<TABLE>
RETIREMENT PLAN SERIES ACCOUNT OF
GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
Financial Statements for the
Period from June 1, 1995
(Inception) to December 31, 1995
and Independent Auditors' Report
<FN>
INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Contract Owners
of Retirement Plan Series Account
of Great-West Life & Annuity Insurance Company:
We have audited the accompanying statement of assets and liabilities of
Retirement Plan Series Account of Great-West Life & Annuity Insurance Company
as of December 31, 1995, and the related statements of operations and
changes in net assets for the period June 1, 1995 (Inception) to December 31,
1995 including each of the investment divisions. These financial statements
are the responsibility of the Series Account's management. Our
responsibility is to express an opinion on these financial statements bas
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overa
In our opinion, such financial statements present fairly, in all material
respects, the financial position of the Retirement Plan Series Account of
Great-West Life & Annuity Insurance Company at December 31, 1995 and the
results of its operations and the changes in its net assets for the period
June 1, 1995 (Inception) to December 31, 1995, in conformity with generally
accepted accounting principles.
February 7, 1996
RETIREMENT PLAN SERIES ACCOUNTGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
<CAPTION>STATEMENT OF ASSETS AND LIABILITIESDECEMBER 31, 1995
<C><C><C>ASSETSSharesCostValueInvestments in
affiliated mutual funds: Maxim Series Fund, Inc. - Corporate Bond266,314$
303,508$306,831 Maxim Series Fund, Inc. - Foreign Equity75,94073,31774,962
Maxim Series Fund, Inc. - Growth Index366,167479,639492,
- Money Market474,754475,075475,075 Maxim Series Fund, Inc. - Small-Cap
Aggressive Growth132,520156,656153,790 Maxim Series Fund, Inc. - Small-Cap
Index245,049284,289286,210 Maxim Series Fund, Inc. - Small-Cap Value107,
364114,294114,546 Maxim Series Fund, Inc. - Stock Index499,925957,573989,668
Maxim Series Fund, Inc. - Total Return93,343121,602121,058 Maxim Series F
und, Inc. - U.S. Government Mortgage Securities132,208154,007155,822 Maxim
Series Fund, Inc. - Value Index358,167439,897452,096Total in
6$3,710,473Other assets and liabilities: Premium due and accrued188,659
Due to Great-West Life & Annuity Insurance Company(28)NET ASSETS APPLICABLE
TO OUTSTANDING UNITS OF CAPITAL (Note 5)$3,899,104 See notes to financial
statements.
RETIREMENT PLAN SERIES ACCOUNTGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONS
PERIOD FROM JUNE 1, 1995 (INCEPTION) TO DECEMBER 31, 1995
<C> <C>
<C> <C> <C> <C>
<C>
AggressiveShortAggressiveAggressiveBondInternationalGrowthBondTermGrowth
GrowthFund IIIFund IIFund IVFund IIFund IIFund VFund IIIInvestmentInvestment
InvestmentInvestmentInvestmentInvestmentInvestmentDivisionDivisionDivision
DivisionDivisionDivisionDivisionINVESTMENT INCOME$9,946$38$4,889$1,936$11,015
$12,554$6,941EXPENSES - mortality and expense risks by category:A113934947162
6O131486738264U81241134216ZNET INVESTMENT INCOME (LOSS)9,914(27)4,7281,90710,9
6112,454
6,835NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized
gain (loss) on investments4(33)54328766685 Net change in unrealized
appreciation on investments3,3211,64513,1711,506(2,865)1,921NET REALIZED AND
UNREALIZED GAIN (LOSS) ON INVESTMENTS3,3251,61213,7141,534(2,099)2,606NET
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$13,239$1,585$18,442$3,441$
10,961$10,355$9,441See notes to financial statements.(Continued)
RETIREMENT PLAN SERIES ACCOUNTGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF OPERATIONSPERIOD FROM JUNE 1, 1995 (INCEPTION) TO DECEMBER 31,
1995
<C> <C>
<C> <C> <C> <C>
Growth &Growth &GrowthGrowthIncomeBondIncomeFund IVFund IIFund IFund IFund
IIITotalInvestmentInvestmentInvestmentInvestmentInvestmentRetirementDivision
