FIRST GREAT-WEST LIFE & ANNUITY INSURANCE COMPANY
Variable Annuity-1 Series Account
Annual Report Form N-30D
File Nos. 333-25289, 811-08183
The information required to be contained in this report for the period ending
June 30, 1999 includes the attached letter to contract holders and the following
previously filed annual reports for the underlying funds of the above-referenced
Registrant which incorporated herein by reference:
<PAGE>
A Word From Charles R. Schwab
Dear Fellow Investor,
I am pleased to provide you with this semi-annual report on the Schwab Select
Annuity(TM). As you may know, we have recently enhanced our Schwab Select
Annuity product and services to provide you with even greater flexibility and
choice. It's just one of the ways in which we are striving to make investing as
simple and convenient as possible for you.
One of the features I am most excited about is the new online Schwab Annuity
Center, at www.schwab.com/annuity. The site offers a wealth of tools and
features that make managing your Schwab Select Annuity easier than ever. You can
monitor your account, transfer assets, sign up for useful tools online and plan
for the future. You'll find a detailed article on the new online Schwab Annuity
Center in this report, along with fact sheets on the Schwab Select Annuity's 28
investment choices. These fact sheets provide you with a snapshot of the
objectives, holdings and other information of each investment choice. Working
together, all these new tools can help you make more informed investment
decisions, quickly and conveniently.
- -----------------------------
Need Assistance?
Now you can choose the way that's most convenient for you:
o Visit the online Schwab Annuity Center, at
www.schwab.com/annuity
o Access the Keytalk(R) automated phone system
at 1-800-838-0650 (in New York state, call
1-800-838-0649)
o Talk with an insurance licensed representative.
- -----------------------------
The new online Schwab Annuity Center complements our other customer-service
channels. Now you can choose the one that's most convenient for you. In
addition to www.schwab.com/annuity, you can access the Keytalk(R) automated
phone system or speak with an insurance licensed representative.
Thank you for investing with us.
Sincerely,
/s/ Charles R. Schwab
Charles R. Schwab
Chairman
Variable annuity contracts are issued by Great-West Life & Annuity
Insurance Company (in New York state by First Great-West Life & Annuity
Insurance Company) and distributed by Charles Schwab & Co., Inc.
<PAGE>
Table of Contents
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Introduction Spotlight Article
Portfolio Fact Sheets A Review of Each Portfolio
INVESTMENT CATEGORY*
RISK
LOW Money Market Schwab Money Market Portfolio
|
| Intermediate Government Bond Federated Fund for U.S. Government Securities II
|
| Intermediate Corporate Bond Janus Aspen Series Flexible Income Portfolio
|
| High Yield Bond INVESCO VIF - High Yield Fund
|
| Large Value Dreyfus Variable investment Fund Growth
| Federated American Leaders Fund II
| Prudential Series Fund Equity Class II Portfolio
|
| Large Blend Dreyfus Variable Investment Fund Capital Appreciation Portfolio
| INVESCO VIF - Equity Income Fund
| SAFECO Resource Series Trust Equity Portfolio
| Schwab MarketTrack Growth Portfolio II
| Schwab S&P 500 Portfolio
| Scudder Variable Life Investment Fund Capital Growth Portfolio
| Scudder Variable Life Investment Fund Growth & Income Portfolio
|
| Large Growth Alger American Growth Portfolio
| Janus Aspen Series Growth Portfolio
|
| Mid-Cap Value Strong Schafer Value Fund II
|
| Mid-Cap Blend Montgomery Variable Series: Growth Fund
|
| World Stock Janus Aspen Series Worldwide Growth Portfolio
|
| Foreign Stock American Century VP International Fund
| BT Insurance Funds Trust EAFE Equity Index Fund
| Janus Aspen Series International Growth Portfolio
|
| Small Blend BT Insurance Funds Trust Small Cap Index Fund
| SAFECO Resources Series Trust Growth Portfolio
|
| Small Growth Baron Capital Asset Fund: Insurance Shares
| Berger IPT - Small Company Growth Fund
|
| Specialty Federated Utility Fund II
| Van Kampen Life Investment Trust -
HIGH Morgan Stanley Real Estate Securities Portfolio
</TABLE>
<PAGE>
Spotlight On:
Introducing The Online
Schwab Annuity Center
A Convenient New Way to Manage Your
Schwab Select Annuity (TM) Account
Now managing your Schwab Select Annuity account is easier thane ver, with the
new online Schwab Annuity Center at www.schwab.com/annuity. With just a few
clicks of your mouse, you can monitor your account, transfer assets, sign up for
helpful online tools and plan for the future. You can also download the Schwab
Select Annuity prospectus. Web access is just one of the new features that make
your Schwab Select Annuity more powerful and flexible than ever before.
The new online Schwab Annuity Center is available day or night - so you won't
need to squeeze in time during your lunch hour to get in touch with us. You can
access detailed information about your account from your home or office. It's
all part of our efforts to make investing as simple and convenient as possible
- --------------------------------------------------
To manage your annuity online, go
directly to www.schwab.com/annuity.
You can also reach the online Annuity
Center from the Schwab home page At www.schwab.com. On the tabs located on the
top of the screen, click on "Investments," then "Annuities." Log in, and you're
ready to go.
- --------------------------------------------------
Getting Started
To access your annuity account on the site, you'll need your Social Security
number and an annuity Personal Identification Number (PIN). You can use your
existing Schwab Select Annuity PIN from Keytalk(R). If you've lost your PIN or
wish to set up a new one, call 1-800-838-0650 from 6:00 a.m. to 4:30 p.m.
Pacific time. (In New York state, call 1-800-838-0649).
To mange your annuity online, go directly to www.schwab.com/annuity. Or you can
also reach the online Annuity Center from the Schwab home page at
www.schwab.com. On the tabs located on the top of the screen click on
"Investments," then "Annuities." Log in, and you're ready to go.
<PAGE>
Monitor Your Account
Get a complete snapshot of your Schwab Select Annuity(TM) account at a glance.
At the online Schwab Annuity Center, you can look up your current account
balance and review past transfers and contributions. These new features make it
easy for you to stay on top of your account when and where it's convenient for
you. Want to know how your investment choices are doing? Keeping track of past
activity in your account? Wondering how close you are to reaching your
investment goals? It's all there, right at your fingertips.
Look up your current Schwab Select Annuity Account Balance.
[Object omitted - Mock up of Schwab Select Annuity Account Balance Web page.]
- -----------------------------------------
Click "Balance" to check your Schwab Select Annuity balance.----> [points to
menu on Web page mock up]
- -----------------------------------------
Units you own, their unit value and your total balance in that investment
choice as of the close of the previous business day. .----> [points to item on
Web page mock up]
- -----------------------------------------
View your entire current balance in the Schwab Select Annuity. .----> [points to
item on Web page mock up]
-----------------------------------------
To view past account balances, select the month, day and year you want to see,
then click on "Submit." .----> [points to item on Web page mock up]
- -----------------------------------------
Footnote: The balance in your Schwab Select Annuity Account will fluctuate with
market conditions. The value of a subaccount's assets is determined at the end
of each day that the New York Stock Exchange is open for regular business,
generally 4 p.m. Eastern time. From that information, we calculate the total
balance in your Schwab Select Annuity. In most cases, you will be able to access
your previous business day's account balance and other information the morning
of the following business day.
