GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Financial Statements for the Six Months Ended June 30,
1999 (unaudited).
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
<TABLE>
Statement of Assets and Liabilities
June 30, 1999
=====================================================================================================================
[Unaudited]
ASSETS:
<S> <C> <C> <C> <C> <C> <C>
Investments, at value:
Common stock (cost - $7,358,370) $ 9,060,072
Investment income due and accrued 12,642
Due from broker 1,080
Due from Great-West Life & Annuity Insurance Company 784,113
-------------------------
Total Assets 9,857,907
LIABILITIES:
Miscellaneous liabilities 517,697
-------------------------
Total Liabilities 517,697
-------------------------
Net Assets $ 9,340,210
=========================
NET ASSETS REPRESENTED BY:
Accumulation units - 646,166 (units at $13.5282) $ 8,741,433
Reserves for annuities in course of payment 598,777
-------------------------
Net Assets $ 9,340,210
=========================
</TABLE>
See notes to financial statements.
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
<TABLE>
Statement of Operations
Six Months Ended June 30, 1999
=====================================================================================================================
[Unaudited]
INVESTMENT INCOME:
Dividends $ 79,413
Interest 6,557
-------------------------
85,970
EXPENSES:
<S> <C>
Administration 12,633
Mortality risks 17,081
Investment management and advisory services 20,589
Expense risks 3,036
-------------------------
53,339
-------------------------
Net Investment Income 32,631
-------------------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments 1,227,839
Net change in unrealized depreciation on investments (133,390)
-------------------------
Net Realized and Unrealized Gain on Investments 1,094,449
-------------------------
Net Increase in Net Assets Resulting from Operations $ 1,127,080
=========================
</TABLE>
See notes to financial statements.
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
<TABLE>
Statement of Changes in Net Assets
Six Months Ended June 30, 1999 and 1998
=====================================================================================================================
[Unaudited]
<S> <C> <C>
FROM OPERATIONS: 1999 1998
-------------------- --------------------
Net investment income $ 32,631 $ 40,765
Net realized gains 1,227,839 41,115
Net change in unrealized (depreciation) appreciation (133,390) 514,582
-------------------- --------------------
Increase in net assets resulting from operations 1,127,080 596,462
FROM UNIT SHARE TRANSACTIONS:
Surrenders (916,296) (36,074)
Annuity payments (73,147) (71,573)
Death payments (2,283)
Transfer in respect of mortality guarantees (33,357) (2,652)
-------------------- --------------------
Decrease in net assets derived from unit
share transactions (1,022,800) (112,582)
-------------------- --------------------
Net increase in net assets 104,280 483,880
NET ASSETS:
Beginning of period 9,235,930 8,473,159
==================== ====================
End of period $ 9,340,210 $ 8,957,039
==================== ====================
</TABLE>
See notes to financial statements.
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
<TABLE>
Financial Highlights
=====================================================================================================================
[Unaudited]
Selected data for an accumulation unit for the six months ended June 30, 1999
and the years ended December 31, 1998, 1997, 1996, and 1995, were as follows:
June 30,
1999 1998 1997 1996 1995
------------- ------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Unit Value, Beginning of Period $ 11.953 $ 10.661 $ 8.767 $ 7.501 $ 6.070
Income From Investment Operations:
Net investment income .051 .084 .167 .053 .089
Net realized and unrealized gains
(losses) on investments 1.524 1.208 1.727 1.213 l.342
------------- ------------- -------------- -------------- --------------
Total From Investment Operations
(Note A) 1.575 1.292 1.894 1.266 1.431
------------- ------------- -------------- -------------- --------------
Unit Value, End of Period $ 13.528 $ 11.953 $ 10.661 $ 8.767 $ 7.501
============= ============= ============== ============== ==============
Total Return 13.18% * 12.12% 20.27% 15.90% 23.56%
Net Assets, End of Period $ 9,340,210 $ 9,235,930 $ 8,473,159 $ 7,739,861 $ 6,990,140
Average Broker Commission Paid
Per Share Bought or Sold $ .0474 $ .0560 $ .0600 $ .0692 $
Ratio of Expenses to Average
Net Assets 1.33% * 1.03% 1.27% 1.25% 1.18%
Ratio of Net Investment Income
to Average Net Assets .81% * .77% 1.74% 1.89% 2.49%
Portfolio Turnover Rate 53.34% 51.93% 151.4% 64.4% 62.2%
* Annualized
</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
Six Months Ended June 30, 1999 and 1998
================================================================================
[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 6, 1984, Great-West Life ceased issuing 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 - RELATED-PARTY TRANSACTIONS
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: 0.2857% for
administrative expenses, 0.3863% for mortality risks, 0.0688% for expense risks,
and 0.4656% 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.
