold. The difference between cost and current market value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments.

Market Risk

Each subaccount invests in shares of a single underlying fund. The investment performance of each subaccount will reflect the investment performance of the underlying fund less separate account expenses. There is no assurance that the investment objective of any underlying fund will be met. A fund calculates a daily net asset value per share (“NAV”) which is based on the market value of its investment portfolio. The amount of risk varies significantly between subaccounts. Due to the level of risk associated with certain investment portfolios, it is at least reasonably possible that changes in the values of investment portfolios will occur in the near term and that such changes could materially affect contract holder’s investments in the funds and the amounts reported in the statements of net assets. The contract holder assumes all of the investment performance risk for the subaccounts selected.

Contracts in Payout (Annuitization) Period

Net assets allocated to contracts in the payout period are computed according to the 1983a Individual Annuitant Mortality Table, or Annuity 2000 Mortality Table depending on the particular product. The assumed interest return is also dependent on the particular product, and could range from 2.5 percent to 6 percent, as regulated by the laws of the respective states. During the payout period, the mortality risk is fully borne by PHL and may result in additional amounts being transferred into the Separate Account from PHL to cover greater longevity of annuitants than expected. Conversely, if amounts allocated during the payout period exceed amounts required, transfers of excess amounts from the Separate Account may be made to PHL. These amounts will appear in the “Maintenance charges and mortality adjustments” of the Statements of Operations and Change in Net Assets.

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 3. Significant Accounting Policies (continued)

Annuity Assets

Annuity Assets relate to contracts that have annuitized and are in the payout period. Such assets are computed on the basis of published mortality tables using assumed interest rates that will provide assets as prescribed by law. In cases where the payout option selected is life contingent, PHL periodically recalculates the required annuity assets, and any resulting adjustment is either charged or credited to PHL and not to the Separate Account.

The annuity assets for December 31, 2023 by subaccount are as follows:


Subaccount	Annuity Assets

AB VPS Balanced Hedged Allocation Portfolio		$ 454
AMT Sustainable Equity Portfolio		2,897
Calvert VP S&P MidCap 400 Index Portfolio		65
DWS Equity 500 Index VIP		6,072
DWS Small Cap Index VIP		13
Federated Hermes Fund for U.S. Government Securities II		5,302
Federated Hermes Government Money Fund II		874
Federated Hermes High Income Bond Fund II		547
Fidelity® VIP Contrafund® Portfolio		1,558
Fidelity® VIP Growth Opportunities Portfolio		5,664
Fidelity® VIP Growth Portfolio		3,661
Fidelity® VIP Investment Grade Bond Portfolio		1,607
Franklin Income VIP Fund		2,452
Franklin Mutual Shares VIP Fund		3,272
FTVIP Franklin DynaTech Fund		585
Invesco V.I. American Franchise Fund		2,431
Invesco V.I. Core Equity Fund		298
Invesco V.I. Global Fund		121
Invesco V.I. Main Street Mid Cap Fund®		393
Invesco V.I. Main Street Small Cap Fund®		1,826
Lazard Retirement US Small Cap Equity Select Portfolio		123
Lord Abbett Series Fund Bond Debenture Portfolio		178
Lord Abbett Series Fund Growth and Income Portfolio		5,862
Lord Abbett Series Fund Mid Cap Stock Portfolio		2,152
Morningstar Balanced ETF Asset Allocation Portfolio		1,348
Morningstar Growth ETF Asset Allocation Portfolio		899
Morningstar Income and Growth ETF Asset Allocation Portfolio		129
Neuberger Berman AMT Mid Cap Growth Portfolio		561
PIMCO CommodityReal Return® Strategy Portfolio		1,230
PIMCO Real Return Portfolio		11
PIMCO Total Return Portfolio		140
Templeton Developing Markets VIP Fund		141
Templeton Foreign VIP Fund		245
Templeton Growth VIP Fund		2,675
TVST Touchstone Balanced Fund		7
TVST Touchstone Bond Fund		1,025
TVST Touchstone Common Stock Fund		5,413
TVST Touchstone Small Company Fund		849
Virtus Duff & Phelps Real Estate Securities Series		3,179
Virtus KAR Capital Growth Series		5,214
Virtus KAR Enhanced Core Equity Series		112,873
Virtus KAR Small-Cap Growth Series		2,335
Virtus KAR Small-Cap Value Series		3,166

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 3. Significant Accounting Policies (continued)


Subaccount	Annuity Assets

Virtus Newfleet Multi-Sector Intermediate Bond Series		$ 8,767
Virtus SGA International Growth Series		8,820
Virtus Strategic Allocation Series		1,597
Wanger Acorn		1,890
Wanger International		3,142

Reinvestment of Dividends

Dividend and capital gain distributions paid by the mutual funds to the Separate Account are reinvested in additional shares of each respective fund. Dividend income and capital gain distributions are recorded as income on the ex-dividend date.

Federal Income Taxes

The operations of the Separate Account are included in the federal income tax return of PHL, which is taxed as a life insurance company under the provisions of the Internal Revenue Code (IRC). Under the current provisions of the IRC, PHL does not expect to incur federal income taxes on the earnings of the Separate Account to the extent the earnings are credited under contracts. Based on this, no charge is being made currently to the Separate Account for federal income taxes. PHL will review periodically the status of this policy in the event of changes in the tax law.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

In applying these estimates and assumptions, management makes subjective and complex judgments that frequently require assumptions about matters that are uncertain and inherently subject to change such as possibility for elevated mortality and investment market volatility.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price).

The Separate Account invests in shares of open-end mutual funds, which process contract holders directed purchases, sales and transfers on a daily basis at the funds’ computed net asset values (NAVs). The fair value of the Separate Account’s assets is based on the NAVs of mutual funds, which are obtained from the custodians and reflect the fair values of the mutual fund investments. The NAV is calculated daily and is based on the fair values of the underlying securities.

Because the fund provides liquidity for the investments through purchases and redemptions at NAV, this may represent the fair value of the investment in the fund. That is, for an open-ended mutual fund, the fair value of an investment in the fund would not be expected to be higher than the amount that a new investor would be required to spend in order to directly invest in the mutual fund. Similarly, the hypothetical seller of the investment would not be expected to accept less in proceeds than it could receive by directly redeeming its investment with the fund.

The Separate Account measures the fair value of its investment in the Fund on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Separate Account has the ability to access.

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 3. Significant Accounting Policies (continued)

• Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

• Level 3 – Unobservable inputs for the asset or liability, to the extent observable inputs are not available, representing the Separate Account’s own assumptions about the assumptions a market participant would use in valuing the assets or liability, and would be based on the best information available.

Investments in Fund shares are valued using the reported net asset value of the respective Funds at the end of each New York Stock Exchange business day, as determined by the respective Funds. Investments held by the Separate Account are Level 1 within the hierarchy. There were no transfers between Level 1, Level 2 and Level 3 during the year ended December 31, 2023.

The Separate Account had no financial liabilities as of December 31, 2023.

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 4. Purchases and Proceeds from Sales of Investments

The cost of investment purchases and proceeds from investments sold for the years ended December 31, 2023 and 2022, were as follows:


	2023				2022
Subaccount	Cost of Purchases		Proceeds from Sales		Cost of Purchases		Proceeds from Sales

AB VPS Balanced Hedged Allocation Portfolio		$ 214,041		$ 711,993		$ 595,993		$ 764,720
Alger Capital Appreciation Portfolio		10,689		510,620		275,350		353,081
AMT Sustainable Equity Portfolio		426,519		3,477,931		2,443,160		4,341,986
Calvert VP S&P MidCap 400 Index Portfolio		158,684		105,853		307,464		339,235
DWS Equity 500 Index VIP		1,689,732		2,693,576		2,221,166		2,614,031
DWS Small Cap Index VIP		45,722		23,432		250,994		36,757
Federated Hermes Fund for U.S. Government Securities II		1,433,324		3,417,169		3,086,834		6,059,118
Federated Hermes Government Money Fund II		4,138,586		5,598,039		3,273,100		5,454,588
Federated Hermes High Income Bond Fund II		269,238		547,305		307,677		753,206
Fidelity® VIP Contrafund® Portfolio		1,127,038		3,513,490		2,486,558		3,809,976
Fidelity® VIP Growth Opportunities Portfolio		1,008,347		7,608,291		13,611,907		5,262,034
Fidelity® VIP Growth Portfolio		944,083		2,318,648		1,189,045		1,223,009
Fidelity® VIP Investment Grade Bond Portfolio		800,532		2,067,657		2,152,993		2,968,447
Franklin Income VIP Fund		1,956,681		2,643,436		1,481,584		3,449,887
Franklin Mutual Shares VIP Fund		1,991,854		3,203,114		2,778,844		3,573,696
FTVIP Franklin DynaTech Fund		29,791		25,741		136,794		39,353
Guggenheim VT Long Short Equity Fund		772		3,348		1,044		29,664
Invesco V.I. American Franchise Fund		636,183		2,651,968		3,624,103		987,588
Invesco V.I. Capital Appreciation Fund		34,451		60,451		256,893		77,919
Invesco V.I. Core Equity Fund		147,811		385,188		500,702		337,763
Invesco V.I. Equity and Income Fund		223,972		310,183		546,428		305,430
Invesco V.I. Global Fund		172,824		154,305		222,996		192,637
Invesco V.I. Main Street Mid Cap Fund®		7,374		62,298		178,044		134,821
Invesco V.I. Main Street Small Cap Fund®		321,550		2,077,078		2,084,655		2,444,464
Lazard Retirement US Small Cap Equity Select Portfolio (b)		7,809		27,541		127,627		28,893
Lord Abbett Series Fund Bond Debenture Portfolio		240,683		486,851		172,768		631,146
Lord Abbett Series Fund Growth and Income Portfolio		1,246,120		4,035,934		2,937,890		5,761,397
Lord Abbett Series Fund Mid Cap Stock Portfolio		68,253		301,521		156,717		388,383

(b) Name change. See Note 2.

