As filed with the Securities and Exchange Commission on April 26, 1996
Registration Nos. 811-4819
33-61122
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-4
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 X
------
Pre-Effective Amendment No.
----------------- ------
Post-Effective Amendment No. 3 X
----------------- ------
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 17 X
------ ------
GREAT AMERICAN RESERVE VARIABLE ANNUITY ACCOUNT C
(Exact Name of Registrant)
GREAT AMERICAN RESERVE INSURANCE COMPANY
(Name of Depositor)
11815 N. Pennsylvania Street
Carmel, Indiana 46032
(Address of Depositor's Principal Executive Offices)
(800) 888-4918
(Depositor's Telephone Number, including Area Code)
Karl W. Kindig, Esq.
Great American Reserve Insurance Company
11815 N. Pennsylvania Street
Carmel, Indiana 46032
(Name and Address of Agent for Service)
With a copy to:
Michael Berenson, Esq.
Jorden, Burt & Berenson
Suite 400 East
1025 Thomas Jefferson Street, N.W.
Washington, D.C. 20007-0805
Approximate Date of Proposed Public Offering: As soon as practicable following
the effective date of this Registration Statement.
It is proposed that this filing will become effective (check
appropriate space): immediately upon filing pursuant to paragraph
(b) of Rule 485
------
X on May 1, 1996 pursuant to paragraph (b) of Rule 485
------
60 days after filing pursuant to paragraph (a) (1) of Rule 485
------
on [date] pursuant to paragraph (a) (1) of Rule 485
------ ------
75 days after filing pursuant to paragraph (a) (2) of Rule 485
------
on [date] pursuant to paragraph (a) (2) of Rule 485
------ ------
If appropriate, check the following box:
this post-effective amendment designates a new effective date for
------ a previously filed post-effective amendment
Pursuant to the provisions of Rule 24f-2(a)(1) under the Investment Company Act
of 1940, Registrant has registered an indefinite number or amount of its
securities under the Securities Act of 1933 and filed a Rule 24f-2 notice for
its recent fiscal year on February 27, 1996. <PAGE>
GREAT AMERICAN RESERVE VARIABLE ANNUITY ACCOUNT C
FORM N-4
CROSS REFERENCE SHEET
Pursuant to Rule 495(a)
Under The Securities Act of 1933
Form N-4
Item No. PART A - Prospectus Caption
- -------- ------------------
1. Cover Page.......................... Cover Page
2. Definitions......................... Definitions
3. Synopsis or Highlights.............. Summary
4. Condensed Financial Information..... Condensed Financial Information
5. General Description of Registrant,.. Great American Reserve, Variable
Depositor and Portfolio Companies Account, and Investment Options
6. Deductions and Expense.............. Contract Charges
7. General Description of Variable..... The Contracts
Annuity Contracts
8. Annuity Period ..................... The Contracts
Section B. Annuity Provisions
9. Death Benefit....................... The Contracts
Section B. Annuity Provisions:
Death Benefit During the Annuity
Period
10. Purchase and Contract Values........ Great American Reserve, Variable
Account, and Investment Options
The Contracts
Section A. Accumulation Provisions
11. Redemptions The Contracts
Section B. Annuity Provisions
12. Taxes............................... Federal Tax Matters
13. Legal Proceedings................... Not Applicable
14. Table of Contents of the Statement.. Table of Contents of the Statement
of Additional Information of Additional Information
<PAGE>
Form N-4
Item No.
- --------
PART B - Statement of Additional Information
-----------------------------------
15. Cover Page.......................... Statement of Additional Information
Cover Page
16. Table of Contents................... Table of Contents
17. General Information and History..... General Information and History
18. Services............................ Not Applicable
19. Purchase of Securities.............. Not Applicable
Being Offered
20. Underwriters........................ Distribution
21. Calculation of Performance Data..... Calculation of Yield Quotations,
Calculation of Performance Data,
and Other Performance Data
22. Annuity Payments.................... Not Applicable
23. Financial Statements................ Financial Statements
PART C
Information required to be included in Part C is set forth under the appropriate
item, so numbered, in Part C of this registration statement.
<PAGE>
PART A
<PAGE>
GREAT AMERICAN RESERVE VARIABLE ANNUITY ACCOUNT C
GROUP VARIABLE DEFERRED ANNUITY CONTRACTS
Offered by
Great American Reserve Insurance Company
Administrative Office:
11815 N. Pennsylvania St., Carmel, Indiana 46032
(317) 817-3700
The Group Variable Deferred Annuity Contracts ("Contracts") described by
this Prospectus are offered by Great American Reserve Insurance Company ("Great
American Reserve"). The Contracts are designed for use in retirement planning
for individuals. Purchase Payments received with respect to the Contracts
(subject to certain deductions) are deposited by Great American Reserve in the
Fixed Account and/or the separate investment account entitled Great American
Reserve Variable Annuity Account C ("Variable Account") for further investment.
The Variable Account is a unit investment trust separate account. The
Variable Account consists of 18 sub-accounts ("Sub-accounts"), each of which
invests in shares of the eligible open-end management investment companies
("Funds"). The Sub-accounts invest in shares of the following Funds: the Conseco
Series Trust Asset Allocation, Common Stock, Corporate Bond, Government
Securities, and Money Market Portfolios; The Alger American Fund Leveraged
AllCap and Small Capitalization Portfolios; The Dreyfus Socially Responsible
Growth Fund, Inc.; the Dreyfus Stock Index Fund; the Federated Insurance Series
High Income Bond, International Equity, and Utility Funds; the Janus Aspen
Series Aggressive Growth, Growth, and Worldwide Growth Portfolios; and the Van
Eck Worldwide Insurance Trust Gold and Natural Resources, Worldwide Bond, and
Worldwide Hard Assets Funds.
This Prospectus contains information regarding the Contracts which
investors should know before investing. It should be read and retained for
future reference. A Statement of Additional Information about the Variable
Account has been filed with the Securities and Exchange Commission ("SEC") and
is available without charge upon request. To obtain a free copy, contact Great
American Reserve at the address or telephone number given above. The Table of
Contents of the Statement of Additional Information appears in this Prospectus
on page 36. The Statement of Additional Information is incorporated herein by
reference and dated May 1, 1996. THESE SECURITIES HAVE NOT BEEN APPROVED OR
DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION NOR HAS THE COMMISSION
PASSED ON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE. Investors should read and retain this Prospectus
for future reference. The date of this Prospectus is May 1, 1996.
<PAGE>
TABLE OF CONTENTS
Page
Definitions .........................................................4
Summary .........................................................5
Condensed Financial Information.............................................10
Great American Reserve, Variable Account,
and the Investment Options
A. Great American Reserve..............................................15
B. Variable Account....................................................15
C. Investment Options..................................................16
The Contracts
A. Accumulation Provisions
Purchase Payments.......... .....................................18
Accumulation Units............. .................................19
Allocation of Purchase
Payments and Transfers......... .............................19
Dollar Cost Averaging...........................................20
Rebalancing.....................................................20
Sweeps ........................................................20
Value of an Individual Account..................................20
Net Investment Factor for Each
Valuation Period............................................20
Information on the Fixed Account................................21
Withdrawals.....................................................22
Systematic Withdrawal Plan......................................22
Check Writing...................................................23
Loans ........................................................23
Contract Charges
Premium Taxes...............................................23
Administrative Charge ......................................23
Mortality and Expense Risk
Charge..................................................23
Withdrawal Charge...........................................24
Reduction or Elimination of Contract Charges................25
Expense Guarantee Agreement.................................25
Other Charges...............................................26
Death Benefits..................................................26
Options Upon Termination of
Participation in the Plan...................................26
Restrictions Under Optional
Retirement Programs.........................................26
Restrictions Under Section
403(b) Plans................................................26
B. Annuity Provisions
Optional Annuity Period Elections...............................27
Annuity Options.................................................27
Determination of Amount
of the First Monthly Variable
Annuity Payment.............................................28
Value of an Annuity Unit........................................29
Amounts of Subsequent Monthly
Variable Annuity Payments...................................29
Transfers During the Annuity Period.............................30
Death Benefit During the Annuity
Period......................................................30
C. Other Contract Provisions
Company Approval................................................31
Ten-Day Right to Review.........................................31
Modification of the Contract....................................31
Transfer of Ownership, Assignment...............................31
Federal Tax Matters
A. General ........................................................31
B. Status of Annuity Contracts.....................................32
Qualified Contracts.............................................32
C. Taxation of Distributions.......................................33
D. Other Considerations............................................35
Voting Rights ........................................................35
General Matters
Performance Information.........................................35
Distribution of Contracts.......................................36
Contract Owner Inquiries........................................36
Legal Proceedings...............................................36
Other Information...............................................36
Table of Contents of the Statement
of Additional Information...............................................36
<PAGE>
DEFINITIONS
Accumulation Period: The period before the commencement of annuity
payments, during which purchase payments are accumulated for payment of future
annuity benefits.
Accumulation Unit: An accounting unit of measure used to calculate the
values during the accumulation period.
Amount Redeemed: The total value of the accumulation units cancelled upon
partial or full withdrawal during the accumulation period.
Annuitant: The named individual who receives annuity payments.
Annuity: A series of payments for life; or for life with a minimum number
of payments certain; or for the joint lifetime of the annuitant and a second
person and thereafter during the remaining lifetime of the survivor; or for a
certain period; or for a certain payment amount.
Annuity Period: The period following the commencement of annuity payments.
Annuity Unit: An accounting unit of measure used to calculate the amount of
annuity payments.
Completed Annual Contribution Period: The period of time in which the
contract owner has made the annual number of purchase payments agreed upon when
the contract was applied for; e.g., if the owner agrees that an annual
contribution period will consist of 12 payments in a year, the annual
contribution period is not completed until the 12th purchase payment is made.
Contract Owner: The entity to which the contract is issued, usually the
employer. Also referred to as the owner.
Contract Value: The total of your individual account values held under the
contract in each investment option of the variable account plus the fixed
account.
Fixed Account: The general account of Great American Reserve in which you
may choose to allocate purchase payments and contract values. It provides
guaranteed values and periodically adjusted interest rates.
Great American Reserve: Great American Reserve Insurance Company. Also
referred to as "we" or "us."
Great American Reserve Variable Annuity Account C (Variable Account):
Pursuant to the insurance laws of Texas, assets attributable to the variable
portions of contracts are segregated from other assets of Great American Reserve
and are held in the Great American Reserve Variable Annuity Account C.
Individual Account: The record established by Great American Reserve which
represents a contract owner's interest in an investment option during the
accumulation period.
Investment Options: The investment choices available to contract owners.
Participant: Any eligible person participating in a plan and for whom an
individual account is established under a contract.
Plan: A voluntary program of an employer which qualifies for special tax
treatment.
Purchase Payments: Premium payments made to Great American Reserve under
the terms of the contract.
Redemption Payment: The amount paid upon a withdrawal request, equal to the
amount redeemed less any applicable withdrawal charge and any administrative fee
deduction.
Valuation Period: The period of time from the end of one business day of
the New York Stock Exchange to the end of the next such day or to the same time
on any day in which there are sufficient purchases or redemptions in
accumulation units that the current net asset value of those units might be
materially affected by changes in the value of the portfolio securities.
Variable Annuity: An annuity which provides retirement payments which vary
in dollar amount with investment results.
<PAGE>
SUMMARY
The Contracts. The Contracts offered by this Prospectus are tax-deferred
flexible purchase payment group variable annuity contracts. The Contracts
provide for the accumulation of contract values and the payment of annuity
benefits on a variable and/or fixed basis. Except as specifically noted herein
and set forth under the caption "Information on the Fixed Account," this
Prospectus describes only the variable portion of the Contracts.
Retirement Plans. The Contracts may be issued pursuant to plans qualifying
for special income tax treatment under the Internal Revenue Code (the "Code"),
such as pension and profit sharing plans, tax-sheltered annuities ("TSAs"), and
state and local government deferred compensation plans (see "Qualified
Contracts").
Purchase Payments. The Contracts permit Purchase Payments to be made on a
flexible purchase payment basis. The minimum initial payment and amount for each
subsequent payment is $10 per month. Purchase Payments may be made at any time,
except that if a Purchase Payment exceeds $250,000, it will be accepted only
with the prior approval of Great American Reserve (see "Purchase Payments").
Investment Options. Purchase Payments may be allocated among the 19
investment options available under the Contracts: 18 variable investment options
and one fixed option. The 18 variable investment options consist of Sub-accounts
which invest in shares of the following Funds: the Conseco Series Trust Asset
Allocation, Common Stock, Corporate Bond, Government Securities, and Money
Market Portfolios; The American Fund Leveraged AllCap and Small Capitalization
Portfolios; The Dreyfus Socially Responsible Growth Fund, Inc.; the Dreyfus
Stock Index Fund; the Federated Insurance Series High Income Bond, International
Equity, and Utility Funds; the Janus Aspen Series Aggressive Growth, Growth, and
Worldwide Growth Portfolios; and the Van Eck Worldwide Insurance Trust Gold and
Natural Resources, Worldwide Bond, and Worldwide Hard Assets Funds. (see the
accompanying prospectuses of the eligible Funds). The portion of the Contract
Value in the Variable Account will reflect the investment performance of the
investment options selected (see "Variable Account"). Purchase Payments may also
be allocated to the Fixed Account (see "Information on the Fixed Account").
Subject to certain regulatory limitations, Great American Reserve may elect to
add, subtract or substitute investment options. Groups that invest on the
Contracts may limit the number of the investment options available to their
individual participants.
Transfers. During the Accumulation Period, amounts may be transferred among
the Variable Account investment options and from the Variable Account investment
options to the Fixed Account investment option without charge. In addition,
amounts may be transferred from the Fixed Account investment option to the
Variable Account investment options, subject to a limit of 20 percent of the
Fixed Account value per any six-month period (see "Information on the Fixed
Account"). During the Annuity Period, transfers are not permitted from variable
annuity options to fixed annuity options or from fixed annuity options to
variable annuity options. Great American Reserve may impose certain additional
limitations on transfers (see "Allocation of Purchase Payments and Transfers"
and "Transfers During the Annuity Period"). Transfer privileges may also be used
under special services offered by Great American Reserve to dollar cost average
an investment in the contract (see "Dollar Cost Averaging"), or transfer
earnings from the Fixed Account to another investment option (see "Sweeps"), or
rebalance an investment on a periodic basis (see "Rebalancing").
Withdrawals. The participant may withdraw all or a portion of the Contract
Value. A withdrawal charge and an administrative fee may be imposed (see
"Withdrawal Charge"). A withdrawal may also be subject to a penalty tax (see
"Federal Tax Matters"). Withdrawal privileges may also be exercised pursuant to
Great American Reserve's systematic withdrawal plan (see "Systematic Withdrawal
Plan") and check writing privilege (see "Check Writing").
Loans. The contract may contain a loan provision in connection with certain
qualified plans. Owners of such contracts may be eligible to obtain loans using
the contract as the only security for the loan (see "Loans").
<PAGE>
Death Benefit. Generally, if the Annuitant dies during the Accumulation
Period, Great American Reserve will pay to the beneficiary the death benefit
less any outstanding loans (see "Death Benefit").
Annuity Payments. Great American Reserve offers a variety of fixed and
variable annuity options. Periodic annuity payments will begin during the
Annuity Period. The Contract Owner selects the date when annuity payments begin,
frequency of payment and annuity option (see "Annuity Provisions").
Ten-Day Review. Within 10 days of receipt of a Contract, a Contract Owner
may cancel the Contract by returning it to Great American Reserve (see "Ten-Day
Right to Review").
Charges and Deductions. The following table and examples are designed to
assist Contract Owners in understanding the various expenses that Contract
Owners bear directly and indirectly. The table reflects expenses of the Variable
Account and the underlying Portfolios. The items listed under "Contract Owner
Transaction Expenses"and "Annual Expenses of Variable Account" are completely
described in this Prospectus (see "Contract Charges"). The items listed under
"Annual Fund Expenses After Reimbursement" are described in detail in the
prospectuses of the eligible Funds to which reference should be made.
Contract Owner Transaction Expenses (1)
Sales Load Imposed on Purchases.........................................None
Deferred Sales Load (as a percentage of amount redeemed)
Completed Annual Contribution Periods
for the Individual Account
Less than 5..................................................5.00%
5 but less than 10...........................................3.00%
10 but less than 15..........................................2.00%
15 or more....................................................None
Surrender Fee.....................................................None
Exchange Fee......................................................None
Annual Contract Fee........................................................$15
Annual Expenses of Variable Account (as a percentage of average net assets)
Mortality and Expense Risk Fees..................................1.00%
Other Expenses....................................................None
Total Annual Expenses of Variable Account (2)............................1.00%
(1) Premium taxes are not shown. Any premium tax due will be deducted from
Purchase Payments or from Individual Account values at the annuity
commencement date or at such other time as the tax becomes due, unless
assessed by the applicable jurisdiction when Purchase Payments are
received; in such event, the taxes will be deducted from Purchase Payments.
The current range of premium taxes in jurisdictions in which the Contracts
are made available is from 0 percent to 3.5 percent.
(2) Great American Reserve has guaranteed the total of the investment
management fees charged against Conseco Series Trust's Common Stock,
Corporate Bond and Money Market Portfolios whose shares are purchased by
Variable Account, plus mortality and expense risk imposed upon the assets
of the corresponding Sub-accounts of Variable Account will not exceed an
amount that is equal to the total amount of the same charges that would
have been imposed under the Contract had the Combination not occurred (see
"Expense Guarantee Agreement").
<PAGE>
<TABLE>
ANNUAL FUND EXPENSES AFTER REIMBURSEMENT (1) (AS A PERCENTAGE OF AVERAGE NET ASSETS)
<CAPTION>
Management Other Total
Fees Expenses Expenses
<S> <C> <C> <C>
Conseco Series Trust
Asset Allocation Portfolio (3)................... .55% .20% .75%(2)
Common Stock Portfolio (3)....................... .60% .20% .80%(2)
Corporate Bond Portfolio......................... .50% .20% .70%(2)
Government Securities Portfolio.................. .50% .20% .70%(2)
Money Market Portfolio (3)....................... .25% .20% .45%(2)
The Alger American Fund
Alger American Leveraged AllCap Portfolio........ .85% .71%(4) 1.56%
Alger American Small Capitalization Portfolio.... .85% .07% .92%
The Dreyfus Socially Responsible Growth Fund, Inc.... .69% .58% 1.27%(5)
Dreyfus Stock Index Fund............................. .245% .155% .40%(6)
Federated Insurance Series
Federated High Income Bond Fund II............... .00% .80% .80%(7)
Federated International Equity Fund II........... .00% 1.25% 1.25%(7)
Federated Utility Fund II........................ .00% .85% .85%(7)
Janus Aspen Series
Aggressive Growth Portfolio...................... .75% .11% .86%(8)
Growth Portfolio................................. .65% .13% .78%(8)
Worldwide Growth Portfolio....................... .68% .22% .90%(8)
Van Eck Worldwide Insurance Trust
Gold and Natural Resources Fund.................. .75% .21% .96%
Worldwide Bond Fund.............................. .75% .23% .98%
Worldwide Hard Assets Fund....................... 1.00% .40% 1.40%(9)
<FN>
(1) The Fund expenses shown above are assessed at the underlying Fund level and
are not direct charges against separate account assets or reductions from
Contract Values. These Fund expenses are taken into consideration in
computing each Fund's net asset value, which is the share price used to
calculate the Variable Account's unit value.
(2) Conseco Capital Management, Inc., the investment adviser of the Conseco
Series Trust, has voluntarily agreed to reimburse all expenses, including
management fees, in excess of the following percentage of the average
annual net assets of each listed Portfolio, so long as such reimbursement
would not result in a Portfolio's inability to qualify as a regulated
investment company under the Code: 0.75 percent for Asset Allocation; 0.80
percent for Common Stock; 0.70 percent for Corporate Bond and Government
Securities; and 0.45 percent for Money Market. The total percentage in the
above table is after reimbursement. In the absence of expense
reimbursement, the total fees and expenses in 1995 would have totaled: 0.87
percent for Asset Allocation; 0.80 percent for Common Stock; 0.74 percent
for Corporate Bond; 0.77 percent for Government Securities; 0.52 percent
for Money Market.
(3) Conseco Capital Management, Inc., since January 1, 1993, has voluntarily
waived its Management Fees in excess of the annual rates set forth above.
Absent such Fee waivers, the Management Fees would have totaled: 0.65
percent for Asset Allocation; 0.65 percent for Common Stock; and 0.50
percent for Money Market.
(4) The Alger American Leveraged AllCap Portfolio "Other Expenses" includes
0.06 percent of interest expense. Absent reimbursements to the Portfolio by
its manager, the amount of Other Expenses and Total Expenses would have
been 3.07 percent and 3.92 percent, respectively, for the Alger American
Leveraged AllCap Portfolio.
(5) The Dreyfus Corporation, the investment adviser of The Dreyfus Socially
Responsible Growth Fund, Inc., has voluntarily agreed to reimburse all or a
portion of its advisory fee to the extent that the total expenses of the
fund are in excess of 1.30 percent of the average annual net assets. In the
absence of expense reimbursement, the total fees and expenses in 1995 would
have totaled 0.42 percent.
(6) Mellon Equity Associates, the index manager of the Dreyfus Stock Index
Fund, and the Dreyfus Corporation have voluntarily agreed to reimburse all
or a portion of its advisory fee to the extent that the total expenses of
the fund are in excess of 0.40 percent of the average annual net assets. In
the absence of expense reimbursement, the total fees and expenses in 1995
would have totaled 1.33 percent.
(7) Federated Advisers, the investment adviser of the Federated Insurance
Series, has voluntarily agreed to reimburse all or a portion of its
advisory fee to the extent that the total expenses of the fund are in
excess of the following percentage of the average annual assets of each
listed Fund: 0.60 percent for High Income Bond; 1.00 percent for
International Equity; and 0.75 percent for Utility. In the absence of
expense reimbursement, the total fees and expenses in 1995 would have been:
4.20 percent for High Income Bond; 12.64 percent for International Equity;
and 3.09 percent for Utility.
(8) The expense figures shown are net of certain fee waivers or reductions from
Janus Capital Corporation, the investment adviser of the Janus Aspen
Series. Without such waivers or reductions, the total fees and expenses in
1995 would have totaled: 0.93 percent for Aggressive Growth; 0.98 percent
for Growth; and 1.09 percent for Worldwide Growth.
(9) Other expenses are based on estimated amounts for the Portfolio's current
fiscal year.
Great American Reserve has guaranteed certain expenses not to exceed a
total of 1.44 percent on an annual basis of the average annual net assets
of the Conseco Series Trust Common Stock, Corporate Bond and Money Market
Portfolios that is equal to the same charges that would have been imposed
under the Contracts had the Combination not occurred (see "Expense
Guarantee Agreement").
</TABLE>
<PAGE>
<TABLE>
GROUP VARIABLE ANNUITY CONTRACT
Example 1-Assuming surrender at the end of the periods shown (1): You would pay
the following expenses on a $1,000 investment, assuming 5 percent annual return
on assets:
<CAPTION>
1 Year 3 Years 5 Years 10 Years
<S> <C> <C> <C> <C>
Conseco Series Trust
Asset Allocation Portfolio......................... $68 $106 $147 $240
Common Stock Portfolio............................. 65 97 131 207
Corporate Bond Portfolio........................... 65 97 131 207
Government Securities Portfolio.................... 68 105 144 235
Money Market Portfolio............................. 65 97 131 207
The Alger American Fund
Alger American Leveraged AllCap Portfolio.......... 76 131 188 323
Alger American Small Capitalization Portfolio...... 70 112 156 258
The Dreyfus Socially Responsible Growth Fund, Inc. .... 73 122 173 294
Dreyfus Stock Index Fund............................... 65 96 129 203
Federated Insurance Series
Federated High Income Bond Fund II................. 69 108 150 246
Federated International Equity Fund II............. 73 121 172 292
Federated Utility Fund II.......................... 69 109 152 251
Janus Aspen Series
Aggressive Growth Portfolio........................ 69 110 153 252
Growth Portfolio................................... 69 107 149 244
Worldwide Growth Portfolio......................... 70 111 155 256
Van Eck Worldwide Insurance Trust
Gold and Natural Resources Fund.................... 70 113 158 262
Worldwide Bond Fund................................ 71 113 159 264
Worldwide Hard Assets Fund......................... 75 126 180 307
</TABLE>
<TABLE>
GROUP VARIABLE ANNUITY CONTRACT-CONT.
Example 2-Assuming annuitization at the end of the periods shown (1): You would
pay the following expenses on a $1,000 investment, assuming 5 percent annual
return on assets:
<CAPTION>
1 Year 3 Years 5 Years 10 Years
<S> <C> <C> <C> <C>
Conseco Series Trust
Asset Allocation Portfolio......................... $68 $106 $ 97 $210
Common Stock Portfolio............................. 65 97 81 177
Corporate Bond Portfolio........................... 65 97 81 177
Government Securities Portfolio.................... 68 105 94 205
Money Market Portfolio............................. 65 97 81 177
The Alger American Fund
Alger American Leveraged AllCap Portfolio.......... 76 131 138 293
Alger American Small Capitalization Portfolio...... 70 112 106 228
The Dreyfus Socially Responsible Growth Fund, Inc. .... 73 122 123 264
Dreyfus Stock Index Fund............................... 65 96 79 173
Federated Insurance Series
Federated High Income Bond Fund II................. 69 108 100 216
Federated International Equity Fund II............. 73 121 122 262
Federated Utility Fund II.......................... 69 109 102 221
Janus Aspen Series
Aggressive Growth Portfolio........................ 69 110 103 222
Growth Portfolio................................... 69 107 99 214
Worldwide Growth Portfolio......................... 70 111 105 226
Van Eck Worldwide Insurance Trust
Gold and Natural Resources Fund.................... 70 113 108 232
Worldwide Bond Fund................................ 71 113 109 234
Worldwide Hard Assets Fund......................... 75 126 130 277
(Continued)
<FN>
</TABLE>
<PAGE>
<TABLE>
GROUP VARIABLE ANNUITY CONTRACT-CONT.
Example 3-Assuming the contract stays in force through the periods shown (1):
You would pay the following expenses on a $1,000 investment, assuming 5 percent
annual return on assets:
<CAPTION>
1 Year 3 Years 5 Years 10 Years
<S> <C> <C> <C> <C>
Conseco Series Trust
Asset Allocation Portfolio......................... $18 $56 $ 97 $210
Common Stock Portfolio............................. 15 47 81 177
Corporate Bond Portfolio........................... 15 47 81 177
Government Securities Portfolio.................... 18 55 94 205
Money Market Portfolio............................. 15 47 81 177
The Alger American Fund
Alger American Leveraged AllCap Portfolio.......... 26 81 138 293
Alger American Small Capitalization Portfolio...... 20 62 106 228
The Dreyfus Socially Responsible Growth Fund, Inc. .... 23 72 123 264
Dreyfus Stock Index Fund............................... 15 46 79 173
Federated Insurance Series
Federated High Income Bond Fund II................. 19 58 100 216
Federated International Equity Fund II............. 23 71 122 262
Federated Utility Fund II.......................... 19 59 102 221
Janus Aspen Series
Aggressive Growth Portfolio........................ 19 60 103 222
Growth Portfolio................................... 19 57 99 214
Worldwide Growth Portfolio......................... 20 61 105 226
Van Eck Worldwide Insurance Trust
Gold and Natural Resources Fund.................... 20 63 108 232
Worldwide Bond Fund................................ 21 63 109 234
Worldwide Hard Assets Fund......................... 25 76 130 277
<FN>
PLEASE REMEMBER THAT THE EXAMPLE SHOULD NOT BE CONSIDERED A REPRESENTATION OF
PAST OR FUTURE EXPENSES AND THAT ACTUAL EXPENSES MAY BE GREATER OR LESS THAN
THOSE SHOWN. SIMILARLY, THE 5 PERCENT ANNUAL RATE OF RETURN IS NOT AN ESTIMATe
OR GUARANTEE OF FUTURE INVESTMENT PERFORMANCE.
(1) This Contract is designed for retirement planning. Surrenders prior to the
Annuity Period are not consistent with the long-term purposes of the
Contract and the applicable tax laws. The above table reflects estimates of
expenses of the Variable Account and the Funds. The standard table and
examples assume the highest deductions possible under a contract, whether
or not such deductions actually would be made under a contract. Annual
maintenance charges have been approximated as a 7 basis point annual asset
charges based on the experience of the flexible premium payment contracts.
</TABLE>
<PAGE>
<TABLE>
CONDENSED FINANCIAL INFORMATION
The tables below provide per-unit information about the financial history of each Sub-account.
