MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
Financial Statements for the Six Months
Ended June 30, 1996 and 1995
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
[Unaudited]
Maxim Series I
ASSETS:
Shares
Cost
Value
Investments in mutual funds:
Maxim Series Fund, Inc. (Affiliate):
Money Market\Non-Qualified
42,541
$42,607
$42,570
Bond\Non-Qualified
74,549
93,540
88,976
Bond\Qualified
12,915
15,622
15,414
Stock Index\Qualified
3,734
20,286
8,044
Total Return\Non-Qualified
31,770
36,358
42,571
Total investments
$208,413
197,575
Other assets and liabilities:
Other assets
387
Due to Great-West Life & Annuity Insurance Company
(270)
Other liabilities
(32)
NET ASSETS APPLICABLE TO OUTSTANDING UNITS OF CAPITAL (Note 5)
$197,660
See notes to financial statements.
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
[Unaudited]
Maxim Series II
ASSETS:
Shares
Cost
Value
Investments in mutual funds:
Maxim Series Fund, Inc. (Affiliate):
Money Market\Non-Qualified
1,274,521
$1,274,515
$1,275,383
Money Market\Qualified
1,117,077
1,127,902
1,117,833
Bond\Non-Qualified
1,579,955
1,963,493
1,885,723
Bond\Qualified
1,979,082
2,484,390
2,362,094
Stock Index\Non-Qualified
2,994,807
4,654,408
6,451,257
Stock Index\Qualified
3,707,200
5,562,727
7,985,856
U.S. Government Securities/Non-Qualified
6,630,983
7,318,983
7,037,678
U.S. Government Securities/Qualified
4,411,481
4,884,991
4,682,048
Total Return/Non-Qualified
3,216,305
3,771,129
4,309,832
TCI Portfolios, Inc. - TCI Growth
42,378
448,004
459,806
TCI Portfolios, Inc. - TCI Balanced
50,380
312,507
358,200
Total investments
$33,803,049
37,925,710
Other assets and liabilities:
Premiums due and accrued
1,190
Other assets
795
Due to Great-West Life & Annuity Insurance Company
(41,458)
Other liabilities
(157)
NET ASSETS APPLICABLE TO OUTSTANDING UNITS OF CAPITAL (Note 5)
$37,886,080
See notes to financial statements.
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
[Unaudited]
Maxim Series III
ASSETS:
Shares
Cost
Value
Investments in mutual funds:
Maxim Series Fund, Inc. (Affiliate):
Bond
42,273
$50,906
$50,454
Corporate Bond
101,805
114,821
113,955
INVESCO ADR
55,203
60,341
67,302
INVESCO Small-Cap Growth
209,845
316,967
338,779
Mid-Cap
629,392
869,410
946,646
Money Market
212,317
212,456
212,461
Small-Cap Index
48,068
58,308
61,405
Small-Cap Value
16,864
17,644
19,081
Stock Index
379,650
770,152
817,822
Total Return
199,394
260,716
267,187
T. Rowe Price Equity/Income
485,414
615,333
651,376
U.S. Government Securities
113,477
122,596
120,437
TCI Portfolios, Inc. - TCI Balanced
24,926
176,941
177,222
TCI Portfolios, Inc. - TCI Growth
17,317
198,552
187,889
Total investments
$3,845,143
4,032,016
Other assets and liabilities:
Premiums due and accrued
1,069
Other assets
29
Due to Great-West Life & Annuity Insurance Company
(3,546)
NET ASSETS APPLICABLE TO OUTSTANDING UNITS OF CAPITAL (Note 5)
$4,029,568
See notes to financial statements.
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
[Unaudited]
Money Market Investment Division Non-Qualified
Bond Investment Division
Non-Qualified
Qualified
Stock Index Investment Division Qualified
Total Return Investment Division Non-Qualified
Total Maxim I
Maxim Series I
INVESTMENT INCOME
$1,028
$2,658
$460
$62
$561
$4,769
EXPENSES- mortality and expense
risks (Note 3)
264
554
97
50
262
1,227
NET INVESTMENT INCOME
764
2,104
363
12
299
3,542
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments
54
(2)
22
51
125
Net change in unrealized appreciation
(depreciation) on investments
(2,731)
(461)
630
1,311
(1,251)
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
0
(2,677)
(463)
652
1,362
(1,126)
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS
$764
$(573)
$(100)
$664
$1,661
$2,416
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
[Unaudited]
Money Market Investment Division
Non-Qualified
Qualified
Bond Investment Division
Non-Qualified
Qualified
Stock Index Investment Division
Non-Qualified
Qualified
Maxim Series II
INVESTMENT INCOME
$35,144
$29,609
$56,844
$72,783
$49,299
$61,794
EXPENSES- mortality and expense
risks (Note 3)
10,118
8,548
13,277
17,181
43,492
55,505
NET INVESTMENT INCOME
25,026
21,061
43,567
55,602
5,807
6,289
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments
(4,109)
(12,950)
57,185
210,431
Net change in unrealized appreciation
(depreciation) on investments
(53,490)
(60,776)
467,269
466,914
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
0
0
(57,599)
(73,726)
524,454
677,345
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS
$25,026
$21,061
$(14,032)
$(18,124)
$530,261
$683,634
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
[Unaudited]
U.S. Government Securities Investment Division
Non-Qualified
Qualified
Total Return Investment Division Non-Qualified
TCI Growth Investment Division
TCI Balanced Investment Division
Total Maxim II
Maxim Series II
INVESTMENT INCOME
$207,593
$139,943
$57,826
$47,797
$13,986
$772,618
EXPENSES- mortality and expense
risks (Note 3)
50,464
34,166
30,552
2,916
2,352
268,571
NET INVESTMENT INCOME
157,129
105,777
27,274
44,881
11,634
504,047
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments
