<PAGE>
A Word From Charles R. Schwab
I am pleased to provide you with this annual report for the Schwab Select
Annuity. Inside you'll find individual annual reports for the portfolios
available in the Schwab Select Annuity, developed by the investment companies
that manage them.
With a new century beginning and April 15 fast approaching, you may be thinking
about the "big picture" and considering ways to make your money work harder for
your retirement goals. We hope you'll find this report a useful tool as you
review your financial situation and plan for the future. The following pages
feature an article on the role your variable annuity can play in your tax plan.
Tax-deferred investment vehicles such as the Schwab Select Annuity can serve as
one of the key elements of a long-term retirement plan.
This Annual Report is just one part of our larger effort to help you become an
informed investor. As you may know, Schwab Select annuity account holders can
now access their accounts through additional channels, including the online
Schwab Annuity Center at www.schwab.com/annuity. Over the past year we added
several new features to our online capabilities and we are developing new tools
for your convenience. If you do not have Internet access, you can, as always,
take advantage of the KeyTalk(R) automated telephone system, or speak directly
with one of our licensed representatives by calling 1-800-838-0650 (New York
Residents, call 1-800-838-0649).
If you have not done so already, I encourage you to set up a program of regular
investing, which many experts agree can be a smart way to prepare for retirement
and other long-term goals. Regular investing does not necessarily require you to
commit a large amount of money each month or quarter. Over time, consistent
investments of just a few hundred dollars may help you reach your goals.
Schwab's Automatic Contribution Plan (ACP) is a convenient way to regularly
invest in the Schwab Select Annuity.1 Consider enrolling today.
Once again, 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.
1 Periodic investment plans such as ACP do not assure a profit and do not
protect against loss in declining markets.
<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
|
| Domestic Hybrid Schwab MarketTrack Growth Portfolio II
|
| Large Value Dreyfus Variable investment Fund Growth
| Federated American Leaders Fund II
| SAFECO Resource Series Trust Equity Portfolio
| Prudential Series Fund Equity Class II Portfolio
| Scudder Variable Life Investment Fund Capital Growth Portfolio
|
| Large Blend Dreyfus Variable Investment Fund Capital Appreciation Portfolio
| INVESCO VIF - Equity Income Fund
| Schwab S&P 500 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
| 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>
* Reflects Morningstar Categories as of 12/31/99.
<PAGE>
Schwab Select Annuity(TM)
Spotlight On:
Tax-Wise Strategies for the Long Term
A Refresher on the Role Your Annuity Can Play in
Your Tax Plan
April 15 will be here before you know it. That's why now might be a good time to
assess your financial situation, especially your tax status. If you are not
doing so already, consider taking advantage of tax-deferred strategies to help
you reach your long-term goals, such as retirement.
Bridging the Gap
With Social Security's future becoming less certain, many experts suggest taking
extra steps to help ensure a more comfortable retirement. Start by funding your
401(k), if your employer provides one, or an Individual Retirement Account
(IRA). You have until April 15 of this year to make contributions to your IRA
for the 1999 tax year.
If you plan to contribute the maximum amount allowed to your 401(k) or IRA and
still want added tax deferral, you may want to consider making additional
contributions to your Schwab Select Annuitysm. Or, if you don't already own an
annuity, consider opening a Schwab Select Annuity account today. Over the long
term, variable annuities may help bridge the gap between what your other
retirement plans, like an IRA or 401(k), can provide and what you'll need to
have a comfortable retirement.
In contrast to restrictions on how much money you can contribute to a 401(k) or
IRA, the IRS does not limit the contributions you can make to a variable annuity
if you buy it in a non-qualified account. So you can invest as much and as often
as you want.1 Another way in which variable annuities differ from 401(k) plans
or IRAs is that, with a non-qualified variable annuity, you are generally not
required to begin withdrawing your money until well after age 701/2 -- in some
cases not until past age 90. That means your money can have more time to grow,
tax-deferred.