DivisionDivisionDivisionDivisionPlanINVESTMENT INCOME$5,911$12,459$4,575$3,
526$9,848$83,638EXPENSES - mortality and expense risks by category:A95218416281
O16100566151553U22104121667317ZNET INVESTMENT INCOME5,86412,2034,4893,4459,
71482,487NET REALIZED AND UNREALIZED:GAIN (LOSS) ON INVESTMENTS Net
realized gain on investments284243352,618 Net change in unrealized
appreciation (depreciation) on investments25232,095(544)1,81512,19964,516NET
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS25232,379(542)1,81912,
53467,134NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS$6,116$44,582
$3,947$5,264$22,248$149,621See notes to financial statements.(Concluded
RETIREMENT PLAN SERIES ACCOUNTGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETSPERIOD FROM JUNE 1, 1995 (INCEPTION) TO
DECEMBER 31, 1995
<C> <C> <C> <C>
<C> <C> <C>
AggressiveBondInternationalAggressiveBondShort-TermGrowthAggressiveFund III
Fund IIGrowth Fund IVFund IIFund IIFund VGrowth Fund IIIInvestmentInvestment
InvestmentInvestmentInvestmentInvestmentInvestmentDivisionDivisionDivision
DivisionDivisionDivisionDivision1995199519951995199519951995FROM OPERATIONS:
Net investment income (loss)$9,914$(27)$4,728$1,907$10,961$12,454$6,835
Net realized gain (loss) on investments4(33)54328766685 Net change in
unrealized appreciation (depreciation) in investments3,3211,64
,96110,3559,441FROM UNIT TRANSACTIONS: (by category) Purchase payments:
A8,65931,06738,0717,72024,20613,81331,319O26,05416,858115,04713,4849,25266,
14667,527U17,49122,036106,43225,92914,43616,27238,383Z242,78411,933249,76676,
149442,78773,099183,954 Redemptions:A(2,857)(865)(1,699)(6,016)O(1,673)(830)
U(322)(322)(471)Z(1,077)(21,273)(21,950)(21,776)
Net transfers from (to) other annuity contracts:AOUZ(29,350)29,434
Increase in net assets derived from unit transactions293,589 79,037479,1
01122,960498,842144,008292,090INCREASE IN NET ASSETS306,82880,622497,543126,
401509,803154,363301,531NET ASSETS Beginning of period End of period$306,
828$80,622$497,543$126,401$509,803$154,363$301,531See notes to financial
statements.(Continued)
RETIREMENT PLAN SERIES ACCOUNTGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
STATEMENT OF CHANGES IN NET ASSETSPERIOD FROM JUNE 1, 1995 (INCEPTION) TO
DECEMBER 31, 1995
<C> <C> <C>
<C> <C> <C>
GrowthGrowthGrowth & IncomeBondGrowth & IncomeFund IVFund IIFund IFund IFund
IIITotalInvestmentInvestmentInvestmentInvestmentInvestmentRetirementDivision
DivisionDivisionDivisionDivisionPlan199519951995199519951995FROM OPERATIONS:
Net investment income$5,864$12,203$4,489$3,445$9,714$82,487 Net realized
gain on investments284243352,618 Net change in unrealized appreciation
(depreciation) in investments25232,095(544)1,81512,19964,516 Increase in
net assets derived from operations6,11644,5823,94
249,292O14,145130,51655,01363,03382,281659,356U57,348207,61131,63516,799132,
683687,055Z28,804632,10249,71574,595222,2072,287,895 Redemptions:A(2,537)(13
,974)O(3,000)(5,503)U(640)(316)(321)(639)(3,031)Z(22,725)(22,890)(111,691)
Net transfers from other annuity contracts:AOUZ84 Increase in net assets
derived from unit transactions108,430992,074148,533158,671432,1483,749,
483INCREASE IN NET ASSETS114,5461,036,656152,480163,935454,3963,899,104NET
ASSETS Beginning of period End of period$114,546$1,03
RETIREMENT PLAN SERIES ACCOUNTGREAT-WEST LIFE & ANNUITY INSURANCE COMPANY<FN>
NOTES TO FINANCIAL STATEMENTS
PERIOD FROM JUNE 1, 1995 (INCEPTION) TO DECEMBER 31, 1995
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
an open-end management investment companies (the Funds) as follows:
Retirement Plan SeriesInvestment DivisionMutual Fund InvestmentAggressive
Growth Fund IIIMaxim Series Fund, Inc. - Small-Cap IndexAggressive Growth
Fund IVMaxim Series Fund, Inc. - Growth IndexAggressive Growth Fund VMaxim
Series Fund, Inc. - Small-Cap Aggressive GrowthBond Fund IMaxim Series Fund,
Inc. - U.S. Government Mortgage SecuritiesBond Fund IIMaxim Series Fund, Inc.