<PAGE>
Transfer Current Assets
The new online Schwab Annuity Center allows you to move money among the 28
investment choices in the Schwab Select Annuity day or night, as your investment
situation changes. You can also check on pending transfers. These features make
it easier than ever to take advantage of Schwab Select Annuity's(TM) selection
of investment choices.
[Object omitted - Mock up of Investment Choice Transfers Web page.]
- -----------------------------------------
Go to "Transfer Current Assets" and click on "Investment Choice Transfers."
.----> [points to menu on Web page mock up]
- -----------------------------------------
Click and scroll down to find the investment choice you wish to transfer out of.
- ----> [points to item on Web page mock up]
- -----------------------------------------
Type in percentage you want to transfer. .----> [points to item on Web page mock
up]
- -----------------------------------------
Specify what percentage of the balance you want to transfer to other investment
choices. (For instance, to transfer the entire amount to just one investment
choice, type 100% in the appropriate box..) ----> [points to item on Web page
mock up]
- -----------------------------------------
Of the amount you want to transfer, this box shows the total percentage you have
allocated among the investment choices. It must equal 100%. .----> [points to
item on Web page mock up]
- -----------------------------------------
Built-In Security Features
At Schwab and Great-West, we're committed to providing you with a secure and
private Web environment. To help ensure the confidentiality of data
transmissions, we employ leading encryption technology and other security
features.
- -----------------------------------------
Footnote: Generally, a transfer will be effective on the day you send us your
request, if we receive it before 4:00 p.m. Eastern time on regular business
days. The exact dollar amount of your transfer is based on your balance at the
time the transfer is executed. Online transfers are subject to the same rules as
transfers made by phone or other means: A $10 charge will be applied to each
transfer in excess of 12 in any calendar year. All transfers (other than a
one-time rebalancing transfer) made on the same transaction record will count as
a single transfer. In addition, some special conditions apply to transfers into
and out of the Guaranteed Period Fund. See the web site or call us for more
details.
<PAGE>
Sign Up Online For Helpful Tools
At Schwab's online Annuity Center, you can select programs that help you manage
your Schwab Select Annuity(TM) account more easily. Just go to the "Automatic
Transfer" section of the web site to access the Periodic transfer and Automatic
Rebalancer programs. The Periodic Transfer program can help you put the benefits
of dollar-cost averaging to work for you in your Schwab Select Annuity*. With
Periodic Transfer, you can arrange to have money automatically transferred from
one investment choice to another within the Schwab Select Annuity on a regular
basis. For example, you can opt to have periodic transfers made from the Schwab
Money Market Investment Choice to one of the equity investment choices in the
Schwab Select Annuity.
You can also register online for Schwab's Automatic Rebalancer Program. This
program helps you stay on track toward your long-term goals by automatically
rebalancing your assets among the Schwab Select Annuity investment choices you
have specified on a monthly, quarterly, semiannual or yearly basis.
Start a Dollar-Cost Averaging Program Online
[Object omitted - Mock up of Periodic Transfers Web page.]
- -----------------------------------------
Go to "Automatic Transfers" and click on "Periodic Transfers." ----> [points to
menu on Web page mock up]
- -----------------------------------------
Click and scroll down to find the Investment Choice you wish to
Transfer money from. ----> [points to item on Web page mock up]
- -----------------------------------------
Specify the amount you wish to have periodically transferred. ----> [points
to item on Web page mock up]
- -----------------------------------------
Type in what percentage of the total you want to have transferred into each
investment choice. ----> [points to item on Web page mock up]
- -----------------------------------------
Footnote: *Please note that periodic investment plans like dollar-cost averaging
do not assure a profit or do not protect against loss in declining markets.
<PAGE>
Plan For The Future
Want to change how your future contributions to the Schwab Select Annuity(TM)
are allocated? The online Schwab Annuity Center makes it easy.
Visit Us Online Today
Schwab's online Annuity Center gives you valuable tools that can help make
managing your Schwab Select Annuity Account a snap. Could investing be any
easier? To get started, just go to
www.schwab.com/annuity today.
Re-Allocate Future Contributions
[Object omitted - Mock up of Contribution Instructions Web page.]
- -----------------------------------------
Go to "Future Contributions: and click on "Contribution Instructions." ---->
[points to menu on Web page mock up]
- -----------------------------------------
The percentage indicates your current allocation to each investment
choice. ----> [points to item on Web page mock up]
- -----------------------------------------
Indicate the new percentage you'd like to have allocated to each
investment choice. ----> [points to item on Web page mock up]
- -----------------------------------------
Once you've reviewed your choices, click "Submit." ----> [points to item on Web
page mock up]
- -----------------------------------------
The Online Schwab Annuity Center is just one of many ways you can access
your Schwab Select Annuity account. You can also access Keytalk(R), our
touch-tone phone system at 1-800-838-0650 (in New York state, call 1-800-
838-0649).
- -----------------------------------------
Distributed by: Charles Schwab
Footnotes: Variable annuity contracts are issued by Great-West Life & Annuity
Insurance Company (in New York state by First Great-West Life & Annuity
Insurance Company) and distributed by Charles Schwab & Co., Inc.
For more information on the Schwab Select Annuity, please contact the Schwab
Insurance & Annuity Service Center. We'll send you an application and a
prospectus which includes information on fees and expenses. Please read it
carefully before investing.
Access to Schwab's electronic services may be limited or unavailable during
periods of peak demand, market volatility, systems upgrades, maintenance, or for
other reasons.
<PAGE>
Portfolio Fact Sheets
A quick snapshot of all the portfolios available in the Schwab Select
Annuity(TM). These fact sheets have been grouped by Morningstar category.
Footnotes: Information for these portfolio fact sheets was received from what we
believe to be reliable sources, but we can't absolutely guarantee accuracy,
completeness or suitability for any purpose. The information on the fact sheets
is as of the date stated and is not an indication of future portfolio holdings,
composition or performance. Data are unaudited.
Annuity contracts are issued by Great-West Life & Annuity Insurance Company (in
New York state by First Great-West Life & Annuity Insurance Company) and
distributed by Charles Schwab & Co., Inc.
<PAGE>
SCHWAB MONEY MARKET PORTFOLIO
FOR PERIOD ENDING JUNE 30,1999
Fund Inception Date: May 3, 1994
Investment Adviser
Charles Schwab Investment Management, Inc.
Portfolio Manager
Karen Wiggan
Investment Orientation
The Portfolio seeks maximum current income consistent with liquidity and
stability of capital by investing in high-quality, short-term debt securities.