<CAPTION>
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CONSECO SERIES TRUST
Asset Allocation (c)
Accumulation unit value at
beginning of period ...... $1.052 $1.068 $1.000 N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.370 $1.052 $1.068 N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 30.19% (1.51)% 6.84% N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 5,007,682 3,888,125 2,257,426 N/A N/A N/A N/A N/A N/A N/A
Common Stock-Qualified (a)
Accumulation unit value at
beginning of period....... $9.191 $9.069 $8.492 $8.292 $5.827 $6.313 $4.804 $4.491 $4.420 $4.045
Accumulation unit value at
end of period............. $12.448 $9.191 $9.069 $8.492 $8.292 $5.827 $6.313 $4.804 $4.491 $4.420
Percentage change in accu-
mulation unit value....... 35.44% 1.35% 6.79% 2.41% 42.30% (7.70)% 31.41% 6.97% 1.61% 9.27%
Number of accumulation
units outstanding at
end of period............. 7,950,068 7,356,167 6,310,119 5,499,342 4,667,263 4,275,235 4,188,009 4,384,189 4,753,634 4,754,319
Common Stock-Non-Qualified (a)
Accumulation unit value at
beginning of period ...... $7.275 $7.179 $6.722 $6.564 $4.612 $4.997 $3.803 $3.555 $3.567 $3.307
Accumulation unit value at
end of period............. $9.854 $7.275 $7.179 $6.722 $6.564 $4.612 $4.997 $3.803 $3.555 $3.567
Percentage change in accu-
mulation unit value....... 35.44% 1.35% 6.79% 2.41% 42.30% (7.70)% 31.41% 6.97% (0.34)% 7.86%
Number of accumulation
units outstanding at
end of period............. 286,775 271,457 252,573 191,299 152,332 125,393 105,484 128,262 228,537 98,592
Corporate Bond-Qualified (b)
Accumulation unit value at
beginning of period....... $4.080 $4.224 $3.768 $3.466 $2.899 $2.743 $2.405 $2.245 $2.213 $1.982
Accumulation unit value at
end of period............. $4.790 $4.080 $4.224 $3.768 $3.466 $2.899 $2.743 $2.405 $2.245 $2.213
Percentage change in accu-
mulation unit value....... 17.38% (3.41)% 12.12% 8.70% 19.57% 5.66% 14.09% 7.11% 1.43% 11.68%
Number of accumulation
units outstanding at
end of period............. 3,072,607 2,961,739 3,003,770 2,490,084 2,145,672 1,998,622 2,083,583 2,092,143 2,321,770 3,694,890
(Continued)
</TABLE>
<PAGE>
<TABLE>
CONDENSED FINANCIAL INFORMATION-CONT.
<CAPTION>
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CONSECO SERIES TRUST-CONT.
Corporate Bond-Non-Qualified (b)
Accumulation unit value at
beginning of period ...... $3.921 $4.059 $3.620 $3.330 $2.785 $2.636 $2.310 $2.157 $2.134 $1.920
Accumulation unit value at
end of period............. $4.602 $3.921 $4.059 $3.620 $3.330 $2.785 $2.636 $2.310 $2.157 $2.134
Percentage change in accu-
mulation unit value....... 17.38% (3.41)% 12.12% 8.70% 19.57% 5.66% 14.09% 7.11% 1.10% 11.12%
Number of accumulation
units outstanding at
end of period............. 179,684 197,847 185,569 123,618 98,273 118,597 140,928 99,057 101,084 247,670
Government Securities (c)
Accumulation unit value at
beginning of period....... $0.995 $1.034 $1.000 N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.156 $0.995 $1.034 N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 16.18% (3.79)% 3.42% N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 422,359 335,451 535,607 N/A N/A N/A N/A N/A N/A N/A
Money Market (b)
Accumulation unit value at
beginning of period ...... $2.387 $2.321 $2.280 $2.224 $2.120 $1.978 $1.830 $1.726 $1.636 $1.549
Accumulation unit value at
end of period............. $2.496 $2.387 $2.321 $2.280 $2.224 $2.120 $1.978 $1.830 $1.726 $1.636
Percentage change in accu-
mulation unit value....... 4.57% 2.85% 1.79% 2.52% 4.89% 7.22% 8.08% 6.01% 5.50% 5.62%
Number of accumulation
units outstanding at
end of period............. 1,538,629 1,619,841 1,465,429 1,790,486 1,762,019 1,798,156 1,869,049 1,705,508 2,039,312 1,680,884
THE ALGER AMERICAN FUND:
Leveraged AllCap (d)
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.411 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 41.12% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 48,284 N/A N/A N/A N/A N/A N/A N/A N/A N/A
(Continued)
</TABLE>
<PAGE>
<TABLE>
CONDENSED FINANCIAL INFORMATION-CONT.
<CAPTION>
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
THE ALGER AMERICAN FUND-CONT.
Small Capitalization (d)
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.222 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 22.18% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 421,326 N/A N/A N/A N/A N/A N/A N/A N/A N/A
DREYFUS SOCIALLY RESPONSIBLE GROWTH FUND, INC. (d)
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.178 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 17.76% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 27,728 N/A N/A N/A N/A N/A N/A N/A N/A N/A
DREYFUS STOCK INDEX FUND (d)
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.160 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 16.03% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 561,967 N/A N/A N/A N/A N/A N/A N/A N/A N/A
FEDERATED INSURANCE SERIES
High Income Bond (d )
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.070 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 6.96% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 1,178 N/A N/A N/A N/A N/A N/A N/A N/A N/A
<FN>
(Continued)
</TABLE>
<PAGE>
<TABLE>
CONDENSED FINANCIAL INFORMATION-CONT.
<CAPTION>
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FEDERATED INSURANCE SERIES-CONT.
International Equity (d)
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.028 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 2.80% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 9,399 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Utility (d)
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.125 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 12.53% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 53,189 N/A N/A N/A N/A N/A N/A N/A N/A N/A
JANUS ASPEN SERIES
Aggressive Growth (d)
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.269 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 26.93% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 398,348 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Growth (d)
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.170 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 17.02% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 144,293 N/A N/A N/A N/A N/A N/A N/A N/A N/A
(Continued)
</TABLE>
<PAGE>
<TABLE>
CONDENSED FINANCIAL INFORMATION-CONT.
<CAPTION>
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
JANUS ASPEN SERIES-CONT.
Worldwide Growth (d)
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.214 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 21.40% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 230,889 N/A N/A N/A N/A N/A N/A N/A N/A N/A
THE VAN ECK WORLDWIDE INSURANCE TRUST Gold and Natural Resources (d)
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.080 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 7.97% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 27,240 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Worldwide Bond (d)
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.021 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 2.05% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 6,030 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Worldwide Hard Assets (d)
Accumulation unit value at
beginning of period....... $1.000 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Accumulation unit value at
end of period............. $1.052 N/A N/A N/A N/A N/A N/A N/A N/A N/A
Percentage change in accu-
mulation unit value....... 5.19% N/A N/A N/A N/A N/A N/A N/A N/A N/A
Number of accumulation
units outstanding at
end of period............. 49,191 N/A N/A N/A N/A N/A N/A N/A N/A N/A
<FN>
(a) The unit value was $1.000 on the inception date of December 3, 1965.
(b) The unit value was $1.000 on the inception date of May 19, 1981.
(c) The unit value was $1.000 on the inception date of May 1, 1993.
(d) The unit value was $1.000 on the inception date of June 1, 1995.
<PAGE>
GREAT AMERICAN RESERVE, VARIABLE ACCOUNT, AND THE INVESTMENT OPTIONS
A. Great American Reserve
Great American Reserve, originally organized in 1937, is principally
engaged in the life insurance business in 47 states and the District of
Columbia. Great American Reserve is a stock company organized under the laws of
the state of Texas and an indirect wholly owned subsidiary of Conseco, Inc.
("Conseco"). The operations of Great American Reserve are handled by Conseco.
Conseco is a publicly owned financial services holding company, the principal
operations of which are the development, marketing and administration of
specialized annuity and life insurance products. Conseco is located at 11825 N.
Pennsylvania Street, Carmel, Indiana 46032.
All inquiries regarding Individual Accounts, the Contracts, or any related
matter should be directed to Great American Reserve's Variable Annuity
Department at the address and telephone number shown on page 1 of this
Prospectus. The financial statements of Great American Reserve included in the
Statement of Additional Information should be considered only as bearing upon
the ability of Great American Reserve to meet the obligations under the
Contracts. Furthermore, neither the assets of Conseco nor those of any company
in the Conseco group of companies other than Great American Reserve support
these obligations. As of December 31, 1995, Great American Reserve had total
assets of $2.8 billion and total shareholder's equity of $442.6 million. Great
American Reserve does not guarantee the investment performance of the Variable
Account investment options. B. Variable Account
Variable Account, originally established in 1980 by Voyager Life Insurance
Company, is registered with the SEC as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act"). At a combined Special Meeting
held on December 14, 1992, the Contract Owners and Participants in Variable
Account, Great American Reserve Variable Annuity Account Fund ("Annuity Fund")
and Great American Reserve Variable Annuity Account D ("Account D") approved an
Agreement and Plan of Reorganization and the reorganization (the "Combination")
of Variable Account, Annuity Fund, and Account D, contemplated thereby. On May
1, 1993, the effective date of the Combination, Variable Account, Annuity Fund
and Account D were combined and restructured into a single continuing unit
investment trust separate account investing exclusively in shares of the Conseco
Series Trust, and Variable Account became the continuing separate account. Also
on May 1, 1993, all of the portfolio assets of Variable Account, including those
of Annuity Fund and Account D, were sold, assigned and transferred to the Common
Stock, Corporate Bond and Money Market Portfolios of the Conseco Series Trust.
In exchange for such assets, shares of the Common Stock, Corporate Bond and
Money Market Portfolios were issued to the Common Stock Sub-account, Corporate
Bond Sub- account and Money Market Sub-account of restructured Variable Account,
respectively. The respective interests of Contract Owners and Participants
immediately after the Combination were equal to their former interests in
Variable Account, Annuity Fund or Account D, as the case may be, immediately
before the Combination.
Prior to the Combination, Variable Account, Annuity Fund and Account D had
been operated by Great American Reserve as managed separate accounts investing
directly in securities. Variable Account invested primarily in debt securities,
Annuity Fund invested primarily in equity securities, and Account D invested
only in money market instruments. As a result of the Combination, Variable
Account invests in shares of the Conseco Series Trust, which, in turn, invest
directly in diversified portfolios of securities, as described in the Conseco
Series Trust's prospectus and statement of additional information. The Variable
Account also invests in shares of Funds described herein.
<PAGE>
The Variable Account is segmented into Sub-accounts. Each Sub-account
invests in shares of one of the eligible Funds and such shares are purchased at
net asset value. The Sub-accounts and Funds may be added or withdrawn as
permitted by applicable law. The Variable Account consists of 18 Sub-accounts,
each of which invests in shares of one of the eligible Funds of the Conseco
Series Trust Asset Allocation, Common Stock, Corporate Bond, Government
Securities, and Money Market Portfolios; The Alger American Fund Leveraged
AllCap and Small Capitalization Portfolios; The Dreyfus Socially Responsible
Growth Fund, Inc.; the Dreyfus Stock Index Fund; the Federated Insurance Series
High Income Bond, International Equity, and Utility Funds; the Janus Aspen
Series Aggressive Growth, Growth, and Worldwide Growth Portfolios; and the Van
Eck Worldwide Insurance Trust Gold and Natural Resources, Worldwide Bond, and
Worldwide Hard Assets Funds. Great American Reserve reserves the right to add
other Sub-accounts, eliminate existing Sub-accounts, combine Sub- accounts or
transfer assets in one Sub-account to another Sub-account established by Great
American Reserve or an affiliate company. Great American Reserve will not
eliminate existing Sub-accounts or combine Sub-accounts without any required
prior approval of the appropriate state or federal regulatory authorities.
The assets of Variable Account are not chargeable with liabilities arising
out of any other business Great American Reserve may conduct. In addition, any
income, gains or losses realized or unrealized on assets of Variable Account are
credited to or charged against Variable Account without regard to other income,
gains or losses of Great American Reserve. Nevertheless, obligations arising
under the Contracts are obligations of Great American Reserve.
In addition to the net assets and other liabilities for variable annuity
contracts, Variable Account's assets will include assets derived from charges
made by Great American Reserve. Great American Reserve may transfer out to its
general account any of Variable Account's assets that are in excess of the
reserves and other liabilities relating to the Contracts.
Variable Account is regulated by the Insurance Department of Texas.
Regulation by the state, however, does not involve any supervision of Variable
Account, except to determine compliance with broad statutory criteria.
C. Investment Options
The investment objectives of the Sub-accounts available through the
Variable Account are briefly described below. More detailed information is
contained in the current prospectuses of the Funds.
Conseco Series Trust
Asset Allocation Portfolio seeks a high total investment return, consistent
with the preservation of capital and prudent investment risk. The Portfolio
seeks to achieve this objective by pursuing an active asset allocation strategy
whereby investments are allocated, based upon thorough investment research,
valuation and analysis of market trends and the anticipated relative total
return available, among various asset classes including debt securities, equity
securities, and money market instruments.
Common Stock Portfolio seeks to provide a high total return consistent with
preservation of capital and a prudent level of risk primarily by investing in
selected equity securities and other securities having the investment
characteristics of common stocks.
Corporate Bond Portfolio seeks to provide as high a level of income as is
consistent with preservation of capital by investing primarily in debt
securities.
Government Securities Portfolio seeks safety of capital, liquidity and
current income by investing primarily in securities issued by the U.S.
government or an agency or instrumentality of the U.S. government, including
mortgage-related securities.
Money Market Portfolio seeks current income consistent with stability of
capital and liquidity. An investment in this Portfolio is neither insured nor
guaranteed by the U.S. government and there can be no assurance <PAGE> that the
Portfolio will be able to maintain a stable net asset value of $1.00 per share.
The Alger American Fund
Alger American Leveraged AllCap Portfolio seeks long-term capital
appreciation by investing in a diversified, actively managed portfolio of equity
securities. The Portfolio may engage in leveraging (up to 33 1/3 percent of its
assets) and options and futures transactions, which are deemed to be speculative
and which may cause the Portfolio's value to fluctuate.
Alger American Small Capitalization Portfolio seeks a long-term capital
appreciation. Except during temporary defensive periods, the Portfolio invests
at least 65% of its total assets in equity securities of companies that, at the
time of purchase of the securities, have total market capitalization within the
range of companies included in the Russell 2000 Growth Index. This Index is
designed to track the performance of small capitalization companies. At the date
of this Prospectus, the range of market capitalization of these companies was
$20 million to $3.0 billion. The Portfolio may invest up to 35% of its total
assets in equity securities of larger or smaller issuers and in excess of that
amount (up to 100% of its assets) during temporary defensive periods. The
Dreyfus Socially Responsible Growth Fund, Inc.
The Dreyfus Socially Responsible Growth Fund, Inc. seeks to provide capital
growth through equity investment in companies that, in the opinion of the Fund's
management, not only meet traditional investment standards but also show
evidence that they conduct business in a manner that contributes to the
enhancement of the quality of life in America. Current income is secondary to
the primary goal.
Dreyfus Stock Index Fund
Dreyfus Stock Index Fund seeks to provide investment results that
correspond to the price and yield performance of publicly traded common stocks
in the aggregate, as represented by the Standard & Poor's 500 Composite Price
Index. The Fund is neither sponsored by nor affiliated with the Standard &
Poor's Corporation. Federated Insurance Series
Federated High Income Bond Fund II seeks to provide high current income by
investing at least 65 percent of its assets in lower rated fixed income
corporate debt obligations. Capital growth will be considered, but only when
consistent with the investment objective of high current income. The fixed
income securities in which the Fund will primarily invest are commonly referred
to as "junk bonds."
Federated International Equity Fund II seeks to obtain a total return on
its assets by investing at least 65 percent of its assets (and under normal
market conditions substantially all of its assets) in equity securities of
issuers located in at least three different countries outside of the United
States.
Federated Utility Fund II seeks to provide high current income and moderate
capital appreciation by investing at least 65 percent of its assets (under
normal conditions) in equity and debt securities of utility companies.
Janus Aspen Series
Aggressive Growth Portfolio seeks long-term growth of capital. The
Portfolio is a nondiversified fund that pursues its objective by normally
investing at least 50% of its equity assets in securities issued by medium-sized
companies. Medium-sized companies are those whose market capitalizations fall
within the range of companies in the S&P MidCap 400 Index (the "MidCap Index").
Companies whose capitalization falls outside this range after the Portfolio's
initial purchase continue to be considered medium-sized companies of the purpose
of this policy. As of December 29, 1995, the MidCap Index included companies
with capitalizations between approximately $118 million to $7.5 billion.
Growth Portfolio seeks long-term growth of capital in a manner consistent
with the preservation of capital. It pursues this objective by investing
primarily in common stocks of a large number of issuers of any size. Generally,
this Portfolio emphasizes issuers with larger market capitalizations.
Worldwide Growth Portfolio seeks long-term growth of capital in a manner
consistent with the preservation of capital. It pursues this objective by <PAGE>
investing primarily in common stocks of foreign and domestic issuers of any
size. The Portfolio normally invests in issuers from at least five different
countries including the United States.
Van Eck Worldwide Insurance Trust
Gold and Natural Resources Fund seeks long-term capital appreciation by
investing in equity and debt securities of companies engaged in the exploration,
development, production and distribution of gold and other natural resources,
such as strategic and other metals, minerals, forest products, oil, natural gas
and coal. Current income is not an investment objective.
Worldwide Bond Fund seeks high total return through a flexible policy of
investing globally, primarily in debt securities.
Worldwide Hard Assets Fund seeks long-term capital appreciation by
investing globally, primarily in equity securities and indexed securities of
"hard asset"companies which are directly or indirectly engaged to a significant
extent in the exploration, development, production and distribution of precious
metals, ferrous and non-ferrous metals, gas, petroleum, petrochemicals, forest
products, real estate and other basic non-agricultural commodities which,
historically, have been produced and marketed profitably during periods of
significant inflation.
There is no assurance that the Funds will achieve their stated objectives.
The Funds' shares are also available to certain separate accounts funding
variable life insurance policies and variable annuity contracts offered by other
insurance company separate accounts. This is called "mixed and shared
funding."Although we do not anticipate any inherent difficulties arising from
mixed and shared funding, it is theoretically possible that, due to differences
in tax treatment or other considerations, the interests of owners of various
contracts participating in the Funds might at some time be in conflict. The
Board of Directors or Trustees of each Fund, each Fund's investment adviser, and
Great American Reserve are required to monitor events to identify any material
conflicts that arise from the use of the Funds for mixed and shared funding. For
more information about the risks of mixed funding, please refer to the relevant
Fund prospectus.
If the shares of any of the Funds should no longer be available for
investment by the Variable Account or, if in the judgment of Great American
Reserve's management, further investment of such Fund shares shall become
inappropriate in view of the purpose of the Contract, Great American Reserve may
add or substitute shares of another eligible Sub-account or of another Fund for
eligible Portfolio shares already purchased under the Contract. No substitution
of Sub-account shares may take place without prior approval of the SEC and
notice to Contract Owners or Participants, to the extent required by the 1940
Act.
Great American Reserve has also reserved the right, subject to compliance
with the law as currently applicable or subsequently changed, (a) to operate the
Variable Account in any form permitted under the 1940 Act or in any other form
permitted by law; (b) to take any action necessary to comply with or obtain and
continue any exemptions from the 1940 Act or to comply with any other applicable
law; (c) to transfer any assets in any Sub-account to another Sub-account, or to
one or more separate investment accounts, or to Great American Reserve's Fixed
Account of the General Account; or to add, combine or remove Sub-accounts in the
Variable Account; and (d) to change the way Great American Reserve assesses
charges, so long as the aggregate amount is not increased beyond that currently
charged to the Variable Account and the eligible Portfolios in connection with
the Contract.
THE CONTRACTS
A. Accumulation Provisions
Purchase Payments. The Contracts are designed for Plans generally
involving 25 or more Participants. Purchase Payments on behalf of a
Participant must be at least $10 per month. Purchase Payments allocated to a
Sub-account of Variable Account will be used to purchase Accumulation Units in
that Sub-account. Each
<PAGE>
Sub-account will then invest in shares of a corresponding Portfolio of the
Funds.
The value of an Individual Account can be determined at any time during the
Accumulation Period by multiplying the total number of Accumulation Units in a
Sub-account attributable to such Individual Account by the then-current value of
an Accumulation Unit in such Sub-account. Because the value of the Accumulation
Units fluctuates, there is no assurance that the value of the Accumulation Units
in an Individual Account will equal or exceed the amount of Purchase Payments
made.
The initial value of an Accumulation Unit for each of the other Sub-
accounts of Variable Account on the first day that Purchase Payments are
allocated, or transfers are made, to each of such Sub-accounts will be equal to
the Accumulation Unit value of $1.00 multiplied by the "net investment
factor"for each such Sub-account. After the initial Accumulation Unit values are
established, the value of an Accumulation Unit for each of the Sub- accounts of
Variable Account for any subsequent Valuation Period will be determined by
multiplying the Accumulation Unit value for the immediately preceding Valuation
Period by the net investment factor for the current period for the Sub-account.
(see "Net Investment Factor for each Valuation Period").
A Valuation Period is the period of time from the end of one business day
to the end of the next. Accumulation Units of the Sub-accounts are valued as of
the time of closing of each business day of the New York Stock Exchange on any
business day in which an order for sale or redemption of Accumulation Units is
received and in which there is a sufficient degree of trading in the portfolio
securities to materially affect the current asset values of the Accumulation
Units.
Accumulation Units. Each Purchase Payment is credited to the Participant's
Individual Account in the form of Accumulation Units at the close of the
Valuation Period in which the Purchase Payment is received at the Administrative
Office of Great American Reserve. The number of Accumulation Units credited is
determined by dividing the amount credited by the value of an Accumulation Unit
at the close of that Valuation Period. Accumulation Units are valued separately
for each investment option, so a Contract Owner who has elected to have amounts
in an Individual Account accumulated in more than one investment option will
have several types of Accumulation Units credited to the Individual Account.
Allocation of Purchase Payments and Transfers. The Contract Owner may elect
to have Purchase Payments accumulated (a) on a fully variable basis invested in
one or more of the Sub-accounts of Variable Account; (b) on a fully fixed basis
which reflects a compound interest rate promised by Great American Reserve; or
(c) in a combination of any of the investment options.
An election to change the allocation of future Purchase Payments may be
made by the Contract Owner 30 days (a) subsequent to the date of establishment
of the Individual Account or (b) subsequent to a prior change in allocation. In
addition, the Contract Owner may elect, during the Accumulation Period, to
transfer amounts in an Individual Account being accumulated in any investment
option to any other investment option without deduction of any charges, subject
to certain conditions.
Subject to the conditions noted below, during the Accumulation Period the
Contract Owner may transfer amounts in an Individual Account being accumulated
in any investment option-a Sub-account of Variable Account or the Fixed
Account-to any other investment option available under the Contracts, without
charge. Except with Great American Reserve's permission, a transfer can be made
no more frequently than once in any 30-day period, and only one transfer from
the Fixed Account is permitted in any six-month period with no more than 20
percent of the Fixed Account value transferred at one time. Transfers between
Sub-accounts and changes in allocations may be made either in writing or by
telephone (if a telephone authorization request has been completed).
Transfers must be made by written authorization from the Contract Owner or
from the person acting for the Contract Owner as an attorney-in-fact under a
power-of-attorney if permitted by state law. The Contract Owner must request
telephone transfers on forms provided by Great American Reserve. By authorizing
Great
<PAGE>
American Reserve to accept telephone transfer instructions, a Contract Owner
agrees to accept and be bound by the conditions and procedures established by
Great American Reserve from time to time. We have instituted reasonable
procedures to confirm that any instructions communicated by telephone are
genuine. All telephone calls will be recorded, and the caller will be asked to
produce your personalized data prior to our initiating any transfer requests by
telephone. Additionally, as with other transactions, you will receive a written
confirmation of your transfer. If reasonable procedures are employed, neither
Great American Reserve nor Garco Equity Sales, Inc. ("Garco Equity Sales") will
be liable for following telephone instructions which it reasonably believes to
be genuine. Written transfer requests may be made by a person acting for the
Contract Owner as an attorney-in-fact under a power-of- attorney.
Transfer requests received by Great American Reserve before the close of
trading on the New York Stock Exchange (currently 4:00 p.m. eastern time) will
be initiated at the close of business that day. Any request received later will
be initiated at the close of the next business day.
Dollar Cost Averaging. Great American Reserve administers a Dollar Cost
Averaging ("DCA") program which enables a Contract Owner to transfer the value
from the Fixed Account or Money Market Sub-account to another investment option
on a predetermined and systematic basis. The DCA program is generally suitable
for Contract Owners making a substantial deposit to the Contract and who desire
to control the risk of investing at the top of a market cycle. The DCA program
allows such investments to be made in equal installments over time in an effort
to reduce such risk.
Rebalancing. Rebalancing is a program, which if elected, provides for
periodic pre-authorized automatic transfers during the Accumulation Period among
the Sub-Accounts pursuant to written instructions from the Contract Owner. Such
transfers are made to maintain a particular percentage allocation among the
Portfolios as selected by the Contract Owner. Amounts in the Fixed Account will
not be transferred pursuant to the Rebalancing Program. The Contract Value must
be at least $5,000 to have transfers made pursuant to the Program. Any transfer
made pursuant to the Program must be in whole percentages in one (1%) percent
allocation increments. The maximum number of Sub-Accounts which can be used for
rebalancing is fifteen (15). A Contract Owner may select quarterly, semi-annual
or annual Rebalancing, on the date requested by the Contract Owner. Transfers
made pursuant to the Rebalancing Program are not taken into account in
determining any Transfer Fee. There is no fee for participating in the Program.
The Company reserves the right to terminate, modify or suspend the Rebalancing
Program at any time.
Sweeps. Sweeps are the transfer of the earnings from the Fixed Account
investment option into another investment option on a periodic and systematic
basis.
Value of an Individual Account. The number of Accumulation Units credited
to an Individual Account will not be changed by any subsequent change in the
value of an Accumulation Unit, but the dollar value of an Accumulation Unit may
vary from Valuation Period to Valuation Period to reflect the investment
experience of the appropriate investment option. The value of an Individual
Account at any time prior to the commencement of the Annuity Period can be
determined by (a) multiplying the total number of Accumulation Units credited to
the Individual Account for each investment option, respectively, by the
appropriate current Accumulation Unit value; and (b) totaling the resulting
values for each portion of the Individual Account. There is no assurance that
the value of the Individual Account will equal or exceed the Purchase Payments
made. The Contract Owner will be advised at least annually as to the number of
Accumulation Units which are credited to the Individual Accounts, the current
Accumulation Unit values, and the values of the Individual Accounts.
Net Investment Factor for Each Valuation Period. The Variable Account value
will fluctuate in accordance with the investment results of the underlying
eligible Funds. In order to determine how these fluctuations affect Contract
value, an Accumulation Unit value is utilized. Each Sub-account has its own
Accumulation Units and value per Unit. The Unit value applicable during <PAGE>
any Valuation Period is determined at the end of that period.
When eligible Fund shares were first purchased on behalf of the Variable
Account, Accumulation Units were valued at $1.00 each. The value of an
Accumulation Unit for each Sub-account at any Valuation Period thereafter is
determined by multiplying the value for the prior period by a net investment
factor. This factor may be greater or less than 1.0; therefore, the Accumulation
Unit may increase or decrease from Valuation Period to Valuation Period. A net
investment factor for each Sub-account is calculated by dividing (a) by (b) and
then subtracting (c) (i.e., (a/b) - c), where:
(a) is equal to:
(I) the net asset value per share of the eligible
Portfolio at the end of the Valuation Period; plus
(ii) the per-share amount of any distribution made by the eligible
Portfolio if the "ex-dividend" date occurs during the same Valuation
Period.
(b) is the net asset value per share of the eligible
Portfolio at the end of the prior Valuation Period.
(c) is equal to the Valuation Period equivalent of the per-year mortality and
expense risk charge as indicated in the "Summary-Charges and
Deductions"table.
Information on the Fixed Account. Because of exemptive and exclusionary
provisions, interests in the Fixed Account of the general account have not been
registered under the Securities Act of 1933 (the "1933 Act"), nor is the Fixed
Account of the general account registered as an investment company under the
1940 Act. Accordingly, neither the Fixed Account of the general account of Great
American Reserve nor any interest therein is generally subject to the provisions
of the 1933 or 1940 Acts, and we have been advised that the staff of the SEC has
not reviewed the disclosures in this Prospectus that relate to the fixed
portion. Disclosures regarding the Fixed Account of the Contracts and the
general account of Great American Reserve, however, may be subject to certain
generally applicable provisions of the federal securities laws relating to the
accuracy and completeness of statements made in prospectuses.
In addition to the 18 variable investment options described in this
Prospectus, the Contracts have a Fixed Account available for allocation of
Purchase Payments. Generally, the information in the Section called "Contracts"
applies in a like manner to the Fixed Account. However, there are some
differences.
The Fixed Account operates like a traditional annuity. Fixed Annuity Cash
Values increase based on interest rates that may change from time to time but
are guaranteed by Great American Reserve. Interest is credited daily and
compounded annually. Purchase Payments and transfers to the Fixed Account become
part of the general account of Great American Reserve. In contrast, Purchase
Payments and transfers for the Variable Account are applied to segregated asset
accounts; they are not commingled with Great American Reserve's main portfolio
of investments that support fixed annuity obligations. The gains achieved or
losses suffered by the segregated asset accounts have no effect on the Fixed
Account.