- Investment Grade Corporate BondBond Fund IIIMaxim Series Fund, Inc. -
Corporate BondGrowth Fund IIMaxim Series Fund, Inc. - Stock In
Total ReturnGrowth & Income Fund IIIMaxim Series Fund, Inc. - Value Index
International Fund IIMaxim Series Fund, Inc. - Foreign EquityShort Term Fund
IIMaxim Series Fund, Inc. - Money Market2. SIGNIFICANT ACCOUNTING POLICIESThe
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 investm
mined 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, depending on the variable asset change, at December 31, 1995 for
each investment division:
Total VariableAnnuity ContractUnitsUnit PriceLiabilitiesNet Assets Applicable
to Outstanding Units of Capital:Bond Fund III Category A821.90488410.
9492518,999 Category O2,425.20596611.02952526,749 Category U1,650.
00461610.91161818,004 Category Z22,880.13554911.060962253,076
International Fund II: Category A2,788.66482510.30276128,731 Category
O1,670.76711910.26655617,153 Category U2,190.94234510.26173222,483
Category Z1,192.46726810.27661312,255Aggressive Growth Fund IV C
2711.723289109,816 Category Z19,673.40897911.740268230,971
5. COMPONENTS OF NET ASSETS APPLICABLE TO OUTSTANDING UNITS OF CAPITAL
(Continued)Total VariableAnnuity ContractsUnitsUnit PriceLiabilitiesNet
Assets Applicable to Outstanding Units of Capital:Bond Fund II Category
A756.56171810.4754927,925 Category O1,298.14462810.54659813,691
Category U2,523.64482910.45331926,380 Category Z7,411.71639410.57851278,
405Short-Term Fund II Category A2,395.98329310.22547224,500 Category
O926.68589610.0177349,283 Category U1,445.29203110.05167414,528
,697 Category O5,718.09784411.94601868,308 Category U1,398.80821311.
95860516,728 Category Z4,726.92669411.98033556,630Aggressive Growth Fund
III: Category A2,240.54013611.60440926,000 Category O5,959.10988911.
61553969,218 Category U3,318.13991911.63239938,598 Category Z14,397.
06016511.649285167,715Growth Fund IV Category A773.20533211.0197848,521
Category O1,371.50669611.03799515,139 Category U5,416.35262411.
05365159,870 Category Z2,801.91700011.06958331,016Growth
ory U18,708.73103311.567617216,415 Category Z55,122.00324311.584266638,548
Growth & Income Fund I Category A1,177.79937310.88718112,823 Category
O5,184.26141710.90275156,523 Category U2,940.80196310.91864332,110
Category Z4,666.31844010.93452751,024Bond Fund I Category A731.01987210.
