Great-West Life & Annuity Insurance Company
Variable Annuity Account
BONDS
WHOLESALE TRADE - INDL ---
1,217 Surgical Laser Technologies Inc
Convertible Subordinated Notes
8.000% July 30, 1999
TOTAL BONDS ---
(Cost $0)
COMMON STOCK
AIR --- 2.1%
1,800 Delta Air Lines Inc
149,400
$149,400
COMMUNICATIONS --- 5.1%
2,600 AT&T Corp
161,200
2,100 Jacor Communications Inc*
64,838
7,600 Westinghouse Electric Corp
142,500
$368,538
CONSUMER SERVICES --- 13.0%
6,200 ADT Ltd*
117,025
2,700 American Medical Response Inc*
95,175
4,000 Caremark International Inc
101,000
1,500 Genzyme Corp*
75,375
2,300 ITT Corp*
152,375
2,800 Manor Care Inc
110,250
2,300 Marriott International Inc
123,625
2,800 Service Corporation International
161,000
$935,825
CREDIT INSTITUTIONS --- 7.0%
2,800 American Express Co
124,950
2,000 BankAmerica Corp
151,500
2,300 First Bank System Inc
133,400
1,100 JP Morgan & Company Inc
93,088
$502,938
ELECTRONICS - HIGH TECH --- 7.7%
1,900 Digital Equipment Corp*
85,500
2,600 General Motors Corp
156,325
4,200 Octel Communications Corp*
82,950
1,400 Perkin-Elmer Corp
67,550
1,700 Seagate Technology Inc*
76,500
1,500 Sun Microsystems Inc*
88,313
$557,138
GAS --- 1.6%
3,000 Pogo Producing Co
114,375
$114,375
HOLDING & INVEST. OFFICES --- 2.1%
2,100 Chase Manhattan Corp
148,313
$148,313
INDEPENDENT POWER PROD --- 1.3%
3,700 Calenergy Inc*
94,350
$94,350
INDUSTRIAL SERVICES --- 3.3%
1,100 COREStaff Inc*
49,225
900 Microsoft Corp*
108,113
1,300 Shared Medical Systems Corp
83,525
$240,863
INSURANCE --- 2.2%
1,600 American International Group Inc
157,800
$157,800
MFTG - CONSUMER PRODS. --- 5.5%
2,300 Campbell Soup Co
162,150
3,200 Coca-Cola Co
156,400
1,500 Nine West Group Inc*
76,688
$395,238
MFTG - INDUSTRIAL PRODS --- 9.6%
2,600 Aluminum Company of America
149,175
3,800 ITT Industries Inc
95,475
2,200 Kennametal Inc
74,800
2,900 Lear Corp*
102,225
2,200 Pfizer Inc
157,025
3,300 United States Filter Co*
114,675
$693,375
MINING --- 4.7%
1,800 Barrick Gold Corp
48,825
1,900 Newmont Mining Corp
93,813
2,000 Phelps Dodge Corp
124,750
1,100 Potash Corporation of Saskatchewan Inc
72,875
$340,263
OIL & GAS --- 11.1%
2,100 Amoco Corp
151,988
3,600 Coastal Corp
150,300
5,000 Nabors Industries Inc*
81,250
1,800 Newpark Resources Inc*
66,150
1,500 Schlumberger Ltd
126,375
1,700 Texaco Inc
142,588
2,700 Weatherford Enterra Inc*
81,000
$799,651
RETAIL TRADE --- 5.5%
4,200 Federated Department Stores Inc*
143,325
2,200 Nordstrom Inc
97,900
2,800 TJ International Inc
50,400
3,200 Walgreen Co
107,200
$398,825
TELEPHONE --- 2.0%
2,400 Ameritech Corp
142,500
$142,500
TRANSPORTATION EQUIPMENT --- 3.5%
1,500 Chrysler Corp
93,000
1,800 The Boeing Co
156,825
$249,825
WHOLESALE TRADE -CONSUMER --- 1.6%
1,300 Procter & Gamble Co
117,808
$117,808
TOTAL COMMON STOCK --- 88.8%
$6,407,025
(Cost $5,165,857)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 5.0%
360,000 Ford Motor Credit Co
358,533
$358,533
SECURITIES & COMMODITIES --- 2.8%
200,000 Merrill Lynch & Company Inc
199,368
$199,368
WHOLESALE TRADE -CONSUMER --- 3.5%
250,000 Cargill Inc
249,485
$249,485
TOTAL SHORT-TERM INVESTMENTS --- 11.2%
$807,386
(Cost $807,381)
TOTAL VARIABLE ANNUITY ACCOUNT --- 100.0%
$7,214,411
(Cost $5,973,238)
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Financial Statement for the Six Months
Ended June 30, 1996 and 1995
and Independent Auditors' Report
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
[Unaudited]
Assets:
Investments, at value:
Common stock (cost - $5,165,857)
$6,407,025
Short-term investment (cost-$807,381)
807,381
Investment income due and accrued
8,161
Cash
79,339
Due from broker
38,915
Total Assets
7,340,821
Liabilities:
Due to Great-West Life & Annuity Insurance Company
2,447
Total Liabilities
2,447
Net Assets
$7,338,374
Net Assets Represented By (Units at $8.162774):
Accumulation units - 831,646
$6,788,535
Reserves for annuities in course of payment - 2,850 units
549,839
Net Assets
$7,338,374
See notes to financial statements.
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Statement of Operations
Six Months Ended June 30, 1996
[Unaudited]
Investment Income:
Dividends
$44,466
Interest
23,234
Expenses:
67,700
Administration
9,966
Mortality risks
13,294
Investment management and advisory services
16,024
Expense risks
2,363
41,647
Net Investment Income
26,053
Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on investments
596,438
Net change in unrealized (depreciation) on investments
(67,098)
Net Realized and Unrealized Gain on Investments
529,340
Net Increase in Net Assets Resulting from Operations
$555,393
See notes to financial statements.
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Statements of Changes in Net Assets
Six Months Ended June 30, 1996 and 1995
[Unaudited]
From Operations:
1996
1995
Net investment income
$26,053
$56,335
Net realized gain
596,438
417,205
Net change in unrealized appreciation (depreciation)
(67,098)
438,314
Increase in net assets resulting from operations
555,393
911,854
From Unit Share Transactions:
Surrenders
(97,894)
444,362
Annuity payments
(57,234)
(57,695)
Death payments
(36,562)
(204,673)
Transfer in respect of mortality guarantees
(15,469)
(13,888)
Increase (decrease) in net assets derived from unit
share transactions
(207,159)
168,106
Net increase in net assets
348,234
1,079,960
Net Assets:
Beginning of period
6,990,140
6,076,943
End of period
$7,338,374
$7,156,903
See notes to financial statements.
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Notes to Financial Statements
Six Months Ended June 30, 1996 and 1995
[Unaudited]
NOTE 1 - HISTORY
Great-West Variable Annuity Account A (Variable Annuity Account A)
is
a separate and distinct investment fund established by The
Great-West Life Assurance Company (Great-West Life). On December
31, 1991, Variable Annuity Account A was transferred to and the
variable annuity contracts were reinsured by Great-West Life &
Annuity Insurance Company (GWL&A), a wholly-owned subsidiary of
Great-West Life. Variable Annuity Account A is registered as an
open-end diversified management investment company under the
Investment Company Act of 1940, and the registration under the
Securities Act of 1933 of the group variable annuity contracts
funded by Variable Annuity Account A became effective on November
27, 1968. Purchase payments were first placed in Variable Annuity
Account A on January 3, 1969.
Effective April 16, 1984, Great-West Life ceased issuing new
variable annuity contracts. Effective May 1, 1987, Great-West Life
has not allowed new participants to be enrolled under existing
variable annuity contracts and, effective May 1, 1989, no
additional contributions under existing variable annuity contracts
are being accepted.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
The preparation of financial statements in conformity with
generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the
reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.
