GE LIFE & ANNUITY Separate Account 4
Financial Statements
For the six months ended June 30, 1999
(Unaudited)
<PAGE>
GE LIFE & ANNUITY Separate Account 4
Table of Contents
For the six months ended June 30, 1999
- --------------------------------------------------------------------------------
Page
Financial Statements:
(Unaudited)
Statements of Assets and Liabilities.................................1
Statements of Operations.............................................6
Statements of Changes in Net Assets.................................11
Notes to Financial Statements.............................................16
(Unaudited)
- --------------------------------------------------------------------------------
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Assets and Liabilities
As of June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
GE Investments Funds, Inc.
-----------------------------------------------------------
S&P 500 Money Total
Index Market Return
Assets Fund Fund Fund
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment in GE Investments Funds, Inc., at fair value (note 2):
S&P 500 Index Fund (17,186,028 shares;
cost - $388,714,249) $ 456,632,772 - -
Money Market Fund (269,185,393 shares;
cost - $269,185,393) - 269,185,393 -
Total Return Portolio (5,315,564 shares;
cost - $77,648,357) - - 83,188,577
International Equity Fund (2,390,382 shares;
cost - $29,025,531) - - -
Real Estate Securities Fund (3,681,375 shares;
cost - $49,968,839) - - -
1 Global Income Fund (888,757 shares; cost - $9,099,542) - - -
Value Equity Fund (3,626,940 shares;
cost - $51,066,640) - - -
Income Fund (3,191,412 shares;
cost - $39,500,811) - - -
U.S. Equity Fund (291,336 shares; cost - $10,284,578) - - -
Premier Growth Equity Fund (7,628 shares;
cost - $598,411) - - -
Receivable from affiliate (note 3) 1 11,389 -
Receivable for units sold 451,026 1,045,708 98,342
- ---------------------------------------------------------------------------------------------------------------------------------
Total assets $ 457,083,799 270,242,490 83,286,919
=================================================================================================================================
Liabilities
- ---------------------------------------------------------------------------------------------------------------------------------
Accrued expenses payable to affiliate (note 3) 1,230,228 453,135 88,264
Payable for units withdrawn 451,497 3,062,365 193
- ---------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,681,725 3,515,500 88,457
- ---------------------------------------------------------------------------------------------------------------------------------
Net assets $ 455,402,074 266,726,990 83,198,462
=================================================================================================================================
Analysis of net assets:
Attributable to:
Variable deferred annuity contractholders 455,402,074 266,726,990 83,198,462
GE Life and Annuity Assurance Company - - -
- ---------------------------------------------------------------------------------------------------------------------------------
Net Assets 455,402,074 266,726,990 83,198,462
=================================================================================================================================
Outstanding units: Type I (note 2) 1,167,009 4,416,657 553,298
=================================================================================================================================
Net asset value per unit: Type I 55.98 15.64 35.58
=================================================================================================================================
Outstanding units: Type II (note 2) 6,707,596 10,732,612 1,697,608
=================================================================================================================================
Net asset value per unit: Type II 54.43 15.21 34.59
=================================================================================================================================
Outstanding units: Type III (note 2) 2,258,520 3,264,310 455,839
=================================================================================================================================
Net asset value per unit: Type III 10.85 10.13 10.39
=================================================================================================================================
Outstanding units: Type 4 (note 2) 46,792 133,332 5,581
=================================================================================================================================
Net asset value per unit: Type 4 10.12 10.05 9.98
=================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
GE Investments Funds, Inc.
-------------------------------------------------------------
International Real Estate Global
Equity Securities Income
Assets Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment in GE Investments Funds, Inc., at fair value (note 2):
S&P 500 Index Fund (17,186,028 shares;
cost - $388,714,249) $ - - -
Money Market Fund (269,185,393 shares;
cost - $269,185,393) - - -
Total Return Portolio (5,315,564 shares;
cost - $77,648,357) - - -
International Equity Fund (2,390,382 shares;
cost - $29,025,531) 30,118,811 - -
Real Estate Securities Fund (3,681,375 shares;
cost - $49,968,839) - 46,422,136 -
1 Global Income Fund (888,757 shares; cost - $9,099,542) - - 8,683,155
Value Equity Fund (3,626,940 shares;
cost - $51,066,640) - - -
Income Fund (3,191,412 shares;
cost - $39,500,811) - - -
U.S. Equity Fund (291,336 shares; cost - $10,284,578) - - -
Premier Growth Equity Fund (7,628 shares;
cost - $598,411) - - -
Receivable from affiliate (note 3) - - -
Receivable for units sold 52,687 39 93,627
- -----------------------------------------------------------------------------------------------------------------------------------
Total assets $ 30,171,498 46,422,175 8,776,782
===================================================================================================================================
Liabilities
- -----------------------------------------------------------------------------------------------------------------------------------
Accrued expenses payable to affiliate (note 3) 15,734 35,910 4,420
Payable for units withdrawn - 133,797 2
- -----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 15,734 169,707 4,422
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets $ 30,155,764 46,252,468 8,772,360
===================================================================================================================================
Analysis of net assets:
Attributable to:
Variable deferred annuity contractholders 14,073,453 29,193,109 3,335,478
GE Life and Annuity Assurance Company 16,082,311 17,059,359 5,436,882
- -----------------------------------------------------------------------------------------------------------------------------------
Net Assets 30,155,764 46,252,468 8,772,360
===================================================================================================================================
Outstanding units: Type I (note 2) 221,717 250,712 60,741
===================================================================================================================================
Net asset value per unit: Type I 15.32 16.25 10.60
===================================================================================================================================
Outstanding units: Type II (note 2) 684,771 1,530,247 255,130
===================================================================================================================================
Net asset value per unit: Type II 15.24 16.09 10.55
===================================================================================================================================
Outstanding units: Type III (note 2) 23,774 44,486 -
===================================================================================================================================
Net asset value per unit: Type III 10.13 10.96 -
===================================================================================================================================
Outstanding units: Type 4 (note 2) - 978 -
===================================================================================================================================
Net asset value per unit: Type 4 9.94 10.03 -
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
GE Investments Funds, Inc.
------------------------------------------------------------------
Value U.S. Premier
Equity Income Equity Growth Equity
Assets Fund Fund Fund Fund
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment in GE Investments Funds, Inc., at fair value (note 2):
S&P 500 Index Fund (17,186,028 shares;
cost - $388,714,249) $ - - - -
Money Market Fund (269,185,393 shares;
cost - $269,185,393) - - - -
Total Return Portolio (5,315,564 shares;
cost - $77,648,357) - - - -
International Equity Fund (2,390,382 shares;
cost - $29,025,531) - - - -
Real Estate Securities Fund (3,681,375 shares;
cost - $49,968,839) - - - -
1 Global Income Fund (888,757 shares; cost - $9,099,542) - - - -
Value Equity Fund (3,626,940 shares;
cost - $51,066,640) 60,533,626 - - -
Income Fund (3,191,412 shares;
cost - $39,500,811) - 38,647,999 - -
U.S. Equity Fund (291,336 shares; cost - $10,284,578) - - 11,137,779 -
Premier Growth Equity Fund (7,628 shares;
cost - $598,411) - - - 615,933
Receivable from affiliate (note 3) - - - 1
Receivable for units sold 91,792 10,474 66,251 10,623
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets $60,625,418 38,658,473 11,204,030 626,557
====================================================================================================================================
Liabilities
- ------------------------------------------------------------------------------------------------------------------------------------
Accrued expenses payable to affiliate (note 3) 71,131 122,221 9,204 319
Payable for units withdrawn - 117,655 28,521 -
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 71,131 239,876 37,725 319
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets $60,554,287 38,418,597 11,166,305 626,238
====================================================================================================================================
Analysis of net assets:
Attributable to:
Variable deferred annuity contractholders 55,336,256 38,418,597 11,166,305 626,238
GE Life and Annuity Assurance Company 5,218,031 - - -
- ------------------------------------------------------------------------------------------------------------------------------------
Net Assets 60,554,287 38,418,597 11,166,305 626,238
====================================================================================================================================
Outstanding units: Type I (note 2) 424,591 1,295,221 62,055 2,596
====================================================================================================================================
Net asset value per unit: Type I 16.96 10.42 12.11 10.43
====================================================================================================================================
Outstanding units: Type II (note 2) 2,578,789 2,287,526 683,107 39,934
====================================================================================================================================
Net asset value per unit: Type II 16.87 10.38 12.08 10.43
====================================================================================================================================
Outstanding units: Type III (note 2) 365,075 120,932 184,110 13,804
====================================================================================================================================
Net asset value per unit: Type III 11.81 9.74 11.11 10.43
====================================================================================================================================
Outstanding units: Type 4 (note 2) 31,080 - 11,570 3,708
====================================================================================================================================
Net asset value per unit: Type 4 10.28 9.82 10.15 10.43
====================================================================================================================================
</TABLE>
See accompanying notes to financial statements.
1
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Assets and Liabilities, Continued
As of June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Oppenheimer Variable Account Funds
--------------------------------------------------------------
Capital Aggressive
Bond Appreciation Growth
Assets Fund/VA Fund/VA Fund/VA
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment in Oppenheimer Variable Account Funds, at fair value
(note 2):
Bond Fund (6,124,492 shares;
cost - $72,657,873) $ 70,431,660 - -
Capital Appreciation Fund (4,335,164 shares;
cost - $184,758,724) - 235,182,633 -
Growth Fund (5,412,356 shares;
cost - $178,131,913) - - 220,553,495
High Income Fund (15,579,661 shares;
cost - $172,953,865) - - -
Multiple Strategies Fund (4,840,976 shares;
cost - $74,505,766) - - -
Investment in Goldmans Sachs Variable
Insurance Trust, at fair value (note 2):
Growth & Income Fund (630,375 shares;
cost - $6,683,962) - - -
Mid Cap Equity Fund (1,207,002 shares;
cost - $11,209,208) - - -
Investment in Salomon Brothers Variable
Series Funds, at fair value (note 2):
Strategic Bond Fund (257,890 shares;
cost - $2,609,396) - - -
Investors Fund (67,945 shares;
cost - $812,998) - - -
Total Return Fund (176,664 shares;
cost - $1,881,062) - - -
Receivable from affiliate (note 3) - - -
Receivable for units sold 141,572 58,016 60,875
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets $ 70,573,232 235,240,649 220,614,370
====================================================================================================================================
Liabilities
- ------------------------------------------------------------------------------------------------------------------------------------
Accrued expenses payable to affiliate (note 3) 97,599 403,550 283,819
Payable for units withdrawn - 154,516 75,915
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 97,599 558,066 359,734
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets $ 70,475,633 234,682,583 220,254,636
====================================================================================================================================
Outstanding units: Type I (note 2) 879,060 1,974,196 1,030,723
====================================================================================================================================
Net asset value per unit: Type I 21.59 48.80 53.10
====================================================================================================================================
Outstanding units: Type II (note 2) 2,355,664 2,890,052 3,134,168
====================================================================================================================================
Net asset value per unit: Type II 21.00 47.45 51.64
====================================================================================================================================
Outstanding units: Type III (note 2) 205,536 105,948 331,931
====================================================================================================================================
Net asset value per unit: Type III 9.73 11.41 10.91
====================================================================================================================================
Outstanding units: Type 4 (note 2) 2,848 - 5,081
====================================================================================================================================
Net asset value per unit: Type 4 9.80 10.69 10.52
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
Oppenheimer Variable Account Funds
-----------------------------------------
High Multiple
Income Strategies
Assets Fund/VA Fund/VA
- ------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment in Oppenheimer Variable Account Funds, at fair value
(note 2):
Bond Fund (6,124,492 shares;
cost - $72,657,873) $ - -
Capital Appreciation Fund (4,335,164 shares;
cost - $184,758,724) - -
Growth Fund (5,412,356 shares;
cost - $178,131,913) - -
High Income Fund (15,579,661 shares;
cost - $172,953,865) 166,234,987 -
Multiple Strategies Fund (4,840,976 shares;
cost - $74,505,766) - 82,006,134
Investment in Goldmans Sachs Variable
Insurance Trust, at fair value (note 2):
Growth & Income Fund (630,375 shares;
cost - $6,683,962) - -
Mid Cap Equity Fund (1,207,002 shares;
cost - $11,209,208) - -
Investment in Salomon Brothers Variable
Series Funds, at fair value (note 2):
Strategic Bond Fund (257,890 shares;
cost - $2,609,396) - -
Investors Fund (67,945 shares;
cost - $812,998) - -
Total Return Fund (176,664 shares;
cost - $1,881,062) - -
Receivable from affiliate (note 3) - -
Receivable for units sold 511,194 52,754
- ------------------------------------------------------------------------------------------------------------------
Total assets $166,746,181 82,058,888
==================================================================================================================
Liabilities
- ------------------------------------------------------------------------------------------------------------------
Accrued expenses payable to affiliate (note 3) 191,970 180,363
Payable for units withdrawn 65,473 -
- ------------------------------------------------------------------------------------------------------------------
Total liabilities 257,443 180,363
- ------------------------------------------------------------------------------------------------------------------
Net assets $166,488,738 81,878,525
==================================================================================================================
Outstanding units: Type I (note 2) 1,431,003 1,208,593
==================================================================================================================
Net asset value per unit: Type I 32.05 30.05
==================================================================================================================
Outstanding units: Type II (note 2) 3,697,215 1,537,557
==================================================================================================================
Net asset value per unit: Type II 31.17 29.22
==================================================================================================================
Outstanding units: Type III (note 2) 526,200 58,152
==================================================================================================================
Net asset value per unit: Type III 10.13 10.71
==================================================================================================================
Outstanding units: Type 4 (note 2) 5,356 1,005
==================================================================================================================
Net asset value per unit: Type 4 9.80 10.00
==================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
Goldman Sachs Variable Insurance Trust
------------------------------------------
Growth and Mid Cap
Income Value
Assets Fund Fund
- ------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment in Oppenheimer Variable Account Funds, at fair value
(note 2)
Bond Fund (6,124,492 shares;
cost - $72,657,873) $ - -
Capital Appreciation Fund (4,335,164 shares;
cost - $184,758,724) - -
Growth Fund (5,412,356 shares;
cost - $178,131,913) - -
High Income Fund (15,579,661 shares;
cost - $172,953,865) - -
Multiple Strategies Fund (4,840,976 shares;
cost - $74,505,766) - -
Investment in Goldmans Sachs Variable
Insurance Trust, at fair value (note 2):
Growth & Income Fund (630,375 shares;
cost - $6,683,962) 7,274,529 -
Mid Cap Equity Fund (1,207,002 shares;
cost - $11,209,208) - 12,070,021
Investment in Salomon Brothers Variable
Series Funds, at fair value (note 2):
Strategic Bond Fund (257,890 shares;
cost - $2,609,396) - -
Investors Fund (67,945 shares;
cost - $812,998) - -
Total Return Fund (176,664 shares;
cost - $1,881,062) - -
Receivable from affiliate (note 3) - 1
Receivable for units sold 200 107,429
- ------------------------------------------------------------------------------------------------------------------
Total assets $ 7,274,729 12,177,451
==================================================================================================================
Liabilities
- ------------------------------------------------------------------------------------------------------------------
Accrued expenses payable to affiliate (note 3) 6,815 10,012
Payable for units withdrawn 28,217 -
- ------------------------------------------------------------------------------------------------------------------
Total liabilities 35,032 10,012
- ------------------------------------------------------------------------------------------------------------------
Net assets $ 7,239,697 12,167,439
==================================================================================================================
Outstanding units: Type I (note 2) 74,919 173,119
==================================================================================================================
Net asset value per unit: Type I 9.73 9.94
==================================================================================================================
Outstanding units: Type II (note 2) 627,732 624,942
==================================================================================================================
Net asset value per unit: Type II 9.70 9.91
==================================================================================================================
Outstanding units: Type III (note 2) 38,270 348,392
==================================================================================================================
Net asset value per unit: Type III 11.02 11.89
==================================================================================================================
Outstanding units: Type 4 (note 2) - 10,519
==================================================================================================================
Net asset value per unit: Type 4 - 10.56
==================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
Salomon Brothers Variable Series Funds, Inc.
