SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    ---------

                                    FORM 10-Q

(Mark One)
[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the quarterly period ended              June 30, 2000
                                       -----------------------------------------

                                       OR

[ ]      TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934

         For the transition period from                   to
                                       ------------------     ------------------

Commission file number     33-87272, 333-51353, 333-28765, 333-28681, 333-28743,
                         -------------------------------------------------------
                           333-51949, 333-65009, 333-66745, 333-76941,333-76945
                         -------------------------------------------------------

                     GOLDEN AMERICAN LIFE INSURANCE COMPANY
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

Delaware                                             41-0991508
--------------------------------------------------------------------------------
(State or other jurisdiction of           (IRS employer identification no.)
 incorporation or organization)

1475 Dunwoody Drive, West Chester, Pennsylvania              19380-1478
--------------------------------------------------------------------------------
(Address of principal executive offices)                     (Zip code)

Registrant's telephone number, including area code (610) 425-3400
                                                   -----------------------------


--------------------------------------------------------------------------------
              Former name, former address and formal fiscal year,
                          if changed since last report


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]


                     APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the latest  practicable date: 250,000 shares of Common Stock
as of August 9, 2000.

NOTE:  WHEREAS GOLDEN  AMERICAN LIFE INSURANCE  COMPANY MEETS THE CONDITIONS SET
FORTH IN GENERAL  INSTRUCTION  H(1)(a)  AND (b) OF FORM 10Q,  THIS FORM IS BEING
FILED WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION H(2).

Exhibit index - Page 21                                             Page 1 of 55

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                                                        FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

Person for whom the Financial Information is given:                 Golden American Life Insurance Company

Condensed Consolidated Statements of Operations (Unaudited):

                                                                     For the Three                For the Three
                                                                      Months Ended                 Months Ended
                                                                     June 30, 2000                June 30, 1999
                                                               -------------------------------------------------------
                                                                                 (DOLLARS IN THOUSANDS)
<S>                                                                         <C>                         <C>
   Revenues:
      Annuity and interest sensitive life product charges                   $36,305                     $19,962
      Management fee revenue                                                  4,740                       2,281
      Net investment income                                                  15,783                      14,275
      Realized losses on investments                                         (1,328)                     (1,764)
      Net income from modified coinsurance agreement                        112,746                       2,303
      Other income                                                              454                         382
                                                               -------------------------------------------------------
                                                                            168,700                      37,439

   Insurance benefits and expenses:
      Annuity and interest sensitive life benefits:
        Interest credited to account balances                                48,438                      46,034
        Benefit claims incurred in excess of account balances                 1,159                       1,059
      Underwriting, acquisition, and insurance expenses:
        Commissions                                                          54,682                      47,459
        General expenses                                                     19,897                      15,780
        Insurance taxes, state licenses, and fees                             1,107                       1,340
        Policy acquisition costs deferred                                     8,233                     (87,588)
        Amortization:
          Deferred policy acquisition costs                                  18,027                       5,991
          Value of purchased insurance in force                               1,034                       1,724
          Goodwill                                                              944                         944
                                                               -------------------------------------------------------
                                                                            153,521                      32,743
   Interest expense                                                           5,038                       1,882
                                                               -------------------------------------------------------
                                                                            158,559                      34,625
                                                               -------------------------------------------------------
   Income before income taxes                                                10,141                       2,814

   Income taxes                                                               3,954                       1,448
                                                               -------------------------------------------------------

   Net income                                                                $6,187                      $1,366
                                                               =======================================================


See accompanying notes.


                                                                2
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<CAPTION>


Condensed Consolidated Statements of Operations (Unaudited):

                                                                       For the Six                  For the Six
                                                                      Months Ended                 Months Ended
                                                                     June 30, 2000                June 30, 1999
                                                               -------------------------------------------------------
                                                                                 (DOLLARS IN THOUSANDS)
<S>                                                                         <C>                        <C>
   Revenues:
      Annuity and interest sensitive life product charges                   $71,975                     $34,783
      Management fee revenue                                                  9,058                       4,096
      Net investment income                                                  31,775                      28,158
      Realized losses on investments                                         (2,637)                     (1,717)
      Net income from modified coinsurance agreements                       115,792                       5,449
      Other income                                                              934                         740
                                                               -------------------------------------------------------
                                                                            226,897                      71,509

   Insurance benefits and expenses:
      Annuity and interest sensitive life benefits:
        Interest credited to account balances                               102,445                      82,427
        Benefit claims incurred in excess of account balances                 3,211                       1,725
      Underwriting, acquisition, and insurance expenses:
        Commissions                                                         112,158                      83,226
        General expenses                                                     40,179                      28,787
        Insurance taxes, state licenses, and fees                             2,910                       2,511
        Policy acquisition costs deferred                                   (97,724)                   (149,988)
        Amortization:
          Deferred policy acquisition costs                                  35,757                      10,713
          Value of purchased insurance in force                               2,278                       3,231
          Goodwill                                                            1,889                       1,889
                                                               -------------------------------------------------------
                                                                            203,103                      64,521
   Interest expense                                                          10,115                       3,496
                                                               -------------------------------------------------------
                                                                            213,218                      68,017
                                                               -------------------------------------------------------
   Income before income taxes                                                13,679                       3,492

   Income taxes                                                               5,602                       2,070
                                                               -------------------------------------------------------

   Net income                                                                $8,077                      $1,422
                                                               =======================================================


See accompanying notes.


                                                                 3
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<CAPTION>


Condensed Consolidated Balance Sheets (Unaudited):

                                                                                  June 30, 2000           December 31, 1999
                                                                              ------------------------------------------------
                                                                               (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
<S>                                                                                  <C>                      <C>
ASSETS
Investments:
  Fixed maturities, available for sale, at fair value
    (cost:  2000 - $832,167; 1999 - $858,052)                                           $809,473                $835,321
  Equity securities, at fair value (cost: 2000 - $9,671; 1999 - $14,952)                  10,510                  17,330
  Mortgage loans on real estate                                                          105,521                 100,087
  Policy loans                                                                            12,425                  14,157
  Short-term investments                                                                 114,084                  80,191
                                                                              ------------------------------------------------
Total investments                                                                      1,052,013               1,047,086

Cash and cash equivalents                                                                  9,649                  14,380
Reinsurance recoverable                                                                   17,597                  14,834
Reinsurance recoverable from affiliate                                                     1,798                      --
Due from affiliates                                                                        3,958                     637
Accrued investment income                                                                 10,094                  11,198
Deferred policy acquisition costs                                                        590,821                 528,957
Value of purchased insurance in force                                                     29,463                  31,727
Current income taxes recoverable                                                               3                      35
Deferred income tax asset                                                                 16,912                  21,943
Property and equipment, less allowances for depreciation of
  $4,076 in 2000 and $3,229 in 1999                                                       14,567                  13,888
Goodwill, less accumulated amortization of $10,075 in 2000
  and $8,186 in 1999                                                                     141,052                 142,941
Other assets                                                                               4,199                   2,514
Separate account assets                                                                9,395,431               7,562,717
                                                                              ------------------------------------------------
Total assets                                                                         $11,287,557              $9,392,857
                                                                              ================================================

LIABILITIES AND STOCKHOLDER'S EQUITY
Policy liabilities and accruals:
  Future policy benefits:
    Annuity and interest sensitive life products                                        $991,442              $1,033,701
    Unearned revenue reserve                                                               6,828                   6,300
  Other policy claims and benefits                                                            68                       8
                                                                              ------------------------------------------------
                                                                                         998,338               1,040,009

Reciprocal loan from affiliate                                                            40,000                      --
Surplus notes                                                                            245,000                 245,000
Revolving note payable                                                                        --                   1,400
Due to affiliates                                                                          3,835                  12,651
Other liabilities                                                                         40,080                  53,231
Separate account liabilities                                                           9,395,431               7,562,717
                                                                              ------------------------------------------------
                                                                                      10,722,684               8,915,008

Commitments and contingencies

Stockholder's equity:
  Common stock, par value $10 per share, authorized, issued,
    and outstanding  250,000 shares                                                        2,500                   2,500
  Additional paid-in capital                                                             548,640                 468,640
  Accumulated other comprehensive loss                                                   (10,207)                 (9,154)
  Retained earnings                                                                       23,940                  15,863
                                                                              ------------------------------------------------
Total stockholder's equity                                                               564,873                 477,849
                                                                              ------------------------------------------------
Total liabilities and stockholder's equity                                           $11,287,557              $9,392,857
                                                                              ================================================


See accompanying notes.


                                                                 4
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<CAPTION>


Condensed Consolidated Statements of Cash Flows (Unaudited):

                                                                                   For the Six              For the Six
                                                                                  Months Ended             Months Ended
                                                                                 June 30, 2000            June 30, 1999
                                                                            -------------------------------------------------
                                                                                           (DOLLARS IN THOUSANDS)

<S>                                                                                    <C>                     <C>
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES                                     $33,298                $(41,587)

INVESTING ACTIVITIES
Sale, maturity, or repayment of investments:
   Fixed maturities - available for sale                                                123,182                  90,910
   Equity securities                                                                      5,195                      --
   Mortgage loans on real estate                                                          3,281                   3,606
   Policy loans - net                                                                     1,732                      --
                                                                            -------------------------------------------------
                                                                                        133,390                  94,516

Acquisition of investments:
   Fixed maturities - available for sale                                               (100,936)               (100,242)
   Mortgage loans on real estate                                                         (8,887)                     --
   Policy loans - net                                                                        --                  (1,158)
   Short term investments - net                                                         (33,893)                (26,394)
                                                                            -------------------------------------------------
                                                                                       (143,716)               (127,794)
Net purchase of property and equipment                                                   (1,974)                 (5,324)
Issuance of reciprocal loan agreement receivables                                       (16,900)                     --
Receipt of repayment of reciprocal loan agreement receivables                            16,900                      --
                                                                            -------------------------------------------------
Net cash used in investing activities                                                   (12,300)                (38,602)

FINANCING ACTIVITIES
Proceeds from reciprocal loan agreement borrowings                                      177,900                 265,800
Repayment of reciprocal loan agreement borrowings                                      (137,900)               (265,800)
Proceeds from revolving note payable                                                     54,800                  56,345
Repayment of revolving note payable                                                     (56,200)                (56,295)
Receipts from annuity and interest sensitive life
   policies credited to account balances                                                355,662                 330,935
Return of account balances on annuity
   and interest sensitive life policies                                                 (87,841)                (66,732)
Net reallocations to Separate Accounts                                                 (412,150)               (261,404)
Contribution from parent                                                                 80,000                  80,000
                                                                            -------------------------------------------------
Net cash provided by (used in) financing activities                                     (25,729)                 82,849
                                                                            -------------------------------------------------

Increase (decrease) in cash and cash equivalents                                         (4,731)                  2,660

Cash and cash equivalents at beginning of period                                         14,380                   6,679
                                                                            -------------------------------------------------

Cash and cash equivalents at end of period                                               $9,649                  $9,339
                                                                            =================================================

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid during the period for interest                                                $12,649                  $1,373


See accompanying notes.