The following is a summary of the significant accounting policies
of Variable Annuity Account A:
The cost of securities sold is determined on the basis of specific
identification.
Securities traded on national exchanges are valued daily at the
closing price of the securities on these exchanges, and securities
traded on over-the-counter markets are valued daily at the average
between bid and asked prices. Short-term securities are valued at
amortized cost which approximates market value. Security
transactions are recorded at the earlier of trade date or the date
a commitment is made to buy or sell the related investment.
Dividend income is accrued as of the ex-dividend date and interest
income is recorded daily.
NOTE 3 - CHARGES UNDER THE CONTRACTS
GWL&A provides administrative, investment management, and advisory
services to Variable Annuity Account A and has assumed mortality
and expense risks of the contracts. A daily deduction of .003285%
(an effective annual rate of 1.2064%) is made from the gross
investment income of Variable Annuity Account A. This deduction,
expressed on an annual basis, is broken down as follows: .2857%
for administrative expenses, .3863% for mortality risks, .0688% for
expense risks, and .4656% for investment management and advisory
services.
NOTE 4 - INVESTMENTS
The aggregate purchases of investments and the aggregate proceeds
from sales of investments were (excluding short-term securities) as
follows:
1996
1995
Common Stock
Purchases
$1,924,717
$2,221,298
Proceeds from sales
2,335,994
2,323,556
NOTES TO FINANCIAL STATEMENTS - Continued
NOTE 5 - FEDERAL INCOME TAXES
The Variable Annuity Account A investment income is automatically
applied to increase accumulation unit values. Under existing
federal income tax law, Variable Annuity Account A investment
income is not taxed to the extent that it is applied to increase
accumulation unit values. GWL&A reserves the right to charge the
Variable Annuity Account A if such taxes are imposed in the future.
NOTE 6 - ACCUMULATION UNITS
A summary of the transactions in accumulation units follows:
1996
1995
Outstanding - January 1
848,519
904,823
Redeemed during the year
Surrender
(12,369)
76,004
Death
(4,504)
(31,588)
(16,873)
44,416
Outstanding - June 30
831,646
949,239
Net investment income and realized and unrealized gains are
reflected in the value of the accumulation units. Dividends are
not declared from income and gains are not distributed.
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Financial Highlights
[Unaudited]
Selected data for an accumulation unit for the six months ended
June 30, 1996 and the years ended December 31, 1995, 1994, 1993,
and 1992 were as follows:
Six Months Ended June 30, 1996
Years Ended December 31,
1995
1994
1993
1992
Unit Value, Beginning of Period
$7.501
$6.070
$6.245
$5.397
$5.175
Income From Investment Operations:
Net investment income
.032
.089
.073
.048
.052
Net gains (losses) on investments
(realized and unrealized)
.630
1.342
(.248)
.800
.170
Total From Investment Operations (Note A)
.662
1.431
(.175)
.848
.222
Unit Value, End of Period
$8.163
$7.501
$6.070
$6.245
$5.397
Total Return
16.62% *
23.56%
(2.80)%
15.71%
4.29%
Net Assets, End of Period
$7,338,374
$6,990,140
$6,076,943
$7,235,935
$6,825,451
Ratio of Expenses to Average Net Assets
1.26% *
1.18%
1.24%
1.19%
1.21%
Ratio of Net Investment Income
to Average Net Assets
2.04% *
2.49%
2.42%
2.02%
2.23%
Portfolio Turnover Rate
29.8%
62.2%
30.2%
23.4%
44.5%
*Annualized
Note A - Net investment income and realized and unrealized gains
(losses) are reflected in the value of the accumulation units.
Dividends are not declared from income and capital gains are not
distributed.