The Contracts allow you to transfer Contract Values between the Fixed and
Variable Accounts, but such transfers are restricted as follows:
1. You may transfer Contract Values from the Variable Account to the Fixed
Account once in any 30-day period.
2. You may transfer Contract Values from the Fixed Account to the Variable
Account once in any six- month period subject to a limit of 20 percent of
the Fixed Account value.
3. No transfers may be made from the Fixed Account once annuity payments
begin.
The administrative charge and the mortality and expense risk charge based
on the value of each Sub-account do not apply to values allocated to the Fixed
Account.
If you buy the annuity as a TSA or certain other qualified plans, the
Contract will contain a provision that allows a loan to be taken against the
Contract Values allocated to the Fixed Account. Loan provisions are described in
detail in the Contract. <PAGE>
Withdrawals. The Contract permits the Contract Owner to withdraw all or a
portion of the Contract at any time. The value of the Contract will be
determined as of the date a written request for withdrawal is received by Great
American Reserve at its Administrative Office or a later date specified by the
Contract Owner in the request. The Redemption Payment shall be the value of
Accumulation Units then credited to Individual Accounts under the Contract, less
applicable withdrawal charges, any outstanding loans, and applicable
administrative fees. With respect to any Individual Account value or portion
thereof which has been applied to provide annuity payments, Great American
Reserve will continue to make annuity payments under the option selected until
its obligation to make such payments terminates (see "Annuity Provisions").
An Individual Account may be fully or partially withdrawn by the Contract
Owner at any time prior to the commencement of annuity payments subject to any
restrictions of the Code. For certain qualified contracts, exercise of the
withdrawal right may be restricted and may require the consent of the
participant's spouse as required under the Code and regulations thereunder.
Where amounts in an Individual Account are being accumulated in more than one
investment option, a request for partial withdrawal must specify the manner in
which the Amount Redeemed is to be allocated between the investment options. Any
payment to a Participant upon full or partial withdrawal of an Individual
Account will be as provided by the terms of the Plan.
When an Individual Account is fully withdrawn, the Redemption Payment will
be the value of the Individual Account less any withdrawal charge, any
outstanding loans and less the annual administrative fee. In the case of a
partial withdrawal of an Individual Account where a specific Redemption Payment
is requested, the number of Accumulation Units cancelled will be equal in value
to the amount requested plus the amount of any withdrawal charge (see
"Withdrawal Charge").
Redemption Payments will normally be made within seven days after a written
request is received at the Administrative Office of Great American Reserve, or
within seven days after such later date specified by the Contract Owner in the
request. Payment may be subject to postponement as described below.
With respect to the portion accumulated on a variable basis, payment may be
postponed (1) for any period during which the New York Stock Exchange is closed
(other than customary weekend and holiday closings) or during which trading on
the New York Stock Exchange is restricted; (2) for any period during which an
emergency exists as a result of which disposal of securities held in one or more
of the Funds is not reasonably practicable or it is not reasonably practicable
for the assets of a Fund to be fairly determined; or (3) for such other periods
as the SEC may by order permit for the protection of security holders. The
conditions under which trading shall be deemed to be restricted or an emergency
deemed to exist shall be determined by the rules and regulations of the SEC.
Withdrawals from the Contract may be subject to a penalty tax and
withdrawals are permitted from Contracts issued in connection with certain
qualified plans only under limited circumstances (see "Federal Tax Matters")
Systematic Withdrawal Plan. Great American Reserve administers a Systematic
Withdrawal Plan ("SWP") which enables a Participant to pre- authorize a periodic
exercise of the contractual withdrawal rights described above. Participants
entering into a SWP agreement instruct Great American Reserve to withdraw a
level dollar amount from specified investment options on a periodic basis. The
total of SWP withdrawals in a Contract Year is limited to free withdrawal
amounts to ensure that no withdrawal charge will ever apply to a SWP withdrawal
(see "Withdrawal Charge"). If an additional withdrawal is made from a Contract
participating in SWP, the SWP will terminate automatically and may be reinstated
only on or after a written request to Great American Reserve. SWP is not
available to Contracts participating in the dollar cost averaging program or for
which Purchase Payments are automatically deducted from a bank account on a
periodic basis. SWP is only available for withdrawals free of withdrawal
charges. SWP withdrawals may, however, be subject to the 10 percent <PAGE>
federal tax penalty on early withdrawals and to income tax (see "Federal Tax
Matters"). Participants interested in SWP may elect to participate in this
program by written request to Great American Reserve's Administrative Office.
Check Writing. A Contract Owner over age 59 1/2 and invested in the Money
Market Sub-account may authorize Great American Reserve to withdraw amounts from
the Money Market Sub-account by check by completing the required forms requested
from Great American Reserve. Once the forms are properly completed, signed and
returned to Great American Reserve, a supply of checks will be sent to the
Contract Owner. These checks may be made payable by the Contract Owner to the
order of any person in any amount of $250 or more. When a check is presented for
payment, full and fractional Accumulation Units required to cover the amount of
the check and any applicable contract charges are withdrawn from the Contract
Owner's Individual Account by Great American Reserve at the next Valuation
Period. Checks will not be honored for withdrawal of Accumulation Units held
less than 15 calendar days, unless such Accumulation Units have been paid for by
bank wire. If the amount of the check is greater than the proceeds of the Money
Market Sub-account held in the Individual Account, the check is returned and the
Contract Owner may be subject to additional charges. The check writing privilege
may be terminated or suspended at any time by Great American Reserve. There is
an additional charge for this service to the Contract Owner by Great American
Reserve. A "stop payment" system is not available on these checks.
Loans. Your contract may contain a loan provision issued in connection with
certain qualified plans. Owners of such Contracts may obtain loans using the
Contract as the only security for the loan. Loans are subject to provisions of
the Code and to applicable retirement program rules. Tax advisers and retirement
plan fiduciaries should be consulted prior to exercising loan privileges. Loan
provisions are described in detail in the Contract.
The amount of any loans will be deducted from the death benefit (see "Death
Benefits"). In addition, a loan, whether or not repaid, will have a permanent
effect on the Contract Value because the investment results of the investment
accounts will apply only to the unborrowed portion of the Contract Value. The
longer the loan is outstanding, the greater the effect is likely to be. The
effect could be favorable or unfavorable. If the investment results are greater
than the rate being credited on amounts held in the loan account while the loan
is outstanding, the Contract Value will not increase as rapidly as it would have
if no loan was outstanding. If investment results are below that rate, the
Contract Value will be higher than it would have been if no loan had been
outstanding.
Contract Charges
Premium Taxes. Any premium tax due will be deducted from Purchase Payments
or from Individual Account values at the annuity commencement date or at such
other time as determined by Great American Reserve. The current range of premium
taxes in jurisdictions in which the Contracts are made available is from 0
percent to 3.5 percent.
Administrative Charge. During the Accumulation Period, an annual
administrative fee of $15 is deducted on each July 2 from the Individual Account
value. This administrative fee has been set at a level that will recover no more
than the actual costs associated with administering the Contracts. If an
Individual Account is fully surrendered prior to the commencement of annuity
payments, the annual administrative fee will be deducted from proceeds paid;
provided, however, that in no event will the amount of such administrative fee
deduction exceed 2 percent of the surrender value of the Individual Account when
it is fully surrendered. The administrative fee deduction is made first from
amounts accumulated in the Fixed Account; if no or an insufficient value exists
in the Fixed Account, any balance will then be deducted from the Sub-accounts of
Variable Account.
Mortality and Expense Risk Charge. Great American Reserve makes daily
deductions from the variable portion of a Contract at an effective annual rate
equal to 1.00 percent of the value of the assets of <PAGE> Variable Account for
the mortality and expense risks assumed by Great American Reserve. Great
American Reserve performs all administrative functions and pays all
administrative expenses with respect to the Contracts. These expenses include
but are not limited to salaries, rents, postage, telephone, travel, legal,
actuarial and accounting fees, office equipment and stationery. Great American
Reserve also provides the death benefits under the Contracts. The amounts are
deducted from the assets of Variable Account in accordance with the Contracts.
Variable Annuity payments made under the Contracts vary with the investment
performance of the Sub-accounts of Variable Account, but are not affected by
Great American Reserve's actual mortality experience among Annuitants. The life
span of the Annuitant, or changes in life expectancy in general, do not affect
the monthly annuity payments payable under the Contracts. If Annuitants live
longer than the life expectancy determined by Great American Reserve, Great
American Reserve provides funds from its general funds to make annuity payments.
Conversely, if longevity among Annuitants is lower than Great American Reserve
determined, Great American Reserve realizes a gain. This is the mortality
expense risk.
Great American Reserve also assumes the risk, the expense risk, that
deductions provided for in the Contracts for sales and administrative expenses
may not be enough to cover actual costs. Where the deductions are not adequate,
Great American Reserve will pay the amount of any shortfall from its general
funds. Any amounts paid by Great American Reserve may consist of, among other
things, proceeds derived from mortality and expense risk charges.
Withdrawal Charge. In the event of partial or full withdrawal of the
Individual Account during the Accumulation Period, a withdrawal charge is made
from the amount withdrawn ("Amount Redeemed") to determine the amount to be paid
("Redemption Payment"), if there are less than 15 Completed Annual Contribution
Periods for the Individual Account. During the Annuity Period, withdrawal
charges may be made under the fourth and fifth Options discussed below (see
"Optional Annuity Period Elections"). No withdrawal charge is made from annuity
payments under an option involving lifetime payments (the first through third
Options) or from amounts paid due to the death of a Participant.
The withdrawal charge will be a percentage of the Amount Redeemed, ranging
from 5 percent to 0 percent depending upon the number of completed Annual
Contribution Periods for the Individual Account as the following table
indicates; however, the cumulative deductions will not exceed 8.5 percent of the
cumulative Purchase Payments made. Until such percentage reaches zero, it is
possible that the actual dollar amount of the withdrawal charge will increase,
even though the percentage will decline, because of an increase in the value of
a Participant's Individual Account. If the cost of selling the Contracts is
greater than the withdrawal charges collected, the deficiency will be made up
out of Great American Reserve's general account assets which may include profits
derived from the mortality and expense risk fees.
Completed Annual Contribution Periods Withdrawal
For the Individual Account Charge
Less than 5 ................................................................5%
5 or more but less than 10..................................................3%
10 or more but less than 15.................................................2%
15 or more................................................................None
No withdrawal charge is applicable to Individual Accounts surrendered
upon the death of the Participant. Redemptions are made on a last-in-first-out
basis. See "Administrative Charge" above.
<PAGE>
</TABLE>
<TABLE>
Examples:
(1) Complete withdrawal of an Individual Account before five Completed Purchase Payment Periods:
<CAPTION>
Value of Contract
or Individual Account Withdrawal Administrative Redemption
(Amount Redeemed) Charge Fee Deduction* Payment
<C> <C> <C> <C>
$2,000 5% ($100) $15 $1,885
<FN>
* Applicable to full withdrawals only.
</TABLE>
<TABLE>
(2) Partial withdrawal of Individual Account before five Completed Purchase
Payments Periods, assuming $1,000 Redemption Payment requested:
<CAPTION>
Amount Amount Withdrawal Redemption
Requested Redeemed Charge Payment
<C> <C> <C> <C>
$1,000.00 $1,052.63 5% ($52.63) $1,000.00
<FN>
In order to make a Redemption Payment of $1,000, the Amount Redeemed must
be greater than the Amount Requested by the amount of the withdrawal charge. The
Amount Redeemed is calculated by dividing (a) the Amount Requested ($1,000) by
(b) 1.00 minus the deduction rate of 5 percent (or .95), which produces
$1,052.63. The value of the Individual Account will be reduced by this amount.
</TABLE>
Reduction or Elimination of Contract Charges. In some cases, Great American
Reserve may expect to incur lower sales and administrative expenses or perform
fewer services due to the size of the Contract, the average contribution and the
use of group enrollment procedures. Then, Great American Reserve may be able to
reduce or eliminate the contract charges for administrative expense and deferred
sales load charges.
Expense Guarantee Agreement. Pursuant to the Combination, Great American
Reserve issued an endorsement with respect to each existing Contract outstanding
immediately prior to the effective time of the Combination guaranteeing that the
total of the investment management fees charged against the Common Stock,
Corporate Bond and Money Market Portfolios of the Conseco Series Trust whose
shares are purchased by Variable Account, plus the mortality and expense risk,
administrative and any other charges imposed upon the assets of the
corresponding Sub-accounts of Variable Account, will not exceed an amount that
is equal to the total amount of the same charges that would have been imposed
under the Contracts had the Combination not occurred (the "Expense Guarantee
Agreement"). Accordingly, Great American Reserve will reimburse to the
appropriate Sub-account of Variable Account an amount that represents the
difference between the investment management fees charged Variable Account,
Annuity Fund or Account D, as applicable, prior to the Combination and the
amount of such fees charged to the Conseco Series Trust, plus any other charges
in excess of those that would have been incurred if the Combination had not
taken place. The mortality and expense risk and administrative charges will not
change, and any other charges imposed on the assets of Variable Account are not
expected to be more than before the Combination. Great American Reserve will
not, however, assume extraordinary or non-recurring expenses of the Conseco
Series Trust, such as legal claims and liabilities, litigation costs and
indemnification payments in connection with litigation. Also, the Expense
Guarantee Agreement will not apply to any federal income tax if the Conseco
Series Trust fails to qualify as a "regulated investment company" under
applicable provisions of the Code. The Expense Guarantee Agreement, described
above, also applies to Contracts issued after the Combination. Great American
Reserve, <PAGE> however, may eliminate the Expense Guarantee Agreement with
respect to Contracts issued in the future.
Other Charges. Currently, no charge is made against Variable Account for
Great American Reserve's federal income taxes, or provisions for such taxes,
that may be attributable to Variable Account. Great American Reserve may charge
each Sub-account of Variable Account for its portion of any income tax charged
to the Sub-account or its assets. Under present laws, Great American Reserve may
incur state and local taxes (in addition to premium taxes) in several states. At
present, these taxes are not significant. If they increase, however, Great
American Reserve may decide to make charges for such taxes or provisions for
such taxes against Variable Account. Any such charges against Variable Account
or its Sub-accounts could have an adverse effect on the investment experience of
such Sub-accounts.
Death Benefits. In the event of the death of a Participant before the
commencement of annuity payments, Great American Reserve will pay the
beneficiary the value of the Participant's Individual Account less any debt,
determined as of the Valuation Period in which proof of death acceptable to
Great American Reserve is received at its Administrative Office. There is no
withdrawal charge applicable to amounts paid due to the death of a Participant.
In lieu of a lump-sum payment, the death proceeds may be applied under any
of the annuity options available in the Contract and in accordance with the
terms of the Plan.
Options Upon Termination of Participation in the Plan. Upon termination of
participation in the Plan prior to the annuity commencement date, a Contract
Owner will have the following options:
(a) leave the Individual Account in force under the Contract, and the Sub-
account will continue to participate in the investment results of the
selected investment media. When the annuity commencement date arrives,
the Participant will begin to receive annuity payments (see "Annuity
Provisions"). During the interim, any of the options described below may
be elected by the Contract Owner. This option will automatically apply,
unless written election of another option is filed with Great American
Reserve.
(b) apply the Individual Account to provide annuity payments commencing
immediately (see "Annuity Provisions").
(c) convert the Individual Account to an individual variable annuity contract
of the type then being issued by Great American Reserve.
(d) terminate the Individual Account and receive its Contract Value less any
applicable charges and outstanding loans.
Restrictions Under Optional Retirement Programs. Participants in Optional
Retirement Programs can redeem their interest in a Variable Annuity Contract
only upon (1) termination of employment in all public institutions of higher
education as defined by applicable law, (2) retirement, or (3) death.
Accordingly, a Participant may be required to obtain a certificate of
termination from his employer before he can redeem his interest. Currently,
these restrictions apply to the participants of the Florida and Texas Optional
Retirement Program.
Restrictions Under Section 403(b) Plans. Section 403(b) of the Code
provides that distributions (including surrenders, partial withdrawals and
contract proceeds) under an annuity policy attributable to contributions made
pursuant to a salary reduction agreement shall not begin prior to the time the
employee
(a) attains age 59 1/2, separates from the service of his or her employer,
dies, or becomes disabled; or
(b) suffers a financial hardship, as defined in then current Code and
regulations; or
(c) is a party to a divorce settlement pursuant to applicable law.
Such section only applies to distributions attributable to amounts accrued
under any such policy after December 31, 1988.
Such Section further provides that, in the event of a financial hardship,
any distribution made from any such policy shall consist only of contributions
made pursuant <PAGE> to a salary reduction agreement and shall not include any
income attributable to such contributions.
B. Annuity Provisions
Optional Annuity Period Elections. The retirement date and the annuity
options are normally established by the terms of the Plan. If the Contract Owner
does not elect otherwise (a) the manner of payment will be a lifetime annuity
with 120 monthly payments certain, and (b) the value of the Participant's
Individual Account will be applied as follows (1) any value accumulated in the
Fixed Account will be applied to provide a fixed annuity; and (2) the value in
the Sub-Account of Variable Account will be applied, separately, to provide
variable annuity payments.
By giving written notice to Great American Reserve at least 30 days prior
to the commencement of annuity payments, the Contract Owner may, as to each
Participant; elect to change (a) the annuity option to any of the optional
annuity forms described below, and (b) the manner in which the value of a
Participant's Individual Account is to be applied to provide annuity payments
(for example, an election that a portion or all of the amounts accumulated on a
variable basis be applied to provide fixed annuity payments or vice versa). Once
annuity payments commence, no changes may be elected by the Contract Owner.
No election may be made that would result in a first monthly annuity
payment of less than $25 if payments are to be on a fully fixed or variable
basis, or less than $25 on each basis if a combination of variable and fixed
annuity payments is elected. If at any time payments are or become less than $25
per monthly payment, Great American Reserve has the right to change the
frequency of payment to such interval as will result in annuity payments of at
least $25 each, except that payments shall not be made less frequently than
annually.
Prior to the selected annuity date, an Individual Account may be terminated
by the Contract Owner and the value thereof received in a lump sum. Once annuity
payments have commenced, neither the Annuitant nor the Contract Owner can
terminate the annuity benefit and receive a lump-sum settlement in lieu thereof,
except as permitted under the Fourth and Fifth Options below.
See "Federal Tax Matters" for information on the federal tax status of
annuity payments or other settlements in lieu thereof.
Annuity Options
First Option-Life Annuity. An Annuity payable monthly during the lifetime
of the Annuitant and ceasing with the last monthly payment due prior to the
death of the Annuitant. Of the first three options, this option offers the
maximum level of monthly payments since there is no minimum number of
payments guaranteed (nor a provision for a death benefit payable to a
beneficiary). It would be possible under this option to receive only one
annuity payment if the Annuitant died prior to the due date of the second
annuity payment.
Second Option-Life Annuity With 120, 180 or 240 Monthly Payments
Guaranteed. An Annuity payable monthly during the lifetime of the Annuitant
with the guarantee that if, at the death of the Annuitant, payments have
been made for less than 120, 180 or 240 months, as elected, annuity
payments will be continued during the remainder of such period to the
beneficiary designated by the Contract Owner. If no beneficiary is
designated, Great American Reserve will, in accordance with the Contract
provisions, pay in a lump sum to the Annuitant's estate the present value,
as of the date of death, of the number of guaranteed annuity payments
remaining after that date, computed on the basis of the assumed net
investment rate used in determining the first monthly payment (see
"Determination of Amount of the First Monthly Variable Annuity Payment").
Because it provides a specified minimum number of annuity payments,
this option results in somewhat lower payments per month than the First
Option.
Third Option-Joint and Last Survivor Life Annuity. An Annuity payable
monthly during the joint lifetime of the Annuitant and a designated
second person, and thereafter during the remaining lifetime of the
survivor. Payments to the survivor
<PAGE>
will be at the rate of 100 percent, 75 percent, 662/3 percent or 50 percent
of the amount which would have been payable to the Annuitant, the
applicable rate being elected at the time this option is elected. This
option is designed primarily for couples who require the maximum possible
payments during their joint lives and are not concerned with providing for
beneficiaries at the death of the last to survive. Under current law, this
option is automatically provided for a participant in a pension plan who is
married and for married participants in most other qualified plans;
however, a married participant may waive the joint and last survivor
annuity during the appropriate election period if such participant's spouse
consents in writing (acknowledging the effect of such consent) to such
waiver.
Fourth Option-Payments for a Designated Period. Payments are made for the
number of years selected, which may be from one through 30, except that, if
the number of Completed Purchase Payment Periods for the Individual Account
is five or less, the number of years selected for this Option may not be
less than five minus the number of Completed Annual Contribution Periods.
For example, if the number of Completed Annual Contribution Periods is
three, then the minimum annuity payment period which can be elected for
this Option is two years (i.e., five minus three). If elected on a variable
basis, payments under this option will vary monthly in accordance with the
net investment rate of the Accounts of Variable Account, as applicable.
Should the Annuitant die before the specified number of monthly payments is
made, the remaining payments will be commuted and paid to the designated
beneficiary in a lump sum payment.
Fifth Option-Payments of a Designated Dollar Amount. Payments of a
designated dollar amount on a monthly, quarterly, semi-annual, or annual
basis are made until the Individual Account value applied under this
option, adjusted each Valuation Period to reflect investment experience, is
exhausted within a minimum of three years and a maximum of 20 years. The
designated amount of each installment may not be less than $6.25 per month
per $1,000 of Individual Account value applied. If the number of Completed
Annual Contribution Periods for the Individual Account is five or less, the
designated amount of each installment may not be greater than an amount
which would total the value applied in less than five minus the number of
Completed Annual Contribution Periods. For example, if the number of
Completed Annual Contribution Periods is three, then the payments cannot be
greater than an amount which would total the value applied in two years
(i.e., five minus three). Should the Annuitant die before the value is
exhausted, the remaining value will be paid to the beneficiary in one sum.
In lieu of a lump sum payment, the beneficiary may elect an annuity option
for distribution of any amount on deposit at the date of the Annuitant's
death which shall result in a rate of payment at least as rapid as the rate
of payment during the life of the Annuitant.
To the extent that the fourth or fifth Option is effected on a variable
basis, at any time during the payment period the Contract Owner may elect that
the remaining value be applied to effect a lifetime annuity under one of the
first two Options described above, provided that the balance is at least $5,000
and the distribution will be made at least as rapidly as during the life of the
Annuitant. Since the Contract Owner may elect a lifetime annuity at any time,
the annuity rate and expense risks continue during the payment period.
Accordingly, deductions for these risks will continue to be made from the
Individual Account values.
Determination of Amount of the First Monthly Variable Annuity Payment. When
annuity payments commence, the value of the Individual Account is determined as
the total of the product(s) of (a) the value of an Accumulation Unit for each
investment medium at the end of the second Valuation Period immediately
preceding the Valuation Period in which the first annuity payment is due and (b)
the number of Accumulation Units credited to the Individual Account with respect
to each <PAGE> investment medium as of the date the Annuity is to commence.
Premium tax, if assessed at such time by the applicable jurisdiction, will be
deducted from the Individual Account value. Any portion of the Individual
Account value for which a fixed annuity election has been made is applied to
provide fixed- dollar payments under the option elected.
The amount of the first monthly variable annuity payment is then calculated
by multiplying the Individual Account value which is to be applied to provide
variable payments by the amount of first monthly payment per $1,000 of value, in
accordance with annuity tables contained in the Contract. The annuity tables are
based on the Progressive Annuity Table, assuming births in the year 1900. For
Annuitants whose year of birth is after 1915, an "adjusted age"is used, which is
one year less than actual age. The amount of first monthly payment per $1,000 of
value varies according to the form of annuity selected (see "Annuity Options"),
the age of the Annuitant (for certain options) and the assumed net investment
rate selected by the Contract Owner. The standard assumed net investment rate is
3 1/2 percent per annum; however, an alternative 5 percent per annum, or such
other rate as Great American Reserve may offer, may be selected prior to the
commencement of annuity payments.
The assumed net investment rates built into the annuity tables affect both
the amount of the first monthly variable annuity payment and the amount by which
subsequent payments may increase or decrease. Selection of a 5 percent rate,
rather than the standard 3 1/2 percent rate, would produce a higher first
payment but subsequent payments would increase more slowly in periods when
Annuity Unit values are rising and decrease more rapidly in periods when Annuity
Unit values are declining. With either assumed rate, if the actual net
investment rate during any two or more successive months were equal to the
assumed rate, the annuity payments would be level during that period.
If a greater first monthly payment would result, Great American Reserve
will compute the first monthly payment on the same mortality basis as used in
determining the first payment under immediate annuity contracts being issued for
a similar class of Annuitants at the date the first monthly payment is due under
the Contract.
Value of an Annuity Unit. At the commencement of the Annuity Period, a
number of Annuity Units is established for the Contract Owner for each
investment option on which variable annuity payments are to be based. For each
Sub-account of Variable Account, the number of Annuity Units established is
calculated by dividing (i) the amount of the first monthly variable annuity
payment on that basis by (ii) the annuity unit value for that basis for the
current Valuation Period. That number of Annuity Units remains constant
throughout the Annuity Period and is the basis for calculating the amount of the
second and subsequent annuity payments.
The Annuity Unit value is determined for each Valuation Period, for each
investment option, and is equal to the Annuity Unit value for the preceding
Valuation Period multiplied by the product of (i) the net investment factor for
the appropriate Sub-account (see "Net Investment Factor for Each Valuation
Period") for the second preceding Valuation Period and (ii) a factor to
neutralize the assumed net investment rate built into the annuity tables
(discussed under the preceding caption), for it is replaced by the actual net
investment rate in step (i). The daily factor for a 3 1/2 percent assumed net
investment rate is .99990576; for a 5 percent rate, the daily factor is
.99986634.
Amounts of Subsequent Monthly Variable Annuity Payments. The amounts of
second and subsequent monthly variable annuity payments are determined by
multiplying (i) the number of Annuity Units established for the Annuitant for
the applicable Sub-account by (ii) the Annuity Unit value for the Sub-account.
If Annuity Units are established for more than one Sub-account, the calculation
is made separately and the results combined to determine the total monthly
variable annuity payment.
1. Example of Calculation of Monthly Variable Annuity Payments. The
determination of the amount of the variable annuity payments can be
illustrated by the following hypothetical example.
<PAGE>
The example assumes that the monthly payments are based on the investment
experience of only one Sub-account. If payments were based on the
investment experience of more than one Sub-account, the same procedure
would be followed to determine the portion of the monthly payment
attributed to each Sub-account.
2. First Monthly Payment. Assume that at the date of retirement there are
40,000 Accumulation Units credited under a particular Individual Account
and that the value of an Accumulation Unit for the second Valuation
Period prior to retirement was $1.40000000; this produces a total value
for the Individual Account of $56,000. Assume also that no premium tax is
payable and that the annuity tables in the Contract provide, for the
option elected, a first monthly variable annuity payment of $6.57 per
$1,000 of value applied; the first monthly payment to the Annuitant would
thus be 56 multiplied by $6.57, or $367.92.
Assume that the Annuity Unit Value for the Valuation Period in which the
first monthly payment was due was $1.3000000000. This is divided into the
amount of the first monthly payment to establish the number of Annuity
Units for the Participant: $367.92 / $1.30000000 produces 283.015 Annuity
Units. The value of this number of Annuity Units will be paid in each
subsequent month.
3. Second Monthly Payment. The current Annuity Unit value is first
calculated. Assume a net investment factor of 1.01000000 for the second
Valuation Period preceding the due date of the second monthly payment.
This is multiplied by .99713732 to neutralize the assumed net investment
rate of 3 1/2 percent per annum built into the number of Annuity Units
determined above (if an assumed net investment rate of 5 percent had been
elected, the neutralization factor would be .99594241), producing a
result of 1.00710869. This is then multiplied by the Annuity Unit value
for the Valuation Period preceding the due date of the second monthly
payment (assume this value to be $1.30000000) to produce the current
Annuity Unit value, $1.30924130.
The second monthly payment is then calculated by multiplying the constant
number of Annuity Units by the current Annuity Unit value: 283.015 times
$1.30924130 produces a payment of $370.53.
Transfers During the Annuity Period. Transfers during the Annuity Period
may be made upon written notice to Great American Reserve at least 30 days
before the due date of the first annuity payment for which the change will
apply. Transfers will be made by converting the number of Annuity Units being
transferred to the number of Annuity Units of the Sub-account to which the
transfer is made, so that the next annuity payment if it were made at that time
would be the same amount that it would have been without the transfer.
Thereafter, annuity payments will reflect changes in the value of the new
Annuity Units. Great American Reserve reserves the right to limit, upon notice,
the maximum number of transfers a Contract Owner may make to one in any
six-month period once annuity payments have commenced. In addition, no transfers
may be made from a fixed annuity option. Great American Reserve reserves the
right to defer the transfer privilege at any time that Great American Reserve is
unable to purchase or redeem shares of the Funds. Great American Reserve also
reserves the right to modify or terminate the transfer privilege at any time in
accordance with applicable law.