                                                                 5
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<PAGE>


NOTE 1 -- BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information  and the  instructions  to Form  10-Q and  Article  10 of
Regulation  S-X.  This Form is being  filed with the reduced  disclosure  format
specified in General  Instruction  H(1) and (2) of Form 10-Q.  Accordingly,  the
financial  statements  do  not  include  all of the  information  and  footnotes
required by generally  accepted  accounting  principles  for complete  financial
statements.  In the opinion of management,  all adjustments considered necessary
for a fair  presentation  have been included.  All adjustments  were of a normal
recurring nature, unless otherwise noted in Management's Discussion and Analysis
and the Notes to  Financial  Statements.  Operating  results  for the six months
ended June 30, 2000 are not  necessarily  indicative  of the results that may be
expected  for the year ending  December  31, 2000.  These  financial  statements
should  be read  in  conjunction  with  the  financial  statements  and  related
footnotes included in the Golden American Life Insurance Company's annual report
on Form 10-K for the year ended December 31, 1999.

CONSOLIDATION
The condensed  consolidated  financial  statements  include Golden American Life
Insurance  Company ("Golden  American") and its wholly owned  subsidiary,  First
Golden  American Life  Insurance  Company of New York ("First  Golden," and with
Golden American,  collectively,  the "Companies").  All significant intercompany
accounts and transactions have been eliminated.

ORGANIZATION
Golden  American is a wholly owned  subsidiary  of Equitable of Iowa  Companies,
Inc. ("EIC" or the "Parent").  EIC is an indirect wholly owned subsidiary of ING
Groep  N.V.,  a  global   financial   services  holding  company  based  in  The
Netherlands.

STATUTORY
Net  loss for  Golden  American  as  determined  in  accordance  with  statutory
accounting  practices was  $12,235,000  and $44,799,000 for the six months ended
June 30, 2000 and 1999,  respectively.  Total statutory  capital and surplus was
$436,701,000 at June 30, 2000 and $368,928,000 at December 31, 1999.

RECLASSIFICATIONS
Certain  amounts in the June 30, 1999,  December  31,  1999,  and March 31, 2000
financial  statements  have been  reclassified  to conform to the June 30,  2000
financial statement presentation.

NOTE 2 -- COMPREHENSIVE INCOME

Comprehensive  income  includes  all changes in  stockholder's  equity  during a
period except those  resulting  from  investments  by and  distributions  to the
stockholder.  During the second quarters of 2000 and 1999,  total  comprehensive
income  (loss)  for  the  Companies   amounted  to  $6,428,000  and  $(828,000),
respectively,  and $7,024,000 and $(2,077,000) for the six months ended June 30,
2000 and 1999,  respectively.  Included in these amounts are total comprehensive
income (loss) for First Golden of $41,000 and $(226,000) for the second quarters
of 2000 and 1999,  respectively,  and $110,000 and $(244,000) for the six months
ended June 30, 2000 and 1999,  respectively.  Other comprehensive  income (loss)
excludes  net  investment  gains  (losses)  included in net income  which merely
represent transfers from unrealized to realized gains and losses.  These amounts
totaled $(120,000) and $(2,348,000) during the second quarters of 2000 and 1999,
respectively,  and $(588,000) and $(2,052,000)  during the six months ended June
30, 2000 and 1999, respectively.  Such amounts, which have been measured through
the date of sale, are net of income taxes and adjustments for value of purchased
insurance in force and deferred policy  acquisition costs totaling  $(1,200,000)
and  $584,000  for the  second  quarters  of 2000 and  1999,  respectively,  and
$(2,041,000)  and  $335,000  for the six months  ended  June 30,  2000 and 1999,
respectively.

NOTE 3 -- INVESTMENTS

INVESTMENT VALUATION ANALYSIS: The Companies analyze the investment portfolio at
least  quarterly in order to determine if the carrying  value of any  investment
has been impaired.  The carrying value of debt and equity  securities is written
down to fair value by a charge to realized  losses when an  impairment  in value
appears to be other than temporary.


                                       6
<PAGE>


During the second quarter of 2000, Golden American  determined that the carrying
value of an impaired  bond exceeded its estimated  net  realizable  value.  As a
result,  at June 30, 2000,  Golden  American  recognized a total pre-tax loss of
approximately  $142,000  to  reduce  the  carrying  value of the bond to its net
realizable value of $329,000.

During the second quarter of 1999, Golden American  determined that the carrying
value of two bonds exceeded their  estimated net realizable  value. As a result,
at June 30, 1999, Golden American  recognized a total pre-tax loss of $1,639,000
to reduce the carrying value of the bonds to their combined net realizable value
of $1,137,000.

NOTE 4 -- RELATED PARTY TRANSACTIONS

OPERATING AGREEMENTS: Directed Services, Inc. ("DSI"), an affiliate, acts as the
principal  underwriter  (as  defined  in the  Securities  Act of  1933  and  the
Investment  Company Act of 1940,  as amended)  and  distributor  of the variable
insurance  products  issued by the  Companies.  DSI is  authorized to enter into
agreements with  broker/dealers to distribute the Companies'  variable insurance
products  and  appoint  representatives  of the  broker/dealers  as agents.  The
Companies paid  commissions to DSI totaling  $53,398,000 and $109,252,000 in the
second quarter and the first six months of 2000,  respectively  ($45,503,000 and
$80,288,000, respectively, for the same periods of 1999).

Golden American provides certain managerial and supervisory services to DSI. The
fee paid by DSI for these  services is  calculated  as a  percentage  of average
assets in the variable separate accounts.  For the second quarter and six months
ended  June  30,  2000,  the fee was  $4,740,000  and  $9,058,000,  respectively
($2,281,000 and $4,096,000, respectively, for the same periods of 1999).

The Companies have an asset management agreement with ING Investment  Management
LLC ("ING IM"),  an affiliate,  in which ING IM provides  asset  management  and
accounting  services.  Under the agreement,  the Companies record a fee based on
the value of the assets managed by ING IM. The fee is payable quarterly. For the
second  quarter and first six months of 2000,  the  Companies  incurred  fees of
$616,000  and  $1,274,000,  respectively,  under this  agreement  ($576,000  and
$1,114,000, respectively, for the same periods of 1999).

Golden American has a guaranty  agreement with Equitable Life Insurance  Company
of Iowa  ("Equitable  Life"),  an affiliate.  In consideration of an annual fee,
payable June 30,  Equitable Life guarantees to Golden American that it will make
funds  available,  if needed,  to Golden American to pay the contractual  claims
made under the  provisions  of Golden  American's  life  insurance  and  annuity
contracts.  The agreement is not, and nothing contained therein or done pursuant
thereto by Equitable  Life shall be deemed to  constitute,  a direct or indirect
guaranty  by  Equitable  Life of the  payment  of any debt or other  obligation,
indebtedness,  or  liability,  of any kind or  character  whatsoever,  of Golden
American.  The agreement does not guarantee the value of the  underlying  assets
held in separate accounts in which funds of variable life insurance and variable
annuity policies have been invested.  The calculation of the annual fee is based
on risk based  capital.  On June 30,  2000,  Golden  American  incurred a fee of
$7,000, under this agreement. No annual fee was paid in 1999.

Golden American  provides certain  advisory,  computer,  and other resources and
services to Equitable Life.  Revenues for these services,  which reduced general
expenses incurred by Golden American,  totaled  $1,708,000 in the second quarter
of 2000 and  $3,276,000 for the first six months of 2000 ($262,000 and $661,000,
respectively, for the same periods of 1999).

The Companies have a service  agreement  with Equitable Life in which  Equitable
Life  provides  administrative  and  financial  related  services.   Under  this
agreement,  the Companies incurred expenses of $355,000 in the second quarter of
2000 and  $667,000  for the first six  months of 2000  ($488,000  and  $805,000,
respectively, for the same periods of 1999).

The  Companies  provide  resources  and  services  to DSI.  Revenues  for  these
services,  which reduced  general  expenses  incurred by the Companies,  totaled
$56,000 for the second  quarter of 2000 and $108,000 for the first six months of
2000 ($241,000 and $483,000, respectively, for the same periods of 1999).


                                       7
<PAGE>


Golden American  provides  resources and services to ING Mutual Funds Management
Co.,  LLC, an affiliate.  Revenues for these  services,  which  reduced  general
expenses incurred by Golden American, totaled $165,000 for the second quarter of
2000 and  $270,000  for the first six  months of 2000  ($206,000  and  $217,000,
respectively, for the same periods of 1999).

Golden  American  provides  resources  and  services  to  United  Life & Annuity
Insurance  Company,  an affiliate.  Revenues for these  services,  which reduced
general expenses  incurred by Golden  American,  totaled $149,000 for the second
quarter of 2000 and $318,000 for the first six months of 2000.

The  Companies  provide  resources  and  services  to  Security  Life of  Denver
Insurance  Company,  an affiliate.  Revenues for these  services,  which reduced
general  expenses  incurred  by the  Companies,  totaled  $56,000 for the second
quarter of 2000 and $108,000 for the first six months of 2000.

The  Companies  provide  resources  and  services to  Southland  Life  Insurance
Company,  an  affiliate.  Revenues for these  services,  which  reduced  general
expenses  incurred by the Companies,  totaled  $26,000 for the second quarter of
2000 and $52,000 for the first six months of 2000.

