RETIREMENT PLAN SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
Financial Statements for the Six Months
Ended June 30, 1996 and 1995
RETIREMENT PLAN SERIES ACCOUNT
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 1996
[Unaudited]
Shares
Cost
Value
ASSETS
Investments in affiliated mutual funds:
Maxim Series Fund, Inc. - Corporate Bond
307,296
$348,921
$343,969
Maxim Series Fund, Inc. - Foreign Equity
262,973
263,580
275,942
Maxim Series Fund, Inc. - Growth Index
932,632
1,286,302
1,394,311
Maxim Series Fund, Inc. - Investment Grade Corporate Bond
162,038
208,601
204,230
Maxim Series Fund, Inc. - Money Market
806,175
806,721
806,721
Maxim Series Fund, Inc. - Short-Term Maturity Bond
16,334
16,367
16,288
Maxim Series Fund, Inc. - Small-Cap Aggressive Growth
409,434
515,139
548,855
Maxim Series Fund, Inc. - Small-Cap Index
563,003
679,379
719,208
Maxim Series Fund, Inc. - Small-Cap Value
210,581
226,692
238,261
Maxim Series Fund, Inc. - Stock Index
899,129
1,788,989
1,936,857
Maxim Series Fund, Inc. - Total Return
382,775
504,979
512,916
Maxim Series Fund, Inc. - U.S. Government Mortgage Securities
286,646
331,712
326,860
Maxim Series Fund, Inc. - Value Index
799,658
1,027,458
1,068,827
Total investments
$8,004,840
$8,393,245
Other assets and liabilities:
Premium due and accrued
36,846
Investment income due and accrued
109
Due to Great-West Life & Annuity Insurance Company
(1,516)
NET ASSETS APPLICABLE TO OUTSTANDING UNITS OF CAPITAL (Note 5)
$8,428,684
See notes to financial statements.
RETIREMENT PLAN SERIES ACCOUNT
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
[Unaudited]
Bond Fund II Investment Division
International Fund II Investment Division
Aggressive Growth Fund IV Investment Division
Bond Fund II Investment Division
Short-Term Fund II Investment Division
INVESTMENT INCOME
$11,782
$299
$4,632
$4,776
$15,727
EXPENSES - mortality and expense risks by category:
A
84
149
384
60
129
O
87
104
544
60
175
U
38
50
292
37
72
Z
NET INVESTMENT INCOME (LOSS)
11,573
(4)
3,412
4,619
15,351
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments
(453)
47
(813)
(160)
Net change in unrealized appreciation (depreciation) on
investments
(8,273)
10,717
94,837
(5,878)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
(8,726)
10,764
94,024
(6,038)
0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$2,847
$10,760
$97,436
$(1,419)
$15,351
See notes to financial statements.
(Continued)
RETIREMENT PLAN SERIES ACCOUNT
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
[Unaudited]
Bond Fund V Investment Division
Aggressive Growth Fund V Investment Division
Aggressive Growth Fund II Investment Division
Growth Fund IV Investment Division
Growth Fund II Investment Division
INVESTMENT INCOME
$239
$399
$2,604
$936
$12,869
EXPENSES - mortality and expense risks by category:
A
2
145
184
65
411
O
8
270
293
89
602
U
6
59
89
85
446
Z
NET INVESTMENT INCOME (LOSS)
223
(75)
2,038
697
11,410
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments
(625)
396
113
2,241
Net change in unrealized appreciation (depreciation) on
investments
(79)
36,582
37,907
11,317
115,772
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
(79)
35,957
38,303
11,430
118,013
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$144
$35,882
$40,341
$12,127
$129,423
See notes to financial statements.
(Continued)
RETIREMENT PLAN SERIES ACCOUNT
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1996
[Unaudited]
Growth & Income Fund I Investment Division
Bond Fund I Investment Division
Growth & Income Fund III Investment Division
Total Retirement Plan
INVESTMENT INCOME
$5,646
$6,934
$10,012
$76,855
EXPENSES - mortality and expense risks by category:
A
160
72
205
2,050
O
251
160
340
2,983
U
85
54
262
1,575
Z
NET INVESTMENT INCOME
5,150
6,648
9,205
70,247
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments
(142)
(27)
495
1,072
Net change in unrealized appreciation (depreciation) on
investments
8,482
(6,667)
29,169
323,886
NET REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS
8,340
(6,694)
29,664
324,958
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS
$13,490
$(46)
$38,869
$395,205
See notes to financial statements.