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Accumulation Unit Values (Unaudited)
Valuation Date
Accumulation Unit Value
January 3, 1969
$1.00000000
June 30, 1981
$1.31151501
March 28, 1969
$1.07468400
September 30, 1981
$1.21957549
June 27, 1969
$1.07583259
December 31, 1981
$1.34034823
September 30, 1969
$1.04319336
March 31, 1982
$1.22060069
December 31, 1969
$1.05956294
June 30, 1982
$1.21747890
March 31, 1970
$1.05322327
September 30, 1982
$1.32107048
June 30, 1970
$ .86337212
December 31, 1982
$1.54829628
September 30, 1970
$ .98057690
March 31, 1983
$1.72492408
December 31, 1970
$1.08416020
June 30, 1983
$1.88999803
March 31, 1971
$1.28783953
September 30, 1983
$1.85391985
June 30, 1971
$1.31417688
December 31, 1983
$1.86959830
September 30, 1971
$1.34600160
March 31, 1984
$1.77987261
December 31, 1971
$1.40624309
June 30, 1984
$1.74123169
March 31, 1972
$1.50937876
September 30, 1984
$1.89436321
June 30, 1972
$1.46441659
December 31, 1984
$1.94021457
September 29, 1972
$1.41141921
March 31, 1985
$2.11639231
December 31, 1972
$1.43641768
June 30, 1985
$2.31593116
March 30, 1973
$1.14518173
September 30, 1985
$2.17502453
June 29, 1973
$ .94975920
December 31, 1985
$2.50415588
September 28, 1973
$1.12752636
March 31, 1986
$2.92575544
December 31, 1973
$ .98798465
June 30, 1986
$3.12894373
March 29, 1974
$ .92504974
September 30, 1986
$2.79849885
June 28, 1974
$ .84636772
December 31, 1986
$2.92996949
September 30, 1974
$ .69582357
March 31, 1987
$3.45357315
December 31, 1974
$ .76438983
June 30, 1987
$3.47692861
March 31, 1975
$ .85484991
September 30, 1987
$3.58107036
June 30, 1975
$ .94523691
December 31, 1987
$2.90927633
September 30, 1975
$ .86720026
March 31, 1988
$3.03211290
December 31, 1975
$ .89703274
June 30, 1988
$3.14170371
March 31, 1976
$1.02654318
September 30, 1988
$3.19555027
June 30, 1976
$1.04254066
December 31, 1988
$3.24632490
September 30, 1976
$1.02175714
March 31, 1989
$3.40048089
December 31, 1976
$1.06312535
June 30, 1989
$3.66057985
March 31, 1977
$ .96668709
September 30, 1989
$4.03595925
June 30, 1977
$ .97779837
December 31, 1989
$4.16667314
September 30, 1977
$ .91543186
March 31, 1990
$4.10420565
December 31, 1977
$ .91330430
June 30, 1990
$4.40575331
March 31, 1978
$ .88025820
September 30, 1990
$3.95067300
June 30, 1978
$ .94981303
December 31, 1990
$4.09586804
September 30, 1978
$1.02175412
March 31, 1991
$4.67731834
December 31, 1978
$ .94566769
June 30, 1991
$4.46997251
March 31, 1979
$1.03700469
September 30, 1991
$4.70629835
June 30, 1979
$1.03384794
December 31, 1991
$5.17489662
September 30, 1979
$1.07966980
March 31, 1992
$5.00089395
December 31, 1979
$1.09861144
June 30, 1992
$4.90045709
March 31, 1980
$1.02778990
September 30, 1992
$4.94334533
June 30, 1980
$1.15888482
December 31, 1992
$5.39680799
September 30, 1980
$1.24125856
March 31, 1993
$5.70268053
December 31, 1980
$1.34937658
June 30, 1993
$5.91443136
March 31, 1981
$1.34420316
September 30, 1993
$6.20352631
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Accumulation Unit Values (Unaudited) - Concluded
Valuation Date
Accumulation Unit Value
December 31, 1993
$6.24551098
March 31, 1994
$6.07099873
June 30, 1994
$5.98373289
September 30, 1994
$6.21184797
December 31, 1994
$6.07070336
March 31, 1995
$6.43386353
June 30, 1995
$6.93539739
September 30, 1995
$7.34349110
December 31, 1995
$7.50058268
March 31, 1996
$7.97167430
June 30, 1996
$8.16277408
