FORM N-SAR

                                        ANNUAL REPORT

                             FOR REGISTERED INVESTMENT COMPANIES


Report for fiscal year ending:  12/31/2001

Is this a transition report?  N

Is this an amendment to a previous filing?  N

Those items or sub-items with a box "[/]" after the item number should be
completed only if the answer has changed from the previous filing on this form.

1.A. Registrant  Name:  COLI VUL-2 Series  Account of Great-West  Life & Annuity
        Insurance Company
B.      File Number:  811-09201
C.      Telephone Number:  3037373000

2.A. Street:  8515 EAST ORCHARD ROAD
B.      City:  GREENWOOD VILLAGE
C.      State  COLORADO
D.      Zip Code:  80111
E.      Foreign Country:

3.      Is this the first filing on this form by Registrant?  N

4.      Is this the last filing on this form by Registrant?  N

5.      Is Registrant a small a business investment company (SBIC)?  N
               (If yes, complete only 89-110)

6.      Is Registrant a unit investment trust (UIT)?  Y
               (If yes, complete only 111 through 132)

126. Of the amount shown in item 125, state the total dollar amount of sales
loads collected from secondary market operations in Registant's units include
the sales loads, if any, collected on units of a prior series placed in the
portfolio of a subsequent series)($000's omitted) N/A

127.List opposite the appropriate description below the number of series
    whose portfolios are invested primarily (based upon a percentage f NAV) in
    each type of securities shown, the aggregate total assets at market value as
    of a date at or near the end of the current period of each such group of
    series and the total income distributions made by echo such group of series
    during the current period (excluding distributions of realized gains, if
    any):




                                                                          
                                    Number of      Total Assets       Total Income
                                      Series         ($000's         Distributions
                                    Investing        omitted)       ($000's omitted)

A.      U.S. Treasury direct issue                        $                     $
B.      U.S. Government agency                            $                     $
C.      State and municipal tax-free                      $                     $
D.      Public utility debt                               $                     $
E.      Brokers or dealers debt or
        debt of brokers' or dealers' parent               $                     $
F.      All other corporate intermed. &
        long-term debt                                    $                     $
G.      All other corporate short term debt               $                     $
H.      Equity securities of brokers or
        dealers or parents of brokers or dealers          $                     $
I.      Investment company equity securities              $                     $
J.      All other equity securities                       $7,384                $
K.      Other securities                                  $   87                $
L.      Total assets of all series of registrant          $7,471                $




131. Total  expenses  incurred  by all series of  Registrant  during the current
     reporting period ($000's omitted): $20

Signature Page

The following form or signature shall follow items 79, 85, 88, 104, 110 or 130
as appropriate. This report is signed on behalf of the registrant (or depositor
or trustee).

City of:  Greenwood Village       State of:  Colorado   Date: February 25, 2002

Name of Registrant, Depositor, or Trustee:  COLI VUL-2 Series Account

By:    /s/ Beverly A. Byrne                      Witness:  /s/ Susan E. Campbell
Beverly A. Byrne                                           Susan E. Campbell
Assistant Vice President and Associate Counsel             Legal Assistant I