<TABLE>
<CAPTION>
FUTUREFUNDS SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
<S>
Financial Statements for the Years
Ended December 31, 1995 and 1994
and Independent Auditors' Report
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Contract Owners
of FutureFunds Series Account
of Great-West Life & Annuity Insurance Company:
We have audited the accompanying statement of assets and liabilities of Future
Funds Series Account of Great-West Life & Annuity Insurance Company as of
December 31, 1995, the related statement of operations for the year then
ended and the statements of changes in net assets for each of the two years
in the period then ended, including each of the investment divisions. These f
inancial statements are the responsibility of the Series Account's
management. Our responsibility is to express an opinion on these
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 are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the over
In our opinion, such financial statements present fairly, in all material
respects, the financial position of FutureFunds Series Account of Great-West Li
fe & Annuity Insurance Company at December 31, 1995, the results of its
operations for the year then ended and the changes in its net assets for each
of the two years in the period then ended in conformity with generally
accepted accounting principles.
February 7, 1996
FUTUREFUNDS SERIES ACCOUNT OFGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF ASSETS AND LIABILITIESDECEMBER 31, 1995 <
<C>ASSETS:SharesCostValue Investments in mutual funds: Fidelity
Investments - Variable Insurance Products Fund/Asset Manager855,874$12,146,
125$13,514,247 Fidelity Investments - Variable Insurance Products Fund/
Growth665,89516,568,32119,444,135 Maxim Series Fund, Inc. - Affiliated
Bond43,480,29053,169,82353,483,453 Corporate Bond1,9
207,508218,376233,543 INVESCO Small-Cap Growth2,157,6552,581,2662,
747,508 Mid-Cap17,800,70020,004,22524,099,497 Money Market
42,140,94342,164,46542,169,460 Small-Cap Index3,442,4423,515,5534,
020,672 Small-Cap Value328,650346,505350,633 Stock Index143
,503,203200,673,991284,083,523 T. Rowe Price Equity/Income5,174,2565,
874,2496,536,462 Total Return1,776,3232,152,9262,303,745
U.S. Government Securities33,298,35237,487,20236,633,157
6,174,65856,666,90874,466,371 Total investments$509,114,621626,823,180
Other assets and liabilities: Premiums due and accrued27,483,928 Due
to Great-West Life & Annuity Insurance Company(63,504) Other liabilities
(111) NET ASSETS APPLICABLE TO OUTSTANDING UNITS OF CAPITAL (Note 5)$654,243,
493See notes to financial statements.
FUTUREFUNDS SERIES ACCOUNT OFGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONSYEAR ENDED DECEMBER 31, 1995 <C>
<C>VIPVIPCorporateInternationalINVESCOAsset Manager
GrowthBondBondEquityADRInvestmentInvestmentInvestmentInvestmentInvestment
InvestmentDivisionDivisionDivisionDivisionDivisionDivisionINVESTMENT INCOME$
165,467$33,827$3,115,701$94,398$342,869$1,082EXPENSES-mortality and
expense risks by category (Note 3)1.25130,014145,876630,6648,957204,
8729960.959041,1371,40822,1385NET INVESTMENT INCOME (LOSS)34,549(113,186)2,
483,62985,439135,85981NET REALIZED AND UNREALIZEDGAIN ON INVESTMENTS: Net
realized gain (loss) on investments30,077(25,163)(15,151)(2,675)(24,131)656
Net change in unrealized appreciation on investments1,529,0022,682,8194,0
09,10357,1201,130,22115,167NET REALIZED AND UNREALIZED GAINON INVESTMENTS1,5
59,0792,657,6563,993,95254,4451,106,09015,823 NET INCREA
s to financial statements.
(Continued)
FUTUREFUNDS SERIES ACCOUNT OFGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONSYEAR ENDED DECEMBER 31, 1995<C>INVESCO Small-CapMoney
Small-CapSmall-CapStockGrowthMid-CapMarketIndexValueIndexInvestmentInvestment
InvestmentInvestmentInvestmentInvestmentDivisionDivisionDivisionDivision
DivisionDivisionINVESTMENT INCOME$97,001$641,768$2,146,352$112,818$
19,021$6,683,122EXPENSES-mortality and expense risks by category (Note 3)1.
