TO THE PARTICIPANTS OF VARIABLE ANNUITY ACCOUNT A
The bull market in stocks raged on Wall Street again during 1997. The total
return on the Standard & Poor's 500 (S&P 500) stock index was approximately 33%,
bringing the three year total return to an unprecedented 123% gain for the
index. As has been the case over the past several years, the large
capitalization sector of the market outperformed the small cap sector. The
return on the Standard & Poor's Small Cap 600 (S&P 600) stock index trailed that
of the S&P 500 by 725 basis points (7 1/4 percentage points) during the year.
Stocks climbed steadily through the first eight months of the year, while moving
in a sideways pattern for the remainder of the year. The market began to
re-evaluate the "best-of-all-worlds" scenario for the U.S. economy in light of
the development of economic and currency crises in most of Asia.
Continued strong economic growth in the U.S., accompanied by low and declining
inflation spurred continued declines in interest rates over the course of the
year. The only sector of the yield curve not participating in the rate rally was
the short end. Here, the Federal Reserve kept rates steady for most of the year,
after a small 25 basis point (1/4 percentage point) hike in the fed funds rate
early in the year.
The most potent challenge to the case for economic and market nirvana in the
United States arose with the previously mentioned Asian economic situation.
Massive currency devaluation across most of Asia is putting downward pressure on
prices around the globe. While this is positive from an interest rate
perspective, it is likely to slow growth in the U.S. and place pressure on
corporate earnings. If this occurs, the stock market's three-year string of
unprecedented returns may be at risk of being broken in 1998.
While it is impossible to predict the future direction of the markets with any
degree of certainty, there are certain basic principles that can help investors
plan for their future needs.
The longer your investment time frame, the less likely it is that you will be
affected by short-term market volatility. For intermediate investment time
frames, short-term market volatility may have more of an impact on investments
and if your time horizon is less than a year, you may wish to consider options
which seek income and maintain a relatively stable share price.
GW Capital Management, LLC is the investment adviser for Variable Annuity
Account A.
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Financial Statements for the Years Ended December 31,
1997 and 1996 and Independent Auditors' Report
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Variable Annuity Account Committee
and the Participants of Great-West Variable Annuity Account A:
We have audited the accompanying statement of assets and liabilities of the
Great-West Variable Annuity Account A, including the schedule of investments, as
of December 31, 1997, the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended and the financial highlights for each of the five years in the
period ended December 31, 1997. These financial statements and financial
highlights are the responsibility of Variable Annuity Account A's management.
Our responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and the financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
December 31, 1997 by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of the Great-West
Variable Annuity Account A at December 31, 1997, and the results of its
operations, the changes in its net assets and the financial highlights for the
respective stated periods in conformity with generally accepted accounting
principles.
January 30, 1998
<PAGE>
<TABLE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1997
- ----------------------------------------------------------------------------------------------
Assets:
Investments, at value:
<S> <C>
Common stock (cost - $6,748,353) $ 7,869,812
Short-term investment (cost - $298,788) 298,788
Investment income due and accrued 18,803
Cash 165,450
Receivable for securities sold 441,022
----------------
Total Assets 8,793,875
Liabilities:
Payable for securities purchased 258,870
Due to Great-West Life & Annuity Insurance Company 3,490
Contract benefits payable 58,356
----------------
Total Liabilities 320,716
----------------
Net Assets $ 8,473,159
================
