TO THE PARTICIPANTS OF VARIABLE ANNUITY ACCOUNT A
Equity markets in the United States and Western Europe provided investors with
another year of double-digit percentage gains during 1998. These returns were
not achieved in a straight-line fashion, however. Equity markets rallied
strongly in the U.S. and Western Europe into the summer months. Markets gave
most of the gains back in late summer and early fall. The spread of the Asian
economic collapse to other developing economies around the globe, the Russian
debt default, and a developing crisis of confidence took the wind out of the
sails of global equity markets. At the same time equity markets were tumbling,
investors fled to the safety of U.S. Treasury securities, driving yields down to
historically low levels.
The decision by central banks around the world to ease monetary policy, in order
to restore confidence in financial markets and shore up the global economy,
worked as planned. During the fourth quarter of 1998, stock markets in the U.S.
and Western Europe rebounded sharply. Not only did the markets regain all the
ground they lost in the summer sell-off, but also they rallied sharply higher by
year-end. The fact that the equity markets regained their footing during the
latter part of 1998 took steam out of the powerful rally in the U.S. Treasury
market. Investors also began to tread water in the corporate bond market, which
was shunned along with equities during the mid-year crisis of confidence.
Most economists are forecasting sluggish worldwide economic growth for 1999,
with not much chance for a pick up in the level of price inflation. The effect
of a budding crisis in Latin America at the start of 1999, and the Y2K computer
issue facing the world at the end of this year, are issues that may affect
financial asset returns in the year ahead. As we have witnessed over the past
several years however, slow growth with low inflation has been a good
environment for performance of financial assets.
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. These principles include determining one's
investment objectives and tolerance for risk, adjusting for one's investment
time frame, diversifying, developing an overall strategy and sticking to it.
Are you investing for aggressive growth, long-term growth, growth and income or
current income? How much relative risk are you willing to accept in exchange for
the potential to achieve those objectives? The longer your investment horizon,
the less likely it is that you will be affected by short-term volatility.
No matter what your objectives, risk tolerance or investment horizon, it makes
sense to diversify your holdings. Diversification may include not only investing
in multiple companies, but also spreading your investments across various
industries, asset classes and even countries.
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,
1998 and 1997 and Independent Auditors' Report
<PAGE>
Denver, Colorado
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, 1998, 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, 1998. These financial statements and financial
highlights are the responsibility of Great-West 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, 1998 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, 1998, 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.
Deloitte & Touche LLP
February 16, 1999
<PAGE>
9
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
STATEMENT OF ASSETS AND LIABILITIES
DECEMBER 31, 1998
===============================================================================
Assets:
Investments, at value:
Common stock (cost - $7,356,360) $9,191,453
Short-term investments (cost - $298,065) 298,065
Investment income due and accrued 17,148
Cash 70,748
----------
Total Assets 9,577,414
Liabilities:
Due to Great-West Life & Annuity Insurance Company 21,026
Contract benefits payable (Note 3) 320,458
----------
Total Liabilities 341,484
----------
Net Assets $9,235,930
==========
Net Assets Represented By:
Accumulation units - 717,490 (units at $11.953) $8,576,279
Reserves for annuities in course of payment 659,651
----------
Net Assets $9,235,930
==========
See notes to financial statements.
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
STATEMENT OF OPERATIONS
YEAR ENDED DECEMBER 31, 1998
===============================================================================
Investment Income:
Dividends $ 158,834
Interest 24,565
----------
183,399
Expenses:
Administration 24,846
Mortality risks 33,597
Investment management and advisory services 40,494
Expense risks 5,972
----------
104,909
----------
Net Investment Income 78,490
----------
Realized and Unrealized Gain on Investments:
Net realized gain on investments 392,795
Net change in unrealized appreciation on investments 713,634
----------
Net Realized and Unrealized Gain on Investments 1,106,429
----------
Net Increase in Net Assets Resulting from Operations $1,184,919
==========
See notes to financial statements.