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 4. Purchases and Proceeds from Sales of Investments (continued)


	2023				2022
Subaccount	Cost of Purchases		Proceeds from Sales		Cost of Purchases		Proceeds from Sales

Morningstar Aggressive Growth ETF Asset Allocation Portfolio		$ 152,291		$ 736,004		$ 236,671		$ 669,838
Morningstar Balanced ETF Asset Allocation Portfolio		877,879		3,007,974		1,829,904		2,815,952
Morningstar Growth ETF Asset Allocation Portfolio		250,099		928,928		422,250		1,157,944
Morningstar Income and Growth ETF Asset Allocation Portfolio		776,036		2,516,440		1,213,707		2,339,584
Neuberger Berman AMT Mid Cap Growth Portfolio		33,833		95,146		106,698		165,152
PIMCO CommodityReal Return® Strategy Portfolio		2,790,689		1,324,931		3,565,675		7,108,652
PIMCO Real Return Portfolio		33,078		383,208		125,234		156,861
PIMCO Total Return Portfolio		171,904		475,231		169,167		915,036
Rydex VT Inverse Government Long Bond Strategy Fund		856		28,308		222		36,744
Rydex VT Nova Fund		10,095		3,346		22,250		14,048
Templeton Developing Markets VIP Fund		52,367		138,985		195,717		152,077
Templeton Foreign VIP Fund		144,837		724,328		258,370		658,118
Templeton Growth VIP Fund		619,469		3,019,293		944,799		3,133,768
TVST Touchstone Balanced Fund		460,731		449,683		356,068		199,840
TVST Touchstone Bond Fund		783,079		1,590,360		634,233		1,680,041
TVST Touchstone Common Stock Fund		3,363,978		8,531,495		6,924,067		9,408,627
TVST Touchstone Small Company Fund		111,781		1,149,089		2,232,204		1,435,593
Virtus Duff & Phelps Real Estate Securities Series		1,747,302		2,093,852		1,119,564		5,537,026
Virtus KAR Capital Growth Series		2,452,326		4,013,916		5,517,556		3,404,790
Virtus KAR Enhanced Core Equity Series		1,977,991		3,926,474		2,915,617		5,354,701
Virtus KAR Small-Cap Growth Series		2,180,428		3,580,044		3,084,389		3,042,018
Virtus KAR Small-Cap Value Series		1,980,514		3,784,985		3,681,010		4,517,945
Virtus Newfleet Multi-Sector Intermediate Bond Series		1,941,989		5,122,903		2,981,628		8,277,793
Virtus SGA International Growth Series		412,018		11,917,667		5,084,003		8,486,283
Virtus Strategic Allocation Series		845,751		1,482,387		940,617		1,396,013
Wanger Acorn		3,570,971		2,774,931		8,917,530		2,520,002
Wanger International		453,218		3,087,997		7,108,427		2,769,988
Wanger Select (a)		19,176		3,325,873		2,211,981		856,309

(a) Merger. See Note 2.

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 5. Related Party Transactions and Charges and Deductions

Related Party Transactions

PHL Variable and its affiliate, 1851 Securities, Inc. (“1851 Securities”), provide services to the Separate Account. PHL Variable is the insurer who provides the contract benefits as well as administrative and contract maintenance services to the Separate Account. 1851 Securities, a registered broker/dealer, is the principal underwriter and distributor for the Separate Account.

Charges and Deductions

PHL Variable makes deductions from the contract to compensate for the various expenses in selling, maintaining, underwriting, and issuing the contracts and providing guaranteed insurance benefits.

Certain charges are deducted from the contracts as a daily reduction in Unit Value. The charges are included in a separate line item entitled “Mortality and expense risk and administrative charges” in the accompanying statements of operations and changes in net assets. Other periodic charges are taken out as a transaction on a monthly basis. Those charges appear on the statements of operations and changes in net assets on line “Maintenance charges and mortality adjustments”. The contract charges are described below:

A. Contract Maintenance Charges

The Separate Account is assessed periodic Contract Maintenance Charges which are designed to compensate PHL Variable for certain costs associated with maintenance. The charges assessed to the Separate Account for Contract Maintenance Charges are outlined as follows:

Administration Charge – In accordance with terms of the contracts, PHL Variable makes deductions for administrative charges at the rates below. These charges are typically a flat dollar amount but could also be waived if the account value is above a certain dollar amount.


Plan		Admin Charge
Asset Manager		None
Big Edge Choice		$35
Freedom Edge		$35
Phoenix Dimensions		$35
Phoenix Income Choice		$24
Phoenix Investor’s Edge		$35
Phoenix Premium Edge		$35
Phoenix Spectrum Edge		$35
Phoenix Spectrum Edge Plus		$35
Retirement Planner’s Edge		$35
The Phoenix Edge VA		$35

Contract Surrender Charge – In accordance with terms of the contracts, PHL Variable charges a deduction for surrender charges at the rates and schedules below. Because a contract’s value and policy duration may vary, the surrender charge may also vary.

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 5. Related Party Transactions and Charges and Deductions


Plan		Surrender Charge
Asset Manager		None
Big Edge Choice		Years 1-7: 7% 6% 5% 4% 3% 2% 1%; Years 8+: 0%
Freedom Edge		None
Phoenix Dimensions		5 year schedule: Years 1-5: 7% 6% 5% 4% 3%; Years 6+: 0%
		7 year schedule: Years 1-7: 7% 6% 5% 4% 3% 2% 1%; Years 8+: 0%
Phoenix Income Choice		Years 1-7: 7% 6% 5% 4% 3% 2% 1%; Years 8+: 0%
Phoenix Investor’s Edge		Years 1-4: 8% 7% 7% 6%; Years 5+: 0%
Phoenix Premium Edge		Years 1-8: 8% 8% 8% 7% 6% 5% 4% 3%; Years 9+: 0%
Phoenix Spectrum Edge		Years 1-7: 7% 6% 5% 4% 3% 2% 1%; Years 8+: 0%
Phoenix Spectrum Edge Plus		Years 1-7: 7% 6% 5% 4% 3% 2% 1%; Years 8+: 0%
Retirement Planner’s Edge		None
The Phoenix Edge VA		Years 1-7: 7% 7% 6% 6% 5% 4% 3%; Years 8+: 0%

All of the above expenses are reflected as redemption of units and are included in a separate line item entitled “Maintenance charges and mortality adjustments” in the accompanying statements of operations and changes in net assets.

B. Optional Rider and Benefit Charges

PHL may deduct other charges and fees based on the selection of Other Optional Contract Riders and Benefits. These expenses are included in a separate line item entitled “Terminations, withdrawals and annuity payments” in the accompanying statements of operations and changes in net assets. This expense is reflected as redemption of units.

C. Daily M&E and Administrative Fees

As mentioned above, the M&E Fees are typically deducted daily from policy value allocated to the variable subaccounts. These expenses are included in a separate line item “Mortality and expense risk and administrative charges” in the accompanying statements of operations and changes in net assets. This expense is reflected as a daily reduction of unit values. PHL will make deductions at the rates listed below of the contract’s value for the mortality and expense cost risks and for administrative cost risks, which PHL Variable undertakes.