Consider the Schwab Select annuity's Automatic Contribution Plan
Regular investing can be a smart strategy to help build wealth over the long
term. With the Automatic Contribution Plan (ACP)N available in the Schwab Select
Annuitysm you can arrange to have contributions automatically transferred each
month from your bank, brokerage or savings account into your Annuity on a day
you specify.2
For more information, call Schwab's Insurance & Annuity Service Center at 1 800
838-0650 (New York residents call 1 800 838-0649), or visit the online Annuity
Center at www.schwab.com/annuity. ----------------------
1 May be subject to insurance company limitations as referenced in the
prospectus. Some annuities can be purchased as an IRA and are therefore subject
to IRS limitations. Please consult your tax advisor. 2 Periodic investment plans
do not assure a profit and do not protect against loss in declining markets.
Schwab Select Annuitysm
Variable Annuities Compared
With Other Retirement Plans
As the table below shows, variable annuities offer a number of features that can
complement or supplement those offered by traditional IRAs, Roth IRAs and other
qualified retirement plans. (The table below assumes a variable annuity is not
purchased in a qualified retirement plan.)
The difference between tax-deferred retirement plans.
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Variable IRA, Roth IRA,
Annuities Keogh, 401(k)
Contribution reduces
taxable income No Maybe3
Investment earnings tax-deferred Yes Yes4
Contribution free from IRS limits Yes No
10% federal penalty for
distributions before age 591/2 Yes5 Yes5
Defer start of distributions
past age 701/2 Yes No6
Guaranteed death benefit Yes7 No
Guaranteed annuity options Yes No
</TABLE>
(This table assumes the variable annuity is not purchased in a qualified
retirement plan.)
3 A regular IRA reduces taxable income only within certain income guidelines. A
Roth IRA does not reduce taxable income. 4 Roth IRA earnings are tax-free, if
the Roth IRA meets certain requirements. 5 Subject to certain exceptions and
allowable for certain needs before 591/2. 6 Roth IRA (distributions) can be
deferred past age 701/2. 7 The strength of the guaranteed death benefit depends
on the claims-paying ability of the issuing insurance companies.
Schwab Select Annuitysm
The Benefits of Tax-Deferred Compounding
Another benefit to investing in the Schwab Select Annuitysm is that, on April
15, you won't be required to pay current annual income taxes on any earnings
that accrue during your annuity's accumulation phase. This tax-deferred feature
of the Schwab Select Annuity gives your money the potential to compound at a
faster rate than money in a comparable taxable account. The table below compares
a taxable investment with a tax-deferred investment. If returns are equal on
both, a tax-deferred investment will typically compound to a greater amount over
the long term, since current taxes can diminish the growth of the taxable
investment.
Review Your Portfolio Allocations
Now might also be a good time to take a good look at your portfolio allocations
and see whether they still meet your needs and goals8. The Schwab Select Annuity
offers a wide variety of portfolios 29 in all representing a variety of asset
classes. Of course, you won't have to pay taxes on any transfers you make within
the Annuity. And there are no charges for making up to 12 transfers per year.
For more information, call Schwab's Insurance & Annuity Service Center at 1 800
838-0650 (New York residents call 1 800 838-0649), or visit the online Annuity
Center at www.schwab.com/annuity.
We'll send you a prospectus containing more complete information including fees
and expenses. Please read the prospectus carefully before you invest or send
money.
Tax-Deferred Investments Can Offer
Major Advantages Over Time
Total investment of $35,000.
Estimated value after 30 years -- $171,291 taxable account -- $464,369
tax-deferred (before withdrawal from annuity)-- $294,339 tax-deferred (after
lump-sum withdrawal from annuity)
This example assumes a hypothetical initial investment of $35,000, an annual
return of 9% and a maximum federal income tax rate of 39.6%. This chart is for
illustrative purposes only and does not imply the returns that may be available
on any particular investment. Fees and expenses associated with a variable
annuity will lower the actual returns you receive from it; see the prospectus
for details. A variable annuity's investment return and principal value will
fluctuate with changes in market conditions. In addition to ordinary income tax,
a distribution may be subject to a federal income penalty tax of 10% if it is
made prior to age 591/2.
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.
8 As with all annuities, when you invest in the Schwab Select Annuity, you do
not invest directly in the investment choices it comprises. Rather, you
invest in subaccounts of Great-West Life & Annuity Insurance Company (in
New York state, First Great-West Life & Annuity Insurance Company). These
accounts, in turn, invest in the annuity portfolios you've selected. Your
account is then credited with variable accumulation units in that
subaccount.