2511,954199,152484,59933,1361,4933,037,1860.951801,41740453516,916NET
INVESTMENT INCOME84,867441,1991,661,34979,14717,5273,639,020NET REALIZED AND
UNREALIZEDGAIN ON INVESTMENTS: Net realized gain on investments5,22536,
83513,032981939,850 Net change in unrealized appreciation on
investments166,2423,559,183508,9443,91565,708,126NET REALIZED AND UNREALIZED
GAINON INVESTMENTS171,4673,596,018521,9764,89666,647,976 NET INCREASE
financial statements.
(Continued)
FUTUREFUNDS SERIES ACCOUNT OFGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONSYEAR ENDED DECEMBER 31, 1995<C> <C>U.S.<C>
<C><C>T. Rowe PriceTotalGovernmentTCITCIEquity/IncomeReturnSecuritiesBalanced
GrowthInvestmentInvestmentInvestmentInvestmentInvestmentTotalDivisionDivision
DivisionDivisionDivisionFutureFundsINVESTMENT INCOME$131,512$116,357$2,203,
948$903,566$58,710$16,867,519EXPENSES-mortality and expense risks by
category (Note 3)1.2533,17418,278404,129438,823787,7056,571,008
ALIZED AND UNREALIZEDGAIN ON INVESTMENTS: Net realized gain (loss) on
investments(919)61016,10536,664(42,295)969,701 Net change in unrealized
appreciation on investments662,891168,0922,562,4255,751,11116,202,614104,
716,975NET REALIZED AND UNREALIZED GAINON INVESTMENTS661,972168,7022,578,5305
,787,77516,160,319105,686,676NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS$760,301$266,746$4,378,068$6,251,906$15,429,348$115,965,227
See notes to financial statements.(Concluded)
FUTUREFUNDS SERIES ACCOUNT OFGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETSYEARS ENDED DECEMBER 31, 1995 and 1994VIP
<C> VIP<C><C>Asset ManagerGrowthBond
InvestmentInvestmentInvestmentDivision (D)Division (D)Division199519941995
199419951994FROM OPERATIONS: Net investment income (loss)$34,549$(24,655)
$(113,186)$(19,694)$2,483,629$2,177,036 Net realized gain (loss) on
investments30,077(27)(25,163)2,551(15,151)(345,269) Net change i
761,985) Increase (decrease) in net assets resulting from
operations1,593,628(185,562)2,544,470175,8526,477,581(1,930,218)FROM UNIT
TRANSACTIONS (by category): Variable annuity contract: Purchase
payments 1.253,467,6911,138,8314,140,551815,9396,004,3107,868,7350.9519,84519
,7428,564 Redemption1.25(288,498)(28,806)(482,399)(24,541)(5,121,131)
(3,679,086)0.95(44,000) Net transfers from (to) other annuity contracts
1.251,036,3466,229,1187,706,4894,412,775(3,096,529)(8,787,531)0.951,1
1,0817,339,14312,982,9105,204,173(230,364)(4,597,882)INCREASE (DECREASE) IN N
ET ASSETS7,024,7097,153,58115,527,3805,380,0256,247,217(6,528,100)NET ASSETS:
Beginning of period7,153,5815,380,02548,114,15654,642,256 End of
period$14,178,290$7,153,581$20,907,405$5,380,025$54,361,373$48,114,156(D)
The Investment Division commenced operations on April 21, 1994.See notes to
financial statements.(Continued)
FUTUREFUNDS SERIES ACCOUNT OFGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETSYEARS ENDED DECEMBER 31, 1995 and 1994
<C>
<C><C>
INVESCOCorporateInternationalINVESCOSmall-CapBondEquityADRGrowthInvestment
InvestmentInvestmentInvestmentDivision (I)Division (B)Division (G)Division
(H) 19951995199419951995FROM OPERATIONS: Net investment income$85,439$135,
859$6,369$81$84,867 Net realized gain (loss) on investments(2,675)(24,131)