--------------------------------------------------
Strategic Total
Bond Investors Return
Assets Fund Fund Fund
- --------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment in Oppenheimer Variable Account Funds, at fair value
(note 2)
Bond Fund (6,124,492 shares;
cost - $72,657,873) $ - - -
Capital Appreciation Fund (4,335,164 shares;
cost - $184,758,724) - - -
Growth Fund (5,412,356 shares;
cost - $178,131,913) - - -
High Income Fund (15,579,661 shares;
cost - $172,953,865) - - -
Multiple Strategies Fund (4,840,976 shares;
cost - $74,505,766) - - -
Investment in Goldmans Sachs Variable
Insurance Trust, at fair value (note 2):
Growth & Income Fund (630,375 shares;
cost - $6,683,962) - - -
Mid Cap Equity Fund (1,207,002 shares;
cost - $11,209,208) - - -
Investment in Salomon Brothers Variable
Series Funds, at fair value (note 2):
Strategic Bond Fund (257,890 shares;
cost - $2,609,396) 2,591,792 - -
Investors Fund (67,945 shares;
cost - $812,998) - 862,903 -
Total Return Fund (176,664 shares;
cost - $1,881,062) - - 1,923,873
Receivable from affiliate (note 3) - - 1,652
Receivable for units sold 5,851 66,136 -
- --------------------------------------------------------------------------------------------------------------------------
Total assets $2,597,643 929,039 1,925,525
==========================================================================================================================
Liabilities
- --------------------------------------------------------------------------------------------------------------------------
Accrued expenses payable to affiliate (note 3) 2,006 610 1,419
Payable for units withdrawn - - -
- --------------------------------------------------------------------------------------------------------------------------
Total liabilities 2,006 610 1,419
- --------------------------------------------------------------------------------------------------------------------------
Net assets $2,595,637 928,429 1,924,106
==========================================================================================================================
Outstanding units: Type I (note 2) 71,370 6,725 8,729
==========================================================================================================================
Net asset value per unit: Type I 10.10 13.93 11.12
==========================================================================================================================
Outstanding units: Type II (note 2) 110,602 29,054 118,226
==========================================================================================================================
Net asset value per unit: Type II 10.09 13.90 11.10
==========================================================================================================================
Outstanding units: Type III (note 2) 74,767 37,666 49,542
==========================================================================================================================
Net asset value per unit: Type III 9.86 11.44 10.39
==========================================================================================================================
Outstanding units: Type 4 (note 2) 2,210 - -
==========================================================================================================================
Net asset value per unit: Type 4 9.78 10.37 10.06
==========================================================================================================================
</TABLE>
See accompanying notes to financial statements.
2
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Assets and Liabilities, Continued
As of June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Variable Insurance Products Fund
---------------------------------------------------------
Equity
Income Growth Overseas
Assets Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment in Variable Insurance Products Fund, at fair value (note 2):
Equity-Income Portfolio (27,171,696 shares;
cost - $583,663,031) $ 740,428,720 - -
Growth Portfolio (11,014,157 shares;
cost - $373,073,463) - 503,677,412 -
Overseas Portfolio (5,308,150 shares;
cost - $107,522,057) - - 110,409,519
Investment in Variable Insurance Products
Fund II, at fair value (note 2):
Asset Manager Portfolio (27,724,633 shares;
cost - $423,973,423) - - -
Contrafund Portfolio (15,838,746 shares;
cost - $303,064,857) - - -
Investment in Variable Insurance Products
Fund III, at fair value (note 2):
Growth & Income Portfolio (5,677,509 shares;
cost - $85,359,105) - - -
Growth Opportunities Portfolio
(3,455,384 shares; cost - $71,756,743) - - -
Receivable from affiliate (note 3) 1 - -
Receivable for units sold 85,589 571,187 9,684
- ------------------------------------------------------------------------------------------------------------------------------------
Total assets $740,514,310 504,248,599 110,419,203
====================================================================================================================================
Liabilities
- ------------------------------------------------------------------------------------------------------------------------------------
Accrued expenses payable to affiliate (note 3) 909,808 763,173 272,167
Payable for units withdrawn 104,407 152,482 20,314
- ------------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,014,215 915,655 292,481
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets $739,500,095 503,332,944 110,126,722
====================================================================================================================================
Outstanding units: Type I (note 2) 5,050,684 3,668,810 2,787,384
====================================================================================================================================
Net asset value per unit: Type I 46.20 61.80 25.35
====================================================================================================================================
Outstanding units: Type II (note 2) 11,047,518 4,277,429 1,562,065
====================================================================================================================================
Net asset value per unit: Type II 44.92 60.09 24.65
====================================================================================================================================
Outstanding units: Type III (note 2) 842,118 1,817,122 91,236
====================================================================================================================================
Net asset value per unit: Type III 11.38 10.68 10.54
====================================================================================================================================
Outstanding units: Type 4 (note 2) 32,195 15,740 -
====================================================================================================================================
Net asset value per unit: Type 4 9.96 10.35 9.99
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
Variable Insurance Variable Insurance Product
Products Fund II Fund III
------------------------------ ---------------------------------
Asset Growth & Growth
Manager Contrafund Income Opportunities
Assets Portfolio Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment in Variable Insurance Products Fund, at
fair value (note 2):
Equity-Income Portfolio (27,171,696 shares;
cost - $583,663,031) $ - - - -
Growth Portfolio (11,014,157 shares;
cost - $373,073,463) - - - -
Overseas Portfolio (5,308,150 shares;
cost - $107,522,057) - - - -
Investment in Variable Insurance Products
Fund II, at fair value (note 2):
Asset Manager Portfolio (27,724,633 shares;
cost - $423,973,423) 490,448,764 - - -
Contrafund Portfolio (15,838,746 shares;
cost - $303,064,857) - 413,391,258 - -
Investment in Variable Insurance Products
Fund III, at fair value (note 2):
Growth & Income Portfolio (5,677,509 shares;
cost - $85,359,105) - - 97,085,398 -
Growth Opportunities Portfolio
(3,455,384 shares; cost - $71,756,743) - - - 81,685,266
Receivable from affiliate (note 3) - 1 - -
Receivable for units sold 2,555 512,040 450,370 185,391
- --------------------------------------------------------------------------------------------------------------------------
Total assets $490,451,319 413,903,299 97,535,768 81,870,657
==========================================================================================================================
Liabilities
- --------------------------------------------------------------------------------------------------------------------------
Accrued expenses payable to affiliate (note 3) 734,022 461,675 460,149 83,856
Payable for units withdrawn 224,623 31,010 158,279 -
- --------------------------------------------------------------------------------------------------------------------------
Total liabilities 958,645 492,685 618,428 83,856
- --------------------------------------------------------------------------------------------------------------------------
Net assets $489,492,674 413,410,614 96,917,340 81,786,801
==========================================================================================================================
Outstanding units: Type I (note 2) 13,470,948 2,979,095 942,774 674,003
==========================================================================================================================
Net asset value per unit: Type I 29.20 29.10 17.02 16.04
==========================================================================================================================
Outstanding units: Type II (note 2) 3,293,217 10,894,049 4,249,124 4,137,458
==========================================================================================================================
Net asset value per unit: Type II 28.49 28.77 16.93 15.95
==========================================================================================================================
Outstanding units: Type III (note 2) 217,664 1,215,999 833,319 459,731
==========================================================================================================================
Net asset value per unit: Type III 10.32 10.61 10.65 10.65
==========================================================================================================================
Outstanding units: Type 4 (note 2) 7,032 38,804 5,881 8,567
==========================================================================================================================
Net asset value per unit: Type 4 10.09 10.19 10.00 10.18
==========================================================================================================================
</TABLE>
See accompanying notes to audited financial statements.
3
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Assets and Liabilities, Continued
As of June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
Federated Insurance Series
----------------------------------------------
American High
Leaders Income Bond Utility
Assets Fund II Fund II Fund II
- ------------------------------------------------------------------------------------------------------------------
<S> <C>
Investments in Federated Investors Insurance Series, at
fair value (note 2):
American Leaders Fund II (4,353,077 shares;
cost - $87,265,797) $ 95,506,500 - -
High Income Bond Fund II (6,158,156 shares;
cost - $65,293,091) - 63,244,265 -
Utility Fund II (3,673,981 shares;
cost - $48,487,569) - - 53,382,940
Investment in Alger American,
at fair value (note 2):
Small Capitalization Portfolio (2,370,473 shares;
cost - $98,732,573) - - -
Growth Portfolio (3,800,799 shares;
cost - $182,230,930) - - -
Investment in PBHG Insurance Series
Fund Inc., at fair value (note 2):
PBHG Large Cap Portfolio (772,230 shares;
cost - $10,644,788) - - -
PBHG Growth II Portfolio (895,185 shares;
cost - $10,008,682) - - -
Receivable from affiliate (note 3) - - -
Receivable for units sold 302,440 55,042 54,049
- ------------------------------------------------------------------------------------------------------------------
Total assets $95,808,940 63,299,307 53,436,989
==================================================================================================================
Liabilities
- ------------------------------------------------------------------------------------------------------------------
Accrued expenses payable to affiliate (note 3) 100,176 65,386 57,433
Payable for units withdrawn 3,999 29,770 75,406
- ------------------------------------------------------------------------------------------------------------------
Total liabilities 104,175 95,156 132,839
==================================================================================================================
Net assets $95,704,765 63,204,151 53,304,150
==================================================================================================================
Outstanding units: Type I (note 2) 497,652 488,873 419,995
==================================================================================================================
Net asset value per unit: Type I 18.81 15.65 19.46
==================================================================================================================
Outstanding units: Type II (note 2) 4,295,593 3,440,735 2,268,210
==================================================================================================================
Net asset value per unit: Type II 18.66 15.48 19.24
==================================================================================================================
Outstanding units: Type III (note 2) 554,992 223,958 138,245
==================================================================================================================
Net asset value per unit: Type III 11.15 10.00 10.65
==================================================================================================================
Outstanding units: Type 4 (note 2) - 5,260 1,805
==================================================================================================================
Net asset value per unit: Type 4 10.01 9.72 10.18
==================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Alger American Fund PBHG Insurance Series Fund, Inc.
