FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
Financial Statements for Periods
Ended June 30, 1996 and 1995
FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
[Unaudited]
ASSETS:
Shares
Cost
Value
Investments in mutual funds:
Fidelity Investments - Variable Insurance Products Fund/Asset Manager
1,092,264
$15,941,864
$17,072,088
Fidelity Investments - Variable Insurance Products Fund/Growth
1,066,992
28,503,011
32,073,769
Maxim Series Fund, Inc. - Affiliated
Bond
43,981,458
54,033,580
52,493,184
Corporate Bond
4,115,639
4,660,568
4,606,803
International Equity
23,585,007
26,419,113
29,552,512
INVESCO ADR
1,007,035
1,171,892
1,227,754
INVESCO Small-Cap Growth
5,561,723
7,884,631
8,978,972
Mid-Cap
24,318,972
29,705,339
36,577,280
Money Market
49,405,334
49,436,312
49,438,767
Small-Cap Index
5,283,536
5,879,599
6,749,449
Small-Cap Value
244,525
262,193
276,666
Stock Index
151,057,258
220,133,627
325,399,633
T. Rowe Price Equity/Income
11,519,137
14,321,389
15,457,518
Total Return
2,979,321
3,777,990
3,992,275
U.S. Government Securities
37,612,123
42,379,230
39,918,967
TCI Portfolios, Inc. - TCI Balanced
6,374,105
39,290,406
45,319,888
TCI Portfolios, Inc. - TCI Growth
7,091,871
68,218,651
76,946,803
Total investments
$612,019,395
746,082,328
Other assets and liabilities:
Premiums due and accrued
16,392,622
Investment income due and accrued
6,689
Due to Great-West Life & Annuity Insurance Company
(697,823)
NET ASSETS APPLICABLE TO OUTSTANDING UNITS OF CAPITAL (Note 5)
$761,783,816
See notes to financial statements.
FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
[Unaudited]
VIP Asset Manager Investment Division
VIP Growth Investment Division
Bond Investment Division
Corporate Bond Investment Division
International Equity Investment Division
INVESCO ADR Investment Division
INVESTMENT INCOME
$969,820
$1,592,802
$1,591,931
$145,879
$52,090
$1,782
EXPENSES-mortality and expense
risks by category (Note 3)
1.25
86,455
146,410
318,414
22,840
132,362
3,637
0.95
8,899
13,434
10,870
534
22,100
707
NET INVESTMENT INCOME (LOSS)
874,466
1,432,958
1,262,647
122,505
(102,372)
(2,562)
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS:
Net realized gain on investments
156,951
296,676
238,676
5,273
361,029
17,533
Net change in unrealized appreciation
(depreciation) on investments
(237,898)
694,944
(1,854,005)
(110,866)
2,032,695
40,695
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
(80,947)
991,620
(1,615,329)
(105,593)
2,393,724
58,228
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS
$793,519
$2,424,578
$(352,682)
$16,912
$2,291,352
$55,666
See notes to financial statements.
(Continued)
FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
[Unaudited]
INVESCO Small-Cap Growth Investment Division
Mid-Cap Investment Division
Money Market Investment Division
Small-Cap Index Investment Division
Small-Cap Value Investment Division
Stock Index Investment Division
INVESTMENT INCOME
$0
$0
$1,215,065
$27,165
$1,649
$2,462,680
EXPENSES-mortality and
expense risks by category (Note 3)
1.25
30,104
167,748
296,464
27,736
2,074
1,829,079
0.95
2,953
17,722
10,877
4,971
42
70,570
NET INVESTMENT INCOME (LOSS)
(33,057)
(185,470)
907,724
(5,542)
(467)
563,031
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS:
Net realized gain on investments
267,075
358,203
2,533
101,375
3,940
4,038,008
Net change in unrealized appreciation
(depreciation) on investments
928,098
2,776,668
(2,533)
364,731
10,354
21,856,452
NET REALIZED AND UNREALIZED GAIN
ON INVESTMENTS
1,195,173
3,134,871
0
466,106
14,294
25,894,460
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS
$1,162,116
$2,949,401
$907,724
$460,564
$13,827
$26,457,491
See notes to financial statements.