An investment in the Portfolio is not insured or guaranteed by the FDIC or any
other government agency. Although the Portfolio seeks to preserve the value of
your investment at $1.00 per share, it is possible to lose money by investing in
this Portfolio
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: MONEY MARKET
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Investors who are looking for preservation of capital and a high degree of
stability in their investments. This person's time horizon is generally less
than 5 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan, which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Maturity
As of June 30, 1999
0-15 Days 28.3%
16-30 Days 16.4%
31-60 Days 35.0%
61-90 Days 8.2%
91-120 Days 8.4%
Over 120 Days 3.7%
Average Maturity 41 Days
Portfolio Composition
As of June 30, 1999
U.S. Government
Securities/Discount Notes 92%
Repurchase Agreements 8%
100%
Other Information
Operating Expenses 0.50%
Total Portfolio Net Assets $103.77
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
Federated Fund for U.S. Government Securities II
For period ending June 30,1999
Fund Inception Date: March 29, 1994
Investment Adviser
Federated Investment Management Company
Portfolio Manager
Kathleen M. Foody-Malus
Todd A. Abraham
Investment Orientation
Seeks current income by investing in fixed income securities which are
obligations guaranteed by the United States government, its agencies or
instrumentalities, and in certain collateralized mortgage obligations and
repurchase agreements.
The government "guarantees" applies to the payment of principal and interest on
the underlying securities and not to shares of the portfolio itself.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: INTERMEDIATE GOVERNMENT BOND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Investors who are looking for moderate returns and stability, and are less
concerned about increasing the value of their investments. This person's time
horizon is generally less than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan, which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of
----
Portfolio
GNMA 7.0% due 3/1/28 12.3%
FHLMC 6.5% due 1/1/29 6.5%
FHLMC 7.0% due 12/1/27 6.0%
FNMA 6.5% due 2/1/29 5.6%
FNMA 6.0% due 3/1/14 4.7%
FNMA 6.5% due 3/1/14 3.7%
GNMA 7.5% due 1/1/28 3.4%
U.S. Treasury Note 5.375% (6/30/03) 3.0%
FHLMC 6.0% due 6/1/28 2.7%
FHLB 5.5% due 7/14/00 2.6%
Total 50.5%
Portfolio Composition
As of June 30,
1999
GNMA 24%
FNMA 21%
FHLMC 21%
U.S. Treasuries 19%
Agency Debentures 14%
Repurchase Agreements 2%
100%
Other Information
Average Duration 4.4%
Operating Expenses 0.85%
Total Portfolio Net Assets $120.68
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
Janus Aspen Series Flexible Income Portfolio
For period ending June 30,1999
Fund Inception Date: September 13, 1993
Investment Adviser Janus
Portfolio Manager Ronald V. Speaker
Investment Orientation
Seeks to maximize total return from a combination of income and capital
appreciation, although income will normally be the dominant component of total
return. The portfolio invests in many types of income producing securities and
may have substantial holdings of debt securities rated below investment-grade.
Funds invested in below investment grade bonds are more risky than investment
grade bond portfolios.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: INTERMEDIATE CORPORATE BOND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Investors who are looking for moderate returns and stability, and are less
concerned about increasing the value of their investments. This person's time
horizon is generally less than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
--------------
U.S. Treasury Bonds/Notes 11.08%
Fred Meyer, Inc. 7.45% 2,51%
Safeway, Inc. 2.09%
General Motors Acceptance Corp. 1.69%
Comdisco, Inc. 1.52%
Charter Comm. Holdings L.L.C. 1.48%
IBM Corp. 1.41%
Marsh Supermarkets, Inc. 1.26%
Fred Meyer, Inc. 7.15% 1.24%
Unilab Corp. 1.20%
Total 25.48%
Portfolio Composition
As of June 30, 1999
Telecommunication Services 7%
Cable Television 6%
Food - Retail 5%
Retail - Regional Department Stores 5%
Finance - Auto Loans 4%
Commercial Banks 3%
Telephone - Integrated 3%
Other 67%
100%
Other Information
Operating Expenses 0.73%
Total Portfolio Net Assets $161.9
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
INVESCO VIF-High Yield Fund
For period ending June 30,1999
Fund Inception Date: May 27, 1994
Investment Adviser
INVESCO Funds Group, Inc.
Portfolio Manager
Donovan J. (Jerry) Paul, CFA
Investment Orientation
Seeks a high level of current income by investing substantially all of its
assets in lower-rated bonds and other debt securities and in preferred stock.
Potential capital appreciation is a factor in the selection of investments, but
is secondary to the Fund's primary objectives.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY- HIGH YIELD BOND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Investors who are looking for higher returns than offered by an investment grade
bond portfolio and are willing to accept less stability. These funds invest in
below investment grade bonds and are more risky than investment grade bond
portfolios. This person's time horizon is generally greater than 5 years.
Please note that this portfolio type could also play an I important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
--------------
Metronet Communications 5.0%
Level 3 Communications 4.4%
NEXTLINK Communications 3.4%
United Rentals 3.1%
Intermedia Communications 2.6%
Niagara Mohawk Power 2.6%
Nextel Communications 2.4%
PharMerica Inc. 2.2%
Horeshoe Gaming L.L.C. 2.1%
Verio Inc. 2.0%
Total 29.8%
Portfolio Composition
As of June 30, 1999
Fixed Income 90%
Communication Services 4%
Cash & Cash Equivalents 3%
Technology 2%
Consumer Cyclicals 1%
100%
Other Information
Average Maturity 7.4
Average Duration 5.4
Operating Expenses 0.85%
Total Portfolio Net Assets $47.12
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
DREYFUS Variable Investment Fund Growth and Income Portfolio
For period ending June 30,1999
Fund Inception Date: May 2, 1994
Investment Adviser
The Dreyfus Corporation
Portfolio Manager
Douglas D. Ramos
Investment Orientation
Seeks to maximize total return through investments in stocks and bonds. The
Portfolio's main goals are long-term capital growth, current income and growth
of income, while maintaining reasonable investment risk. To achieve its
objective, the Portfolio invests in stocks, bonds and money market instruments.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: LARGE VALUE
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for growth. A fair amount of risk is
acceptable in exchange for potentially higher returns. This person's time
horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of
----
Portfolio
General Electric 2.99%
IBM 2.26%
Tyco International 2.15%
GTE 1.99%
Cendant Corporation 1.76%
Royal Dutch Petroleum, ADR 1.66%
Citigroup 1.64%
MCI Worldcom 1.62%
Bank of America 1.61%
AT&T 1.61%
Total 19.29%
Portfolio Composition
As of June 30, 1999
Finance 16%
Electronic Technology 15%
Utilities 12%
Producer Manufacturing 11%
Consumer Services 7%
Retail Trade 6%
Health Technology 6%
Other 27%
100%
Other Information
Operating Expenses 0.79%
Total Portfolio Net Assets $447.31
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
Federated American Leaders Fund II
For period ending June 30,1999
Fund Inception Date: February 1, 1994
Investment Adviser
Federated Investment Management Company
Portfolio Manager
Michael P. Donnelly Arthur J. Barry
Investment Orientation
Seeks long-term growth of capital by investing typically at least 65% of assets
in common stock of "blue chip" companies. The Fund utilizes a relative value
investment decision-making process and may also invest in convertibles and other
securities.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: LARGE VALUE
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for growth. A fair amount of risk is
acceptable in exchange for potentially higher returns. This person's time
horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role 'in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of
----
Portfolio
Conseco, Inc. 2.5%
Sun Microsystems, Inc. 2.4%
Kimberly-Clark Corp. 2.0%
GTE Corp. 1.9%
Cigna Corp. 1.6%
Pharmacia & Upjohn, Inc. 1.6%
CIT Group, Inc., Class A 1.6%
First Data Corp. 1.6%
United Healthcare Corp. 1.6%
Tyco International, Ltd. 1.5%
Total 18.3%
Portfolio Composition
As of June 30, 1999
Financials 18%
Technology 13%
Capital Goods 13%
Consumer Cyclicals 10%
Consumer Staples 10%
Health Care 9%
Energy 7%
Other 20%
100%
Other Information
Operating Expenses 0.88%
Total Portfolio Net Assets $485.42
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
Prudential Series Fund Equity Class II Portfolio
For period ending June 30,1999
Fund Inception Date: May 4, 1999
Investment Adviser
Prudential Investment Corporation
Portfolio Manager
Tom Jackson
Investment Orientation
The portfolio seeks capital appreciation through investment primarily in stocks
of major, established corporations ions as well as stocks of smaller companies.