(Concluded)
RETIREMENT PLAN SERIES ACCOUNT
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Bond Fund III Investment Division (C) 1996
International Fund II Investment Division
1996
1995
Aggressive Growth Fund IV Investment Division (C) 1996
Bond Fund II Investment Division (C) 1996
FROM OPERATIONS:
Net investment income (loss)
$11,573
$(4)
$13
$3,412
$4,619
Net realized gain (loss) on investments
(453)
47
(813)
(160)
Net change in unrealized appreciation
(depreciation) in investments
(8,273)
10,717
(67)
94,837
(5,878)
Increase (decrease) in net assets
derived from operations
2,847
10,760
(54)
97,436
(1,419)
FROM UNIT TRANSACTIONS: (by category)
Purchase payments:
A
27,254
35,919
2,700
187,398
22,496
O
17,287
70,174
161,318
24,213
U
36,356
54,182
285,083
25,857
Z
85,429
37,656
242,025
25,469
Redemptions:
A
(4,042)
(66,087)
O
6,646)
(2,814)
U
(9,197)
(5,239)
(5,274)
Z
(31,462)
(42,369)
Net transfers from (to) other annuity contracts:
A
(2,237)
(2,760)
135
(2,533)
O
9,706
U
(2,655)
(10,568)
(20,932)
Z
(86,523)
10,572
36,151
9,917
Increase in net assets
derived from unit transactions
34,252
184,487
2,700
805,307
79,213
INCREASE IN NET ASSETS
37,099
195,247
2,646
902,743
77,794
NET ASSETS
Beginning of period
306,828
80,622
497,543
126,401
End of period
$343,927
$275,869
$2,646
$1,400,286
$204,195
(C) The Investment Division commenced operations on July 24, 1995.
See notes to financial statements.
(Continued)
RETIREMENT PLAN SERIES ACCOUNT
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Short-Term Fund II Investment Division (A) 1996
Bond Fund V Investment Division (E) 1996
Aggressive Growth Fund V Investment Division (D) 1996
Aggressive Growth Fund III Investment Division
1996
1995
FROM OPERATIONS:
Net investment income (loss)
$15,351
$223
$(75)
$2,038
$2
Net realized gain (loss) on investments
(625)
396
Net change in unrealized appreciation
(depreciation) in investments
(79)
36,582
37,907
Increase (decrease) in net assets
derived from operations
15,351
144
35,882
40,341
2
FROM UNIT TRANSACTIONS: (by category)
Purchase payments:
A
24,801
1,837
81,371
65,249
881
O
116,317
5,340
106,362
93,565
U
82,088
8,962
134,491
159,675
Z
46,403
74,669
111,735
Redemptions:
A
(11,313)
(8,666)
(10,341)
O
(956)
(8,223)
(14,013)
U
(19,501)
(950)
(9,411)
Z
(52,223)
(9,085)
(10,130)
Net transfers from (to) other annuity contracts:
A
5,215
(2,946)
O
(13,505)
(29,599)
U
43,314
30,447
537
Z
60,955
Increase in net assets
derived from unit transactions
281,595
16,139
367,871
386,866
881
INCREASE IN NET ASSETS
296,946
16,283
403,753
427,207
883
NET ASSETS
Beginning of period
509,803
154,363
301,531
End of period
$806,749
$16,283
$558,116
$728,738
$883
(A) The Investment Division commenced operations on July 5, 1995.
(D) The Investment Division commenced operations on August 3,
1995.
(E) The Investment Division commenced operations on March 13,
1996.
See notes to financial statements.