(19,680)
(4,374)
101,689
2,948
1,075
332,215
Net change in unrealized appreciation
(depreciation) on investments
(241,623)
(172,147)
44,752
(44,519)
1,375
407,755
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
(261,303)
(176,521)
146,441
(41,571)
2,450
739,970
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS
$(104,174)
$(70,744)
$173,715
$3,310
$14,084
$1,244,017
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
[Unaudited]
Bond Investment Division
Corporate Bond Division
INVESCO ADR Investment Division
INVESCO Small Cap Growth Investment Division
Mid-Cap Investment Division
Money Market Investment Division
Maxim Series III
INVESTMENT INCOME
$901
$2,883
$112
$
$
$4,828
EXPENSES- mortality and expense
risks (Note 3)
157
412
271
863
3,407
1,247
NET INVESTMENT INCOME (LOSS)
744
2,471
(159)
(863)
(3,407)
3,581
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments
157
51
39
3,002
6,862
Net change in unrealized appreciation
(depreciation) on investments
(841)
(1,054)
3,457
16,854
41,823
5
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
(684)
(1,003)
3,496
19,856
48,685
5
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS
$60
$1,468
$3,337
$18,993
$45,278
$3,586
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
[Unaudited]
Small-Cap Index Investment Division
Small-Cap Value Investment Division
Stock Index Investment Division
Total Return Investment Division
T. Rowe Price Equity/Income Investment Division
U.S. Government Securities Investment Division
Maxim Series III
INVESTMENT INCOME
$217
$90
$5,237
$2,707
$6,313
$4,172
EXPENSES- mortality and expense
risks (Note 3)
266
93
3,018
959
2,323
884
NET INVESTMENT INCOME (LOSS)
(49)
(3)
2,219
1,748
3,990
3,288
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments
3,525
8
716
92
2,751
(3,218)
Net change in unrealized appreciation
(depreciation) on investments
(299)
995
34,072
3,955
17,206
(3,632)
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
3,226
1,003
34,788
4,047
19,957
(6,850)
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS
$3,177
$1,000
$37,007
$5,795
$23,947
$(3,562)
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
[Unaudited]
TCI Balanced Investment Division
TCI Growth Investment Division
Total Maxim Series III
Maxim Series III
INVESTMENT INCOME
$6,636
$16,010
$50,106
EXPENSES- mortality and expense
risks (Note 3)
820
866
15,586
NET INVESTMENT INCOME
5,816
15,144
34,520
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments
1,155
314
15,454
Net change in unrealized appreciation
(depreciation) on investments
(759)
(13,361)
98,421
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
396
(13,047)
113,875
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS
$6,212
$2,097
$148,395
See notes to financial statements.
(Concluded)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Money Market Investment Division
Non-Qualified
1996
1995
Qualified 1995
Bond Investment Division
Non-Qualified
1996
1995
Qualified
1996
1995
Maxim Series I
FROM OPERATIONS:
Net investment income
$764
$899
$584
$2,104
$1,977
$363
$1,137
Net realized gain (loss)
on investments
54
46
(2)
277
Net change in unrealized
appreciation (depreciation)
on investments
1
(2,731)
5,519
(461)
3,441
Increase (decrease) in net assets
resulting from operations
764
899
585
(573)
7,542
(100)
4,855
FROM UNIT TRANSACTIONS:
Variable annuity contract:
Purchase payments
Redemptions
(539)
(30)
(9)
(24)
(42,274)
Net transfers from (to) other
annuity contracts
99,247
Increase (decrease) in net assets
resulting from unit transactions
(539)
(30)
99,238
0
0
(24)
(42,274)
INCREASE (DECREASE) IN
NET ASSETS
225
869
99,823
(573)
7,542
(124)
(37,419)
NET ASSETS:
Beginning of period
42,313
40,628
14,367
89,458
78,687
15,596
52,471
End of period
$42,538
$41,497
$114,190
$88,885
$86,229
$15,472
$15,052
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Stock Index Investment Division Qualified
1996
1995
Total Return Investment Division Non-Qualified
1996
1995
Total Maxim I
1996
1995
Maxim Series I
FROM OPERATIONS:
Net investment income (loss)
$12
$(13)
$299
$452
$3,542
$5,036
Net realized gain on
investments
22
24,822
51
25
125
25,170
Net change in unrealized
appreciation (depreciation)
on investments
630
(15,941)
1,311
3,861
(1,251)
(3,119)
Increase in net assets
resulting from operations
664
8,868
1,661
4,338
2,416
27,087
FROM UNIT TRANSACTIONS:
Variable annuity contract:
Purchase payments
Redemptions
(26)
(24)
(589)
(42,337)
Net transfers from (to) other
annuity contracts
(57,001)
42,246
(Decrease) in net assets
resulting from unit transactions
(26)
(57,025)
0
0
(589)
(91)
INCREASE (DECREASE) IN
NET ASSETS
638
(48,157)
1,661
4,338
1,827
26,966
NET ASSETS:
Beginning of period
7,596
54,907
40,870
33,742
195,833
274,802
End of period
$8,234
$6,750
$42,531
$38,080
$197,660
$301,798
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Money Market Investment Division
Non-Qualified
1996
1995
Qualified
1996
1995
Bond Investment Division
Non-Qualified
1996
1995
Qualified
1996
1995
Maxim Series II
FROM OPERATIONS:
Net investment income
$25,026
$43,087
$21,061
$39,777
$43,567
$47,218
$55,602
$57,394
Net realized gain (loss)
on investments