For the  second  quarter  of  2000,  the  Companies  received  premiums,  net of
reinsurance,  for variable  products  sold through 5  affiliates,  Locust Street
Securities,  Inc.  ("LSSI"),  Vestax  Securities  Corporation  ("Vestax"),  DSI,
Multi-Financial  Securities  Corporation  ("Multi-Financial"),  and IFG  Network
Securities, Inc. ("IFG"), of $9,500,000,  $6,900,000,  $100,000, $2,800,000, and
$1,500,000,  respectively ($45,700,000,  $32,600,000,  $651,000, $7,900,000, and
$6,000,000, respectively, for the same period of 1999). For the first six months
of 2000,  the  Companies  received  premiums,  net of  reinsurance  for variable
products sold through 5 affiliates, LSSI, Vestax, DSI, Multi-Financial,  and IFG
of $67,000,000, $28,300,000, $800,000, $21,100,000, and $8,300,000, respectively
($75,300,000,    $59,100,000,    $2,300,000,    $13,400,000   and   $15,500,000,
respectively, for the same period of 1999).

MODIFIED  COINSURANCE  AGREEMENT:  On June 30, 2000,  effective January 1, 2000,
Golden  American  entered into a modified  coinsurance  agreement with Equitable
Life,  an  affiliate,  covering  a  considerable  portion  of Golden  American's
variable  annuities  issued  in 2000,  excluding  those  with an  interest  rate
guarantee.  The  accompanying  financial  statements  are  presented  net of the
effects of the agreement.

RECIPROCAL LOAN AGREEMENT: Golden American maintains a reciprocal loan agreement
with ING America Insurance  Holdings,  Inc. ("ING AIH"), a Delaware  corporation
and  affiliate,  to  facilitate  the  handling of unusual  and/or  unanticipated
short-term  cash  requirements.  Under this  agreement,  which became  effective
January 1, 1998 and expires  December 31, 2007,  Golden American and ING AIH can
borrow up to  $65,000,000  from one another.  Prior to lending funds to ING AIH,
Golden  American must obtain the approval of the  Department of Insurance of the
State of Delaware.  Interest on any Golden American borrowings is charged at the
rate of ING AIH's cost of funds for the interest period plus 0.15%.  Interest on
any ING AIH  borrowings  is charged at a rate based on the  prevailing  interest
rate of U.S.  commercial  paper available for purchase with a similar  duration.
Under this agreement,  Golden American incurred interest expense of $254,000 and
$229,000 for the second  quarters of 2000 and 1999,  respectively,  and $336,000
and  $236,000  for the first six months of 2000 and 1999,  respectively.  Golden
American  received  interest  income of $0 for the  second  quarter  of 2000 and
$3,000 for the first six months of 2000. At June 30, 2000,  Golden  American had
borrowings of $40,000,000 from ING AIH under this agreement.

SURPLUS NOTES:  On December 30, 1999,  Golden  American issued an 8.179% surplus
note in the  amount of  $50,000,000  to  Equitable  Life.  The note  matures  on
December  29,  2029.  Payment  of the  note  and  related  accrued  interest  is
subordinate to payments due to policyholders,  claimant and beneficiary  claims,
as well as debts owed to all other  classes of debtors,  other than surplus note
holders,  of Golden  American.  Any payment of principal and/or interest made is
subject to the prior approval of the Delaware Insurance Commissioner. Under this
agreement,  Golden  American  incurred  interest  expense of $1,022,000  for the
second quarter of 2000 and $2,056,000 for the first six months of 2000.

On December 8, 1999,  Golden American issued a 7.979% surplus note in the amount
of $35,000,000 to First Columbine Life Insurance Company ("First Columbine"), an
affiliate. The note matures on December 7, 2029. Payment of the note and related
accrued interest is subordinate to payments due to  policyholders,  claimant and
beneficiary claims, as well as debts owed to all other classes of debtors, other
than surplus note holders,  of Golden American.  Any payment of principal and/or

                                       8
<PAGE>


interest  made is  subject  to the  prior  approval  of the  Delaware  Insurance
Commissioner. Under this agreement, Golden American incurred interest expense of
$698,000 for the second  quarter of 2000 and $1,575,000 for the first six months
of 2000.

On September 30, 1999, Golden American issued a 7.75% surplus note in the amount
of  $75,000,000  to ING AIH. The note matures on September 29, 2029.  Payment of
the  note and  related  accrued  interest  is  subordinate  to  payments  due to
policyholders,  claimant,  and beneficiary  claims, as well as debts owed to all
other classes of debtors,  other than surplus note holders,  of Golden American.
Any payment of principal  and/or  interest made is subject to the prior approval
of the Delaware Insurance  Commissioner.  Under this agreement,  Golden American
incurred  interest  expense of  $1,453,000  for the  second  quarter of 2000 and
$2,906,000  for the first six months of 2000.  On  December  30,  1999,  ING AIH
assigned the note to Equitable Life.

On December 30, 1998,  Golden American issued a 7.25% surplus note in the amount
of $60,000,000 to Equitable Life. The note matures on December 29, 2028. Payment
of the note and related  accrued  interest  is  subordinate  to payments  due to
policyholders,  claimant,  and beneficiary  claims, as well as debts owed to all
other classes of debtors,  other than surplus note holders,  of Golden American.
Any payment of principal  and/or  interest made is subject to the prior approval
of the Delaware Insurance  Commissioner.  Under this agreement,  Golden American
incurred  interest  expense of $1,087,000 and $1,088,000 for the second quarters
of 2000 and 1999, respectively, and $2,175,000 for the first six months of 2000,
unchanged from the same period in 1999.

On December 17, 1996, Golden American issued an 8.25% surplus note in the amount
of $25,000,000 to Equitable of Iowa Companies.  The note matures on December 17,
2026.  Payment  of the note and  related  accrued  interest  is  subordinate  to
payments due to  policyholders,  claimant,  and beneficiary  claims,  as well as
debts owed to all other  classes of debtors of Golden  American.  Any payment of
principal  made is  subject  to the prior  approval  of the  Delaware  Insurance
Commissioner.  Golden  American  incurred  interest  totaling  $515,000  for the
quarter  ended June 30,  2000,  unchanged  from the first  quarter of 1999,  and
$1,031,000 for the first six months of 2000, unchanged from the first six months
of 1999.

STOCKHOLDER'S  EQUITY: During the second quarter of 2000 and first six months of
2000, Golden American received capital  contributions  from its Parent of $0 and
$80,000,000,  respectively ($60,000,000 and $80,000,000,  respectively,  for the
same periods of 1999).

NOTE 5 -- COMMITMENTS AND CONTINGENCIES

REINSURANCE:  At June 30, 2000, the Companies had reinsurance treaties with four
unaffiliated  reinsurers  and one  affiliated  reinsurer  covering a significant
portion of the mortality  risks under its variable  contracts as of December 31,
1999.  Golden  American  remains liable to the extent its reinsurers do not meet
their  obligations  under  the  reinsurance  agreements.  At June  30,  2000 and
December  31,  1999,  the  Companies  had net  receivables  of  $17,597,000  and
$14,834,000,  respectively,  for reserve credits,  reinsurance  claims, or other
receivables   from  these   reinsurers   comprised  of  $330,000  and  $493,000,
respectively, for claims recoverable from reinsurers, $1,306,000 and $1,201,000,
respectively,  for a payable  for  reinsurance  premiums,  and  $18,573,000  and
$15,542,000,  respectively,  for a receivable  from an  unaffiliated  reinsurer.
Included in the  accompanying  financial  statements are net  considerations  to
reinsurers of $5,271,000  for the second  quarter of 2000 and $7,908,000 for the
first six months of 2000  compared to  $2,203,000  and  $4,018,000  for the same
periods in 1999. Also included in the accompanying  financial statements are net
policy  benefits of $1,278,000 for the second quarter of 2000 and $1,835,000 for
the first six months of 2000  compared to $718,000 and  $1,439,000  for the same
periods in 1999.

On June 30, 2000,  effective  January 1, 2000,  Golden  American  entered into a
modified  coinsurance  agreement with Equitable  Life, an affiliate,  covering a
considerable  portion of Golden  American's  variable  annuities issued in 2000,
excluding  those with an  interest  rate  guarantee.  At June 30,  2000,  Golden
American had a net receivable of $1,798,000 and received $110,000,000 cash for a
total settlement of $111,798,000 under this agreement. The carrying value of the
separate  account  liabilities  covered under this agreement  represent 10.3% of
total separate account liabilities outstanding at June 30, 2000. Golden American
remains liable to the extent Equitable Life does not meet its obligations  under
the agreement.  The accompanying  financial  statements are presented net of the
effects of the agreement.


                                       9
<PAGE>


Effective  June 1, 1994,  Golden  American  entered into a modified  coinsurance
agreement with an unaffiliated reinsurer.  The accompanying financial statements
are presented net of the effects of the treaty.

The reinsurance  treaties that covered the nonstandard  minimum guaranteed death
benefits  for new  business  have been  terminated  for  business  issued  after
December 31, 1999. The Companies are currently pursuing  additional  alternative
reinsurance  agreements for new business  issued after December 31, 1999.  There
can be no assurance  that such  alternative  agreements  will be available.  The
reinsurance  covering  business in force at December  31, 1999 will  continue to
apply in the future.

GUARANTY FUND  ASSESSMENTS:  Assessments are levied on the Companies by life and
health guaranty  associations in most states in which the Companies are licensed
to cover losses of policyholders of insolvent or rehabilitated insurers. In some
states,  these assessments can be partially offset through a reduction in future
premium  taxes.  The  Companies  cannot  predict  whether  and  to  what  extent
legislative  initiatives may affect the right to offset. The associated cost for
a  particular  insurance  company  can vary  significantly  based upon its fixed
account  premium  volume by line of business  and state  premiums as well as its
potential for premium tax offset. The Companies have established an undiscounted
reserve to cover such assessments,  review information regarding known failures,
and revise  estimates of future  guaranty  fund  assessments.  Accordingly,  the
Companies  accrued  and  charged to expense an  additional  $1,000 in the second
quarter  and $2,000 in the first six months of 2000,  respectively.  At June 30,
2000 and  December 31,  1999,  the  Companies  have an  undiscounted  reserve of
$2,450,000 and $2,444,000,  respectively,  to cover estimated future assessments
(net of related  anticipated  premium tax offsets) and have established an asset
totaling $682,000 and $618,000,  respectively, for assessments paid which may be
recoverable  through  future  premium tax offsets.  The  Companies  believe this
reserve is sufficient to cover expected future guaranty fund  assessments  based
upon previous premiums and known insolvencies at this time.