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 5. Related Party Transactions and Charges and Deductions


	Annual M&E Factor
Plan	Assessed Daily	Assessed Monthly
Asset Manager Option 1	0.125%	0.375%
Asset Manager Option 2	0.125%	0.625%
Freedom Edge	0.125%	1.475%
Phoenix Dimensions Option 1	0.125%	1.125%
Phoenix Dimensions Option 2	0.125%	1.375%
Phoenix Dimensions Option 3	0.125%	1.375%
Phoenix Dimensions Option 4	0.125%	1.625%
Phoenix Income Choice	0.000%	1.250%
Phoenix Income Choice with GPAF	0.000%	2.250%
Phoenix Investor’s Edge Option 1	0.125%	1.525%
Phoenix Investor’s Edge Option 2	0.125%	1.675%
Phoenix Investor’s Edge Option 3	0.125%	1.825%
Phoenix Investor’s Edge Option 4	0.125%	1.725%
Phoenix Premium Edge	0.125%	1.475%
Phoenix Spectrum Edge Option 1	0.125%	0.975%
Phoenix Spectrum Edge Option 2	0.125%	1.125%
Phoenix Spectrum Edge Option 3	0.125%	1.275%
Phoenix Spectrum Edge Option 4	0.125%	1.175%
Phoenix Spectrum Edge Plus Option 1	0.125%	1.075%
Phoenix Spectrum Edge Plus Option 2	0.125%	1.225%
Retirement Planner’s Edge	0.125%	1.275%
The Big Edge Choice	0.125%	1.250%
The Phoenix Edge VA Option 1	0.125%	0.775%
The Phoenix Edge VA Option 2	0.125%	1.125%
The Phoenix Edge VA Option 3	0.125%	1.225%

D. Other Charges

PHL may deduct other charges depending on the contract terms.

Certain liabilities of the Separate Account are payable to PHL Variable when these fees are not settled at the end of the period and will be shown in the liability section of the Statements of Assets and Liabilities.

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 6. Summary of Unit Transactions

The changes in units outstanding for the periods December 31, 2023 and 2022, were as follows:


	2023						2022
					Net						Net
	Units		Units		Increase		Units		Units		Increase
Subaccount	Issued		Redeemed		(Decrease)		Issued		Redeemed		(Decrease)

AB VPS Balanced Hedged Allocation Portfolio		19,211		(419,035)		(399,824)		46,409		(419,745)		(373,336)
Alger Capital Appreciation Portfolio		1,183		(60,595)		(59,412)		5,295		(43,049)		(37,754)
AMT Sustainable Equity Portfolio		47,442		(2,305,230)		(2,257,788)		142,727		(3,027,823)		(2,885,096)
Calvert VP S&P MidCap 400 Index Portfolio		18,121		(26,037)		(7,916)		20,399		(130,575)		(110,176)
DWS Equity 500 Index VIP		79,609		(317,175)		(237,566)		98,608		(298,863)		(200,255)
DWS Small Cap Index VIP		10,754		(6,565)		4,189		67,683		(11,663)		56,020
Federated Hermes Fund for U.S. Government Securities II		382,444		(1,271,992)		(889,548)		965,293		(2,237,325)		(1,272,032)
Federated Hermes Government Money Fund II		3,892,546		(6,100,493)		(2,207,947)		3,489,723		(5,917,781)		(2,428,058)
Federated Hermes High Income Bond Fund II		18,184		(104,627)		(86,443)		17,196		(155,732)		(138,536)
Fidelity® VIP Contrafund® Portfolio		37,103		(395,317)		(358,214)		172,542		(438,995)		(266,453)
Fidelity® VIP Growth Opportunities Portfolio		207,226		(1,074,550)		(867,324)		939,377		(778,928)		160,449
Fidelity® VIP Growth Portfolio		61,309		(271,901)		(210,592)		37,558		(155,883)		(118,325)
Fidelity® VIP Investment Grade Bond Portfolio		343,828		(1,422,933)		(1,079,105)		560,727		(2,015,227)		(1,454,500)
Franklin Income VIP Fund		450,069		(1,359,118)		(909,049)		362,544		(1,830,011)		(1,467,467)
Franklin Mutual Shares VIP Fund		291,408		(1,181,313)		(889,905)		309,489		(1,521,142)		(1,211,653)
FTVIP Franklin DynaTech Fund		8,702		(7,205)		1,497		3,405		(11,479)		(8,074)
Guggenheim VT Long Short Equity Fund		191		(614)		(423)		176		(14,157)		(13,981)
Invesco V.I. American Franchise Fund		133,021		(792,668)		(659,647)		232,137		(303,477)		(71,340)
Invesco V.I. Capital Appreciation Fund		11,801		(17,134)		(5,333)		1,896		(24,633)		(22,737)
Invesco V.I. Core Equity Fund		33,652		(137,090)		(103,438)		54,814		(121,349)		(66,535)
Invesco V.I. Equity and Income Fund		52,067		(123,250)		(71,183)		137,279		(118,813)		18,466
Invesco V.I. Global Fund		27,049		(61,273)		(34,224)		22,738		(70,699)		(47,961)
Invesco V.I. Main Street Mid Cap Fund®		2,178		(19,708)		(17,530)		5,907		(48,561)		(42,654)
Invesco V.I. Main Street Small Cap Fund®		87,279		(740,144)		(652,865)		78,442		(867,356)		(788,914)
Lazard Retirement US Small Cap Equity Select Portfolio (b)		2,916		(8,235)		(5,319)		5,671		(8,558)		(2,887)

(b) Name change. See Note 2.

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 6. Summary of Unit Transactions (continued)


	2023						2022
					Net						Net
	Units		Units		Increase		Units		Units		Increase
Subaccount	Issued		Redeemed		(Decrease)		Issued		Redeemed		(Decrease)

Lord Abbett Series Fund Bond Debenture Portfolio		69,828		(233,792)		(163,964)		30,159		(293,179)		(263,020)
Lord Abbett Series Fund Growth and Income Portfolio		223,648		(1,492,167)		(1,268,519)		196,665		(2,186,585)		(1,989,920)
Lord Abbett Series Fund Mid Cap Stock Portfolio		6,267		(123,917)		(117,650)		14,534		(166,290)		(151,756)
Morningstar Aggressive Growth ETF Asset Allocation Portfolio		4,138		(332,082)		(327,944)		7,340		(303,457)		(296,117)
Morningstar Balanced ETF Asset Allocation Portfolio		200,483		(1,760,499)		(1,560,016)		519,243		(1,575,929)		(1,056,686)
Morningstar Growth ETF Asset Allocation Portfolio		3,002		(458,027)		(455,025)		29,833		(577,581)		(547,748)
Morningstar Income and Growth ETF Asset Allocation Portfolio		274,107		(1,758,723)		(1,484,616)		193,778		(1,543,788)		(1,350,010)
Neuberger Berman AMT Mid Cap Growth Portfolio		18,871		(52,987)		(34,116)		4,501		(87,670)		(83,169)
PIMCO CommodityReal Return® Strategy Portfolio		1,733,663		(1,707,306)		26,357		335,440		(8,178,520)		(7,843,080)
PIMCO Real Return Portfolio		6,487		(262,080)		(255,593)		29,387		(95,440)		(66,053)
PIMCO Total Return Portfolio		61,595		(313,255)		(251,660)		58,331		(571,939)		(513,608)
Rydex VT Inverse Government Long Bond Strategy Fund		3,391		(90,720)		(87,329)		995		(142,797)		(141,802)
Rydex VT Nova Fund		1,679		(205)		1,474		75		(2,169)		(2,094)
Templeton Developing Markets VIP Fund		18,770		(69,393)		(50,623)		26,060		(73,366)		(47,306)
Templeton Foreign VIP Fund		10,347		(253,664)		(243,317)		51,378		(246,676)		(195,298)
Templeton Growth VIP Fund		149,389		(1,563,031)		(1,413,642)		577,874		(1,966,355)		(1,388,481)
TVST Touchstone Balanced Fund		193,311		(197,441)		(4,130)		36,594		(83,653)		(47,059)
TVST Touchstone Bond Fund		252,948		(1,151,504)		(898,556)		225,242		(1,186,017)		(960,775)
TVST Touchstone Common Stock Fund		75,416		(2,368,456)		(2,293,040)		77,168		(2,767,106)		(2,689,938)
TVST Touchstone Small Company Fund		25,301		(357,053)		(331,752)		18,316		(456,161)		(437,845)
Virtus Duff & Phelps Real Estate Securities Series		394,155		(454,068)		(59,913)		62,910		(1,289,520)		(1,226,610)
Virtus KAR Capital Growth Series		118,065		(904,265)		(786,200)		109,726		(799,394)		(689,668)
Virtus KAR Enhanced Core Equity Series		211,527		(815,927)		(604,400)		256,321		(1,417,175)		(1,160,854)
Virtus KAR Small-Cap Growth Series		34,934		(190,280)		(155,346)		22,050		(155,054)		(133,004)
Virtus KAR Small-Cap Value Series		199,735		(815,565)		(615,830)		337,766		(875,726)		(537,960)

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 6. Summary of Unit Transactions (continued)


	2023						2022
					Net						Net
	Units		Units		Increase		Units		Units		Increase
Subaccount	Issued		Redeemed		(Decrease)		Issued		Redeemed		(Decrease)

Virtus Newfleet Multi-Sector Intermediate Bond Series		194,053		(1,816,306)		(1,622,253)		474,845		(2,598,668)		(2,123,823)
Virtus SGA International Growth Series		150,479		(5,613,423)		(5,462,944)		1,852,358		(3,879,825)		(2,027,467)
Virtus Strategic Allocation Series		19,348		(302,994)		(283,646)		26,880		(272,176)		(245,296)
Wanger Acorn		432,795		(271,892)		160,903		42,102		(236,298)		(194,196)
Wanger International		134,961		(779,513)		(644,552)		728,536		(582,868)		145,668
Wanger Select (a)		3,101		(493,510)		(490,409)		61,170		(111,845)		(50,675)

(a) Merger. See Note 2.

