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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 17
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<DIVIDEND-INCOME> 252224
<INTEREST-INCOME> 87404
<OTHER-INCOME> 0
<EXPENSES-NET> 737073
<NET-INVESTMENT-INCOME> (397445)
<REALIZED-GAINS-CURRENT> (14577553)
<APPREC-INCREASE-CURRENT> 44783262
<NET-CHANGE-FROM-OPS> 29808264
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15853169
<NUMBER-OF-SHARES-REDEEMED> (1053015)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 231216381
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 728286
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 737073
<AVERAGE-NET-ASSETS> 177916853
<PER-SHARE-NAV-BEGIN> 13.63
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> 2.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.62
<EXPENSE-RATIO> 1.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000837276
<NAME> GCG TRUST
<SERIES>
<NUMBER> 23
<NAME> GLOBAL FIXED INCOME SERIES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> AUG-14-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 19216118
<INVESTMENTS-AT-VALUE> 20325148
<RECEIVABLES> 844494
<ASSETS-OTHER> 13561
<OTHER-ITEMS-ASSETS> 762738
<TOTAL-ASSETS> 21945941
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13934
<TOTAL-LIABILITIES> 13934
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20945825
<SHARES-COMMON-STOCK> 1963382
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (155040)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21282)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1162504
<NET-ASSETS> 21932007
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 301889
<OTHER-INCOME> 0
<EXPENSES-NET> 127583
<NET-INVESTMENT-INCOME> 174306
<REALIZED-GAINS-CURRENT> (93077)
<APPREC-INCREASE-CURRENT> 1162504
<NET-CHANGE-FROM-OPS> 1243733
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 257551
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3059210
<NUMBER-OF-SHARES-REDEEMED> 1119052
<SHARES-REINVESTED> 23224
<NET-CHANGE-IN-ASSETS> 21932007
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 118137
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 127583
<AVERAGE-NET-ASSETS> 19446067
<PER-SHARE-NAV-BEGIN> 10.47
<PER-SHARE-NII> 0.09
<PER-SHARE-GAIN-APPREC> 0.74
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.13)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.17
<EXPENSE-RATIO> 1.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000837276
<NAME> GCG TRUST
<SERIES>
<NUMBER> 24
<NAME> MID CAP GROWTH SERIES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> AUG-14-1998
<PERIOD-END> DEC-31-1998
<INVESTMENTS-AT-COST> 226075563
<INVESTMENTS-AT-VALUE> 252415235
<RECEIVABLES> 2314427
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 254729662
<PAYABLE-FOR-SECURITIES> 2393634
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 314212
<TOTAL-LIABILITIES> 2707846
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 219861145
<SHARES-COMMON-STOCK> 13925412
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 43708
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 5777291
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 26339672
<NET-ASSETS> 252021816
<DIVIDEND-INCOME> 113428
<INTEREST-INCOME> 719231
<OTHER-INCOME> (13)
<EXPENSES-NET> 717804
<NET-INVESTMENT-INCOME> 114842
<REALIZED-GAINS-CURRENT> 7139551
<APPREC-INCREASE-CURRENT> 26339672
<NET-CHANGE-FROM-OPS> 33594065
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (71134)
<DISTRIBUTIONS-OF-GAINS> (1362260)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15182332
<NUMBER-OF-SHARES-REDEEMED> (1338682)
<SHARES-REINVESTED> 81762
<NET-CHANGE-IN-ASSETS> 252021816
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 708271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 717804
<AVERAGE-NET-ASSETS> 197720596
<PER-SHARE-NAV-BEGIN> 15.68
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 2.52
<PER-SHARE-DIVIDEND> (0.01)
<PER-SHARE-DISTRIBUTIONS> (0.10)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.10
<EXPENSE-RATIO> .95
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
EXHIBIT 99
Question 77-M
Consolidation of Equi-Select Series Trust into The GCG Trust
On August 14, 1998, the consolidation of Equi-Select Series ("ESS") Trust into
The GCG Trust took place at no cost to contract holders. The separate
accounts investing in the ESS Trust Portfolios substituted shares of similar
GCG Trust Series for shares of the ESS Trust Portfolios in a taxable exchange
as follows:
ESS Trust Portfolio Replaced GCG Substituted Series Shares ls-sued
Growth & Income Portfolio Growth & Income Series 15,829,527.063
Research Portfolio Research Series 22,082,990.473
Total Return Portfolio Total Return Series 20,909,076.735
Value + Growth Portfolio Value + Growth Series 10,963,565.482
Intn'l Fixed Income Portfolio Global Fixed Income Series 1,485,968.159
OTC Portfolio Mid-Cap Growth Series 10,833,373.392
Money Market Portfolio Liquid Assets Series 48,481,811.660
Mortgage-Backed Securities Port Limited Maturity Bond Series 1,901,275.243
Advantage Portfolio Limited Maturity Bond Series 1,793,679.324
Net Unrealized
Appreciation/ Value of
(Depreciation) Net Assets
GCG Substituted Series
Growth & Income Series $(1,382,294) $225,438,123
Research Series 17,154,591 391,978,647
Total Return Series 3,633,276 311,044,440
Value + Growth Series 10,535,174 149,396,501
Global Fixed Income Series 106,488 15,564,753
Mid-Cap Growth Series (8,246,032) 169,854,219
Liquid Assets Series 0 48,475,961
Limited Maturity Bond Series 262,699 20,331,948
Limited Maturity Bond Series 8,107 18,625,323
The consolidation of ESS Trust into The GCG Trust created new portfolios with
respect to Growth & Income Series, Research Series, Total Return Series,
Value + Growth Series, Global Fixed Income Series and Mid-Cap Growth Series.
The aggregate net assets of the Liquid Assets Series and Limited Maturity
Bond Series were $146,190,555 and $75,187,878, respectively prior to the
consolidation. The aggregate net assets of Liquid Assets Series and Limited
Maturity Bond Series were $194,666,515 and $114,145,149, respectively as a
result of the consolidation.
Report of Independent Auditors
To the Board of Trustees of
The GCG Trust
In planning and performing our audit of the financial statements of
The GCG Trust (comprising, respectively, the Multiple Allocation Series,
Fully Managed Series, Limited Maturity Bond Series, Hard Assets Series,
Real Estate Series, All Growth Series, Capital Appreciation Series,
Rising Dividends Series, Emerging Markets Series, Value Equity Series,
Strategic Equity Series, Small Cap Series, Managed Global Series,
Growth Opportunities Series, Developing World Series, Mid-Cap Series,
Research Series, Total Return Series, Growth & Income Series,
Value + Growth Series, Global Fixed Income Series, Market Manager Series,
and Liquid Asset Series (all 23 Series comprising The GCG Trust)) for
the year ended December 31, 1998, we considered its internal control, including
control activities for safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR,
and not to provide assurance onthe internal control.
The management of The GCG Trust is responsible for establishing and
maintaining internal control. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all
matters in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of one or
more of specific internal control components does not reduce to a relatively
low level the risk that errors or fraud in amounts that would be material in
relation to the financial statements being audited may occur and not be
detected within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving internal
control and its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above at
December 31, 1998.
This report is intended solely for the information and use of the board of
trustees and management of The GCG Trust and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other
than these specified parties.
ERNST & YOUNG LLP
February 26, 1999