(Continued)
FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
[Unaudited]
T. Rowe Price Equity/Income Investment Division
Total Return Investment Division
U.S. Government Securities Investment Division
TCI Balanced Investment Division
TCI Growth Investment Division
Total FutureFunds
INVESTMENT INCOME
$166,515
$48,321
$1,154,747
$1,782,166
$8,797,086
$20,009,698
EXPENSES-mortality and
expense risks by category (Note 3)
1.25
66,690
20,291
244,959
260,584
453,232
4,109,079
0.95
3,559
607
3,198
7,395
24,930
203,368
NET INVESTMENT INCOME
96,266
27,423
906,590
1,514,187
8,318,924
15,697,251
NET REALIZED AND UNREALIZED
GAIN ON INVESTMENTS:
Net realized gain on investments
147,998
32,357
163,839
436,624
1,422,762
8,050,852
Net change in unrealized appreciation
(depreciation) on investments
473,916
63,465
(1,606,217)
(4,782)
(9,071,311)
16,354,406
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
621,914
95,822
(1,442,378)
431,842
(7,648,549)
24,405,258
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS
$718,180
$123,245
$(535,788)
$1,946,029
$670,375
$40,102,509
See notes to financial statements.
(Concluded)
FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
VIP Asset Manager Investment Division
1996
1995
VIP Growth Investment Division
1996
1995
Bond Investment Division
1996
1995
FROM OPERATIONS:
Net investment income (loss)
$874,466
$109,032
$1,432,958
$(13,779)
$1,262,647
$1,173,909
Net realized gain (loss) on investments
156,951
485
296,676
(27)
238,676
(51,011)
Net change in unrealized appreciation
(depreciation) on investments
(237,898)
401,934
694,944
1,776,857
(1,854,005)
3,368,412
Increase (decrease) in net assets resulting
from operations
793,519
511,451
2,424,578
1,763,051
(352,682)
4,491,310
FROM UNIT TRANSACTIONS (by category):
Variable annuity contract:
Purchase payments
1.25
1,814,845
1,750,551
3,848,775
1,486,633
2,292,964
3,677,429
0.95
155,275
387,041
66,436
Redemption
1.25
(223,426)
(120,895)
(474,997)
(48,229)
(1,775,498)
(3,609,383)
0.95
(138,265)
(29,131)
(134,742)
Net transfers from (to) other annuity contracts
1.25
(184,571)
1,391,532
3,805,678
2,358,613
(2,664,076)
(831,324)
0.95
1,011,227
2,026,172
1,004,848
Increase (decrease) in net assets
resulting from unit transactions
2,435,085
3,021,188
9,563,538
3,797,017
(1,210,068)
(763,278)
INCREASE (DECREASE) IN NET ASSETS
3,228,604
3,532,639
11,988,116
5,560,068
(1,562,750)
3,728,032
NET ASSETS:
Beginning of period
14,178,290
7,153,581
20,907,405
5,380,025
54,361,373
48,114,156
End of period
$17,406,894
$10,686,220
$32,895,521
$10,940,093
$52,798,623
$51,842,188
See notes to financial statements.
(Continued)
FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Corporate Bond Investment Division [B]
1996
1995
International Equity Investment Division
1996
1995
INVESCO ADR Investment Division [A]
FROM OPERATIONS:
Net investment income (loss)
$122,505
$4,980
$(102,372)
$157,862
$(2,562)
$342
Net realized gain (loss) on investments
5,273
118
361,029
305
17,533
(25)
Net change in unrealized appreciation
(depreciation) on investments
(110,866)
11,512
2,032,695
686,446
40,695
902
Increase in net assets resulting
from operations
16,912
16,610
2,291,352
844,613
55,666
1,219
FROM UNIT TRANSACTIONS (by category):
Variable annuity contract:
Purchase payments
1.25
495,051
38,841
2,541,461
2,961,689
125,274
11,120
0.95
32,518
438,673
104,276
Redemptions
1.25
(84,459)
(412,257)
(226,803)
(1,549)
0.95
(8,345)
(70,469)
Net transfers from (to) other annuity contracts
1.25
1,342,121
424,764
1,404,599
2,341,414
442,971
74,726
0.95
193,359
2,294,097
253,683
Increase in net assets resulting
from unit transactions
1,970,245
463,605
6,196,104
5,076,300
924,655
85,846
INCREASE IN NET ASSETS
1,987,157
480,215
8,487,456
5,920,913
980,321
87,065
NET ASSETS:
Beginning of period
2,746,440
21,575,133
11,286,390
271,595
End of period
$4,733,597
$480,215
$30,062,589
$17,207,303
$1,251,916
$87,065
[A] The Investment Division commenced operations on January 5, 1995.