(Continued)
RETIREMENT PLAN SERIES ACCOUNT
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Growth Fund IV Investment Division (B) 1996
Growth Fund II Investment Division
1996
1995
Growth & Income Fund I Investment Division (C) 1996
FROM OPERATIONS:
Net investment income
$697
$11,410
$2
$5,150
Net realized gain (loss) on investments
113
2,241
(142)
Net change in unrealized appreciation
(depreciation) in investments
11,317
115,772
(2)
8,482
Increase (decrease) in net assets
derived from operations
12,127
129,423
0
13,490
FROM UNIT TRANSACTIONS: (by category)
Purchase payments:
A
16,783
173,942
380
63,021
O
38,419
217,306
71,912
U
33,099
296,462
87,671
Z
25,694
186,216
142,808
Redemptions:
A
(1,465)
(6,637)
(1,001)
O
(7,206)
U
(3,632)
(11,492)
(6,867)
Z
(3,003)
(40,816)
(7,954)
Net transfers from (to) other annuity contracts:
A
129
O
5,642
(7,319)
U
(38,675)
(13,188)
Z
18,196
10,435
Increase in net assets
derived from unit transactions
111,537
780,106
380
346,837
INCREASE IN NET ASSETS
123,664
909,529
380
360,327
NET ASSETS
Beginning of period
114,546
1,036,656
152,480
End of period
$238,210
$1,946,185
$380
$512,807
(B) The Investment Division commenced operations on July 12, 1995.
(C) The Investment Division commenced operations on July 24, 1995.
See notes to financial statements.
(Continued)
RETIREMENT PLAN SERIES ACCOUNT
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
Bond Fund I Investment Division (B) 1996
Growth & Income Fund III Investment Division (B) 1996
Total Retirement Plan
1996
1995
FROM OPERATIONS:
Net investment income
$6,648
$9,205
$70,247
$17
Net realized gain (loss) on investments
(27)
495
1,072
Net change in unrealized appreciation
(depreciation) in investments
(6,667)
29,169
323,886
(69)
Increase (decrease) in net assets
derived from operations
(46)
38,869
395,205
(52)
FROM UNIT TRANSACTIONS: (by category)
Purchase payments:
A
28,960
78,015
807,046
3,961
O
35,559
96,802
1,054,574
U
88,866
220,002
1,512,794
Z
49,295
202,439
1,229,838
Redemptions:
A
(250)
(4,611)
(114,413)
O
(15,924)
(55,782)
U
(5,285)
(11,627)
(88,475)
Z
(4,855)
(9,359)
(211,256)
Net transfers from (to) other annuity contracts:
A
4,997
O
5,476
(29,599)
U
(13,459)
(42,075)
(67,254)
Z
37,199
96,902
Increase in net assets
derived from unit transactions
162,907
577,258
4,134,375
3,961
INCREASE IN NET ASSETS
162,861
616,127
4,529,580
3,909
NET ASSETS
Beginning of period
163,935
454,396
3,899,104
End of period
$326,796
$1,070,523
$8,428,684
$3,909
(B) The Investment Division commenced operations on July 12, 1995.
See notes to financial statements.
(Concluded)
RETIREMENT PLAN SERIES ACCOUNT
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
NOTES TO FINANCIAL STATEMENTS
SIX MONTHS ENDED JUNE 30, 1996 AND 1995
[Unaudited]
1. HISTORY OF THE SERIES ACCOUNT
The Retirement Plan Series Account of Great-West Life & Annuity
Insurance Company (the Series Account) is a separate account of
Great-West Life & Annuity Insurance Company (the Company)
established under Colorado law. The Series Account commenced
operations on June 1, 1995. The Series Account is registered with
the Securities and Exchange Commission as a unit investment trust
under the provisions of the Investment Company Act of 1940, as
amended.