(20)
2
(4,109)
(15,869)
(12,950)
(17,051)
Net change in unrealized
appreciation (depreciation) on
investments
20
(3)
(53,490)
153,049
(60,776)
182,314
Increase (decrease) in net assets
resulting from operations
25,026
43,087
21,061
39,776
(14,032)
184,398
(18,124)
222,657
FROM UNIT TRANSACTIONS:
Variable annuity contract:
Purchase payments
4,719
5,210
1,050
2,123
1,149
2,664
7,698
8,047
Redemptions
(277,778)
(531,635)
(608,222)
(205,822)
(17,270)
(122,419)
(180,732)
(240,615)
Net transfers from (to) other
annuity contracts
(95,356)
263,015
(10,628)
(11,274)
(15,565)
(27,210)
(45,287)
251,220
Increase (decrease) in net assets
resulting from unit transactions
(368,415)
(263,410)
(617,800)
(214,973)
(31,686)
(146,965)
(218,321)
18,652
INCREASE (DECREASE) IN
NET ASSETS
(343,389)
(220,323)
(596,739)
(175,197)
(45,718)
37,433
(236,445)
241,309
NET ASSETS:
Beginning of period
1,617,451
1,994,805
1,713,508
2,008,859
1,929,382
2,038,251
2,596,127
2,441,181
End of period
$1,274,062
$1,774,482
$1,116,769
$1,833,662
$1,883,664
$2,075,684
$2,359,682
$2,682,490
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Stock Index Investment Division
Non-Qualified
1996
1995
Qualified
1996
1995
U.S. Government Securities Investment Division
Non-Qualified
1996
1995
Qualified
1996
1995
Maxim Series II
FROM OPERATIONS:
Net investment income
$5,807
$16,570
$6,289
$20,784
$157,129
$202,722
$105,777
$138,607
Net realized gain (loss)
on investments
57,185
175,926
210,431
168,973
(19,680)
(57,132)
(4,374)
(18,988)
Net change in unrealized
appreciation (depreciation) on
investments
467,269
770,388
466,914
1,011,341
(241,623)
547,319
(172,147)
353,312
Increase (decrease) in net assets
resulting from operations
530,261
962,884
683,634
1,201,098
(104,174)
692,909
(70,744)
472,931
FROM UNIT TRANSACTIONS:
Variable annuity contract:
Purchase payments
16,108
23,759
50,842
37,264
1,721
3,530
8,436
64,159
Redemptions
(177,346)
(913,397)
(653,755)
(834,191)
(218,013)
(1,220,644)
(350,540)
(805,807)
Net transfers (to) other
annuity contracts
148,035
74,999
21,787
15,093
(95,869)
(22,373)
(74,830)
(5,451)
(Decrease) in net assets
resulting from unit transactions
(13,203)
(814,639)
(581,126)
(781,834)
(312,161)
(1,239,487)
(416,934)
(747,099)
INCREASE (DECREASE) IN
NET ASSETS
517,058
148,245
102,508
419,264
(416,335)
(546,578)
(487,678)
(274,168)
NET ASSETS:
Beginning of period
5,927,241
5,666,957
7,875,672
6,892,550
7,446,276
8,299,336
5,164,840
5,628,613
End of period
$6,444,299
$5,815,202
$7,978,180
$7,311,814
$7,029,941
$7,752,758
$4,677,162
$5,354,445
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Total Return Investment Division Non-Qualified
1996
1995
TCI Growth Investment Division
1996
1995
TCI Balanced Investment Division
Total Maxim II
Maxim Series II
FROM OPERATIONS:
Net investment income (loss)
$27,274
$49,819
$44,881
$(1,328)
$11,634
$1,296
$504,047
$615,946
Net realized gain
on investments
101,689
226,998
2,948
1,548
1,075
498
332,215
464,885
Net change in unrealized
appreciation (depreciation) on
investments
44,752
300,662
(44,519)
39,668
1,375
35,510
407,755
3,393,580
Increase in net assets
resulting from operations
173,715
577,479
3,310
39,888
14,084
37,304
1,244,017
4,474,411
FROM UNIT TRANSACTIONS:
Variable annuity contract:
Purchase payments
20,337
48,845
61,311
1,776
3,459
4,212
176,830
201,589
Redemptions
(343,865)
(758,295)
(10,101)
(49,712)
(1,994)
(5,413)
(2,839,616)
(5,687,950)
Net transfers from (to) other
annuity contracts
86,869
(594,277)
49,799
27,160
31,045
29,098
Increase (decrease) in net assets
resulting from unit transactions
(236,659)
(1,303,727)
101,009
(20,776)
32,510
27,897
(2,662,786)
(5,486,361)
INCREASE (DECREASE) IN
NET ASSETS
(62,944)
(726,248)
104,319
19,112
46,594
65,201
(1,418,769)
(1,011,950)
NET ASSETS:
Beginning of period
4,368,144
5,048,749
354,983
228,595
311,225
288,179
39,304,849
40,536,075
End of period
$4,305,200
$4,322,501
$459,302
$247,707
$357,819
$353,380
$37,886,080
$39,524,125
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Bond Investment Division
1996
1995
Corporate Bond Investment Division (E) 1996
INVESCO ADR Investment Division (A)
1996
1995
INVESCO Small-Cap Growth Investment Division (A)
1996
1995
Maxim Series III
FROM OPERATIONS:
Net investment income (loss)
$744
$112
$2,471
$(159)
$79
$(863)
$4
Net realized gain
on investments
157
51
39
2
3,002
3
Net change in unrealized
appreciation (depreciation) on
investments
(841)
14
(1,054)
3,457
1,085
16,854
1,515
Increase in net assets
resulting from operations
60
426
1,468
3,337
1,166
18,993
1,522
FROM UNIT TRANSACTIONS:
Variable annuity contract:
Purchase payments
34,634
103,714
29,929
14,186
172,059
19,484
Redemptions
(13)
(5)
(19)
(59)
Net transfers from (to) other
annuity contracts
(2,861)
(946)
4,499
10,087
88,433
Increase in net assets resulting
from unit transactions
31,760
0
102,763
34,409
24,273
260,433
19,484
INCREASE IN NET ASSETS
31,820
426
104,231
37,746
25,439
279,426
21,006
NET ASSETS:
Beginning of period
18,603
4,445
9,620
29,499
59,060
End of period
$50,423
$4,871
$113,851
$67,245
$25,439
$338,486
$21,006
(A) The Investment Division commenced operations on January 6,
1995.