(127)6565,225 Net change in unrealized appreciation (depreciation)
on investments57,1201,130,221(29,519)15,167166,242 Increase (decrease) in
net assets resulting from operations139,8841,241
ase payments1.25286,5065,781,0161,617,80475,172652,9600.9538242,8852376,746
Redemptions1.25(130,103)(589,919)(46,136)(4,719)(81,754)0.95(2,000)
Net transfers from other annuity contracts1.252,447,415899,7789,737,
999173,7761,945,2590.952,3562,915,03411,225242,080 Increase in net assets
resulting from unit transactions2,606,5569,046,79411,309,667255,6912,
765,291INCREASE IN NET ASSETS2,746,44010,288,74311,286,390271,5953,021,625NET
ASSETS: Beginning of period11,286,390 End of period$2,746,440$21,575
,133$11,286,390$271,595$3,021,625(B) The Investment Division commenced
operations on April 13, 1994.(G) The Investment Division com
.(I) The Investment Division commenced operations on February 2, 1995.See
notes to financial statements.(Continued)
FUTUREFUNDS SERIES ACCOUNT OFGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS
YEARS ENDED DECEMBER 31, 1995 and 1994<C><C><C>Small-CapMid-CapMoney Market
IndexInvestmentInvestmentInvestmentDivision (B)DivisionDivision (
A)199519941995199419951994FROM OPERATIONS: Net investment income$441,199$3
,845$1,661,349$640,323$79,147$1,454 Net realized gain on investments
36,835213,03257 Net change in unrealized appreciation (depreciation
) on investments3,559,183536,089508,944(3,825) Increase (decrease) in net a
ssets resulting from operations4,037,217539,9361,661,349640,32
OM UNIT TRANSACTIONS: Variable annuity contract: Purchase payments
1.256,167,3191,153,9509,733,8089,618,391859,915239,2900.9534,50054,82812,222
Redemptions1.25(470,569)(89,125)(8,569,592)(4,899,737)
(69,840)(17,250)0.95 Net transfers from other annuity contracts1.255,186,
5377,043,5259,017,65720,812,663676,4711,229,6530.951,906,5031,640,292725,484
Increase in net assets resulting from unit transactions12,824,2908,
108,35011,876,99325,531,3172,204,2521,451,693INCREASE IN NET ASSETS16,861,
5078,648,28613,538,34226,171,6402,805,3751,449,379NET ASSETS: Beginning
of period8,648,28637,018,67510,847,0351,449,379 End of period$25,509,79
3$8,648,286$50,557,017$37,018,675$4,254,754$1,449,379(A)
erations on April 13, 1994.See notes to financial statements.(Continued)
FUTUREFUNDS SERIES ACCOUNT OFGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETSYEARS ENDED DECEMBER 31, 1995 and 1994Small
- -Cap<C>Stock<C>T. Rowe Price<C>ValueIndexEquity/IncomeInvestmentInvestment
InvestmentDivision (E)DivisionDivision (F)199519941995199419951994FROM
OPERATIONS: Net investment income (loss)$17,527$(3)$3,639,020$5,745,905$98,
329$616 Net realized gain (loss) on investments981(99)939,8503,549,699(919
)(7) Net change in unrealized appreciation (depreciat
resulting from operations22,423111 70,286,996(991,905)760,301(69)FROM UNIT
TRANSACTIONS: Variable annuity contract: Purchase payments1.2544,
43621,090,18636,511,3731,224,6293,5990.9537,0632,724 Redemptions1.25
(155)(13,550,775)
(12,990,437)(167,053)(1,389)0.95(64,815) Net transfers from (to) other
annuity contracts1.25291,267(111)(5,650,367)(72,768,148)5,165,135161,0790.
