Rule 497(e)
File Nos. 333-25289, 811-08183
The Schwab Variable Annuity(R)
Issued by
First Great-West Life & Annuity Insurance Company
Prospectus Amendment
To provide you with more information to help you compare and select fund
allocations within your Schwab Variable Annuity, the underlying portfolios have
been re-categorized according to the below listed categories developed by
Morningstar. Therefore, the following amendments are made to the prospectus:
On page 1 of the prospectus:
Under the heading "Key Features of the Annuity" please replace the last sentence
of the last paragraph with the following:
The Eligible Funds cover a wide range of investment categories as
follows:
Under the headings "Investment Objective" and "Eligible Funds" please delete the
current lists and replace with the following:
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Investment Category Eligible Funds
Small Growth Berger IPT - Small Company Growth Fund
Small Blend SteinRoe Special Venture Fund
MidCap Growth Alger American Small Capitalization Portfolio
American Century VP Capital Appreciation
Janus Aspen Aggressive Growth Portfolio
Montgomery Variable Series: Growth Fund
Strong Discovery Fund II
MidCap Blend SAFECO RST - Equity Portfolio
Large Growth Alger American Growth Portfolio
Janus Aspen Growth Portfolio
Large Blend Federated American Leaders Fund II
Schwab S&P 500 Portfolio
Schwab MarketTrack Growth Portfolio II
Specialty Federated Utility Fund II
Van Eck Worldwide Hard Assets Fund
Van Kampen American Capital Life Investment
Trust - Morgan Stanley Real Estate Securities
Portfolio
Foreign Stock American Century VP International
World Stock Janus Aspen Worldwide Growth Portfolio
Diversified Emerging Markets Lexington Emerging Markets
Domestic Hybrid INVESCO VIF Industrial Income Portfolio
INVESCO VIF Total Return Portfolio
Intermediate Government Bond Federated Fund for U.S. Government Securities II
High-Yield Bond INVESCO VIF High Yield Portfolio
Money Market Schwab Money Market Portfolio
</TABLE>