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights

The Separate Account has a number of products, which have unique combinations of features and fees that are charged against the contract owner’s subaccount balance. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns. The information presented below identifies the range of lowest to highest expense ratios and the corresponding unit values and total returns. The summary may not reflect the minimum and maximum contract charges offered by the Separate Account as contract owners may not have selected all available and applicable contract options as discussed in Note 5.

A summary of units outstanding, unit values, net assets, investment income ratios, expense ratios and total return ratios for each of the five years in the period ended December 31, 2023, were as follows:


									Invest-
			Unit		Unit				ment		Expense		Expense		Total		Total
			Values		Values				Income		Ratios		Ratios		Returns		Returns
			Lowest		Highest		Net		Ratios		Lowest		Highest		Lowest		Highest
Subaccount	Units		($) (4)		($) (4)		Assets ($)		(%) (1)		(%) (2)		(%) (2)		(%) (3)(4)		(%) (3)(4)

AB VPS Balanced Hedged Allocation Portfolio
2023		1,815,475		1.62		1.88		3,092,969		0.89		0.90		1.80		10.20		11.90
2022		2,215,299		1.47		1.68		3,401,165		2.99		0.90		1.80		(20.54)		(20.00)
2021		2,588,635		1.85		2.10		4,996,572		0.25		0.90		1.80		11.33		12.35
2020		3,136,468		1.66		1.87		5,431,140		2.18		0.90		1.80		7.29		8.27
2019		3,181,065		1.55		1.72		5,113,200		2.30		0.90		1.80		16.08		17.14
Alger Capital Appreciation Portfolio
2023		346,697		11.47		9.04		3,143,822		-		0.90		1.95		40.39		41.92
2022		406,109		8.17		6.37		2,594,234		-		0.90		1.95		(37.78)		(37.12)
2021		443,863		13.13		10.13		4,484,300		-		0.90		1.95		16.81		18.05
2020		495,209		11.24		8.58		4,301,176		-		0.90		1.95		39.00		40.48
2019		540,526		8.09		6.11		3,349,079		-		0.90		1.95		30.98		32.38
AMT Sustainable Equity Portfolio
2023		15,023,754		1.53		1.59		23,449,222		0.08		0.90		1.80		24.39		25.20
2022		17,281,542		1.23		1.27		21,596,374		0.12		0.90		1.80		(20.13)		(19.11)
2021		20,166,638		1.54		1.57		31,394,439		0.17		0.90		1.80		20.95		22.05
2020		23,315,057		1.27		1.29		29,865,336		0.38		0.90		1.80		17.14		18.21
2019		26,148,779		1.08		1.09		28,458,176		0.28		0.90		1.80		8.47		9.16

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)


									Invest-
			Unit		Unit				ment		Expense		Expense		Total		Total
			Values		Values				Income		Ratios		Ratios		Returns		Returns
			Lowest		Highest		Net		Ratios		Lowest		Highest		Lowest		Highest
Subaccount	Units		($) (4)		($) (4)		Assets ($)		(%) (1)		(%) (2)		(%) (2)		(%) (3)(4)		(%) (3)(4)

Calvert VP S&P MidCap 400 Index Portfolio
2023		572,040		3.17		3.75		2,028,861		1.24		0.90		1.95		13.62		15.03
2022		579,956		2.79		3.26		1,793,233		0.93		0.90		1.95		(14.94)		(14.21)
2021		690,132		3.28		3.80		2,500,866		0.80		0.90		1.95		21.99		23.30
2020		784,944		2.69		3.08		2,315,119		1.25		0.90		1.95		11.12		12.30
2019		854,536		2.42		2.74		2,252,255		1.13		0.90		1.95		23.38		24.70
DWS Equity 500 Index VIP
2023		2,158,410		7.94		10.51		19,290,897		1.40		0.90		1.95		23.68		24.82
2022		2,395,976		6.42		8.42		17,241,498		1.26		0.90		1.95		(19.95)		(19.04)
2021		2,596,231		8.02		10.40		23,120,364		1.47		0.90		1.95		25.90		27.24
2020		3,097,691		6.37		8.18		21,788,889		1.68		0.90		1.95		15.80		17.03
2019		3,403,899		5.50		6.99		20,520,947		2.03		0.90		1.95		28.63		30.01
DWS Small Cap Index VIP
2023		193,857		2.74		3.08		573,857		1.09		0.90		1.65		15.13		15.36
2022		189,668		2.38		2.67		485,875		0.82		0.90		1.65		(21.97)		(21.24)
2021		133,648		3.05		3.39		428,382		0.85		0.90		1.65		12.62		13.47
2020		162,935		2.71		2.99		461,407		1.13		0.90		1.65		17.46		18.36
2019		206,767		2.31		2.52		494,595		1.01		0.90		1.65		23.16		24.10
Federated Hermes Fund for U.S. Government Securities II
2023		8,911,710		2.25		3.38		23,205,671		2.58		0.90		1.95		2.27		3.05
2022		9,801,258		2.20		3.28		24,831,476		1.92		0.90		1.95		(14.40)		(13.23)
2021		11,073,290		2.57		3.78		32,251,266		2.04		0.90		1.95		(3.95)		(2.93)
2020		11,244,956		2.67		3.90		34,031,638		2.46		0.90		1.95		3.16		4.27
2019		11,964,793		2.59		3.74		34,864,257		2.47		0.90		1.95		3.84		4.95
Federated Hermes Government Money Fund II
2023		17,316,152		0.84		0.96		15,761,447		4.44		0.90		1.85		2.44		3.23
2022		19,524,099		0.78		0.93		17,220,899		1.11		0.90		2.25		(1.27)		-
2021‡		21,952,157		0.79		0.93		19,402,387		0.00		0.90		2.25		(2.25)		(0.90)
2020		23,752,090		0.81		0.95		21,247,637		0.20		0.75		2.25		(2.05)		(0.55)
2019		23,260,619		0.86		0.96		21,031,845		1.63		0.75		1.85		(0.24)		0.88

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)


									Invest-
			Unit		Unit				ment		Expense		Expense		Total		Total
			Values		Values				Income		Ratios		Ratios		Returns		Returns
			Lowest		Highest		Net		Ratios		Lowest		Highest		Lowest		Highest
Subaccount	Units		($) (4)		($) (4)		Assets ($)		(%) (1)		(%) (2)		(%) (2)		(%) (3)(4)		(%) (3)(4)

Federated Hermes High Income Bond Fund II
2023		717,203		5.21		6.12		3,348,334		5.99		0.90		1.95		10.38		11.88
2022		803,646		4.72		5.47		3,425,667		5.76		0.90		1.95		(13.39)		(12.62)
2021‡		942,182		5.45		6.26		4,602,978		4.94		0.90		1.95		2.81		3.91
2020		1,098,291		5.31		7.05		5,222,644		6.21		0.75		1.95		3.53		4.80
2019		1,259,642		5.12		6.72		5,800,181		6.09		0.75		1.95		12.31		13.69
Fidelity® VIP Contrafund® Portfolio
2023		2,153,472		10.99		11.11		20,774,249		0.38		0.90		1.95		30.68		32.10
2022		2,511,686		8.41		8.41		18,280,250		0.39		0.90		1.95		(27.81)		(27.00)
2021		2,778,139		11.65		11.52		27,766,702		0.05		0.90		1.95		25.22		26.56
2020		3,279,743		9.30		9.10		25,627,958		0.15		0.90		1.95		27.89		29.26
2019		3,752,889		7.27		7.04		22,762,961		0.36		0.90		1.95		28.89		30.27
Fidelity® VIP Growth Opportunities Portfolio
2023		6,357,685		11.71		10.64		48,421,248		-		0.90		1.95		42.63		44.17
2022		7,225,009		8.21		7.38		38,385,323		-		0.90		1.95		(39.36)		(38.76)
2021		7,064,560		13.54		12.05		62,241,084		-		0.90		1.95		9.65		10.82
2020		8,944,561		12.35		10.88		70,617,452		0.01		0.90		1.95		65.22		66.98
2019		11,992,676		7.48		6.51		55,997,433		0.05		0.90		1.95		37.96		39.43
Fidelity® VIP Growth Portfolio
2023		1,325,059		9.28		8.03		11,606,220		0.04		0.90		1.95		33.53		34.96
2022		1,535,651		6.95		5.95		10,113,473		0.51		0.90		1.95		(25.99)		(25.25)
2021‡		1,653,976		9.39		7.96		14,591,626		-		0.90		1.95		20.69		21.98
2020		1,925,914		7.78		13.50		14,015,990		0.06		0.75		1.95		40.95		42.67
2019		2,355,269		5.52		9.46		12,060,192		0.16		0.75		1.95		31.57		33.18
Fidelity® VIP Investment Grade Bond Portfolio
2023		11,332,603		1.28		1.50		15,689,933		2.52		0.90		1.80		4.07		4.90
2022		12,411,708		1.20		1.43		16,407,356		2.12		0.90		1.95		(14.89)		(13.33)
2021		13,866,208		1.41		1.65		21,337,464		1.95		0.90		1.95		(2.66)		(1.62)
2020		14,181,358		1.45		1.68		22,279,991		2.18		0.90		1.95		7.13		8.27
2019		14,533,933		1.35		1.55		21,179,408		2.53		0.90		1.95		7.45		8.60