(E) The Investment Division commenced operations on August 8,
1995.
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Mid-Cap Investment Division
1996
1995
Money Market Investment Division (D) 1996
Small-Cap Index Investment Division
1996
1995
Small-Cap Value Investment Division (C)
1996
1995
Maxim Series III
FROM OPERATIONS:
Net investment income (loss)
$(3,407)
$(379)
$3,581
$(49)
$14
$(3)
$135
Net realized gain
on investments
6,862
162
3,525
3
8
Net change in unrealized
appreciation (depreciation) on
investments
41,823
6,026
5
(299)
1,708
995
219
Increase in net assets
resulting from operations
45,278
5,809
3,586
3,177
1,725
1,000
354
FROM UNIT TRANSACTIONS:
Variable annuity contract:
Purchase payments
537,260
52,459
138,559
38,901
1,244
9,987
7,137
Redemptions
(5,522)
(17)
(21)
Net transfers from (to) other
annuity contracts
38,666
4,310
(87,505)
(13,665)
9,982
Increase in net assets resulting
from unit transactions
570,404
56,769
51,054
25,219
11,226
9,966
7,137
INCREASE IN NET ASSETS
615,682
62,578
54,640
28,396
12,951
10,966
7,491
NET ASSETS:
Beginning of period
330,119
48,675
157,648
32,950
9,632
8,097
End of period
$945,801
$111,253
$212,288
$61,346
$22,583
$19,063
$7,491
(C) The Investment Division commenced operations on March 9, 1995.
(D) The Investment Division commenced operations on August 4,
1995.
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Stock Index Investment Division
1996
1995
Total Return Investment Division
1996
1995
T. Rowe Price Equity/Income Investment Division (A)
1996
1995
Maxim Series III
FROM OPERATIONS:
Net investment income
$2,219
$223
$1,748
$291
$3,990
$532
Net realized gain
on investments
716
2,012
92
9
2,751
5
Net change in unrealized
appreciation on
investments
34,072
4,422
3,955
2,486
17,206
3,377
Increase in net assets
resulting from operations
37,007
6,657
5,795
2,786
23,947
3,914
FROM UNIT TRANSACTIONS:
Variable annuity contract:
Purchase payments
472,499
25,996
122,255
1,673
324,812
48,323
Redemptions
(1,063)
(27)
(3,050)
Net transfers from (to) other
annuity contracts
84,167
25,329
53,074
10,022
Increase in net assets resulting
from unit transactions
555,603
25,996
147,557
1,673
374,836
58,345
INCREASE IN NET ASSETS
592,610
32,653
153,352
4,459
398,783
62,259
NET ASSETS:
Beginning of period
224,474
22,468
113,623
20,162
252,023
End of period
$817,084
$55,121
$266,975
$24,621
$650,806
$62,259
(B) The Investment Division commenced operations on January 6,
1995.
See notes to financial statements.
(Continued)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
U.S. Government Securities Investment Division (B)
1996
1995
TCI Balanced Investment Division
1996
1995
TCI Growth Investment Division (B)
1996
1995
Total Maxim Series III
1996
1995
Maxim Series III
FROM OPERATIONS:
Net investment income (loss)
$3,288
$51
$5,816
$19
$15,144
$(57)
$34,520
$1,024
Net realized gain (loss)
on investments
(3,218)
1,155
1
314
5
15,454
2,202
Net change in unrealized
appreciation (depreciation)
on investments
(3,632)
97
(759)
400
(13,361)
1,802
98,421
23,451
Increase (decrease) in net assets
resulting from operations
(3,562)
148
6,212
420
2,097
1,750
148,395
26,677
FROM UNIT TRANSACTIONS:
Variable annuity contract:
Purchase payments
112,326
1,925
104,946
1,675
112,543
11,017
2,314,424
185,119
Redemptions
(388)
(2,946)
(3,322)
(16,452)
Net transfers from (to) other
annuity contracts
(152,683)
(21,394)
(2,706)
12,408
34,401
Increase (decrease) in net assets
resulting from unit transactions
(40,745)
1,925
80,606
1,675
106,515
11,017
2,310,380
219,520
INCREASE (DECREASE) IN
NET ASSETS
(44,307)
2,073
86,818
2,095
108,612
12,767
2,458,775
246,197
NET ASSETS:
Beginning of period
164,659
91,315
1,966
79,103
1,570,793
107,348
End of period
$120,352
$2,073
$178,133
$4,061
$187,715
$12,767
$4,029,568
$353,545
(B) The Investment Division commenced operations on January 18,
1995.