------------------------------- --------------------------------
Small PBHG Large PBHG
Capitalization Growth Cap Growth Growth II
Assets Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investments in Federated Investors Insurance Series, at
fair value (note 2):
American Leaders Fund II (4,353,077 shares;
cost - $87,265,797) $ - - - -
High Income Bond Fund II (6,158,156 shares;
cost - $65,293,091) - - - -
Utility Fund II (3,673,981 shares;
cost - $48,487,569) - - - -
Investment in Alger American,
at fair value (note 2):
Small Capitalization Portfolio (2,370,473 shares;
cost - $98,732,573) 103,305,222 - - -
Growth Portfolio (3,800,799 shares;
cost - $182,230,930) - 212,236,603 - -
Investment in PBHG Insurance Series
Fund Inc., at fair value (note 2):
PBHG Large Cap Portfolio (772,230 shares;
cost - $10,644,788) - - 12,772,687 -
PBHG Growth II Portfolio (895,185 shares;
cost - $10,008,682) - - - 13,024,935
Receivable from affiliate (note 3) - - - -
Receivable for units sold 129,672 2,469,708 104,528 7,239
- --------------------------------------------------------------------------------------------------------------------------
Total assets $103,434,894 214,706,311 12,877,215 13,032,174
==========================================================================================================================
Liabilities
- --------------------------------------------------------------------------------------------------------------------------
Accrued expenses payable to affiliate (note 3) 110,987 290,465 40,913 14,902
Payable for units withdrawn 6,606 - 14 5
- --------------------------------------------------------------------------------------------------------------------------
Total liabilities 117,593 290,465 40,927 14,907
==========================================================================================================================
Net assets $103,317,301 214,415,846 12,836,288 13,017,267
==========================================================================================================================
Outstanding units: Type I (note 2) 1,353,207 1,537,160 113,234 118,824
==========================================================================================================================
Net asset value per unit: Type I 13.69 22.65 16.13 14.19
==========================================================================================================================
Outstanding units: Type II (note 2) 6,077,951 7,096,654 686,398 803,058
==========================================================================================================================
Net asset value per unit: Type II 13.56 22.44 16.04 14.11
==========================================================================================================================
Outstanding units: Type III (note 2) 204,280 1,840,747 - -
==========================================================================================================================
Net asset value per unit: Type III 11.26 10.93 - -
==========================================================================================================================
Outstanding units: Type 4 (note 2) 6,840 22,244 - -
==========================================================================================================================
Net asset value per unit: Type 4 10.92 10.38 - -
==========================================================================================================================
</TABLE>
See accompanying notes to audited financial statements.
4
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Assets and Liabilities, Continued
As of June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Janus Aspen Series
------------------------------------------------------------------
Aggressive Worldwide Flexible
Growth Growth Growth Balanced Income
Portfolio Portfolio Portfolio Portfolio Portfolio
- --------------------------------------------------------------------------------------------------------------
<S> <C>
Investment in Janus Aspen Series,
at fair value (note 2):
Aggressive Growth Portfolio
(5,850,867 shares;
cost - $151,648,838) $ 202,557,027 - - - -
Growth Portfolio (16,225,179 shares;
cost - $298,682,552) - 442,785,147 - - -
Worldwide Growth Portfolio
(18,628,452 shares;
cost - $472,524,476) - - 609,895,517 - -
Balanced Portfolio (12,014,365
shares;
cost - $249,760,002) - - - 299,758,397 -
Flexible Income Portfolio
(3,992,746 shares;
cost - $47,840,576) - - - - 46,156,146
International Growth Portfolio
(3,870,695 shares;
cost - $81,755,786) - - - - -
Capital Appreciation Portfolio
(6,488,453 shares;
cost - $146,477,911) - - - - -
Receivable from affiliate (note 3) - - 1 - -
Receivable for units sold 109,905 704,454 664,024 699,248 148,274
- --------------------------------------------------------------------------------------------------------------
Total assets $ 202,666,932 443,489,601 610,559,542 300,457,645 46,304,420
==============================================================================================================
Liabilities
- --------------------------------------------------------------------------------------------------------------
Accrued expenses payable to affiliate
(note 3) 592,718 664,413 679,616 295,205 48,884
Payable for units withdrawn 478,932 - - - -
- --------------------------------------------------------------------------------------------------------------
Total liabilities 1,071,650 664,413 679,616 295,205 48,884
==============================================================================================================
Net assets $ 201,595,282 442,825,188 609,879,926 300,162,440 46,255,536
==============================================================================================================
Outstanding units: Type I (note 2) 1,598,342 4,263,434 4,656,531 3,053,798 579,566
==============================================================================================================
Net asset value per unit: Type I 34.95 29.79 33.00 21.79 13.34
==============================================================================================================
Outstanding units: Type II (note 2) 3,949,685 9,997,234 13,505,597 9,437,677 2,735,360
==============================================================================================================
Net asset value per unit: Type II 34.45 29.36 32.53 21.59 13.21
==============================================================================================================
Outstanding units: Type III (note 2) 773,525 1,996,172 1,540,215 2,782,983 232,642
==============================================================================================================
Net asset value per unit: Type III 12.24 10.99 10.56 10.63 9.82
==============================================================================================================
Outstanding units: Type 4 (note 2) 18,791 34,556 59,193 27,542 10,795
==============================================================================================================
Net asset value per unit: Type 4 10.57 10.44 10.35 10.08 9.77
==============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
Janus Aspen Series
--------------------------
International Capital
Growth Appreciation
Portfolio Portfolio
- -------------------------------------------------------------------
<S> <C>
Investment in Janus Aspen Series,
at fair value (note 2):
Aggressive Growth Portfolio
(5,850,867 shares;
cost - $151,648,838) $ - -
Growth Portfolio (16,225,179 shares;
cost - $298,682,552) - -
Worldwide Growth Portfolio
(18,628,452 shares;
cost - $472,524,476) - -
Balanced Portfolio (12,014,365
shares;
cost - $249,760,002) - -
Flexible Income Portfolio
(3,992,746 shares;
cost - $47,840,576) - -
International Growth Portfolio
(3,870,695 shares;
cost - $81,755,786) 90,380,740 -
Capital Appreciation Portfolio
(6,488,453 shares;
cost - $146,477,911) - 162,276,213
Receivable from affiliate (note 3) - 1
Receivable for units sold 514,940 1,805,741
- -------------------------------------------------------------------
Total assets $90,895,680 164,081,955
- -------------------------------------------------------------------
Liabilities
- -------------------------------------------------------------------
Accrued expenses payable to affiliate
(note 3) 94,069 213,417
Payable for units withdrawn 58,582 -
- -------------------------------------------------------------------
Total liabilities 152,651 213,417
- -------------------------------------------------------------------
Net assets 90,743,029 163,868,538
===================================================================
Outstanding units: Type I (note 2) 969,984 1,201,842
===================================================================
Net asset value per unit: Type I 17.36 24.49
===================================================================
Outstanding units: Type II (note 2) 4,139,094 4,241,913
===================================================================
Net asset value per unit: Type II 17.22 24.35
===================================================================
Outstanding units: Type III (note 2) 252,536 2,694,085
===================================================================
Net asset value per unit: Type III 10.41 11.43
===================================================================
Outstanding units: Type 4 (note 2) - 35,041
===================================================================
Net asset value per unit: Type 4 10.32 10.03
===================================================================
</TABLE>
See accompanying notes to unaudited financial statements.
5
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Operations
For the period ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
GE Investments Funds, Inc.
-----------------------------------------------------------------
S&P 500 Money Total International
Index Market Return Equity
Fund Fund Fund Fund
-----------------------------------------------------------------
Six Months Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment income:
Income - Dividends $ - 5,827,205 - -
Expenses - Mortality and expense
risk charges (note 3) 2,450,222 1,634,510 478,369 83,443
- -----------------------------------------------------------------------------------------------------------------------------
Net investment income (expense) (2,450,222) 4,192,695 (478,369) (83,443)
- -----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) 18,138,919 (9) 435,649 1,497,778
Unrealized appreciation (depreciation)
on investments 24,523,561 10 4,344,186 346,962
- -----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments 42,662,480 1 4,779,835 1,844,740
- -----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets
from operations $ 40,212,258 4,192,696 4,301,466 1,761,297
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
GE Investments Funds, Inc.
--------------------------------------------------------------
Real Estate Global Value
Securities Income Equity Income
Fund Fund Fund Fund
--------------------------------------------------------------
Six Months Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment income:
Income - Dividends - - - -
Expenses - Mortality and expense
risk charges (note 3) 191,070 26,514 274,524 230,573
- -----------------------------------------------------------------------------------------------------------------------
Net investment income (expense) (191,070) (26,514) (274,524) (230,573)
- -----------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) (1,852,095) (93,274) 630,042 (101,067)
Unrealized appreciation (depreciation)
on investments 5,557,340 (629,594) 8,873,285 (595,121)
- -----------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments 3,705,245 (722,868) 9,503,327 (696,188)
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets
from operations 3,514,175 (749,382) 9,228,803 (926,761)
=======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
----------------------------
U.S. Premier
Equity Growth Equity
Fund Fund
----------------------------
Six Months Period from
Ended 6/30/99 5/05-6/30/99
- ------------------------------------------------------------------------------------
<S> <C>
Investment income:
Income - Dividends - -
Expenses - Mortality and expense
risk charges (note 3) 38,375 424
- ------------------------------------------------------------------------------------
Net investment income (expense) (38,375) (424)
- ------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) 96,060 939
Unrealized appreciation (depreciation)
on investments 699,447 17,521
- ------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments 795,507 18,460
- ------------------------------------------------------------------------------------
Increase (decrease) in net assets
from operations 757,132 18,036
====================================================================================
</TABLE>
See accompanying notes to audited financial statements.
6
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Operations, Continued
For the period ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Oppenheimer Variable Account Funds
-------------------------------------------------------------------------------
Capital Aggressive High Multiple
Bond Appreciation Growth Income Strategies
Fund/VA Fund/VA Fund/VA Fund/VA Fund/VA
-------------------------------------------------------------------------------
Six Months Six Months Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment income:
Income - Dividends $ 3,401,323 - 8,091,187 11,617,048 6,709,060
Expenses - Mortality and expense
risk charges (note 3) 430,527 1,381,338 1,306,563 1,100,774 499,212
- ------------------------------------------------------------------------------------------------------------------------------------
Net investment income (expense) 2,970,796 (1,381,338) 6,784,624 10,516,274 6,209,848
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments:
Net realized gain (loss) (54,196) 22,668,094 3,572,100 (976,275) 1,007,737
Unrealized appreciation (depreciation)
on investments (4,539,721) 19,822,850 18,204,371 (4,173,483) (1,179,510)
- ------------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments (4,593,917) 42,490,944 21,776,471 (5,149,758) (171,773)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets
from operations $(1,623,121) 41,109,606 28,561,095 5,366,516 6,038,075
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Goldman Sachs Variable Insurance
Trust Salomon Brothers Variable Series Funds, Inc.
--------------------------------- ---------------------------------------------
Growth and Mid Cap Strategic Total
Income Value Bond Investors Return
Fund Fund Fund Fund Fund
--------------------------------------------------------------------------------
Six Months Six Months Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment income:
Income - Dividends $ - - - - -
Expenses - Mortality and expense
risk charges (note 3) 37,056 39,353 7,799 1,645 5,862
- ---------------------------------------------------------------------------------------------------------------------------------
Net investment income (expense) (37,056) (39,353) (7,799) (1,645) (5,862)
- ---------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments:
Net realized gain (loss) 23,697 162,897 (498) 1,381 4,578
Unrealized appreciation (depreciation)
on investments 550,485 848,025 (12,781) 49,584 45,770
- ---------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments 574,182 1,010,922 (13,279) 50,965 50,348
- ---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets
from operations $537,126 971,569 (21,078) 49,320 44,486
=================================================================================================================================
</TABLE>
See accompanying notes to audited financial statements.
7
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Operations, Continued
For the period ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------
Variable Insurance Products Fund
------------------------------------------------
Equity
Income Growth Overseas
Portfolio Portfolio Portfolio
------------------------------------------------
Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- --------------------------------------------------------------------------------------------------------------
<S> <C>
Investment income:
Income - Dividends $ 32,760,275 47,806,618 4,136,280
Expenses - Mortality and expense
risk charges (note 3) 4,480,294 2,829,953 643,683
- --------------------------------------------------------------------------------------------------------------
Net investment income 28,279,981 44,976,665 3,492,597
- --------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments:
Net realized gain 17,783,483 17,988,163 8,457,623
Unrealized appreciation (depreciation)
on investments 33,505,493 (4,664,235) (2,516,622)
- --------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments 51,288,976 13,323,928 5,941,001
- --------------------------------------------------------------------------------------------------------------
Increase in net assets from operations $ 79,568,957 58,300,593 9,433,598
==============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Variable Insurance Variable Insurance
Products Fund II Product Fund III
------------------------------- ----------------------------
Asset Growth & Growth
Manager Contrafund Income Opportunities
Portfolio Portfolio Portfolio Portfolio
-------------------------------------------------------------
Six Months Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- ----------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment income:
Income - Dividends $37,100,616 14,199,340 1,173,124 1,620,161
Expenses - Mortality and expense
risk charges (note 3) 2,818,161 2,439,737 492,753 426,458
- ----------------------------------------------------------------------------------------------------------------------
Net investment income 34,282,455 11,759,603 680,371 1,193,703
- ----------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments:
Net realized gain 7,639,842 11,409,580 1,424,153 998,989
Unrealized appreciation (depreciation)
on investments (19,643,809) 14,212,704 3,355,464 2,057,231
- ----------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments (12,003,967) 25,622,284 4,779,617 3,056,220
- ----------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations $22,278,488 37,381,887 5,459,988 4,249,923
======================================================================================================================
</TABLE>
See accompanying notes to unaudited financial statements.