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)


									Invest-
			Unit		Unit				ment		Expense		Expense		Total		Total
			Values		Values				Income		Ratios		Ratios		Returns		Returns
			Lowest		Highest		Net		Ratios		Lowest		Highest		Lowest		Highest
Subaccount	Units		($) (4)		($) (4)		Assets ($)		(%) (1)		(%) (2)		(%) (2)		(%) (3)(4)		(%) (3)(4)

Franklin Income VIP Fund
2023		5,120,827		1.89		2.28		9,737,962		5.13		0.90		1.95		6.78		7.55
2022		6,029,876		1.77		2.12		10,757,187		4.80		0.90		1.95		(7.33)		(6.19)
2021		7,497,343		1.91		2.26		14,291,954		4.72		0.90		1.95		14.48		15.71
2020‡		9,008,122		1.67		1.96		14,914,238		5.85		0.90		1.95		(1.27)		(0.21)
2019		10,623,412		1.69		1.96		17,778,383		5.34		0.90		1.95		13.80		15.02
Franklin Mutual Shares VIP Fund
2023		4,802,576		4.87		7.14		13,015,900		1.83		0.90		1.95		11.19		12.44
2022		5,692,481		4.38		6.35		13,918,659		1.80		0.90		1.95		(9.32)		(8.24)
2021		6,904,134		4.83		6.92		18,015,413		2.81		0.90		1.95		16.85		18.10
2020‡		8,365,589		4.13		5.86		18,258,904		2.80		0.90		1.95		(6.89)		(5.90)
2019		9,146,506		4.44		6.23		21,835,647		1.77		0.90		1.95		20.19		21.47
FTVIP Franklin DynaTech Fund
2023		82,819		3.30		3.78		291,773		-		0.90		1.75		41.63		42.64
2022		81,322		2.33		2.65		201,223		-		0.90		1.75		(41.16)		(40.45)
2021		89,396		3.96		4.45		373,790		-		0.90		1.75		14.11		15.10
2020		95,965		3.47		3.87		350,189		-		0.90		1.75		42.36		43.58
2019		114,297		2.44		2.69		290,893		-		0.90		1.75		28.87		29.99
Guggenheim VT Long Short Equity Fund
2023		80,211		1.78		2.21		159,129		0.27		0.90		1.95		10.56		11.62
2022		80,634		1.61		1.98		143,899		0.45		0.90		1.95		(16.15)		(15.02)
2021		94,615		1.92		2.33		200,325		0.59		0.90		1.95		21.39		22.69
2020		122,464		1.58		1.90		212,594		0.89		0.90		1.95		2.88		3.98
2019		185,129		1.53		1.83		310,936		0.54		0.90		1.95		3.48		4.59
Invesco V.I. American Franchise Fund
2023		3,131,020		3.37		3.75		11,280,038		-		0.90		1.80		38.11		39.41
2022		3,790,667		2.44		2.69		9,811,743		-		0.90		1.80		(32.22)		(31.73)
2021		3,862,007		3.60		3.94		14,697,358		-		0.90		1.80		9.91		10.92
2020		4,525,574		3.28		3.55		15,580,143		0.07		0.90		1.80		39.80		41.07
2019		5,578,440		2.34		2.52		13,660,689		-		0.90		1.80		34.30		35.53

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)


									Invest-
			Unit		Unit				ment		Expense		Expense		Total		Total
			Values		Values				Income		Ratios		Ratios		Returns		Returns
			Lowest		Highest		Net		Ratios		Lowest		Highest		Lowest		Highest
Subaccount	Units		($) (4)		($) (4)		Assets ($)		(%) (1)		(%) (2)		(%) (2)		(%) (3)(4)		(%) (3)(4)

Invesco V.I. Capital Appreciation Fund
2023		242,319		3.06		3.60		797,527		-		0.90		1.80		32.47		33.83
2022		247,652		2.31		2.69		611,446		-		0.90		1.80		(32.26)		(31.55)
2021		270,389		3.41		3.93		982,661		-		0.90		1.80		20.08		21.18
2020		277,485		2.84		3.24		835,903		-		0.90		1.80		33.79		35.02
2019		282,318		2.12		2.40		631,835		-		0.90		1.80		33.40		34.63
Invesco V.I. Core Equity Fund
2023		748,641		2.63		3.09		2,163,433		0.72		0.90		1.80		21.20		22.13
2022		852,079		2.17		2.53		2,021,626		0.91		0.90		1.80		(21.94)		(21.18)
2021		918,614		2.78		3.21		2,779,784		0.64		0.90		1.80		25.44		26.59
2020		1,083,869		2.22		2.54		2,602,440		1.34		0.90		1.80		11.80		12.83
2019		1,232,311		1.98		2.25		2,632,950		0.93		0.90		1.80		26.65		27.80
Invesco V.I. Equity and Income Fund
2023		597,209		2.24		2.70		1,470,081		1.71		0.90		1.95		8.21		9.31
2022		668,392		2.07		2.47		1,514,364		1.40		0.90		1.95		(9.61)		(8.52)
2021		649,926		2.29		2.70		1,611,600		1.67		0.90		1.95		16.05		17.29
2020		678,528		1.97		2.30		1,442,149		2.13		0.90		1.95		7.51		8.66
2019		752,210		1.83		2.12		1,477,904		2.14		0.90		1.95		17.67		18.93
Invesco V.I. Global Fund
2023		411,699		2.39		2.88		1,073,606		-		0.90		1.95		32.04		32.72
2022		445,923		1.81		2.17		874,851		-		0.90		1.95		(33.46)		(32.40)
2021		493,884		2.72		3.21		1,450,798		-		0.90		1.95		12.93		14.14
2020		560,444		2.41		2.81		1,450,004		0.45		0.90		1.95		24.86		26.19
2019		604,964		1.93		2.23		1,247,772		0.63		0.90		1.95		28.89		30.27
Invesco V.I. Main Street Mid Cap Fund®
2023		275,645		2.57		3.06		773,139		0.29		0.90		1.80		12.23		13.33
2022		293,175		2.29		2.70		728,472		0.34		0.90		1.80		(15.81)		(15.09)
2021		335,829		2.72		3.18		986,237		0.42		0.90		1.80		21.03		22.14
2020		407,264		2.25		2.60		982,171		0.70		0.90		1.80		7.28		8.27
2019‡		479,471		2.09		2.40		1,071,669		0.49		0.90		1.80		23.02		24.15

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)


									Invest-
			Unit		Unit				ment		Expense		Expense		Total		Total
			Values		Values				Income		Ratios		Ratios		Returns		Returns
			Lowest		Highest		Net		Ratios		Lowest		Highest		Lowest		Highest
Subaccount	Units		($) (4)		($) (4)		Assets ($)		(%) (1)		(%) (2)		(%) (2)		(%) (3)(4)		(%) (3)(4)