The Portfolio consists mainly of common stocks of major, established
corporations whose valuations appear to offer opportunities for above-average
appreciation. Its objective is to provide a total return greater than that of
the broad-based stock market indices such as S&P 500.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY- LARGE VALUE
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for growth. A fair amount of risk is
acceptable in exchange for potentially higher returns. This person's time
horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of total net assets
---------------------
Tandy Corp. 4.1%
Eastman Kodak Co. 3.0%
Wellpoint Health 2.8%
Elf Acquitaine ADR 2.7%
Darden Restaurants 2.6%
Georgia Pacific Corp. 2.4%
Chubb Corp. 2.3%
Loews Corp. 2.1%
Columbia HCA Healthcare 2.0%
Bank of America Corp. 2.0%
Total 26.0%
Portfolio Composition
As of June 30, 1999
Consumer Growth/Staples 22%
Finance 20%
Industrial 19%
Consumer Cyclical 13%
Technology 9%
Energy 6%
Utility 6%
Cash 5%
100%
Other Information
Operating Expenses 0.97%
Total Portfolio Net Assets $6,696.50
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
Dreyfus Variable Investment Fund Capital Appreciation Portfolio
For period ending June 30,1999
Fund Inception Date: April 5, 1993
Investment Adviser
The Dreyfus Corporation
Portfolio Manager
Feyez Sarofim
Investment Orientation
The Portfolio seeks long-term capital growth consistent with the preservation of
capital; current income is a secondary goal. To pursue these goals, the
portfolio invests in common stocks focusing on "blue chip" companies with total
market values of more than $5 billion at the time of purchase.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: LARGE BLEND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for growth. A fair amount of risk is
acceptable in exchange for potentially higher returns. This person's time
horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
Pfizer 4.68%
Intel 4.31%
General Electric 3.85%
Microsoft 3.36%
Merck & Co. 3.16%
Coca-Cola 3.00%
Johnson & Johnson 2.72%
Fannie Mae 2.62%
SBC Communications 2.60%
Chase Manhattan 2.59%
Total 32.89%
Portfolio Composition
As of June 30, 1999
Health Care 17%
Finance-Misc. 10%
Capital Goods 9"%
Technology 8%
Food Beverage & Tobacco 8%
Banking 7%
Communications Service & Manufacturing 6%
Other 35%
100%
Other Information
Operating Expenses 0.79%
Total Portfolio Net Assets $936.37
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
INVESCO VIF-Equity Income Fund
For period ending June 30,1999
Fund Inception Date: August 10, 1994
Investment Adviser
INVESCO Funds Group, Inc.
Portfolio Manager
Donovan J. (Jerry) Paul, CFA
Charles P. Mayer
Investment Orientation
Seeks the best possible current income, with capital growth potential as an
additional consideration in the selection of portfolio securities. Normally
invests at least 65% of its total assets in dividend-paying common stocks and a
portion of total assets may be invested in equity securities that do not pay
regular dividends. Remaining assets are invested in other income-producing
securities, such as corporate bonds.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: LARGE BLEND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for growth. A fair amount of risk is
acceptable in exchange for potentially higher returns. This person's time
horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap and an
aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
--------------
Tandy Corp. 2.6%
Kansas City Southern Industries 2.3%
Allied Signal Inc. 1.8%
General Electric 1.8%
International Business Machines 1.8%
Anheuser-Busch Cos. 1.7%
Morgan (JP) & Co. 1.7%
Motorola Inc. 1.7%
Allmerica Financial 1.7%
Bell Atlantic 1.6%
Total 18.7%
Portfolio Composition
As of June 30, 1999
Finance 13%
Consumer Staples 13%
Consumer Cyclicals 11%
Technology 10%
Communication Services 10%
Fixed Income 10%
Health Care Sector 9%
Other 24%
100%
Other Information
Operating Expenses 0.93%
Total Portfolio Net Assets $73.94
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
SAFECO Resource Series Trust Equity Portfolio
For period ending June 30,1999
Fund Inception Date: April 3, 1987
investment Adviser
SAFECO Asset Management Company
Portfolio Manager
Richard D. Meagley
Investment Orientation
Seeks long-term growth of capital and reasonable current income. The Portfolio
invests principally in common stocks or securities convertible into common
stocks. In selecting stocks for the portfolio, the fund manager looks for
companies that have demonstrated consistent earnings growth as well as
attractive dividend income.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: LARGE BLEND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for growth. A fair amount of risk is
acceptable in exchange for potentially higher returns. This person's time
horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
--------------
Fed Ntnl. Mort. Assoc. 3.5%
Proctor & Gamble Co. 3.4%
Intel Corp. 3.4%
Abbott Laboratories 3.3%
Johnson & Johnson 3.3%
Kimberly-Clark Corp. 3.1%
Microsoft Corp. 3.1%
Gannett Co., Inc. 2.8%
Albertsons, Inc. 2.7%
General Electric Co. 2.7%
Total 31.3%
Portfolio Composition
As of June 30, 1999
Consumer Staples 20%
Finance 19%
Health Care 13%
Technology 11%
Capital Goods 11%
Communication Services 7%
Consumer Cyclicals 6%
Other 11%
100%
Other Information
Operating Expenses 0.76%
Total Portfolio Net Assets $662.36
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
Schwab MarketTrack Growth Portfolio II
For period ending June 30,1999
Fund Inception Date: November 1, 1996
Investment Adviser
Charles Schwab Investment Management, Inc
Portfolio Manager
Geri Hom
Kimon Daifotis
Investment Orientation
Seeks to provide high capital growth with less volatility than an all-stock
portfolio. Target mix of 80% stocks, 15% bonds, 5% cash equivalents.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: LARGE BLEND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for growth. A fair amount of risk is
acceptable in exchange for potentially higher returns. This person's time
horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan, which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
--------------
Schwab Small Cap Index Select Shares 20.7%
Schwab International Index Select Shares 20.2%
Schwab Total Bond Index 15.3%
Schwab Value Advantage MM 2.4%
Microsoft Corp. 1.7%
General Electric Co. 1.3%
IBM Corp. 0.9%
Lucent Technologies, Inc. 0.8%
Cisco Systems, Inc. 0.8%
Wal-Mart Stores, Inc. 0.8%
Total 64.9%
Portfolio Composition
As of June 30, 1999
Business Machines & Software 5%
Health Care/Drugs & Medicine 4%
Telephone 4%
Banks 3%
Electronics 3%
Retail 3%
Miscellaneous Finance 3%
Other 75%
100%
Other Information
Operating Expenses 0.60%
Total Portfolio Net Assets $15.62
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
Schwab S&P 500 Portfolio
For period ending June 30,1999
Fund Inception Date: November 1, 1996
Investment Adviser
Charles Schwab Investment Management, Inc..