8
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Operations, Continued
For the period ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Federated Insurance Series Alger American
--------------------------------------------- -----------------------------
American High Small
Leaders Income Bond Utility Capitalization Growth
Fund II Fund II Fund II Portfolio Portfolio
----------------------------------------------------------------------------
Six Months Six Months Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment income:
Income - Dividends $ 7,826,284 4,654,185 3,500,242 11,288,748 16,531,926
Expenses - Mortality and expense
risk charges (note 3) 549,690 368,559 315,523 597,685 1,092,734
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income (expense) 7,276,594 4,285,626 3,184,719 10,691,063 15,439,192
- -----------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) 1,070,507 (62,547) 733,547 2,538,083 8,983,956
Unrealized appreciation (depreciation)
on investments 673,813 (3,140,176) (2,639,504) (1,744,803) (749,858)
- -----------------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments 1,744,320 (3,202,723) (1,905,957) 793,280 8,234,098
- -----------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations $ 9,020,914 1,082,903 1,278,762 11,484,343 23,673,290
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
PBHG Insurance
Series Fund, Inc.
-------------------------------
PBHG Large PBHG
Cap Growth Growth II
Portfolio Portfolio
-------------------------------
Six Months Six Months
Ended 6/30/99 Ended 6/30/99
- --------------------------------------------------------------------------------------
<S> <C>
Investment income:
Income - Dividends $ - -
Expenses - Mortality and expense
risk charges (note 3) 81,389 76,141
- --------------------------------------------------------------------------------------
Net investment income (expense) (81,389) (76,141)
- --------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on investments:
Net realized gain (loss) 873,853 514,728
Unrealized appreciation (depreciation)
on investments (47,077) 2,076,524
- --------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments 826,776 2,591,252
- --------------------------------------------------------------------------------------
Increase in net assets from operations $745,387 2,515,111
======================================================================================
</TABLE>
See accompanying notes to unaudited financial statements.
9
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Operations, Continued
For the period ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------
Janus Aspen Series
---------------------------------------------------------------------------
Aggressive Worldwide Flexible
Growth Growth Growth Balanced Income
Portfolio Portfolio Portfolio Portfolio Portfolio
---------------------------------------------------------------------------
Six Months Six Months Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C>
Investment income:
Income - Dividends $ 7,788,854 2,741,306 1,115,148 3,082,905 1,627,940
Expenses - Mortality and expense
risk charges (note 3) 1,023,103 2,439,753 3,587,104 1,485,805 254,258
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income (expense) 6,765,751 301,553 (2,471,956) 1,597,100 1,373,682
- ----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments:
Net realized gain 22,870,088 14,965,943 29,909,827 5,535,481 65,707
Unrealized appreciation (depreciation)
on investments 11,212,292 40,979,343 35,870,354 16,283,471 (2,050,486)
- ----------------------------------------------------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments 34,082,380 55,945,286 65,780,181 21,818,952 (1,984,779)
- ----------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets
from operations $ 40,848,131 56,246,839 63,308,225 23,416,052 (611,097)
============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
Janus Aspen Series
------------------------------
International Capital
Growth Appreciation
Portfolio Portfolio
------------------------------
Six Months Six Months
Ended 6/30/99 Ended 6/30/99
- -------------------------------------------------------------------------------
<S> <C>
Investment income:
Income - Dividends $ 230,552 322,667
Expenses - Mortality and expense
risk charges (note 3) 542,982 601,309
- -------------------------------------------------------------------------------
Net investment income (expense) (312,430) (278,642)
- -------------------------------------------------------------------------------
Net realized and unrealized gain (loss) on
investments:
Net realized gain 2,631,080 5,822,182
Unrealized appreciation (depreciation)
on investments 5,316,268 8,253,229
- -------------------------------------------------------------------------------
Net realized and unrealized gain (loss)
on investments 7,947,348 14,075,411
- -------------------------------------------------------------------------------
Increase (decrease) in net assets
from operations 7,634,918 13,796,769
===============================================================================
</TABLE>
See accompanying notes to unaudited financial statements.
10
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Changes in Net Assets
For the period ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
GE Investments Funds, Inc.
-------------------------------------------------------------------------
S&P 500 Money Total International Real Estate
Index Market Return Equity Securities
Fund Fund Fund Fund Fund
-------------------------------------------------------------------------
Six Months Six Months Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Increase (decrease) in net assets
From operations:
Net investment income (expense) $ (2,450,222) 4,192,695 (478,369) (83,443) (191,070)
Net realized gain (loss) 18,138,919 (9) 435,649 1,497,778 (1,852,095)
Unrealized appreciation (depreciation)
on investments 24,523,561 10 4,344,186 346,962 5,557,340
- -------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations 40,212,258 4,192,696 4,301,466 1,761,297 3,514,175
- -------------------------------------------------------------------------------------------------------------------------------
From capital transactions:
Net premiums 65,243,058 136,956,953 8,697,887 747,565 1,266,192
Transfers (to) from the general account of GE
Life & Annuity:
Death benefits (985,492) (2,030,521) (322,649) (32,252) (88,170)
Surrenders (10,846,563) (69,860,446) (2,641,333 (272,688) (1,404,359)
Cost of insurance and administrative
expense (note 3) (157,358) (156,763) (40,939) (5,770) (13,883)
Transfer gain (loss) and transfer fees (42,391) 420,280 (63,472) (33,951) (122,355)
Transfers (to) from the Guarantee Account
(note 1) 37,383,495 10,952,189 6,634,337 658,177 1,497,416
Interfund transfers 15,767,667 (32,284,339) 524,821 513,635 (4,942,093)
- -------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from capital
transactions 106,362,416 43,997,353 12,788,652 1,574,716 (3,807,252)
- -------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets 146,574,674 48,190,049 17,090,118 3,336,013 (293,077)
Net assets at beginning of year 308,827,400 218,536,941 66,108,344 26,819,751 46,545,545
- -------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $ 455,402,074 266,726,990 83,198,462 30,155,764 46,252,468
===============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
GE Investments Funds, Inc.
------------------------------------------------------------------------
Global Value U.S. Premier
Income Equity Income Equity Growth Equity
Fund Fund Fund Fund Fund
------------------------------------------------------------------------
Six Months Six Months Six Months Six Months Period from
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 5/05-6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Increase (decrease) in net assets
From operations:
Net investment income (expense) $ (26,514) (274,524) (230,573) (38,375) (424)
Net realized gain (loss) (93,274) 630,042 (101,067) 96,060 939
Unrealized appreciation (depreciation)
on investments (629,594) 8,873,285 (595,121) 699,447 17,521
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations (749,382) 9,228,803 (926,761) 757,132 18,036
- -----------------------------------------------------------------------------------------------------------------------------------
From capital transactions:
Net premiums 128,517 6,085,599 3,069,372 5,603,718 424,444
Transfers (to) from the general account of GE
Life & Annuity:
Death benefits - (81,452) (134,951) - -
Surrenders (96,621) (1,492,582) (996,612) (201,692) -
Cost of insurance and administrative
expense (note 3) (785) (19,865) (20,289) (1,221) (9)
Transfer gain (loss) and transfer fees 440 3,426 42,125 9,866 1,261
Transfers (to) from the Guarantee
Account (note 1) 598,983 4,666,896 4,084,617 1,487,084 5,657
Interfund transfers (779,516) 3,022,323 (1,022,881) 1,310,438 176,849
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from capital transactions (148,982) 12,184,345 5,021,381 8,208,193 608,202
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets (898,364) 21,413,148 4,094,620 8,965,325 626,238
Net assets at beginning of year 9,670,724 39,141,139 34,323,977 2,200,980 -
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $8,772,360 60,554,287 38,418,597 11,166,305 626,238
===================================================================================================================================
</TABLE>
See accompanying notes to unaudited financial statements.
11
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Changes in Net Assets, Continued
For the period ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
Oppenheimer Variable Account Funds
---------------------------------------------------------------
Capital Aggressive High
Bond Appreciation Growth Income
Fund/VA Fund/VA Fund/VA Fund/VA
---------------------------------------------------------------
Six Months Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Increase (decrease) in net assets
From operations:
Net investment income (expense) $ 2,970,796 (1,381,338) 6,784,624 10,516,274
Net realized gain (loss) (54,196) 22,668,094 3,572,100 (976,275)
Unrealized appreciation (depreciation) on investments (4,539,721) 19,822,850 18,204,371 (4,173,483)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations (1,623,121) 41,109,606 28,561,095 5,366,516
- ------------------------------------------------------------------------------------------------------------------------------------
From capital transactions:
Net premiums 5,826,260 3,132,731 10,005,007 8,234,538
Transfers (to) from the general account of GE Life & Annuity:
Death benefits (289,967) (603,901) (533,718) (464,986)
Surrenders (2,321,550) (7,890,167) (5,858,114) (6,717,040)
Cost of insurance and administrative expense (note 3) (34,909) (151,648) (110,282) (96,545)
Transfer gain (loss) and transfer fees (251,091) (227,826) (230,665) (290,164)
Transfers (to) from the Guarantee Account (note 1) 7,152,840 2,645,432 7,286,613 8,207,800
Interfund transfers (728,889) (21,358,351) (8,231,994) (11,755,963)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from capital transactions 9,352,694 (24,453,730) 2,326,847 (2,882,360)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase in net assets 7,729,573 16,655,876 30,887,942 2,484,156
Net assets at beginning of period 62,746,060 218,026,707 189,366,694 164,004,582
- ------------------------------------------------------------------------------------------------------------------------------------
Net assets at end of period $70,475,633 234,682,583 220,254,636 166,488,738
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Oppenheimer
Variable Goldman Sachs Variable
Account Funds Insurance Trust
----------------- --------------------------------
Multiple Growth and Mid Cap
Strategies Income Value
Fund/VA Fund Fund
-------------------------------------------------
Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C>
Increase (decrease) in net assets
From operations:
Net investment income (expense) $ 6,209,848 (37,056) (39,353)
Net realized gain (loss) 1,007,737 23,697 162,897
Unrealized appreciation (depreciation) on investments (1,179,510) 550,485 848,025
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations 6,038,075 537,126 971,569
- -----------------------------------------------------------------------------------------------------------------------
From capital transactions:
Net premiums 1,862,440 967,278 2,516,219
Transfers (to) from the general account of GE Life & Annuity:
Death benefits (221,011) - -
Surrenders (2,947,738) (195,016) (158,882)
Cost of insurance and administrative expense (note 3) (58,851) (1,509) (2,175)
Transfer gain (loss) and transfer fees (244,408) (42,138) 53,249
Transfers (to) from the Guarantee Account (note 1) 3,000,731 1,394,024 1,275,649
Interfund transfers (5,305,274) 317,364 3,888,619
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from capital transactions (3,914,111) 2,440,003 7,572,679
- -----------------------------------------------------------------------------------------------------------------------
Increase in net assets 2,123,964 2,977,129 8,544,248
Net assets at beginning of period 79,754,561 4,262,568 3,623,191
- -----------------------------------------------------------------------------------------------------------------------
Net assets at end of period $81,878,525 7,239,697 12,167,439
=======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Salomon Brothers Variable Series Funds, Inc.
------------------------------------------------
Strategic Total
Bond Investors Return
Fund Fund Fund
--------------------------------------------------
Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C>
Increase (decrease) in net assets
From operations:
Net investment income (expense) $ (7,799) (1,645) (5,862)
Net realized gain (loss) (498) 1,381 4,578
Unrealized appreciation (depreciation) on investments (12,781) 49,584 45,770
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations (21,078) 49,320 44,486
- -----------------------------------------------------------------------------------------------------------------------
From capital transactions:
Net premiums 775,898 577,191 947,273
Transfers (to) from the general account of GE Life & Annuity:
Death benefits - - -
Surrenders (37,631) (1,234) (10,354)
Cost of insurance and administrative expense (note 3) (548) (48) (100)
Transfer gain (loss) and transfer fees 14,115 725 2,771
Transfers (to) from the Guarantee Account (note 1) 427,501 75,753 491,765
Interfund transfers 1,305,358 215,735 104,544
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from capital transactions 2,484,693 868,122 1,535,899
- -----------------------------------------------------------------------------------------------------------------------
Increase in net assets 2,463,615 917,442 1,580,385
Net assets at beginning of period 132,022 10,987 343,721
- -----------------------------------------------------------------------------------------------------------------------
Net assets at end of period $2,595,637 928,429 1,924,106
=======================================================================================================================
</TABLE>
See accompanying notes to unaudited financial statements.