Invesco V.I. Main Street Small Cap Fund®
2023		5,153,702		2.79		3.28		14,883,579		0.92		0.90		1.80		15.77		16.73
2022		5,806,567		2.41		2.81		14,427,763		0.24		0.90		1.80		(17.47)		(16.62)
2021		6,595,481		2.92		3.37		19,780,425		0.17		0.90		1.80		20.07		21.16
2020		8,270,058		2.43		2.78		20,550,770		0.37		0.90		1.80		17.48		18.56
2019		8,720,478		2.07		2.35		18,364,171		-		0.90		1.80		23.87		25.00
Lazard Retirement US Small Cap Equity Select Portfolio (b)
2023		145,387		2.61		3.13		420,282		-		0.90		1.85		7.85		9.06
2022		150,706		2.42		2.87		401,224		-		0.90		1.85		(17.12)		(16.33)
2021		153,593		2.92		3.43		491,129		0.05		0.90		1.85		17.66		18.79
2020		174,009		2.48		2.89		470,151		0.19		0.90		1.85		4.79		5.80
2019		175,289		2.37		2.73		448,701		-		0.90		1.85		27.53		28.76
Lord Abbett Series Fund Bond Debenture Portfolio
2023		966,813		1.85		2.25		1,973,832		4.64		0.90		1.95		4.52		5.63
2022		1,130,777		1.77		2.13		2,197,127		4.08		0.90		1.95		(14.49)		(13.77)
2021		1,393,797		2.07		2.47		3,146,681		2.75		0.90		1.95		1.27		2.35
2020		1,713,133		2.04		2.41		3,799,844		3.49		0.90		1.95		5.21		6.34
2019		2,167,870		1.94		2.27		4,483,033		3.78		0.90		1.95		11.15		12.34
Lord Abbett Series Fund Growth and Income Portfolio
2023		9,230,176		2.44		2.92		25,035,250		0.92		0.90		1.85		10.91		12.31
2022		10,498,695		2.20		2.60		25,491,188		1.22		0.90		1.85		(10.93)		(10.34)
2021		12,488,615		2.47		2.90		33,884,275		0.99		0.90		1.85		26.64		27.86
2020		14,988,276		1.95		2.27		31,932,477		1.73		0.90		1.85		0.80		1.77
2019		15,578,002		1.94		2.23		32,698,858		1.58		0.90		1.85		20.23		21.39

(b) Name change. See Note 2.

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)


					Invest-
		Unit	Unit		ment		Expense		Expense		Total		Total
		Values	Values		Income		Ratios		Ratios		Returns		Returns
		Lowest	Highest	Net	Ratios		Lowest		Highest		Lowest		Highest
Subaccount	Units	($) (4)	($) (4)	Assets ($)	(%) (1)		(%) (2)		(%) (2)		(%) (3)(4)		(%) (3)(4)

Lord Abbett Series Fund Mid Cap Stock Portfolio
2023	687,518	2.21	2.70	1,686,454		0.46		0.90		1.95		13.33		14.41
2022	805,168	1.95	2.36	1,731,647		0.77		0.90		1.95		(13.33)		(11.94)
2021	956,924	2.25	2.68	2,347,979		0.56		0.90		1.95		26.19		27.54
2020	1,106,968	1.78	2.10	2,142,537		1.08		0.90		1.95		0.50		1.57
2019	1,282,603	1.77	2.07	2,451,253		0.89		0.90		1.95		20.25		21.54
Morningstar Aggressive Growth ETF Asset Allocation Portfolio
2023	1,856,574	2.09	2.36	4,152,903		1.58		0.90		1.80		14.84		15.69
2022	2,184,518	1.82	2.04	4,239,683		1.39		0.90		1.80		(14.95)		(13.92)
2021	2,480,635	2.14	2.37	5,625,404		1.06		0.90		1.80		16.21		17.27
2020	2,732,460	1.84	2.02	5,305,309		1.86		0.90		1.80		7.98		8.97
2019	2,959,996	1.70	1.85	5,290,618		1.49		0.90		1.80		19.97		21.07
Morningstar Balanced ETF Asset Allocation Portfolio
2023	7,866,266	1.62	1.82	13,434,613		1.87		0.90		1.80		10.96		11.66
2022	9,426,282	1.46	1.63	14,476,343		1.64		0.90		1.80		(14.62)		(13.76)
2021	10,482,968	1.71	1.89	18,726,090		1.29		0.90		1.80		8.80		9.79
2020	11,773,806	1.57	1.72	19,247,354		1.98		0.90		1.80		7.16		8.14
2019	13,357,542	1.46	1.59	20,311,277		1.86		0.90		1.80		14.17		15.22
Morningstar Growth ETF Asset Allocation Portfolio
2023	3,095,156	1.90	2.14	6,226,113		1.77		0.90		1.80		13.10		14.44
2022	3,550,181	1.68	1.87	6,297,742		1.49		0.90		1.80		(14.72)		(14.22)
2021	4,097,929	1.97	2.18	8,504,678		1.19		0.90		1.80		12.82		13.85
2020	4,625,890	1.75	1.92	8,450,396		1.81		0.90		1.80		8.03		9.02
2019‡	6,009,924	1.62	1.76	10,133,770		1.72		0.90		1.80		17.61		18.69
Morningstar Income and Growth ETF Asset Allocation Portfolio
2023	9,654,068	1.31	1.51	13,717,458		2.06		0.90		1.95		8.26		9.42
2022	11,138,684	1.21	1.38	14,475,802		1.67		0.90		1.95		(14.18)		(13.21)
2021	12,488,694	1.41	1.59	18,841,810		1.35		0.90		1.95		4.39		5.51
2020	13,742,075	1.35	1.51	19,742,984		1.97		0.90		1.95		6.32		7.45
2019	16,301,518	1.27	1.40	21,916,708		2.07		0.90		1.95		10.70		11.89

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)


					Invest-
		Unit	Unit		ment		Expense		Expense		Total		Total
		Values	Values		Income		Ratios		Ratios		Returns		Returns
		Lowest	Highest	Net	Ratios		Lowest		Highest		Lowest		Highest
Subaccount	Units	($) (4)	($) (4)	Assets ($)	(%) (1)		(%) (2)		(%) (2)		(%) (3)(4)		(%) (3)(4)

Neuberger Berman AMT Mid Cap Growth Portfolio
2023	207,325	1.78	1.88	384,383		-		1.10		1.80		16.34		16.77
2022	241,441	1.53	1.61	382,279		-		1.10		1.80		(30.45)		(29.69)
2021	324,610	2.20	2.29	732,748		-		1.10		1.80		10.70		11.48
2020‡	362,126	1.98	2.06	735,217		-		1.10		1.80		37.20		38.18
2019	443,544	1.45	1.50	653,719		-		0.90		1.80		30.10		31.29
PIMCO CommodityReal Return® Strategy Portfolio
2023	14,780,124	0.64	0.75	10,344,488		15.58		0.90		1.80		(9.86)		(9.64)
2022	14,753,767	0.71	0.83	11,367,598		21.35		0.90		1.80		7.58		7.79
2021	22,596,847	0.66	0.77	16,214,114		4.06		0.90		1.80		30.72		31.92
2020	27,076,105	0.51	0.58	14,786,372		6.13		0.90		1.80		(0.59)		0.32
2019	25,418,313	0.51	0.58	13,896,875		4.33		0.90		1.80		9.35		10.35
PIMCO Real Return Portfolio
2023	484,192	1.32	1.56	706,825		2.91		0.90		1.80		1.54		2.63
2022	739,785	1.30	1.52	1,049,042		6.89		0.90		1.80		(13.91)		(12.64)
2021	805,838	1.51	1.74	1,312,934		4.83		0.90		1.80		3.58		4.53
2020	1,013,902	1.45	1.66	1,592,944		1.32		0.90		1.80		9.60		10.60
2019	1,265,285	1.33	1.50	1,798,126		1.55		0.90		1.80		6.38		7.36
PIMCO Total Return Portfolio
2023	1,581,605	1.34	1.62	2,344,741		3.48		0.90		1.95		3.88		5.19
2022	1,833,265	1.29	1.54	2,597,015		2.48		0.90		1.95		(16.23)		(15.38)
2021	2,346,873	1.54	1.82	3,962,933		1.72		0.90		1.95		(3.29)		(2.25)
2020	2,550,242	1.59	1.86	4,427,298		2.03		0.90		1.95		6.43		7.56
2019	2,550,975	1.53	1.73	4,141,103		2.92		0.90		1.80		6.30		7.27
Rydex VT Inverse Government Long Bond Strategy Fund
2023	313,025	0.24	0.30	82,707		-		0.90		1.95		-		3.45
2022	400,354	0.24	0.29	105,487		-		0.90		1.95		41.18		45.00
2021	542,156	0.17	0.20	99,149		-		0.90		1.95		(1.00)		0.06
2020	515,368	0.17	0.20	94,666		0.28		0.90		1.95		(22.63)		(21.80)
2019	543,963	0.22	0.26	128,057		-		0.90		1.95		(14.98)		(14.07)

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)


					Invest-
		Unit	Unit		ment		Expense		Expense		Total		Total
		Values	Values		Income		Ratios		Ratios		Returns		Returns
		Lowest	Highest	Net	Ratios		Lowest		Highest		Lowest		Highest
Subaccount	Units	($) (4)	($) (4)	Assets ($)	(%) (1)		(%) (2)		(%) (2)		(%) (3)(4)		(%) (3)(4)