951,6829,554,59610,767 Increase (decrease) in net assets resulting
from unit transactions337,230(111)11,415,888(49,247,212)6,236,202163,289
INCREASE (DECREASE) INNET ASSETS359,653081,702,884(50,239,117)6,996,503163,
220NET ASSETS: Beginning of period207,183,447257,422,564163,220 End
of period$359,653$0$288,886,331$207,183,447$7,159,723$163,2
enced operations on November 9, 1994.See notes to financial statements.
(Continued)
FUTUREFUNDS SERIES ACCOUNT OFGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETSYEARS ENDED DECEMBER 31, 1995 and 1994<C>
<C>
<C>TotalU.S. GovernmentTCIReturnSecuritiesBalanced
InvestmentInvestmentInvestmentDivision (C)DivisionDivision1995199419951994
19951994FROM OPERATIONS: Net investment income$98,044$11,045$1,799,538$1
,197,488$464,131$332,525 Net realized gain (loss) on invest
nvestments168,092(17,273)2,562,425(2,444,417)5,751,111(506,778) Increase
(decrease) in net assets resulting from operations266,746(6,218)4,378,0
68(1,314,436)6,251,906(177,617)FROM UNIT TRANSACTIONS: Variable annuity
contract: Purchase payments
1.25450,23290,1305,318,7307,383,7175,757,1197,090,2890.952,5694,44312,547
Redemptions1.25(13,622)(11,156)(2,106,664)(2,336,076)(2,015,728)(1,426,
309)0.95(4,000) Net transfers from (to) other annuity contracts1.251,
234,959489,8311,765,1514,595,086(298,270)6,576,6320.9546,541394,083845,265
Increase in net assets resulting from unit transactions1,720,679568,
8055,375,7439,642,7274,296,93312,240,612INCREASE IN NET ASSETS1,987,425562,
5879,753,8118,328,29110,548,83912,062,995 NET ASSETS:
$39,293,024$29,539,213$41,714,459$31,165,620(C) The Investment Division
commenced operations on April 20, 1994.See notes to financial statements.
(Continued)
FUTUREFUNDS SERIES ACCOUNT OFGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETSYEARS ENDED DECEMBER 31, 1995 and 1994<C>
<C> TCIGrowthInvestmentTotalDivisionFutureFunds
1995199419951994FROM OPERATIONS: Net investment income (loss)$(730,971)$
(539,608)$10,278,551$9,532,646 Net realized gain (loss) on investments(42,
295)(2,387)969,7013,133,532 Net change in unrealized appreciation
(depreciation) on investments16,202,614(487,151)104,716,975(
,965,227(4,304,540)FROM UNIT TRANSACTIONS: Variable annuity contract:
Purchase payments1.2511,572,71914,796,51582,627,29988,328,5630.9530,
220289,517 Redemptions
1.25(2,926,025)(2,563,504)(36,588,546)(28,113,552)0.95(2,000)(116,815) Net
transfers from (to) other annuity contracts1.25(1,083,104)8,963,68127,4
17,970(11,303,748)0.952,891,18025,999,734 Increase in net assets resulting
from unit transactions10,482,99021,196,69299,629,15948,911,263
INCREASE IN NET ASSETS25,912,33820,167,546215,594,38644,606,723NET ASSETS:
Beginning of period50,984,52830,816,982438,649,107394,042,384 End of
period$76,896,866$50,984,528$654,243,493$438,649,107(Conclu
FUTUREFUNDS SERIES ACCOUNT OFGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY<FN>
NOTES TO FINANCIAL STATEMENTSYEARS ENDED DECEMBER 31, 1995 AND 19941. 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 connecti
e Securities and Exchange Commission as a unit investment trust under the
provisions of the Investment Company Act of 1940, as amended.