<PAGE>
Schwab Select Annuity(TM)
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 DECEMBER 31,1999
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 December 31, 1999
0-15 Days 15.0%
16-30 Days 32.5%
31-60 Days 36.3%
61-90 Days 3.0%
91-120 Days 7.2%
Over 120 Days 6.0%
Average Maturity 43 Days
Portfolio Composition
As of December 31, 1999
U.S. Government Securities/Discount Notes 89%
Repurchase Agreements 11%
100%
Other Information
Operating Expenses 0.50%
Total Portfolio Net Assets $119.60
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of
----
Portfolio
GNMA 7.0% due 8/15/28 8.5%
FHLMC 6.5% due 12/1/28 7.7%
FNMA 6.5% due 4/1/29 7.1%
GNMA 8.0% due 1/15/30 6.1%
FNMA 7.0% due 1/1/15 5.9%
GNMA 6.5% due 5/15/27 4.4%
FHLMC 7.5% due 8/1/29 4.2%
FNMA 6.0% 5/1/14 4.0%
GNMA 7.5% due 9/15/29 3.7%
FHLMC 7.0% due 11/1/29 3.6%
Total 55.2%
Portfolio Composition
As of DECEMBER
31, 1999
GNMA 24%
FNMA 23%
FHLMC 21%
U.S. Treasuries 17%
Agency Debentures 14%
Repurchase Agreements 1%
100%
Other Information
Average Duration 4.7%
Operating Expenses 0.84%
Total Portfolio Net Assets $133.7
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
--------------
U.S. Treasury Bonds/Notes 5.2%
Electronic Data Systems Corp. 2.3%
VoiceStream Wireless Corp 2.2%
Stone Container Corp. 2.2%
AT&T Liberty Media Group, Inc. 2.1%
DaimlerChrysler N.A. Holding Corp. 2.1%
Proctor & Gamble Co. 2.1%
Fred Meyer, Inc. 2.1%
Wal-Mart Stroes, Inc.% 2.1%
Safeway, Inc. 1.8%
Total 25.48%
Portfolio Composition
As of DECEMBER 31,
1999
Cable Television 7%
Telecommunication Services 6%
Food - Retail 6%
Broadcast Services and Programming 5%
Savings/Loans/Thrifts 5%
Retail-Regional Department Stores 4%
Telephone - Integrated 4%
Other 63%
100%
Other Information
Operating Expenses 0.72%
Total Portfolio Net Assets $187.6
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
--------------
IXC Communications 4.36%
Level 3 Communications 3.53%
Diamond Cable Communications 2.77%
MetroNet Communications 2.59%
United Rentals 2.43%
NEXTLINK Communications 2.41%
TeleWest PLC 2.41%
Comcast UK Cable Partners, Ltd. 2.38%
Metromedia Fiber Network 2.21%
Intermedia Communications 2.20%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Fixed Income 89%
Cash & Cash Equivalents 7%
Communication Services 3%
Consumer Cyclicals 1%
100%
Other Information
Average Maturity 6.92 years
Average Duration 4.99 years
Operating Expenses 1.05%
Total Portfolio Net Assets $58.38
($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
12/31/99. 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 DECEMBER 31,1999
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 reasonable but relatively stable growth.
Some fluctuations are tolerable, but they generally want less risk than the
overall stock market. This person's time horizon is generally greater 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.