Rydex VT Nova Fund
2023	29,945	5.87	7.31	199,521		-		0.90		1.95		32.51		33.88
2022	28,471	4.43	5.46	142,755		0.44		0.90		1.95		(31.64)		(30.89)
2021	30,565	6.48	7.90	222,017		0.26		0.90		1.95		39.42		40.91
2020	81,724	4.65	5.61	412,939		0.97		0.90		1.95		17.69		18.95
2019	101,567	3.95	4.71	435,182		0.95		0.90		1.95		42.22		43.74
Templeton Developing Markets VIP Fund
2023	692,121	1.12	5.58	1,346,651		2.08		0.90		1.95		10.89		11.60
2022	742,744	1.01	5.00	1,305,359		2.59		0.90		1.95		(23.48)		(22.72)
2021	790,050	1.32	6.47	1,791,733		0.90		0.90		1.95		(7.58)		(6.59)
2020	848,593	1.43	6.92	2,096,596		4.13		0.90		1.95		14.90		16.13
2019	926,172	1.24	5.96	1,996,796		0.99		0.90		1.95		24.23		25.56
Templeton Foreign VIP Fund
2023	1,213,000	3.41	3.76	3,514,784		3.25		0.90		1.95		18.40		19.75
2022	1,456,317	2.88	3.14	3,536,760		3.10		0.90		1.95		(9.43)		(8.45)
2021	1,651,615	3.18	3.43	4,409,552		1.86		0.90		1.95		2.13		3.22
2020	1,796,614	3.11	3.32	4,656,283		3.42		0.90		1.95		(3.08)		(2.05)
2019	1,907,960	3.21	3.39	4,996,895		1.72		0.90		1.95		10.34		11.52
Templeton Growth VIP Fund
2023	5,814,424	3.69	5.42	11,391,264		3.29		0.90		1.95		18.65		19.91
2022	7,228,066	3.11	4.52	11,935,997		0.16		0.90		1.95		(13.13)		(12.40)
2021‡	8,616,547	3.58	5.16	15,973,008		1.10		0.90		1.95		2.83		3.93
2020‡	9,422,968	3.48	5.00	16,864,926		3.04		0.75		1.95		3.74		5.01
2019	11,470,787	3.36	4.76	20,224,953		2.81		0.75		1.95		12.91		14.29
TVST Touchstone Balanced Fund
2023	486,513	2.24	2.67	1,207,540		1.43		0.90		1.95		16.06		17.62
2022	490,643	1.93	2.27	1,028,791		0.45		0.90		1.95		(17.52)		(16.54)
2021	537,702	2.34	2.72	1,363,825		0.22		0.90		1.95		14.79		16.02
2020	610,515	2.04	2.35	1,342,138		1.32		0.90		1.95		16.84		18.09
2019	656,550	1.74	1.99	1,229,443		1.46		0.90		1.95		20.41		21.70

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)


					Invest-
		Unit	Unit		ment		Expense		Expense		Total		Total
		Values	Values		Income		Ratios		Ratios		Returns		Returns
		Lowest	Highest	Net	Ratios		Lowest		Highest		Lowest		Highest
Subaccount	Units	($) (4)	($) (4)	Assets ($)	(%) (1)		(%) (2)		(%) (2)		(%) (3)(4)		(%) (3)(4)

TVST Touchstone Bond Fund
2023	8,321,526	1.23	1.43	11,059,936		4.53		0.90		1.80		4.24		5.15
2022	9,220,082	1.18	1.36	11,705,009		1.94		0.90		1.80		(15.71)		(14.47)
2021	10,180,857	1.40	1.59	15,193,369		2.54		0.90		1.80		(2.98)		(2.09)
2020	9,347,638	1.44	1.62	14,314,151		1.67		0.90		1.80		7.74		8.73
2019	10,434,807	1.33	1.49	14,762,445		1.21		0.90		1.80		8.47		9.47
TVST Touchstone Common Stock Fund
2023	12,981,359	3.41	3.96	47,842,898		0.41		0.90		1.80		24.45		25.71
2022	15,274,399	2.74	3.15	45,040,553		0.38		0.90		1.80		(19.17)		(18.60)
2021	17,964,337	3.39	3.87	65,174,465		0.51		0.90		1.80		25.55		26.70
2020	21,754,441	2.70	3.05	62,577,227		0.60		0.90		1.80		21.45		22.57
2019	25,622,727	2.23	2.49	60,375,889		0.53		0.90		1.80		26.27		27.43
TVST Touchstone Small Company Fund
2023	2,252,276	3.06	3.55	7,451,202		0.22		0.90		1.80		14.61		15.26
2022	2,584,028	2.67	3.08	7,429,128		0.03		0.90		1.80		(16.04)		(15.15)
2021	3,021,873	3.18	3.63	10,300,501		0.06		0.90		1.80		21.94		23.06
2020	3,870,733	2.61	2.95	10,768,289		0.16		0.90		1.80		16.56		17.63
2019	3,884,416	2.24	2.51	9,229,245		0.02		0.90		1.80		19.22		20.31
Virtus Duff & Phelps Real Estate Securities Series
2023	5,444,944	10.70	19.44	21,939,135		2.17		0.90		1.95		8.85		10.08
2022	5,504,857	9.83	17.66	20,718,454		0.92		0.90		1.95		(27.51)		(26.78)
2021	6,731,467	13.56	24.12	34,075,994		0.69		0.90		1.95		43.57		45.10
2020	7,582,275	9.44	16.62	27,229,228		1.17		0.90		1.95		(3.47)		(2.43)
2019	7,610,990	9.78	17.04	29,038,487		1.59		0.90		1.95		24.94		26.27
Virtus KAR Capital Growth Series
2023	6,984,822	5.96	4.77	31,223,199		-		0.90		1.95		32.15		33.24
2022	7,771,022	4.51	3.58	26,189,420		-		0.90		1.95		(37.36)		(36.64)
2021	8,460,690	7.20	5.65	44,995,935		-		0.90		1.95		9.95		11.13
2020	9,539,632	6.55	5.08	45,806,167		-		0.90		1.95		47.30		48.88
2019	10,694,674	4.45	3.41	34,773,240		-		0.90		1.95		37.15		38.61

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)


					Invest-
		Unit	Unit		ment		Expense		Expense		Total		Total
		Values	Values		Income		Ratios		Ratios		Returns		Returns
		Lowest	Highest	Net	Ratios		Lowest		Highest		Lowest		Highest
Subaccount	Units	($) (4)	($) (4)	Assets ($)	(%) (1)		(%) (2)		(%) (2)		(%) (3)(4)		(%) (3)(4)

Virtus KAR Enhanced Core Equity Series
2023	6,127,369	2.42	5.82	27,666,129		2.99		0.90		2.25		(0.82)		0.52
2022	6,731,769	2.44	5.79	30,354,890		2.38		0.90		2.25		(4.69)		(3.18)
2021	7,892,623	2.56	5.98	36,751,846		2.20		0.90		2.25		14.75		16.33
2020	9,123,504	2.23	5.14	36,633,260		1.66		0.90		2.25		12.33		13.88
2019	10,421,704	1.98	4.52	36,927,628		1.17		0.90		2.25		25.78		27.52
Virtus KAR Small-Cap Growth Series
2023	1,254,151	17.03	21.38	24,017,550		-		0.90		1.95		17.37		18.65
2022	1,409,497	14.51	18.02	22,730,782		-		0.90		1.95		(31.69)		(30.98)
2021	1,542,501	21.24	26.11	35,984,482		-		0.90		1.95		2.94		4.04
2020	1,742,552	20.63	25.09	39,309,898		-		0.90		1.95		41.83		43.34
2019	1,974,621	14.55	17.50	31,205,396		-		0.90		1.95		34.64		36.08
Virtus KAR Small-Cap Value Series
2023	6,821,317	8.62	12.69	31,059,975		0.53		0.90		1.95		16.80		18.05
2022	7,437,147	7.38	10.75	29,007,228		0.20		0.90		1.95		(25.60)		(24.83)
2021	7,975,107	9.92	14.30	41,997,589		0.11		0.90		1.95		17.39		18.64
2020	9,689,084	8.45	12.06	42,402,686		1.08		0.90		1.95		27.12		28.48
2019	10,911,873	6.65	9.38	37,485,238		0.92		0.90		1.95		22.21		23.51
Virtus Newfleet Multi-Sector Intermediate Bond Series
2023	12,153,517	4.17	6.04	31,116,377		4.52		0.90		1.95		6.65		7.86
2022	13,775,770	3.91	5.60	33,095,950		3.16		0.90		1.95		(11.34)		(10.40)
2021‡	15,899,593	4.41	6.25	43,588,322		2.80		0.90		1.95		(0.90)		0.16
2020	15,814,065	4.45	5.45	44,719,740		3.26		0.75		1.95		4.46		5.74
2019	17,139,260	4.26	5.16	46,471,448		3.53		0.75		1.95		8.32		9.64
Virtus SGA International Growth Series
2023	33,298,942	4.63	4.15	69,505,236		0.10		0.90		1.85		16.04		16.90
2022	38,761,886	3.99	3.55	69,520,331		-		0.90		1.85		(20.20)		(19.32)
2021	40,789,353	5.00	4.40	91,928,995		-		0.90		1.85		6.32		7.35
2020	44,800,636	4.70	4.10	95,572,378		-		0.90		1.85		21.35		22.53
2019	50,382,923	3.88	3.35	88,363,777		0.83		0.90		1.85		16.35		17.47