Portfolio Manager
Geri Hom
Kimon Daifotis
Investment Orientation
Tracks the price and dividend performance (total return) of common stocks of
U.S. companies as represented by the S&P 500 Index.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: LARGE BLEND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for growth. A fair amount of risk is
acceptable in exchange for potentially higher returns. This person's time
horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan, which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
--------------
Microsoft Corp. 3.8%
General Electric Co. 3.1%
IBM Corporation 2.0%
Wal-Mart Stores, Inc. 1.8%
Intel Corp. 1.7%
Lucent Technologies, Inc. 1.7%
Cisco Systems, Inc. 1.7%
Exxon Corp. 1.6%
Merck & Co. 1.5%
AT&T Corp. 1.5%
Total 20.4%
Portfolio Composition
As of June 30, 1999
Business Machines & Software 11%
Health Care/Drugs & Medicine 10%
Telephone 8%
Electronics 6%
Banks 6%
Retail 6%
Miscellaneous Finance 5%
Other 48%
100%
Other Information
Operating Expenses 0.28%
Total Portfolio Net Assets $117.26
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
Scudder Variable Life Investment Fund Capital Growth Portfolio
For period ending June 30,1999
Fund Inception Date: July 16, 1985
Investment Adviser
Scudder Kemper Investments, Inc.
Portfolio Manager
William f. Gadsden Co-lead
Bruce F. Beaty Co-lead
Investment Orientation
Seeks to maximize long-term capital growth through a broad and flexible
investment program. The Portfolio invests in marketable securities, principally
common and preferred stocks and consistent with its objective of long-term
capital growth.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: LARGE BLEND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for growth. A fair amount of risk is
acceptable in exchange for potentially higher returns. This person's time
horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of
----
Portfolio
Microsoft Corp. 3.5%
Intel Corp. 3.2%
AT&T-Liberty Media Group 3.1%
Home Depot, Inc. 3.0%
MCI WorldCom, Inc. 2.7%
American International Group 2.6%
Dayton Hudson Corp. 2.6%
IBM Corp. 2.3%
Federal National Mortgage Assoc. 2.3%
Sun Microsystems, Inc. 2.2%
Total 27.5%
Portfolio Composition
As of June 30, 1999
Technology 17%
Health 13%
Consumer Discretionary 13%
Financial 10%
Manufacturing 9%
Media 9%
Consumer Staples 7%
Other 22%
100%
Other Information
Operating Expenses 0.50%
Total Portfolio Net Assets $1025.9
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases, the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
Scudder Variable Life Investment Fund Growth and Income Portfolio
For period ending June 30,1999
Fund Inception Date: May 2, 1994
Investment Adviser
Scudder Kemper Investments, Inc.
Portfolio Manager
Robert T. Hoffman Lead
Investment Orientation
Seeks long-term growth of capital, current income and growth of income. The
Portfolio seeks to reduce risk by actively investing in stocks with
above-average dividend yields and the potential for capital appreciation and
rising dividends.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: LARGE BLEND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Low Risk High
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
Money Market Bond High-Yield Balanced Large-Cap Mid-Cap Foreign Small-Cap Specialty Developing
/Emerging
Bond Markets
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
X
- --------------- ------------ ------------- ------------ ------------- ------------ ------------ ------------- ------------ ---------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for growth. A fair amount of risk is
acceptable in exchange for potentially higher returns. This person's time
horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan, which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
--------------
Corning, Inc. 4.6%
Bell Atlantic Corp. 3.4%
Xerox Corp. 3.3%
American Home Products Corp. 2.9%
Bank of America Corp. 2.5%
Avon Products Inc. 2.5%
Sprint Corp. 2.3%
GTE Corp. 2.3%
Ford Motor Corp. 2.2%
Bellsouth Corp. 2.0%
Total 28.0%
Portfolio Composition
As of June 30, 1999
Financial 19%
Manufacturing 17%
Communications 17%
Energy 10%
Durables 8%
Health 6%
Consumer Staples 5%
Other 18%
100%
Other Information
Operating Expenses 0.56%
Total Portfolio Net Assets $200.7
($millions)
* When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in sub-accounts of Great-West Life & Annuity
Insurance Company (First Great-West & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. You
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have adjusted to reflect voluntary expense caps.
<PAGE>
Alger American Growth Portfolio
For period ending June 30,1999
Fund Inception Date: January 9, 1989
Investment Adviser
Fred Alger Management, Inc.
Portfolio Manager
David D. Alger
Ronald Tartaro
Investment Orientation
Seeks long-term capital appreciation by focusing on growing companies that
generally have broad product lines, markets, financial resources and depth of
management. Under normal circumstances, the portfolio invests primarily in the
equity securities of large companies. The portfolio considers a large company to
have a market capitalization of $1 billion or greater.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: LARGE GROWTH
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for growth. A fair amount of risk is
acceptable in exchange for potentially higher returns. This person's time
horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
Microsoft Corp. 4.3%
Tyco International, Ltd. 3.5%
Applied Materials, Inc. 3.4%
America On Line, Inc. 3.2%
Cisco Systems, Inc. 3.1%
Morgan Stanley, Dean Witter & Co. 3.1%
Citigroup, Inc. 3.0%
MCI Worldcom, Inc. 2.9%
United Technologies Corp. 2.9%
Safeway, Inc. 2.9%
Total 32.3%
Portfolio Composition
As of June 30, 1999
Communications 16%
Financial Services 13%
Retailing 10%
Communication Equipment 7%
Computer Related & Business Equipment 6%
Food Chains 5%
Computer Software 5%
Other 38%
100%
Other Information
Operating Expenses 0.79%
Total Portfolio Net Assets $2,836.7
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
Janus Aspen Series Growth Portfolio
For period ending June 30,1999
Fund Inception Date: September 13, 1993
Investment Adviser
Janus
Portfolio Manager
James P. Craig, III
Investment Orientation
A diversified portfolio that seeks long-term growth of capital by investing
primarily in common stocks of a large number of issuers of any size, but
emphasizing issuers with larger market capitalization.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: LARGE GROWTH
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for growth. A fair amount of risk is
acceptable in exchange for potentially higher returns. This person's time
horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
Time Warner, Inc. 4.98%
Comcast Corp. 4.67%
Sun Microsystems, Inc. 4.66%
Tyco International, Ltd. 4.62%
Cisco Systems, Inc. 4.34%
American Intl. Group, Inc. 2.77%
Charles Schwab Corp. 2.77%
Texas Instruments, Inc. 2.57%
Enron Corp. 2.53%
American Express Co. 2.45%
Total 36.35%
Portfolio Composition
As of June 30, 1999
Cable Television 9%
Diversified Operations 8%
Multimedia 8%
Computers-Micro 6%
Medical-Drugs 5%
Networking Products 5%
Circuits 5%
Other 54%
100%
Other Information
Operating Expenses 0.68%
Total Portfolio Net Assets $1,773.3
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
Strong Schafer Value Fund II
For period ending June 30,1999
Fund Inception Date: October 10, 1997
Investment Adviser
Strong Capital Management, Inc.