[B] The Investment Division commenced operations on February 2, 1995.
See notes to financial statements.
(Continued)
FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
INVESCO Small-Cap Growth Investment Division [B]
1996
1995
Mid-Cap Investment Division
1996
1995
Money Market Investment Division
1996
1995
FROM OPERATIONS:
Net investment income (loss)
$(33,057)
$857
$(185,470)
$(64,569)
$907,724
$786,825
Net realized gain (loss) on investments
267,075
65
358,203
(269)
2,533
Net change in unrealized appreciation
(depreciation) on investments
928,098
36,422
2,776,668
938,378
(2,533)
Increase in net assets resulting
from operations
1,162,116
37,344
2,949,401
873,540
907,724
786,825
FROM UNIT TRANSACTIONS (by category):
Variable annuity contract:
Purchase payments
1.25
848,130
94,553
3,519,596
2,929,617
3,728,465
4,876,033
0.95
149,901
462,345
133,159
Redemptions
1.25
(71,675)
(794,079)
(143,304)
(7,014,839)
(3,486,387)
0.95
(42,079)
(474,958)
Net transfers from (to) other annuity contracts
1.25
3,457,713
638,110
3,326,646
3,664,403
4,489,123
1,667,722
0.95
760,108
2,344,701
2,587,377
Increase in net assets resulting
from unit transactions
5,144,177
732,663
8,817,130
6,450,716
3,448,327
3,057,368
INCREASE IN NET ASSETS
6,306,293
770,007
11,766,531
7,324,256
4,356,051
3,844,193
NET ASSETS:
Beginning of period
3,021,625
25,509,793
8,648,286
50,557,017
37,018,675
End of period
$9,327,918
$770,007
$37,276,324
$15,972,542
$54,913,068
$40,862,868
[B] The Investment Division commenced operations on February 2, 1995.
See notes to financial statements.
(Continued)
FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Small-Cap Index Investment Division
1996
1995
Small-Cap Value Investment Option
1996
1995
Stock Index Investment Division
1996
1995
FROM OPERATIONS:
Net investment income (loss)
$(5,542)
$1,031
$(467)
$611
$563,031
$873,808
Net realized gain on investments
101,375
412
3,940
311
4,038,008
211,717
Net change in unrealized appreciation
on investments
364,731
272,179
10,354
2,143
21,856,452
37,152,255
Increase in net assets resulting
from operations
460,564
273,622
13,827
3,065
26,457,491
38,237,780
FROM UNIT TRANSACTIONS:
Variable annuity contract:
Purchase payments
1.25
556,965
397,018
73,819
4,909
10,619,717
11,429,352
0.95
141,862
2,585
488,375
Redemptions
1.25
(83,005)
(42,045)
(4,288)
(7,411,989)
(7,370,437)
0.95
(932)
(390,850)
Net transfers from (to) other annuity contracts
1.25
1,167,884
702,729
(168,854)
77,233
(221,168)
(2,910,774)
0.95
380,984
8,057
10,005,956
Increase (decrease) in net assets
resulting from unit transactions
2,163,758
1,057,702
(88,681)
82,142
13,090,041
1,148,141
INCREASE (DECREASE) IN NET ASSETS
2,624,322
1,331,324
(74,854)
85,207
39,547,532
39,385,921
NET ASSETS:
Beginning of period
4,254,754
1,449,379
359,653
288,886,331
207,183,447
End of period
$6,879,076
$2,780,703
$284,799
$85,207
$328,433,863
$246,569,368
See notes to financial statements.