Death Benefit During the Annuity Period. If annuity payments have been
selected based on an annuity option providing for payments for a guaranteed
period, and the Annuitant dies during the Annuity Period, Great American Reserve
will make the remaining guaranteed payments to the beneficiary. Such payments
will be made at least as rapidly as under the method of distribution being used
as of the date of the Annuitant's death. If no beneficiary is living, Great
American Reserve will commute any unpaid guaranteed payments to a single sum (on
the basis of the interest rate used in determining the payments) and pay that
single sum to the Annuitant's estate.
<PAGE>
C. Other Contract Provisions
Company Approval. Each application is subject to acceptance by Great
American Reserve. Upon acceptance, a Contract is issued to the Contract Owner
and the Purchase Payment, as applicable to each Individual Account, is credited
to the Participant's account. If an application is complete upon receipt, the
Purchase Payment will be credited to the Participant's account within two
business days. If it is not complete, Great American Reserve will request
additional information to complete the processing of the application. If this is
not accomplished with five business days, Great American Reserve will return the
Purchase Payment to the applicant unless otherwise instructed. Subsequent
Purchase Payments will be credited to the Participant's account at the price
next computed after the Purchase Payment is received by Great American Reserve
at its Administrative Office.
Ten-Day Right to Review. Contracts allow a "10- day free look," wherein the
Contract Owner or Participant may revoke the contract by returning it to either
a Great American Reserve representative or to Great American Reserve's Variable
Annuity Department within 10 days of delivery of the Contract. Great American
Reserve deems this period as ending 15 days after a Contract is mailed from its
Variable Annuity Department. If the Contract is returned under the terms of the
10-day free look, Great American Reserve will refund to the Contract Owner or
Participant an amount equal to all payments received with respect to the
Contract, unless a larger refund is required by state law.
Modification of the Contract. Great American Reserve may not modify the
Contract during the first year it is in force, except with the approval of the
Contract Owner. After the Contract has been in force for one year, it may be
modified by Great American Reserve on the first anniversary of the effective
date, and each subsequent anniversary except that
(a) the annuity mortality obligation,
(b) the contractual promise that the contingent sales deduction and annual
administrative fee cannot be increased, and
(c) the deduction for the contractual promises and obligations in (a) and (b)
which are applicable at the time of a Participant's entry into the Plan
will continue to be applicable to all future Purchase Payments on behalf of
that Participant.
The Contract shall be suspended automatically on the effective date of any
modification initiated by Great American Reserve if the Contract Owner fails to
accept the modification. Effective with suspension, no new Participants may
enter the Plan but further Purchase Payments may be made on behalf of
Participants then covered by the Contract.
No modification may affect Annuitants in any manner unless deemed necessary
to achieve the requirements of federal or state statutes or any rule or
regulation of the United States Treasury Department.
Transfer of Ownership, Assignment. Unless contrary to law, assignment of
the Contract or of a Participant's Individual Account is prohibited.
FEDERAL TAX MATTERS
A. General
The operations of Variable Account form a part of and are taxed with, the
operations of Great American Reserve as a separate account under the Code.
Accordingly, Variable Account (or any Sub-account thereof) is not separately
taxed as a trust or corporation and has not elected to be treated as a
"regulated investment company" under Subchapter M of the Code. Investment income
and realized capital gains on the assets of Variable Account are reinvested and
taken into account in determining the Accumulation and Annuity Unit values and
are automatically applied to increase reserves under the Contracts. Under
existing federal income tax law, separate account investment income and capital
gains are not taxed. Therefore, Variable Account does not make provisions for
any such taxes. If changes in the federal tax laws or interpretations thereof
were to result in Great American Reserve being taxed on income <PAGE> or gains
attributable to any of Variable Account or any Sub-account thereof or certain
types of Contracts, then Great American Reserve has reserved the right to impose
a charge against Variable Account and its constituent Sub-accounts (with respect
to some or all Contracts) in order to reimburse itself for payment of such
taxes.
B. Status of Annuity Contracts
Section 72 of the Code governs taxation of annuities in general. However,
Section 817(h) of the Code provides that variable annuity contracts such as the
Contracts will not be treated as annuities unless the underlying investments are
"adequately diversified" in accordance with regulations prescribed by the
Secretary of the Treasury. Under the final regulations adopted by the Treasury
with respect to the diversification requirements of Section 817(h), there are
specific requirements as to the percentage of assets in the account which may be
made up of one or more investments. Generally, an account will be considered
adequately diversified if (A) no more than 55 percent of the value of the total
assets of the account is represented by any one investment; (B) no more than 70
percent of the value of the total assets of the account is represented by any
two investments; (C) no more than 80 percent of the value of the total assets of
the account is represented by any three investments; and (D) no more than 90
percent of the value of the total assets of the account is represented by any
four investments. For purposes of this test, all securities of the same issuer
are counted as one investment. Great American Reserve believes that the
investment policies of Variable Account and each Sub-account are more stringent
than the diversification rules and therefore that Variable Account and each
Sub-account do and will continue to satisfy the diversification requirement of
Section 817(h).
In addition, pursuant to Section 72(s) of the Code, a Contract will not be
treated as an annuity contract for purposes of Section 72 unless the Contract
provides that (A) if the Contract Owner dies on or after the annuity starting
date but prior to the time the entire interest in the Contract has been
distributed, the remaining portion of such interest must be distributed at least
as rapidly as under the method of distribution in effect at the time of the
Contract Owner's death; and (B) if the Contract Owner dies prior to the annuity
starting date, the entire interest must be generally (1) distributed within five
years after the death of the Contract Owner or (2) distributed as annuity
payments over the life of a designated beneficiary (or over a period that does
not extend beyond the life expectancy of a designated beneficiary) and that such
distributions begin within one year of the Contract Owner's death. Section 72(s)
also provides, however, that the Contract may be continued in the name of the
spouse as the Contract Owner. Comparable rules concerning required distributions
plus additional rules also apply to qualified Plans and to IRAs. Great American
Reserve believes that the Contracts described in this Prospectus meet these
requirements.
Qualified Contracts. Qualified Contracts are those contracts which are held
as part of the assets of qualified pension, profit sharing, annuity purchase or
other qualified plan as described below. Generally, increases in the value of an
individual's account under a Contract purchased in connection with a qualified
Plan are not taxable until benefits are received. The rules governing the tax
treatment of contributions and distributions under such Plans, as set forth in
the Code and applicable rulings and regulations, are complex and subject to
change. These rules also vary according to the type of Plan and the terms and
conditions of the Plan itself. Therefore, no attempt is made herein to provide
more than general information about the use of Contracts with the various types
of Plans, based on Great American Reserve's understanding of the current federal
tax laws as interpreted by the Internal Revenue Service. Purchasers of Contracts
for use with such a Plan and Plan Participants and their beneficiaries should
consult legal counsel and other competent advisers as to the suitability of the
Plan and the Contract to their specific needs, and as to applicable Code
limitations and tax consequences. Participants under such Plans, as well as
Contract Owners, Annuitants, and beneficiaries, should also be aware that the
rights of any person with any <PAGE> benefits under such Plans may be subject to
the terms and conditions of the Plans themselves regardless of the terms and
conditions of the Contract. The Code imposes a number of rules for all qualified
Plans, including among other things, nondiscrimination rules, maximum and
minimum contributions, distribution dates, nonforfeitability of interests, and
penalties for noncompliance. There are additional restrictions for so-called
"top-heavy plans." Competent advisers should be consulted with respect to the
impact of the Code on the qualification of the plan and the taxation of the
employee participating therein.
Following are brief descriptions of the various types of Plans and of the
use of Contracts in connection therewith.
1. Government and Tax-Exempt Organizations' Deferred Compensation Plans.
Under Code provisions, employees and independent contractors performing
services for state and local governments and other tax-exempt
organizations may participate in Deferred Compensation plans. While
participants in such Plans may be permitted to specify the form of
investment in which their Plan accounts will participate, all such
investments are owned by the sponsoring employer and are subject to the
claims of its creditors. The amounts deferred under a Plan which meets
the requirements of Section 457 of the Code are not taxable as income to
the participant until paid or otherwise made available to the participant
or beneficiary. As a general rule, the maximum amount which can be
deferred in any one year is the lesser of $7,500 or 33 1/3 percent of the
participant's includable compensation. However, in limited circumstances,
up to $15,000 may be deferred in each of the last three years before
normal retirement age.
2. Public School Systems and Certain Tax-Exempt Organizations. Payments made
to purchase annuity contracts by public school systems or certain tax-
exempt organizations for their employees are excludable from the gross
income of the employee to the extent that aggregate payments for the
employee do not exceed the "exclusion allowance" provided by Section
403(b) of the Code, the limits on salary deferrals under Section 402(g),
or the overall limits for excludable contributions of Section 415 of the
Code. Furthermore, the investment results credited to the Sub-account are
not taxable until benefits are received either in the form of annuity
payments or in a single sum.
If an employee's Individual Account is surrendered, usually the full
amount received would be includable in income for that year and taxed at
ordinary rates.
3. Qualified Corporate Employees' Pension and Profit-Sharing Trust and
Qualified Annuity Plans. Contributions made to purchase Contracts by an
employer and the earnings on such contributions for Plans that are
qualified under Section 401(a) or 403(a) of the Code are not taxable as
income to the employee until distributed to him or her. However, the
employee may be required to include these amounts in gross income prior
to distribution if the qualified Plan loses its qualification. Plans
qualified under Section 401(a) or 403(a) of the Code are subject to
extensive rules, including limitations on maximum contributions or
benefits.
Distributions of amounts not attributable to nondeductible employee
contributions are generally taxable as ordinary income unless the distribution
qualifies for "lump-sum" treatment.
Under the Code, special considerations apply to Plans covering
self-employed individuals. Such Plans are subject to extensive rules, including
limitations on maximum contributions or benefits involving "key employees" or 5
percent owners, as well as to special rules pertaining to "top heavy" Plans.
Purchasers of the Contracts for use with these Plans should seek competent
advice as to the suitability of certain types of Plans and the funding contracts
to be purchased.
C. Taxation of Distributions
The following rules generally apply to distributions from Contracts
purchased in connection with the Plans <PAGE> discussed above, other than
governmental deferred compensation plans.
The portion, if any, of any contribution under a Contract made by or on
behalf of an individual which is not excluded from the employee's gross income
(generally, the employee's own non-deductible contributions) constitutes his or
her "investment in the Contract." If a distribution is made in the form of
annuity payments, the employee's "investment in the Contract" (adjusted for
certain refund provisions) divided by his or her life expectancy (or other
period for which annuity payments are expected to be made) constitutes tax-free
return of investments each year not to exceed the total contribution to the plan
less any amounts previously received which are excluded from income. The dollar
amount of annuity payments received in any year in excess of such return is
taxable as ordinary income. In certain circumstances, tax may be deferred by
rolling over the proceeds to an IRA or another qualified plan. If a surrender of
or withdrawal from the Contract is effected and a distribution is made in a
single payment, the proceeds may qualify for special "lump sum
distribution"treatment under certain qualified Plans, as discussed below.
If an employee or beneficiary receives a "lump sum distribution"; that is,
in general if the employee or beneficiary receives in a single tax year the
total amounts payable with respect to that employee from a Plan and all similar
plans and the benefits are paid as a result of the employee's death, disability
or separation from service or after the employee attains age 59 1/2, taxable
gain may be treated as long-term capital gain and taxed at 20 percent to the
extent that the lump sum distribution reflects contributions to the Plan made
prior to January 1, 1974. This favorable capital gains treatment was phased out
over a five-year period beginning in 1987 unless the participant attained age 50
on or before January 1, 1986. The balance of such lump sum distribution will be
subject to ordinary income taxation. It may be advantageous under the Code in
certain circumstances to elect special "five-year averaging"(or "10-year
averaging" under transitioned years) treatment of the entire taxable portion of
the distribution.
The taxation of benefits payable upon an employee's death to his
beneficiary generally follows these same principles, subject to a variety of
special rules.
Annuity distributions are generally subject to withholding for the
recipient's income tax liability. For distributions beginning in 1993, the
provisions contained in the Unemployment Compensation Amendments of 1992 and
related regulations generally apply. The new law generally mandates federal
withholding equal to 20 percent of any distribution from tax qualified plans and
Section 403(b) annuities that is not a "direct rollover" to a new trustee, or
custodian in the case of an IRA. The new law does not apply to Section 457
plans. Under prior law, recipients were provided the opportunity to elect not to
have tax withheld from distributions; to the extent the new mandatory 20 percent
withholding provisions do not apply, this election generally remains.
Withholding on Deferred Compensation plans is treated similar to wages and
varies according to the type of distribution and the recipient's tax status.
There also may be imposed a penalty tax on partial withdrawals and complete
surrenders equal to 10 percent of the amount treated as taxable income. In
general, there is no penalty tax on the following withdrawals or surrenders: (1)
a distribution that is part of a scheduled series of substantially equal
periodic payments for the life of the participant, or the joint lives of the
participant and beneficiary (commencing after separation from service in the
case of a qualified plan); (2) made on or after age 59 1/2; (3) a distribution
to terminated employee, age 55 or older; (4) a hardship distribution used to pay
certain medical expenses; (5) a distribution made to, or on behalf of, an
alternate payee pursuant to a qualified domestic relations order; and (6) a
distribution after death or disability of the employee; and (7) a distribution
from a governmental deferred compensation plan. Additionally, the tax does not
apply to cashouts of less than $3,500 which do not require the participant's
consent. <PAGE> D. Other Considerations
It should be understood that the foregoing comments about the federal tax
consequences under these Contracts are not exhaustive and that special rules are
provided with respect to other tax situations not discussed herein. Further, the
federal income tax consequences discussed herein reflect current law which is
subject to change at any time. The foregoing discussion also does not address
any applicable state, local or foreign tax laws. Before an investment is made in
any of the above plans, a tax adviser should be consulted.
VOTING RIGHTS
Contract Owners may instruct Great American Reserve as to the voting of
Fund shares attributable to their respective interests under the Contracts at
meetings of shareholders of the Funds. Contract Owners entitled to vote will
receive proxy material and a form on which voting instructions may be given.
Great American Reserve will vote the shares of Sub-accounts held by Variable
Account attributable to the Contracts in accordance with instructions received
from Contract Owners. Shares held in each Sub-account for which timely
instructions have not been received from Contract Owners will be voted by Great
American Reserve for or against any proposition, or Great American Reserve will
abstain, in the same proportion as shares in that Sub-account for which
instructions are received. Great American Reserve will vote, or abstain from
voting, any shares that are not attributable to Contract Owners in the same
proportion as all Contract Owners in Variable Account vote or abstain. However,
if Great American Reserve determines that it is permitted to vote such shares of
the Funds in its own right, it may elect to do so, subject to the then-current
interpretation of the 1940 Act and the rules thereunder.
Under certain Variable Annuity Contracts, not including contracts issued in
connection with governmental employers' deferred compensation plans described in
this Prospectus, Participants and Annuitants have the right to instruct the
Contract Owner with respect to the number of votes attributable to their
Individual Accounts or valuation reserve. Votes attributable to Participants and
Annuitants who do not instruct the Contract Owner will be cast by the Contract
Owner for or against each proposal to be voted upon, in the same proportion as
votes for which instructions have been received. Participants and Annuitants
entitled to instruct the casting of votes will receive a notice of each meeting
of Contract Owners, and proxy solicitation materials, and a statement of the
number of votes attributable to their participation under the Contract.
The number of shares held in a Sub-account deemed attributable to a
Contract Owner's interest under a Contract will be determined on the basis of
the value of the Accumulation Units credited to the Contract Owner's account as
of the record date. On or after the commencement of Annuity payments, the number
of attributable shares will be based on the amount of assets held to meet
annuity obligations to the payee under the Contract as of the record date.
During the annuity period, the number of votes attributable to a Contract will
generally decrease since funds set aside for Annuitants will decrease as
payments are made.
GENERAL MATTERS
Performance Information. Performance information for the Variable Account
investment options may appear from time to time in advertisements or sales
literature. Performance information reflects only the performance of a
hypothetical investment in the Variable Account investment options during the
particular time period on which the calculations are based. Performance
information may consist of yield, effective yield, and average annual total
return quotations reflecting the deduction of all applicable charges for recent
one-year and, when applicable, five- and 10-year periods and, where less than 10
years, for the period subsequent to the date each Sub-account first became
available for investment. Additional total return quotations may be made that do
not reflect a surrender charge deduction (assuming no surrender at the end of
the illustrated <PAGE> period). Performance information may be shown by means of
schedules, charts or graphs. See the Statement of Additional Information for a
description of the methods used to determine yield and total return information
for the Sub- accounts.
Distribution of Contracts. GARCO Equity Sales, Inc. ("GARCO Equity Sales"),
11815 N. Pennsylvania Street, Carmel, IN 46032, an affiliate of Great American
Reserve, is the principal underwriter of the Contracts. GARCO Equity Sales is a
broker-dealer registered under the Securities and Exchange Act of 1934 and a
member of the National Association of Securities Dealers, Inc. Sales of the
Contracts will be made by registered representatives of GARCO Equity Sales and
broker-dealers authorized to sell the Contracts. Such registered representatives
will also be licensed insurance representatives of Great American Reserve. See
the Statement of Additional Information for more information.
Contract Owner Inquiries. All Contract Owner inquiries should be directed
to Great American Reserve's Administrative office address or telephone number
appearing on the front of this prospectus.
Legal Proceedings. There are no legal proceedings to which the Variable
Account is a party or to which the assets of the Variable Account are subject.
Neither Great American Reserve nor GARCO Equity Sales is involved in any
litigation that is of material importance in relation to its total assets or
that relates to Variable Account.
Other Information. This Prospectus contains information concerning Variable
Account, Great American Reserve, and the Contracts, but does not contain all of
the information set forth in the Registration Statement and all exhibits and
schedules relating thereto, which Great American Reserve has filed with the
Securities and Exchange Commission, Washington, D.C.
Additional information may be obtained from Great American Reserve by
requesting from Great American Reserve's Variable Annuity Department, 11815 N.
Pennsylvania Street, Carmel, Indiana 46032, a Statement of Additional
Information. For convenience, the Table of Contents of the Statement of
Additional Information is provided:
TABLE OF CONTENTS OF THE STATEMENT OF ADDITIONAL INFORMATION
Page
General Information and History............................................B-1
Independent Accountants....................................................B-1
Distribution...............................................................B-1
Calculation of Yield Quotations............................................B-1
Calculation of Total Return
Quotations.................................................................B-2
Other Performance Data.....................................................B-5
Financial Statements F-1
<PAGE>
If you would like a free copy of the Statement of Additional Information
for this Prospectus, please complete this form, detach, and mail to:
Great American Reserve Insurance Company
Attn: Variable Annuity Department
11815 N. Pennsylvania Street
Carmel, Indiana 46032
Gentlemen:
Please send me a free copy of the Statement of Additional Information for
Great American Reserve Variable Annuity Account C-Group Variable Annuity at
the following address:
Name:
-------------------------------------------------------------
Mailing Address:
==================================================
--------------------------------------------------
Sincerely,
(Signature)
<PAGE>
APPENDIX A
Conseco Series Trust
Conseco Series Trust is an open-end management investment company organized
as a business trust under the laws of the Commonwealth of Massachusetts on
November 15, 1982. Trust shares are offered only to separate accounts of various
insurance companies to fund benefits of variable life and variable annuity
contracts. Conseco Capital Management serves as the investment adviser.
The Alger American Fund
The Alger American Fund is an open-end management investment company
organized as a business trust under the laws of the Commonwealth of
Massachusetts on April 6, 1988. Trust shares are offered only to separate
accounts of various insurance companies to fund benefits of variable life and
variable annuity contracts. Fred Alger Management, Inc. serves as the investment
adviser.
The Dreyfus Socially Responsible Growth Fund, Inc.
The Dreyfus Socially Responsible Growth Fund, Inc. is an open-end
diversified, management investment company. It was incorporated under Maryland
law on July 20, 1992, and commenced operations on October 7, 1993. The Dreyfus
Corporation serves as the Fund's investment adviser. NCM Capital Management
Group, Inc. serves as the Fund's sub-investment adviser and provides day-to-
day management of the Fund's portfolio.
Dreyfus Stock Index Fund
Dreyfus Stock Index Fund is an open-end, non-diversified, management
investment company. It was incorporated in the name Dreyfus Life and Annuity
Index Fund, Inc. under Maryland law on January 24, 1989, and commenced
operations on September 29, 1989. On May 1, 1994, the Fund began operating under
the name Dreyfus Stock Index Fund. The Dreyfus Corporation serves as the Fund's
manager and Mellon Equity Associates serves as the Fund's index manager.
Federated Insurance Series
Federated Insurance Series is an open-end management investment company
organized as a business trust under the laws of the Commonwealth of
Massachusetts on September 15, 1993. Trust shares are offered only to separate
accounts of various insurance companies to serve as the investment medium of
variable life insurance policies and variable annuity contracts issued by the
insurance companies. Federated Advisers serves as the investment adviser.
Janus Aspen Series
Janus Aspen Series is an open-end management investment company organized
as a business trust under the laws of the State of Delaware on May 20, 1993.
Trust shares are offered only to separate accounts of various insurance
companies to fund the benefits of variable life and variable annuity contracts,
and to qualified retirement plans. The investment adviser and manager is Janus
Capital Corporation.
Van Eck Worldwide Insurance Trust
Van Eck Worldwide Insurance Trust is an open-end management investment
company organized as a business trust under the laws of the Commonwealth of
Massachusetts on January 7, 1987. Trust shares are offered only to separate
accounts of various insurance companies to fund the benefits of variable life
and variable annuity contracts. The investment adviser and manager is Van Eck
Associates Corporation.
A full description of the Conseco Series Trust, The Alger American Fund,
The Dreyfus Socially Responsible Growth Fund, Inc., the Dreyfus Stock Index
Fund, the Federated Insurance Series, the Janus Aspen Series, and the Van Eck
Worldwide Insurance Trust, including the investment objectives, policies and
restrictions of each of the eligible Funds, is contained in the prospectuses of
the Funds which accompany this Prospectus and should be read carefully by a
prospective purchaser before investing. <PAGE>
GREAT AMERICAN RESERVE
INSURANCE COMPANY
11815 N. Pennsylvania St.
Carmel, IN 46032
05-6920 (5/96) May 1, 1996
<PAGE>
PART B
<PAGE>
GREAT AMERICAN RESERVE
INSURANCE COMPANY
Variable Annuity Account C
Individual & Group Variable Deferred Annuity Contracts
Statement of Additional Information
Dated May 1, 1996
Offered by Great American Reserve Insurance Company
11825 N. Pennsylvania St., Carmel, IN 46032
This Statement of Additional Information is not a prospectus. It should be
read in conjunction with a Prospectus for Great American Reserve Variable
Annuity Account C ("Variable Account")-Individual Variable Deferred Annuity
Contracts or Group Variable Deferred Annuity Contracts, each dated May 1, 1996.
You can obtain a copy of a Prospectus by contacting Great American Reserve
Insurance Company ("Great American Reserve") at the address or telephone number
given above.
TABLE OF CONTENTS Page
General Information and History............................................B-1
Independent Accountants....................................................B-1
Distribution...............................................................B-1
Calculation of Yield Quotations............................................B-1
Calculation of Total Return Quotations.....................................B-2
Other Performance Data.....................................................B-5
Financial Statements.......................................................F-1
<PAGE>
GENERAL INFORMATION AND HISTORY
Great American Reserve is an indirect wholly owned subsidiary of Conseco,
Inc. ("Conseco"). The operations of Great American Reserve are handled by
Conseco. Conseco is a publicly owned financial services holding company, the
principal operations of which are in the development, marketing and
administration of specialized annuity and life insurance products. Conseco has
its principal offices at 11825 N. Pennsylvania Street, Carmel, Indiana 46032.
The Variable Account was established by Great American Reserve.
INDEPENDENT ACCOUNTANTS
The financial statements of Great American Reserve Variable Annuity Account
C and Great American Reserve have been examined by Coopers & Lybrand L.L.P.,
Indianapolis, Indiana, independent accountants, for the periods indicated in
their reports as stated in their opinion and have been so included in reliance
upon such opinion given upon the authority of that firm as experts in accounting
and auditing.
DISTRIBUTION
Great American Reserve continuously offers the Contracts through associated
persons of the principal underwriter for Variable Account, GARCO Equity Sales,
Inc. ("GARCO Equity Sales"), a registered broker-dealer and member of the
National Association of Securities Dealers, Inc. GARCO Equity Sales is located
at 11815 N. Pennsylvania Street, Carmel, Indiana 46032, and is an affiliate of
Great American Reserve. For the years ending December 31, 1995, December 31,
1994, and December 31, 1993, Great American Reserve paid GARCO Equity Sales
total underwriting commissions of $2,258,273, $3,025,419, and $2,829,536,
respectively. In addition, certain Contracts may be sold by life
insurance/registered representatives of other registered broker-dealers.
GARCO Equity Sales performs the sales functions relating to the Contracts
and Great American Reserve provides all administrative services. To cover the
sales expenses and administrative expenses (including such items as salaries,
rent, postage, telephone, travel, legal, actuarial, audit, office equipment and
printing), Great American Reserve makes sales and administrative deductions,
varying by type of Contract. See "Contract Charges" in the Prospectus.
CALCULATION OF YIELD QUOTATIONS
The Money Market Sub-account's standard yield quotations may appear in
sales material and advertising as calculated by the standard method prescribed
by rules of the Securities and Exchange Commission. Under this method, the yield
quotation is based on a seven-day period and computed as follows: The Money
Market Sub-account's daily net investment factor minus one (1.00) is multiplied
by 365 to produce an annualized yield. The annualized yields of the seven-day
period are then averaged and carried to the nearest one-hundredth of one
percent. This yield reflects investment results less deductions for investment
advisory fees and mortality and expense risk fees but does not include
deductions for any applicable annual administrative fees. Because of these
deductions, the yield for the Money Market Sub-account will be lower than the
yield for the corresponding Fund of the Conseco Series Trust.
The Money Market Sub-account's effective yield may appear in sales material
and advertising for the same seven-day period, determined on a compound basis.
The effective yield is calculated by compounding the unannualized base period
return by adding one to the base period return, raising the sum to a power equal
to 365 divided by 7, and subtracting one from the result.
The yield on the Money Market Sub-account will generally fluctuate on a
daily basis. Therefore, the yield for any given past period is not an indication
or representation of future yields or rates of return. The actual yield is
affected by changes in interest rates on money market securities, average
portfolio maturity, the types and quality of portfolio securities held by the
corresponding Fund of the Conseco Series Trust and its operating expenses.
The Conseco Series Trust Asset Allocation, Common Stock, Corporate Bond,
and Government Securities Portfolios; The Alger American Fund Leveraged AllCap
<PAGE>
and Small Capitalization Portfolios; The Dreyfus Socially Responsible Growth
Fund, Inc.; the Dreyfus Stock Index Fund; the Federated Insurance Series High
Income Bond, International Equity, and Utility Funds; the Janus Aspen Series
Aggressive Growth, Growth, and Worldwide Growth Portfolios; and the Van Eck
Worldwide Insurance Trust Gold and Natural Resources, Worldwide Bond, and
Worldwide Hard Assets Funds may advertise investment performance figures,
including yield. Each Sub-account's yield will be based upon a stated 30-day
period and will be computed by dividing the net investment income per share
earned during the period by the maximum offering price per share on the last day
of the period, according to the following formula:
YIELD = 2 ((A-B/CD) + 1)^6 -1 Where:
A = the dividends and interest earned during the period.
B = the expenses accrued for the period (net of reimbursements,
if any).
C = the average daily number of shares outstanding during the
period that were entitled to receive dividends.
D = the maximum offering (which is the net asset value) per
share on the last day of the period.
CALCULATION OF TOTAL RETURN QUOTATIONS
Great American Reserve may include certain total return quotations for the
Conseco Series Trust Asset Allocation, Common Stock, Corporate Bond, and
Government Securities Portfolios; The Alger American Fund Growth, Leveraged
AllCap, MidCap Growth, and Small Capitalization Portfolios; The Dreyfus Socially
Responsible Growth Fund, Inc.; the Dreyfus Stock Index Fund; the Federated
Insurance Series High Income Bond, International Equity, and Utility Funds; the
Janus Aspen Series Aggressive Growth, Growth, and Worldwide Growth Portfolios;
and the Van Eck Worldwide Insurance Trust Gold and Natural Resources, Worldwide
Bond, and Worldwide Hard Assets Funds in advertising, sales literature or
reports to Contract Owners or prospective purchasers. Such total return
quotations will be expressed as the average annual rate of total return over
one-, five- and 10-year periods ended as of the end of the immediately preceding
calendar quarter, and as the dollar amount of annual total return on a
year-to-year, rolling 12-month basis ended as of the end of the immediately
preceding calendar quarter.
Average annual total return quotations are computed according to the
following formula:
P (1+T)^n = ERV
Where:
P = beginning purchase payment of $1,000.
T = average annual total return.
n = number of years in period.
ERV = ending redeemable value of a hypothetical $1,000 purchase
payment made at the beginning of the one-, five- or 10-year
period at the end of the one-, five- or 10-year period (or
fractional portion thereof).