Contract benefit payments are advanced by GWL&A to contract holders on behalf of
Variable Annuity Account A. Variable Annuity Account A reimburses GWL&A for
these payments periodically.
NOTE 4 - INVESTMENTS
The aggregate purchases of investments and the aggregate proceeds from sales of
investments were (excluding short-term securities) as follows:
<TABLE>
<S> <C> <C>
Common Stock 1999 1998
- ------------------------------------------------------ ---------------------- ----------------------
Purchases $ 3,351,553 $ 1,617,804
Proceeds from sales 4,576,896 4,123,096
</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:
<TABLE>
1999 1998
---------------------- ----------------------
<S> <C> <C> <C>
Outstanding - January 1 717,490 746,562
Redeemed during the year:
Surrender (71,324) (3,381)
Death (199)
---------------------- ----------------------
(71,324) (3,580)
====================== ======================
Outstanding - June 30 646,166 742,982
====================== ======================
</TABLE>
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>
NOTE 7 - ACCUMULATION UNIT VALUES - [Unaudited]
===================================================================================================================
VALUATION ACCUMULATION VALUATION ACCUMULATION
DATE UNIT VALUE DATE UNIT VALUE
- ----------------------------- ------------------------- --------------------------- -------------------------
<S> <C> <C> <C> <C> <C>
January 3, 1969 $ 1.00000000 March 31, 1979 $ 1.03700469
March 28, 1969 $ 1.07468400 June 30, 1979 $ 1.03384794
June 27, 1969 $ 1.07583259 September 30, 1979 $ 1.07966980
September 30, 1969 $ 1.04319336 December 31, 1979 $ 1.09861144
December 31, 1969 $ 1.05956294 March 31, 1980 $ 1.02778990
March 31, 1970 $ 1.05322327 June 30, 1980 $ 1.15888482
June 30, 1970 $ .86337212 September 30, 1980 $ 1.24125856
September 30, 1970 $ .98057690 December 31, 1980 $ 1.34937658
December 31, 1970 $ 1.08416020 March 31, 1981 $ 1.34420316
March 31, 1971 $ 1.28783953 June 30, 1981 $ 1.31151501
June 30, 1971 $ 1.31417688 September 30, 1981 $ 1.21957549
September 30, 1971 $ 1.34600160 December 31, 1981 $ 1.34034823
December 31, 1971 $ 1.40624309 March 31, 1982 $ 1.22060069
March 31, 1972 $ 1.50937876 June 30, 1982 $ 1.21747890
June 30, 1972 $ 1.46441659 September 30, 1982 $ 1.32107048
September 29, 1972 $ 1.41141921 December 31, 1982 $ 1.54829628
December 31, 1972 $ 1.43641768 March 31, 1983 $ 1.72492408
March 30, 1973 $ 1.14518173 June 30, 1983 $ 1.88999803
June 29, 1973 $ .94975920 September 30, 1983 $ 1.85391985
September 28, 1973 $ 1.12752636 December 31, 1983 $ 1.86959830
December 31, 1973 $ .98798465 March 31, 1984 $ 1.77987261
March 29, 1974 $ .92504974 June 30, 1984 $ 1.74123169
June 28, 1974 $ .84636772 September 30, 1984 $ 1.89436321
September 30, 1974 $ .69582357 December 31, 1984 $ 1.94021457
December 31, 1974 $ .76438983 March 31, 1985 $ 2.11639231
March 31, 1975 $ .85484991 June 30, 1985 $ 2.31593116
June 30, 1975 $ .94523691 September 30, 1985 $ 2.17502453
September 30, 1975 $ .86720026 December 31, 1985 $ 2.50415588
December 31, 1975 $ .89703274 March 31, 1986 $ 2.92575544
March 31, 1976 $ 1.02654318 June 30, 1986 $ 3.12894373
June 30, 1976 $ 1.04254066 September 30, 1986 $ 2.79849885
September 30, 1976 $ 1.02175714 December 31, 1986 $ 2.92996949
December 31, 1976 $ 1.06312535 March 31, 1987 $ 3.45357315
March 31, 1977 $ .96668709 June 30, 1987 $ 3.47692861
June 30, 1977 $ .97779837 September 30, 1987 $ 3.58107036
September 30, 1977 $ .91543186 December 31, 1987 $ 2.90927633
December 31, 1977 $ .91330430 March 31, 1988 $ 3.03211290