The Series Account has various investment divisions which invest in
shares of open-end management investment companies (the Funds) as
follows:
Retirement Plan Series
Investment Division
Mutual Fund Investment
Aggressive Growth Fund III
Maxim Series Fund, Inc. - Small-Cap Index
Aggressive Growth Fund IV
Maxim Series Fund, Inc. - Growth Index
Aggressive Growth Fund V
Maxim Series Fund, Inc. - Small-Cap Aggressive Growth
Bond Fund I
Maxim Series Fund, Inc. - U.S. Government Mortgage Securities
Bond Fund II
Maxim Series Fund, Inc. - Investment Grade Corporate Bond
Bond Fund III
Maxim Series Fund, Inc. - Corporate Bond
Bond Fund V
Maxim Series Fund, Inc. - Short-Term Maturity Bond
Growth Fund II
Maxim Series Fund, Inc. - Stock Index
Growth Fund IV
Maxim Series Fund, Inc. - Small-Cap Value
Growth & Income Fund I
Maxim Series Fund, Inc. - Total Return
Growth & Income Fund III
Maxim Series Fund, Inc. - Value Index
International Fund II
Maxim Series Fund, Inc. - Foreign Equity
Short-Term Fund II
Maxim Series Fund, Inc. - Money Market
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies of
the Series Account which are in accordance with the accounting
principles generally accepted in the investment company industry:
Security Transactions - Security transactions are recorded on the
trade date. Cost of investments sold is determined on the basis of
identified cost.
Dividend income is accrued as of the ex-dividend date and expenses
are accrued on a daily basis.
Security Valuation - The investments in shares of the Funds are
valued at the closing net asset value per share as determined by
the appropriate fund/portfolio at the end of each day.
The cost of investments represents shares of the Funds which were
purchased by the Series Account. Purchases are made at the net
asset value from net purchase payments or through reinvestment of
all distributions from the Fund.
Federal Income Taxes - The Series Account income is automatically
applied to increase contract reserves. Under the existing federal
income tax law, this income is not taxed to the extent that it is
applied to increase reserves under a contract. The Company
reserves the right to charge the Series Account for federal income
taxes attributable to the Series Account if such taxes are imposed
in the future.
3. CHARGES UNDER THE CONTRACT
Charges Incurred for Total or Partial Surrenders - The
administrative surrender fee is $50 if the contract is surrendered
in whole during the first 12 months and $25 if the contract is
surrendered in part during the first 12 months.
Deductions for Premium Taxes - The Company presently intends to pay
any premium tax levied by any governmental entity as a result of
the existence of the participant accounts or the Series Account.
Deductions for Variable Asset Charge - The Company deducts an
amount, computed daily, from the net asset value of the Series
Account investments, equal to an annual rate of .75% (category A),
.50% (category O), .25% (category U), and .00% (category Z),
depending on the size of the contract. This charge is designed to
compensate the Company for its assumption of certain mortality,
death benefit and expense risks.
If the above proves insufficient to cover actual costs and assumed
risks, the loss will be borne by the Company; conversely, if the
amount deducted proves more than sufficient, the excess will be a
profit to the Company.
4. RELATED PARTY SERVICES
The Company's parent, The Great-West Life Assurance Company, serves
as investment advisor to Maxim Series Fund, Inc. Fees are assessed
against the average daily net asset value of the Funds to
compensate The Great-West Life Assurance Company for investment
advisory services.
5. COMPONENTS OF NET ASSETS APPLICABLE TO OUTSTANDING UNITS OF
CAPITAL
The following is a summary of the net assets applicable to
