TO THE PARTICIPANTS OF GREAT-WEST VARIABLE ANNUITY ACCOUNT A:
Once again the equity market in the United States, and for that matter around
the globe, produced strong returns for investors in 1999. However, once the
high-flying technology and Internet sectors are removed from the picture, U.S.
stock market returns can be described as mediocre at best. Even the looming
possibility of a "Y2K" calamity was not enough to slow these red-hot sectors of
the equity market in the final trading days of the old millennium. Outside the
U.S., the strongest returns were registered in the stock markets of the Pacific
Rim. European exchanges also weighed in with solid gains for the year.
The near-collapse of the Asian economic system widely feared less than two years
ago became a distant memory as 1999 unfolded. As more evidence built that
Pacific Rim economies were on the mend, investors bid share prices much higher
in these markets. The exponential growth in technology spending around the world
helped push related U.S. stocks to unprecedented levels both in the absolute and
in terms of valuation parameters. Higher prices on the major European stock
exchanges were more broad-based than gains in U.S. shares.
At the same time this narrow sector of the U.S. stock market scaled new heights,
the bond market suffered its second worst year since the 1970's. Interest rates
rose sending bond prices lower, as the Federal Reserve (the Fed) reversed all of
the easing undertaken in support of the global economy during 1998. Market
analysts expect the Fed to remain in a tightening (increasing) rate mode for at
least the first portion of the year 2000. The Fed is attempting to cool the
red-hot U.S. economy, taking pressure off an extremely tight U.S. labor market,
in an effort to nip any build-up of inflationary pressure in the bud.
If worldwide growth continues to strengthen as we progress through 2000, the
excess capacity, which helped support the low inflation environment in the U.S.,
will gradually be utilized. We have already witnessed a pick up in industrial
commodity prices, the most prevalent being more than a doubling in the price of
crude oil. The gradualist rate-hike approach taken by the Fed thus far has done
little to slow the economy. We should expect the Fed to continue to raise
short-term rates until the central bankers are comfortable the U.S. economy is
growing at a rate where inflationary pressures are minimal. If this takes more
than a gradual approach and rates ratchet higher, the high-flying sectors of the
U.S. stock market may be in for trouble.
It is not possible to predict the future direction of the financial markets with
any degree of certainty. So, there are certain basic investment principles
designed to help investor's plan for their future needs. These include
determining one's investment objectives. A realistic approach in determining
objectives is a hard look at what level of risk one must assume to achieve those
objectives. Factors such as age, health, and other available financial resources
enter the picture when determining one's tolerance and need to assume investment
risk. Finally, the best investment results achievable over the long term belong
to those who develop a sound investment plan and stick to it.
No matter what your investment 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 advisor for Great-West Variable
Annuity Account A.
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Financial Statements for the Years Ended December 31,
1999 and 1998 and Independent Auditors' Report
<PAGE>
2
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, 1999, 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, 1999. 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, 1999 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, 1999, 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.
/s/ Deloitte & Touche LLP
February 15, 2000
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Statement of Assets and Liabilities
December 31, 1999
================================================================================
ASSETS:
Investments, market value (cost - $7,638,147) 8,037,890
Interest and dividends receivable 18,021
Cash 76,574
------------------
Total Assets 8,132,485
LIABILITIES:
Due to Great-West Life & Annuity Insurance Company 29,532
Contract benefits payable (Note 3) 27,591
------------------
Total Liabilities 57,123
------------------
Net Assets 8,075,362
==================
NET ASSETS REPRESENTED BY:
Accumulation units - 612,446 units at $12.402 7,595,677
Reserves for annuities in course of payment 479,685
------------------
Net Assets 8,075,362
==================
See notes to financial statements.
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Statement of Operations
Year Ended December 31, 1999
================================================================================
INVESTMENT INCOME:
Dividends 159,754
Interest 18,426
------------------
Total investment income 178,180
EXPENSES:
Administration 25,239
Mortality risks 34,127
Investment management and advisory services 41,132
Expense risks 6,067
------------------
Total expenses 106,565
------------------
Net Investment Income 71,615
------------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS:
Net realized gain on investments 1,577,058
Net change in unrealized appreciation on investments (1,435,350)
------------------
Net Realized and Unrealized Gain on Investments 141,708
------------------
Net Increase in Net Assets Resulting from Operations 213,323
==================
See notes to financial statements.