March 31, 1978 $ .88025820 June 30, 1988 $ 3.14170371
June 30, 1978 $ .94981303 September 30, 1988 $ 3.19555027
September 30, 1978 $ 1.02175412 December 31, 1988 $ 3.24632490
December 31, 1978 $ .94566769
(Continued)
<PAGE>
NOTE 7 - ACCUMULATION UNIT VALUES - [Unaudited]
===================================================================================================================
VALUATION ACCUMULATION VALUATION ACCUMULATION
DATE UNIT VALUE DATE UNIT VALUE
- ----------------------------- ------------------------- --------------------------- -------------------------
March 31, 1989 $ 3.40048089 March 31, 1999 $ 12.29221948
June 30, 1989 $ 3.66057985 June 30, 1999 13.52815376
September 30, 1989 $ 4.03595925
December 31, 1989 $ 4.16667314
March 31, 1990 $ 4.10420565
June 30, 1990 $ 4.40575331
September 30, 1990 $ 3.95067300
December 31, 1990 $ 4.09586804
March 31, 1991 $ 4.67731834
June 30, 1991 $ 4.46997251
September 30, 1991 $ 4.70629835
December 31, 1991 $ 5.17489662
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
March 31, 1998 $ 10.99141808
June 30, 1998 $ 11.46520474
September 30, 1998 $ 9.63105524
December 31, 1998 $ 11.95317612
(Concluded)
</TABLE>
The Maxim Series Fund
Variable Annuity Account
COMMON STOCK
COMMUNICATIONS --- 1.9%
3,150 AT&T Corp 175,808
$175,808
CONSUMER SERVICES --- 2.2%
3,200 United Healthcare Corp 200,400
$200,400
CREDIT INSTITUTIONS --- 3.0%
3,100 BancWest Corp 115,087
4,400 Mellon Bank Corp 160,050
$275,137
ELECTRIC --- 1.6%
3,300 Consolidated Edison Inc 149,325
$149,325
ELECTRONICS - HIGH TECH --- 14.4%
4,600 Compaq Computer Corp 108,960
2,000 Eastman Kodak Co 135,500
3,300 Emerson Electric Co 207,488
2,300 Hewlett-Packard Co 231,150
1,500 Johnson Controls Inc 103,968
2,900 Motorola Inc 274,775
6,700 Scientific-Atlanta Inc 241,200
$1,303,041
FINANCIAL SERVICES --- 2.1%
4,000 MGIC Investment Corp 194,500
$194,500
HOLDING & INVEST. OFFICES --- 6.2%
4,040 Bank One Corp 240,630
2,900 Bank of America Corp 212,605
3,800 Constellation Energy Group 112,575
$565,810
INDUSTRIAL SERVICES --- 4.7%
4,000 Electronic Data Systems Corp 226,248
3,000 Shared Medical Systems Corp 195,750
$421,998
INSURANCE --- 10.8%
3,200 Allstate Corp 114,800
3,000 Arthur J Gallagher & Co 148,500
2,500 Hartford Financial Services Group Inc 145,780
3,000 Lincoln National Corp 156,936
5,800 Torchmark Corp 197,925
4,000 Unum Corp 219,000
$982,941
MFTG - CONSUMER PRODS. --- 8.6%
4,700 Lancaster Colony Corp 162,150
8,400 Leggett & Platt Inc 233,621
5,500 Liz Claiborne Inc 200,750
3,900 Willamette Industries Inc 179,642
$776,163
MFTG - INDUSTRIAL PRODS --- 14.7%
4,300 3Com Corp* 114,754
3,200 Armstrong World Industries Inc 184,998
4,100 Kimberly-Clark Corp 233,700
2,500 PPG Industries Inc 147,655
4,200 Rockwell International Corp 255,150
7,700 USX-US Steel Group 207,900
3,500 WW Grainger Inc 188,342
$1,332,499
OIL & GAS --- 15.0%
2,800 Atlantic Richfield Co 233,974
5,700 Coastal Corp 228,000
5,700 Halliburton Co 257,925
4,000 Helmerich & Payne Inc 95,248
1,600 Mobil Corp 158,400
3,400 Schlumberger Ltd 216,536
5,600 Sunoco Inc 169,047
$1,359,130
RAILROADS --- 1.6%
4,800 Burlington Northern Santa Fe Corp 148,800
$148,800
RETAIL TRADE --- 6.7%
6,800 Brinker International Inc* 184,872
7,700 Dillards Inc Class A 270,462
3,400 Sears Roebuck & Co 151,511
$606,845
TELEPHONE --- 4.6%
3,400 Bell Atlantic Corp 222,275
3,400 SBC Communications Inc 197,200
$419,475
TRANSPORTATION --- 1.6%
5,700 Ryder System Inc 148,200
$148,200
TOTAL COMMON STOCK --- 100.0% $9,060,072
(Cost $7,358,370)
TOTAL VARIABLE ANNUITY ACCOUNT --- 100.0% $9,060,072
(Cost $7,358,370)