12
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Changes in Net Assets, Continued
For the period ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Variable Insurance Products Fund
-----------------------------------------------
Equity
Income Growth Overseas
Portfolio Portfolio Portfolio
-----------------------------------------------
Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- ------------------------------------------------------------------------------------------------------------------------
<S> <C>
Increase (decrease) in net assets
From operations:
Net investment income $ 28,279,981 44,976,665 3,492,597
Net realized gain 17,783,483 17,988,163 8,457,623
Unrealized appreciation (depreciation) on investments 33,505,493 (4,664,235) (2,516,622)
- ------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations 79,568,957 58,300,593 9,433,598
- ------------------------------------------------------------------------------------------------------------------------
From capital transactions:
Net premiums 19,112,097 39,467,797 1,315,769
Transfers (to) from the general account of GE Life & Annuity:
Death benefits (1,850,414) (930,189) (293,551)
Surrenders (30,176,267) (21,879,346) (4,552,014)
Cost of insurance and administrative expense (note 3) (430,188) (324,922) (88,943)
Transfer gain (loss) and transfer fees (570,485) (763,877) (25,093)
Transfers (to) from the Guarantee Account (note 1) 15,920,506 9,572,354 422,529
Interfund transfers (34,306,438) 2,323,802 451,152
- ------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from capital transactions (32,301,189) 27,465,619 (2,770,151)
- ------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets 47,267,768 85,766,212 6,663,447
Net assets at beginning of year 692,232,327 417,566,732 103,463,275
- ------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $739,500,095 503,332,944 110,126,722
========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Variable Insurance Product
Variable Insurance Products Fund II Fund III
---------------------------------------------------------------
Asset Growth & Growth
Manager Contrafund Income Opportunities
Portfolio Portfolio Portfolio Portfolio
---------------------------------------------------------------
Six Months Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Increase (decrease) in net assets
From operations:
Net investment income $ 34,282,455 11,759,603 680,371 1,193,703
Net realized gain 7,639,842 11,409,580 1,424,153 998,989
Unrealized appreciation (depreciation) on investments (19,643,809) 14,212,704 3,355,464 2,057,231
- -------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations 22,278,488 37,381,887 5,459,988 4,249,923
- -------------------------------------------------------------------------------------------------------------------------------
From capital transactions:
Net premiums 5,896,171 28,992,704 17,855,924 14,322,755
Transfers (to) from the general account of
GE Life & Annuity:
Death benefits (1,309,523) (837,022) (176,138) (187,780)
Surrenders (29,534,687) (10,902,529) (1,554,361) (1,425,213)
Cost of insurance and administrative
expense (note 3) (565,960) (190,467) (31,612) (25,271)
Transfer gain (loss) and transfer fees (2,269,645) 38,881 (112,302) 12,313
Transfers (to) from the Guarantee Account (note 1) 4,500,367 13,947,321 10,415,298 7,091,473
Interfund transfers (9,989,689) 1,255,873 8,212,960 4,112,543
- -------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from capital transactions (33,272,966) 32,304,761 34,609,769 23,900,820
- -------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets (10,994,478) 69,686,648 40,069,757 28,150,743
Net assets at beginning of year 500,487,152 343,723,966 56,847,583 53,636,058
- -------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $489,492,674 413,410,614 96,917,340 81,786,801
===============================================================================================================================
</TABLE>
See accompanying notes to unaudited financial statements.
13
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Changes in Net Assets, Continued
For the period ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Federated Insurance Series
-------------------------------------------
American High
Leaders Income Bond Utility
Fund II Fund II Fund II
-------------------------------------------
Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- -----------------------------------------------------------------------------------------------------------------
<S> <C>
Increase (decrease) in net assets
From operations:
Net investment income (expense) $ 7,276,594 4,285,626 3,184,719
Net realized gain (loss) 1,070,507 (62,547) 733,547
Unrealized appreciation (depreciation) on investments 673,813 (3,140,176) (2,639,504)
- -----------------------------------------------------------------------------------------------------------------
Increase in net assets from operations 9,020,914 1,082,903 1,278,762
- -----------------------------------------------------------------------------------------------------------------
From capital transactions:
Net premiums 9,561,747 5,555,814 4,412,727
Transfers (to) from the general account of GE Life & Annuity:
Death benefits (80,067) (185,112) (177,455)
Surrenders (1,839,039) (1,729,134) (1,585,741)
Cost of insurance and administrative expense (note 3) (37,932) (21,501) (22,161)
Transfer gain (loss) and transfer fees (note 3) (170,401) 4,040 (260,557)
Transfers (to) from the Guarantee Account (note 1) 8,254,880 5,696,306 5,085,057
Interfund transfers (3,220,562) 334,206 (1,238,327)
- -----------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from capital transactions 12,468,626 9,654,619 6,213,543
- -----------------------------------------------------------------------------------------------------------------
Increase in net assets 21,489,540 10,737,522 7,492,305
Net assets at beginning of year 74,215,225 52,466,629 45,811,845
- -----------------------------------------------------------------------------------------------------------------
Net assets at end of year $ 95,704,765 63,204,151 53,304,150
=================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------------
Alger American PBHG Insurance Series Fund, Inc.
------------------------------------------------------------
Small PBHG Large PBHG
Capitalization Growth Cap Growth Growth II
Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------
Six Months Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Increase (decrease) in net assets
From operations:
Net investment income (expense) $ 10,691,063 15,439,192 (81,389) (76,141)
Net realized gain (loss) 2,538,083 8,983,956 873,853 514,728
Unrealized appreciation (depreciation) on investments (1,744,803) (749,858) (47,077) 2,076,524
- --------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from operations 11,484,343 23,673,290 745,387 2,515,111
- --------------------------------------------------------------------------------------------------------------------------------
From capital transactions:
Net premiums 4,523,660 37,779,935 1,104,451 928,781
Transfers (to) from the general account of GE Life & Annuity
Death benefits (261,128) (519,501) (79,917) -
Surrenders (3,142,916) (5,633,623) (1,710,630) (713,058)
Cost of insurance and administrative expense (note 3) (46,011) (68,063) (6,168) (4,613)
Transfer gain (loss) and transfer fees (note 3) 125,477 65,725 26,642 (24,354)
Transfers (to) from the Guarantee Account (note 1) 3,683,461 9,001,517 893,041 510,400
Interfund transfers (7,403,844) 18,115,295 (118,104) (1,129,767)
- --------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from capital transactions (2,521,301) 58,741,285 109,315 (432,611)
- --------------------------------------------------------------------------------------------------------------------------------
Increase in net assets 8,963,042 82,414,575 854,702 2,082,500
Net assets at beginning of year 94,354,259 132,001,271 11,981,586 10,934,767
- --------------------------------------------------------------------------------------------------------------------------------
Net assets at end of year $103,317,301 214,415,846 12,836,288 13,017,267
================================================================================================================================
</TABLE>
See accompanying notes to unaudited financial statements.
14
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Statements of Changes in Net Assets, Continued
For the period ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Janus Aspen Series
------------------------------------------------------------
Aggressive Worldwide
Growth Growth Growth Balanced
Portfolio Portfolio Portfolio Portfolio
------------------------------------------------------------
Six Months Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Increase (decrease) in net assets
From operations:
Net investment income (expense) $ 6,765,751 301,553 (2,471,956) 1,597,100
Net realized gain 22,870,088 14,965,943 29,909,827 5,535,481
Unrealized appreciation (depreciation) on investments 11,212,292 40,979,343 35,870,354 16,283,471
- -----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations 40,848,131 56,246,839 63,308,225 23,416,052
- -----------------------------------------------------------------------------------------------------------------------------------
From capital transactions:
Net premiums 15,792,606 44,402,071 38,235,715 57,296,954
Transfers (to) from the general account of GE Life & Annuity:
Death benefits (327,014) (1,188,402) (1,643,460) (546,030)
Surrenders (4,495,098) (10,991,923) (16,063,483) (8,540,498)
Cost of insurance and administrative expense (note 3) (84,168) (219,348) (294,019) (121,282)
Transfer gain (loss) and transfer fees (340,936) 260,692 (377,735) 71,776
Transfers (to) from the Guarantee Account (note 1) 2,772,714 13,040,351 23,641,500 30,707,055
Interfund transfers 13,149,552 6,890,086 (5,743,153) 23,302,264
- -----------------------------------------------------------------------------------------------------------------------------------
Increase in net assets from capital transactions 26,467,656 52,193,527 37,755,365 102,170,239
- -----------------------------------------------------------------------------------------------------------------------------------
Increase in net assets 67,315,787 108,440,366 101,063,590 125,586,291
Net assets at beginning of period 134,279,495 334,384,822 508,816,336 174,576,149
- -----------------------------------------------------------------------------------------------------------------------------------
Net assets at end of period $201,595,282 442,825,188 609,879,926 300,162,440
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Janus Aspen Series
------------------------------------------------
Flexible International Capital
Income Growth Appreciation
Portfolio Portfolio Portfolio
------------------------------------------------
Six Months Six Months Six Months
Ended 6/30/99 Ended 6/30/99 Ended 6/30/99
- -----------------------------------------------------------------------------------------------------------------------
<S> <C>
Increase (decrease) in net assets
From operations:
Net investment income (expense) $ 1,373,682 (312,430) (278,642)
Net realized gain 65,707 2,631,080 5,822,182
Unrealized appreciation (depreciation) on investments (2,050,486) 5,316,268 8,253,229
- -----------------------------------------------------------------------------------------------------------------------
Increase (decrease) in net assets from operations (611,097) 7,634,918 13,796,769
- -----------------------------------------------------------------------------------------------------------------------
From capital transactions:
Net premiums 6,284,110 5,741,849 57,549,782
Transfers (to) from the general account of GE Life & Annuity:
Death benefits (64,985) (108,529) (211,005)
Surrenders (1,276,923) (1,792,802) (1,489,701)
Cost of insurance and administrative expense (note 3) (16,610) (36,714) (35,377)
Transfer gain (loss) and transfer fees (198,367) (193,421) 233,566
Transfers (to) from the Guarantee Account (note 1) 6,752,261 4,153,441 10,881,851
Interfund transfers 2,341,802 (2,136,886) 44,059,182
- -----------------------------------------------------------------------------------------------------------------------
Increase in net assets from capital transactions 13,821,288 5,626,938 110,988,298
- -----------------------------------------------------------------------------------------------------------------------
Increase in net assets 13,210,191 13,261,856 124,785,067
Net assets at beginning of period 33,045,345 77,481,173 39,083,471
- -----------------------------------------------------------------------------------------------------------------------
Net assets at end of period $46,255,536 90,743,029 163,868,538
=======================================================================================================================
</TABLE>
See accompanying notes to unaudited financial statements.
15
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
(1) Description of Entity
GE Life & Annuity Separate Account 4 is a separate investment
account established in 1987 by GE Life and Annuity Assurance
Company (GE Life & Annuity) under the laws of the Commonwealth of
Virginia. The Account operates as a unit investment trust under
the Investment Company Act of 1940. The Account is used to fund
certain benefits for flexible premium variable deferred annuity
life insurance policies issued by GE Life & Annuity. GE Life and
Annuity Assurance Company is a stock life insurance company
operating under a charter granted by the Commonwealth of Virginia
on March 21, 1871. A majority of the capital stock of GE Life &
Annuity is owned by General Electric Capital Assurance Company.
The remaining portion is owned by GE Financial Assurance Holdings,
Inc. General Electric Capital Assurance Company and GE Financial
Assurance Holdings, Inc. are indirect, wholly-owned subsidiaries
of General Electric Capital ("GE Capital"). GE Capital, a
diversified financial services company, is a wholly-owned
subsidiary of General Electric Company (GE), a New York
corporation. Prior to April 1, 1996, GE Life & Annuity was an
indirect wholly-owned subsidiary of Aon Corporation (Aon).
During first quarter of 1999, a new subdivision was added to
the Account, for Type I, Type II, Type III and Type 4 policies
(see note 2). The Premier Growth Equity Fund invests solely in
a designated portfolio of the GE Investments Funds, Inc and
is a series type mutual fund.
Policyowners may transfer cash values between the Account's
portfolios and the Guarantee Account that is part of the general
account of GE Life & Annuity. Amounts transferred to the Guarantee
Account earn interest at the interest rate in effect at the time
of such transfer and remain in effect for one year, after which a
new rate may be declared.
(2) Summary of Significant Accounting Policies
(a) Unit Classes
There are four unit classes included in the Account.
Type I units are sold under policy forms P1140 and
P1141. Type II unit sales began in third quarter 1994
and are sold under policy forms P1142, P1142N and
P1143. Type III unit sales began in first quarter
1999 and are sold under policy form 1152. Type 4 unit
sales began in second quarter 1999 and are sold under
policy form 1151.