outstanding units of capital at June 30, 1996 for each investment
division:
Units
Unit Price
Total Variable Annuity Contract Liabilities
Net Assets Applicable to Outstanding Units of Capital:
Bond Fund III
Category A
3,111.422614
10.996827
34,216
Category O
3,998.557563
11.091238
44,349
Category U
3,875.757239
10.986423
42,581
Category Z
19,979.369556
11.150577
222,781
International Fund II
Category A
5,519.094722
10.934117
60,346
Category O
7,655.216404
10.909142
83,512
Category U
6,300.680565
10.917582
68,788
Category Z
5,775.444873
10.946897
63,223
Aggressive Growth Fund IV
Category A
13,030.940381
12.988875
169,257
Category O
23,732.062269
13.023726
309,080
Category U
31,647.696592
13.058941
413,285
Category Z
38,847.186195
13.093984
508,664
(Continued)
5. COMPONENTS OF NET ASSETS APPLICABLE TO OUTSTANDING UNITS OF
CAPITAL (Continued)
Units
Unit Price
Total Variable Annuity Contracts Liabilities
Net Assets Applicable to Outstanding Units of Capital:
Bond Fund II
Category A
2,695.214002
10.294317
27,745
Category O
3,632.410699
10.377175
37,694
Category U
2,492.579161
10.298189
25,669
Category Z
10,837.773873
10.434523
113,087
Short-Term Fund II
Category A
4,206.957355
10.437490
43,910
Category O
11,005.223833
10.238230
112,674
Category U
11,837.245986
10.285670
121,754
Category Z
50,218.144399
10.522318
528,411
Bond Fund V
Category A
184.298828
10.021127
1,847
Category O
534.322711
10.081003
5,387
Category U
895.574784
10.103687
9,049
Aggressive Growth Fund V
Category A
6,341.325249
13.747662
87,178
Category O
10,934.743817
13.785628
150,742
Category U
13,392.139858
13.817033
185,040
Category Z
9,752.074876
13.859171
135,156
Aggressive Growth Fund III
Category A
6,660.829008
12.704060
84,620
Category O
12,591.510969
12.731833
160,313
Category U
14,985.253641
12.766025
191,302
Category Z
22,851.244237
12.800311
292,503
Growth Fund IV
Category A
2,153.025985
11.700682
25,192
Category O
5,304.002331
11.734437
62,239
Category U
7,997.379181
11.765586
94,094
Category Z
4,805.032635
11.797066
56,685
Growth Fund II
Category A
17,550.956559
12.663851
222,263
Category O
28,463.233001
12.636055
359,663
Category U
38,955.285482
12.670243
493,573
Category Z
68,535.447973
12.704167
870,686
Growth & Income Fund I
Category A
6,710.554293
11.357202
76,213
Category O
11,678.841700
11.387591
132,994
Category U
8,946.990356
11.418399
102,160
Category Z
17,594.081412
11.449277
201,440
Bond Fund I
Category A
3,506.941021
10.378733
36,398
Category O
7,762.568131
10.459771
81,195
Category U
8,334.008059
10.488621
87,412
Category Z
11,580.276300
10.517096
121,791
Growth & Income Fund III
Category A
8,138.951011
12.320449
100,276
Category O
15,856.156692
12.352554
195,864
Category U
25,621.231054
12.386122
317,348
Category Z
36,800.360899
12.419304
457,035
TOTAL
$8,428,684
(Concluded)
6. SELECTED DATA
The following is a summary of selected data for a unit of
capital of the Series Account at the beginning and end of the year
and the number of units outstanding at June 30, 1996 and December
31, 1995:
Corporate Bond A
Corporate Bond O
Corporate Bond U
Corporate Bond Z
Foreign Equity A
Foreign Equity O
Foreign Equity U
Foreign Equity Z
June 30, 1996
(C)
(C)
(C)
(C)
Beginning Unit Value
$ 10.95
$ 11.03
$ 10.91
$ 11.06
$ 10.30
$ 10.27
$ 10.26
$ 10.28
Ending Unit Value
$ 11.00
$ 11.09
$ 10.99
$ 11.15
$ 10.93
$ 10.91
$ 10.92
$ 10.95
Number of Units Outstanding
3,111.42
3,998.56
3,875.76
19,979.37
5,519.09
7,655.22
6,300.68
5,775.44
1995
Beginning Unit Value
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
Ending Unit Value
$ 10.95
$ 11.03
$ 10.91
$ 11.06
$ 10.30
$ 10.27
$ 10.26
$ 10.28
Number of Units Outstanding
821.90
2,425.21
1,650.00
22,880.14
2,788.66
1,670.77
2,190.94
1,192.47
(C) The Investment Division commenced operations on July 24, 1995,
at a unit value of $10.00.