LITIGATION:  The  Companies,  like other  insurance  companies,  may be named or
otherwise   involved  in  lawsuits,   including   class   action   lawsuits  and
arbitrations.  In some  class  action  and  other  actions  involving  insurers,
substantial  damages  have  been  sought  and/or  material  settlement  or award
payments  have  been  made.  The  Companies  currently  believe  no  pending  or
threatened  lawsuits  or  actions  exist  that are  reasonably  likely to have a
material adverse impact on the Companies.

VULNERABILITY FROM CONCENTRATIONS:  The Companies have various concentrations in
the investment portfolio.  As of June 30, 2000, the Companies had one investment
(other than bonds issued by agencies of the United States government)  exceeding
ten percent of stockholder's equity. The Companies' asset growth, net investment
income,  and  cash  flow are  primarily  generated  from  the  sale of  variable
insurance  products and associated  future policy benefits and separate  account
liabilities. Substantial changes in tax laws that would make these products less
attractive  to consumers  and extreme  fluctuations  in interest  rates or stock
market returns,  which may result in higher lapse experience than assumed, could
have a severe impact on the Companies' financial condition.  Two broker/dealers,
each having at least ten percent of total sales, generated 24% of the Companies'
sales during the second quarter of 2000 (28% by two  broker/dealers  in the same
period of 1999). One broker/dealer  generated 12% of the Companies' sales during
the first six months of 2000 (29% by two  broker/dealers  in the same  period of
1999).  The Premium Plus product  generated 74% and 75% of the Companies'  sales
during  the second  quarter  of 2000 and first six months of 2000,  respectively
(79% and 77% in the same periods of 1999).

REVOLVING  NOTE  PAYABLE:  To  enhance  short-term   liquidity,   the  Companies
established  revolving  notes payable  effective July 27, 1998 and expiring July
31, 1999 with  SunTrust  Bank,  Atlanta (the "Bank").  As of July 31, 1999,  the
SunTrust Bank, Atlanta revolving note facilities were extended to July 31, 2000.
The total amount the Companies may have  outstanding  is  $85,000,000,  of which
Golden American and First Golden have individual credit sublimits of $75,000,000
and $10,000,000, respectively. The notes accrue interest at an annual rate equal
to: (1) the cost of funds for the Bank for the period applicable for the advance
plus 0.25% or (2) a rate quoted by the Bank to the  Companies  for the  advance.
The terms of the  agreement  require the Companies to maintain the minimum level
of Company Action Level Risk Based Capital as  established  by applicable  state
law or  regulation.  During  the  quarters  ended  June 30,  2000 and 1999,  the
Companies incurred interest expense of $8,000 and $50,000, respectively.  During
the six months ended June 30, 2000 and 1999,  the  Companies  incurred  interest
expense of $36,000 and $54,000,  respectively.  At June 30, 2000,  the Companies
did not have any borrowings under these  agreements  ($1,400,000 at December 31,
1999).


                                       10
<PAGE>


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS.

The purpose of this section is to discuss and analyze the Golden  American  Life
Insurance  Company's  ("Golden  American")  condensed  consolidated  results  of
operations.  In addition,  some  analysis and  information  regarding  financial
condition and liquidity and capital resources is provided.  This analysis should
be read  jointly  with the  condensed  consolidated  financial  statements,  the
related  notes,   and  the  Cautionary   Statement   Regarding   Forward-Looking
Statements,  which  appear  elsewhere in this report.  Golden  American  reports
financial results on a consolidated basis. The condensed  consolidated financial
statements  include the accounts of Golden  American and its  subsidiary,  First
Golden  American  Life  Insurance  Company  of New  York  ("First  Golden,"  and
collectively with Golden American, the "Companies").

Golden  American is a wholly owned  subsidiary  of Equitable of Iowa  Companies,
Inc. ("EIC" or the "Parent").  EIC is an indirect wholly owned subsidiary of ING
Groep N.V.  ("ING"),  a global  financial  services holding company based in The
Netherlands.

RESULTS OF OPERATIONS
---------------------

PREMIUMS
<TABLE>
<CAPTION>

                                                                    Percentage             Dollar
 Six Months Ended June 30                        2000                 Change               Change                 1999
-----------------------------------------------------------------------------------------------------------------------------
                                                                        (DOLLARS IN MILLIONS)
<S>                                             <C>                      <C>               <C>                 <C>
 Variable annuity premiums:
   Separate account                               $765.7                 (29.6)%           $(322.1)            $1,087.8
   Fixed account                                   353.6                   7.1                23.4                330.2
                                          -----------------------------------------------------------------------------------
 Total variable annuity premiums                 1,119.3                 (21.1)             (298.7)             1,418.0
 Variable life premiums                              1.0                 (78.1)               (3.7)                 4.7
                                          -----------------------------------------------------------------------------------
 Total premiums                                 $1,120.3                 (21.3)%           $(302.4)            $1,422.7
                                          ===================================================================================
</TABLE>

For the Companies'  variable  contracts,  premiums collected are not reported as
revenues, but as deposits to insurance liabilities.  Revenues for these products
are recognized over time in the form of investment spread and product charges.

Variable annuity separate account premiums  decreased 29.6% during the first six
months of 2000  compared to the same period of 1999.  Excluded from the variable
annuity separate account premiums above are $923.5 million and $50.7 million for
the  first  six  months  of 2000 and 1999,  respectively,  related  to  modified
coinsurance agreements.

Variable life premiums  decreased 78.1% in the first six months of 2000 from the
same period of 1999.  In August  1999,  Golden  American  discontinued  offering
variable life products.

Premiums,  net  of  reinsurance,   for  variable  products  from  a  significant
broker/dealer  having at least ten  percent  of total  sales for the six  months
ended June 30, 2000 totaled $131.4  million,  or 12% of total  premiums  ($406.6
million,  or 29% from two  significant  broker/dealers  for the six months ended
June 30, 1999).

REVENUES
<TABLE>
<CAPTION>

                                                                        Percentage      Dollar
 Six Months Ended June 30                            2000                 Change        Change              1999
-----------------------------------------------------------------------------------------------------------------------------
                                                                          (DOLLARS IN MILLIONS)
<S>                                                 <C>                   <C>            <C>                <C>
 Annuity and interest sensitive
    life product charges                             $72.0                  106.9%        $37.2             $34.8
 Management fee revenue                                9.0                  121.2           4.9               4.1
 Net investment income                                31.8                   12.8           3.7              28.1
 Realized losses on investments                       (2.6)                  53.6          (0.9)             (1.7)
 Net income from modified coinsurance
    agreements                                       115.8                2,024.9         110.3               5.5
 Other income                                          0.9                   26.2           0.2               0.7
                                           ----------------------------------------------------------------------------------
                                                    $226.9                  217.3%       $155.4             $71.5
                                           ==================================================================================
</TABLE>


                                       11
<PAGE>


Total  revenues  increased  217.3% in the first six months of 2000 from the same
period in 1999.  Annuity and interest  sensitive life product charges  increased
106.9% in the first six months of 2000 due to  additional  fees  earned from the
increasing block of business under management in the variable separate accounts.

Golden American provides certain managerial and supervisory services to Directed
Services,  Inc.  ("DSI").  The fee paid to Golden  American for these  services,
which is calculated as a percentage of average  assets in the variable  separate
accounts, was $9.0 million and $4.1 million for the first six months of 2000 and
1999, respectively.

Net  investment  income  increased  12.8% in the first six months of 2000 due to
growth in invested  assets from June 30, 1999. The Companies had $2.6 million of
realized  losses on the sale of  investments  in the first six months of 2000 on
the  sale of fixed  maturities  and the  writedown  of an  impaired  investment,
compared  to losses of $1.7  million in the same  period of 1999  related to the
writedown of two fixed maturities.

Net income from modified  coinsurance  agreements increased by $110.3 million to
$115.8  million  for the first six months of 2000 as  compared  to the first six
months of 1999. This was primarily due to a modified coinsurance agreement which
was entered into during the second quarter of 2000, with an affiliate, Equitable
Life Insurance Company of Iowa ("Equitable  Life"),  covering a part of business
issued in 2000. This reinsurance  agreement  contributed $111.8 million to other
income  in the  second  quarter  of 2000,  which was  offset by a  corresponding
release of deferred policy acquisition costs and reimbursement of non-deferrable
costs related to policies reinsured under this agreement.

EXPENSES

Total insurance  benefits and expenses  increased $138.6 million,  or 214.8%, to
$203.1  million in the first six months of 2000.  Interest  credited  to account
balances  increased $20.0 million,  or 24.3%, to $102.4 million in the first six
months of 2000. The premium credit on the Premium Plus product  increased  $22.3
million to $73.5  million at June 30, 2000  resulting in an increase in interest
credited  during the first six  months of 2000  compared  to the same  period in
1999.  The bonus  interest on the fixed account  decreased  $2.3 million to $4.8
million at June 30, 2000 resulting in a decrease in interest credited during the
first six months of 2000  compared  to the same  period in 1999.  The  remaining
increase in interest credited relates to higher account balances associated with
the Companies'  fixed account options within the variable  products  relative to
the balances at June 30, 1999.

Commissions  increased  $28.9 million,  or 34.8%, to $112.2 million in the first
six months of 2000.  Insurance  taxes,  state licenses,  and fees increased $0.4
million,  or 15.9%, to $2.9 million in the first six months of 2000.  Changes in
commissions and insurance taxes, state licenses,  and fees are generally related
to changes in the level and  composition of variable  product  sales.  Insurance
taxes,  state  licenses,  and fees are impacted by several other factors,  which
include an increase in FICA taxes primarily due to incentive bonuses. Most costs
incurred as the result of new sales have been deferred,  thus having very little
impact on current earnings.