16
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
(b) Investments
Investments are stated at fair value, which is based
on the underlying net asset value per share of the
respective portfolios or funds. Purchases and sales
of investments are recorded on the trade date and
income distributions are recorded on the ex-dividend
date. Realized gains and losses on investments are
determined on the average cost basis. The units and
unit values are disclosed as of the last business day
in the applicable year or period.
The aggregate cost of investments acquired and the
aggregate proceeds of investments sold, for the six
months ended June 30, 1999 were:
<TABLE>
<CAPTION>
Cost of Proceeds
Shares from
Fund/Portfolio Acquired Shares Sold
- ----------------------------------------------------------------------------------------------------------------------
<S> <C>
GE Investment Funds, Inc.:
S&P 500 Index $ 243,896,676 $ 137,639,994
Money Market 1,308,395,510 1,245,901,581
Total Return 21,626,641 9,385,520
International Equity 33,791,348 33,364,700
Real Estate Securities 5,670,768 9,603,176
Global Income 1,926,969 2,447,744
Value Equity 19,525,067 7,674,942
Income 12,105,655 7,221,147
U.S. Equity 9,898,175 1,690,645
Premier Growth Equity 703,371 105,898
Oppenheimer Variable Account Funds:
Bond 25,794,694 13,349,326
Capital Appreciation 120,032,060 145,625,070
Aggressive Growth 37,600,723 28,706,507
High Income 54,500,058 47,381,445
Multiple Strategies 14,163,194 11,943,127
Variable Insurance Products Fund:
Equity-Income 94,597,699 99,887,883
Growth 145,839,713 73,955,819
Overseas 401,083,431 410,568,284
Variable Insurance Products Fund II:
Asset Manager 63,663,510 62,804,483
Contrafund 87,700,678 44,169,957
(continued)
</TABLE>
17
<PAGE>
<TABLE>
<CAPTION>
Cost of Proceeds
Shares from
Fund/Portfolio Acquired Shares Sold
- ----------------------------------------------------------------------------------------------------------------------
<S> <C>
Variable Insurance Products Fund III:
Growth & Income 48,196,974 12,629,840
Growth Opportunties 34,925,183 9,693,043
Goldman Sachs Variable Insurance Trust
Growth and Income 3,422,546 924,745
Mid Cap Value 10,456,886 3,074,278
Janus Aspen Series:
Aggressive Growth 122,403,674 88,563,322
Growth 100,808,620 49,028,893
Worldwide Growth 172,026,876 138,997,125
Balanced 135,863,442 31,834,788
Flexible Income 24,798,621 9,580,321
International Growth 55,863,372 50,832,618
Capital Appreciation 156,010,009 45,935,832
Federated Insurance Series:
Utility Fund II 17,293,690 7,833,140
High Income Bond Fund II 53,560,477 38,965,530
American Leaders Fund II 33,347,790 13,807,173
The Alger American Fund
Small Capitalization 140,912,733 133,210,427
Growth 132,039,840 59,348,414
PBHG Insurance Series Fund, Inc.
PBHG Large Cap Growth 5,316,359 5,389,289
PBHG Growth II 3,158,052 3,680,395
Salomon Brothers Variable Series Funds, Inc.
Strategic Bond 2,806,454 327,475
Investors Fund 859,913 58,923
Total Return 2,427,268 891,654
</TABLE>
(c) Capital Transactions
The increase (decrease) in outstanding units for
Type I, Type II, Type III and Type 4 units from
capital transactions for the six months or lesser
period ended June 30, 1999 is as follows:
18
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
GE Investments Funds, Inc.
------------------------------------------------------------------------------
S&P 500 Money Total
Index Market Return
Type I Units Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
<S><C>
Units outstanding at December 31, 1998 1,096,813 5,222,349 584,911
From capital transactions:
Net premiums 34,689 857,673 1,947
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (2,040) (2,900) (2,783)
Surrenders (59,654) (2,176,351) (36,642)
Cost of insurance (1,352) (6,292) (742)
Fixed Transfers 18,284 140,302 4,391
Interfund transfers 80,269 381,876 2,216
------- -------- -------
Net increase (decrease) in units resulting
from capital transactions 70,196 (805,692) (31,613)
------- -------- -------
Units outstanding at June 30, 1999 1,167,009 4,416,657 553,298
===============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
GE Investments Funds, Inc.
- -------------------------------------------------------------------------------------------------------------------------
International Real Estate Global
Equity Securities Income
Type I Units Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------
<S><C>
Units outstanding at December 31, 1998 161,533 316,692 46,632
From capital transactions:
Net premiums 5,163 4,791 198
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (863) (833) -
Surrenders (13,589) (10,335) (4,286)
Cost of insurance (232) (384) (56)
Fixed Transfers 2,409 6,038 (751)
Interfund transfers 67,296 (65,257) 19,004
------- -------- -------
Net increase (decrease) in units resulting
from capital transactions 60,184 (65,980) 14,109
------- -------- -------
Units outstanding at June 30, 1999 221,717 250,712 60,741
=========================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
GE Investments Funds, Inc.
- ------------------------------------------------------------------------------------------------------------------------------
Value U.S.
Equity Income Equity
Type I Units Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
<S><C>
Units outstanding at December 31, 1998 385,376 1,332,645 26,127
From capital transactions:
Net premiums 8,650 6,856 18,109
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (3,406) (8,433) -
Surrenders (16,385) (39,681) (9,012)
Cost of insurance (352) (1,348) (42)
Fixed Transfers 8,684 20,105 1,061
Interfund transfers 42,024 (14,923) 25,812
------- --------- ------
Net increase (decrease) in units resulting
from capital transactions 39,215 (37,424) 35,928
------- --------- ------
Units outstanding at June 30, 1999 424,591 1,295,221 62,055
===============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
Premier
Growth Equity
Type I Units Fund
- ------------------------------------------------------------------------------
<S><C>
Units outstanding at December 31, 1998 -
From capital transactions:
Net premiums -
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits -
Surrenders -
Cost of insurance (1)
Fixed Transfers -
Interfund transfers 2,597
------
Net increase (decrease) in units resulting
from capital transactions 2,596
------
Units outstanding at June 30, 1999 2,596
- ------------------------------------------------------------------------------
</TABLE>
19
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Oppenheimer Variable Account Funds
- ----------------------------------------------------------------------------------------------------------------------
Capital Aggressive High Multiple
Bond Appreciation Growth Income Strategies
Type I Units Fund/VA Fund/VA Fund/VA Fund/VA Fund/VA
- -----------------------------------------------------------------------------------------------------------------------
<S><C>
Units outstanding at December 31, 1998 915,859 2,344,528 1,173,060 1,658,434 1,344,466
From capital transactions:
Net premiums 19,959 5,430 7,343 5,340 3,000
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (151) (4,368) (2,661) (4,624) (5,410)
Surrenders (69,217) (98,225) (55,870) (103,300) (65,961)
Cost of insurance (1,381) (2,674) (1,338) (1,955) (1,659)
Fixed Transfers 17,524 (1,527) 4,401 6,083 2,697
Interfund transfers (3,533) (268,968) (94,212) (128,975) (68,540)
------- --------- -------- --------- --------
Net increase (decrease) in units resulting
from capital transactions (36,799) (370,332) (142,337) (227,431) (135,873)
-------- --------- --------- --------- ---------
Units outstanding at June 30, 1999 879,060 1,974,196 1,030,723 1,431,003 1,208,593
=======================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Goldman Sachs Variable Insurance Trust Salomon Brothers Variable Series Fund, Inc.
----------------------------------- ------------------------------------------------
Growth and Mid Cap Strategic Total
Income Value Bond Investors Return
Type I Units Fund Fund Fund Fund Fund
- ------------------------------------------------------------------------------------------------------------------------------------
<S><C>
Units outstanding at December 31, 1998 52,650 78,049 2,799 42 6,299
From capital transactions:
Net premiums 709 7,344 - 1,624 511
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - - -
Surrenders (548) (119) (603) (7) -
Cost of insurance (59) (131) (51) (4) (9)
Fixed Transfers 4,697 - 8,984 - 1,901
Interfund transfers 17,470 87,976 60,241 5,070 27
------- ------- ------- ------ ---
Net increase (decrease) in units resulting
from capital transactions 22,269 95,070 68,571 6,683 2,430
------- ------- ------- ------ ------
Units outstanding at June 30, 1999 74,919 173,119 71,370 6,725 8,729
====================================================================================================================================
</TABLE>
20
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Variable Insurance Products Fund Variable Insurance Products Fund II
----------------------------------------- -----------------------------------
Equity Asset
Income Growth Overseas Manager Contrafund
Type I Units Portfolio Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------------------
<S><C>
Units outstanding at December 31, 1998 5,753,760 3,969,421 2,813,314 14,835,158 3,082,088
From capital transactions:
Net premiums 22,452 14,225 1,211 30,490 25,361
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (19,183) (9,850) (2,723) (36,880) (8,698)
Surrenders (381,110) (279,951) (52,337) (972,295) (136,635)
Cost of insurance (6,497) (4,676) (1,096) (19,586) (3,445)
Fixed Transfers (3,841) 5,296 (1,059) (21,088) 13,634
Interfund transfers (314,897) (25,655) 30,074 (344,851) 6,790
--------- -------- ------- --------- --------
Net increase (decrease) in units resulting
from capital transactions (703,076) (300,611) (25,930) (1,364,210) (102,993)
--------- --------- -------- ----------- ---------
Units outstanding at June 30, 1999 5,050,684 3,668,810 2,787,384 13,470,948 2,979,095
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Variable Insurance Products Fund III
-----------------------------------------------
Growth & Growth
Income Opportunities
Type I Units Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------
<S><C>
Units outstanding at December 31, 1998 751,280 595,214
From capital transactions:
Net premiums 21,550 61,100
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (1,833) -
Surrenders (38,509) (26,647)
Cost of insurance (1,116) (747)
Fixed Transfers 22,853 7,765
Interfund transfers 188,549 37,318
-------- -------
Net increase (decrease) in units resulting
from capital transactions 191,494 78,789
-------- -------
Units outstanding at June 30, 1999 942,774 674,003
==========================================================================================================
</TABLE>
21
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Federated Insurance Series Alger American Fund
--------------------------------------------- ----------------------------------
American High Small
Leaders Income Bond Utility Capitalization Growth
Type I Units Fund II Fund II Fund II Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S><C>
Units outstanding at December 31, 1998 480,466 471,675 478,465 1,733,429 1,161,424
From capital transactions:
Net premiums 5,214 43,648 9,221 3,902 41,021
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - (270) - (248)
Surrenders (6,966) (43,563) (35,392) (59,022) (42,867)
Cost of insurance (337) (873) (689) (1,572) (1,523)
Fixed Transfers 4,606 7,392 251 10,316 9,919
Interfund transfers 14,669 10,594 (31,591) (333,846) 369,434
------- ------- -------- --------- --------
Net increase (decrease) in units resulting
from capital transactions 17,186 17,198 (58,470) (380,222) 375,736
------- ------- -------- --------- --------
Units outstanding at June 30, 1999 497,652 488,873 419,995 1,353,207 1,537,160
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
PBHG Insurance Series Fund, Inc.
-------------------------------------
PBHG Large PBHG
Cap Growth Growth II
Type I Units Portfolio Portfolio
- --------------------------------------------------------------------------------------
<S><C>
Units outstanding at December 31, 1998 98,043 122,432
From capital transactions:
Net premiums 5,736 5,101
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - -
Surrenders (3,069) (13,611)
Cost of insurance (157) (561)
Fixed Transfers 1,094 8,221
Interfund transfers 11,587 (2,758)
------- -------
Net increase (decrease) in units resulting
from capital transactions 15,191 (3,608)
------- -------
Units outstanding at June 30, 1999 113,234 118,824
======================================================================================
</TABLE>
22
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Janus Aspen Series
----------------------------------------------------------------------------------
Aggressive Worldwide Flexible
Growth Growth Growth Balanced Income
Type I Units Portfolio Portfolio Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------------------------------------
<S><C>
Units outstanding at December 31, 1998 1,551,670 4,307,429 4,894,747 2,916,033 552,225
From capital transactions:
Net premiums 6,074 36,616 62,067 36,645 11,797
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (3,156) (8,234) (13,671) (5,340) -
Surrenders (34,982) (126,335) (237,488) (201,873) (17,093)
Cost of insurance (1,292) (3,818) (5,598) (3,757) (411)
Fixed Transfers 2,884 2,938 901 39,033 14,243
Interfund transfers 77,144 54,838 (44,427) 273,057 18,805
------- ------- -------- -------- -------
Net increase (decrease) in units resulting
from capital transactions 46,672 (43,995) (238,216) 137,765 27,341
------- -------- --------- -------- -------
Units outstanding at June 30, 1999 1,598,342 4,263,434 4,656,531 3,053,798 579,566
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Janus Aspen Series
--------------------------------
International Capital
Growth Appreciation
Type I Units Portfolio Portfolio
- ----------------------------------------------------------------------------------
<S><C>
Units outstanding at December 31, 1998 1,053,424 506,817
From capital transactions:
Net premiums 16,779 90,670
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (2,781) (538)
Surrenders (51,126) (26,049)
Cost of insurance (1,270) (958)
Fixed Transfers 10,256 8,884
Interfund transfers (55,298) 623,016
-------- --------
Net increase (decrease) in units resulting
from capital transactions (83,440) 695,025
-------- --------
Units outstanding at June 30, 1999 969,984 1,201,842
=================================================================================
</TABLE>
23
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
GE Investments Funds, Inc.