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Statements of Changes in Net Assets
<TABLE>
Years Ended December 31, 1999 and 1998
<S> <C> <C> <C> <C> <C> <C>
=================================================================================================
FROM OPERATIONS: 1999 1998
---------------- -----------------
Net investment income $ 71,615 $ 78,490
Net realized gains on investments 1,577,058 392,795
Net change in unrealized appreciation on investments (1,435,350) 713,634
---------------- -----------------
Increase in net assets
resulting from operations 213,323 1,184,919
---------------- -----------------
FROM UNIT SHARE TRANSACTIONS:
Surrenders (1,246,308) (293,653)
Annuity payments (145,991) (127,977)
Death payments (39,343) (28,572)
Transfer in respect of mortality guarantees 5,529 28,054
---------------- -----------------
Decrease in net assets derived from unit
share transactions (1,426,113) (422,148)
---------------- -----------------
Capital contribution from Great-West Life &
Annuity Insurance Company 52,222
---------------- -----------------
Net increase (decrease) in net assets (1,160,568) 762,771
NET ASSETS:
Beginning of period 9,235,930 8,473,159
---------------- -----------------
End of period $ 8,075,362 $ 9,235,930
================ =================
</TABLE>
See notes to financial statements.
<PAGE>
GREAT-WEST VARIABLE ANNUITY ACCOUNT A
Financial Highlights
================================================================================
Selected data for an accumulation unit for the years ended December 31, 1999,
1998, 1997, 1996, and 1995, were as follows:
<TABLE>
<S> <C> <C> <C> <C> <C>
1999 1998 1997 1996 1995
----------- ----------- ---------- ----------- -----------
Unit Value, Beginning of Period $ 11.953 $ 10.661 $ 8.767 $ 7.501 $ 6.070
Income From Investment Operations:
Net investment income .117 .084 .167 .053 .089
Net realized and unrealized gains
(losses) on investments .332 1.208 1.727 1.213 l.342
----------- ----------- ---------- ----------- -----------
Total From Investment Operations
(Note A) .449 1.292 1.894 1.266 1.431
----------- ----------- ---------- ----------- -----------
Unit Value, End of Period $ 12.402 $ 11.953 $ 10.661 $ 8.767 $ 7.501
=========== =========== ========== =========== ===========
Total Return 3.76% 12.12% 20.27% 15.90% 23.56%
Net Assets, End of Period $8,075,362 $9,235,930 $ 8,473,159 $ 7,739,861 $6,990,140
Ratio of Expenses to Average
Net Assets 1.22% 1.03% 1.27% 1.25% 1.18%
Ratio of Net Investment Income
to Average Net Assets .82% .77% 1.74% 1.89% 2.49%
Portfolio Turnover Rate 76.26% 51.93% 151.4% 64.4% 62.2%
</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, 1999 and 1998
================================================================================
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 $ 6,405,326 $ 4,642,927
Proceeds from sales 7,700,111 4,034,420
</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:
1999 1998
------------------ ------------------
Outstanding - January 1 717,490 746,562
Redeemed during the year:
Surrender (101,487) (26,596)
Death (3,557) (2,476)
------------------ ------------------
(105,044) (29,072)
------------------ ------------------
Outstanding - December 31 612,446 717,490
================== ==================
<PAGE>
<TABLE>
NOTE 7 - ACCUMULATION UNIT VALUES - (Unaudited)
<S> <C> <C> <C> <C> <C> <C>
==============================================================================================
VALUATION ACCUMULATION VALUATION ACCUMULATION
DATE UNIT VALUE DATE UNIT VALUE
- ------------------------ ---------------------- ----------------------- ----------------------
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)
</TABLE>
<PAGE>
NOTE 7 - ACCUMULATION UNIT VALUES - (Unaudited)
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
==============================================================================================