<PAGE>
<TABLE>
GROUP VARIABLE DEFERRED ANNUITY
<CAPTION>
Average Annual Total Returns
1 Year 5 Years 10 Years
Variable Account Sub-accounts (1/1/95-12/31/95) (1/1/91-12/31/95) (1/1/86-12/31/95)
<S> <C> <C> <C>
Conseco Series Trust
Asset Allocation Portfolio.............................. 24.16% 12.67%(1) N/A
Common Stock Portfolio.................................. 29.16% 15.68% 11.63%
Corporate Bond Portfolio................................ 11.94% 9.88% 8.96%
Government Securities Portfolio......................... 10.80% 3.84%(1) N/A
The Alger American Fund
Alger American Leveraged AllCap Portfolio............... 81.62%(2) N/A N/A
Alger American Small Capitalization Portfolio........... 36.14%(2) N/A N/A
The Dreyfus Socially Responsible Growth Fund, Inc........... 26.47%(2) N/A N/A
Dreyfus Stock Index Fund.................................... 22.79%(2) N/A N/A
Federated Insurance Series
Federated High Income Bond Fund II...................... 4.34%(2) N/A N/A
Federated International Equity Fund II.................. (3.62)%(2) N/A N/A
Federated Utility Fund II............................... 15.48%(2) N/A N/A
Janus Aspen Series
Aggressive Growth Portfolio............................. 46.95%(2) N/A N/A
Growth Portfolio........................................ 24.89%(2) N/A N/A
Worldwide Growth Portfolio.............................. 34.42%(2) N/A N/A
Van Eck Worldwide Insurance Trust
Gold and Natural Resources Fund......................... 6.31%(2) N/A N/A
Worldwide Bond Fund..................................... (5.02)%(2) N/A N/A
Worldwide Hard Assets Fund.............................. 0.91%(2) N/A N/A
<FN>
(1) Since inception (May 1, 1993).
(2) Since inception (June 1, 1995).
</TABLE>
<TABLE>
INDIVIDUAL FLEXIBLE PREMIUM PAYMENT ANNUITY
<CAPTION>
Average Annual Total Returns
1 Year 5 Years 10 Years
Variable Account Sub-accounts (1/1/95-12/31/95) (1/1/91-12/31/95) (1/1/86-12/31/95)
<S> <C> <C> <C>
Conseco Series Trust
Asset Allocation Portfolio.............................. 20.55% 11.31%(1) N/A
Common Stock Portfolio.................................. 25.40% 15.42% 11.80%
Corporate Bond Portfolio................................ 8.68% 9.63% 9.12%
Government Securities Portfolio......................... 7.57% 2.66%(1) N/A
The Alger American Fund
Alger American Leveraged AllCap Portfolio............... 71.50%(2) N/A N/A
Alger American Small Capitalization Portfolio........... 28.55%(2) N/A N/A
The Dreyfus Socially Responsible Growth Fund, Inc........... 19.42%(2)
Dreyfus Stock Index Fund.................................... 15.94%(2) N/A N/A
Federated Insurance Series
Federated High Income Bond Fund II...................... (1.48)%(2) N/A N/A
Federated International Stock Fund II................... (8.99)%(2) N/A N/A
Federated Utility Fund II............................... 9.04%(2) N/A N/A
Janus Aspen Series
Aggressive Growth Portfolio............................. 38.76%(2) N/A N/A
Growth Portfolio........................................ 17.92%(2) N/A N/A
Worldwide Growth Portfolio.............................. 26.93%(2) N/A N/A
Van Eck Worldwide Insurance Trust
Gold and Natural Resources Fund......................... 0.38%(2) N/A N/A
Worldwide Bond Fund..................................... (10.31)%(2) N/A N/A
Worldwide Hard Assets Fund.............................. (4.72)%(2) N/A N/A
<FN>
(1) Since inception (May 1, 1993).
(2) Since inception (June 1, 1995).
</TABLE>
<PAGE>
<TABLE>
INDIVIDUAL SINGLE PREMIUM PAYMENT ANNUITY
<CAPTION>
Average Annual Total Returns
1 Year 5 Years 10 Years
Variable Account Sub-accounts (1/1/95-12/31/95) (1/1/91-12/31/95) (1/1/86-12/31/95)
<S> <C> <C> <C>
Conseco Series Trust
Asset Allocation Portfolio.............................. 20.96% 11.66%(1) N/A
Common Stock Portfolio.................................. 25.84% 15.71% 11.86%
Corporate Bond Portfolio................................ 9.06% 9.91% 9.18%
Government Securities Portfolio......................... 7.95% 2.91%(1) N/A
The Alger American Fund
Alger American Leveraged AllCap Portfolio............... 72.24%(2) N/A N/A
Alger American Small Capitalization Portfolio........... 29.10%(2) N/A N/A
The Dreyfus Socially Responsible Growth Fund, Inc........... 19.94%(2) N/A N/A
Dreyfus Stock Index Fund.................................... 16.44%(2) N/A N/A
Federated Insurance Series
Federated High Income Bond Fund II...................... (1.05)%(2) N/A N/A
Federated International Equity Fund II.................. (8.60)%(2) N/A N/A
Federated Utility Fund II............................... 9.51%(2) N/A N/A
Janus Aspen Series
Aggressive Growth Portfolio............................. 39.36%(2) N/A N/A
Growth Portfolio........................................ 18.43%(2) N/A N/A
Worldwide Growth Portfolio.............................. 27.47%(2) N/A N/A
Van Eck Worldwide Insurance Trust
Gold and Natural Resources Fund......................... 0.82%(2) N/A N/A
Worldwide Bond Fund..................................... (9.92)%(2) N/A N/A
Worldwide Hard Assets Fund.............................. (4.30)%(2) N/A N/A
<FN>
(1) Since inception (May 1, 1993).
(2) Since inception (June 1, 1995).
</TABLE>
<PAGE>
OTHER PERFORMANCE DATA
Great American Reserve may from time to time also illustrate average annual
total returns in a non-standard format in conjunction with the standard format
described above. The non-standard format will be identical to the standard
format except that the withdrawal charge percentage will be assumed to be zero.
<TABLE>
GROUP VARIABLE DEFERRED ANNUITY
<CAPTION>
Average Annual Total Returns
1 Year 5 Years 10 Years
Variable Account Sub-accounts (1/1/95-12/31/95) (1/1/91-12/31/95) (1/1/86-12/31/95)
<S> <C> <C> <C>
Conseco Series Trust
Asset Allocation Portfolio.............................. 30.19% 15.95%(1) N/A
Common Stock Portfolio.................................. 35.44% 16.39% 11.90%
Corporate Bond Portfolio................................ 17.38% 10.57% 9.22%
Government Securities Portfolio......................... 16.18% 6.87%(1) N/A
The Alger American Fund
Alger American Leveraged AllCap Portfolio............... 99.14%(2) N/A N/A
Alger American Small Capitalization Portfolio........... 49.27%(2) N/A N/A
The Dreyfus Socially Responsible Growth Fund, Inc........... 38.67%(2) N/A N/A
Dreyfus Stock Index Fund.................................... 34.63%(2) N/A N/A
Federated Insurance Series
Federated High Income Bond Fund II...................... 14.40%(2) N/A N/A
Federated International Equity Fund II.................. 5.67%(2) N/A N/A
Federated Utility Fund II............................... 26.62%(2) N/A N/A
Janus Aspen Series
Aggressive Growth Portfolio............................. 61.12%(2) N/A N/A
Growth Portfolio........................................ 36.93%(2) N/A N/A
Worldwide Growth Portfolio.............................. 47.38%(2) N/A N/A
Van Eck Worldwide Insurance Trust
Gold and Natural Resources Fund......................... 16.57%(2) N/A N/A
Worldwide Bond Fund..................................... 4.15%(2) N/A N/A
Worldwide Hard Assets Fund.............................. 10.65%(2) N/A N/A
<FN>
(1) Since inception (May 1, 1993).
(2) Since inception (June 1, 1995).
</TABLE>
<TABLE>
INDIVIDUAL FLEXIBLE PREMIUM PAYMENT ANNUITY
<CAPTION>
Average Annual Total Returns
1 Year 5 Years 10 Years
Variable Account Sub-accounts (1/1/95-12/31/95) (1/1/91-12/31/95) (1/1/86-12/31/95)
<S> <C> <C> <C>
Conseco Series Trust
Asset Allocation Portfolio.............................. 30.19% 15.95%(1) N/A
Common Stock Portfolio.................................. 35.44% 16.39% 11.90%
Corporate Bond Portfolio................................ 17.38% 10.57% 9.22%
Government Securities Portfolio......................... 16.18% 6.87%(1) N/A
The Alger American Fund
Alger American Leveraged AllCap Portfolio............... 99.14%(2) N/A N/A
Alger American Small Capitalization Portfolio........... 49.27%(2) N/A N/A
The Dreyfus Socially Responsible Growth Fund, Inc........... 38.67%(2) N/A N/A
Dreyfus Stock Index Fund.................................... 34.63%(2) N/A N/A
Federated Insurance Series
Federated High Income Bond Fund II...................... 14.40%(2) N/A N/A
Federated International Equity Fund II.................. 5.67%(2) N/A N/A
Federated Utility Fund II............................... 26.62%(2) N/A N/A
Janus Aspen Series
Aggressive Growth Portfolio............................. 61.12%(2) N/A N/A
Growth Portfolio........................................ 36.93%(2) N/A N/A
Worldwide Growth Portfolio.............................. 47.38%(2) N/A N/A
Van Eck Worldwide Insurance Trust
Gold and Natural Resources Fund......................... 16.57%(2) N/A N/A
Worldwide Bond Fund..................................... 4.15%(2) N/A N/A
Worldwide Hard Assets Fund.............................. 10.65%(2) N/A N/A
<FN>
(1) Since inception (May 1, 1993).
(2) Since inception (June 1, 1995).
</TABLE>
<PAGE>
<TABLE>
INDIVIDUAL SINGLE PREMIUM PAYMENT ANNUITY
<CAPTION>
Average Annual Total Returns
1 Year 5 Years 10 Years
Variable Account Sub-accounts (1/1/95-12/31/95) (1/1/91-12/31/95) (1/1/86-12/31/95)
<S> <C> <C> <C>
Conseco Series Trust
Asset Allocation Portfolio.............................. 30.19% 15.95%(1) N/A
Common Stock Portfolio.................................. 35.44% 16.39% 11.90%
Corporate Bond Portfolio................................ 17.38% 10.57% 9.22%
Government Securities Portfolio......................... 16.18% 6.87%(1) N/A
The Alger American Fund
Alger American Leveraged AllCap Portfolio............... 99.14%(2) N/A N/A
Alger American Small Capitalization Portfolio........... 49.27%(2) N/A N/A
The Dreyfus Socially Responsible Growth Fund, Inc........... 38.67%(2) N/A N/A
Dreyfus Stock Index Fund.................................... 34.63%(2) N/A N/A
Federated Insurance Series
Federated High Income Bond Fund II...................... 14.40%(2) N/A N/A
Federated International Equity Fund II.................. 5.67%(2) N/A N/A
Federated Utility Fund II............................... 26.62%(2) N/A N/A
Janus Aspen Series
Aggressive Growth Portfolio............................. 61.12%(2) N/A N/A
Growth Portfolio........................................ 36.93%(2) N/A N/A
Worldwide Growth Portfolio.............................. 47.38%(2) N/A N/A
Van Eck Worldwide Insurance Trust
Gold and Natural Resources Fund......................... 16.57%(2) N/A N/A
Worldwide Bond Fund..................................... 4.15%(2) N/A N/A
Worldwide Hard Assets Fund.............................. 10.65%(2) N/A N/A
<FN>
(1) Since inception (May 1, 1993).
(2) Since inception (June 1, 1995).
</TABLE>
All non-standard performance data will only be advertised if the standard
performance data for the same period, as well as for the required periods, is
also illustrated.
Performance data for the Variable Account investment options may be
compared in advertisements, sales literature and Reports to Contract Owners,
with the investment returns on various mutual funds, stocks, bonds, certificates
of deposit, tax free bonds, or common stock and bond indices, and other groups
of variable annuity separate accounts or other investment products tracked by
Morningstar, Inc., a widely used independent research firm which ranks mutual
funds and other investment companies by overall performance, investment
objectives, and assets, or tracked by other services, companies, publications,
or persons who rank such investment companies on overall performance or other
criteria.
Reports and promotional literature may also contain other information,
including the effect of tax-deferred compounding on an investment option's
performance returns, or returns in general, which may be illustrated by graphs,
charts or otherwise, and which may include a comparison, at various points in
time, of the return from an investment in a Contract (or returns in general) on
a tax-deferred basis (assuming one or more tax rates) with the return on a
taxable basis.
Reports and promotional literature may also contain the ratings Great
American Reserve has received from independent rating agencies. However, Great
American Reserve does not guarantee the investment performance of the Variable
Account investment options.
<PAGE>
FINANCIAL STATEMENTS
Audited Financial Statements of Great American Reserve Variable Annuity and
Great American Reserve Insurance Company as of December 31, 1995, are included
herein.
INDEX TO FINANCIAL STATEMENTS
Page
Great American Reserve Variable Annuity
Account C
Report of Independent Accountants..............................F-1
Statement of Assets and Liabilities
as of December 31, 1995...................................F-2
Statements of Operations for the Years Ended
December 31, 1995 and 1994.................................F-5
Statements of Changes in Net Assets for
the Years Ended December 31, 1995 and 1994.................F-5
Notes to Financial Statements..................................F-6
Great American Reserve Insurance Company
Report of Independent Accountants..............................F-8
Balance Sheet-Statutory Basis
as of December 31, 1995 and 1994...........................F-9
Statement of Operations and Changes in
Capital and Surplus-Statutory Basis
for the Years Ended December 31, 1995
and 1994..................................................F-10
Statement of Cash Flows-Statutory Basis
for the Years Ended December 31, 1995
and 1994..................................................F-11
Notes to Statutory Basis Financial Statements.................F-12
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE BOARD OF DIRECTORS OF GREAT AMERICAN RESERVE INSURANCE COMPANY AND
CONTRACT OWNERS OF GREAT AMERICAN RESERVE VARIABLE ACCOUNT C
We have audited the accompanying statement of assets and liabilities of
Great American Reserve Variable Annuity Account C as of December 31, 1995, and
the related statements of operations and changes in net assets for each of the
two years in the period then ended. These financial statements are the
responsibility of the Accounts' management. Our responsibility is to express an
opinion on these financial statements 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 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 portfolio shares owned at December 31, 1995 by correspondence
with custodians. 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, the financial statements referred to above present fairly, in
all material respects, the financial position of Great American Reserve Variable
Annuity Account C as of December 31, 1995, and the results of its operations and
changes in net assets for each of the two years in the period then ended, in
conformity with generally accepted accounting principles.
/S/ COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
Indianapolis, Indiana
February 16, 1996
<PAGE>
<TABLE>
GREAT AMERICAN RESERVE VARIABLE ANNUITY
ACCOUNT C
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1995
<CAPTION>
Assets:
Investments in portfolio shares, at net asset value (Note 2):
The Alger American Fund:
<S> <C>
Leveraged AllCap Portfolio, 3,912.1 shares, (cost - $68,217) ..................... $ 68,188
Small Capitalization Portfolio, 13,070.9 shares, (cost - $537,112) ............... 515,124
Conseco Series Trust:
Asset Allocation Portfolio, 554,130.2 shares, (cost - $6,496,449) ................ 6,866,012
Common Stock Portfolio, 5,462,713.3 shares, (cost - $93,652,546) ................. 102,940,214
Corporate Bond Portfolio, 1,540,149.4 shares, (cost - $15,355,254) ............... 15,629,186
Government Securities Portfolio, 39,486.1 shares, (cost - $461,752) .............. 488,716
Money Market Portfolio, 3,843,621.0 shares, (cost - $3,843,621) .................. 3,843,621
Dreyfus Stock Index Fund, 37,938.1 shares, (cost - $624,068) ........................ 652,535
The Dreyfus Socially Responsible Growth Fund, Inc., 1,887.8 shares, (cost - $31,747) 32,677
Federated Investors Insurance Management Series:
Corporate Bond Fund, 128.8 shares, (cost - $1,252) ............................... 1,261
International Stock Fund, 933.9 shares, (cost - $9,534) .......................... 9,666
Utility Fund, 5,430.5 shares, (cost - $56,022) ................................... 59,899
The Janus Aspen Series:
Aggressive Growth Portfolio, 29,626.4 shares, (cost - $479,882) .................. 506,019
Growth Portfolio, 12,562.6 shares, (cost - $163,052) ............................. 168,967
Worldwide Growth Portfolio, 18,321.5 shares, (cost - $267,517) ................... 280,502
The Van Eck Worldwide Insurance Trust:
Gold and Natural Resources Fund, 2,041.1 shares, (cost - $29,599) ................ 29,433
Worldwide Bond Fund, 552.8 shares, (cost - $6,082) ............................... 6,159
Worldwide Hard Assets Fund, 4,894.5 shares, (cost - $48,797) ..................... 51,784
Total assets .................................................................. 132,149,963
-------------
Liabilities:
Amounts due to Great American Reserve Insurance Company .............................. 56,458
-------------
Net assets (Note 6) ............................................................ $132,093,505
=============
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE VARIABLE ANNUITY
ACCOUNT C
STATEMENT OF ASSETS AND LIABILITIES - (CONTINUED)
December 31, 1995
<CAPTION>
UNITS UNIT VALUE
Net assets attributable to: Contract owners' deferred annuity reserves:
The Alger American Fund:
<S> <C> <C> <C>
Leveraged AllCap Portfolio ............................. 48,284.0 $1.411177 $ 68,137
Small Capitalization Portfolio ......................... 421,326.2 1.221763 514,761
Conseco Series Trust:
Asset Allocation Portfolio ............................. 5,007,681.5 1.370019 6,860,618
Common Stock Portfolio
Qualified ........................................... 7,950,068.4 12.447985 98,962,334
Nonqualified ......................................... 286,775.2 9.853637 2,825,778
Corporate Bond Portfolio
Qualified ........................................... 3,072,606.9 4.789548 14,716,399
Nonqualified ......................................... 179,683.9 4.601907 826,888
Government Securities Portfolio ........................ 422,358.6 1.156290 488,369
Money Market Portfolio
Qualified ........................................... 1,534,699.8 2.496112 3,830,783
Nonqualified ........................................ 3,929.1 2.496111 9,808
Dreyfus Stock Index Fund .................................. 561,967.3 1.160310 652,056
The Dreyfus Socially Responsible Growth Fund, Inc. ........ 27,728.1 1.177597 32,653
Federated Investors Insurance Management Series:
Corporate Bond Fund .................................... 1,177.9 1.069592 1,260
International Stock Fund ............................... 9,399.0 1.027977 9,662
Utility Fund ........................................... 53,188.7 1.125258 59,851
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE VARIABLE ANNUITY
ACCOUNT C
STATEMENT OF ASSETS AND LIABILITIES - (CONTINUED)
December 31, 1995
<CAPTION>
UNITS UNIT VALUE
Net assets attributable to: Contract owners' deferred annuity reserves:
The Janus Aspen Series:
<S> <C> <C> <C>
Aggressive Growth Portfolio ............................ 398,348.3 $1.269335 $ 505,637
Growth Portfolio ....................................... 144,293.3 1.170177 168,849
Worldwide Growth Portfolio ............................. 230,888.7 1.214018 280,303
The Van Eck Worldwide Insurance Trust:
Gold and Natural Resources Fund ........................ 27,240.4 1.079662 29,411
Worldwide Bond Fund .................................... 6,030.2 1.020520 6,154
Worldwide Hard Assets Fund ............................. 49,191.1 1.051875 51,743
------------
Net assets attributable to contract owners' deferred annuity reserves........ 130,901,454
Contract owners' annuity payment reserves:
Conseco Series Trust:
Common Stock Portfolio
Qualified ..................................................................... 1,100,332
Nonqualified .................................................................. 15,188
Corporate Bond Portfolio
Qualified ...................................................................... 76,531
-------------
Net assets attributable to contract owners' annuity payment reserves......... 1,192,051
-------------
Net assets .................................................................. $132,093,505
=============
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE VARIABLE ANNUITY
ACCOUNT C
STATEMENTS OF OPERATIONS
For the Years Ended December 31, 1995 and 1994
<CAPTION>
1995 1994
Investment income:
<S> <C> <C>
Dividends from investments in portfolio shares. ..................... $ 19,391,277 $ 2,401,142
Expenses:
Mortality and expense risk fees ..................................... 764,864 580,978
------------- -------------
Net investment income ............................................. 18,626,413 1,820,164
Net realized gain (loss) and unrealized appreciation (depreciation) on
investments:
Net realized gain (loss) on sale of investments in portfolio shares . 266,507 (95,306)
Net change in unrealized appreciation (depreciation) of investments in
portfolio shares .................................................. 10,798,864 (1,093,909)
------------- -------------
Net gain (loss) on investments in portfolio shares ................ 11,065,371 (1,189,215)
------------- -------------
Net increase in net assets from operations ..................... $ 29,691,784 $ 630,949
============= =============
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE VARIABLE ANNUITY
ACCOUNT C
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended December 31, 1995 and 1994
<CAPTION>
1995 1994
Changes from operations:
<S> <C> <C>
Net investment income ............................................... $ 18,626,413 $ 1,820,164
Net realized gain (loss) on sale of investments ..................... 266,507 (95,306)
Net change in unrealized appreciation (depreciation) of investments . 10,798,864 (1,093,909)
------------- -------------
Net increase in net assets from operations ........................ 29,691,784 630,949
Changes from principal transactions:
Net contract purchase payments ...................................... 16,741,302 18,176,866
Contract redemptions. ............................................... (5,842,499) (4,116,854)
Net transfers to fixed account ...................................... (206,225) (2,881,816)
------------- -------------
Net increase in net assets from principal transactions. ........... 10,692,578 11,178,196
------------- -------------
Net increase in net assets ..................................... 40,384,362 11,809,145
Net assets, beginning of year.......................................... 91,709,143 79,899,998
------------- -------------
Net assets, end of year (Note 6)....................................... $132,093,505 $ 91,709,143
============= =============
<FN>
The accompanying notes are an integral part of these financial statements.
</TABLE>
<PAGE>
Great American Reserve Variable Annuity Account C
Notes to Financial Statements
(1) GENERAL
Great American Reserve Variable Annuity Account C ("Account C") was
established in 1980 as a segregated investment account for individual and group
variable annuity contracts which are registered under the Securities Act of
1933. Account C is registered under the Investment Company Act of 1940, as
amended (the "Act"), as a unit investment trust. Account C was originally
registered with the U.S. Securities and Exchange Commission as a diversified
open-end management investment company under the Act. Effective May 1, 1993,
Account C was restructured into a single unit investment trust which invested
solely in shares of the portfolios of the Conseco Series Trust, a diversified
open-end management investment company.
The operations of Account C are included in the operations of Great
American Reserve Insurance Company (the "Company") pursuant to the provisions of
the Texas Insurance Code. The Company is an indirect wholly owned subsidiary of
Conseco, Inc., a publicly-held specialized financial services holding company
listed on the New York Stock Exchange.
On June 1, 1995, the following investment options were available:
THE ALGER AMERICAN FUND
Leveraged AllCap Portfolio
Small Capitalization Portfolio
THE CONSECO SERIES TRUST
Asset Allocation Portfolio
Common Stock Portfolio
Corporate Bond Portfolio
Government Securities Portfolio
Money Market Portfolio
DREYFUS STOCK INDEX FUND
THE DREYFUS SOCIALLY RESPONSIBLE
GROWTH FUND, INC.
FEDERATED INVESTORS INSURANCE
MANAGEMENT SERIES
Corporate Bond Fund (High Yield)
International Stock Fund
Utility Fund
THE JANUS ASPEN SERIES
Aggressive Growth Portfolio
Growth Portfolio
Worldwide Growth Portfolio
THE VAN ECK WORLDWIDE INsurance TRUST
Gold and Natural Resources Fund
Worldwide Bond Fund
Worldwide Hard Assets Fund
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Investment Valuation, Transactions and Income
Investments in portfolio shares are valued using the net asset value of the
respective portfolios at the end of each New York Stock Exchange business day,
with the exception of regional business holidays. Investment share transactions
are accounted for on a trade date basis (the date the order to purchase or
redeem shares is executed) and dividend income is recorded on the ex-dividend
date. The cost of investments in portfolio shares sold is determined on a
first-in first-out basis. Account C does not hold any investments which are
restricted as to resale.
Net investment income and net realized gain (loss) and unrealized
appreciation (depreciation) on investments are allocated to the contracts on
each valuation date based on each contract's pro rata share of the assets of
Account C as of the beginning of the valuation date.
Federal Income Taxes
No provision for federal income taxes has been made in the accompanying
financial statements because the operations of Account C are included in the
total operations of the Company, which is treated as a life insurance company
for federal income tax purposes under the Internal Revenue Code. Net investment
income and realized gains (losses) are retained in Account C and are not taxable
until received by the contract owner or beneficiary in the form of annuity
payments or other distributions.
Annuity Reserves
Deferred annuity contract reserves are comprised of net contract purchase
payments less redemptions and benefits. These reserves are adjusted daily for
the net investment income and net realized gain (loss) and unrealized
appreciation (depreciation) on investments.
Annuity payment reserves for contracts under which contract owners are
receiving periodic retirement payments are computed according to the Progressive
Annuity Mortality Table. The assumed net investment rate is equal to the assumed
rate of accumulation. <PAGE>
The annuity unit values for periodic retirement payments were as shown below.
December 31, December 31,
1995 1994
Conseco Series Trust:
Common Stock
Qualified $ 4.163 $ 3.188
Nonqualified $ 3.854 $ 2.951
Corporate Bond
Qualified $ 4.580 $ 4.039
(3) PURCHASES AND SALES OF INVESTMENTS IN PORTFOLIO SHARES
The aggregate cost of purchases and proceeds from sales of investments in
portfolio shares for the year ended December 31, 1995 were $35,364,218 and
$5,577,299, respectively.
(4) DEDUCTIONS AND EXPENSES
Although periodic retirement payments to contract owners vary according to
the investment performance of the portfolios, such payments are not affected by
mortality or expense experience because the Company assumes the mortality and
expense risks under the contracts.
The mortality risk assumed by the Company results from the life annuity
payment option in the contracts in which the Company agrees to make annuity
payments regardless of how long a particular annuitant or other payee lives. The
annuity payments are determined in accordance with annuity purchase rate
provisions established at the time the contracts are issued. Based on the
actuarial determination of expected mortality, the Company is required to fund
any deficiency in the annuity payment reserves from its general account assets.
The expense risk assumed by the Company is the risk that the deductions for
sales and administrative expenses may prove insufficient to cover the actual
sales and administrative expenses.
The Company deducts daily from Account C a fee, which is equal on an annual
basis to 1.00 percent of the daily value of the total investments of Account C,
for assuming the mortality and expense risks except for the Conseco Series Trust
Common Stock, Corporate Bond and Money Market portfolios which are 0.64%, 0.74%
and 0.99%, respectively. These fees were $764,864 and $580,978 for the years
ended December 31, 1995 and 1994, respectively.
Pursuant to an agreement between Account C and the Company (which may be
terminated by the Company), the Company provides sales and administrative
services to Account C, as well as a minimum death benefit prior to retirement
for certain contracts. Under individual contracts and group deferred
compensation contracts, the Company may deduct a percentage of amounts
surrendered to cover sales expenses. The percentage varies up to 8.00 percent
based on the type of contract and the number of years the contract has been
outstanding. In addition, the Company deducts units from certain contracts
annually and upon full surrender to cover an administrative fee of $15, $20, or
$25.
Under group contracts no longer being sold, the Company deducts a
percentage of the renewal contract purchase payments to cover sales and
administrative expenses and the minimum death benefit prior to retirement of the
contract owners.
Sales and administrative charges were $75,162 and $78,399 for the years
ended December 31, 1995 and 1994, respectively.
(5) OTHER TRANSACTIONS WITH AFFILIATES
GARCO Equity Sales, Inc., an affiliate of the Company, is the principal
underwriter and performs all variable annuity sales functions on behalf of the
Company.
(6) NET ASSETS
Net assets consisted of the following at December 31, 1995:
Proceeds from the sales of units
since organization, less cost
of units redeemed....................................... $ 48,439,237
Undistributed net investment income......................... 41,406,560
Undistributed net realized gains
on sales of investments................................. 32,230,246
Net unrealized appreciation
of investments.......................................... 10,017,462
-------------
Net assets.......................................... $132,093,505
=============
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors
Great American Reserve Insurance Company
Carmel, Indiana
We have audited the accompanying statutory basis balance sheet of Great
American Reserve Insurance Company (a wholly-owned subsidiary of Jefferson
National Life Insurance Company of Texas, which is an indirect wholly-owned
subsidiary of Conseco, Inc.) as of December 31, 1995 and 1994, and the related
statutory basis statements of operations and changes in capital and surplus and
cash flows for the years then ended. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements 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 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 overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
As described in Note 1, these financial statements have been prepared in
conformity with accounting practices prescribed or permitted by the National
Association of Insurance Commissioners and the Texas Department of Insurance,
which is a comprehensive basis of accounting other than generally accepted
accounting principles.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the admitted assets, liabilities, and capital and
surplus of Great American Reserve Insurance Company as of December 31, 1995 and
1994, and the results of its operations and its cash flows for the years then
ended in conformity with accounting practices prescribed or permitted by the
National Association of Insurance Commissioners and the Texas Department of
Insurance.