(Continued)
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of
capital of the Series Account at the beginning and end of the year
and the number of units outstanding at June 30, 1996 and December
31, 1995:
Growth Index A
Growth Index O
Growth Index U
Growth Index Z
Investment Grade Corporate Bond A
Investment Grade Corporate Bond O
Investment Grade Corporate Bond U
Investment Grade Corporate Bond Z
June 30, 1996
(C)
(C)
(C)
(C)
(C)
(C)
(C)
(C)
Beginning Unit Value
$ 11.69
$ 11.71
$ 11.72
$ 11.74
$ 10.48
$ 10.55
$ 10.45
$ 10.58
Ending Unit Value
$ 12.99
$ 13.02
$ 13.06
$ 13.09
$ 10.29
$ 10.38
$ 10.30
$ 10.43
Number of Units Outstanding
13,030.94
23,732.06
31,647.70
38,847.19
2,695.21
3,632.41
2,492.58
10,837.77
1995
Beginning Unit Value
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
Ending Unit Value
$ 11.69
$ 11.71
$ 11.72
$ 11.74
$ 10.48
$ 10.55
$ 10.45
$ 10.58
Number of Units Outstanding
3,339.10
10,056.69
9,367.33
19,673.41
756.56
1,298.14
2,523.64
7,411.72
(C) The Investment Division commenced operations on July 24, 1995,
at a unit value of $10.00.
(Continued)
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of
capital of the Series Account at the beginning and end of the year
and the number of units outstanding at June 30, 1996 and December
31, 1995:
Money Market A
Money Market O
Money Market U
Money Market Z
Short-Term Maturity Bond A
Short-Term Maturity Bond O
Short-Term Maturity Bond U
June 30, 1996
(A)
(A)
(A)
(A)
(E)
(E)
(E)
Beginning Unit Value
$ 10.23
$ 10.02
$ 10.05
$ 10.27
$ 10.00
$ 10.00
$ 10.00
Ending Unit Value
$ 10.44
$ 10.24
$ 10.29
$ 10.52
$ 10.02
$ 10.08
$ 10.10
Number of Units Outstanding
4,206.96
11,005.22
11,837.25
50,218.14
184.30
534.32
895.57
1995
Beginning Unit Value
$ 10.00
$ 10.00
$ 10.00
$ 10.00
Ending Unit Value
$ 10.23
$ 10.02
$ 10.05
$ 10.27
Number of Units Outstanding
2,395.98
926.69
1,445.29
44,935.09
(A) The Investment Division commenced operations on July 5, 1995,
at a unit value of $10.00.
(E) The Investment Division commenced operations on March 13,
1996, at a unit value of $10.00.
(Continued)
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of
capital of the Series Account at the beginning and end of the year
and the number of units outstanding at June 30, 1996 and December
31, 1995:
Small-Cap Aggressive Growth A
Small-Cap Aggressive Growth O
Small-Cap Aggressive Growth U
Small-Cap Aggressive Growth Z
Small-Cap Index A
Small-Cap Index O
Small-Cap Index U
Small-Cap Index Z
June 30, 1996
(D)
(D)
(D)
(D)
Beginning Unit Value
$ 11.93
$ 11.95
$ 11.96
$ 11.98
$ 11.60
$ 11.62
$ 11.63
$ 11.65
Ending Unit Value
$ 13.75
$ 13.79
$ 13.82
$ 13.86
$ 12.70
$ 12.73
$ 12.77
$ 12.80
Number of Units Outstanding
6,341.33
10,934.74
13,392.14
9,752.07
6,660.83
12,591.51
14,985.25
22,851.24
1995
Beginning Unit Value
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
Ending Unit Value
$ 11.93
$ 11.95
$ 11.96
$ 11.98
$ 11.60
$ 11.62
$ 11.63
$ 11.65
Number of Units Outstanding
1,064.47
5,718.10
1,398.81
4,726.93
2,240.54
5,959.11
3,318.14
14,397.06
(D) The Investment Division commenced operations on August 3,
1995, at a unit value of $10.00.
(Continued)
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of
capital of the Series Account at the beginning and end of the year
and the number of units outstanding at June 30, 1996 and December
31, 1995:
Small-Cap Value A
Small-Cap Value O
Small-Cap Value U
Small-Cap Value Z
Stock Index A
Stock Index O
Stock Index U
Stock Index Z
June 30, 1996
(B)
(B)
(B)
(B)
Beginning Unit Value
$ 11.02
$ 11.04
$ 11.05
$ 11.07
$ 11.59
$ 11.55
$ 11.57
$ 11.58
Ending Unit Value
$11.70
$ 11.73
$ 11.77
$ 11.80
$ 12.66
$ 12.64
$ 12.67
$ 12.70
Number of Units Outstanding
2,153.03
5,304.00
7,997.38
4,805.03
17,550.96
28,463.23
38,955.29
68,535.45
1995
Beginning Unit Value
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
Ending Unit Value
$11.02
$ 11.04
$ 11.05
$ 11.07
$ 11.59
$ 11.55
$ 11.57
$ 11.58
Number of Units Outstanding
773.21
1,371.51
5,416.35
2,801.92
4,042.63
11,673.47
18,708.73
55,122.00
(B) The Investment Division commenced operations on July 12, 1995,
at a unit value of $10.00.