(Continued)
FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
T. Rowe Price Equity/Income Investment Division
1996
1995
Total Return Investment Division
1996
1995
U.S. Government Securities Investment Division
1996
1995
FROM OPERATIONS:
Net investment income
$96,266
$17,900
$27,423
$16,235
$906,590
$812,792
Net realized gain (loss) on investments
147,998
(7)
32,357
200
163,839
11,112
Net change in unrealized appreciation
(depreciation) on investments
473,916
99,402
63,465
118,199
(1,606,217)
1,853,812
Increase (decrease) in net assets
resulting from operations
718,180
117,295
123,245
134,634
(535,788)
2,677,716
FROM UNIT TRANSACTIONS:
Variable annuity contract:
Purchase payments
1.25
1,736,117
290,733
404,744
168,501
2,472,879
2,968,913
0.95
199,382
31,952
46,490
Redemptions
1.25
(99,662)
(10,635)
(42,867)
(2,120)
(1,414,317)
(1,082,922)
0.95
(15,373)
(928)
(40,068)
Net transfers from (to) other
annuity contracts
1.25
5,118,726
1,764,527
943,713
632,832
720,798
(826,597)
0.95
1,337,638
135,008
684,851
Increase in net assets
resulting from unit transactions
8,276,828
2,044,625
1,471,622
799,213
2,470,633
1,059,394
INCREASE IN NET ASSETS
8,995,008
2,161,920
1,594,867
933,847
1,934,845
3,737,110
NET ASSETS:
Beginning of period
7,159,723
163,220
2,550,012
562,587
39,293,024
29,539,213
End of period
$16,154,731
$2,325,140
$4,144,879
$1,496,434
$41,227,869
$33,276,323
See notes to financial statements.
(Continued)
FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
TCI Balanced Investment Division
1996
1995
TCI Growth Investment Division
1996
1995
Total FutureFunds
1996
1995
FROM OPERATIONS:
Net investment income (loss)
$1,514,187
$148,379
$8,318,924
$(283,412)
$15,697,251
$3,742,803
Net realized gain on investments
436,624
18,919
1,422,762
8,669
8,050,852
200,974
Net change in unrealized appreciation
(depreciation) on investments
(4,782)
3,575,890
(9,071,311)
10,001,473
16,354,406
60,296,216
Increase in net assets
resulting from operations
1,946,029
3,743,188
670,375
9,726,730
40,102,509
64,239,993
FROM UNIT TRANSACTIONS:
Variable annuity contract:
Purchase payments
1.25
2,617,580
3,133,765
4,891,094
6,203,093
42,587,476
42,422,750
0.95
119,815
366,110
3,326,195
Redemptions
1.25
(1,396,903)
(974,595)
(2,201,188)
(1,439,694)
(23,506,998)
(18,557,449)
0.95
(47,174)
(261,933)
(1,655,247)
Net transfers from (to) other
annuity contracts
1.25
(279,919)
(1,150,774)
(5,847,734)
(2,005,236)
16,853,650
8,013,900
0.95
1,402,599
3,402,073
29,832,738
Increase in net assets resulting
from unit transactions
2,415,998
1,008,396
348,422
2,758,163
67,437,814
31,879,201
INCREASE IN NET ASSETS
4,362,027
4,751,584
1,018,797
12,484,893
107,540,323
96,119,194
NET ASSETS:
Beginning of period
41,714,459
31,165,620
76,896,866
50,984,528
654,243,493
438,649,107
End of period
$46,076,486
$35,917,204
$77,915,663
$63,469,421
$761,783,816
$534,768,301
See notes to financial statements.
(Concluded)
FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
1. HISTORY OF THE SERIES ACCOUNT
The FutureFunds Series Account of Great-West Life & Annuity Insurance
Company
(the Series Account) is a separate account of Great-West Life & Annuity
Insurance Company (the Company) and was established under Kansas law on
November 15, 1983. In 1990, the Series Account was amended to conform to
and comply with Colorado law in connection with the Company's
redomestication to the State of Colorado. The Series Account is registered
with the Securities and Exchange Commission as a unit investment trust under
The Series Account has various investment divisions which invest in shares
of an open-end management investment companies as follows:
FutureFunds Series Account
Investment Division
Mutual Fund Investment
VIP Asset Manager
Fidelity Investments - Variable Insurance Products Fund-Asset Manager
VIP Growth
Fidelity Investments - Variable Insurance Products Fund-Growth
Bond
Maxim Series Fund, Inc. -Bond
Corporate Bond
Maxim Series Fund, Inc. - Corporate Bond
International Equity
Maxim Series Fund, Inc. - International Equity
INVESCO ADR
Maxim Series Fund, Inc. - INVESCO ADR
INVESCO Small-Cap Growth
Maxim Series Fund, Inc. - INVESCO Small-Cap Growth
Mid-Cap
Maxim Series Fund, Inc. - Mid-Cap
Money Market
Maxim Series Fund, Inc. - Money Market
Small-Cap Index
Maxim Series Fund, Inc. - Small-Cap Index
Small-Cap Value
Maxim Series Fund, Inc. - Small-Cap Value
Stock Index
Maxim Series Fund, Inc. - Stock Index
T. Rowe Price Equity/Income
Maxim Series Fund, Inc. - T. Rowe Price Equity/Income
Total Return
Maxim Series Fund, Inc. - Total Return
U.S. Government Securities
Maxim Series Fund, Inc. - U.S. Government Securities
TCI Balanced
TCI Portfolios, Inc. - TCI Balanced
TCI Growth
TCI Portfolios, Inc. - TCI Growth
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies of the Series
Account which are in accordance with the accounting principles generally
accepted in the investment company industry:
a. Security Transactions - Security transactions are recorded on the trade
date. Cost of investments sold is determined on the basis of identified cost.