/S/ COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
Indianapolis, Indiana
March 20, 1996
<PAGE>
<TABLE>
GREAT AMERICAN RESERVE INSURANCE COMPANY
Balance Sheet-Statutory Basis
December 31, 1995 and 1994 (Amounts in
thousands, except share data)
<CAPTION>
1995 1994
---- ----
ADMITTED ASSETS
<S> <C> <C>
Cash and investments:
Bonds $2,060,828 $2,052,243
Preferred stocks 13,879 10,432
Common stocks 256 426
Mortgage loans on real estate 111,541 113,990
Real estate 125 125
Policy loans 84,664 81,549
Cash and short-term investments 19,006 13,531
Other invested assets 12,758 22,753
--------- ----------
Total cash and investments 2,303,057 2,295,049
Insurance premiums deferred and uncollected 10,181 11,910
Accrued investment income 33,973 34,665
Other assets 6,833 5,114
Assets held in separate accounts 137,475 91,375
--------- ---------
Total admitted assets $2,491,519 $2,438,113
========== ==========
LIABILITIES, CAPITAL AND SURPLUS
Liabilities:
Policy and contract liabilities $1,999,662 $2,103,497
Interest maintenance reserve 64,654 49,660
Federal income taxes 7,851 (3,267)
Asset valuation reserve 26,229 23,173
Investment borrowings and interest thereon 82,365 -0-
Other liabilities 17,127 17,017
Liabilities related to separate accounts 137,475 91,375
--------- ---------
Total liabilities 2,335,363 2,281,455
--------- ---------
Capital and surplus:
Common stock, $4.80 par value, 1,065,000 shares
authorized, 1,043,565 shares issued and outstanding 5,009 5,009
Preferred stock, $100 par value, 40,000 shares
authorized, 2,538 shares issued 254 254
Paid in surplus 59,562 59,562
Unassigned surplus 112,142 112,644
Treasury stock at cost, 2,538 preferred shares (20,811) (20,811)
--------- ---------
Total capital and surplus 156,156 156,658
--------- ---------
Total liabilities, capital and surplus $2,491,519 $2,438,113
========== ==========
<FN>
The accompanying notes are an integral part of the statutory basis financial statements.
</TABLE>
<PAGE>
<TABLE>
GREAT AMERICAN RESERVE INSURANCE COMPANY
Statement of Operations and Changes in Capital and Surplus-Statutory Basis
For the Years Ended December 31, 1995 and 1994
(Amounts in thousands)
<CAPTION>
1995 1994
<S> <C> <C>
Income:
Premiums and annuity considerations $184,407 $186,627
Considerations for supplementary contracts without life
contingencies and dividend accumulations 26,573 19,342
Net investment income 186,307 181,002
Commissions and expense allowances on reinsurance ceded 7,033 9,191
Other income 2,417 1,308
--------- --------
Total income 406,737 397,470
--------- --------
Benefits and expenses:
Policy benefits 307,885 245,147
Increase (decrease) in future policy benefit reserves (99,062) 27,681
Net transfer of annuity reserves under terminated
coinsurance agreement 71,123 -0-
Commissions 17,163 18,144
Other operating costs and expenses 35,335 33,935
Net transfers to separate accounts 14,874 10,675
Dividends to policyholders 1,944 1,872
------- -------
Total benefits and expenses 349,262 337,454
------- -------
Income from operations before federal income taxes 57,475 60,016
Federal income taxes (17,992) (18,821)
Net realized capital losses, net of tax and transfer to IMR (1,047) (3,489)
--------- ---------
Net income $ 38,436 $ 37,706
========= =========
Capital and surplus, beginning of year $156,658 $153,830
Net income 38,436 37,706
Net unrealized capital gains 1,737 1,426
Decrease in non-admitted assets 256 48
Decrease in liability for reinsurance in unauthorized companies -0- 797
Decrease in reserves on account of change in valuation basis 3,320 -0-
Increase in asset valuation reserve (3,056) (3,124)
Dividends to shareholder (41,195) (34,025)
--------- ---------
Capital and surplus, end of year $156,156 $156,658
========= ========
<FN>
The accompanying notes are an integral part of the statutory basis financial statements.
</TABLE>
<PAGE>
<TABLE>
GREAT AMERICAN RESERVE INSURANCE COMPANY
Statement of Cash Flows-Statutory Basis
For the Years Ended December 31, 1995 and 1994
(Amounts in thousands)
<CAPTION>
1995 1994
<S> <C> <C>
Cash flows from operations:
Premiums and annuity considerations $ 186,285 $ 186,245
Net investment income 184,295 179,205
Other income 35,929 30,053
Life and accident and health claims (56,848) (57,127)
Surrender benefits and other withdrawals (198,328) (140,878)
Other benefits to policyholders (53,870) (43,321)
Commissions and other expenses (50,899) (52,922)
Net transfers to separate accounts (15,349) (10,490)
Dividends to policyholders (1,704) (1,548)
Federal income taxes (6,874) (19,166)
Net increase in policy loans (3,115) (1,916)
----------- -----------
Net cash provided from operations 19,522 68,135
Proceeds from investments sold, matured or repaid, net of tax 2,257,672 1,422,990
Investment borrowings, net 82,245 (58,085)
Other 2,035 9,014
----------- ----------
Total cash provided 2,361,474 1,442,054
----------- ----------
Application of cash:
Purchase of investments 2,238,161 1,496,908
Dividends to shareholder 41,195 34,024
Net transfer of annuity reserves under terminated
coinsurance agreement 71,123 -0-
Other 5,520 4,117
---------- ----------
Total cash applied 2,355,999 1,535,049
---------- ----------
Net increase (decrease) in cash and short-term investments 5,475 (92,995)
Cash and short-term investments, beginning of year 13,531 106,526
---------- ----------
Cash and short-term investments, end of year $ 19,006 $ 13,531
============= =============
<FN>
The accompanying notes are an integral part of the statutory basis financial statements.
</TABLE>
<PAGE>
GREAT AMERICAN RESERVE INSURANCE COMPANY
NOTES TO STATUTORY BASIS FINANCIAL STATEMENTS
1. ACCOUNTING POLICIES
Basis of Presentation
Great American Reserve Insurance Company (the "Company"), a life insurance
company domiciled in the State of Texas, is a wholly-owned subsidiary of
Jefferson National Life Insurance Company of Texas ("Jefferson National of
Texas"), a life insurance company domiciled in the State of Texas and an
indirect wholly-owned subsidiary of Conseco, Inc., a publicly held specialized
financial services holding company.
On August 31, 1995, Conseco purchased all of the shares of common stock that
it did not previously own (50.5%) of CCP Insurance, Inc., the Company's indirect
parent, and effected a merger, with Conseco as the surviving company.
The accompanying financial statements have been prepared in conformity with
accounting practices prescribed or permitted by the National Association of
Insurance Commissioners and the State of Texas Department of Insurance. These
practices differ in certain respects from generally accepted accounting
principles ("GAAP"). The significant differences which impact net income or
surplus are:
a. Policy acquisition costs are charged to operations as incurred rather than
deferred and amortized over the lives of the policies.
b. Future policy benefit liabilities are based on statutory mortality and
interest requirements and may differ from liabilities based on reasonably
conservative estimates of expected mortality, interest and withdrawals for
traditional life insurance products and the fund balances of universal life
insurance products.
c. Deferred income taxes are not provided for temporary differences in
reporting of income and expenses for financial reporting and tax purposes.
d. The asset valuation reserve ("AVR"), which includes unrealized capital
gains and losses and credit-related realized capital gains and losses, net
of tax, on all invested assets excluding cash, policy loans and premium
notes, is reported as a liability with changes reported in unassigned
surplus.
The interest maintenance reserve ("IMR"), which consists of
interest-related realized capital gains and losses, net of tax, to be
amortized into income over the approximate remaining lives of the fixed
income securities sold, is reported as a liability.
e. Certain assets designated as "non-admitted" assets are reported as a
reduction of unassigned surplus.
f. Fixed maturities designated as available for sale are valued at amortized
cost rather than market value.
g. Premiums on interest sensitive and annuity policies are recognized as
income rather than policy liabilities.
The preparation of statutory basis financial statements requires management
to make estimates and assumptions that affect the reported 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 periods presented. Significant estimates and assumptions are utilized in the
calculation of insurance liabilities. Actual experience could differ from the
estimates and assumptions utilized which could have a material impact on the
financial statements.
<PAGE> Recognition of Premiums
Premiums on traditional life, interest sensitive and annuity policies are
recognized as income on the policy anniversary dates or when received; group
life and individual and group health premiums are earned pro-rata over the terms
of the policies.
Insurance Liabilities
The liabilities for traditional life and interest sensitive policies, all
developed by actuarial methods, are established and maintained on the basis of
published tables using assumed interest rates and valuation methods that will
provide, in the aggregate, reserves that are greater than or equal to the
minimum valuation required by law or the guaranteed policy cash values.
Investments
Investments are valued on the following bases:
Bonds not backed by other loans-at amortized cost using the interest
method.
Loan-backed bonds and structured securities-at amortized cost using the
interest method including anticipated prepayments at the date of purchase;
significant changes in estimated cash flows from the original purchase
assumptions are accounted for using the specific identification method.
Preferred stocks-at cost.
Common stocks-at market.
Property acquired in satisfaction of debt-at depreciated cost, less
encumbrances.
Mortgage loans on real estate-at the aggregate unpaid balance.
Policy loans-at the aggregate unpaid balance.
Other invested assets-at the aggregate unpaid balance or at equity.
Prepayment assumptions for loan-backed bonds and structured securities were
obtained from the broker at the date of purchase. These assumptions are
generally consistent with the current interest rate and economic environment.
The prospective adjustment method is used to value these securities.
Realized gains or losses from the sale of investments are recognized on the
specific identification basis. Changes in the market value of common stocks are
reported as unrealized capital gains or losses and, accordingly, have no effect
on net income.
The Company uses the grouped method of amortization for interest related
gains and losses arising from the sale of fixed income investments.
<PAGE>
Fair Values of Financial Instruments
The following methods and assumptions were used by the Company in determining
the estimated fair values of investments:
Investment securities-for bonds, preferred stocks and common stocks, the
estimated fair values were determined using quoted market prices and
independent pricing services, where available. For investment securities
for which such quotes are not available, the estimated fair vales were
determined by discounting expected future cash flows using a current market
rate appropriate for the yield, credit quality and, for bonds, the
maturity.
Mortgage loans-Estimated fair values were determined by discounting
expected cash flows based on interest rates currently being offered for
similar loans to borrowers with similar credit ratings. Loans with similar
characteristics were aggregated in the calculations.
Real estate, policy loans, short-term investments and other invested
assets-The statutory carrying values of these assets approximated their
fair values as of December 31, 1995 and 1994.
<TABLE>
The carrying and estimated fair values of investments were as follows (amounts in thousands):
<CAPTION>
December 31, 1995 December 31, 1994
------------------------- ------------------------
Estimated Estimated
Carrying Fair Carrying Fair
Value Value Value Value
---------- ----------- ----------- ----------
<S> <C> <C> <C> <C>
Bonds $2,060,828 $2,110,649 $2,052,243 $1,881,555
Preferred stocks 13,879 13,596 10,432 10,044
Common stocks 256 256 426 426
Mortgage loans on real estate 111,541 117,362 113,990 112,152
Real estate 125 125 125 125
Policy loans 84,664 84,664 81,549 81,549
Short-term investments 30,806 30,806 24,187 24,187
Other invested assets 12,758 12,758 22,753 22,753
---------- ---------- ---------- ----------
Total investments $2,314,857 $2,370,216 $2,305,705 $2,132,791
========== ========== ========== ==========
</TABLE>
- --------
The statutory values of the liabilities for investment contracts of
$1,324,691,278 and $1,418,383,202 as of December 31, 1995 and 1994,
respectively, approximated their fair values because interest rates credited on
the vast majority of account balances approximate current rates paid on
investment contracts and are not generally guaranteed beyond one year.
Investments in Affiliates
On January 2, 1995, the Company sold 100% of the common stock of GARCO
Equity Sales, Inc., to an affiliate.
Separate Accounts
Separate accounts represent funds for which investment income and gains
and losses accrue directly to the policyholders. The assets of each account
are legally segregated and are not subject to claims which may arise out of
other business of the Company.
<PAGE>
<TABLE>
2. INVESTMENTS
The carrying and estimated fair values of bonds were as follows (amounts in thousands):
<CAPTION>
Gross Gross Estimated
Carrying Unrealized Unrealized Fair
Value Gains Losses Value
--------- --------- ---------- ---------
<S> <C> <C> <C> <C>
December 31, 1995
Governments (a) $ 136,962 $ 4,419 $ 319 $ 141,062
States, Territories and Possessions (b) 10,448 337 -0- 10,785
Political Subdivisions of States,
Territories and Possessions (b) 6,909 316 -0- 7,225
Special Revenue and Special
Assessment Obligations 556,152 8,631 2,570 562,213
Public Utilities (c) 350,410 12,887 2,357 360,940
Industrial and Miscellaneous (c) 999,948 40,865 12,389 1,028,424
------- ------ ------ ---------
Totals $2,060,828 $67,456 $ 17,635 $2,110,649
========== ======= ========= ==========
December 31, 1994
Governments (a) $ 95,030 $ 740 $ 7,098 $ 88,672
States, Territories and Possessions (b) 15,428 -0- 957 14,471
Political Subdivisions of States,
Territories and Possessions (b) 5,121 4 129 4,996
Special Revenue and Special
Assessment Obligations 610,661 2,989 54,070 559,580
Public Utilities (c) 416,092 3,025 38,821 380,296
Industrial and Miscellaneous (c) 909,911 2,992 79,363 833,540
------- ----- ------ -------
Totals $2,052,243 $ 9,750 $180,438 $1,881,555
========== ======== ======== ==========
<FN>
(a) Including all obligations guaranteed by governments
(b) Direct and guaranteed
(c) Unaffiliated
</TABLE>
The carrying and estimated fair values of bonds at December 31, 1995 by
contractual maturity are shown below. Actual maturities may differ from
contractual maturities because the borrowers may have the right to call or
prepay obligations with or without call or prepayment penalties and because most
mortgage-backed securities provide for periodic payments throughout their lives.
(Amounts in thousands)
Estimated
Carrying Fair
Value Value
-------- --------
Due in one year or less $ 3,050 $ 3,123
Due after one year through five years 109,972 113,769
Due after five years through ten years 409,723 420,531
Due after ten years 872,082 898,286
---------- ----------
Subtotal 1,394,827 1,435,709
Mortgage-backed securities 666,001 674,940
---------- ----------
Total bonds $2,060,828 $2,110,649
========== ==========
<PAGE>
The Company's investment in its unconsolidated subsidiary was equal to the
subsidiary's equity and amounted to $76,192 at December 31, 1994. The cost of
all other common stocks held by the Company at December 31, 1995 and 1994 was
$20,482 and $498,144, respectively.
At December 31, 1995, the mortgage loan balance was primarily comprised of
commercial loans. Approximately 30 percent, 22 percent and 14 percent of the
mortgage loan balance were on properties located in California, Indiana and
Texas, respectively. No other state comprised greater than 6 percent of the
mortgage loan balance.
The Company had assets with statement values of $16,274,109 and $16,577,123
at December 31, 1995 and 1994, respectively, on deposit with state regulatory
authorities to fulfill statutory requirements. <TABLE> Net investment income
consisted of the following (amounts in thousands): <CAPTION>
1995 1994
---- ----
<S> <C> <C>
Bonds $166,279 $159,569
Preferred stocks 1,651 439
Mortgage loans on real estate 11,520 11,982
Policy loans 5,417 5,228
Collateral loans -0- 160
Cash and short-term investments 2,651 3,765
Other invested assets 368 1,128
Miscellaneous 404 183
-------- --------
Gross investment income 188,290 182,454
Less investment expenses 6,618 4,633
-------- --------
Net investment income before amortization of IMR 181,672 177,821
Amortization of IMR 4,635 3,181
-------- --------
Net investment income $186,307 $181,002
======== ========
</TABLE>
<TABLE>
Net realized capital gains (losses) consisted of the following (amounts in thousands):
<CAPTION>
1995 1994
---- ----
<S> <C> <C>
Bonds $28,110 $ 4,935
Preferred stocks -0- (727)
Common stocks (21) 594
Mortgage loans on real estate 125 53
Real estate -0- (123)
Other invested assets 2,742 (2,970)
Federal income tax expense (12,375) (1,138)
---------- ---------
Net realized capital gains, net of tax 18,581 624
Transfer to IMR, net of tax (19,628) (4,113)
---------- ---------
Net realized capital losses, net of tax and transfer to IMR $ (1,047) $ (3,489)
========== =========
</TABLE>
In 1995, net realized capital gains on bonds consisted of $34,142,497 gross
realized gains and $6,032,521 gross realized losses. In 1994, net realized
capital gains on bonds consisted of $16,406,657 gross realized gains and
$11,472,023 gross realized losses.
At December 31, 1995, the Company had an outstanding liability for borrowed
money of $31,500,838 relating to reverse repurchase agreements with brokers to
sell and subsequently repurchase certain securities. These securities were sold
for cash with a specific date to repurchase securities of the same issuer with
an equivalent coupon rate, principal value, and maturity date. The securities
were repurchased in January 1996 with an average finance rate of 6.25%.
In addition, the Company had an outstanding liability for borrowed money of
$50,743,711 relating to dollar repurchase agreements with brokers to sell and
subsequently repurchase mortgage-backed securities. These securities were sold
for cash with a specific date to repurchase similar securities. Securities were
repurchased in January, 1996 with an average finance rate of 5.75%.
3. REINSURANCE
The Company reinsures certain of its risks with other companies which are
accounted for as transfers of risk. The Company retains a maximum of $500,000 of
coverage per individual life. The Company is contingently liable for any
reinsured claims for which the assuming company is unable to pay.
A block of single premium deferred annuities assumed by the Company in 1991
under a coinsurance agreement was recaptured effective September 30, 1995. The
Company transferred $71,122,854 in cash in exchange for the reserves released,
net of a recapture premium of $728,220. During 1995, the Company did not write
off any reinsurance balances due and did not report any income or expense as a
result of commutation of reinsurance. Amounts in the financial statements have
been reduced for reinsurance ceded on life and accident and health policies as
follows (amounts in thousands):
1995 1994
---- ----
Premiums $29,075 $35,397
Policy benefits 19,842 27,528
Policy and contract liabilities 31,715 36,738
4. FEDERAL INCOME TAXES
The Company's federal income tax return is consolidated with the following
entities: Jefferson National of Texas and Beneficial Standard Life Insurance
Company. The method of allocation between the companies is subject to a written
agreement approved by the Board of Directors. Allocation is based upon separate
return calculations with current credit for net losses and other tax attributes.
Intercompany tax balances are settled quarterly. The federal income tax
liability as of December 31, 1995 of $7,851,288 was payable to Jefferson
National of Texas. <PAGE>
A reconciliation of expected federal income tax expense to federal income tax
expense as shown in the statement of operations is as follows (amounts in
thousands):
1995 1994
---- ----
Computed "expected" federal income tax expense $20,116 $21,005
Tax adjustments:
Difference in statutory and tax basis of
reserves (1,041) (595)
Difference in statutory and tax basis of
deferred acquisition costs (330) 317
Taxes related to prior year 793 (554)
Difference in statutory and tax basis of
investment income (2,065) (2,050)
Other 519 698
-------- -------
Reported federal income tax expense $17,992 $18,821
======== =======
The Internal Revenue Service is currently examining the Company's 1993 and
1994 federal income tax returns. During 1995, the Company remitted $253,236 to
its parent for the Company's portion of the federal income tax assessment
arising from the 1991 and 1992 tax periods.
5. BENEFIT PLANS
The Company has no employee retirement plan or deferred compensation plan.
However, the Company's employees are eligible to participate in Conseco's 401(k)
savings plan. Company contributions, which match certain voluntary employee
contributions to the plan, totaled $537,707 and $139,861 for the year ended
December 31, 1995 and 1994, respectively. In addition, certain officers and
employees of the Company are included in Conseco's deferred compensation and
incentive stock option plans.
The Company provides certain health care and life insurance benefits
("postretirement benefits") for currently retired employees only. Health care
benefits for retirees under age 65 are generally the same as indemnity benefits
offered to active employees; health care benefits coordinate with Medicare
benefits for retirees 65 and older. These benefits are generally set at fixed
amounts.
Net postretirement benefit costs for the year ended December 31, 1995 and
1994 were $63,992 and $27,200, respectively, and included interest cost and
gains and losses arising from differences between actuarial assumptions and
actual experience. In 1994, an actuarial gain of $33,800 resulted from the
reduction of the initial health care cost trend rate from 17% to 12%, which was
recognized in net postretirement benefit expense. The Company made contributions
to the plan of $19,992 and $26,100 in 1995 and 1994, respectively, as claims
were incurred.
At December 31, 1995 and 1994, the unfunded postretirement benefit obligation
for retirees was $525,800 and $481,800, respectively, and was included in other
liabilities. The discount rate used in determining the accumulated
postretirement benefit obligation was 8.0% and the health care cost trend rate
was 12% graded to 5% over 12 years.
6. COMMITMENTS AND CONTINGENT LIABILITIES
The Company has given Crescent Realty Partners, a limited partnership created
to organize a number of limited partnerships to make equity investments in real
estate, a standby equity commitment of $5,000,000 until September 1997. The
Company had funded $4,848,837 of the commitment at December 31, 1995.
<PAGE>
The Company has given Hicks, Muse, Tate & Furst Equity Fund II, a limited
partnership created to make equity investments in a variety of corporations, a
standby equity commitment of $10,000,000 until January 1999. As of December 31,
1995, the Company had funded $7,218,686 of the commitment.
The Company has given Mountain Star Limited Liability Company, a limited
liability company created for land development, a construction loan commitment
of $11,000,000. Mountain Star had drawn and repaid $10,691,653 as of December
31, 1995.
The Company has committed no reserves to cover any contingent liabilities.
Various lawsuits against the Company may arise in the ordinary course of the
Company's business. Contingent liabilities arising from litigation, income taxes
and other matters are not considered material in relation to the financial
position of the Company.
7. RELATED PARTY TRANSACTIONS
During 1995 and 1994, the Company did not own any shares of an upstream
intermediate or ultimate parent, either directly or indirectly via a downstream
subsidiary, controlled or affiliated company.
The Company has not made any guarantees or undertakings for the benefit of an
affiliate which would result in a material contingent exposure of the Company's
or any affiliated insurer's assets to loss.
Under an investment advisory services agreement, an affiliate of the Company
manages the Company's investments, for which expenses totalled $3,947,284 and
$3,990,479 in 1995 and 1994, respectively. In addition, an affiliate of the
Company provides executive management services, for which expenses totalled
$450,000 in both 1995 and 1994. Also, another affiliate provides origination and
servicing for the Company's mortgage loans, for which expenses totalled $368,460
and $331,720 in 1995 and 1994, respectively. The Company also has a service
agreement in which another affiliate provides certain accounting, tax,
marketing, actuarial, legal, data processing and other functional support
services. Expenses under this agreement totalled $20,378,895 and $20,155,406 in
1995 and 1994, respectively.
8. CAPITAL AND SURPLUS
The maximum amount of dividends which can be paid by State of Texas life
insurance companies to shareholders without prior approval of the Insurance
Commissioner is the greater of statutory net gain from operations before
realized capital gains or losses for the preceding year or 10% of statutory
surplus as regards policyholders at the end of the preceding year. Statutory net
gain from operations before realized capital gains or losses for 1995 was
$39,483,045. Statutory surplus as regards policyholders as of December 31, 1995
was $156,155,029. The maximum dividend payout which may be made without prior
approval in 1995 is $39,483,045. However, due to the restrictions on dividends
within a twelve month period, the maximum dividend payout may not be made
without prior approval until June 26, 1996.
<PAGE>
<TABLE>
9. WITHDRAWAL CHARACTERISTICS OF ANNUITY RESERVES AND DEPOSIT LIABILITIES
The withdrawal characteristics of annuity reserves and deposit fund liabilities
were as follows:
<CAPTION>
December 31, 1995 December 31, 1994
----------------- -----------------
% of % of
Amount Total Amount Total
------------- ----- -------------- -----
<S> <C> <C> <C> <C>
Subject to discretionary withdrawal:
With market value adjustment $ -0- 0.0% $ -0- 0.0%
At book value less current surrender charge
of 5% or more 224,595,192 14.8% 348,180,613 22.2%
At market value 137,413,163 9.0% 91,788,309 5.9%
------------- ------ ------------- -----
Total with adjustment or at market value 362,008,355 23.8% 439,968,922 28.1%
At book value without adjustment
(surrender charge of less than 5%) 1,083,942,513 71.3% 1,054,201,281 67.4%
Not subject to discretionary withdrawal 74,637,004 4.9% 70,094,003 4.5%
-------------- ------ -------------- ------
Total (gross) 1,520,587,872 100.0% 1,564,264,206 100.0%
-------------- ====== -------------- ======
Reinsurance ceded -0- -0-
-------------- --------------
Total (net) $1,520,587,872 $1,504,264,206
============== ==============
</TABLE>
Great American Reserve Insurance Company
11815 N. Pennsylvania St.
Carmel, IN 46032
05-6923 (5/96) May 1, 1996
<PAGE>
PART C
<PAGE>
PART C
OTHER INFORMATION
ITEM 24. FINANCIAL STATEMENTS AND EXHIBITS
(a) The financial statements of Great American Reserve are contained in
Part B of this Registration Statement.
(b) Exhibits
(1) -- Resolution of the Board of Directors of Great American
Reserve authorizing the reorganization of Separate Account
dated July 27, 1992, incorporated by reference herein to
Form N-14 Registration Statement of Separate Account and
Conseco Series Trust (File No. 33-52288) filed on September
22, 1992.
(2) -- Not Applicable.
(3) -- Form of Principal Underwriting Agreement by and among Great
American Reserve, Variable Account and GARCO Equity Sales,
incorporated herein by reference to Form N-14 Registration
Statement of Variable Account and Conseco Series Trust (File
No. 33-52288) filed on September 22, 1992.
(4)(a) -- Form of Stipulated Single Premium Deferred Fixed/Variable
Annuity Contract, incorporated herein by reference to
Exhibit No. 6(a) to Pre-effective Amendment No. 1 to the
Registration Statement Form N-3 (File No. 33-2460) April 18,
1986.
(4)(b) -- Form of Individual Flexible Premium Deferred Fixed/Variable
Annuity Contract, incorporated herein by reference to
Exhibit No. 6(b) to Pre-effective Amendment No. 1 to the
Registration Statement on Form N-3 (File No. 33-2460) April
18, 1986.
(4)(c) -- Form of Group Variable Retirement Contract Certificate,
incorporated herein by reference to Exhibit No. 6(c) to Pre-
effective Amendment No. 1 to the Registration Statement on
Form N-3 (File No. 33-2460) April 18, 1986.
<PAGE>
(5)(a) -- Application for Contracts listed at Exhibits 6(a) and 6(b),
incorporated herein by reference to Exhibit No. 7(a) to Pre-
effective Amendment No. 1 to the Registration Statement on
Form N-3 (File No. 33-2460) April 18, 1986.
(6) -- Articles of Incorporation and By-Laws of Great American
Reserve incorporated herein by reference to Exhibit No. 8 to
Pre-effective Amendment No. 1 to the Registration Statement
on Form N-3 (File No. 33-2460) April 18, 1986.
(7) -- Not Applicable.
(8) -- Not Applicable.
(9) -- Opinion and Consent of Counsel filed herewith.
(10 -- Consent of Independent Accountants filed herewith.
(11) -- Not Applicable.
(12) -- None.
(13) -- Schedule for computation of performance quotations filed
herewith.
(14) -- Financial Data Schedule
(99) -- List of Funds Underlying Variable Annuity Account C
<PAGE>
Item 25. Directors and Officers of Great American Reserve
The following table sets forth certain information regarding the
executive officers of Great American Reserve who are engaged directly or
indirectly in activities relating to the Variable Account or the Contracts.
Their principal business address is 11815 N. Pennsylvania Street, Carmel, IN
46032.