General  expenses  increased  $11.4 million,  or 39.6%,  to $40.2 million in the
first six months of 2000.  Management  expects  general  expenses to continue to
increase  in  2000  as a  result  of the  emphasis  on  expanding  the  salaried
wholesaler  distribution network, the growth in sales, and the increased amounts
in force. The Companies use a network of wholesalers to distribute products, and
the  salaries  and sales  bonuses of these  wholesalers  are included in general
expenses.  The  portion of these  salaries  and  related  expenses  that  varies
directly with production levels is deferred thus having little impact on current
earnings.   The   increase  in  general   expenses  was   partially   offset  by
reimbursements received from the following affiliates:  DSI, Equitable Life, ING
Mutual Funds  Management Co., LLC,  Security Life of Denver  Insurance  Company,
Southland Life Insurance  Company,  and United Life & Annuity Insurance Company,
for certain advisory, computer, and other resources and services provided by the
Companies.

During the first six months of 2000 and 1999,  value of  purchased  insurance in
force  ("VPIF")  was adjusted to increase  amortization  by $0.7 million in each
period,  respectively,  to  reflect  changes in the  assumptions  related to the
timing of estimated gross profits.  Amortization of deferred policy  acquisition
costs ("DPAC")  increased $25.0 million,  or 233.8%,  in the first six months of
2000. This increase  resulted from the deferral of expenses  associated with the
large sales volume experienced since June 30, 1999.  Deferred policy acquisition
costs decreased  $52.3 million or 34.8% in the first six months of 2000.  During
the second  quarter of 2000, a modified  coinsurance  agreement was entered into
which  resulted  in a $109.3  million  release  of  previously  deferred  policy


                                       12
<PAGE>


acquisition  costs. Based on current conditions and assumptions as to the impact
of future events on acquired  policies in force,  the expected  approximate  net
amortization  relating  to VPIF  as of June  30,  2000 is $1.9  million  for the
remainder of 2000,  $3.5 million in 2001,  $3.3 million in 2002, $2.8 million in
2003, $2.2 million in 2004, and $1.7 million in 2005.  Actual  amortization  may
vary based upon changes in assumptions and experience.

Interest  expense  increased  189.4%,  or $6.6 million,  to $10.1 million in the
first six months of 2000.  Interest expense on a $25 million surplus note issued
December  1996 and  expiring  December  2026 was $1.0  million for the first six
months of 2000,  unchanged from the same period of 1999.  Interest  expense on a
$60 million surplus note issued in December 1998 and expiring  December 2028 was
$2.2 million for the first six months of 2000, unchanged from the same period of
1999.  Interest expense on a $75 million surplus note, issued September 1999 and
expiring  September  2029 was $2.9  million  for the first  six  months of 2000.
Interest  expense  on a $50  million  surplus  note,  issued  December  1999 and
expiring  December  2029 was $2.1  million  for the  first  six  months of 2000.
Interest expense on a $35 million surplus note issued December 1999 and expiring
December 2029 was $1.6 million for the first six months of 2000. Golden American
also paid $0.3 million in 2000 and $0.2 million in 1999 to ING America Insurance
Holdings, Inc. ("ING AIH") for interest on a reciprocal loan agreement. Interest
expense on a revolving note payable with SunTrust Bank,  Atlanta was $36,000 and
$54,000 for the first six months of 2000 and 1999, respectively.

INCOME

Net income was $8.1  million  for the first six months of 2000,  an  increase of
$6.7 million, or 468.0% from the same period of 1999.

Comprehensive  income  for the first six  months  of 2000 was $7.0  million,  an
increase of $9.1  million  from  comprehensive  loss of $2.1 million in the same
period of 1999.

FINANCIAL CONDITION
-------------------

INVESTMENTS

The  financial  statement  carrying  value  and  amortized  cost  basis  of  the
Companies' total investments  increased  slightly during the first six months of
2000.  All of the  Companies'  investments,  other than  mortgage  loans on real
estate, are carried at fair value in the Companies'  financial  statements.  The
increase in the carrying value of the Companies' investment portfolio was due to
changes in unrealized  appreciation  and  depreciation of investments as well as
net purchases.  Growth in the cost basis of the Companies'  investment portfolio
resulted from the investment of premiums from the sale of the  Companies'  fixed
account options, net of transfers to the separate accounts. The Companies manage
the growth of insurance operations in order to maintain adequate capital ratios.
To support  the fixed  account  options  of the  Companies'  variable  insurance
products, cash flow is invested primarily in fixed maturities and mortgage loans
on real estate.

At June 30, 2000, the Companies had no investments in default. At June 30, 2000,
the Companies' investments had a yield of 6.7%. The Companies estimate the total
investment  portfolio,  excluding policy loans,  had a fair value  approximately
equal to 97.6% of amortized cost value at June 30, 2000.

FIXED  MATURITIES:  At June 30, 2000, the Companies had fixed maturities with an
amortized cost of $832.2 million and an estimated fair value of $809.5  million.
The Companies  classify 100% of securities as available for sale. Net unrealized
depreciation  of  fixed  maturities  of $22.7  million  was  comprised  of gross
appreciation  of $0.6  million  and gross  depreciation  of $23.3  million.  Net
unrealized  holding losses on these  securities,  net of  adjustments  for VPIF,
DPAC, and deferred income taxes of $7.0 million,  were included in stockholder's
equity at June 30, 2000.

The  individual  securities in the  Companies'  fixed  maturities  portfolio (at
amortized cost) include  investment grade securities,  which include  securities
issued by the U.S. government,  its agencies, and corporations that are rated at
least A- by Standard & Poor's  Rating  Services  ("Standard  & Poor's")  ($545.4
million or  65.5%),  that are rated  BBB+ to BBB- by  Standard & Poor's  ($136.4
million or 16.4%),  and below investment grade securities,  which are securities
issued by  corporations  that are rated BB+ to B- by  Standard  & Poor's  ($53.8
million  or 6.5%).  Securities  not rated by  Standard  & Poor's  had a National


                                       13
<PAGE>


Association  of  Insurance  Commissioners  ("NAIC")  rating  of 1, 2, 3, 4, or 5
($96.6 million or 11.6%). The Companies' fixed maturity investment portfolio had
a combined yield at amortized cost of 6.7% at June 30, 2000.

Fixed  maturities rated BBB+ to BBB- may have  speculative  characteristics  and
changes in economic conditions or other circumstances are more likely to lead to
a weakened  capacity of the issuer to make principal and interest  payments than
is the case with higher rated fixed maturities.

At June 30, 2000, the amortized cost value of the Companies'  total  investments
in below investment grade securities,  excluding mortgage-backed securities, was
$67.3 million, or 6.3%, of the Companies'  investment  portfolio.  The Companies
intend to purchase  additional  below investment  grade  securities,  but do not
expect the percentage of the portfolio invested in such securities to exceed 10%
of the  investment  portfolio.  At June 30, 2000, the yield at amortized cost on
the Companies'  below  investment  grade portfolio was 8.1% compared to 6.4% for
the Companies' investment grade corporate bond portfolio. The Companies estimate
the fair value of the below  investment  grade  portfolio was $63.8 million,  or
94.8% of amortized cost value, at June 30, 2000.

Below investment grade securities have different characteristics than investment
grade  corporate debt  securities.  Risk of loss upon default by the borrower is
significantly  greater with respect to below  investment  grade  securities than
with other corporate debt  securities.  Below  investment  grade  securities are
generally unsecured and are often subordinated to other creditors of the issuer.
Also, issuers of below investment grade securities usually have higher levels of
debt and are more sensitive to adverse economic conditions, such as recession or
increasing  interest  rates,  than are investment  grade issuers.  The Companies
attempt to reduce the overall risk in the below investment  grade portfolio,  as
in all investments,  through careful credit analysis,  strict  investment policy
guidelines, and diversification by company and by industry.

The Companies analyze the investment portfolio, including below investment grade
securities,  at least quarterly in order to determine if the Companies'  ability
to realize the carrying value on any investment has been impaired.  For debt and
equity  securities,  if  impairment  in value  is  determined  to be other  than
temporary  (i.e.,  if it is probable the Companies will be unable to collect all
amounts due according to the contractual terms of the security),  the cost basis
of the impaired  security is written down to fair value,  which  becomes the new
cost basis.  The amount of the  write-down is included in earnings as a realized
loss.  Future  events may occur,  or additional  or updated  information  may be
received,  which  may  necessitate  future  write-downs  of  securities  in  the
Companies'  portfolio.   Significant   write-downs  in  the  carrying  value  of
investments  could  materially  adversely  affect the  Companies'  net income in
future periods.

During the first six months of 2000,  fixed  maturities  designated as available
for sale with a combined  amortized cost of $125.7 million were sold, called, or
repaid by their issuers.  In total,  net pre-tax losses from sales,  calls,  and
repayments of fixed maturity  investments  amounted to $2.5 million in the first
six months of 2000.

During the second quarter of 2000, Golden American  determined that the carrying
value of an impaired  bond exceeded its estimated  net  realizable  value.  As a
result,  at June 30, 2000,  Golden  American  recognized a total pre-tax loss of
approximately  $142,000  to  reduce  the  carrying  value of the bond to its net
realizable value of $329,000.

EQUITY SECURITIES: Equity securities represent 0.9% of the Companies' investment
portfolio.  At June 30, 2000, the Companies owned equity  securities with a cost
of $9.7 million and an estimated  fair value of $10.5  million.  Net  unrealized
appreciation of equity securities was comprised  entirely of gross  appreciation
of $0.8 million.  Equity  securities  are primarily  comprised of investments in
shares  of the  mutual  funds  underlying  the  Companies'  registered  separate
accounts.

MORTGAGE LOANS ON REAL ESTATE:  Mortgage loans on real estate  represent 9.9% of
the Companies' investment  portfolio.  Mortgages outstanding were $105.5 million
at June 30, 2000 with an estimated fair value of $101.9 million.  The Companies'
mortgage loan  portfolio  includes 59 loans with an average size of $1.8 million
and  average  seasoning  of 0.6 years if  weighted  by the number of loans.  The
Companies'  mortgage  loans on real  estate are  typically  secured by  occupied
buildings in major metropolitan  locations and not speculative  developments and
are diversified by type of property and geographic  location.  At June 30, 2000,
the yield on the Companies' mortgage loan portfolio was 7.3%.