See notes to financial statements.
(Concluded)
MAXIM SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
1. HISTORY OF THE SERIES ACCOUNT
The Maxim Series Account of Great-West Life & Annuity
Insurance Company (the Series Account) is a separate account of
Great-West Life & Annuity Insurance Company (the Company) and was
established under Kansas law on June 24, 1981. In 1990 the Series
Account was amended to conform to and comply with Colorado law in
connection with the Company's redomestication to the State of
Colorado. The Series Account is registered with the Securities and
Exchange Commission as a unit investment trust under the provisions
of the Investment Company Act of 1940, as amended.
The Series Account has various investment divisions which
invest in shares of an open-end management investment companies as
follows:
Investment Division
Mutual Fund Investment
Maxim Series I:
Money Market
Maxim Series Fund, Inc. - Money Market
Bond
Maxim Series Fund, Inc. - Bond
Stock Index
Maxim Series Fund, Inc. - Stock Index
Total Return
Maxim Series Fund, Inc. - Total Return
U.S. Government Securities
Maxim Series Fund, Inc. - U.S. Government Securities
Maxim Series II:
Money Market
Maxim Series Fund, Inc. - Money Market
Bond
Maxim Series Fund, Inc. - Bond
Stock Index
Maxim Series Fund, Inc. - Stock Index
U.S. Government Securities
Maxim Series Fund, Inc. - U.S. Government Securities
Total Return
Maxim Series Fund, Inc. - Total Return
TCI Growth
TCI Portfolios, Inc. - TCI Growth
TCI Balanced
TCI Portfolios, Inc. - TCI Balanced
Maxim Series III:
Bond
Maxim Series Fund, Inc. - Bond
Corporate Bond
Maxim Series Fund, Inc. - Corporate Bond
INVESCO ADR
Maxim Series Fund, Inc. - INVESCO ADR
INVESCO Small-Cap Growth
Maxim Series Fund, Inc. - INVESCO Small-Cap Growth
Mid-Cap
Maxim Series Fund, Inc. - Mid-Cap
Money Market
Maxim Series Fund, Inc. - Money Market
Small-Cap Index
Maxim Series Fund, Inc. - Small-Cap Index
Small-Cap Value
Maxim Series Fund, Inc. - Small-Cap Value
Stock Index
Maxim Series Fund, Inc. - Stock Index
Total Return
Maxim Series Fund, Inc. - Total Return
T. Rowe Price Equity/Income
Maxim Series Fund, Inc. - T. Rowe Price Equity/Income
U.S. Government Securities
Maxim Series Fund, Inc. - U.S. Government Securities
TCI Balanced
TCI Portfolios, Inc. - TCI Balanced
TCI Growth
TCI Portfolios, Inc. - TCI Growth
As of September 24, 1984, the administrative charges of the
Series Account were changed by a vote of the Board of Directors.
Contracts purchased prior to September 24, 1984 (Maxim I Series)
were and will remain on the previous charges while contracts
purchased after September 24, 1984 (Maxim II Series) are charged
with the new amounts (see Note 3). As a result of changes in the
administrative charges, the contracts purchased after September 24,
1984 are being accounted for separately.
As of September 19, 1994, the Company began offering a new
contract in the Series Account (Maxim III Series). The
administrative charges for these contracts differ from the
administrative charges for contracts in the Maxim I Series and the
Maxim II Series (see Note 3) and are therefore, accounted for
separately.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies
of the Series Account which are in accordance with the accounting
principles generally accepted in the investment company industry:
a. Security Transactions - Security transactions are
recorded on the trade date. Cost of investments sold is determined
on the basis of identified cost.
Dividend income is accrued as of the ex-dividend date and
expenses are accrued on a daily basis.
b. Security Valuation - The investments in shares of the
Funds are valued at the closing net asset value per share as
determined by each portfolio at year end.
The cost of investments represents shares of the Funds
which were purchased by the Series Account. Purchases are made at
the net asset value from net purchase payments or through
reinvestment of all distributions from the Funds.
c. Federal Income Taxes - The Series Account income is
automatically applied to increase contract reserves. Under
existing federal income tax law, this income is not taxed to the
extent it is applied to increase reserves under a contract. The
Company reserves the right to charge the Series Account for federal
income taxes attributable to the Series Account if such taxes are
imposed in the future.
