FORM N-SAR

                                        ANNUAL REPORT

                             FOR REGISTERED INVESTMENT COMPANIES


Report for fiscal year ending:  12/31/2003

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)

111. A. Great-West Life & Annuity Insurance Company
     B. 333-01173
     C. Greenwood Village, CO 80111

112.

113.

114. A. GWFS Equities, Inc.
     B. 8-033854
     C. Greenwood Village, CO 80111

115. A. Deloitte & Touche, LLP
     B. Denver, CO 80202

116. A. Y
     B. GREAT-WEST

117. A. Y
     B. Y
     C. N
     D. N
     E. N

118. 1

119. 0

120.

121. 1

122. 1

123. $20,242

124.

125. $0

126. $ 0

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               1       $39,031               $
K.      Other securities                                  $                     $
L.      Total assets of all series of registrant  1       $39,031               $



128. N (if answer is N, skip to #131)

131. $143

132.

133. Certification to be included.

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 27, 2004

Name of Registrant, Depositor, or Trustee: MAXIM SERIES ACCOUNT OF GREAT-WEST
LIFE & ANNUITY INSURANCE COMPANY


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