                                       14
<PAGE>


At June 30, 2000, no mortgage  loan on real estate was  delinquent by 90 days or
more.  The Companies'  loan  investment  strategy is consistent  with other life
insurance  subsidiaries of ING in the United States. The insurance  subsidiaries
of EIC have  experienced a historically  low default rate in their mortgage loan
portfolios.

OTHER ASSETS

DPAC  represents  certain  deferred  costs of acquiring new insurance  business,
principally  first year commissions and interest bonuses,  premium credits,  and
other expenses related to production after October 24, 1997 ("ING merger date").
The Companies'  previous balances of DPAC and VPIF were eliminated as of the ING
merger date, and an asset  representing VPIF was established for all policies in
force at the ING merger date. VPIF is amortized into income in proportion to the
expected gross profits of in force acquired business in a manner similar to DPAC
amortization.  Any expenses which vary directly with the sales of the Companies'
products  are  deferred  and  amortized.  During the second  quarter of 2000,  a
modified  coinsurance  agreement  was  entered  into which  resulted in a $109.3
million  release of previously  deferred policy  acquisition  costs. At June 30,
2000,  the  Companies  had DPAC and VPIF  balances  of $590.8  million and $29.5
million, respectively.

Goodwill  totaling  $151.1 million,  representing  the excess of the acquisition
cost over the fair value of net assets acquired,  was established as a result of
the merger with ING. Accumulated  amortization of goodwill through June 30, 2000
was $10.1 million.

Other assets  increased $1.7 million from December 31, 1999, due to increases in
a receivable from the separate account and prepaid expenses.

At June 30, 2000,  the  Companies  had $9.4 billion of separate  account  assets
compared to $7.6 billion at December 31, 1999. The increase in separate  account
assets  resulted  from market  appreciation,  transfers  from the fixed  account
options,  and  sales  of  the  Companies'  variable  annuity  products,  net  of
redemptions.

At June 30,  2000,  the  Companies  had total assets of $11.3  billion,  a 20.2%
increase from December 31, 1999.

LIABILITIES

Future  policy  benefits  for  annuity  and  interest  sensitive  life  products
decreased 4.1%, to $0.9 billion.  Market appreciation,  transfers from the fixed
account  options,  and  premiums,  net of  redemptions,  accounted  for the $1.8
billion,  or 24.2%,  increase in separate account liabilities to $9.4 billion at
June 30, 2000.

On December 30, 1999, Golden American issued a $50 million,  8.179% surplus note
to Equitable  Life,  which  matures on December  29, 2029.  On December 8, 1999,
Golden  American  issued a $35 million,  7.979% surplus note to First  Columbine
Life  Insurance  Company,  an  affiliate,  which matures on December 7, 2029. On
September 30, 1999, Golden American issued a $75 million,  7.75% surplus note to
ING AIH,  which  matures on September  29, 2029.  On December 30, 1999,  ING AIH
assigned  the surplus  note to Equitable  Life.  On December  30,  1998,  Golden
American  issued a $60 million,  7.25%  surplus note to  Equitable  Life,  which
matures on December 29, 2028. On December 17, 1996, Golden American issued a $25
million,  8.25%  surplus note to Equitable of Iowa  Companies,  which matures on
December  17,  2026.  As a result of the ING  merger,  the  surplus  note is now
payable to EIC.

Due to  affiliates  decreased  $8.8 million or 69.7% to $3.8 million  during the
first  six  months  of  2000  due to  declines  in  payables  to  related  party
broker/dealers  and a decrease  in accrued  interest  on related  party  surplus
notes.

Other  liabilities  decreased $13.2 million or 24.7% to $40.1 million during the
first six months of 2000 due to the timing of the  application and settlement of
policy payments and account  transfers,  as well as the timing of the settlement
of investment transactions.

In conjunction  with the volume of variable  annuity sales, the Companies' total
liabilities  increased $1.8 billion,  or 20.3%, during first six months 2000 and
totaled $10.7 billion at June 30, 2000.


                                       15
<PAGE>


The  effects  of  inflation  and  changing  prices on the  Companies'  financial
position  are not  material  since  insurance  assets and  liabilities  are both
primarily monetary and remain in balance. An effect of inflation, which has been
low in recent years, is a decline in  stockholder's  equity when monetary assets
exceed monetary liabilities.

STOCKHOLDER'S EQUITY

Additional paid-in capital increased $80.0 million,  or 17.1%, from December 31,
1999 to $548.6 million at June 30, 2000, due to a capital  contribution from the
Parent.

LIQUIDITY AND CAPITAL RESOURCES
-------------------------------

Liquidity is the ability of the Companies to generate  sufficient  cash flows to
meet the cash requirements of operating,  investing,  and financing  activities.
The  Companies'  principal  sources of cash are  variable  annuity  premiums and
product charges,  investment income,  maturing  investments,  proceeds from debt
issuance,  and capital  contributions made by the Parent.  Primary uses of these
funds are payments of commissions and operating  expenses,  interest and premium
credits,  investment  purchases,  repayment of debt, as well as withdrawals  and
surrenders.

Net cash  provided by operating  activities  was $33.3  million in the first six
months of 2000  compared to net cash used of $41.6 million in the same period of
1999.  The Companies have  predominantly  had negative cash flows from operating
activities since Golden American started issuing variable  insurance products in
1989.  These negative  operating cash flows result primarily from the funding of
commissions and other deferrable expenses related to the continued growth in the
variable annuity  products;  however,  during the second quarter of 2000, Golden
American  received $110.0 million in conjunction  with the modified  coinsurance
agreement  with an  affiliate,  resulting in positive  cash flow from  operating
activities.

Net cash used in investing  activities  was $12.3  million  during the first six
months of 2000  compared  to $38.6  million  in the same  period  of 1999.  This
decrease is primarily  due to greater net sales of fixed  maturities  and equity
securities, which were partially offset by an increase in net purchases of short
term investments  during the first six months of 2000 than in the same period of
1999. Net sales of fixed  maturities  reached $22.2 million during the first six
months of 2000  compared to net  purchases of $9.3 million in the same period of
1999. Net purchases of short term investments reached $33.9 million in the first
six months of 2000 versus  $26.4  million  during the same  period in 1999.  Net
purchases of mortgage  loans on real estate were $5.6  million  during the first
six months of 2000 versus net sales of $3.6 million  during the first six months
of 1999.

Net cash used in financing  activities  was $25.7  million  during the first six
months of 2000  compared to net cash  provided by financing  activities of $82.8
million during the same period in 1999. The increase in net reallocations to the
Companies'  separate  accounts,  which  increased to $412.2  million from $261.4
million during the prior year,  contributed to the decrease. Net reciprocal loan
agreement  borrowings  of $40.0  million  during  the first  six  months of 2000
provided cash to the Companies.

The Companies'  liquidity position is managed by maintaining  adequate levels of
liquid assets,  such as cash or cash  equivalents  and  short-term  investments.
Additional sources of liquidity include borrowing  facilities to meet short-term
cash  requirements.  Golden American  maintains a $65.0 million  reciprocal loan
agreement  with ING AIH and the  Companies  have  established  an $85.0  million
revolving  note facility with SunTrust  Bank,  Atlanta which expired on July 31,
2000. As of July 31, 2000,  the SunTrust Bank,  Atlanta  revolving note facility
was  extended  to July 30,  2001.  Management  believes  that  these  sources of
liquidity are adequate to meet the Companies' short-term cash obligations.

Based on current  trends,  the  Companies  expect to continue to use net cash in
operating activities,  given the continued growth of the variable annuity sales.
It is anticipated that a continuation of capital  contributions from the Parent,
the issuance of additional surplus notes, and/or modified coinsurance agreements
will cover these net cash outflows. ING AIH is committed to the sustained growth
of  Golden  American.  During  2000,  ING AIH will  maintain  Golden  American's
statutory  capital and surplus at the end of each  quarter at a level such that:
1) the ratio of Total  Adjusted  Capital  divided by Company  Action  Level Risk
Based  Capital  exceeds  300%;  and 2)  the  ratio  of  Total  Adjusted  Capital
(excluding  surplus  notes)  divided by Company  Action Level Risk Based Capital


                                       16
<PAGE>


exceeds 200%; and 3) Golden American's statutory capital and surplus exceeds the
"Amounts Accrued for Expense Allowances  Recognized in Reserves" as disclosed on
page 3, Line 13A of Golden American's Statutory Statement.

During the first quarter of 1999, Golden  American's  operations were moved to a
new site in West Chester, Pennsylvania.  Golden American occupies 105,000 square
feet  of  leased  space;  an  affiliate  occupies  20,000  square  feet.  Golden
American's New York  subsidiary is housed in leased space in New York, New York.
The Companies intend to spend approximately $1.0 million on capital needs during
the remainder of 2000.

The ability of Golden  American to pay  dividends  to its Parent is  restricted.
Prior  approval of insurance  regulatory  authorities is required for payment of
dividends to the stockholder  which exceed an annual limit.  During 2000, Golden
American  cannot pay dividends to its Parent without prior approval of statutory
authorities.

Under the  provisions  of the  insurance  laws of the  State of New York,  First
Golden cannot  distribute  any dividends to its  stockholder,  Golden  American,
unless a notice  of its  intent  to  declare a  dividend  and the  amount of the
dividend has been filed with the New York  Insurance  Department at least thirty
days in advance of the proposed  declaration.  If the  Superintendent of the New
York Insurance Department finds the financial condition of First Golden does not
warrant the distribution,  the Superintendent may disapprove the distribution by
giving written  notice to First Golden within thirty days after the filing.  The
management  of First Golden does not  anticipate  paying any dividends to Golden
American during 2000.

The NAIC's  risk-based  capital  requirements  require  insurance  companies  to
calculate  and report  information  under a risk-based  capital  formula.  These
requirements  are  intended  to  allow  insurance   regulators  to  monitor  the
capitalization  of insurance  companies based upon the type and mixture of risks
inherent in a company's  operations.  The formula includes  components for asset
risk,  liability risk, interest rate exposure,  and other factors. The Companies
have complied with the NAIC's risk-based capital reporting requirements. Amounts
reported  indicate  the  Companies  have total  adjusted  capital well above all
required capital levels.