The Series Account has various investment divisions which invest in shares
of an open-end management investment companies as follows:
FutureFunds Series Account Investment DivisionMutual Fund InvestmentVIP Asset
ManagerFidelity Investments - Variable Insurance Products Fund-Asset Manager
VIP GrowthFidelity Investments - Variable Insurance Products Fund-GrowthBond
Maxim Series Fund, Inc. -BondCorporate BondMaxim Series Fund, Inc. -
Corporate BondInternational EquityMaxim Series Fund, Inc. - International
EquityINVESCO ADRMaxim Series Fund, Inc. - INVESCO ADRINVESCO Small-Cap
GrowthMaxim Series Fund, Inc. - INVESCO Small-Cap GrowthMid-CapMaxi
s Fund, Inc. - Small-Cap IndexSmall-Cap ValueMaxim Series Fund, Inc. - Small-
Cap ValueStock IndexMaxim Series Fund, Inc. - Stock IndexT. Rowe Price Equity
/IncomeMaxim Series Fund, Inc. - T. Rowe Price Equity/IncomeTotal ReturnMaxim
Series Fund, Inc. - Total ReturnU.S. Government SecuritiesMaxim Series Fund,
Inc. - U.S. Government SecuritiesTCI BalancedTCI Portfolios, Inc. - TCI
BalancedTCI GrowthTCI Portfolios, Inc. - TCI Growth2. SIGNIFICANT ACCOUNTING
POLICIES The following is a summary of significant acc
ccepted 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 December 31, 1995, for each investment division.
Total VariableAnnuityContractUnitsUnit ValueLiabilitiesNET ASSETS APPLICABLE
TO OUTSTANDING UNITS OF CAPITAL: Investment Division: VIP - Asset
Manager 1.251,202,943.323618$10.756029$12,938,893 VIP - Asset Manager
0.95118,138.12738910.4910831,239,397 VIP - Growth
1.251,502,634.50756412.86255819,327,724 VIP - Growth 0.95164,201.3384029
.6203881,579,681 Bond 1.252,010,468.98841826.04522052,363,107 Bond
0.95197,590.07106710.1131901,998,266 Corporate Bond 1.25220,637.0951561
7.33575911.28686518,569,572 International Equity 0.95290,190.43581310.
3572013,005,561 INVESCO ADR 1.2523,104.73125311.245288259,819 INVESCO
ADR 0.951,130.82865610.41317211,776 INVESCO Small-Cap Growth
1.25210,982.03561713.0891522,761,576 INVESCO Small-Cap Growth 0.9524,147
.18296010.769328260,049 Mid-Cap 1.251,715,174.42180513.69988323,497,689
Mid-Cap 0.95194,687.27417410.3350552,012,104 Money Market 1.252,880
,571.67332816.96185448,859,836 Money Market 0.95169,096
0.9572,120.51387710.434575752,547 Small-Cap Value 1.2530,919.43568011.
576180357,929 Small-Cap Value 0.95164.59751710.4770111,724 Stock Index
1.257,636,165.39706336.567281279,233,806 Stock Index 0.95937,180.
74623010.2995349,652,525 T. Rowe Price Equity/Income 1.25550,610.
65888412.9781367,145,900 T. Rowe Price Equity/Income 0.951,324.94191810.
43253613,823 Total Return 1.25214,442.70742211.6604932,500,508 Total
Return 0.954,862.58952510.18068649,504 U.S. Government Secu
9300402,878 TCI Balanced 1.253,153,172.39081012.95616040,853,006 TCI
Balanced 0.9584,634.09931910.178559861,453 TCI Growth 1.254,954,474.
11588214.93494973,994,818 TCI Growth 0.95292,581.1455009.9187812,902,048
TOTAL$654,243,493
6. SELECTED DATA The following is a summary of selected data for a unit of
capital of the Series Account at the beginning and end of the year and the
number of units outstanding at December 31, 1995, 1994, 1993, 1992 and 1991:
VIPVIPVIPVIPCorporateCorporateAsset ManagerAsset ManagerGrowthGrowthBondBond
BondBond1.250.951.250.951.250.951.250.951995(D)(J)(D)(J)(J)(I)(J)Beginning
Unit Value$ 9.31$ 10.00$ 9.62$ 10.00$
22.89$ 10.00$ 10.00$ 10.
10.11$ 12.44$ 10.30Number of Units Outstanding1,202,943.