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)


					Invest-
		Unit	Unit		ment		Expense		Expense		Total		Total
		Values	Values		Income		Ratios		Ratios		Returns		Returns
		Lowest	Highest	Net	Ratios		Lowest		Highest		Lowest		Highest
Subaccount	Units	($) (4)	($) (4)	Assets ($)	(%) (1)		(%) (2)		(%) (2)		(%) (3)(4)		(%) (3)(4)

Virtus Strategic Allocation Series
2023	2,165,650	4.61	6.35	10,532,271		1.12		0.90		1.95		19.74		21.18
2022	2,449,296	3.85	5.24	9,875,730		0.24		0.90		1.95		(31.86)		(31.23)
2021‡	2,694,592	5.65	7.62	15,868,335		0.38		0.90		1.95		5.48		6.60
2020	3,088,398	5.36	7.64	17,181,680		0.67		0.75		1.95		31.35		32.95
2019	3,440,359	4.08	5.74	14,393,822		1.23		0.75		1.95		23.59		25.10
Wanger Acorn
2023	2,770,613	8.08	11.14	26,971,998		-		0.90		1.95		19.35		20.69
2022	2,609,710	6.77	9.23	21,409,246		-		0.90		1.95		(34.78)		(34.07)
2021	2,803,906	10.38	14.00	35,088,271		0.73		0.90		1.95		6.78		7.92
2020	3,186,737	9.72	12.98	36,995,624		-		0.90		1.95		21.81		23.11
2019	3,603,211	7.98	10.54	33,930,831		0.26		0.90		1.95		28.55		29.92
Wanger International
2023	7,071,834	7.80	8.57	27,886,318		0.31		0.90		1.95		14.71		15.97
2022	7,716,386	6.80	7.39	26,346,385		0.91		0.90		1.95		(35.11)		(34.43)
2021	7,570,718	10.48	11.27	41,070,177		0.55		0.90		1.95		16.50		17.74
2020	8,716,626	9.00	9.57	40,332,386		2.03		0.90		1.95		12.14		13.34
2019	9,641,999	8.02	8.45	40,397,515		0.80		0.90		1.95		27.46		28.82
Wanger Select (a)
2023	-	6.73	10.46	-		-		0.90		1.80		8.72		9.19
2022	490,409	6.19	9.58	3,021,805		-		0.90		1.80		(35.99)		(35.44)
2021	541,084	9.67	14.84	5,183,152		-		0.90		1.80		3.93		4.88
2020‡	649,074	9.21	14.15	5,842,330		0.76		0.90		1.85		24.31		25.51
2019	754,302	7.41	11.27	5,468,837		0.07		0.90		1.85		26.91		28.14

(a) Merger. See Note 2.

(‡) For the noted Fund, a total return fell outside of the disclosed range. The reason for this could be either a new product offering in the given year, and/ or units in a subaccount only invested for a partial period.

(1) The investment income ratios represent the dividends, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by the average net assets. These ratios exclude those expenses, such as mortality

PHL Variable Accumulation Account

Notes to Financial Statements (continued)

Note 7. Financial Highlights (continued)

and expense charges, that result in direct reductions in the unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccount invests.

(2) The expense ratios represent the annualized contract expenses of the Separate Account for each period indicated. The ratios include only those expenses that result in a direct reduction of unit values. Charges made directly to contract owner contracts through the redemption of units and expenses of the Fund have been excluded.

(3) These amounts represent the total return for the periods indicated, including changes in the value of the underlying fund, and reflect deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. The total return is calculated for the period indicated or from the inception date through the end of the reporting period.

(4) Unit value information is calculated on a daily basis regardless of whether or not the subaccount has contract holders.

Note 8. Subsequent Events

The Separate Account has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no items require recognition or disclosure.

Report of Independent Registered Public Accounting Firm

To the Board of Directors of PHL Variable Insurance Company

and Contractor Owners of PHL Variable Accumulation Account:

Opinion on the Financial Statements

We have audited the accompanying statements of net assets of the subaccounts listed in the Appendix that comprise PHL Variable Accumulation Account (the Separate Account) as of December 31, 2023, the related statements of operations and changes in net assets for each of the years in the two-year period then ended (or for the period indicated in the Appendix), and the related notes including the financial highlights in Note 7 for each of the years or periods in the five-year period then ended (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each subaccount as of December 31, 2023, the results of their operations and the changes in their net assets for each of the years in the two-year period then ended (or for the period indicated in the Appendix), and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2023, by correspondence with the transfer agents of the underlying mutual funds. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ KPMG LLP

We have served as the auditor of one or more of the PHL Variable Insurance Company’s separate accounts since 2015.

Hartford, Connecticut

April 17, 2024

KPMG LLP, a Delaware limited liability partnership and a member firm of

the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

Appendix ⁽²⁾

AB VPS Balanced Hedged Allocation Portfolio

Alger Capital Appreciation Portfolio

AMT Sustainable Equity Portfolio

Calvert VP S&P MidCap 400 Index Portfolio

DWS Equity 500 Index VIP

DWS Small Cap Index VIP

Federated Hermes Fund for U.S. Government Securities II

Federated Hermes Government Money Fund II

Federated Hermes High Income Bond Fund II

Fidelity® VIP Contrafund® Portfolio

Fidelity® VIP Growth Opportunities Portfolio

Fidelity® VIP Growth Portfolio

Fidelity® VIP Investment Grade Bond Portfolio

Franklin Income VIP Fund

Franklin Mutual Shares VIP Fund

FTVIP Franklin DynaTech Fund

Guggenheim VT Long Short Equity Fund

Invesco V.I. American Franchise Fund

Invesco V.I. Capital Appreciation Fund

Invesco V.I. Core Equity Fund

Invesco V.I. Equity and Income Fund

Invesco V.I. Global Fund

Invesco V.I. Main Street Mid Cap Fund®

Invesco V.I. Main Street Small Cap Fund®

Lazard Retirement US Small Cap Equity Select Portfolio ⁽¹⁾

Lord Abbett Series Fund Bond Debenture Portfolio

Lord Abbett Series Fund Growth and Income Portfolio

Lord Abbett Series Fund Mid Cap Stock Portfolio

Morningstar Aggressive Growth ETF Asset Allocation Portfolio

Morningstar Balanced ETF Asset Allocation Portfolio

Morningstar Growth ETF Asset Allocation Portfolio

Morningstar Income and Growth ETF Asset Allocation Portfolio

Neuberger Berman AMT Mid Cap Growth Portfolio

PIMCO CommodityReal Return® Strategy Portfolio

PIMCO Real Return Portfolio

PIMCO Total Return Portfolio

Rydex VT Inverse Government Long Bond Strategy Fund

Rydex VT Nova Fund

Templeton Developing Markets VIP Fund

Templeton Foreign VIP Fund

Templeton Growth VIP Fund

TVST Touchstone Balanced Fund

TVST Touchstone Bond Fund

TVST Touchstone Common Stock Fund

TVST Touchstone Small Company Fund

Virtus Duff & Phelps Real Estate Securities Series

Virtus KAR Capital Growth Series

Virtus KAR Enhanced Core Equity Series Virtus KAR

Small-Cap Growth Series Virtus KAR Small-Cap Value

Series

Virtus Newfleet Multi-Sector Intermediate Bond Series

Virtus SGA International Growth Series Virtus

Strategic Allocation Series Wanger Acorn

Wanger International

Wanger Select (statements of operations and changes in net assets for the period January 1, 2023 to April 21, 2023, merger date, and the year ended December 31, 2022)

⁽¹⁾See Note 2 to the financial statements for the former name of the subaccount.

⁽²⁾Unless noted otherwise, statements of operations and changes in net assets for each of the years in the two-year period ended December 31, 2023.

LOGO

PHL Variable Insurance Company

PO Box 22012

Albany, NY 12201-2012

Not insured by FDIC/NCUSIF or any federal government agency.

No bank guarantee. Not a deposit. May lose value.

PHL Variable Insurance Company

A member of The Nassau Companies of New York

www.nfg.com


OL4258 ^© 2023 The Nassau Companies of New York		12-23