REINSURANCE:  At June 30, 2000,  Golden American had  reinsurance  treaties with
four  unaffiliated   reinsurers  and  two  affiliated   reinsurers   covering  a
significant portion of the mortality risks under its variable contracts.  Golden
American  remains  liable  to  the  extent  its  reinsurers  do not  meet  their
obligations under the reinsurance agreements.

On June 30, 2000,  effective  January 1, 2000,  Golden  American  entered into a
modified  coinsurance  agreement with Equitable  Life, an affiliate,  covering a
considerable  portion of Golden  American's  variable  annuities issued in 2000,
excluding those with an interest rate guarantee.

The reinsurance  treaties that covered the nonstandard  minimum guaranteed death
benefits  for new  business  have been  terminated  for  business  issued  after
December 31, 1999. The Companies are currently pursuing  additional  alternative
reinsurance  arrangements for new business issued after December 31, 1999. There
can be no assurance that such alternative  arrangements  will be available.  The
reinsurance  covering  business in force at December  31, 1999 will  continue to
apply in the future.

IMPACT OF YEAR 2000:  In prior years,  the  Companies  discussed  the nature and
progress  of plans to become  Year  2000  ready.  In late  1999,  the  Companies
completed  remediation and testing of systems. As a result of those planning and
implementation  efforts, the Companies experienced no significant disruptions in
mission critical information  technology and non-information  technology systems
and believe those systems  successfully  responded to the Year 2000 date change.
The Companies are not aware of any material  problems  resulting  from Year 2000
issues, either with products,  internal systems, or the products and services of
third parties.  The Companies will continue to monitor mission critical computer
applications  and those of  suppliers  and vendors  throughout  the Year 2000 to
ensure that any latent Year 2000 matters that may arise are addressed promptly.


                                       17
<PAGE>


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
---------------------------------------------------------

Any  forward-looking  statement contained herein or in any other oral or written
statement by the Companies or any of their officers,  directors, or employees is
qualified by the fact that actual results of the Companies may differ materially
from such  statement,  among  other  risks  and  uncertainties  inherent  in the
Companies' business, due to the following important factors:

1.   Prevailing  interest  rate levels and stock market  performance,  which may
     affect the  ability of the  Companies  to sell their  products,  the market
     value and liquidity of the  Companies'  investments,  fee revenue,  and the
     lapse  rate of the  Companies'  policies,  notwithstanding  product  design
     features intended to enhance persistency of the Companies' products.

2.   Changes in the federal  income tax laws and  regulations,  which may affect
     the tax status of the Companies' products.

3.   Changes in the regulation of financial  services,  including bank sales and
     underwriting  of  insurance  products,  which may  affect  the  competitive
     environment for the Companies' products.

4.   Increasing competition in the sale of the Companies' products.

5.   Other  factors  that  could  affect  the   performance  of  the  Companies,
     including, but not limited to, market conduct claims, litigation, insurance
     industry  insolvencies,  availability  of  competitive  reinsurance  on new
     business,  investment  performance  of  the  underlying  portfolios  of the
     variable products, variable product design, and sales volume by significant
     sellers of the Companies' variable products.


                                       18
<PAGE>


PART II. OTHER INFORMATION


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K.

(a) Exhibits

A list of  exhibits  included as part of this report is set forth in the Exhibit
Index which  immediately  precedes such exhibits and is hereby  incorporated  by
reference herein.

(b) Reports on Form 8-K

None


                                       19
<PAGE>


                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

DATE:   August 11, 2000    GOLDEN AMERICAN LIFE INSURANCE COMPANY





                           By/s/ E. Robert Koster
                                ------------------------------------------------
                           E. Robert Koster
                           Senior Vice President and Chief Financial Officer
                           (Principal Financial Officer)


                           By/s/ Cheryl L. Harding
                                ------------------------------------------------
                           Cheryl L. Harding
                           Assistant Vice President and Chief Accounting Officer
                           (Principal Accounting Officer)


                                       20
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                   Six Months Ended June 30, 2000
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------

<S>                                                                                                                          <C>
2        PLAN OF MERGER
           (a)     Agreement and Plan of Merger dated as of July 7, 1997, among ING Groep N.V.,
                   PFHI Holdings, Inc., and Equitable of Iowa Companies ("Equitable") (incorporated
                   by reference from Exhibit 2 in Equitable's Form 8-K filed July 11, 1997).............................     __

3        ARTICLES OF INCORPORATION AND BY-LAWS
           (a)     Articles of Incorporation of Golden American Life Insurance Company ("Registrant"
                   or "Golden American") (incorporated by reference from Exhibit 3(a) to Amendment
                   No. 9 to Registrant's Registration Statement on Form S-1 filed with the Securities
                   and Exchange Commission (the "SEC") on February 17, 1998 (File No. 33-87272))........................     __

           (b)(i)  By-laws of Golden American (incorporated by reference from Exhibit 3(b)(i)
                   to Amendment No. 9 to Registrant's Registration Statement on Form S-1
                   filed with the SEC on February 17, 1998 (File No. 33-87272)).........................................     __

             (ii)  By-laws of Golden American, as amended (incorporated by reference from
                   Exhibit 3(b)(ii) to Amendment No. 9 to the Registrant's Registration
                   Statement on Form S-1 filed with the SEC on February 17, 1998 (File No. 33-87272))...................     __

            (iii)  Certificate of Amendment of the By-laws of MB Variable  Life Insurance Company,
                   as amended (incorporated by reference from Exhibit 3(b)(iii) to Amendment No. 9
                   to Registrant's Registration Statement on Form S-1 filed with the SEC on
                   February 17, 1998 (File No. 33-87272))...............................................................     __

             (iv)  By-laws of Golden American, as amended (12/21/93) (incorporated by reference
                   from Exhibit 3(b)(iv) to Amendment No. 9 to Registrant's Registration Statement
                   on Form S-1 filed with the SEC on February 17, 1998 (File No. 33-87272)).............................     __

4         INSTRUMENTS DEFINING THE RIGHTS OF SECURITY HOLDERS, INCLUDING INDENTURES
           (a)     Individual Deferred Combination Variable and Fixed Annuity Contract (incorporated
                   by reference from Exhibit 4(a) to Amendment No. 5 of Registrant's Registration
                   Statement on Form S-1 filed with the SEC on or about April 23, 1999
                   (File No. 333-51353))................................................................................     __

           (b)     Discretionary Group Deferred Combination Variable Annuity Contract (incorporated
                   by reference from Exhibit 4(b) to Amendment No. 5 of Registrant's Registration
                   Statement on Form S-1 filed with the SEC on or about April 23, 1999
                   (File No. 333-51353))................................................................................     __

           (c)     Individual Deferred Variable Annuity Contract (incorporated by reference from
                   Exhibit 4(c) to Amendment No. 5 of Registrant's Registration Statement on
                   Form S-1 filed with the SEC on or about December 3, 1999 (File No. 333-51353)).......................     __


                                                                 21
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                   Six Months Ended June 30, 2000
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------

<S>                                                                                                                          <C>
          (d)      Individual Deferred Combination Variable and Fixed Annuity Application
                   (incorporated by reference from Exhibit 4(g) to Amendment No. 6 of Registrant's
                   Registration Statement on Form S-1 filed with the SEC on or about December 3, 1999
                   (File No. 333-51353))................................................................................     __

          (e)      Group Deferred Combination Variable and Fixed Annuity Enrollment Form
                   (incorporated by reference from Exhibit 4(h) to Amendment No. 6 of Registrant's
                   Registration Statement on Form S-1 filed with the SEC on or about December 3, 1999
                   (File No. 333-51353))................................................................................     __

          (f)      Individual Deferred Variable Annuity Application (incorporated by reference
                   from Exhibit 4(i) to Amendment No. 6 of Registrant's Registration Statement
                   on Form S-1 filed with the SEC on or about December 3, 1999 (File No. 333-51353))....................     __

          (g)      Minimum Guaranteed Accumulation Benefit Rider (incorporated by reference from
                   Exhibit 4(i) to Amendment No. 6 to a Registration Statement for Golden American on
                   Form S-1 filed with the SEC on or about December 3, 1999 (File No. 333-28765)).......................     __

          (h)      Minimum Guaranteed Income Benefit Rider (incorporated by reference from
                   Exhibit 4(j) to Amendment No. 6 to a Registration Statement for Golden American
                   on Form S-1 filed with the SEC on or about December 3, 1999 (File No. 333-28765))....................     __

          (i)      Minimum Guaranteed Withdrawal Benefit Rider (incorporated by reference from
                   Exhibit 4(k) to Amendment No. 6 to a Registration Statement for Golden American
                   on Form S-1 filed with the SEC on or about December 3, 1999 (File No. 333-28765))....................     __

          (j)      Death Benefit Endorsement Number 1 describing the 7% Solution Enhanced Death Benefit
                   (incorporated by reference from Exhibit 4(l) to Amendment No. 6 to a Registration Statement
                   for Golden American on Form S-1 filed with the SEC on or about December 3, 1999
                   (File No. 333-28765))................................................................................     __

          (k)      Death Benefit Endorsement Number 2 describing the Annual Ratchet Enhanced
                   Death Benefit (incorporated by reference from Exhibit 4(m) to Amendment No. 6 to
                   a Registration Statement for Golden American on Form S-1 filed with the SEC on or
                   about December 3, 1999 (File No. 333-28765)).........................................................     __

          (l)      Death Benefit Endorsement Number 1 describing the Standard Death Benefit
                   (incorporated by reference from Exhibit 4(n) to Amendment No. 6 to a Registration
                   Statement for Golden American on Form S-1 filed with the SEC on or about
                   December 3, 1999 (File No. 333-28765))...............................................................     __

          (m)      Death Benefit Endorsement Number 1 describing the Max 7 Enhanced Death Benefit
                   (incorporated by reference from Exhibit 4(o) to Amendment No. 6 to a Registration
                   Statement for Golden American on Form S-1 filed with the SEC on or about
                   December 3, 1999 (File No. 333-28765))...............................................................     __