32118,138.131,502,634.51164,201.342,010,468.99197,590.07220,637.10269.421994
Beginning Unit Value$ 10.00$ 10.00$ 23.74
Ending Unit Value$ 9.31$ 9.62$ 22.89Number
of Units Outstanding768,426.17559,313.442,102,049.131993Beginning Unit Value
$ 22.14Ending Unit Value$ 23.74Number of Units
Outstanding2,301,785.20
1992Beginning Unit Value$ 21.10Ending Unit Value$ 22.14
Number of Units Outstanding1,995,291.181991Beginning Unit Value$
18.63Ending Unit Value$ 21.10Number of Units Outstanding2,067,965
.90(D) The Investment Division commenced operations on April 21, 1994, at a
unit value of $10.00.(I) The Investment Division commenced operations on
February 2, 1995, at a unit value of $10.00.(J) The Investment Division
commenced operations on December 4, 1995, at a unit val
6. SELECTED DATA (continued) The following is a summary of selected data for
a unit of capital of the Series Account at the beginning and end of the year
and the number of units outstanding at December 31, 1995, 1994, 1993, 1992
and 1991:INVESCOINVESCOInternationalInternationalINVESCOINVESCOSmall-CapSmall
- -CapEquityEquityADRADRGrowthGrowthMid-CapMid-Cap1.250.951.250.951.250.951.250
.951995(B)(J)(G)(J)(H)(J)(B)(J)Beginning Unit Value$ 10.49$ 10.
00$ 10.00$ 10.00$ 10.00$
41$ 13.09$ 10.77$ 13.70$ 10.34Number of Units
Outstanding1,645,237.34290,190.4423,104.731,130.83210,982.0424,147.181,715,
174.42194,687.271994Beginning Unit Value$ 10.00$ 10.00 Ending
Unit Value$ 10.49$ 10.96Number of Units Outstanding1,075,821.
94788,758.551993Beginning Unit ValueEnding Unit ValueNumber of Units
Outstanding1992Beginning Unit ValueEnding Unit Value
Number of Units Outstanding1991Beginning Unit ValueEnding Unit ValueNumber of
Units Outstanding(B) The Investment Division commenced operations on April
13, 1994, at a unit value of $10.00.(G) The Investment Division commenced
operations on January 5, 1995, at a unit value of $10.00.(H) The Investment
Division commenced operations on January 9, 1995, at a unit value of $10.00.
(J) The Investment Division commenced operations on December 4, 1995, at a
unit value of $10.00.(Continued)
6. SELECTED DATA (continued) The following is a summary of selected data for
a unit of capital of the Series Account at the beginning and end of the year
and the number of units outstanding at December 31, 1995, 1994, 1993, 1992
and 1991:MoneyMoneySmall-CapSmall-CapSmall-CapSmall-CapStockStockMarketMarket
IndexIndexValueValueIndexIndex1.250.951.250.951.250.951.250.951995(J)(A)(J)(E
)(J)(J)Beginning Unit Value$ 16.25$ 10.00$ 9.48$
10.00$ 10.15$ 10.00$ 27.30$
10.48$ 36.57$ 10.30Number of Units Outstanding2,880,571.67169
,096.04296,281.3672,120.5130,919.44164.607,636,165.40937,180.751994Beginning
Unit Value$ 15.84$ 10.00$ 10.00$ 27.61Ending Uni
t Value$ 16.25$ 9.48$ 10.15$ 27.30 Number of
Units Outstanding2,277,816.08152,895.000.017,589,448.891993Beginning Unit
Value$ 15.60$ 25.44Ending Unit Value$ 15.84$
27.61Number of Units Outstanding684,668.939,325,064.151992Be
s Outstanding787,941.298,106,010.86 1991Beginning Unit Value$ 14.59$
19.97Ending Unit Value$ 15.26$ 24.33Number of Units
Outstanding901,602.838,262,907.65(A) The Investment Division commenced
operations on March 15, 1994, at a unit value of $10.00.(E) The Investment
Division commenced operations on November 4, 1994, at a unit value of $10.00.