3. CHARGES UNDER THE CONTRACTS
a. Contract Maintenance Charge - On the last valuation date of
each contract year before the retirement date, the Company deducts
from each participant account a maintenance charge of $30 for
contracts purchased before September 24, 1984 and $35 for contracts
purchased after September 24, 1984, as compensation for the
administrative services provided to contract owners. To compensate
the Company for administrative services for contracts issued after
September 19, 1994, a contract maintenance charge of $27 is
deducted from each participant account on the first day of each
calendar year. If the account is established after the beginning
of the year, the charge is deducted on the first day of the next
calendar quarter and prorated for the portion of the year
remaining.
b. Charges Incurred for Total or Partial Surrenders - Certain
contracts contain provisions relating to a contingent deferred
sales charge. In such contracts, charges will be made for total or
partial surrender of a participant annuity account in excess of the
"free amount" before the retirement date by a deduction from a
participant's account. The "free amount" for contracts purchased
after September 19, 1994, is an amount equal to 10% of the
participant account value at December 31 of the calendar year prior
to the partial or total surrender.
c. Deductions for Assumption of Mortality and Expense Risks
- - The Company deducts an amount, computed daily, from the net asset
value of the Series Account investments, equal to an annual rate of
1.25% (1.00% allocable to mortality risk and .25% allocable to
expense risk) for the contracts purchased before September 24,
1984. For contracts purchased after September 24, 1984 and through
September 19, 1994, the annual rate is 1.4% (1.0% allocable to the
mortality risk and .4% allocable to the expense risk). For
contracts purchased after September 19, 1994, the annual rate is
1.25% (.85% allocable to the mortality risk and .4% allocable to
the expense risk). This charge is designed to compensate the
Company for its assumption of certain mortality, death benefit and
expense risks. The level of this charge is guaranteed and will not
change.
d. Deductions for Premium Taxes - The Company currently will
pay any applicable premium tax or other tax, levied by any
government, when due. If the contract value is used to purchase an
annuity under the annuity options, the dollar amount of any premium
tax previously paid or payable upon annuitization by the Company
will be charged against the contract value.
4. RELATED-PARTY SERVICES
The Company's parent, The Great-West Life Assurance Company,
serves as investment advisor to Maxim Series Fund, Inc. Fees are
assessed against the average daily net asset value of the Funds to
compensate The Great-West Life Assurance Company for investment
advisory services.
5. COMPONENTS OF NET ASSETS APPLICABLE TO OUTSTANDING UNITS OF
CAPITAL
The following is a summary of the net assets applicable to
outstanding units of capital at June 30, 1996,
for each investment division.
Units
Unit Value
Total Maxim I Variable Annuity Contract Liabilities
Maxim Series I
NET ASSETS APPLICABLE TO
OUTSTANDING UNITS OF CAPITAL:
Investment Division:
Money Market\Non-Qualified
1,997.2185
$21.298662
$42,538
Bond\Non-Qualified
2,732.2409
32.531768
88,885
Bond\Qualified
522.3054
29.623122
15,472
Stock Index\Qualified
175.8499
46.821633
8,234
Total Return\Non-Qualified
2,301.9611
18.475944
42,531
TOTAL
$197,660
Maxim Series II
NET ASSETS APPLICABLE TO OUTSTANDING
UNITS OF CAPITAL:
Investment Division:
Money Market\Non-Qualified
75,545.5963
$16.864810
$1,274,062
Money Market\Qualified
67,055.8693
16.654309
1,116,769
Bond\Non-Qualified
78,118.8592
24.112792
1,883,664
Bond\Qualified
97,084.2892
24.305495
2,359,682
Stock Index\Non-Qualified
171,361.1144
37.606544
6,444,299
Stock Index\Qualified
209,033.8029
38.166938
7,978,180
U.S. Government Securities/Non-Qualified
311,648.6835
22.557261
7,029,941
U.S. Government Securities/Qualified
209,438.6256
22.331896
4,677,162
Total Return/Non-Qualified
227,445.4626
18.928494
4,305,200
TCI Growth
32,625.4587
14.078022
459,302
TCI Balanced
26,985.6852
13.259579
357,819
TOTAL
$37,886,080
Maxim Series III
NET ASSETS APPLICABLE TO
OUTSTANDING UNITS OF CAPITAL:
Investment Division:
Bond
4,571.2450
11.030400
$50,423
Corporate Bond
9,442.4480
12.057372
113,851
INVESCO ADR
5,539.4120
12.139456
67,245
INVESCO Small-Cap Growth