Dividend income is accrued as of the ex-dividend date and expenses are
accrued on a daily basis.
b. Security Valuation - The investments in shares of the Funds are valued
at the closing net asset value per share as determined by each portfolio at
year end.
The cost of investments represents shares of the Funds which were
purchased by the Series Account. Purchases are made at the net asset value
from net purchase payments or through reinvestment of all distributions from
the Funds.
c. Federal Income Taxes - The Series Account income is automatically
applied to increase contract reserves. Under the existing federal income
tax law, this income is not taxed to the extent that it is applied to
increase reserves under a contract. The Company reserves the right to
charge the Series Account for federal income taxes attributed to the Series
Account if such taxes are imposed in the future.
3. CHARGES UNDER THE CONTRACTS
a. Contract Maintenance Charge - To compensate the Company for
administrative services, a contract maintenance charge of not more than $60
is deducted from each participant's account on the first day of each
calendar year. If the account is established after the beginning of the
year, the charge is deducted on the first day of the next calendar quarter
and is prorated for the portion of the year remaining.
b. Charges Incurred for Total or Partial Surrenders - Pursuant to the
contract, charges will be made for total or partial surrenders of a contract
in excess of the "free amount" before the retirement date by a deduction
from a participant's account. The "free amount" is an amount equal to 10%
of the participant account value at December 31 of the calendar year prior
to the partial or total surrender.
c. Deductions for Premium Taxes - The Company presently intends to pay any
premium tax levied by any governmental entity as a result of the existence
of the participant accounts or the Series Account.
d. Deductions for Assumption of Mortality and Expense Risk - The Company
deducts an amount, computed daily, from the net asset value of the Series
Account investments, equal to an annual rate of 1.25% or .95% depending on
the size of the contract. This charge is designed to compensate the Company
for its assumption of certain mortality, death benefit and expense risks.
The level of this charge is guaranteed and will not change.
4. RELATED PARTY SERVICES
The Company's parent, The Great-West Life Assurance Company, serves as
investment advisor to Maxim Series Fund, Inc. Fees are assessed against the
average daily net asset value of the Funds to compensate The Great-West Life
Assurance Company for investment advisory services.
5. COMPONENTS OF NET ASSETS APPLICABLE TO OUTSTANDING UNITS OF CAPITAL
The following is a summary of the net assets applicable to outstanding units
of capital at June 30, 1996, for each investment division.