Portfolio Manager
David K. Schafer
Investment Orientation
The Fund's primary investment objective is long-term capital appreciation.
Current income is a secondary objective in the selection of investments.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: MID-CAP VALUE
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for high growth. Substantial year-to-year
volatility in value is acceptable in exchange for a potentially high long-term
return. This person's time horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
Koninklijke Philips Electronics - NY 3.6%
Maytag Corporation 3.5%
Wells Fargo Company 3.4%
Chubb Corporation 3.4%
Avnet, Inc. 3.3%
Raytheon Company Class B 3.3%
Diebold, Inc. 3.2%
Summit Bancorp 3.2%
Canadian National Railway Co. 3.2%
ICN Pharmaceuticals, Inc. 3.2%
Total 33.3%
Portfolio Composition
As of June 30, 1999
Financial 33%
Technology 12%
Consumer Cyclical 10%
Basic Material 9%
Capital Equipment 9%
Transportation 9%
Health Care 8%
Other 10%
100%
Other Information
Operating Expenses 1.20%
Total Portfolio Net Assets $8.66
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
Montgomery Variable Series: Growth Fund
For period ending June 30,1999
Fund Inception Date: February 9, 1996
Investment Adviser
Montgomery Asset Management, LLC
Portfolio Managers
Roger Honour
Kathryn Peters
Investment Orientation
Seeks capital appreciation by investing primarily in companies having market
capitalization of $1 billion or more, and seeks companies with accelerating
revenues and earnings growth. The Fund seeks growth at a reasonable value.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: MID-CAP BLEND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for high growth. Substantial year-to-year
volatility in value is acceptable in exchange for a potentially high long-term
return. This person's time horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
Alcoa, Inc. 4.1%
Boise Cascade Corp. 3.1%
Dow Chemical 3.1%
Golden West Financial Corp. 2.9%
Union Pacific Resources Group, Inc. 2.8%
Raychem Corporation 2.7%
Amerada Hess Corporation 2.6%
First Health Group Corp. 2.6%
Republic Services, Inc. - CLA 2.5%
Whirlpool Corp. 2.4%
Total 28.8%
Portfolio Composition
As of June 30, 1999
Paper 6%
Telecommunications Equipment 5%
Railroads 4%
Aluminum 4%
Construction/Ag Equipment/Truc 4%
Computer Software 4%
Major Chemicals 3%
Other 70%
100%
Other Information
Operating Expenses 1.25%
Total Portfolio Net Assets $17.06
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
Janus Aspen Series Worldwide Growth Portfolio
For period ending June 30, 1999
Fund Inception Date: September 13, 1993
Investment Adviser
Janus
Portfolio Manager
Helen Young Hayes
Investment Orientation
A diversified portfolio that seeks long-term growth of capital by investing
primarily in common stocks of foreign and domestic issuers.
Investments in international stock portfolios are subject not only to the usual
market volatility, but may also be affected by other risks, including foreign
taxes, differences in financial standards, currency fluctuations, and political
and economic instability.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: WORLD STOCK
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x**
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
**May include U.S. Securities
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for high growth. Substantial year-to-year
volatility in value is acceptable in exchange for a potentially high long-term
return. This person's time horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
Cisco Systems, Inc. 5.25%
Tyco International, Ltd. 4.15%
Mannesmann A.G. 3.03%
Microsoft Corp. 2.55%
Time Warner, Inc. 2.51%
Nokia Oyi - Class A 2.37%
NTT Mobile Comm. Network, Inc. 2.21%
Nokia Oyi (ADR) 2.06%
Vivendi 1.93%
Telefonica S.A. 1.74%
Total 27.80%
Portfolio Composition
As of June 30, 1999
United States 34%
Japan 9%
Netherlands 8%
United Kingdom 8%
France 7%
Finland 5%
Germany 5%
Other 24%
100%
Other Information
Operating Expenses 0.72%
Total Portfolio Net Assets $3,775.2
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
American Century VP International Fund
For period ending June 30,1999
Fund inception Date: May 1,1994
Investment Adviser
American Century Investment Management, Inc.
Portfolio Manager
Henrik Strabo
Mark S. Kopinski
Investment Orientation
Seeks capital growth by investing primarily in an international portfolio of
securities of foreign companies that meet certain fundamental and technical
standards of selection and have potential for capital appreciation.
Investments in international stock portfolios are subject not only to the usual
market volatility, but may also be affected by other risks, including foreign
taxes, differences in financial standards, currency fluctuations, and political
and economic instability.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: FOREIGN STOCK
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose Thin Portfolio?*
Long-term investors who are looking for high growth. Substantial year-to-year
volatility in value is acceptable in exchange for a potentially high long-term
return. This person's time horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
Mannesmann 2.9%
Vivendi 2.2%
Sony Corp. 1.8%
Telefonica S.A. 1.6%
ABB Ltd. 1.5%
British Telecom Pic. 1.5%
Nokia ADR Class A 1.5%
Hennes & Mauritz 1.4%
KAO Corp. 1.4%
Fujitsu Ltd. 1.4%
Total 17.2%
Portfolio Composition
As of June 30, 1999
Financial Services 19%
Utilities 19%
Consumer Discretionary & Services 18%
Technology 13%
Consumer Staples 9%
Materials & Processing 4%
Other 18%
100%
Other Information
Operating Expenses 1.48%
Total Portfolio Net Assets $487
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
BT Insurance Funds Trust EAFE Equity Index Fund
For period ending June 30,1999
Inception Date: August 22, 1997
Investment Adviser
Bankers Trust Company
Portfolio Manager
Kathy Condon
Investment Orientation
Seeks to replicate as closely as possible, before expenses, the total return of
the Morgan Stanley Capital International Europe, Australia, Far East (EAFE(R))
Index with net dividends.
Investments in international stock portfolios are subject not only to the usual
market volatility, but may also be affected by other risks, including foreign
taxes, differences in financial standards, currency fluctuations and political
and economic instability.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY- FOREIGN STOCK
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for high growth. Substantial year-to-year
volatility in value is acceptable in exchange for a potentially high long-term
return. This person's time horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
BP Amoco 2.21%
NTT Corp. 1.88%
Royal Dutch Petroleum Co. 1.60%
Toyota Motor Corp. 1.51%
Vodafone Airtouch 1.51%
British Telecom 1.37%
Nokia Corp. 1.35%
Deutsche Telekom 1.28%
Glaxco Wellcome 1.28%
Novartis 1.27%
Total 15.26%
Portfolio Composition
As of June 30, 1999
Japan 25%
United Kingdom 24%
Germany 11%
France 10%
Switzerland 7%
Netherlands 6%
Italy 5%
Other 12%
100%
Other Information
Operating Expenses 0.65%
Total Portfolio Net Assets $34.59
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
Janus Aspen Series International Growth Portfolio
For period ending June 30,1999
Fund Inception Date: May 2, 1994
Investment Adviser
Janus
Portfolio Manager
Helen Young Hayes
Laurence Chang
Investment Orientation
A diversified portfolio that seeks long-term growth of capital by investing
primarily in the common stocks of foreign issuers of any size.