Net Assets Represented By (Units at 10.661)
Accumulation units - 746,562 $ 7,959,464
Reserves for annuities in course of payment - 2,811 units 513,695
----------------
Net Assets $ 8,473,159
================
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1997
- ----------------------------------------------------------------------------------------------
Investment Income:
<S> <C>
Dividends $ 185,039
Interest 43,323
---------------
228,362
Expenses:
Administration 22,884
Mortality risks 30,944
Investment management and advisory services 37,297
Expense risks 5,501
---------------
96,626
---------------
Net Investment Income 131,736
---------------
Realized and Unrealized Gain on Investments:
Net realized gain on investments 1,823,734
Net change in unrealized (depreciation) on investments (476,166)
---------------
Net Realized and Unrealized Gain on Investments 1,347,568
---------------
Net Increase in Net Assets Resulting from Operations $ 1,479,304
===============
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- ----------------------------------------------------------------------------------------------
From Operations: 1997 1996
------------- --------------
<S> <C> <C>
Net investment income $ 131,736 $ 45,078
Net realized gains 1,823,734 754,021
Net change in unrealized appreciation (476,166) 289,358
------------- --------------
Increase in net assets resulting
from operations 1,479,304 1,088,457
From Unit Share Transactions:
Surrenders (460,010) (199,158)
Annuity payments (120,602) (107,722)
Death payments (215,036) (41,699)
Transfer in respect of mortality guarantees 49,642 9,843
------------- --------------
Decrease in net assets derived from unit
share transactions (746,006) (338,736)
------------- --------------
Net increase in net assets 733,298 749,721
Net Assets:
Beginning of period 7,739,861 6,990,140
------------- --------------
=============
End of period $ 8,473,159 $ 7,739,861
============= ==============
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
FINANCIAL HIGHLIGHTS
- ----------------------------------------------------------------------------------------------
Selected data for an accumulation unit for years ended December 31, 1997, 1996,
1995 1994, and 1993 were as follows:
Years Ended December 31,
-----------------------------------------------------------
1997 1996 1995 1994 1993
---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Unit Value, Beginning of Period $ 8.767 $ 7.501 $ 6.070 $ 6.245 $ 5.397
Income From Investment Operations:
Net investment income .167 .053 .089 .073 .048
Net gains (losses) on investments
(realized and unrealized) 1.727 1.213 1.342 (.248) .800
---------- ---------- ---------- ---------- ---------
Total From Investment
Operations (Note A) 1.894 1.266 1.431 (.175) .848
---------- ---------- ---------- ---------- ---------
Unit Value, End of Period $ 10.661 $ 8.767 $ 7.501 $ 6.070 $ 6.245
========== ========== ========== ========== =========
Total Return 20.27% 15.90% 23.56% (2.80)% 15.71%
Net Assets, End of Period $ 8,473,159 $ 7,739,861 $ 6,990,140 $ 6,076,943 $ 7,235,935
Average broker commission paid
per share bought or sold $ 0.0600 $ 0.0692
Ratio of Expenses to Average
Net Assets 1.27% 1.25% 1.18% 1.24% 1.19%
Ratio of Net Investment Income
to Average Net Assets 1.74% 1.89% 2.49% 2.42% 2.02%
Portfolio Turnover Rate 151.4% 64.4% 62.2% 30.2% 23.4%
</TABLE>
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.
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 1997 AND 1996
- --------------------------------------------------------------------------------
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 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.
<PAGE>
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. Effective November
1, 1996 a wholly-owned subsidiary of Great-West Life & Annuity Insurance
Company, GW Capital Management, LLC, serves as investment advisor.
NOTE 4 - INVESTMENTS
The aggregate purchases of investments and the aggregate proceeds from sales of
investments were (excluding short-term securities) as follows:
<TABLE>
1997 1996
-------------- -------------
Common Stock
<S> <C> <C>
Purchases $ 11,046,651 $ 4,215,625
Proceeds from sales 11,673,390 4,398,958
</TABLE>
NOTE 5 - FEDERAL INCOME TAXES
The Variable Annuity Account A investment income is 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:
1997 1996
---------- ----------
Outstanding - January 1 819,044 848,519
Redeemed during the year
Surrender (49,689) (24,386)
Death (22,793) (5,089)
---------- ----------
---------- ----------
(72,482) (29,475)
---------- ----------
========== ==========
Outstanding - December 31 746,562 819,044
========== ==========
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.
<PAGE>
<TABLE>
NOTES TO FINANCIAL STATEMENTS - Continued
- ----------------------------------------------------------------------------------------------
NOTE 7 - ACCUMULATION UNIT VALUES - (Unaudited)
ACCUMULATION ACCUMULATION
VALUATION DATE UNIT VALUE VALUATION DATE UNIT VALUE
- ------------------------ ------------------------ ---------------------- --------------------
<S> <C> <C> <C> <C> <C>
January 3, 1969 $ 1.00000000 September 30, 1980 $ 1.24125856
March 28, 1969 $ 1.07468400 December 31, 1980 $ 1.34937658
June 27, 1969 $ 1.07583259 March 31, 1981 $ 1.34420316
September 30, 1969 $ 1.04319336 June 30, 1981 $ 1.31151501
December 31, 1969 $ 1.05956294 September 30, 1981 $ 1.21957549
March 31, 1970 $ 1.05322327 December 31, 1981 $ 1.34034823
June 30, 1970 $ .86337212 March 31, 1982 $ 1.22060069
September 30, 1970 $ .98057690 June 30, 1982 $ 1.21747890
December 31, 1970 $ 1.08416020 September 30, 1982 $ 1.32107048
March 31, 1971 $ 1.28783953 December 31, 1982 $ 1.54829628
June 30, 1971 $ 1.31417688 March 31, 1983 $ 1.72492408
September 30, 1971 $ 1.34600160 June 30, 1983 $ 1.88999803
December 31, 1971 $ 1.40624309 September 30, 1983 $ 1.85391985
March 31, 1972 $ 1.50937876 December 31, 1983 $ 1.86959830
June 30, 1972 $ 1.46441659 March 31, 1984 $ 1.77987261
September 29, 1972 $ 1.41141921 June 30, 1984 $ 1.74123169
December 31, 1972 $ 1.43641768 September 30, 1984 $ 1.89436321
March 30, 1973 $ 1.14518173 December 31, 1984 $ 1.94021457
June 29, 1973 $ .94975920 March 31, 1985 $ 2.11639231
September 28, 1973 $ 1.12752636 June 30, 1985 $ 2.31593116
December 31, 1973 $ .98798465 September 30, 1985 $ 2.17502453
March 29, 1974 $ .92504974 December 31, 1985 $ 2.50415588
June 28, 1974 $ .84636772 March 31, 1986 $ 2.92575544
September 30, 1974 $ .69582357 June 30, 1986 $ 3.12894373
December 31, 1974 $ .76438983 September 30, 1986 $ 2.79849885
March 31, 1975 $ .85484991 December 31, 1986 $ 2.92996949
June 30, 1975 $ .94523691 March 31, 1987 $ 3.45357315
September 30, 1975 $ .86720026 June 30, 1987 $ 3.47692861
December 31, 1975 $ .89703274 September 30, 1987 $ 3.58107036
March 31, 1976 $ 1.02654318 December 31, 1987 $ 2.90927633
June 30, 1976 $ 1.04254066 March 31, 1988 $ 3.03211290
September 30, 1976 $ 1.02175714 June 30, 1988 $ 3.14170371
December 31, 1976 $ 1.06312535 September 30, 1988 $ 3.19555027
March 31, 1977 $ .96668709 December 31, 1988 $ 3.24632490
June 30, 1977 $ .97779837 March 31, 1989 $ 3.40048089
September 30, 1977 $ .91543186 June 30, 1989 $ 3.66057985
December 31, 1977 $ .91330430 September 30, 1989 $ 4.03595925
March 31, 1978 $ .88025820 December 31, 1989 $ 4.16667314
June 30, 1978 $ .94981303 March 31, 1990 $ 4.10420565
September 30, 1978 $ 1.02175412 June 30, 1990 $ 4.40575331
December 31, 1978 $ .94566769 September 30, 1990 $ 3.95067300
March 31, 1979 $ 1.03700469 December 31, 1990 $ 4.09586804
June 30, 1979 $ 1.03384794 March 31, 1991 $ 4.67731834
September 30, 1979 $ 1.07966980 June 30, 1991 $ 4.46997251
December 31, 1979 $ 1.09861144 September 30, 1991 $ 4.70629835
March 31, 1980 $ 1.02778990 December 31, 1991 $ 5.17489662
June 30, 1980 $ 1.15888482
</TABLE>
<PAGE>
ACCUMULATION UNIT VALUES - (Unaudited) - Concluded
ACCUMULATION
VALUATION DATE UNIT VALUE
- ------------------------ ------------------------
March 31, 1992 $ 5.00089395
June 30, 1992 $ 4.90045709
September 30, 1992 $ 4.94334533
December 31, 1992 $ 5.39680799
March 31, 1993 $ 5.70268053
June 30, 1993 $ 5.91443136
September 30, 1993 $ 6.20352631
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
September 30, 1996 $ 8.36088935
December 31, 1996 $ 8.76699327
March 31, 1997 $ 9.10319430
June 30, 1997 $ 9.87479147
September 30, 1997 $ 10.11055595
December 31, 1997 $ 10.66148379
<PAGE>
Variable Annuity Account A
COMMON STOCK
COMMUNICATIONS --- 2.1%
2,800 AT&T Corp 171,500
$171,500
CONSUMER SERVICES --- 11.8%
2,600 Bausch & Lomb Inc 103,025
2,000 Becton Dickinson & Co 100,000
1,300 Bristol-Myers Squibb Co 123,012
3,500 CR Bard Inc 109,592