Top 10 Holdings
As of DECEMBER 31, 1999 % of Portfolio
--------------
Schwab Small Cap Index Select Shares 21.8%
Schwab International Index Select Shares 20.1%
Schwab Total Bond Index 15.4%
Schwab Value Advantage MM 2.1%
Microsoft Corp. 2.1%
General Electric Co. 1.7%
Cisco Systems, Inc. 1.2%
Wal-Mart Stores, Inc. 1.1%
Exxon Mobil Corp. 1.0%
Intel Corp. 1.0%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Business Machines & Software 7%
Health Care/Drugs & Medicine 4%
Telephone 4%
Electronics 4%
Banks 2%
Retail 3%
Miscellaneous Finance 3%
Other 76%
100%
Other Information
Operating Expenses 0.60%
Total Portfolio Net Assets $19.0
($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
12/31/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
DREYFUS Variable Investment Fund Growth and Income Portfolio
For period ending DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
--------------
General Electric 4.06%
Intel 2.36%
Citigroup 2.10%
IBM 2.09%
Oracle 1.85%
Honeywell International 1.84%
Columbia/hca Healthcare 1.83%
Computer Associates International 1.79%
Royal Dutch Petroleum, ADR 1.71%
Dayton Hudson 1.66%
Total 21.29%
Portfolio Composition
As of DECEMBER 31,
1999
Electronic Technology 20%
Finance 13%
Utilities 11%
Producer Manufacturing 8%
Technology Services 8%
Consumer Services 8%
Health Technology 6%
Energy Minerals 5%
Retail Trade 4%
Consumer Non-Durables 3%
Other 14%
100%
Other Information
Operating Expenses 0.79%
Total Portfolio Net Assets $461.39
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
--------------
Sun Microsystems, Inc. 3.1%
Motorola, Inc. 2.0%
Novell, Inc. 1.9%
GTE Corp. 1.8%
Kimberly-Clark Corp. 1.8%
Electronic Data Systems Corp. 1.7%
Viacom, Inc., Class A 1.7%
AT&T Corp. 1.6%
First Data Corp. 1.6%
U.S. West, Inc. 1.6%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Technology 19%
Financials 14%
Consumer Staples 12%
Capital Goods 11%
Consumer Cyclicals 10%
Health Care 8%
Communication Services 7%
Other 19%
Other Information
Operating Expenses 0.88%
Total Portfolio Net Assets $477.43
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of total net assets
---------------------
Eastman Kodak Co. 3.2%
Georgia Pacific Corp. 2.8%
Tenet Healthcare 2.8%
Columbia HCA Healthcare 2.7%
Well Point Health Networks 2.7%
Alcoa, Inc. 2.5%
Total Fina S.A. - Spon ADR 2.3%
Darden Restaurants, Inc. 2.3%
Seagate Tech & Inc.care 2.2%
Hewlett Packard Co.p. 2.0%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Consumer Growth/Staples 22%
Industrial 20%
Finance 18%
Cash & Equiv. 10%
Technology 10%
Consumer Cyclical 9%
Utility 6%
Energy 5%
100%
Other Information
Operating Expenses 0.87%
Total Portfolio Net Assets $319.53
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
Intel 5.59%
General Electric 4.88%
Pfizer 4.09%
Microsoft 4.08%
Cisco Systems 3.74%
Merck & Co. 2.83%
Citigroup 2.80%
Johnson & Johnson 2.57%
Coca-Cola 2.54%
Exxon Mobil Corporation 2.54%
Total
Portfolio Composition
As of DECEMBER 31,
1999
Health Care 14%
Technology 13%
Finance-Misc. 9%
Capital Goods 9%
Electronics 7%
Food Beverage & Tobacco 6%
Energy 6%
Household Products-Misc. 6%
Banking 5%
Communication Service & Manufacturing 5%
Other 20%
Other Information
Operating Expenses 0.78%
Total Portfolio Net Assets $1027.80
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
--------------
Kansas City Southern Industries 2.49%
General Electric 2.43%
Warner-Lambert Co. 1.91%
AT&T Crop. Liberty Media Group. "A". 1.86%
U.S. West 1.81%
Allmerica Financial 1.75%
Colgate-Palmolive Co. 1.64%
General Motors Class H Shares 1.64%
Exxon Mobil 1.62%
Honeywell International, Inc. 1.52%
Total 18.67%
Portfolio Composition
As of DECEMBER 31, 1999
Finance 13%
Consumer Staples 11%
Consumer Cyclicals 11%
Communication Services 10%
Fixed Income Securities 10%
Health Care Sector 9%
Technology 8%
Other 28%
100%
Other Information
Operating Expenses 1.05%
Total Portfolio Net Assets $79.89
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
--------------
Microsoft 4.4%
General Electric Co. 4.1%
Fed Ntnl. Mort. Assoc. 3.3%
Johnson & Johnson 3.3%
Exxon Mobile Corp. 3.2%
Wash. Mutual, Inc. 3.1%
Gannett Co., Inc. 3.0%
Albertsons, Inc. 3.0%
Intel Corp. 2.9%
Proctor & Gamble Co. 2.9%
Total 33.2%
Portfolio Composition
As of DECEMBER 31,
1999
Consumer Staples 21%
Technology 16%
Finance 16%
Health Care 12%
Capital Goods 10%
Communication Services 8%
Consumer Cyclicals 6%
Other 11%
- -------------------------------------------------------------
100%
Other Information
Operating Expenses 0.76%
Total Portfolio Net Assets $647.08
($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
12/31/99. 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 DECEMBER 31,1999
Fund Inception Date: November 1, 1996
Investment Adviser
Charles Schwab Investment Management, Inc..