------------------------------------------------------------------
S&P 500 Money Total International
Index Market Return Equity
Type II Units Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 5,187,559 9,232,947 1,425,134 641,918
From capital transactions:
Net premiums 804,049 4,628,227 119,241 31,565
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (17,006) (131,764) (6,808) (1,508)
Surrenders (149,248) (2,247,586) (41,681) (7,076)
Cost of insurance (1,695) (3,541) (476) (200)
Fixed Transfers 701,851 547,676 192,338 44,471
Interfund transfers 182,086 (1,293,347) 9,860 (24,399)
-------- ----------- ------ --------
Net increase (decrease) in units resulting
from capital transactions 1,520,037 1,499,665 272,474 42,853
---------- ---------- -------- -------
Units outstanding at June 30, 1999 6,707,596 10,732,612 1,697,608 684,771
=================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
GE Investments Funds, Inc.
- -------------------------------------------------------------------------------------------------------------------------------
Real Estate Global Value U.S. Premier
Securities Income Equity Income Equity Growth Equity
Type II Units Fund Fund Fund Fund Fund Fund
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 1,753,483 285,995 2,140,000 1,884,740 180,295 -
From capital transactions:
Net premiums 58,993 12,723 172,467 174,595 304,124 24,711
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (5,223) - (1,062) (3,445) - -
Surrenders (85,764) (4,929) (73,888) (49,975) (7,923) -
Cost of insurance (598) (16) (828) (429) (65) -
Fixed Transfers 95,910 61,179 282,117 365,891 129,964 438
Interfund transfers (286,554) (99,822) 59,983 (83,851) 76,712 14,785
--------- -------- ------- ------- ------- -------
Net increase (decrease) in units resulting
from capital transactions (223,236) (30,865) 438,789 402,786 502,812 39,934
--------- -------- -------- -------- -------- -------
Units outstanding at June 30, 1999 1,530,247 255,130 2,578,789 2,287,526 683,107 39,934
===============================================================================================================================
</TABLE>
24
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Oppenheimer Variable Account Funds
- -------------------------------------------------------------------------------------------------------------------
Capital Aggressive High Multiple
Bond Appreciation Growth Income Strategies
Type II Units Fund/VA Fund/VA Fund/VA Fund/VA Fund/VA
- --------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 1,976,510 3,113,007 3,012,849 3,720,027 1,558,580
From capital transactions:
Net premiums 182,701 44,422 140,053 67,627 36,039
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (13,329) (9,709) (8,503) (7,998) (2,491)
Surrenders (53,804) (86,185) (66,966) (87,112) (38,674)
Cost of insurance (551) (880) (984) (892) (472)
Fixed Transfers 317,792 62,511 147,083 199,137 95,849
Interfund transfers (53,655) (233,114) (89,364) (193,574) (111,274)
-------- --------- -------- --------- ---------
Net increase (decrease) in units resulting
from capital transactions 379,154 (222,955) 121,319 (22,812) (21,023)
-------- --------- -------- -------- --------
Units outstanding at June 30, 1999 2,355,664 2,890,052 3,134,168 3,697,215 1,537,557
================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Goldman Sachs Variable
Insurance Trust
- ------------------------------------------------------------------------------
Growth and Mid Cap
Income Value
Type II Units Fund Fund
- ------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 428,936 345,533
From capital transactions:
Net premiums 70,565 88,322
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - -
Surrenders (20,394) (17,120)
Cost of insurance (93) (114)
Fixed Transfers 145,681 140,750
Interfund transfers 3,037 67,571
------ -------
Net increase (decrease) in units resulting
from capital transactions 198,796 279,409
-------- --------
Units outstanding at June 30, 1999 627,732 624,942
==============================================================================
</TABLE>
<TABLE>
<CAPTION>
Salomon Brothers Variable Series Fund, Inc.
-----------------------------------------------
Strategic Total
Bond Investors Return
Type II Units Fund Fund Fund
- --------------------------------------------------------------------------------------------------- -
<S> <C>
Units outstanding at December 31, 1998 10,094 863 25,915
From capital transactions:
Net premiums 37,475 13,801 40,810
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - -
Surrenders (302) (43) (897)
Cost of insurance (4) - -
Fixed Transfers 32,803 5,805 43,436
Interfund transfers 30,536 8,628 8,962
------ ------ ------
Net increase (decrease) in units resulting
from capital transactions 100,508 28,191 92,311
------- ------- -------
Units outstanding at June 30, 1999 110,602 29,054 118,226
====================================================================================================
</TABLE>
25
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Variable Insurance Products
Variable Insurance Products Fund Fund II
------------------------------------------ --------------------------------
Equity Asset
Income Growth Overseas Manager Contrafund
Type II Units Portfolio Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 11,335,446 3,818,261 1,616,956 3,176,311 10,085,800
From capital transactions:
Net premiums 245,680 344,284 14,770 88,656 605,605
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (25,509) (6,635) (2,994) (8,393) (21,426)
Surrenders (344,705) (107,830) (25,129) (80,421) (254,380)
Cost of insurance (3,839) (1,108) (338) (811) (3,374)
Fixed Transfers 391,544 160,593 14,694 142,477 483,668
Interfund transfers (551,099) 69,864 (55,894) (24,602) (1,844)
---------- --------- --------- --------- ----------
Net increase (decrease) in units resulting
from capital transactions (287,928) 459,168 (54,891) 116,906 808,249
---------- --------- --------- --------- ----------
Units outstanding at June 30, 1999 11,047,518 4,277,429 1,562,065 3,293,217 10,894,049
===============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Variable Insurance Products Fund III
-------------------------------------
Growth & Growth
Income Opportunities
Type II Units Portfolio Portfolio
- ---------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 2,843,815 2,958,791
From capital transactions:
Net premiums 582,230 606,800
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (9,030) (12,356)
Surrenders (58,411) (67,215)
Cost of insurance (917) (935)
Fixed Transfers 607,055 450,264
Interfund transfers 284,382 202,109
--------- ---------
Net increase (decrease) in units resulting
from capital transactions 1,405,309 1,178,667
--------- ---------
Units outstanding at June 30, 1999 4,249,124 4,137,458
=============================================================================
</TABLE>
26
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Federated Insurance Series Alger American Fund
-------------------------------------------- ---------------------------------------
American High Small
Leaders Income Bond Utility Capitalization Growth
Type II Units Fund II Fund II Fund II Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 3,955,083 2,977,691 1,950,915 6,082,414 5,605,283
From capital transactions:
Net premiums 227,830 203,353 166,070 (137,587) 904,474
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (4,501) (11,978) (9,420) 13,897 (24,418)
Surrenders (91,148) (81,680) (57,208) 126,458 (222,915)
Cost of insurance (1,562) (792) (675) 1,364 (1,718)
Fixed Transfers 452,860 362,517 274,693 (188,245) 414,905
Interfund transfers (242,969) (8,376) (56,165) 179,650 421,043
--------- --------- --------- --------- ---------
Net increase (decrease) in units resulting
from capital transactions 340,510 463,044 317,295 (4,463) 1,491,371
--------- --------- --------- --------- ---------
Units outstanding at June 30, 1999 4,295,593 3,440,735 2,268,210 6,077,951 7,096,654
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
PBHG Insurance Series Fund, Inc.
--------------------------------------------------
PBHG Large PBHG
Cap Growth Growth II
Type II Units Portfolio Portfolio
- -----------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 696,037 839,596
From capital transactions:
Net premiums 81,593 83,968
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (6,347) -
Surrenders (132,580) (61,835)
Cost of insurance (322) (272)
Fixed Transfers 69,756 44,673
Interfund transfers (21,739) (103,072)
-------- --------
Net increase (decrease) in units resulting
from capital transactions (9,639) (36,538)
-------- --------
Units outstanding at June 30, 1999 686,398 803,058
===============================================================================================
</TABLE>
27
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Janus Aspen Series
-----------------------------------------------------
Aggressive Worldwide
Growth Growth Growth
Type II Units Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 3,488,695 8,827,221 12,554,733
From capital transactions:
Net premiums 199,011 779,465 705,932
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (5,599) (32,186) (39,942)
Surrenders (87,423) (229,409) (285,582)
Cost of insurance (827) (2,903) (3,997)
Fixed Transfers 77,156 462,920 763,502
Interfund transfers 278,672 192,126 (189,049)
-------- -------- ---------
Net increase (decrease) in units resulting
from capital transactions 460,990 1,170,013 950,864
-------- ---------- -----------
Units outstanding at June 30, 1999 3,949,685 9,997,234 13,505,597
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Janus Aspen Series
- ----------------------------------------------------------------------------------------------------------------------
Flexible International Capital
Balanced Income Growth Appreciation
Type II Units Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 6,060,191 1,911,151 3,856,210 1,494,358
From capital transactions:
Net premiums 1,398,440 238,886 215,630 1,095,452
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits (21,221) (4,855) (4,268) (8,503)
Surrenders (214,033) (68,680) (65,443) (35,972)
Cost of insurance (2,260) (608) (1,140) (570)
Fixed Transfers 1,442,607 482,041 250,292 452,494
Interfund transfers 773,953 177,425 (112,187) 1,244,654
-------- -------- --------- ---------
Net increase (decrease) in units resulting
from capital transactions 3,377,486 824,209 282,884 2,747,555
---------- -------- -------- ---------
Units outstanding at June 30, 1999 9,437,677 2,735,360 4,139,094 4,241,913
========================================================================================================================
</TABLE>
28
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
GE Investments Funds, Inc.
---------------------------------------------------------------------------------
S&P 500 Money Total International Real Estate
Index Market Return Equity Securities
Type III Units Fund Fund Fund Fund Fund
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - - - -
From capital transactions:
Net premiums 2,042,173 5,134,953 444,323 23,520 30,191
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - - -
Surrenders (4,595) (24,817) (808) (14) (56)
Cost of insurance - - - - -
Fixed Transfers 10,049 40,006 792 - 20
Interfund transfers 210,893 (1,885,832) 11,532 268 14,331
-------- ----------- ------- ------- -------
Net increase (decrease) in units resulting
from capital transactions 2,258,520 3,264,310 455,839 23,774 44,486
---------- ---------- -------- ------- -------
Units outstanding at June 30, 1999 2,258,520 3,264,310 455,839 23,774 44,486
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
GE Investments Funds, Inc.
- -----------------------------------------------------------------------------------------------------
Value U.S. Premier
Equity Income Equity Growth Equity
Type III Units Fund Fund Fund Fund
- ------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - - -
From capital transactions:
Net premiums 252,640 117,762 171,383 13,517
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - -
Surrenders (443) (704) (542) -
Cost of insurance - - - -
Fixed Transfers 701 530 378 121
Interfund transfers 112,177 3,344 12,891 166
-------- ------ ------- ------
Net increase (decrease) in units resulting
from capital transactions 365,075 120,932 184,110 13,804
-------- -------- -------- -------
Units outstanding at June 30, 1999 365,075 120,932 184,110 13,804
======================================================================================================
</TABLE>
29
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Oppenheimer Variable Account Funds
- -----------------------------------------------------------------------------------------------------------------------------------
Capital Aggressive High Multiple
Bond Appreciation Growth Income Strategies
Type III Units Fund/VA Fund/VA Fund/VA Fund/VA Fund/VA
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - - - -
From capital transactions:
Net premiums 156,001 93,108 282,369 522,575 64,795
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - - -
Surrenders (735) (118) (905) (834) -
Cost of insurance - - - - -
Fixed Transfers 771 1,698 1,598 1,724 514
Interfund transfers 49,499 11,260 48,869 2,735 (7,157)
------- ------- -------- ------- -------
Net increase (decrease) in units resulting
from capital transactions 205,536 105,948 331,931 526,200 58,152
-------- -------- -------- ------- -------
Units outstanding at June 30, 1999 205,536 105,948 331,931 526,200 58,152
===================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Goldman Sachs Variable
Insurance Trust Salomon Brothers Variable Series Fund, Inc.