2,700 H&R Block Inc 120,992
1,900 Johnson & Johnson 125,162
2,700 King World Productions Inc 155,925
1,200 Merck & Company Inc 127,500
$965,208
CREDIT INSTITUTIONS --- 8.0%
1,500 American Express Co 133,875
2,100 Banc One Corp 114,055
3,100 First Hawaiian Inc 123,225
2,200 Mellon Bank Corp 133,375
2,400 NationsBank Corp 145,949
$650,479
ELECTRIC --- 3.2%
3,800 Baltimore Gas & Electric Co 129,436
3,300 Consolidated Edison Company of New York Inc 135,300
$264,736
ELECTRONICS - HIGH TECH --- 15.0%
2,900 Adobe Systems Inc 119,625
3,200 American Power Conversion Corp* 75,600
1,900 Bio Rad Labs Inc Class A* 49,637
3,000 Electronic Data Systems Corp 131,811
2,000 General Electric Co 146,750
2,300 Hewlett-Packard Co 143,750
2,700 Johnson Controls Inc 128,925
2,100 Maytag Corp 78,355
4,000 Sun Microsystems Inc* 159,500
2,100 Thomas & Betts Corp 99,225
1,800 Varian Associates Inc 91,012
$1,224,190
GAS --- 1.7%
4,500 Washington Gas Light Co 139,217
$139,217
HIGHWAYS --- 1.2%
3,000 Ryder System Inc 98,250
$98,250
HOLDING & INVEST. OFFICES --- 3.0%
2,000 Equity Residential Properties Trust 101,124
2,200 MGIC Investment Corp 146,300
$247,424
INDUSTRIAL SERVICES --- 3.6%
3,000 Deluxe Corp 103,500
4,200 Kelly Services Inc Class A 126,000
3,400 Reynolds & Reynolds Co Class A 62,686
$292,186
INSURANCE --- 4.6%
1,600 Allstate Corp 145,400
1,200 American International Group Inc 130,500
3,000 Arthur J Gallagher & Co 103,311
$379,211
MFTG - CONSUMER PRODS. --- 4.4%
2,300 Anheuser-Busch Companies Inc 101,200
3,000 Kellogg Co 148,875
1,400 Leggett & Platt Inc 58,625
1,000 Springs Industries Inc Class A 52,000
$360,700
MFTG - INDUSTRIAL PRODS --- 16.7%
1,400 Armstrong World Industries Inc 104,650
3,900 Cooper Tire & Rubber Co 95,062
2,400 Hercules Inc 120,149
2,000 Kennametal Inc 103,624
2,000 Kimberly-Clark Corp 98,624
2,700 Mallinckrodt Inc 102,600
1,700 PPG Industries Inc 97,113
2,900 Pharmacia & Upjohn Inc 106,213
2,000 Rockwell International New 104,500
1,700 Tecumseh Products Co Class A 82,875
3,600 The Timken Co 123,750
3,400 USX-US Steel Group 106,250
3,800 Westvaco Corp 119,461
$1,364,871
OIL & GAS --- 7.0%
1,100 Amoco Corp 93,637
1,400 Atlantic Richfield Co 112,175
2,100 Coastal Corp 130,068
1,600 Mobil Corp 115,499
4,000 Occidental Petroleum Corp 117,248
$568,627
RETAIL TRADE --- 3.9%
3,300 Albertson's Inc 156,337
2,700 Limited Inc 68,850
3,500 Sbarro Inc 92,092
$317,279
TELEPHONE --- 3.4%
1,700 Bell Atlantic Corp 154,700
1,700 SBC Communications Inc 124,525
$279,225
TRANSPORTATION EQUIPMENT --- 1.5%
3,400 Chrysler Corp 119,636
$119,636
UNIT INVESTMENT TRUST --- 5.2%
4,400 S & P 500 Depositary Receipt* 427,073
$427,073
TOTAL COMMON STOCK --- 96.3% $7,869,812
(Cost $6,748,353)
SHORT-TERM INVESTMENTS
SECURITIES & COMMODITIES --- 3.7%
300,000 Merrill Lynch & Co Inc 298,788
$298,788
TOTAL SHORT-TERM INVESTMENTS --- 3.7% $298,788
(Cost $298,788)
TOTAL VARIABLE ANNUITY ACCOUNT A --- 100.0% $8,168,600
(Cost $7,047,141)
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A FDS
</LEGEND>
<CIK> 0000043498
<NAME> GREAT-WEST VARIABLE ANNUITY ACCOUNT A
<MULTIPLIER> 1000
<CURRENCY> U.S. Dollar
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 7047
<INVESTMENTS-AT-VALUE> 8169
<RECEIVABLES> 201
<ASSETS-OTHER> 165
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8535
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (62)
<TOTAL-LIABILITIES> (62)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5905
<SHARES-COMMON-STOCK> 747
<SHARES-COMMON-PRIOR> 819
<ACCUMULATED-NII-CURRENT> 177
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2578
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (187)
<NET-ASSETS> 8473
<DIVIDEND-INCOME> 185
<INTEREST-INCOME> 43
<OTHER-INCOME> 0
<EXPENSES-NET> (97)
<NET-INVESTMENT-INCOME> 131
<REALIZED-GAINS-CURRENT> 1824
<APPREC-INCREASE-CURRENT> (476)
<NET-CHANGE-FROM-OPS> 1479
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 72
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (733)
<ACCUMULATED-NII-PRIOR> 45
<ACCUMULATED-GAINS-PRIOR> 754
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 37
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 97
<AVERAGE-NET-ASSETS> 7298
<PER-SHARE-NAV-BEGIN> 8.767
<PER-SHARE-NII> 0.167
<PER-SHARE-GAIN-APPREC> 1.727
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.661
<EXPENSE-RATIO> 1.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