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
<TABLE>
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1998 AND 1997
==============================================================================================
<S> <C> <C>
From Operations: 1998 1997
------------- --------------
Net investment income $ 78,490 $ 131,736
Net realized gains 392,795 1,823,734
Net change in unrealized appreciation 713,634 (476,166)
------------- --------------
Increase in net assets resulting
from operations 1,184,919 1,479,304
From Unit Share Transactions:
Surrenders (293,653) (460,010)
Annuity payments (127,977) (120,602)
Death payments (28,572) (215,036)
Transfer in respect of mortality guarantees 28,054 49,642
------------- --------------
Decrease in net assets derived from unit
share transactions (422,148) (746,006)
------------- --------------
Net increase in net assets 762,771 733,298
Net Assets:
Beginning of period 8,473,159 7,739,861
------------- --------------
=============
End of period $ 9,235,930 $ 8,473,159
============= ==============
</TABLE>
See notes to financial statements.
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
<TABLE>
FINANCIAL HIGHLIGHTS
==============================================================================================
Selected data for an accumulation unit for the years ended December 31, 1998,
1997, 1996, 1995 and 1994, were as follows:
Years Ended December 31,
------------------------------------------------------------
1998 1997 1996 1995 1994
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Unit Value, Beginning of Period $ 10.661 $ 8.767 $ 7.501 $ 6.070 $ 6.245
Income From Investment Operations:
Net investment income .084 .167 .053 .089 .073
Net realized and unrealized gains
(losses) on investments 1.208 1.727 1.213 1.342 (.248)
----------- ---------- ---------- ---------- ----------
Total From Investment
Operations (Note A) 1.292 1.894 1.266 1.431 (.175)
----------- ---------- ---------- ---------- ----------
Unit Value, End of Period $ 11.953 $ 10.661 $ 8.767 $ 7.501 $ 6.070
=========== ========== ========== ========== ==========
Total Return 12.12% 20.27% 15.90% 23.56% (2.80)%
Net Assets, End of Period $ 9,235,930 $ 8,473,159 $ 7,739,861 $6,990,140 $ 6,076,943
Average broker commission paid
per share bought or sold $ .0560 $ 0.0600 $ 0.0692
Ratio of Expenses to Average
Net Assets 1.03% 1.27% 1.25% 1.18% 1.24%
Ratio of Net Investment Income
to Average Net Assets .77% 1.74% 1.89% 2.49% 2.42%
Portfolio Turnover Rate 51.93% 151.4% 64.4% 62.2% 30.2%
</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, 1998 AND 1997
==============================================================================
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 - 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:
Common Stock 1998 1997
-------------- -------------
Purchases $ 4,642,927 $ 11,046,651
Proceeds from sales 4,034,420 11,673,390
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:
1998 1997
---------- ---------
Outstanding - January 1 746,562 819,044
Redeemed during the year:
Surrender (26,596) (49,689)
Death (2,476) (22,793)
---------- ---------
---------- ---------
(29,072) (72,482)
---------- ---------
========== =========
Outstanding - December 31 717,490 746,562
========== =========
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>
NOTES TO FINANCIAL STATEMENTS - Continued
<TABLE>
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>
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
March 31, 1998 $ 10.99141808
June 30, 1998 $ 11.46520474
September 30, 1998 $ 9.63105524
December 31, 1998 $ 11.95317612
The Maxim Series Fund
Variable Annuity Account
COMMON STOCK
COMMUNICATIONS --- 2.2%
2,800 AT&T Corp 210,700
$210,700
CONSUMER SERVICES --- 9.7%
4,000 Bausch & Lomb Inc 240,000
1,300 Bristol-Myers Squibb Co 173,956
3,500 CR Bard Inc 173,250
1,900 Johnson & Johnson 159,363