Unites
Unit Value
Total Variable Contract Liabilities
NET ASSETS APPLICABLE TO OUTSTANDING
UNITS OF CAPITAL:
Investment Division:
VIP - Asset Manager 1.25
1,330,684.703709
$11.310300
$15,050,444
VIP - Asset Manager 0.95
213,290.745319
11.048065
2,356,450
VIP - Growth 1.25
2,027,073.410450
14.155347
28,693,927
VIP - Growth 0.95
396,269.163659
10.602879
4,201,594
Bond 1.25
1,927,008.763311
25.879672
49,870,354
Bond 0.95
290,967.321878
10.063911
2,928,269
Corporate Bond 1.25
362,279.135068
12.458158
4,513,331
Corporate Bond 0.95
21,306.045233
10.338179
220,266
International Equity 1.25
1,941,291.189589
12.359710
23,993,796
International Equity 0.95
534,297.785001
11.358446
6,068,793
INVESCO ADR 1.25
71,625.634092
12.138516
869,429
INVESCO ADR 0.95
33,978.113967
11.256863
382,487
INVESCO Small-Cap Growth 1.25
487,861.615569
16.495041
8,047,297
INVESCO Small-Cap Growth 0.95
94,223.582862
13.591303
1,280,621
Mid-Cap 1.25
2,123,848.442065
15.126527
32,126,451
Mid-Cap 0.95
450,630.057455
11.428161
5,149,873
Money Market 1.25
2,948,523.397483
17.271578
50,925,651
Money Market 0.95
389,641.164920
10.233561
3,987,417
Small-Cap Index 1.25
427,829.138486
12.909049
5,522,867
Small-Cap Index 0.95
118,838.030222
11.412246
1,356,209
Small-Cap Value 1.25
22,174.308009
12.261147
271,882
Small-Cap Value 0.95
1,162.279680
11.113779
12,917
Stock Index 1.25
7,714,583.249232
39.856352
307,475,142
Stock Index 0.95
1,864,239.025728
11.242507
20,958,721
T. Rowe Price Equity/Income 1.25
1,050,999.155517
13.872681
14,580,176
T. Rowe Price Equity/Income 0.95
140,985.174862
11.168231
1,574,555
Total Return 1.25
323,501.877716
12.134287
3,925,465
Total Return 0.95
20,679.802191
10.610044
219,414
U.S. Government Securities 1.25
3,310,263.360859
12.125141
40,137,411
U.S. Government Securities 0.95
108,704.026293
10.031438
1,090,458
TCI Balanced 1.25
3,223,289.398748
13.545276
43,660,343
TCI Balanced 0.95
226,716.801372
10.657096
2,416,143
TCI Growth 1.25
4,752,952.443266
15.047844
71,521,689
TCI Growth 0.95
638,853.311157
10.008517
6,393,974
TOTAL
$761,783,816
6. SELECTED DATA
The following is a summary of selected data for a unit of capital of the Series
Account at the beginning and end of the year and the number of units
outstanding at June 30, 1996 and December 31, 1995, 1994, 1993, and 1992:
VIP Asset manager 1.25
VIP Asset Manager 0.95
VIP Growth 1.25
VIP Growth 0.95
Bond 1.25
Bond 0.95
Corporate Bond 1.25
Corporate Bond 0.95
June 30, 1996
(D)
(D)
(D)
(C)
(D)
Beginning Unit Value
$ 10.76
$ 10.49
$ 12.86
$ 9.62
$ 26.05
$ 10.11
$ 12.44
$ 10.30
Ending Unit Value
$ 11.31
$ 11.05
$ 14.16
$ 10.60
$ 25.88
$ 10.06
$ 12.46
$ 10.34
Number of Units Outstanding
1,299,575.99
213,426.45
1,968,788.42
393,801.00
1,913,492.909
290,494.15
351,834.99
21,220.42
1995
Beginning Unit Value
$ 9.31
$ 10.00
$ 9.62
$ 10.00
$ 22.89
$ 10.00
$ 10.00
$ 10.00
Ending Unit Value
$ 10.76
$ 10.49
$ 12.86
$ 9.62
$ 26.05
$ 10.11
$ 12.44
$ 10.30
Number of Units Outstanding
1,202,943.32
118,138.13
1,502,634.51
164,201.34
2,010,468.99
197,590.07
220,637.10
269.42
1994
Beginning Unit Value
$ 10.00
$ 10.00
$ 23.74
Ending Unit Value
$ 9.31
$ 9.62
$ 22.89
Number of Units Outstanding
768,426.17
559,313.44
2,102,049.13
1993
Beginning Unit Value
$ 22.14
Ending Unit Value
$ 23.74
Number of Units Outstanding
2,301,785.20
1992
Beginning Unit Value
$ 21.10
Ending Unit Value
$ 22.14
Number of Units Outstanding
1,995,291.18
(C) The Investment Division commenced operations on February 2, 1995, at a
unit value of $10.00.
(D) The Investment Division commenced operations on December 4, 1995, at a
unit value of $10.00.