4510247,640 Category O5,864.00666210.51942861,686 Category U1,624.6
1338610.53530717,116 Category Z7,344.93646210.55060077,493Growth & Income
Fund III Category A1,666.78925511.54602019,245 Category O7,395.18368
911.56177585,501 Category U12,134.89069711.5788311
3,899,104
6. SELECTED DATA The following is a summary of selected data for a unit of
capital of the Series Account at the beginning and end of the year and the
number of units outstanding at December 31, 1995:CorporateCorporateCorporate
CorporateForeignForeignForeignForeignBondBondBondBondEquityEquityEquityEquity
AOUZAOUZ1995Beginning Unit Value$ 10.00$ 10.00$ 10.00$ 10.00$ 10.00$ 10
.00$ 10.00$ 10.00Ending Unit Value$ 10.95$ 11.03$ 10.91$ 11.06$ 10.30$
10.27$ 10.26$ 10.28Number of Units Outstanding821.9
6. SELECTED DATA (continued)
The following is a summary of selected data for a unit of capital of the
Series Account at the beginning and end of the year and the number of units
outstanding at December 31, 1995:
InvestmentInvestmentInvestmentInvestmentGradeGradeGradeGradeGrowthGrowth
GrowthGrowthCorporateCorporateCorporateCorporateIndexIndexIndexIndexBondBond
BondBondAOUZAOUZ1995Beginning Unit Value$ 10.00$ 10.00$ 10.00$ 10.00$
10.00$ 10.00$ 10.00$ 10.00Ending Unit Value$ 11.69$ 11.71$11.72$ 11.74$
10.48$10.55$ 10.45$10.58Number of Units Outstanding3,339.1010,056.699,367.331
9,673.41756.561,298.142,523.647,411.72
(Continued)
6. SELECTED DATA (continued) The following is a summary of selected data for
a unit of capital of the Series Account at the beginning and end of the year
and the number of units outstanding at December 31, 1995:Small-CapSmall-Cap
Small-CapSmall-CapMoneyMoneyMoneyMoneyAggressiveAggressiveAggressive
AggressiveMarketMarketMarketMarketGrowthGrowthGrowthGrowthAOUZAOUZ1995
Beginning Unit Value$ 10.00$ 10.00$ 10.00$ 10.00$ 10.00$ 10.00$ 10.00$
10.00Ending Unit Value$ 10.23$ 10.02$ 10.05$ 10.27$ 11.93$ 1
26.93
(Continued)
6. SELECTED DATA (continued) The following is a summary of selected data for
a unit of capital of the Series Account at the beginning and end of the year
and the number of units outstanding at December 31, 1995:Small-CapSmall-Cap
Small-CapSmall-CapSmall-CapSmall-CapSmall-CapSmall-CapIndexIndexIndexIndex
ValueValueValueValueAOUZAOUZ1995Beginning Unit Value$ 10.00$ 10.00$ 10.00$
10.00$ 10.00$ 10.00$ 10.00$ 10.00Ending Unit Value$ 11.60$ 11.62$
11.63$ 11.65$11.02$ 11.04$ 11.05$ 11.07Number of Unit
(Continued)
6. SELECTED DATA (continued) The following is a summary of selected data for
a unit of capital of the Series Account at the beginning and end of the year
and the number of units outstanding at December 31, 1995:StockStockStockStockT
otalTotalTotalTotalIndexIndexIndexIndexReturnReturnReturnReturnAOUZAOUZ1995
Beginning Unit Value$ 10.00$ 10.00$ 10.00$ 10.00$ 10.00$ 10.00$ 10.00$
10.00Ending Unit Value$ 11.59$ 11.55$ 11.57$ 11.58$ 10.89$ 10.90$
10.92$ 10.93Number of Units Outstanding4,042.6311,67
(Continued)
6. SELECTED DATA (continued) The following is a summary of selected data for
a unit of capital of the Series Account at the beginning and end of the year
and the number of units outstanding at December 31, 1995:U.S.U.S.U.S.U.S.
GovernmentGovernmentGovernmentGovernmentMortgageMortgageMortgageMortgageValue
ValueValueValueSecuritiesSecuritiesSecuritiesSecuritiesIndexIndexIndexIndexAO
UZAOUZ1995Beginning Unit Value$ 10.00$ 10.00$ 10.00$ 10.00$ 10.00$
10.00$ 10.00$ 10.00Ending Unit Value$ 10.45$ 10.52$ 1
6.797,395.1812,134.8918,036.45
(Concluded)
7. CHANGE IN SHARESThe following is a summary of the net change in total
investment shares held in each of the respective mutual funds:For theYear
EndedDecember 31,1995 Maxim Series Fund, Inc.- Corporate Bond266,314
Maxim Series Fund, Inc.- Foreign Equity75,940 Maxim Series Fund, Inc.-
Growth Index366,167 Maxim Series Fund, Inc.- Investment Grade Corporate
Bond66,565 Maxim Series Fund, Inc.- Money Market474,754 Maxim Series Fund
, Inc.- Small-Cap Aggressive Growth132,520 Maxim Series Fund, Inc.
ck Index499,925 Maxim Series Fund, Inc.- Total Return93,343 Maxim Series
Fund, Inc.- U.S. Government Mortgage Securities132,208 Maxim Series Fund,
Inc.- Value Index358,167</FN> </TABLE>3