(Continued)
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of
capital of the Series Account at the beginning and end of the year
and the number of units outstanding at June 30, 1996 and December
31, 1995:
Total Return A
Total Return O
Total Return U
Total Return Z
U.S. Government Mortgage Securities A
U.S. Government Mortgage Securities O
U.S. Government Mortgage Securities U
U.S. Government Mortgage Securities Z
June 30, 1996
(C)
(C)
(C)
(C)
(B)
(B)
(B)
(B)
Beginning Unit Value
$ 10.89
$ 10.90
$ 10.92
$ 10.93
$ 10.45
$ 10.52
$ 10.54
$ 10.55
Ending Unit Value
$ 11.36
$ 11.39
$ 11.42
$ 11.45
$ 10.38
$ 10.46
$ 10.49
$ 10.52
Number of Units Outstanding
6,710.55
11,678.84
8,946.99
17,594.08
3,506.94
7,762.57
8,334.01
11,580.28
1995
Beginning Unit Value
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
$ 10.00
Ending Unit Value
$ 10.89
$ 10.90
$ 10.92
$ 10.93
$ 10.45
$ 10.52
$ 10.54
$ 10.55
Number of Units Outstanding
1,177.80
5,184.26
2,940.80
4,666.32
731.02
5,864.01
1,624.61
7,344.94
(B) The Investment Division commenced operations on July 12, 1995,
at a unit value of $10.00.
(C) The Investment Division commenced operations on July 24, 1995,
at a unit value of $10.00.
(Continued)
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of
capital of the Series Account at the beginning and end of the year
and the number of units outstanding at June 30, 1996 and December
31, 1995:
Value Index A
Value Index O
Value Index U
Value Index Z
June 30, 1996
(B)
(B)
(B)
(B)
Beginning Unit Value
$ 11.55
$ 11.56
$ 11.58
$ 11.60
Ending Unit Value
$ 12.32
$ 12.35
$ 12.39
$ 12.42
Number of Units Outstanding
8,138.95
15,856.16
25,621.23
36,800.36
1995
Beginning Unit Value
$ 10.00
$ 10.00
$ 10.00
$ 10.00
Ending Unit Value
$ 11.55
$ 11.56
$ 11.58
$ 11.60
Number of Units Outstanding
1,666.79
7,395.18
12,134.89
18,036.45
(B) The Investment Division commenced operations on July 12, 1995,
at a unit value of $10.00.
(Concluded)
7. CHANGE IN SHARES
The following is a summary of the net change in total investment
shares held in each of the respective mutual funds:
For the Six Months Ended June 30, 1996
Maxim Series Fund, Inc.
- - Corporate Bond
40,982
Maxim Series Fund, Inc.
- - Foreign Equity
187,033
Maxim Series Fund, Inc.
- - Growth Index
566,465
Maxim Series Fund, Inc.
- - Investment Grade Corporate Bond
95,473
Maxim Series Fund, Inc.
- - Money Market
331,421
Maxim Series Fund, Inc.
Short-Term Maturity Bond
16,334
Maxim Series Fund, Inc.
- - Small-Cap Aggressive Growth
276,914
Maxim Series Fund, Inc.
- - Small-Cap Index
317,954
Maxim Series Fund, Inc.
- - Small-Cap Value
103,217
Maxim Series Fund, Inc.
- - Stock Index
399,204
Maxim Series Fund, Inc.
- - Total Return
289,432
Maxim Series Fund, Inc.
- - U.S. Government Mortgage Securities
154,438
Maxim Series Fund, Inc.
- - Value Index
441,491