(Continued)
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of capital of the Series
Account at the beginning and end of the year and the number of units
outstanding at June 30, 1996 and December 31, 1995, 1994, 1993, and 1992:
International Equity 1.25
International Equity 0.95
INVESCO ADR 1.25
INVESCO ADR 0.95
INVESCO Small-Cap Growth 1.25
INVESCO Small-Cap Growth 0.95
Mid-Cap 1.25
Mid-Cap 0.95
June 30, 1996
(D)
(A)
(D)
(B)
(D)
(D)
Beginning Unit Value
$ 11.29
$ 10.36
$ 11.25
$ 10.41
$ 13.09
$ 10.77
$ 13.70
$ 10.34
Ending Unit Value
$ 12.36
$ 11.36
$ 12.14
$ 11.26
$ 16.50
$ 13.59
$ 15.13
$ 11.43
Number of Units Outstanding
1,899,935.36
532,070.67
69,634.24
33,887.17
467,234.56
92,983.13
2,076,670.31
448,953.94
1995
Beginning Unit Value
$ 10.49
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.96
$ 10.00
Ending Unit Value
$ 11.29
$ 10.36
$ 11.25
$ 10.41
$ 13.09
$ 10.77
$ 13.70
$ 10.34
Number of Units Outstanding
1,645,237.34
290,190.44
23,104.73
1,130.83
210,982.04
24,147.18
1,715,174.42
194,687.27
1994
Beginning Unit Value
$ 10.00
$ 10.00
Ending Unit Value
$ 10.49
$ 10.96
Number of Units Outstanding
1,075,821.94
788,758.55
1993
Beginning Unit Value
Ending Unit Value
Number of Units Outstanding
1992
Beginning Unit Value
Ending Unit Value
Number of Units Outstanding
(A) The Investment Division commenced operations on January 5, 1995, at a
unit value of $10.00.
(B) The Investment Division commenced operations on January 9, 1995, at a
unit value of $10.00.
(D) The Investment Division commenced operations on December 4, 1995, at a
unit value of $10.00.
(Continued)
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of capital of the Series
Account at the beginning and end of the year and the number of units
outstanding at June 30, 1996 and December 31, 1995, 1994, 1993, and 1992:
Money Market 1.25
Money Market 0.95
Small-Cap Index 1.25
Small-Cap Index 0.95
Small-Cap Value 1.25
Small-Cap Value 0.95
Stock Index 1.25
Stock Index 1.25
June 30, 1996
(D)
(D)
(D)
(D)
Beginning Unit Value
$ 16.96
$ 10.04
$ 11.82
$ 10.43
$ 11.58
$ 10.48
$ 36.57
$ 10.30
Ending Unit Value
$ 17.27
$ 10.23
$ 12.91
$ 11.41
$ 12.26
$ 11.11
$ 39.86
$ 11.24
Number of Units Outstanding
2,691,855.14
283,977.84
417,623.79
118,478.50
21,652.11
983.97
7,631,535.31
1,861,624.25
1995
Beginning Unit Value
$ 16.25
$ 10.00
$ 9.48
$ 10.00
$ 10.15
$ 10.00
$ 27.30
$ 10.00
Ending Unit Value
$ 16.96
$ 10.04
$ 11.82
$ 10.43
$ 11.58
$ 10.48
$ 36.57
$ 10.30
Number of Units Outstanding
2,880,571.67
169,096.04
296,281.36
72,120.51
30,919.44
164.60
7,636,165.40
937,180.75
1994
Beginning Unit Value
$ 15.84
$ 10.00
$ 10.00
$ 27.61
Ending Unit Value
$ 16.25
$ 9.48
$ 10.15
$ 27.30
Number of Units Outstanding
2,277,816.08
152,895.00
0.01
7,589,448.89
1993
Beginning Unit Value
$ 15.60
$ 25.44
Ending Unit Value
$ 15.84
$ 27.61
Number of Units Outstanding
684,668.93
9,325,064.15
1992
Beginning Unit Value
$ 15.26
$ 24.33
Ending Unit Value
$ 15.60
$ 25.44
Number of Units Outstanding
787,941.29
8,106,010.86
(D) The Investment Division commenced operations on December 4, 1995, at a
unit value of $10.00.