(J) The Investment Division commenced operations on December 4, 1995, at a
unit value of $10.00. (Continued)
6. SELECTED DATA (continued) The following is a summary of selected data for
a unit of capital of the Series Account at the beginning and end of the year
and the number of units outstanding at December 31, 1995, 1994, 1993, 1992
and 1991:U.S.U.S.T. Rowe PriceT. Rowe PriceTotalTotalGovernmentGovernment
TCITCIEquity/IncomeEquity/IncomeReturnReturnSecuritiesSecuritiesBalanced
Balanced1.250.951.250.951.250.951.250.951995(F)(J)(C)(J)(J)(J)Beginning Unit
Value$ 9.85$ 10.00$ 9.62$
12.98$ 10.43$ 11.66$ 10.18$ 12.29$
10.15$ 12.96$ 10.18Number of Units Outstanding550,610
.661,324.94214,442.714,862.593,165,425.8339,695.163,153,172.3984,634.101994
Beginning Unit Value$ 10.00$ 10.00$ 11.21$
10.90Ending Unit Value$ 9.85$ 9.62$
10.71$ 10.83Number of Units Outstanding16,574.2958,473.262,756,894
.602,877,738.221993Beginning Unit Value$ 10.
,295.351,752,730.911992Beginning Unit Value$ 10.00$ 10.
00Ending Unit Value$ 10.38$ 10.25Number of Units
Outstanding251,644.29473,967.511991Beginning Unit Value Ending Unit Value
Number of Units Outstanding(C) The Investment Division commenced operations
on April 20, 1994, at a unit value of $10.00.(F) The Investment Division
commenced operations on November 9, 1994, at a unit value of $10.00.(J)
The Investment Division commenced operations on December 4, 1995
6. SELECTED DATA (continued) The following is a summary of selected data for
a unit of capital of the Series Account at the beginning and end of the year a
nd the number of units outstanding at December 31, 1995, 1994, 1993, 1992 and
1991:
TCITCIGrowthGrowth1.250.951995(J)Beginning Unit Value$ 11.53$
10.00Ending Unit Value$ 14.93$ 9.92Number of Units
Outstanding4,954,474.12292,581.151994Beginning Unit Value$ 11.82
Ending Unit Value$ 11.53Number of Units Outstanding4,420,493
.641993Beginning Unit Value$ 10.85Ending Unit Value$ 11
.82Number of Units Outstanding2,607,850.291992Beginning Unit Value$
10.00 Ending Unit Value$ 10.85Number of Unit
vision commenced operations on December 4, 1995, at a unit value of $10.00.
(Concluded)
7. CHANGE IN SHARESThe following is a summary of the net change in total
investment shares held in each of the respective mutual funds:
For the year ended December 31,19951994 Fidelity Investments- VIP Asset
Manager384,110471,764 Fidelity Investments- VIP Growth437,035228,860
Maxim Series Fund, Inc.- Bond1,668,582(2,683,233) Maxim Series Fund, Inc.-
Corporate Bond1,904,375 Maxim Series Fund, Inc.- International Equity8,349,
7599,808,352 Maxim Series Fund, Inc.- INVESCO ADR207,508 Maxim Series
Fund, Inc.- INVESCO Small-Cap Growth2,157,655 Maxim Series Fund, Inc.- Mid-
Cap10,521,8367,278,864 Maxim Series Fund, Inc.- Money Mark
Inc.- Small-Cap Value309,52719,123 Maxim Series Fund, Inc.- Stock Index6,
987,871(28,632,946) Maxim Series Fund, Inc.- T. Rowe Price Equity/Income5,
053,016121,240 Maxim Series Fund, Inc.- Total Return1,342,515433,808
Maxim Series Fund, Inc.- U.S. Government Securities6,659,7377,517,805 TCI
Portfolios, Inc.- TCI Balanced726,2201,794,111 TCI Portfolios, Inc.- TCI
Growth883,0841,998,012</FN> </TABLE>7