1,200 Merck & Co Inc 177,224
$923,793
CREDIT INSTITUTIONS --- 6.9%
1,500 American Express Co 153,375
3,100 Bancwest Corp 148,800
3,400 Bankamerica Corp 204,425
2,200 Mellon Bank Corp 151,250
$657,850
ELECTRIC --- 3.1%
3,800 Baltimore Gas & Electric Co 117,325
3,300 Consolidated Edison Inc 174,488
$291,813
ELECTRONICS - HIGH TECH --- 18.1%
4,500 Adobe Systems Inc 210,375
5,700 Compaq Computer Corp 239,041
2,000 Eastman Kodak Co 144,000
1,700 Emerson Electric Co 102,850
2,000 General Electric Co 204,124
2,300 Hewlett-Packard Co 157,118
2,700 Johnson Controls Inc 159,300
3,800 Motorola Inc 232,036
8,000 Scientific-Atlanta Inc 182,496
2,100 Thomas & Betts Corp 90,955
$1,722,295
HOLDING & INVEST. OFFICES --- 7.9%
4,040 Bank One Corp 206,290
4,400 S & P 500 Depositary Receipt 542,573
$748,863
INDUSTRIAL SERVICES --- 2.6%
5,000 Electronic Data Systems Corp 251,250
$251,250
INSURANCE --- 4.5%
3,200 Allstate Corp 123,600
1,800 American International Group Inc 173,925
3,000 Arthur J Gallagher & Co 132,375
$429,900
MFTG - CONSUMER PRODS. --- 8.3%
3,300 Anheuser-Busch Companies Inc 216,563
5,300 International Flavors & Fragrances Inc 234,191
4,700 Lancaster Colony Corp 150,987
8,400 Leggett & Platt Inc 184,800
$786,541
MFTG - INDUSTRIAL PRODS --- 15.0%
5,300 3Com Corp* 237,504
3,200 Armstrong World Industries Inc 192,998
4,100 Kimberly-Clark Corp 223,450
3,500 PPG Industries Inc 203,875
2,900 Pharmacia & Upjohn Inc 164,212
4,200 Rockwell International Corp 203,960
8,400 USX-US Steel Group 193,200
$1,419,199
OIL & GAS --- 6.7%
2,800 Atlantic Richfield Co 182,700
4,200 Coastal Corp 146,735
5,700 Halliburton Co 168,863
1,600 Mobil Corp 139,400
$637,698
RETAIL TRADE --- 4.7%
3,300 Albertson's Inc 210,167
8,200 Brinker International Inc* 236,775
$446,942
TELEPHONE --- 3.8%
3,400 Bell Atlantic Corp 180,200
3,400 SBC Communications Inc 182,325
$362,525
TRANSPORTATION EQUIPMENT --- 1.3%
2,200 TRW Inc 123,611
$123,611
WHOLESALE TRADE -CONSUMER --- 1.9%
4,400 Nike Inc Class B 178,473
$178,473
TOTAL COMMON STOCK --- 96.9% $9,191,453
(Cost $7,356,360)
SHORT-TERM INVESTMENTS
CREDIT INSTITUTIONS --- 1.5%
145,000 Ford Motor Credit Co 144,620
$144,620
SECURITIES & COMMODITIES --- 1.6%
154,000 Merrill Lynch & Co Inc 153,445
$153,445
TOTAL SHORT-TERM INVESTMENTS --- 3.1% $298,065
(Cost $298,065)
TOTAL VARIABLE ANNUITY ACCOUNT --- 100.0% $9,489,518
(Cost $7,654,425)
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
VARIABLE ANNUITY ACCOUNT A FDS
</LEGEND>
<CIK> 0000043498
<NAME> Great-West Variable Annuity Account A
<MULTIPLIER> 1000
<CURRENCY> US DOLLAR
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> JAN-1-1998
<PERIOD-END> DEC-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 7654
<INVESTMENTS-AT-VALUE> 9490
<RECEIVABLES> 17
<ASSETS-OTHER> 71
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9578
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> (342)
<TOTAL-LIABILITIES> (342)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5905
<SHARES-COMMON-STOCK> 717
<SHARES-COMMON-PRIOR> 747
<ACCUMULATED-NII-CURRENT> 255
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2971
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 527
<NET-ASSETS> 9236
<DIVIDEND-INCOME> 159
<INTEREST-INCOME> 24
<OTHER-INCOME> 0
<EXPENSES-NET> (105)
<NET-INVESTMENT-INCOME> 78
<REALIZED-GAINS-CURRENT> 393
<APPREC-INCREASE-CURRENT> 714
<NET-CHANGE-FROM-OPS> 1185
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 29
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 763
<ACCUMULATED-NII-PRIOR> 177
<ACCUMULATED-GAINS-PRIOR> 2578
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 40
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 105
<AVERAGE-NET-ASSETS> 7703
<PER-SHARE-NAV-BEGIN> 10.661
<PER-SHARE-NII> 0.084
<PER-SHARE-GAIN-APPREC> 1.208
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.953
<EXPENSE-RATIO> 1.03
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