20,516.1270
16.498557
338,486
Mid-Cap
63,488.0990
14.897292
945,801
Money Market
20,501.3340
10.354841
212,288
Small-Cap Index
4,612.5820
13.299748
61,346
Small-Cap Value
1,551.3980
12.287866
19,063
Stock Index
57,442.5610
14.224362
817,084
Total Return
21,889.8390
12.196305
266,975
T. Rowe Price Equity/Income
47,109.3310
13.814807
650,806
U.S. Government Securities
10,970.3680
10.970631
120,352
TCI Balanced
14,451.6090
12.326139
178,133
TCI Growth
14,392.6530
13.042420
187,715
TOTAL
$4,029,568
6. SELECTED DATA
The following is a summary of selected data for a unit of
capital of the Series Account at the beginning and end of the year
and the number of units outstanding at June 30, 1996 and December
31, 1995, 1994, 1993, and 1992, by investment division:
Money Market Non-Qualified
Money Market Qualified
Bond Non-Qualified
Bond Qualified
Stock Index Qualified
Total Return Non-Qualified
Maxim Series I
June 30, 1996
Beginning Unit Value
$ 20.92
$ 32.74
$ 29.81
$ 43.05
$ 17.75
Ending Unit Value
$ 21.30
$ 32.53
$ 29.62
$ 46.82
$ 18.48
Number of Units Outstanding
1,997.22
2,732.24
522.31
175.85
2,301.96
1995
Beginning Unit Value
$ 20.04
$ 20.01
$ 28.77
$ 26.21
$ 32.29
$ 14.65
Ending Unit Value
$ 20.92
$ 0.0
$ 32.74
$ 29.81
$ 43.05
$ 17.75
Number of Units Outstanding
2,022.86
0
2,732.24
523.12
176.42
2,301.96
1994
Beginning Unit Value
$ 19.54
$ 19.51
$ 29.84
$ 27.18
$ 32.65
$ 15.24
Ending Unit Value
$ 20.04
$ 20.01
$ 28.77
$ 26.21
$ 32.29
$ 14.65
Number of Units Outstanding
2,027.25
718.03
2,735.02
2,001.77
1,700.61
2,303.69
1993
Beginning Unit Value
$ 19.23
$ 19.21
$ 27.83
$ 25.36
$ 30.10
$ 13.75
Ending Unit Value
$ 19.54
$ 19.51
$ 29.84
$ 27.18
$ 32.65
$ 15.24
Number of Units Outstanding
2,031.80
720.03
2,738.15
2,004.45
2,221.73
1,192.30
1992
Beginning Unit Value
$ 18.82
$ 18.79
$ 26.52
$ 24.17
$ 28.79
$ 13.21
Ending Unit Value
$ 19.23
$ 19.21
$ 27.83
$ 25.36
$ 30.10
$ 13.75
Number of Units Outstanding
1,003.50
1,892.89
3,360.64
2,300.77
2,651.87
1,510.03
(Continued)
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of
capital of the Series Account at the beginning and end of the year
and the number of units outstanding at June 30, 1996 and December
31, 1995, 1994, 1993, and 1992, by investment division:
Money Market Non-Qualified
Money Market Qualified
Bond Non-Qualified
Bond Qualified
Stock Index Non-Qualified
Stock Index Qualified
U.S. Government Securities Non-Qualified
U.S. Government Securities Qualified
Total Return Non-Qualified
TCI Growth (A)
TCI Balanced (A)
Maxim Series II
June 30, 1996
Beginning Unit Value
$ 16.58
$ 16.37
$ 24.29
$ 24.48
$ 34.53
$ 35.04
$ 22.88
$ 22.65
$ 18.20
$ 14.00
$ 12.69
Ending Unit Value
$ 16.86
$ 16.65
$ 24.11
$ 24.31
$ 37.61
$ 38.17
$ 22.56
$ 22.33
$ 18.93
$ 14.08
$ 13.26
Number of Units Outstanding
75,545.60
67,055.87
78,118.86
97,078.86
171,361.11
209,009.65
311,648.68
209,432.54
227,445.46
32,625.46
26,985.69
1995
Beginning Unit Value
$ 15.90
$ 15.71
$ 21.37
$ 21.54
$ 25.81
$ 26.19
$ 19.98
$ 19.78
$ 15.04
$ 10.82
$ 10.62
Ending Unit Value
$ 16.58
$ 16.37
$ 24.29
$ 24.48
$ 34.53
$ 35.04
$ 22.88
$ 22.65
$ 18.20
$ 14.00
$ 12.69
Number of Units Outstanding
97,581.56
104,679.99
79,442.17
106,047.41
171,678.12
224,763.46
325,518.95
228,062.15
239,974.08
25,359.37
24,517.40
1994
Beginning Unit Value
$ 15.53
$ 15.33
$ 22.20
$ 22.38
$ 26.13
$ 26.52
$ 20.93
$ 20.72
$ 15.67
$ 11.11
$ 10.71
Ending Unit Value
$ 15.90
$ 15.71
$ 21.37
$ 21.54
$ 25.81
$ 26.19
$ 19.98
$ 19.78
$ 15.04
$ 10.82
$ 10.62
Number of Units Outstanding
125,420.05
127,897.77
95,366.99
113,313.38
219,588.42
263,158.31
415,446.66
284,597.25
335,713.57
21,121.89
27,124.38
1993
Beginning Unit Value
$ 15.31
$ 15.12
$ 20.74
$ 20.90
$ 24.12
$ 24.48
$ 19.41
$ 19.21
$ 14.16
$ 10.20
$ 10.08
Ending Unit Value
$ 15.53
$ 15.33
$ 22.20
$ 22.38
$ 26.13
$ 26.52
$ 20.93
$ 20.72
$ 15.67
$ 11.11
$ 10.71
Number of Units Outstanding
135,293.72
105,196.10
154,786.15
147,002.74
284,941.95
332,747.75
649,198.60
417,423.10
438,337.99
44,619.57
33,951.49
1992
Beginning Unit Value
$ 15.00
$ 14.82
$ 19.79
$ 19.95
$ 23.11
$ 23.45
$ 18.06
$ 17.88
$ 13.62
$ 10.00
$ 10.00
Ending Unit Value
$ 15.31
$ 15.12
$ 20.74
$ 20.90
$ 24.12
$ 24.48
$ 19.41
$ 19.21
$ 14.16
$ 10.20
$ 10.08
Number of Units Outstanding
178,042.42
183,558.09
186,256.95
173,575.16
331,096.23
414,325.07
816,505.97
505,474.92
542,293.10
15,624.73
2,641.92
(A) The Investment Divisions commenced operations on December 1,
1992, at a unit value of $10.00.