          (n)      Individual Deferred Variable and Fixed Annuity Contract (incorporated by
                   reference from Exhibit 4(a) to Amendment No. 6 to Registrant's Registration
                   Statement filed with the SEC on or about December 3, 1999 (File No. 333-28765))......................     __


                                                                 22
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                   Six Months Ended June 30, 2000
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------

<S>                                                                                                                          <C>
          (o)      Group Deferred Variable and Fixed Annuity Contract Individual Deferred Variable
                   and Fixed Annuity Contract (incorporated by reference from Exhibit 4(b) to Amendment
                   No. 6 to Registrant's Registration Statement filed with the SEC on or about December 3,
                   1999 (File No. 333-28765))...........................................................................     __

          (p)      Individual Deferred Variable Annuity Contract (incorporated by reference from
                   Exhibit 4(c) to Amendment No. 6 to Registrant's Registration Statement filed with
                   the SEC on or about December 3, 1999 (File No. 333-28765))...........................................     __

          (q)      Individual Deferred Variable and Fixed Annuity Contract (incorporated by reference
                   from Exhibit 4(a) to a Registration Statement for Golden American filed with the SEC
                   on or about April 23, 1999 (File No. 333-76941)).....................................................     __

          (r)      Group Deferred Variable and Fixed Annuity Contract Individual Deferred Variable
                   and Fixed Annuity Contract (incorporated by reference from Exhibit 4(b) to a Registration
                   Statement for Golden American filed with the SEC on or about April 23, 1999
                   (File No. 333-76941))................................................................................     __

          (s)      Individual Deferred Variable Annuity Contract (incorporated by reference from
                   Exhibit 4(c) to a Registration Statement for Golden American filed with the SEC
                   on or about April 23, 1999 (File No. 333-76941)).....................................................     __

          (t)      Individual Deferred Variable and Fixed Annuity Contract (incorporated by reference
                   from Exhibit 4(a) to a Registration Statement for Golden American filed with the SEC
                   on or about April 23, 1999 (File No. 333-76945)).....................................................     __

          (u)      Group Deferred Variable and Fixed Annuity Contract Individual Deferred Variable
                   and Fixed Annuity Contract (incorporated by reference from Exhibit 4(b) to a
                   Registration Statement for Golden American filed with the SEC on or about April 23,
                   1999 (File No. 333-76945))...........................................................................     __

          (v)      Individual Deferred Variable Annuity Contract (incorporated by reference from
                   Exhibit 4(c) to a Registration Statement for Golden American filed with the SEC
                   on or about April 23, 1999 (File No. 333-76945)).....................................................     __

          (w)      Schedule Page to the Premium Plus Contract featuring the Galaxy VIP Fund
                   (incorporated by reference from Exhibit 4(i) to a Registration Statement for Golden
                   American on Form S-1 filed with the SEC on or about September 24, 1999
                   (File No. 333-76945))................................................................................     __

          (x)      Individual Deferred Variable and Fixed Annuity Contract (incorporated by reference
                   from Exhibit 4(a) to Amendment No. 3 to Registrant's Registration Statement filed
                   with the SEC on or about April 23, 1999 (File No. 333-66745))........................................     __

          (y)      Group Deferred Variable and Fixed Annuity Contract Individual Deferred Variable
                   and Fixed Annuity Contract (incorporated by reference from Exhibit 4(b) to
                   Amendment No. 3 to Registrant's Registration Statement filed with the SEC on or
                   about April 23, 1999 (File No. 333-66745))...........................................................     __


                                                                 23
</TABLE>
<PAGE>
<TABLE>
<CAPTION>


                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                   Six Months Ended June 30, 2000
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------

<S>                                                                                                                          <C>
          (z)      Individual Deferred Variable Annuity Contract (incorporated by reference from
                   Exhibit 4(c) to Amendment No. 3 to Registrant's Registration Statement filed with
                   the SEC on or about April 23, 1999 (File No. 333-66745)).............................................     __

10        MATERIAL CONTRACTS

          (a)      Administrative Services Agreement, dated as of January 1, 1997, between Golden
                   American and Equitable Life Insurance Company of Iowa (incorporated by reference
                   from Exhibit 10(a) to a Registration Statement for Golden American on Form S-1 filed
                   with the SEC on April 29, 1998 (File No. 333-51353)).................................................     __

          (b)      Service Agreement, dated as of January 1, 1994, between Golden American and Directed
                   Services, Inc. (incorporated by reference from Exhibit 10(b) to a Registration Statement
                   for Golden American on Form S-1 filed with the SEC on April 29, 1998
                   (File No. 333-51353))................................................................................     __

          (c)      Service Agreement, dated as of January 1, 1997, between Golden American and
                   Equitable Investment Services, Inc. (incorporated by reference from Exhibit 10(c)
                   to a Registration Statement for Golden American on Form S-1 filed with the SEC on
                   April 29, 1998 (File No. 333-51353)).................................................................     __

          (d)      Participation Agreement between Golden American and Warburg Pincus Trust
                   (incorporated by reference from Exhibit 8(a) to Amendment No. 54 to Separate
                   Account B of Golden American's Registration Statement on Form N-4 filed with the
                   SEC on or about April 30, 1998 (File No. 333-28679 and 811-5626))....................................     __

          (e)      Participation  Agreement  between  Golden  American and PIMCO Variable Trust
                   (incorporated by reference from Exhibit 8(b) to Amendment No. 54 to Separate
                   Account B of Golden American's Registration Statement on Form N-4 filed with the
                   SEC on or about April 30, 1998 (File No. 333-28679 and 811-5626))....................................     __

          (f)      Participation Agreement between Golden American and The Galaxy VIP Fund
                   (incorporated by reference from Exhibit 10(i) to a Registration Statement for
                   Golden  American on Form S-1 filed with the SEC on or about April 25, 2000
                   (File No. 333-95457))................................................................................     __

          (g)      Asset Management Agreement, dated January 20, 1998, between Golden American and ING
                   Investment Management LLC (incorporated by reference from Exhibit 10(f) to Golden
                   American's Form 10-Q filed with the SEC on August 14, 1998 (File No. 33-87272))......................     __

          (h)      Reciprocal Loan Agreement, dated January 1, 1998, as amended March 20, 1998, between
                   Golden  American  and ING  America Insurance Holdings, Inc. (incorporated by
                   reference from Exhibit 10(g) to Golden American's Form 10-Q filed with the SEC on
                   August 14, 1998 (File No. 33-87272)).................................................................     __

          (i)      Underwriting Agreement between Golden American and Directed Services, Inc.
                   (incorporated by reference from Exhibit 1 to Amendment No. 9 to Registrant's
                   Registration Statement on Form S-1 filed with the SEC on or about February 17, 1998
                   (File No. 33-87272)).................................................................................     __


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                                                                INDEX

                                                        Exhibits to Form 10-Q
                                                   Six Months Ended June 30, 2000
                                               GOLDEN AMERICAN LIFE INSURANCE COMPANY

                                                                                                                    Page Number
                                                                                                                    -----------

<S>                                                                                                                          <C>
          (j)      Revolving Note Payable, dated July 27, 1998, between Golden American and SunTrust
                   Bank, Atlanta (incorporated by reference from Exhibit 10(i) to Golden American's
                   Form 10-Q filed with the SEC on November 13, 1998 (File No. 33-87272))...............................     __

          (k)      Revolving Note Payable, dated July 31, 1999, between Golden American and SunTrust
                   Bank, Atlanta (incorporated by reference from Exhibit 10(j) to Golden American's
                   Form 10-Q filed with the SEC on August 13, 1999 (File No. 33-87272)).................................     __

          (l)      Surplus Note, dated December 17, 1996, between Golden American and Equitable of Iowa
                   Companies (incorporated by reference from Exhibit 10(l) to Golden American's
                   Form 10-K filed with the SEC on March 29, 2000 (File No. 33-87272))..................................     __

          (m)      Surplus Note, dated December 30, 1998, between Golden American and Equitable Life
                   Insurance Company of Iowa (incorporated by reference from Exhibit 10(m) to Golden
                   American's Form 10-K filed with the SEC on March 29, 2000 (File No. 33-87272)).......................     __

          (n)      Surplus Note, dated September 30, 1998, between Golden American and ING America
                   Insurance Holdings, Inc. (incorporated by reference from Exhibit 10(n) to Golden
                   American's Form 10-K filed with the SEC on March 29, 2000 (File No. 33-87272)).......................     __

          (o)      Surplus Note, dated December 8, 1999, between Golden American and First
                   Columbine Life Insurance Company (incorporated by reference from Exhibit 10(g)
                   to Amendment No. 7 to a Registration Statement for Golden American on Form S-1
                   filed with the SEC on or about January 27, 2000 (File No. 333-28765))................................     __

          (p)      Surplus Note, dated December 30, 1999, between Golden American and Equitable
                   Life Insurance Company of Iowa (incorporated by reference from Exhibit 10(h) to
                   Amendment No. 7 to a Registration Statement for Golden American on Form S-1
                   filed with the SEC on or about January 27, 2000 (File No. 333-28765))................................     __

          (q)      Participation Agreement between Golden American and Prudential Series Fund, Inc.
                   (incorporated by reference from Exhibit 10(l) to Registration Statement for Golden
                   American on Form S-1 filed with the SEC on or about April 26, 2000 (File No. 333-
                   35592))..............................................................................................     __

          (r)      Participation Agreement between Golden American and ING Variable Insurance Trust
                   (incorporated by reference from Exhibit 10(m) to Registration Statement for Golden
                   American on Form S-1 filed with the SEC on or about April 26, 2000 (File No. 333-
                   35592))..............................................................................................     __

          (s)      Reinsurance Agreement, dated June 30, 2000, between Golden American Life
                   Insurance Company and Equitable Life Insurance Company of Iowa.......................................     26

          (t)      Renewal of Revolving Note Payable, dated July 31, 2000, between Golden American
                   and SunTrust Bank, Atlanta...........................................................................     53


27        FINANCIAL DATA SCHEDULE (ELECTRONIC FILING ONLY)..............................................................     __


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