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 September 30, 1999 12.49689723
December 31, 1989 $ 4.16667314 December 31, 1999 12.40218931
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>
Great-West Variable Annuity Account A
COMMON STOCK
COMMUNICATIONS --- 8.0%
3,150 AT&T Corp 159,862
10,000 Andrew Corp* 189,370
2,100 Gannett Co Inc 171,280
2,500 SBC Communications Inc 121,875
$642,387
CREDIT INSTITUTIONS --- 9.3%
7,600 BancWest Corp 148,200
6,000 Huntington Bancshares Inc 143,250
5,500 Regions Financial Corp 138,188
4,300 SouthTrust Corp 162,592
3,900 Union Planters Corp 153,804
$746,034
ELECTRIC --- 3.8%
4,300 Consolidated Edison Inc 148,350
5,500 Constellation Energy Group 159,500
$307,850
ELECTRONICS - HIGH TECH --- 9.0%
4,300 3Com Corp* 202,100
4,600 Compaq Computer Corp 124,485
2,000 Eastman Kodak Co 132,500
2,600 Johnson Controls Inc 147,875
5,300 Lockheed Martin Corp 115,938
$722,898
ENVIRONMENTAL SERVICES --- 1.6%
7,500 Waste Management Inc 128,903
$128,903
HOLDING & INVEST. OFFICES --- 5.9%
4,040 Bank One Corp 129,530
2,900 Bank of America Corp 145,542
3,300 MGIC Investment Corp 198,617
$473,689
INDUSTRIAL SERVICES --- 1.9%
3,000 Shared Medical Systems Corp 152,811
$152,811
INSURANCE --- 10.8%
6,700 Allstate Corp 160,800
3,000 Arthur J Gallagher & Co 194,250
4,100 Hartford Financial Services Group Inc 194,237
3,800 Lincoln National Corp 152,000
5,800 Torchmark Corp 168,560
$869,847
MFTG - CONSUMER PRODS. --- 11.1%
3,000 Hershey Foods Corp 142,500
4,700 Lancaster Colony Corp 155,687
4,500 Leggett & Platt Inc 96,467
4,600 Liz Claiborne Inc 173,075
5,400 Watson Pharmaceuticals Inc* 193,385
2,900 Willamette Industries Inc 134,667
$895,781
MFTG - INDUSTRIAL PRODS. --- 16.8%
6,300 Brunswick Corp 140,175
4,400 Dana Corp 131,723
2,900 Kimberly-Clark Corp 189,225
5,100 National Service Industries Inc 150,450
2,500 PPG Industries Inc 156,405
3,200 Rockwell International Corp 153,200
7,700 USX-US Steel Group 254,100
4,400 Vulcan Materials Co 175,723
$1,351,001
OIL & GAS --- 13.8%
1,800 Atlantic Richfield Co 155,700
4,000 Coastal Corp 141,748
2,112 Exxon Mobil Corp 170,147
4,600 Halliburton Co 185,150
7,000 Helmerich & Payne Inc 152,684
2,800 Schlumberger Ltd 157,500
5,600 Sunoco Inc 131,600
543 Transocean Sedco Forex Inc 18,299
$1,112,828
RETAIL TRADE --- 6.0%
6,800 Brinker International Inc* 163,200
7,700 Dillards Inc Class A 155,440
5,300 Sears Roebuck & Co 161,316
$479,956
TELEPHONE --- 1.9%
2,500 Bell Atlantic Corp 153,905
$153,905
TOTAL COMMON STOCK --- 100.0% $8,037,890
(Cost $7,638,147)
TOTAL VARIABLE ANNUITY ACCOUNT A--- 100.0% $8,037,890
(Cost $7,638,147)
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
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-31-1999
<PERIOD-START> JAN-1-1999
<PERIOD-END> DEC-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 8038
<RECEIVABLES> 18
<ASSETS-OTHER> 77
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8133
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 57
<TOTAL-LIABILITIES> 57
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 5555
<SHARES-COMMON-STOCK> 612
<SHARES-COMMON-PRIOR> 717
<ACCUMULATED-NII-CURRENT> 150
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1970
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 400
<NET-ASSETS> 8075
<DIVIDEND-INCOME> 160
<INTEREST-INCOME> 18
<OTHER-INCOME> 0
<EXPENSES-NET> 107
<NET-INVESTMENT-INCOME> 71
<REALIZED-GAINS-CURRENT> 1577
<APPREC-INCREASE-CURRENT> (1435)
<NET-CHANGE-FROM-OPS> 213
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 105
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (1161)
<ACCUMULATED-NII-PRIOR> 78
<ACCUMULATED-GAINS-PRIOR> 393
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 66
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 107
<AVERAGE-NET-ASSETS> 8706
<PER-SHARE-NAV-BEGIN> 11.953
<PER-SHARE-NII> 0.117
<PER-SHARE-GAIN-APPREC> 0.332
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.402
<EXPENSE-RATIO> 1.22
</TABLE>