------------------------- ----------------------------------------------
Growth and Mid Cap Strategic Total
Income Value Bond Investors Return
Type III Units Fund Fund Fund Fund Fund
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - - - -
From capital transactions:
Net premiums 28,959 132,835 37,458 34,283 48,911
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - - -
Surrenders (168) (307) (2,867) (53) (61)
Cost of insurance - - - - -
Fixed Transfers 489 638 452 - -
Interfund transfers 8,990 215,226 39,724 3,436 692
------ -------- ------- ------ ----
Net increase (decrease) in units resulting
from capital transactions 38,270 348,392 74,767 37,666 49,542
------- -------- ------- ------- -------
Units outstanding at June 30, 1999 38,270 348,392 74,767 37,666 49,542
================================================================================================================================
</TABLE>
30
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Variable Insurance Products Fund
---------------------------------------------
Equity
Income Growth Overseas
Type III Units Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - -
From capital transactions:
Net premiums 707,086 1,836,701 71,131
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - -
Surrenders (4,450) (5,456) (268)
Cost of insurance - - -
Fixed Transfers 4,899 9,872 215
Interfund transfers 134,583 (23,995) 20,158
------- --------- -------
Net increase (decrease) in units resulting
from capital transactions 842,118 1,817,122 91,236
------- --------- -------
Units outstanding at June 30, 1999 842,118 1,817,122 91,236
======================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Variable Insurance Products Fund II Variable Insurance Products Fund III
-------------------------------------- ------------------------------------
Asset Growth & Growth
Manager Contrafund Income Opportunities
Type III Units Portfolio Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - - -
From capital transactions:
Net premiums 183,287 1,088,485 759,098 400,107
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - -
Surrenders (1,374) (2,107) (2,085) (887)
Cost of insurance - - - -
Fixed Transfers 1,777 21,183 5,413 12,983
Interfund transfers 33,974 108,438 70,893 47,528
-------- ---------- -------- --------
Net increase (decrease) in units resulting
from capital transactions 217,664 1,215,999 833,319 459,731
-------- ---------- -------- --------
Units outstanding at June 30, 1999 217,664 1,215,999 833,319 459,731
========================================================================================================================
</TABLE>
31
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Federated Insurance Series Alger American Fund
------------------------------------------- --------------------------------
American High Small
Leaders Income Bond Utility Capitalization Growth
Type III Units Fund II Fund II Fund II Portfolio Portfolio
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - - - -
From capital transactions:
Net premiums 489,785 188,088 116,402 174,493 1,693,582
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - - -
Surrenders (733) (452) (3,099) (152) (3,955)
Cost of insurance - - - - -
Fixed Transfers 5,532 1,529 1,738 1,206 5,286
Interfund transfers 60,408 34,793 23,204 28,733 145,834
-------- -------- -------- -------- ---------
Net increase (decrease) in units resulting
from capital transactions 554,992 223,958 138,245 204,280 1,840,747
-------- -------- -------- -------- ---------
Units outstanding at June 30, 1999 554,992 223,958 138,245 204,280 1,840,747
===========================================================================================================================
</TABLE>
32
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Janus Aspen Series
---------------------------------------------------------
Aggressive Worldwide
Growth Growth Growth
Type III Units Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - -
From capital transactions:
Net premiums 742,080 2,027,236 1,383,797
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - -
Surrenders (838) (5,214) (3,175)
Cost of insurance - - -
Fixed Transfers 2,553 15,278 19,939
Interfund transfers 29,730 (41,128) 139,654
------- --------- ---------
Net increase (decrease) in units resulting
from capital transactions 773,525 1,996,172 1,540,215
-------- --------- ---------
Units outstanding at June 30, 1999 773,525 1,996,172 1,540,215
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Janus Aspen Series
------------------------------------------------------------------------------------
Flexible International Capital
Balanced Income Growth Appreciation
Type III Units Portfolio Portfolio Portfolio Portfolio
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - - -
From capital transactions:
Net premiums 2,616,348 280,045 205,101 2,631,431
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - -
Surrenders (9,753) (520) (433) (4,445)
Cost of insurance - - - -
Fixed Transfers 301 608 2,830 9,578
Interfund transfers 176,087 (47,491) 45,038 57,521
-------- -------- -------- ----------
Net increase (decrease) in units resulting
from capital transactions 2,782,983 232,642 252,536 2,694,085
---------- -------- -------- ----------
Units outstanding at June 30, 1999 2,782,983 232,642 252,536 2,694,085
===========================================================================================================================
</TABLE>
33
<PAGE>
GE LIFE & ANNUITY SEPARATE ACCOUNT 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
GE Investments Funds, Inc.
------------------------------------------------------------
S&P 500 Money Total Real Estate
Index Market Return Securities
Type 4 Units Fund Fund Fund Fund
- ----------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - - -
From capital transactions:
Net premiums 46,730 141,606 5,581 978
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - -
Surrenders - - - -
Cost of insurance - - - -
Fixed Transfers - - - -
Interfund transfers 62 (8,274) - -
------- ------- ----- ----
Net increase (decrease) in units resulting
from capital transactions 46,792 133,332 5,581 978
------- -------- ------ ----
Units outstanding at June 30, 1999 46,792 133,332 5,581 978
================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
GE Investments Funds, Inc.
- ---------------------------------------------------------------------------------------------
Value U.S. Premier
Equity Equity Growth Equity
Type 4 Units Fund Fund Fund
- -----------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - -
From capital transactions:
Net premiums 31,080 11,570 3,708
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - -
Surrenders - - -
Cost of insurance - - -
Fixed Transfers - - -
Interfund transfers - - -
------- ------- ------
Net increase (decrease) in units resulting
from capital transactions 31,080 11,570 3,708
------- ------- ------
Units outstanding at June 30, 1999 31,080 11,570 3,708
=========================================================================================
</TABLE>
34
<PAGE>
GE Life & Annuity Sepatate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Oppenheimer Variable Account Funds
- -------------------------------------------------------------------------------------------------------------
Aggressive High Multiple
Bond Growth Income Strategies
Type 4 Units Fund/VA Fund/VA Fund/VA Fund/VA
- --------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - - -
From capital transactions:
Net premiums 2,617 5,022 5,356 1,005
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - -
Surrenders - - - -
Cost of insurance - - - -
Fixed Transfers - - - -
Interfund transfers 231 59 - -
----- ----- ----- ------
Net increase (decrease) in units resulting
from capital transactions 2,848 5,081 5,356 1,005
------ ------ ------ ------
Units outstanding at June 30, 1999 2,848 5,081 5,356 1,005
==============================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Goldman Sachs Salomon Brothers
Variable Variable Series
Insurance Trust Fund, Inc.
------------------- ---------------
Mid Cap Strategic
Value Bond
Type 4 Units Fund Fund
- ---------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - -
From capital transactions:
Net premiums 10,519 2,210
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - -
Surrenders - -
Cost of insurance - -
Fixed Transfers - -
Interfund transfers - -
------- ------
Net increase (decrease) in units resulting
from capital transactions 10,519 2,210
------- ------
Units outstanding at June 30, 1999 10,519 2,210
=================================================================================
</TABLE>
35
<PAGE>
GE Lie & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Variable Insurance Products Fund Variable Insurance Products Fund II
------------------------------------- -------------------------------------
Equity Asset
Income Growth Manager Contrafund
Type 4 Units Portfolio Portfolio Portfolio Portfolio
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - - -
From capital transactions:
Net premiums 31,961 14,302 7,032 38,742
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - -
Surrenders - - - -
Cost of insurance - - - -
Fixed Transfers - - - -
Interfund transfers 234 1,438 - 62
------- ------ ------ -------
Net increase (decrease) in units resulting
from capital transactions 32,195 15,740 7,032 38,804
------- ------- ------ -------
Units outstanding at June 30, 1999 32,195 15,740 7,032 38,804
=============================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Variable Insurance Products Fund III
-------------------------------------------
Growth & Growth
Income Opportunities
Type 4 Units Portfolio Portfolio
- -------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - -
From capital transactions:
Net premiums 5,881 8,567
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - -
Surrenders - -
Cost of insurance - -
Fixed Transfers - -
Interfund transfers - -
------ -----
Net increase (decrease) in units resulting
from capital transactions 5,881 8,567
------ -----
Units outstanding at June 30, 1999 5,881 8,567
==========================================================================================
</TABLE>
36
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Federated Insurance Series Alger American Fund
----------------------------- ---------------------------------------
High Small
Income Bond Utility Capitalization Growth
Type 4 Units Fund II Fund II Portfolio Portfolio
-----------------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - - -
From capital transactions:
Net premiums 5,260 1,585 6,782 22,839
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - -
Surrenders - - - -
Cost of insurance - - - -
Fixed Transfers - - - -
Interfund transfers - 220 58 (595)
--------- -------- -------- --------
Net increase (decrease) in units resulting
from capital transactions 5,260 1,805 6,840 22,244
--------- -------- -------- --------
Units outstanding at June 30, 1999 5,260 1,805 6,840 22,244
============================================================================================================================
</TABLE>
37
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
<TABLE>
<CAPTION>
Janus Aspen Series
----------------------------------------------------------------
Aggressive Worldwide
Growth Growth Growth Balanced
Type 4 Units Portfolio Portfolio Portfolio Portfolio
- -------------------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - - - -
From capital transactions:
Net premiums 18,791 32,559 59,913 27,542
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - - - -
Surrenders - - - -
Cost of insurance - - - -
Fixed Transfers - - - -
Interfund transfers - 1,997 (720) -
---------- --------- -------- --------
Net increase (decrease) in units resulting
from capital transactions 18,791 34,556 59,193 27,542
----------- --------- -------- --------
Units outstanding at June 30, 1999 18,791 34,556 59,193 27,542
===================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
Janus Aspen Series
------------------------------------------------------
Flexible Capital
Income Appreciation
Type 4 Units Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------
<S> <C>
Units outstanding at December 31, 1998 - -
From capital transactions:
Net premiums 5,428 34,979
Tranfers (to) from the
general acct. of GE Life & Annuity:
Death benefits - -
Surrenders - -
Cost of insurance - -
Fixed Transfers - -
Interfund transfers 5,367 62
------- -------
Net increase (decrease) in units resulting
from capital transactions 10,795 35,041
------- -------
Units outstanding at June 30, 1999 10,795 35,041
======================================================================================================
</TABLE>
38
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
(d) Federal Income Taxes
The Account is not taxed separately because the
operations of the Account are part of the total
operations of GE Life & Annuity. GE Life & Annuity is
taxed as a life insurance company under the Internal
Revenue Code (the Code). GE Life & Annuity is
included in the General Electric Capital Assurance
Company consolidated federal income tax return. Under
existing federal income tax law, no taxes are payable
on the investment income or on the capital gains of
the Account.
(e) Use of Estimates
Financial statements prepared in conformity with
generally accepted accounting principles require
management to make estimates and assumptions that
affect amounts and disclosures reported therein.
Actual results could differ from those estimates.
(3) Related Party Transactions
Net premiums transferred from GE Life & Annuity to the Account
represent gross premiums recorded by GE Life & Annuity on its
flexible premium variable deferred annuity products, less
deductions retained as compensation for premium taxes. For
policies issued on or after May 1, 1993, the deduction for premium
taxes will be deferred until surrender. For Type I policies,
during the first ten years following a premium payment, a charge
of .20% of the premium payment is deducted monthly from the policy
Account values to reimburse GE Life & Annuity for certain
distribution expenses. In addition, a charge is imposed on full
and certain partial surrenders that occur within six years of any
premium payment for Type I and Type II policies (seven years for
certain Type II policies) and eight years for Type III policies.
These surrender charges are assessed to cover certain expenses
relating to the sale of a policy. Subject to certain limitations,
the charge equals 6% (or less) of the premium surrendered for Type
I and Type II policies and 8% (or less) for Type III policies,
depending on the time between premium payment and surrender. There
is no surrender charge for Type 4 policies.
GE Life & Annuity will deduct the following charges from the
policy account values to cover certain administrative expenses
incurred: $30 per year for Type I policies, $25 plus .15% annually
for Type II policies, and $25 plus .25% annually for both Type III
and Type 4 policies. For Type II, Type III and Type 4 policies,
the $25 charge may be waived if the account value is greater than
$75,000, $10,000 and $25,000, respectively. In addition, GE Life &
Annuity charges the Account for the mortality and expense risk
that GE Life & Annuity assumes based on the following rates: Type
I 1.15%, Type II 1.25%, Type III
39
<PAGE>
GE Life & Annuity Separate Account 4
Notes to Financial Statements
June 30, 1999
(Unaudited)
- --------------------------------------------------------------------------------
1.30% and Type 4 1.35%. Administrative expenses as well as
mortality and risk charges are deducted daily and reflect the
effective annual rates.
GE Investments Funds, Inc. (the Fund) is an open-end diversified
management investment company.
Capital Brokerage Corporation, an affiliate of GE Life & Annuity,
is a Washington Corporation registered with the Commission under
the Securities Exchange Act of 1934 as a broker-dealer and is a
member of the National Association of Securities Dealers, Inc.
Capital Brokerage Corporation serves as principal underwriter for
variable life insurance policies issued by GE Life & Annuity.
GE Investment Management Incorporated (Investment Advisor), a
wholly-owned subsidiary of GE, currently serves as investment
advisor to GE Investments Funds, Inc. As compensation for its
services, the Investment Advisor is paid an investment advisory
fee by the Fund based on the average daily net assets at an
effective annual rate of .35% for the S&P 500 Index Fund, .50%
for the Money Market, Income Fund, and Total Return Funds, 1.00%
for the International Equity Fund, .85% for the Real Estate
Securities Fund, .60% for the Global Income Fund, .55% for the
U.S. Equity Fund and .65% for the Value Equity and Premier Growth
Equity Funds. Prior to May 1, 1997, Aon Advisors, Inc. served as
investment advisor to the Fund and was subject to the same
compensation arrangement as GE Investment Management
Incorporated.
Certain officers and directors of GE Life & Annuity are also
officers and directors of Capital Brokerage Corporation.
40