The Portfolio normally invests at least 65% of its total assets in issuers from
at least five different countries, excluding the United States.
Investments in international stock portfolios are subject not only to the usual
market volatility, but may also be affected by other risks, including foreign
taxes, differences in financial standards, currency fluctuations and political
and economic instability.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: FOREIGN STOCK
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for high growth. Substantial year-to-year
volatility in value is acceptable in exchange for a potentially high long-term
return. This person's time horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
Mannesmann A.G. 3.67%
NTT Mobile Comm. Network Inc. 2.58%
Vivendi 2.28%
Securities A.B. 2.15%
Wolters Kluwer N.V. 2.06%
Tyco International, Ltd. 2.04%
Telefonica S.A. 1.97%
Nokia Oyj (ADR) 1.95%
COLT Telecom Group PLC 1.77%
Kao Corp. 1.67%
Total 22.14%
Portfolio Composition
As of June 30, 1999
Japan 14%
United Kingdom 13%
Netherlands 10%
France 8%
Germany 7%
Canada 7%
United States 6%
Other 35%
100%
Other Information
Operating Expenses 0.86%
Total Portfolio Net Assets $401.6
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
BT Insurance Funds Trust Small Cap Index Fund
For period ending June 30,1999
Fund Inception Date: August 25, 1997
Investment Adviser
Bankers Trust Company
Portfolio Manager
Kathy Condon
Investment Orientation
Seeks to match the performance, before expenses, of the Russell 2000(R) Index.
Small company stocks are generally subject to greater volatility than stocks of
large, blue chip corporations.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: SMALL BLEND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for high growth. Substantial year-to-year
volatility in value is acceptable in exchange for a potentially high long-term
return. This person's time horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
Lam Resh Corp. .22%
Andrew Corp. .19%
Rayonier, Inc. .19%
Westamerica Bancorp .18%
Nevada Power Co. .18%
Gilead Sciences, Inc. .18%
Trinity Inds., Inc .18%
Medquist, Inc. .18%
Metris Companies, Inc. .18%
Equitable Res., Inc. .18%
Total 1.86%
Portfolio Composition
As of June 30, 1999
Consumer Non-Durables 27%
Finance & Building 24%
Consumer Durables 9%
Capital Goods 8%
Health Care 8%
Utilities 6%
Retail Trade 5%
Other 13%
100%
Other Information
Operating Expenses 0.45%
Total Portfolio Net Assets $33.55
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
SAFECO Resource Series Trust Growth Portfolio
For period ending June 30,1999
Fund Inception Date: January 7, 1993
Investment Adviser
SAFECO Asset Management Company
Portfolio Manager
Thomas M. Maguire
Investment Orientation
Seeks growth of capital and the increased income that ordinarily follows from
such growth. Invests primarily in common stocks selected for appreciation
potential.
Small company stocks are generally subject to greater volatility than stocks of
large, blue chip corporations.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: SMALL BLEND
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for high growth. Substantial year-to-year
volatility in value is acceptable in exchange for a potentially high long-term
return. This person's time horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
Chancellor Media 8.5%
Conseco, Inc. 7.6%
No Skin Ent. Class A 4.5%
Emmis Communications, Inc. 4.1%
United Stationers, Inc. 3.5%
Finova Group, Inc. 3.3%
MICROS Systems, Inc. 3.0%
Mail-Well, Inc. 3.0%
Creditrust Corp. 2.9%
Family Golf Centers 2.7%
Total 43.1%
Portfolio Composition
As of June 30, 1999
Consumer Staples 24%
Consumer Cyclicals 24%
Health Care 18%
Finance 16%
Technology 8%
Capital Goods 8%
Communication Services 1%
Other 1%
100%
Other Information
Operating Expenses 0.78%
Total Portfolio Net Assets $329.82
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
Baron Capital Asset Fund: Insurance Shares
For period ending June 30,1999
Fund Inception Date: October 1, 1998
Investment Adviser
BAMCO, Inc.
Portfolio Manager
Ronald Baron
Investment Orientation
Capital appreciation through investments in securities of small and medium sized
companies with undervalued assets or favorable growth prospects.
Small company stocks are generally subject to greater volatility than stocks of
large, blue chip corporations.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: SMALL GROWTH
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for high growth. Substantial year-to-year
volatility in value is acceptable in exchange for a potentially high long-term
return. This person's time horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
Choicepoint, Inc. 6.8%
Industrie Natuzzi 3.8%
Sun International 3.5%
Crown Castle International 3.3%
Charles Schwab Corp. 3.2%
United Global 3.2%
Corecomm Ltd. 3.0%
Sotheby's 3.0%
Brass Eagle, Inc. 2.9%
HCR Manor Care 2.8%
Total 35.5%
Portfolio Composition
As of June 30, 1999
Amusements & Recreation 12%
Communications 12%
Education 10%
Business Services 10%
Retail Stores & Restaurants 9%
Media & Entertainment 7%
Financial 6%
Other 34%
100%
Other Information
Operating Expenses 1.50%
Total Portfolio Net Assets $12.81
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
Berger IPT - Small Company Growth Fund
For period ending June 30,1999
Fund Inception Date: May 1, 1996
Investment Adviser
Berger Associates, Inc.
Portfolio Manager
Amy K. Selner
Investment Orientation
The investment objective of the Fund is capital appreciation. It invests
primarily in equity securities of small companies whose market capitalization,
at the time of initial purchase, is less than the 12-month average of the
maximum market capitalization for companies included in the Russell 2000 Index.
Small-company stocks are generally subject to greater volatility than stocks of
large, blue chip corporations
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: SMALL GROWTH
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who are looking for high growth. Substantial year-to-year
volatility in value is acceptable in exchange for a potentially high long-term
return. This person's time horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
Cox Radio, Inc. 2.2%
Viatel, Inc. 2.1%
Cree Research, Inc. 2.0%
Hispanic Broadcasting Corp. 1.9%
TSI International Software Ltd. 1.8%
MIPS Technologies, Inc. 1.8%
Applied Microcircuits Corp. 1.8%
Idec Pharmaceuticals Corp. 1.7%
MMC Networks, Inc. 1.7%
Devry, Inc. 1.6%
Total 18.6%
Portfolio Composition
As of June 30, 1999
Electronic - Semiconductor Mfg. 9%
Telecommunications - Services 8%
Media - Radio/TV 7%
Computer Software - Enterprise 6%
Electronic - Semiconductor Equipment 4%
Medical - Biomed/Genetics 4%
Electronic Products - Misc. 4%
Other 58%
100%
Other Information
Operating Expenses 1.15%
Total Portfolio Net Assets $13.7
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
Federated Utility Fund II
For period ending June 30,1999
Fund Inception Date: April 14, 1994
Investment Adviser
Federated Investment Management Company
Portfolio Manager
Steven J. Lehman
Linda A. Duesse
Investment Orientation
Seeks moderate capital appreciation and high current income by investing in a
diversified portfolio of the equity and debt securities of utility companies.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: SPECIALTY- UTILITIES
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who want a narrowly focused investment. Portfolios in this
category invest in companies from a narrowly defined industry or segment of the
market and carry substantially more risk than a broadly diversified equity
portfolio. This person's time horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As of June 30, 1999 % of Portfolio
GTE Corp. 3.1%
U.S. West 3.1%
AT&T 2.8%
El Paso Energy 2.7%
Sprint (FON Group) 2.5%
Bell Atlantic Corp. 2.3%
Keyspan Energy 2.3%
Bell South 2.2%
Ameritech 2.0%
BEC Energy 2.0%
Total 25.0%
Portfolio Composition
As of June 30, 1999
Electrics/Natural Gas 48%
Telecommunications 35%
Non-Utility 11%
Cash 6%
100%
Other Information
Operating Expenses 0.93%
Total Portfolio Net Assets $182.65
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
Van Kampen Life Inv. Trust-Morgan Stanley Real Estate Securities Portfolio
For period ending June 30,1999
Fund Inception Date: July 3, 1995
Investment Adviser
Van Kampen Asset Management Inc.