Name and Principal Positions and Offices
Business Address with Great American Reserve
- ----------------- ----------------------------
Stephen C. Hilbert Chairman of the Board and
Chief Executive Officer
Lynn C. Tyson President and Chief Marketing
Officer
Donald F. Gongaware Executive Vice President and
Chief Operations Officer
Rollin M. Dick Executive Vice President and
Chief Financial Officer
Lawrence W. Inlow Executive Vice President,
Secretary and General Counsel
<PAGE>
ITEM 26. PERSONS CONTROLLED OR UNDER COMMON CONTROL WITH GREAT AMERICAN RESERVE
OR VARIABLE ACCOUNT
The following information concerns those companies that may be deemed to be
controlled by or under common control with Registrant:
CONSECO, INC. (Indiana) (publicly traded)
Bankers National Life Insurance Company (Texas) (100%)
Lincoln American Life Insurance Company (Tennessee) (100%)
National Fidelity Life Insurance Company (Missouri) (100%)
Conseco Investment Holding Company (Delaware) (100%)
Conseco Capital Management, Inc. (Delaware) (100%)
Bankers Life Holding Corporation (Delaware) (publicly traded) *
Bankers Life Insurance Company of Illinois (Illinois) (100%)
Bankers Life & Casualty Company (Illinois) (100%)
Certified Life Insurance Company (California) (100%)
Marketing Distribution Systems, Consulting Group, Inc. (Delaware) (95%)
MDS of New Jersey, Inc. (New Jersey) (100%)
MDS Securities Incorporated (Delaware) (100%)
Bankmark School of Business, Inc. (Delaware) (100%)
Jefferson National Life Insurance Company of Texas (100%)
Beneficial Standard Life Insurance Company (California) (100%)
Great American Reserve Insurance Company (Texas) (100%)
American Life Group, Inc. (Delaware) (80%)***
American Life Holding Company (Delaware) (100%)
American Life and Casualty Insurance Company (Iowa) (100%)
Vulcan Life Insurance Company (Alabama) (98%)
Conseco Series Trust (Massachusetts) (Trust)****
* Conseco owns approximately 88% of the outstanding stock of Bankers Life
Holding Corporation.
<PAGE>
*** In 1994 Conseco formed Conseco Capital Partners II, L.P. to invest in
acquisitions of life insurance companies and related businesses. A
wholly-owned subsidiary of Conseco is the sole general partner of
Conseco Capital Partners II, L.P. American Life Group, Inc. (formerly
The Stateman Group, Inc.) was acquired in September 1994 and Conseco
holds a 25% ownership interest through its direct investment and through
its equity interests in other controlled companies.
**** The shares of the Trust currently are sold to Bankers National Variable
Account B, Great American Reserve Variable Annuity Account C, and Great
American Reserve Variable Annuity Account E, each being segregated asset
accounts established pursuant to Texas law by Bankers National Life
Insurance Company and Great American Reserve Insurance Company.
ITEM 27. NUMBER OF CONTRACT OWNERS
As of March 31, 1996, Registrant has 25,594 Contract Owners of qualified
and non-qualified contracts.
ITEM 28. INDEMNIFICATION
The Board of Directors of Great American Reserve is indemnified by Great
American Reserve against claims and liabilities to which such person may become
subject by reason of having been a member of such Board or by reason of any
action alleged to have been taken or omitted by him as such member, and the
member shall be indemnified for all legal and other expenses reasonably incurred
by him in connection with any such claim or liability; however, no
indemnification shall be made in connection with any claim or liability unless
such person (i) conducted himself in good faith, (ii) in the case of conduct in
his official capacity as a member of the Board of Directors, reasonably believed
that his conduct was in the best interests of Variable Account, and, in all
other cases reasonably believed that his conduct was at least not opposed to the
best interests of Variable Account, and (iii) in the case of any criminal
proceeding, had no reasonable cause to believe that his conduct was unlawful.
Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to members of Great American Reserve's Board of
Directors, officers and controlling persons of the Registrant pursuant to the
provisions described under "Indemnification" or otherwise, the Registrant has
been advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Act and is,
therefore, unenforceable. In the event that a claim for indemnification against
such liabilities (other than payment by the Registrant of expenses incurred or
paid by a member of the Board of Directors, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding) is
asserted by such member of the Board of Directors, officer or controlling person
in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
The Variable Account has no officers or employees. Employees of an
affiliated company who perform administrative services for the Variable Account
are covered by an officers and directors liability policy.
<PAGE>
ITEM 29. PRINCIPAL UNDERWRITER
GARCO Equity Sales acts as principal underwriter for Variable Account, also
acts as principal underwriter for Great American Reserve Variable Annuity
Account E. The following table sets forth certain information regarding such
underwriter's officers and directors. Their address is 11815 N. Pennsylvania
Street, Carmel, IN 46032.
Name and Principal Positions and Offices
Business Address with GARCO Equity Sales, Inc.
- ---------------- ------------------------------
Lynn C. Tyson President, and Director
James S. Adams Senior Vice President and
Treasurer
William P. Latimer Vice President, Senior Counsel and
Secretary, Chief Compliance Officer
<TABLE>
Net Underwriting Compensation on
Name of Discounts and Redemption or Brokerage
Principal Underwriter Commissions Annuitization Commissions Compensation*
- --------------------- ---------------- --------------- ----------- ------------
<S> <C> <C> <C> <C>
GARCO Equity None None None None
Sales, Inc.
<FN>
*Fees paid by Great American Reserve for serving as underwriter
</TABLE>
ITEM 30. LOCATION OF ACCOUNTS AND RECORDS
The accounts, books, or other documents required to be maintained by the
Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and
the rules promulgated thereunder are in the possession of the Adviser or the
Custodian as follows:
(a) the records required to be maintained by paragraphs 4, 5, 6 and 11 of
Rule 31a-1(b) will be maintained by the Adviser.
(b) the records required to be maintained by paragraphs 1, 2, 3, 7 and 8
of Rule 31a-1(b) will be maintained by the Custodian.
<PAGE>
ITEM 31. MANAGEMENT SERVICES
Not Applicable.
ITEM 32. UNDERTAKINGS
1.The Registrant hereby undertakes to file a post-effective amendment to
this registration statement as frequently as is necessary to ensure that the
audited financial statements in the registration statement are never more than
16 months old for so long as payments under the variable annuity contracts may
be accepted.
2.The Registrant hereby undertakes to include either (1) as part of any
application to purchase a contract offered by the prospectus, a space that an
applicant can check to request a Statement of Additional Information, or (2) a
postcard or similar written communication affixed to or included in the
prospectus that the applicant can remove to send for a Statement of Additional
Information.
3.The Registrant hereby undertakes to deliver any Statement of Additional
Information and any financial statements required to be made available under
this Form promptly upon written or oral request.
4.The Securities and Exchange Commission (the "SEC") issued the American
Counsel of Life Insurance an industry wide no-action letter dated November 28,
1988, stating that the SEC would not recommend any enforcement action if
registered separate accounts funding tax-sheltered annuity contracts restrict
distributions to plan participants in accordance with the requirements of
Section 403(b)(11), provided certain conditions and requirements were met. Among
these conditions and requirements, any registered separate account relying on
the no-action position of the SEC must:
(1) Include appropriate disclosure regarding the redemption restrictions
imposed by Section 403(b)(11) in each registration statement, including the
prospectus, used in connection with the offer of the contract;
(2) Include appropriate disclosure regarding the redemption restrictions
imposed by Section 403 (b)(11) in any sales literature used in connection
with the offer in the contract;
(3) Instruct sales representatives who solicit participants to purchase
the contract specifically to bring the redemption restrictions imposed by
Section 403(b)(11) to the attention of the potential participants; and
(4) Obtain from each plan participant who purchases a Section 403(b)
annuity contract, prior to or at the time of such purchase, a signed
statement acknowledging the participant's understanding of (i) the
<PAGE>
restrictions on redemption imposed by Section 403(b)(11), and (ii) the
investment alternatives available under the employer's Section 403(b)
arrangement, to which the participant may elect to transfer his contract
value.
The Registrant is relying on the no-action letter. Accordingly, the
provisions of paragraphs (1) - (4) above have been complied with.
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act
of 1940, the Registrant certifies that it meets the requirements of Securities
Act Rule 485(b) for effectiveness of this Registration Statement and has caused
this Registration Statement to be signed on its behalf, in the city of Carmel,
State of Indiana, on the 26th day of April, 1996.
GREAT AMERICAN RESERVE VARIABLE ANNUITY
ACCOUNT C
(Registrant)
By: Great American Reserve Insurance Company
(Depositor)
By: /S/ STEPHEN C. HILBERT
-----------------------------------------
Stephen C. Hilbert
Chairman of the Board
<PAGE>
SIGNATURES
As required by the Securities Act of 1933 and the Investment Company Act
of 1940, the Depositor certifies that it meets the requirements for
effectiveness of this Registration Statement pursuant to Rule 485 (b) under the
Securities Act of 1933 and has duly caused this Registration Statement to be
signed on its behalf, in the City of Carmel, State of Indiana, on the 26th day
of April, 1996.
Great American Reserve Insurance Company
(Depositor)
By: /S/ STEPHEN C. HILBERT
------------------------------------
Stephen C. Hilbert
Chairman of the Board
As required by the Securities Act of 1933, this Registration Statement has
been signed below by the following persons in the capacities and on the dates
indicated.
Signature Title Date
- --------- ----- ----
/S/ STEPHEN C. HILBERT* Director, Chairman of the Board April 26, 1996
- -------------------------- (Principal Executive Officer)
Stephen C. Hilbert
/S/ LYNN C. TYSON* Director April 26, 1996
- --------------------------
Lynn C. Tyson
/S/ DONALD F. GONGAWARE* Director April 26, 1996
- --------------------------
Donald F. Gongaware
/S/ ROLLIN M. DICK* Director, Executive Vice President April 26, 1996
- -------------------------- (Principal Financial and Accounting
Rollin M. Dick Officer)
/S/ LAWRENCE W. INLOW* Director April 26, 1996
- --------------------------
Lawrence W. Inlow
/S/ NGAIRE E. CUNEO* Director April 26, 1996
- --------------------------
Ngaire E. Cuneo
*/S/ WILLIAM P. LATIMER
- --------------------------
William P. Latimer
Attorney-in-fact
<PAGE>
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature
appears below constitutes and appoints Karl W. Kindig and William P. Latimer,
jointly and severally, as his or her true and lawful attorney-in-fact and agent,
each with full power of substitution and resubstitution for him or her and in
his or her name, place and stead, in any and all capacities, to sign any and all
amendments (including post-effective amendments) to the Registration Statement
on Form N-4 of Great American Reserve Variable Annuity Account C, and to file
the same, with all exhibits thereto and other documents in connection therewith,
with the Securities and Exchange Commission, hereby ratifying and confirming all
that each said attorney-in-fact or agent or substitute lawfully does or causes
to be done by virtue hereof.
Signature Title Date
- --------- ----- ----
/S/ STEPHEN C. HILBERT Director, Chairman of the Board April 26, 1996
- ------------------------ (Principal Executive Officer)
Stephen C. Hilbert
/S/ LYNN C. TYSON Director April 26, 1996
- ------------------------
Lynn C. Tyson
/S/ DONALD F. GONGAWARE Director April 26, 1996
- ------------------------
Donald F. Gongaware
/S/ ROLLIN M. DICK Director, Executive Vice President April 26, 1996
- ------------------------ (Principal Financial and Accounting
Rollin M. Dick Officer)
/S/ LAWRENCE W. INLOW Director April 26, 1996
- ------------------------
Lawrence W. Inlow
/S/ NGAIRE E. CUNEO Director April 26, 1996
- ------------------------
Ngaire E. Cuneo
<PAGE>
Exhibit Sequentially
Number Exhibit Numbered Page
- ------- ------- -------------
(9) Opinion and Consent of Counsel. C-14
(10) Consent of Independent Accountants. C-15
(13) Performance Quotations. C-16
(14) Financial Data Schedule. C-17
Exhibit (9)
-----------
Consent and Opinion of Counsel
<PAGE>
April 26, 1996
Board of Directors
Great American Reserve Insurance Company
Re: Great American Reserve Variable Annuity Account C
Registration Statement on Form N-4
Gentlemen and Madam:
I am Senior Vice President, Legal of Great American Reserve Insurance
Company (the "Company"), and in such capacity I have acted as counsel to Great
American Reserve Variable Annuity Account C (the "Registrant" or "Account") in
connection with the Registrant's Form N-4 Registration Statement filing pursuant
to the Securities Act of 1933 (the "Act") and the Investment Company Act of 1940
("1940 Act"). This opinion is being furnished pursuant to the Act in connection
with the Registrant's Form N-4 Registration Statement relating to the securities
issued in connection with the Account offering variable annuity contracts (the
"Registration Statement"). No fee is payable because the Registrant files a
declaration of indefinite registration pursuant to Rule 24f-2 under the 1940
Act.
I have examined copies of the Registration Statement and such other
documents as I have deemed necessary or appropriate for the giving of this
opinion. In my examination, I have assumed the legal capacity of all natural
persons, the genuineness of all signatures, the authenticity of all documents
submitted to me as originals, the conformity to original documents of all
documents submitted to me as certified or photostatic copies and the
authenticity of the originals of such latter documents. As to any facts material
to the opinions expressed herein which were not independently established or
verified, I have relied upon oral or written statements and representations of
officers and other representatives of the Company.
Based on the foregoing, I am of the opinion that:
1. The Account has been duly organized and is an existing separate
account pursuant to the applicable laws of the State of Texas;
2. The Account is a unit investment trust registered under the 1940 Act;
<PAGE>
3. The securities issued in connection with the Account offering variable
annuity contracts, when issued as described in the Registration
Statement will be duly authorized and upon issuance will be validly
issued, fully paid and non-assessable.
4. The portion of assets to be held in the Account equal to the reserves
and other liabilities under the individual variable annuity contracts
hereafter to be funded by the Account are not chargeable with
liabilities arising out of any other business that the Company may
conduct.
I hereby consent to the filing of this opinion as an exhibit to the
Registration Statement.
Very truly yours,
/S/ KARL W. KINDIG
Karl W. Kindig
Exhibit (10)
------------
Consent of Independent Accountants
<PAGE>
CONSENT OF INDEPENDENT ACCOUNTANTS
Board of Directors
Great American Reserve Insurance Company
We consent to the inclusion in this registration statement on Form N-4 (File No.
33-61122) of our reports date February 16, 1996 and March 20, 1996, on our
audits of the financial statements of Great American Reserve Variable Annuity
Account C and Great American Reserve Insurance Company,respectively. We also
consent to the reference to our firm under the heading "Independent
Accountants."
/S/ COOPERS & LYBRAND L.L.P.
Coopers & Lybrand L.L.P.
Indianapolis, Indiana
April 26, 1996
Exhibit (13)
------------
<PAGE>
<TABLE>
GREAT AMERICAN RESERVE ASSET ALLOCATION
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.370019
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.49) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1.052332 950.270 1994 1.000886 (0.490) 949.780 1.370019
1993 1.068438 935.946 1993 1.023806 (0.479) 934.977 1.370019
1992 0.000000 0.000 1992 ERR 0.000 (0.969) 1.370019
1991 ERR 0.000
1990 ERR 0.000 1990 ERR 0.000 (0.969) 1.370019
1989 ERR 0.000
1988 ERR 0.000
1987 ERR 0.000
1986 ERR 0.000
1985 ERR 0.000 1985 ERR 0.000 (0.969) 1.370019
</TABLE>
<TABLE>
UNI-FLEX (SINGLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T)=ERV
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1,301.22 7% (91.09) 1,210.13 (0.49) 1,209.64 20.96%
1993 1,280.94 6% (76.86) 1,204.08 (0.49) 1,203.59 11.66%
1992 (1.33) 90%*5% 0.06 (1.27) (0.49) (1.76) 0.00%
3 YRS
1990 (1.33) 90%*3% 0.04 (1.29) (0.49) (1.78) 0.00%
5 YRS
1985 (1.33) NONE 0.00 (1.33) (0.49) (1.82) 0.00%
10 YRS
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.370019
End of Unit Purchased Admin Admin Fee For Annua l Accum 12/29/95
Qtr Value For $1,000 Fee (1.19) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1.052332 950.270 1994 1.000886 (1.189) 949.081 1.370019
1993 1.068438 935.946 1993 1.023806 (1.162) 933.595 1.370019
1992 0.000000 0.000 1992 ERR 0.000 (2.351) 1.370019
1991 ERR 0.000
1990 0.000000 0.000 1990 ERR 0.000 (2.351) 1.370019
1989 ERR 0.000
1988 ERR 0.000
1987 ERR 0.000
1986 ERR 0.000
1985 0.000000 0.000 1985 ERR 0.000 (2.351) 1.370019
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T)=ERV
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1,300.26 90%*8% (93.62) 1,206.64 (1.19) 1,205.45 20.55%
1993 1,279.04 90%*7% (80.58) 1,198.46 (1.19) 1,197.27 11.31%
1992 (3.22) 90%*6% 0.17 (3.05) (1.19) (4.24) 0.00%
3 YRS
1990 (3.22) 90%*4% 0.12 (3.10) (1.19) (4.29) 0.00%
5 YRS
1985 (3.22) NONE 0.00 (3.22) (1.19) (4.41) 0.00%
</TABLE>
<TABLE>
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.370019
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.75) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1.052332 950.270 1994 1.000886 (0.749) 949.521 1.370019
1993 1.068438 935.946 1993 1.023806 (0.733) 934.464 1.370019
1992 0.000000 0.000 1992 ERR 0.000 (1.482) 1.370019
1991 ERR 0.000
1990 ERR 0.000 1990 ERR 0.000 (1.482) 1.370019
1989 ERR 0.000
1988 ERR 0.000
1987 ERR 0.000
1986 ERR 0.000
1985 ERR 0.000 1985 ERR 0.000 (1.482) 1.370019
</TABLE>
<TABLE>
GROUP DEFERRED (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T)=ERV
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1,300.86 90%*5% (58.54) 1,242.32 (0.75) 1,241.57 24.16%
1993 1,280.23 90%*5% (57.61) 1,222.62 (0.75) 1,221.87 12.67%
1992 (2.03) 90%*5% 0.09 (1.94) (0.75) (2.69) 0.00%
3 YRS
1990 (2.03) 90%*3% 0.05 (1.98) (0.75) (2.73) 0.00%
5 YRS
1985 (2.03) 90%*2% 0.04 (1.99) (0.75) (2.74) 0.00%
10 YRS
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE ASSET ALLOCATION
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.370019
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.49) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1.052332 950.270 1994 1.000886 0.000 950.270 1.370019
1993 1.068438 935.946 1993 1.023806 0.000 935.946 1.370019
1992 0.000000 0.000 1992 ERR 0.000 0.000 1.370019
1991 ERR 0.000
1990 ERR 0.000 1990 ERR 0.000 0.000 1.370019
1989 ERR 0.000
1988 ERR 0.000
1987 ERR 0.000
1986 ERR 0.000
1985 ERR 0.000 1985 ERR 0.000 0.000 1.370019
</TABLE>
<TABLE>
UNI-FLEX (SINGLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C>
1994 1,301.89 1,301.89 1,301.89 30.19%
1993 1,282.26 1,282.26 1,282.26 15.95%
1992 0.00 0.00 0.00 0.00%
3 YRS
1990 0.00 0.00 0.00 0.00%
5 YRS
1985 0.00 0.00 0.00 0.00%
10 YRS
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.370019
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (1.19) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1.052332 950.270 1994 1.000886 0.000 950.270 1.370019
1993 1.068438 935.946 1993 1.023806 0.000 935.946 1.370019
1992 0.000000 0.000 1992 ERR 0.000 0.000 1.370019
1991 ERR 0.000
1990 0.000000 0.000 1990 ERR 0.000 0.000 1.370019
1989 ERR 0.000
1988 ERR 0.000
1987 ERR 0.000
1986 ERR 0.000
1985 0.000000 0.000 1985 ERR 0.000 0.000 1.370019
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C>
1994 1,301.89 1,301.89 1,301.89 30.19%
1993 1,282.26 1,282.26 1,282.26 15.95%
1992 0.00 0.00 0.00 0.00%
3 YRS
1990 0.00 0.00 0.00 0.00%
5 YRS
1985 0.00 0.00 0.00 0.00%
10 YRS
</TABLE>
<TABLE>
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.370019
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.75) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1.052332 950.270 1994 1.000886 0.000 950.270 1.370019
1993 1.068438 935.946 1993 1.023806 0.000 935.946 1.370019
1992 0.000000 0.000 1992 ERR 0.000 0.000 1.370019
1991 ERR 0.000
1990 ERR 0.000 1990 ERR 0.000 0.000 1.370019
1989 ERR 0.000
1988 ERR 0.000
1987 ERR 0.000
1986 ERR 0.000
1985 ERR 0.000 1985 ERR 0.000 0.000 1.370019
</TABLE>
<TABLE>
GROUP DEFERRED (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C>
1994 1,301.89 1,301.89 1,301.89 30.19%
1993 1,282.26 1,282.26 1,282.26 15.95%
1992 0.00 0.00 0.00 0.00%
3 YRS
1990 0.00 0.00 0.00 0.00%
5 YRS
1985 0.00 0.00 0.00 0.00%
10 YRS
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 4.789548
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.49) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 4.080470 245.070 1994 4.045607 (0.121) 244.949 4.789548
1993 4.090337 (0.120)
1992 3.767690 265.415 1992 3.624017 (0.135) 265.039 4.789548
1991 3.090219 (0.159)
1990 2.898700 344.982 1990 2.786065 (0.176) 344.271 4.789548
1989 2.649161 (0.185)
1988 2.313835 (0.212)
1987 2.207185 (0.222)
1986 2.102232 (0.233)
1985 1.981995 504.542 1985 1.829948 (0.268) 502.711 4.789548
</TABLE>
<TABLE>
UNI-FLEX (SINGLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1,173.19 7% (82.12) 1,091.07 (0.49) 1,090.58 9.06%
1 YR
1992 1,269.42 90% * 5% (57.12) 1,212.30 (0.49) 1,211.81 6.61%
3 YRS
1990 1,648.90 90% * 3% (44.52) 1,604.38 (0.49) 1,603.89 9.91%
5 YRS
1985 2,407.76 NONE 0.00 2,407.76 (0.49) 2,407.27 9.18%
10 YRS
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 4.789548
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (1.19) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 4.080470 245.070 1994 4.045607 (0.294) 244.776 4.789548
1993 4.090337 (0.291)
1992 3.767690 265.415 1992 3.624017 (0.328) 264.502 4.789548
1991 3.090219 (0.385)
1990 2.898700 344.982 1990 2.786065 (0.427) 343.257 4.789548
1989 2.649161 (0.449)
1988 2.313835 (0.514)
1987 2.207185 (0.539)
1986 2.102232 (0.566)
1985 1.981995 504.542 1985 1.829948 (0.650) 500.099 4.789548
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1,172.37 90% * 8% (84.41) 1,087.96 (1.19) 1,086.77 8.68%
1 YR
1992 1,266.85 90% * 6% (68.41) 1,198.44 (1.19) 1,197.25 6.18%
3 YRS
1990 1,644.05 90% * 4% (59.19) 1,584.86 (1.19) 1,583.67 9.63%
5 YRS
1985 2,395.25 NONE 0.00 2,395.25 (1.19) 2,394.06 9.12%
10 YRS
</TABLE>
<TABLE>
GROUP DEFERRED PROSPECTUS
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 4.789548
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.75) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 4.080470 245.070 1994 4.045607 (0.185) 244.885 4.789548
1993 4.090337 (0.183)
1992 3.767690 265.415 1992 3.624017 (0.207) 264.840 4.789548
1991 3.090219 (0.243)
1990 2.898700 344.982 1990 2.786065 (0.269) 343.895 4.789548
1989 2.649161 (0.283)
1988 2.313835 (0.324)
1987 2.207185 (0.340)
1986 2.102232 (0.357)
1985 1.981995 504.542 1985 1.829948 (0.410) 501.741 4.789548
</TABLE>
<TABLE>
GROUP DEFERRED PROSPECTUS (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1,172.89 90% * 5% (52.78) 1,120.11 (0.75) 1,119.36 11.94%
1 YR
1992 1,268.46 90% * 5% (57.08) 1,211.38 (0.75) 1,210.63 6.58%
3 YRS
1990 1,647.10 90% * 3% (44.47) 1,602.63 (0.75) 1,601.88 9.88%
5 YRS
1985 2,403.11 90% * 2% (43.26) 2,359.85 (0.75) 2,359.10 8.96%
10 YRS
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 4.789548
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.49) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 4.080470 245.070 1994 4.045607 0.000 245.070 4.789548
1993 4.090337 0.000
1992 3.767690 265.415 1992 3.624017 0.000 265.415 4.789548
1991 3.090219 0.000
1990 2.898700 344.982 1990 2.786065 0.000 344.982 4.789548
1989 2.649161 0.000
1988 2.313835 0.000
1987 2.207185 0.000
1986 2.102232 0.000
1985 1.981995 504.542 1985 1.829948 0.000 504.542 4.789548
</TABLE>
<TABLE>
UNI-FLEX (SINGLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C>
1994 1,173.77 1,173.77 1,173.77 17.38%
1 YR
1992 1,271.22 1,271.22 1,271.22 8.33%
3 YRS
1990 1,652.31 1,652.31 1,652.31 10.57%
5 YRS
1985 2,416.53 2,416.53 2,416.53 9.22%
10 YRS
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 4.789548
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (1.19) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 4.080470 245.070 1994 4.045607 0.000 245.070 4.789548
1993 4.090337 0.000
1992 3.767690 265.415 1992 3.624017 0.000 265.415 4.789548
1991 3.090219 0.000
1990 2.898700 344.982 1990 2.786065 0.000 344.982 4.789548
1989 2.649161 0.000
1988 2.313835 0.000
1987 2.207185 0.000
1986 2.102232 0.000
1985 1.981995 504.542 1985 1.829948 0.000 504.542 4.789548
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C>
1994 1,173.77 1,173.77 1,173.77 17.38%
1 YR
1992 1,271.22 1,271.22 1,271.22 8.33%
3 YRS
1990 1,652.31 1,652.31 1,652.31 10.57%
5 YRS
1985 2,416.53 2,416.53 2,416.53 9.22%
10 YRS
</TABLE>
<TABLE>
GROUP DEFERRED PROSPECTUS
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 4.789548
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.75) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 4.080470 245.070 1994 4.045607 0.000 245.070 4.789548
1993 4.090337 0.000
1992 3.767690 265.415 1992 3.624017 0.000 265.415 4.789548
1991 3.090219 0.000
1990 2.898700 344.982 1990 2.786065 0.000 344.982 4.789548
1989 2.649161 0.000
1988 2.313835 0.000
1987 2.207185 0.000
1986 2.102232 0.000
1985 1.981995 504.542 1985 1.829948 0.000 504.542 4.789548
</TABLE>
<TABLE>
GROUP DEFERRED PROSPECTUS (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C>
1994 1,173.77 1,173.77 1,173.77 17.38%
1 YR
1992 1,271.22 1,271.22 1,271.22 8.33%
3 YRS
1990 1,652.31 1,652.31 1,652.31 10.57%
5 YRS
1985 2,416.53 2,416.53 2,416.53 9.22%
10 YRS
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE COMMON STOCK PORTFOLIO
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 12.447985
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.49) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 9.190954 108.803 1994 8.340713 (0.059) 108.744 12.447985
1993 8.808635 (0.056)
1992 8.491681 117.762 1992 7.489042 (0.065) 117.582 12.447985
1991 6.653195 (0.074)
1990 5.826874 171.619 1990 6.373056 (0.077) 171.288 12.447985
1989 5.544310 (0.088)
1988 5.028553 (0.097)
1987 5.538138 (0.088)
1986 4.711474 (0.104)
1985 4.045172 247.208 1985 3.647556 (0.134) 246.366 12.447985
</TABLE>
<TABLE>
UNI-FLEX (SINGLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1,353.64 7% (94.75) 1,258.89 (0.49) 1,258.40 25.84%
1 YR
1992 1,463.66 90% * 5% (65.86) 1,397.80 (0.49) 1,397.31 11.80%
3 YRS
1990 2,132.19 90% * 3% (57.57) 2,074.62 (0.49) 2,074.13 15.71%
5 YRS
1985 3,066.76 NONE 0.00 3,066.76 (0.49) 3,066.27 11.86%
10 YRS
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 12.447985
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (1.19) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 9.190954 108.803 1994 8.340713 (0.143) 108.660 12.447985
1993 8.808635 (0.135)
1992 8.491681 117.762 1992 7.489042 (0.159) 117.325 12.447985
1991 6.653195 (0.179)
1990 5.826874 171.619 1990 6.373056 (0.187) 170.816 12.447985
1989 5.544310 (0.215)
1988 5.028553 (0.237)
1987 5.538138 (0.215)
1986 4.711474 (0.253)
1985 4.045172 247.208 1985 3.647556 (0.326) 245.159 12.447985
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1,352.60 90% * 8% (97.39) 1,255.21 (1.19) 1,254.02 25.40%
1 YR
1992 1,460.46 90% * 6% (78.86) 1,381.60 (1.19) 1,380.41 11.34%
3 YRS
1990 2,126.32 90% * 4% (76.55) 2,049.77 (1.19) 2,048.58 15.42%
5 YRS
1985 3,051.74 NONE 0.00 3,051.74 (1.19) 3,050.55 11.80%
10 YRS
</TABLE>
<TABLE>
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 12.447985
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.75) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 9.190954 108.803 1994 8.340713 (0.090) 108.713 12.447985
1993 8.808635 (0.085)
1992 8.491681 117.762 1992 7.489042 (0.100) 117.487 12.447985
1991 6.653195 (0.113)
1990 5.826874 171.619 1990 6.373056 (0.118) 171.113 12.447985
1989 5.544310 (0.135)
1988 5.028553 (0.149)
1987 5.538138 (0.135)
1986 4.711474 (0.159)
1985 4.045172 247.208 1985 3.647556 (0.206) 245.918 12.447985
</TABLE>
<TABLE>
GROUP DEFERRED (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1,353.26 90% * 5% (60.90) 1,292.36 (0.75) 1,291.61 29.16%
1 YR
1992 1,462.48 90% * 5% (65.81) 1,396.67 (0.75) 1,395.92 11.76%
3 YRS
1990 2,130.01 90% * 3% (57.51) 2,072.50 (0.75) 2,071.75 15.68%
5 YRS
1985 3,061.18 90% * 2% (55.10) 3,006.08 (0.75) 3,005.33 11.63%
10 YRS
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE COMMON STOCK PORTFOLIO
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 12.447985
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.49) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 9.190954 108.803 1994 8.340713 0.000 108.803 12.447985
1993 8.808635 0.000
1992 8.491681 117.762 1992 7.489042 0.000 117.762 12.447985
1991 6.653195 0.000
1990 5.826874 171.619 1990 6.373056 0.000 171.619 12.447985
1989 5.544310 0.000
1988 5.028553 0.000
1987 5.538138 0.000
1986 4.711474 0.000
1985 4.045172 247.208 1985 3.647556 0.000 247.208 12.447985
</TABLE>
<TABLE>
UNI-FLEX (SINGLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C>
1994 1,354.38 1,354.38 1,354.38 35.44%
1 YR
1992 1,465.90 1,465.90 1,465.90 13.60%
3 YRS
1990 2,136.31 2,136.31 2,136.31 16.39%
5 YRS
1985 3,077.24 3,077.24 3,077.24 11.90%
10 YRS
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 12.447985
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (1.19) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 9.190954 108.803 1994 8.340713 0.000 108.803 12.447985
1993 8.808635 0.000
1992 8.491681 117.762 1992 7.489042 0.000 117.762 12.447985
1991 6.653195 0.000
1990 5.826874 171.619 1990 6.373056 0.000 171.619 12.447985
1989 5.544310 0.000
1988 5.028553 0.000
1987 5.538138 0.000
1986 4.711474 0.000
1985 4.045172 247.208 1985 3.647556 0.000 247.208 12.447985
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C>
1994 1,354.38 1,354.38 1,354.38 35.44%
1 YR
1992 1,465.90 1,465.90 1,465.90 13.60%
3 YRS
1990 2,136.31 2,136.31 2,136.31 16.39%
5 YRS
1985 3,077.24 3,077.24 3,077.24 11.90%
10 YRS
</TABLE>
<TABLE>
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 12.447985
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.75) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 9.190954 108.803 1994 8.340713 0.000 108.803 12.447985
1993 8.808635 0.000
1992 8.491681 117.762 1992 7.489042 0.000 117.762 12.447985
1991 6.653195 0.000
1990 5.826874 171.619 1990 6.373056 0.000 171.619 12.447985
1989 5.544310 0.000
1988 5.028553 0.000
1987 5.538138 0.000
1986 4.711474 0.000
1985 4.045172 247.208 1985 3.647556 0.000 247.208 12.447985
</TABLE>
<TABLE>
GROUP DEFERRED (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C>
1994 1,354.38 1,354.38 1,354.38 35.44%
1 YR
1992 1,465.90 1,465.90 1,465.90 13.60%
3 YRS
1990 2,136.31 2,136.31 2,136.31 16.39%
5 YRS
1985 3,077.24 3,077.24 3,077.24 11.90%
10 YRS
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE GOVERNMENT SECURITIES
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.49) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 0.995234 1,004.789 1994 0.991081 (0.494) 1,004.295 1.156290
1993 1.034206 966.925 1993 1.023440 (0.479) 965.952 1.156290
1992 0.000000 0.000 1992 0.000000 0.000 (0.973) 1.156290
1991 0.000000 0.000
1990 0.000000 0.000 1990 0.000000 0.000 (0.973) 0.000000
1989 0.000000 0.000
1988 0.000000 0.000
1987 0.000000 0.000
1986 0.000000 0.000
1985 0.000000 0.000 1985 0.000000 0.000 (0.973) 0.000000
</TABLE>
<TABLE>
UNI-FLEX (SINGLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1,161.26 7% (81.29) 1,079.97 (0.49) 1,079.48 7.95%
1993 1,116.92 6% (67.02) 1,049.90 (0.49) 1,049.41 2.91%
1992 (1.13) 90% * 5% 0.05 (1.08) (0.49) (1.57) ERR
3 YRS
1990 0.00 90% * 3% 0.00 0.00 (0.49) (0.49) 0.00%
5 YRS
1985 0.00 NONE 0.00 0.00 (0.49) (0.49) 0.00%
10 YRS
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.156290
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (1.19) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 0.995234 1,004.789 1994 0.991081 (1.201) 1,003.588 1.156290
1993 1.034206 966.925 1993 1.023440 (1.163) 965.762 1.156290
1992 0.000000 0.000 1992 0.000000 0.000 (2.364) 1.156290
1991 0.000000 0.000
1990 0.000000 0.000 1990 0.000000 0.000 (2.364) 1.156290
1989 0.000000 0.000
1988 0.000000 0.000
1987 0.000000 0.000
1986 0.000000 0.000
1985 0.000000 0.000 1985 0.000000 0.000 (2.364) 1.156290
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1,160.44 90% * 8% (83.55) 1,076.89 (1.19) 1,075.70 7.57%
1993 1,116.70 90% * 7% (70.35) 1,046.35 (1.19) 1,045.16 2.66%
1992 (2.73) 90% * 6% 0.15 (2.58) (1.19) (3.77) ERR
3 YRS
1990 (2.73) 90% * 4% 0.10 (2.63) (1.19) (3.82) 0.00%
5 YRS
1985 (2.73) NONE 0.00 (2.73) (1.19) (3.92) 0.00%
10 YRS
</TABLE>
<TABLE>
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.156290
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value FOR $1,000 Fee (0.75) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 0.995234 1,004.789 1994 0.991081 (0.757) 1,004.032 1.156290
1993 1.034206 966.925 1993 1.023440 (0.733) 965.435 1.156290
1992 0.000000 0.000 1992 0.000000 0.000 (1.490) 1.156290
1991 0.000000 0.000
1990 0.000000 0.000 1990 0.000000 0.000 (1.490) 1.156290
