Rule 497(e)
File Nos. 333-01153
and 811-07549
THE SCHWAB VARIABLE ANNUITY(R)
ISSUED BY GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
VARIABLE ANNUITY-1 SERIES ACCOUNT
Supplement dated December 30, 1998 to the
Prospectus for The Schwab Variable Annuity
dated May 1, 1998
On December 30, 1998, pursuant to an order issued by the Securities and Exchange
Commission all assets remaining in the Montgomery Variable Series: International
Small Cap Fund (the "Montgomery International Fund") were transferred to the
American Century VP International Fund (the "American Century Fund"). The
Montgomery International Fund ceases to be offered through The Schwab Variable
Annuity.
The American Century Fund is described in the Prospectus for The Schwab Variable
Annuity and in the American Century Fund Prospectus, which accompanies The
Schwab Variable Annuity Prospectus.
Contract owners affected by this substitution will be permitted to make one
transfer of all amounts in the American Century Fund Investment Division without
incurring any charges and, so long as the transfer is made within 30 days of the
effective date of the substitution, it will not be counted as one of the twelve
free transfers permitted in a calendar year .
This supplement should be retained with The Schwab Variable Annuity Prospectus
for future reference.