(Continued)
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of capital of the
Series Account at the beginning and end of the year and the number of units
outstanding at June 30, 1996 and December 31, 1995, 1994, 1993, and 1992:
T. Rowe Price Equity/Income 1.25
T. Rowe Price Equity/Income 0.95
Total Return 1.25
Total Return 0.95
U.S. Government Securities 1.25
U.S. Government Securities 0.95
TCI Balanced 1.25
TCI Balanced 0.95
June 30, 1996
(D)
(D)
(D)
(D)
Beginning Unit Value
$ 12.98
$ 10.43
$ 11.66
$ 10.18
$ 12.29
$ 10.15
$ 12.96
$ 10.18
Ending Unit Value
$ 13.87
$ 11.17
$ 12.13
$ 10.61
$ 12.13
$ 10.03
$ 13.55
$ 10.66
Number of Units Outstanding
1,000,614.67
139,882.57
310,775.66
20,500.02
3,201,889.36
105,468.24
3,164,952.94
225,886.82
1995
Beginning Unit Value
$ 9.85
$ 10.00
$ 9.62
$ 10.00
$ 10.71
$ 10.00
$ 10.83
$ 10.00
Ending Unit Value
$ 12.98
$ 10.43
$ 11.66
$ 10.18
$ 12.29
$ 10.15
$ 12.96
$ 10.18
Number of Units Outstanding
550,610.66
1,324.94
214,442.71
4,862.59
3,165,425.83
39,695.16
3,153,172.39
84,634.10
1994
Beginning Unit Value
$ 10.00
$ 10.00
$ 11.21
$ 10.90
Ending Unit Value
$ 9.85
$ 9.62
$ 10.71
$ 10.83
Number of Units Outstanding
16,574.29
58,473.26
2,756,894.60
2,877,738.22
1993
Beginning Unit Value
$ 10.38
$ 10.25
Ending Unit Value
$ 11.21
$ 10.90
Number of Units Outstanding
1,892,295.35
1,752,730.91
1992
Beginning Unit Value
$ 10.00
$ 10.00
Ending Unit Value
$ 10.38
$ 10.25
Number of Units Outstanding
251,644.29
473,967.51
(D) The Investment Division commenced operations on December 4, 1995, at a unit
value of $10.00.
(Continued)
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of capital of the Series
Account at the beginning and end of the year and the number of units
outstanding at June 30, 1996 and December 31, 1995, 1994, 1993, and 1992:
TCI Growth 1.25
TCI Growth 0.95
June 30, 1996
(D)
Beginning Unit Value
$ 14.93
$ 9.92
Ending Unit Value
$ 15.05
$ 10.01
Number of Units Outstanding
4,684,871.08
637,021.84
1995
Beginning Unit Value
$ 11.53
$ 10.00
Ending Unit Value
$ 14.93
$ 9.92
Number of Units Outstanding
4,954,474.12
292,581.15
1994
Beginning Unit Value
$ 11.82
Ending Unit Value
$ 11.53
Number of Units Outstanding
4,420,493.64
1993
Beginning Unit Value
$ 10.85
Ending Unit Value
$ 11.82
Number of Units Outstanding
2,607,850.29
1992
Beginning Unit Value
$ 10.00
Ending Unit Value
$ 10.85
Number of Units Outstanding
647,465.54
(D) The Investment Division commenced operations on December 4, 1995, at a
unit value of $10.00.
(Concluded)
7. CHANGE IN SHARES
The following is a summary of the net change in total investment shares held in
each of the respective mutual funds:
For the six months ended June 30,
1996
1995
Fidelity Investments
- - VIP Asset Manager
359,363
261,137
Fidelity Investments
- - VIP Growth
665,181
172,951
Maxim Series Fund, Inc.
- - Bond
1,561,936
607,814
Maxim Series Fund, Inc.
- - Corporate Bond
3,694,776
420,863
Maxim Series Fund, Inc.
- - International Equity
8,368,529
5,408,126
Maxim Series Fund, Inc.
- - INVESCO ADR
922,717
84,318
Maxim Series Fund, Inc.
- - INVESCO Small-Cap Growth
4,912,209
649,514
Maxim Series Fund, Inc.
- - Mid-Cap
10,950,159
6,089,949
Maxim Series Fund, Inc.
- - Money Market
12,663,493
5,747,069
Maxim Series Fund, Inc.
- - Small-Cap Index
2,717,993
1,091,446
Maxim Series Fund, Inc.
- - Small-Cap Value
162,666
62,736
Maxim Series Fund, Inc.
- - Stock Index
12,939,208
1,602,718
Maxim Series Fund, Inc.
- - T. Rowe Price Equity/Income
9,528,700
1,869,197
Maxim Series Fund, Inc.
- - Total Return
1,819,350
726,163
Maxim Series Fund, Inc.
- - U.S. Government Securities
7,610,735
3,362,773
TCI Portfolios, Inc.
- - TCI Balanced
1,066,001
373,721
TCI Portfolios, Inc.
- - TCI Growth
1,402,240
398,057