1989 0.000000 0.000
1988 0.000000 0.000
1987 0.000000 0.000
1986 0.000000 0.000
1985 0.000000 0.000 1985 0.000000 0.000 (1.490) 1.156290
</TABLE>
<TABLE>
GROUP DEFERRED (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C> <C> <C> <C>
1994 1,160.95 90% * 5% (52.24) 1,108.71 (0.75) 1,107.96 10.80%
1993 1,116.32 90% * 5% (50.23) 1,066.09 (0.75) 1,065.34 3.84%
1992 (1.72) 90% * 5% 0.08 (1.64) (0.75) (2.39) ERR
3 YRS
1990 (1.72) 90% * 3% 0.05 (1.67) (0.75) (2.42) 0.00%
5 YRS
1985 (1.72) 90% * 2% 0.03 (1.69) (0.75) (2.44) 0.00%
10 YRS
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE GOVERNMENT SECURITIES
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.156290
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.49) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 0.995234 1,004.789 1994 0.991081 0.000 1,004.789 1.156290
1993 1.034206 966.925 1993 1.023440 0.000 966.925 1.156290
1992 0.000000 0.000 1992 0.000000 0.000 0.000 1.156290
1991 0.000000 0.000
1990 0.000000 0.000 1990 0.000000 0.000 0.000 1.156290
1989 0.000000 0.000
1988 0.000000 0.000
1987 0.000000 0.000
1986 0.000000 0.000
1985 0.000000 0.000 1985 0.000000 0.000 0.000 1.156290
</TABLE>
<TABLE>
UNI-FLEX (SINGLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C>
1994 1,161.83 1,161.83 1,161.83 16.18%
1993 1,118.05 1,118.05 1,118.05 6.87%
1992 0.00 0.00 0.00 -100.00%
3 YRS
1990 0.00 0.00 0.00 0.00%
5 YRS
1985 0.00 0.00 0.00 0.00%
10 YRS
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.156290
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (1.19) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 0.995234 1,004.789 1994 0.991081 0.000 1,004.789 1.156290
1993 1.034206 966.925 1993 1.023440 0.000 966.925 1.156290
1992 0.000000 0.000 1992 0.000000 0.000 0.000 1.156290
1991 0.000000 0.000
1990 0.000000 0.000 1990 0.000000 0.000 0.000 1.156290
1989 0.000000 0.000
1988 0.000000 0.000
1987 0.000000 0.000
1986 0.000000 0.000
1985 0.000000 0.000 1985 0.000000 0.000 0.000 1.156290
</TABLE>
<TABLE>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT) (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C>
1994 1,161.83 1,161.83 1,161.83 16.18%
1993 1,118.05 1,118.05 1,118.05 6.87%
1992 0.00 0.00 0.00 -100.00%
3 YRS
1990 0.00 0.00 0.00 0.00%
5 YRS
1985 0.00 0.00 0.00 0.00%
10 YRS
</TABLE>
<TABLE>
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.156290
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value FOR $1,000 Fee (0.75) Admin Fee Units Unit Value
<C> <C> <C> <C> <C> <C> <C> <C>
1994 0.995234 1,004.789 1994 0.991081 0.000 1,004.789 1.156290
1993 1.034206 966.925 1993 1.023440 0.000 966.925 1.156290
1992 0.000000 0.000 1992 0.000000 0.000 0.000 1.156290
1991 0.000000 0.000
1990 0.000000 0.000 1990 0.000000 0.000 0.000 1.156290
1989 0.000000 0.000
1988 0.000000 0.000
1987 0.000000 0.000
1986 0.000000 0.000
1985 0.000000 0.000 1985 0.000000 0.000 0.000 1.156290
</TABLE>
<TABLE>
GROUP DEFERRED (Continued)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<C> <C> <C> <C> <C>
1994 1,161.83 1,161.83 1,161.83 16.18%
1993 1,118.05 1,118.05 1,118.05 6.87%
1992 0.00 0.00 0.00 -100.00%
3 YRS
1990 0.00 0.00 0.00 0.00%
5 YRS
1985 0.00 0.00 0.00 0.00%
10 YRS
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN LEVERAGED ALLCAP
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.411177
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.411177
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN LEVERAGED ALLCAP
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,411.18 7% (98.78) 1,312.40 0.00 1,312.40 72.24%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN LEVERAGED ALLCAP
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.411177
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.411177
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN LEVERAGED ALLCAP
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,411.18 90% * 8% (101.60) 1,309.58 0.00 1,309.58 71.50%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN LEVERAGED ALLCAP
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.411177
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.411177
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN LEVERAGED ALLCAP
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge FEE (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,411.18 90% * 5% (63.50) 1,347.68 0.00 1,347.68 81.62%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN SMALL CAPITALIZATION
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.221763
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.221763
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN SMALL CAPITALIZATION
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,221.76 7% (85.52) 1,136.24 0.00 1,136.24 29.10%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN SMALL CAPITALIZATION
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.221763
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.221763
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN SMALL CAPITALIZATION
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,221.76 90% * 8% (87.97) 1,133.79 0.00 1,133.79 28.55%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN SMALL CAPITALIZATION
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.221763
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.221763
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN SMALL CAPITALIZATION
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,221.76 90% * 5% (54.98) 1,166.78 0.00 1,166.78 36.14%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.160310
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.160310
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,160.31 7% (81.22) 1,079.09 0.00 1,079.09 16.44%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.160310
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.160310
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,160.31 90% * 8 (83.54 ) 1,076.77 0.00 1,076.77 15.94%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.160310
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.160310
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge FEE (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,160.31 90% * 5% (52.21) 1,108.10 0.00 1,108.10 22.79%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS SOCIALLY RESPONSIBLE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.177597
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.177597
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS SOCIALLY RESPONSIBLE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,177.60 7% (82.43) 1,095.17 0.00 1,095.17 19.94%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS SOCIALLY RESPONSIBLE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.177597
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.177597
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS SOCIALLY RESPONSIBLE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,177.60 90% * 8% (84.79) 1,092.81 0.00 1,092.81 19.42%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS SOCIALLY RESPONSIBLE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.177597
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.177597
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS SOCIALLY RESPONSIBLE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,177.60 90% * 5% (52.99 ) 1,124.61 0.00 1,124.61 26.47%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.069592
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.069592
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,069.59 7% (74.87) 994.72 0.00 994.72 -1.05%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.069592
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.069592
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,069.59 90% * 8% (77.01) 992.58 0.00 992.58 -1.48%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.069592
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.069592
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge FEE (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,069.59 90% * 5% (48.13) 1,021.46 0.00 1,021.46 4.34%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED INTERNATIONAL STOCK
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.027977
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.027977
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED INTERNATIONAL STOCK
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,027.98 7% (71.96) 956.02 0.00 956.02 -8.60%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED INTERNATIONAL STOCK
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.027977
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 0.000000 0.000 1,000.000 1.027977
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED INTERNATIONAL STOCK
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,027.98 90% * 8% (74.01) 953.97 0.00 953.97 -8.99%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED INTERNATIONAL STOCK
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.027977
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 0.000000 0.000 1,000.000 1.027977
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED INTERNATIONAL STOCK
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge FEE (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,027.98 90% * 5% (46.26) 981.72 0.00 981.72 -3.62%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED UTILITY
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.125258
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.125258
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED UTILITY
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,125.26 7% (78.77) 1,046.49 0.00 1,046.49 9.51%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED UTILITY
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.125258
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.125258
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED UTILITY
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,125.26 90% * 8% (81.02) 1,044.24 0.00 1,044.24 9.04%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED UTILITY
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.125258
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.125258
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED UTILITY
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge FEE (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,125.26 90% * 5% (50.64) 1,074.62 0.00 1,074.62 15.48%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN AGGRESSIVE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.269335
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.269335
1.000000 0.000
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN AGGRESSIVE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/29/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,269.34 7% (88.85) 1,180.49 0.00 1,180.49 39.36%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN AGGRESSIVE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.269335
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.269335
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN AGGRESSIVE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/29/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,269.34 90% * 8% (91.39) 1,177.95 0.00 1,177.95 38.76%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN AGGRESSIVE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.269335
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.269335
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN AGGRESSIVE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/29/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,269.34 90% * 5% (57.12) 1,212.22 0.00 1,212.22 46.95%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.170177
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.170177
1 0.000
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,170.18 7% (81.91) 1,088.27 0.00 1,088.27 18.43%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.170177
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.170177
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,170.18 90% * 8% (84.25) 1,085.93 0.00 1,085.93 17.92%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.170177
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.170177
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,170.18 90% * 5% (52.66) 1,117.52 0.00 1,117.52 24.89%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN WORLDWIDE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.214018
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 1.000000 0.000 1,000.000 1.214018
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN WORLDWIDE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,214.02 7% (84.98) 1,129.04 0.00 1,129.04 27.47%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN WORLDWIDE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.214018
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 1.000000 0.000 1,000.000 1.214018
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN WORLDWIDE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,214.02 90% * 8% (87.41) 1,126.61 0.00 1,126.61 26.93%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN WORLDWIDE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.214018
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.000000 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 1.000000 0.000 1,000.000 1.214018
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN WORLDWIDE GROWTH
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,214.02 90% * 5% (54.63) 1,159.39 0.00 1,159.39 34.42%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE GOLD AND NATURAL RESOURCES
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.079662
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.079662
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE GOLD AND NATURAL RESOURCES
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,079.66 7% (75.58) 1,004.08 0.00 1,004.08 0.82%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE GOLD AND NATURAL RESOURCES
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.079662
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.079662
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE GOLD AND NATURAL RESOURCES
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,079.66 90% * 8% (77.74) 1,001.92 0.00 1,001.92 0.38%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE GOLD AND NATURAL RESOURCES
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.079662
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.079662
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE GOLD AND NATURAL RESOURCES
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,079.66 90% * 5% (48.58) 1,031.08 0.00 1,031.08 6.31%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.020520
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.020520
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,020.52 7% (71.44) 949.08 0.00 949.08 -9.92%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.020520
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.020520
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,020.52 90% * 8% (73.48) 947.04 0.00 947.04 -10.31%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.020520
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.020520
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE BOND
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,020.52 90% * 5% (45.92) 974.60 0.00 974.60 -5.02%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE HARD ASSETS
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.051875
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.051875
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE HARD ASSETS
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,051.88 7% (73.63) 978.25 0.00 978.25 -4.30%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE HARD ASSETS
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.051875
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.051875
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE HARD ASSETS
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,051.88 90% * 8% (75.74) 976.14 0.00 976.14 -4.72%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE HARD ASSETS
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.051875
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.051875
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE HARD ASSETS
AVERAGE ANNUAL TOTAL RETURN (Includes fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,051.88 90% * 5% (47.33) 1,004.55 0.00 1,004.55 0.91%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN LEVERAGED ALLCAP
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.411177
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.411177
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN LEVERAGED ALLCAP
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C>
INCEP 1,411.18 1,411.18 1,411.18 99.14%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN LEVERAGED ALLCAP
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.411177
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (1.19) Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.411177
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN LEVERAGED ALLCAP
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C>
INCEP 1,411.18 1,411.18 1,411.18 99.14%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN LEVERAGED ALLCAP
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.411177
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.75) Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.411177
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN LEVERAGED ALLCAP
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge FEE (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C>
INCEP 1,411.18 1,411.18 1,411.18 99.14%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN SMALL CAPITALIZATION
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.221763
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.49) Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.221763
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN SMALL CAPITALIZATION
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C>
INCEP 1,221.76 1,221.76 1,221.76 49.27%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN SMALL CAPITALIZATION
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.221763
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (1.19) Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.221763
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN SMALL CAPITALIZATION
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C>
INCEP 1,221.76 1,221.76 1,221.76 49.27%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN SMALL CAPITALIZATION
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.221763
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee (0.75) Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.221763
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
ALGER AMERICAN SMALL CAPITALIZATION
AVERAGE ANNUAL TOTAL RETURN (WITHOUT fee deductions)
12/29/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C>
INCEP 1,221.76 1,221.76 1,221.76 49.27%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.160310
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.160310
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,160.31 0.000000 0.00 1,160.31 0.00 1,160.31 34.63%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.160310
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.160310
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,160.31 0.000000 0.00 1,160.31 0.00 1,160.31 34.63%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.160310
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.160310
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS STOCK INDEX FUND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge FEE (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,160.31 0.000000 0.00 1,160.31 0.00 1,160.31 34.63%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS SOCIALLY RESPONSIBLE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.177597
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.177597
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS SOCIALLY RESPONSIBLE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,177.60 0 0.00 1,177.60 0.00 1,177.60 38.67%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS SOCIALLY RESPONSIBLE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.177597
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.177597
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS SOCIALLY RESPONSIBLE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,177.60 0 0.00 1,177.60 0.00 1,177.60 38.67%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS SOCIALLY RESPONSIBLE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.177597
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.177597
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
DREYFUS SOCIALLY RESPONSIBLE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,177.60 0 0.00 1,177.60 0.00 1,177.60 38.67%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.069592
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.069592
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,069.59 0.00 0.00 1,069.59 0.00 1,069.59 14.40%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.069592
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.069592
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,069.59 0.00 0.00 1,069.59 0.00 1,069.59 14.40%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.069592
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.069592
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED CORPORATE BOND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,069.59 0.000000 0.00 1,069.59 0.00 1,069.59 14.40%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED INTERNATIONAL STOCK
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.027977
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.027977
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED INTERNATIONAL STOCK
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
UNI-FLEX (SINGLE PREMIUM CONTRACT)
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,027.98 0.00 0.00 1,027.98 0.00 1,027.98 5.67%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED INTERNATIONAL STOCK
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.027977
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 0.000000 0.000 1,000.000 1.027977
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED INTERNATIONAL STOCK
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,027.98 0.00 0.00 1,027.98 0.00 1,027.98 5.67%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED INTERNATIONAL STOCK
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.027977
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.000000 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.00 0.000000 0.000000 1,000.00 1.027977
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED INTERNATIONAL STOCK
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge FEE (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,027.98 0.00 0.00 1,027.98 0.00 1,027.98 5.67%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED UTILITY
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.125258
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.125258
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED UTILITY
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,125.26 0.00 0.00 1,125.26 0.00 1,125.26 26.62%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED UTILITY
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.125258
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.125258
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED UTILITY
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,125.26 0.00 0.00 1,125.26 0.00 1,125.26 26.62%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED UTILITY
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.125258
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.000000 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.00 N/A 0.000000 0.000000 1,000.00 1.125258
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
FEDERATED UTILITY
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,125.26 0.00 0.00 1,125.26 0.00 1,125.26 26.62%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN AGGRESSIVE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.269335
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.269335
1.000000 0.000
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN AGGRESSIVE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/29/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,269.34 0 0.00 1,269.34 0.00 1,269.34 61.12%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN AGGRESSIVE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.269335
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.269335
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN AGGRESSIVE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/29/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,269.34 0 0.00 1,269.34 0.00 1,269.34 61.12%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN AGGRESSIVE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/29/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.269335
End of Unit Purchased Admin Admin Fee For Annual Accum 12/29/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.269335
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN AGGRESSIVE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/29/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,269.34 0 0.00 1,269.34 0.00 1,269.34 61.12%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.170177
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.170177
1 0.000
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,170.18 0 0.00 1,170.18 0.00 1,170.18 36.93%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.170177
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.170177
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,170.18 0 0.00 1,170.18 0.00 1,170.18 36.93%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.170177
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.170177
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,170.18 0 0.00 1,170.18 0.00 1,170.18 36.93%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN WORLDWIDE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.214018
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.214018
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN WORLDWIDE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,214.02 0 0.00 1,214.02 0.00 1,214.02 47.38%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN WORLDWIDE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.214018
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.214018
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN WORLDWIDE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,214.02 0 0.00 1,214.02 0.00 1,214.02 47.38%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN WORLDWIDE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.214018
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.000000 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.214018
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
JANUS ASPEN WORLDWIDE GROWTH
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,214.02 0 0.00 1,214.02 0.00 1,214.02 47.38%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE GOLD AND NATURAL RESOURCES
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.079662
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.079662
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE GOLD AND NATURAL RESOURCES
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,079.66 0 0.00 1,079.66 0.00 1,079.66 16.57%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE GOLD AND NATURAL RESOURCES
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.079662
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.079662
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE GOLD AND NATURAL RESOURCES
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,079.66 0 0.00 1,079.66 0.00 1,079.66 16.57%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE GOLD AND NATURAL RESOURCES
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.079662
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.079662
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE GOLD AND NATURAL RESOURCES
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,079.66 0 0.00 1,079.66 0.00 1,079.66 16.57%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE BOND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.020520
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.020520
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE BOND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,020.52 0 0.00 1,020.52 0.00 1,020.52 4.15%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE BOND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.020520
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.020520
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE BOND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,020.52 0 0.00 1,020.52 0.00 1,020.52 4.15%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE BOND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.020520
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.020520
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE BOND
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,020.52 0 0.00 1,020.52 0.00 1,020.52 4.15%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE HARD ASSETS
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.051875
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.051875
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE HARD ASSETS
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
UNI-FLEX (SINGLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,051.88 0 0.00 1,051.88 0.00 1,051.88 10.65%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE HARD ASSETS
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.051875
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.051875
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE HARD ASSETS
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
MAXI-FLEX (FLEXIBLE PREMIUM CONTRACT)
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,051.88 0 0.00 1,051.88 0.00 1,051.88 10.65%
INCEP
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE HARD ASSETS
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Unit Value Accum
Accum For Units
Units Year of Annual (Deducted) Total 1.051875
End of Unit Purchased Admin Admin Fee For Annual Accum 12/31/95
Qtr Value For $1,000 Fee 0.00 Admin Fee Units Unit Value
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1.000000 1,000.000 N/A 0.000000 0.000 1,000.000 1.051875
ERR
</TABLE>
<TABLE>
GREAT AMERICAN RESERVE - ACCOUNT "C"
VAN ECK WORLDWIDE HARD ASSETS
AVERAGE ANNUAL TOTAL RETURN (w/o fee deductions)
12/31/95
(Continued)
TO MEET COMPLIANCE REQUIREMENTS OF SEC RELEASE IC-16245
GROUP DEFERRED
<CAPTION>
Total Accum Average
Total Accum Value After Annual
Value After Full Deduction Total
Total Surrender Deduction Surrender For Return
End of Accum Charge Surrender For Surr Admin Admin Fee n
Qtr Value Calc Charge Charge Fee (ERV) P(1+T) = ERV
<S> <C> <C> <C> <C> <C> <C> <C>
INCEP 1,051.88 0 0.00 1,051.88 0.00 1,051.88 10.65%
INCEP
</TABLE>
Performance Quotations
Exhibit (14)
------------
<PAGE>
[ARTICLE] 6
[MULTIPLIER] 1
<TABLE>
<S> <C>
[PERIOD-TYPE] YEAR
[FISCAL-YEAR-END] DEC-31-1995
[PERIOD-END] DEC-31-1995
[INVESTMENTS-AT-COST] 122,132,503
[INVESTMENTS-AT-VALUE] 132,149,963
[RECEIVABLES] 0
[ASSETS-OTHER] 0
[OTHER-ITEMS-ASSETS] 0
[TOTAL-ASSETS] 132,149,963
[PAYABLE-FOR-SECURITIES] 0
[SENIOR-LONG-TERM-DEBT] 0
[OTHER-ITEMS-LIABILITIES] 56,458
[TOTAL-LIABILITIES] 56,458
[SENIOR-EQUITY] 0
[PAID-IN-CAPITAL-COMMON] 0
[SHARES-COMMON-STOCK] 0
[SHARES-COMMON-PRIOR] 0
[ACCUMULATED-NII-CURRENT] 0
[OVERDISTRIBUTION-NII] 0
[ACCUMULATED-NET-GAINS] 0
[OVERDISTRIBUTION-GAINS] 0
[ACCUM-APPREC-OR-DEPREC] 0
[NET-ASSETS] 132,093,505
[DIVIDEND-INCOME] 19,391,277
[INTEREST-INCOME] 0
[OTHER-INCOME] 0
[EXPENSES-NET] (764,864)
[NET-INVESTMENT-INCOME] 18,626,413
[REALIZED-GAINS-CURRENT] 266,507
[APPREC-INCREASE-CURRENT] 10,798,864
[NET-CHANGE-FROM-OPS] 29,691,784
[EQUALIZATION] 0
[DISTRIBUTIONS-OF-INCOME] 0
[DISTRIBUTIONS-OF-GAINS] 0
[DISTRIBUTIONS-OTHER] 0
[NUMBER-OF-SHARES-SOLD] 0
[NUMBER-OF-SHARES-REDEEMED] 0
[SHARES-REINVESTED] 0
[NET-CHANGE-IN-ASSETS] 0
[ACCUMULATED-NII-PRIOR] 0
[ACCUMULATED-GAINS-PRIOR] 0
[OVERDISTRIB-NII-PRIOR] 0
[OVERDIST-NET-GAINS-PRIOR] 0
[GROSS-ADVISORY-FEES] 0
[INTEREST-EXPENSE] 0
[GROSS-EXPENSE] 0
[AVERAGE-NET-ASSETS] 0
[PER-SHARE-NAV-BEGIN] 0
[PER-SHARE-NII] .0
[PER-SHARE-GAIN-APPREC] .0
[PER-SHARE-DIVIDEND] 0
[PER-SHARE-DISTRIBUTIONS] 0
[RETURNS-OF-CAPITAL] 0
[PER-SHARE-NAV-END] 0
[EXPENSE-RATIO] 0
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
Exhibit 99
---------
<TABLE>
<CAPTION>
List of Funds Underlying Variable Annuity Account C
---------------------------------------------------
Name CIK No. Accession No. File No. Date Filed
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Conseco Series Trust 0709558 0000948572-96-000031 002-80455 5/01/96
Asset Allocation Portfolio
Common Stock Portfolio
Corporate Bond Portfolio
Government Securities Portfolio
Money Market Portfolio
Alger American Fund 0832566 0000930413-96-000121 33-21722 5/01/96
Leveraged All Cap Portfolio
Small Capitalization Portfolio
The Dreyfus Socially Responsible
Growth Fund, Inc. 0890064 0000890064-96-000006 33-49014 5/01/96
Dreyfus Stock Index Fund 0846800 0000846800-96-000003 33-31809 3/01/96
Federated Insurance Series 0912577 0000912577-96-000008 33-69268 4/22/96
High Income Bond Fund II
International Equity Fund II
Utility Fund II
Janus Aspen Series 0906185 0000906185-96-000024 33-63212 5/01/96
Aggressive Growth Portfolio
Growth Portfolio
Worldwide Growth Portfolio
Van Eck Worldwide Insurance Trust 0811976 0000950130-96-000735 33-13019 3/05/96
Gold and Natural Resources Fund
Worldwide Bond Fund
Worldwide Hard Assets Fund
</TABLE>