(Continued)
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of
capital of the Series Account at the beginning and end of the year
and the number of units outstanding at June 30, 1996 and December
31, 1995, 1994, 1993, and 1992, by investment division:
Bond
Corporate Bond (E)
INVESCO ADR (A)
INVESCO Small-Cap (A)
Mid-Cap
Money Market (D)
Small-Cap Index
Small-Cap Value
(C)Stock Index
Total Return
T. Rowe Price Equity/Income (A)
U.S. Government Securities (B)
TCI Balanced
TCI Growth
Maxim Series III
June 30, 1996
Beginning Unit Value
$ 11.10
$ 12.03
$ 11.25
$ 13.09
$ 13.49
$ 10.17
$ 12.18
$ 11.60
$ 13.05
$ 11.72
$ 12.92
$ 11.12
$ 11.79
$ 12.94
Ending Unit Value
$ 11.03
$ 12.06
$ 12.14
$ 16.50
$ 14.90
$ 10.35
$ 13.30
$ 12.29
$ 14.22
$ 12.20
$ 13.81
$ 10.97
$ 12.33
$ 13.04
Number of Units Outstanding
4,571.25
9,442.45
5,539.41
20,516.13
63,488.10
20,501.33
4,612.58
1,551.40
57,442.56
21,889.84
47,109.33
10,970.37
14,451.61
14,392.65
1995
Beginning Unit Value
$ 9.76
$ 10.00
$ 10.00
$ 10.00
$ 10.80
$ 10.00
$ 9.77
$ 10.00
$ 9.74
$ 9.67
$ 10.00
$ 10.00
$ 9.85
$ 10.00
Ending Unit Value
$ 11.10
$ 12.03
$ 11.25
$ 13.09
$ 13.49
$ 10.17
$ 12.18
$ 11.60
$ 13.05
$ 11.72
$ 12.92
$ 11.12
$ 11.79
$ 12.94
Number of Units Outstanding
1,675.75
799.35
2,623.01
4,511.19
24,467.21
15,499.45
2,705.63
697.92
17,200.32
9,694.71
19,500.37
14,812.67
7,745.10
6,110.86
1994
Beginning Unit Value
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
Ending Unit Value
$ 9.76
$ 10.80
$ 9.77
$ 9.74
$ 9.67
$ 9.85
Number of Units Outstanding
455.62
4,508.26
986.29
2,306.48
2,085.24
199.55
(A) The Investment Division commenced operations on January 6,
1995, at a unit value of $10.00.
(B) The Investment Division commenced operations on January 18,
1995, at a unit value of $10.00.
(C) The Investment Division commenced operations on March 9, 1995,
at a unit value of $10.00.
(D) The Investment Division commenced operations on August 4,
1995, at a unit value of $10.00.
(E) The Investment Division commenced operations on August 8,
1995, at a unit value of $10.00.
(Concluded)
7. CHANGE IN SHARES
The following is a summary of the net change in the total
investment shares held in each of the respective mutual funds:
For the six months ended June 30,
1996
1995
Maxim Series I
Maxim Series Fund, Inc.
- - Money Market/Non-Qualified
258
901
Maxim Series Fund, Inc.
- - Money Market/Qualified
99,824
Maxim Series Fund, Inc.
- - Bond/Non-Qualified
1,815
1,748
Maxim Series Fund, Inc.
- - Bond/Qualified
293
(33,804)
Maxim Series Fund, Inc.
- - Stock Index/Qualified
(4)
(32,815)
Maxim Series Fund, Inc.
- - Total Return/Non-Qualified
256
401
Maxim Series II
Maxim Series Fund, Inc.
- - Money Market/Non-Qualified
(342,077)
(218,416)
Maxim Series Fund, Inc.
- - Money Market/Qualified
(595,404)
(173,413)
Maxim Series Fund, Inc.
- - Bond/Non-Qualified
11,262
(84,654)
Maxim Series Fund, Inc.
- - Bond/Qualified
(131,664)
60,553
Maxim Series Fund, Inc.
- - Stock Index/Non-Qualified
445
(495,796)
Maxim Series Fund, Inc.
- - Stock Index/Qualified
(271,479)
(468,362)
Maxim Series Fund, Inc.
- - U.S. Government Securities/Non-Qualified
(138,172)
(989,864)
Maxim Series Fund, Inc.
- - U.S. Government Securities/Qualified
(283,593)
(581,783)
Maxim Series Fund, Inc.
- - Total Return/Non-Qualified
(152,049)
(1,038,234)
TCI Portfolios, Inc.
- - TCI Growth
12,941
(2,257)
TCI Portfolios, Inc.
- - TCI Balanced
6,169
4,924
Maxim Series III
Maxim Series Fund, Inc.
- - Bond
33,116
113
Maxim Series Fund, Inc.
- - Corporate Bond
93,448
Maxim Series Fund, Inc.
- - INVESCO ADR
28,990
24,727
Maxim Series Fund, Inc.
- - INVESCO Small-Cap Growth
169,883
18,294
Maxim Series Fund, Inc.
- - Mid-Cap
397,447
50,530
Maxim Series Fund, Inc.
- - Money Market
54,760
Maxim Series Fund, Inc.
- - Small-Cap Index
19,853
10,859
Maxim Series Fund, Inc.
- - Small-Cap Value
9,275
7,204
Maxim Series Fund, Inc.
- - Stock Index
283,747
36,148
Maxim Series Fund, Inc.
- - Total Return
111,774
1,656
Maxim Series Fund, Inc.
- - T. Rowe Price Equity/Income
292,287
56,129
Maxim Series Fund, Inc.
- - U.S. Government Securities
(7,264)
1,929
TCI Portfolios, Inc.
- - TCI Balanced
18,572
282
TCI Portfolios, Inc.
- - TCI Growth
11,381
1,162