Portfolio Manager
Theodore R. Bigman
Investment Orientation
Primarily seeks long-term growth of capital, and secondarily seeks current
income, from a portfolio of companies operating in the real estate industry.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: SPECIALTY-REAL ESTATE
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- --------------- ------------------------------------------------------------------------------------------------ ------------------
LOW RISK HIGH
- --------------- ------------------------------------------------------------------------------------------------ ------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Money Market Bond High-Yield balanced Large-cap MID-CAP FOREIGN SMALL-CAP SPECIALTY DEVELOPING/EMERGING
Bond MARKETS
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
x
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
For illustrative purposes only.
Who is Most Likely to Choose This Portfolio?*
Long-term investors who want a narrowly focused investment. Portfolios in this
category invest in companies from a narrowly defined industry or segment of the
market and carry substantially more risk than a broadly diversified equity
portfolio. This person's time horizon is generally greater than 10 years.
Please note that this portfolio type could also play an important role in an
overall asset allocation plan which contains multiple portfolios representing
various asset classes. For example, a conservative asset allocation plan may
include a portion in higher risk asset classes like foreign and small-cap, and
an aggressive plan may include a portion in lower risk asset classes like bond
portfolios and money markets.
Top 10 Holdings
As Of June 30, 1999 % of Portfolio
Chateau Communities 6.34%
Avalon Bay Communities 5.68%
Arden Realty Group, Inc. 5.07%
Taubman Centers, Inc. 4.92%
Essex Property Trust, Inc. 4.48%
Burnham Pacific Properties, Inc. 4.22%
Brookfield Properties 3.75%
Pacific Gulf Properties 3,72%
Brandywine Realty Trust 3.57%
CarrAmerica Realty 3.46%
Total 45.21%
Portfolio Composition
As of June 30, 1999
Office 28%
Apartments 19%
Diversified Financial 10%
Strip Centers 9%
Regional Malls 8%
Other 26%
100%
Other Information
Operating Expenses 1.08%
Total Portfolio Net Assets $188.5
($millions)
*When you invest in the Schwab Select Annuity, you do not invest directly in
annuity portfolios. You invest in subaccounts of Great-West Life & Annuity
Insurance Company (First Great-West Life & Annuity Insurance Company in New York
State) that, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that sub-account.
The fees and charges associated with the sub-accounts and the terms and
conditions of your investment are detailed in the prospectus for the Schwab
Select Annuity.
Total annual operating expenses as a percentage of average net assets as of
6/30/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
Alger American Fund
File No. 811-05550
Form N-30D
Filed via EDGAR and accepted on August 20, 1999
Accession No. 0000930413-99-001021.
American Century Variable Portfolios, Inc.
File No. 811-05188
Form N-30D
Filed via EDGAR and accepted on August 27, 1999
Accession No. 0000814680-99-000008.
Baron Capital Asset Fund: Insurance Shares
File No. 811-08505
Form N-30D
Filed via EDGAR and accepted on August 16, 1999
Accession No. 0000950116-99-001579.
Berger IPT-Small Company Fund
File No. 811-07367
Form N-30D
Filed via EDGAR and accepted on August 20, 1999
Accession No. 0001047469-99-033242.
BT Insurance Funds Trust: Small Cap Index Fund
File No. 811-07507
Form N-30D
Filed via EDGAR and accepted on August 20, 1999
Accession No. 0000950168-99-002331.
BT Insurance Funds Trust: EAFE Equity Index Fund
File No. 811-07507
Form N-30D
Filed via EDGAR and accepted on August 20, 1999
Accession No. 0000950168-99-002333.
Dreyfus Variable Investment Fund
File No. 811-05125
Form N-30D
Filed via EDGAR and accepted on August 30, 1999
Accession No. 0000813383-99-000026.
Federated Insurance Series
File No. 811-08042
Form N-30D
Filed via EDGAR and accepted on August 20, 1999
Accession No. 0000912577-99-000021.
INVESCO Variable Investment Funds, Inc.
File No. 811-08038
Form N-30D
Filed via EDGAR and accepted on August 26, 1999
Accession No. 0000912744-99-000018.
Janus Aspen Series
File No. 811-07736
Form N-30D
Filed via EDGAR and accepted on August 17, 1999
Accession No. 0001012709-99-000576.
Lexington Emerging Markets Fund, Inc.
File No. 811-08250
Form N-30D
Filed via EDGAR and accepted on August 17, 1999
Accession No. 0000950130-99-004917.
Montgomery Funds III: Montgomery Variable Series-Growth Fund
File No. 811-08782
Form N-30D
Filed via EDGAR and accepted on August 30, 1999
Accession No. 0000929624-99-001657.
The Prudential Series Fund, Inc.
File No. 811-03623
Form N-30D
Filed via EDGAR and accepted on August 24, 1999
Accession No. 0000950130-99-004999.
SAFECO Resource Series Trust
File No. 811-04717
Form N-30D
Filed via EDGAR and accepted on August 24, 1999
Accession No. 0001047469-99-033557.
Schwab Annuity Portfolios
File No. 811-08314
Form N-30D
Filed via EDGAR and accepted on September 3, 1999
Accession No. 0000935069-99-000184.
Scudder Variable Life Investment Fund
File No. 811-04257
Form N-30D
Filed via EDGAR and accepted on August 17, 1999
Accession No. 0000088053-99-000822.
Stein Roe Variable Investment Trust
File No. 811-05199
Form N-30D
Filed via EDGAR and accepted on September 10, 1999
Accession No. 0000950146-99-001537.
Strong Variable Insurance Funds, Inc.: Schafer Value Fund II
File No. 811-06553
Form N-30D
Filed via EDGAR and accepted on September 7, 1999
Accession No. 0001072728-99-000016.
Strong Variable Insurance Funds, Inc.: Discovery Fund II
File No. 811-06553
Form N-30D
Filed via EDGAR and accepted on September 7, 1999
Accession No. 0001072728-99-000010.
Van Eck Worldwide Insurance Trust
File No. 811-05083
Form N-30D
Filed via EDGAR and accepted on August 16, 1999
Accession No. 0000950123-99-004883.
Van Kampen Life Insurance Trust
File No. 811-04424
Form N-30D
Filed via EDGAR and accepted on August 26, 1999
Accession No. 0000950137-99-003227.