Portfolio Manager
Geri Hom
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 DECEMBER 31, 1999 % of Portfolio
--------------
Microsoft Corp. 4.9%
General Electric Co. 4.2%
Cisco Systems, Inc. 2.9%
Wal-Mart Stores, Inc. 2.5%
Intel Corp. 2.3%
Exxon Mobil Corp. 2.3%
Lucent Technologies, Inc. 1.9%
IBM Corporation 1.6%
Citigroup, Inc. 1.5%
America Online, Inc. 1.3%
Total 25.4%
Portfolio Composition
As of DECEMBER 31,
1999
Business Machines & Software 15%
Health Care/Drugs & Medicine 9%
Telephone 9%
Electronics 9%
Retail 6%
Banks 5%
Producer Goods & Manufacturing 5%
Other 42%
100%
Other Information
Operating Expenses 0.28%
Total Portfolio Net Assets $129.9
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of
----
Portfolio
Microsoft Corp. 4.1%
Home Depot, Inc. 3.2%
Intel Corp. 3.0%
General Electric Co. 2.9%
AT&T-Liberty Media Group 2.5%
Oracle Systems Corp. 2.4%
Proctor & Gamble 2.2%
Royal Dutch Petroleum Co. 2.2%
America Online, Inc. 2.1%
EMC Corp. 2.1%
Total
Portfolio Composition
As of DECEMBER 31,
1999
Technology 25%
Health 13%
Consumer Discretionary 11%
Financial 9%
Media 8%
Consumer Staples 8%
Manufacturing 7%
Other 19%
100%
Other Information
Operating Expenses 0.49%
Total Portfolio Net Assets $1254.1
* 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
12/31/99. 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 DECEMBER 31,1999
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 diversifying widely among industries and
companies. The Portfolio also invests primarily in divdent-paying stocks, whose
prices have historically tended to fall less in down markets.
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 DECEMBER 31, 1999 % of Portfolio
--------------
Corning, Inc. 4.8%
Total S.A. 3.0%
Dow Chemical Co. 2.8%
BellSouth Corp. 2.8%
Oracle Systems Corp. 2.5%
General Electric Co. 2.4%
Intel Corp. 2.3%
Microsoft Corp. 1.9%
GTE Corp. 1.9%
Citigroup, Inc. 1.9%
Total
Portfolio Composition
As of DECEMBER 31,
1999
Financial 16%
Manufacturing 13%
Communications 12%
Technology 12%
Energy 9%
Health 7%
Consumer Staples 5%
Other 26%
100%
Other Information
Operating Expenses 0.55%
Total Portfolio Net Assets $199.7
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
Microsoft Corp. 4.7%
Morgan Stanleyy, Dean Witter & Co. 3.7%
Cisco Systems, Inc. 3.5%
America On Line, Inc. 3.3%
Yahoo, Inc. 3.3%
Home Depot, Inc. 3.1%
Warner Lambert Co. 3.1%
Amgen, Inc. 3.0%
Applied Materials, Inc. 3.0%
Corning, Inc. 3.0%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Communication Equipment 10%
Financial Services 9%
Retailing 8%
Communication Equipment 8%
Computer Services 6%
Computer Software 6%
Semiconductors 6%
Other 47%
100%
Other Information
Operating Expenses 0.79%
Total Portfolio Net Assets $3,387.5
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
Comcast Corp. 4.8%
Time Warner, Inc. 4.3%
Cisco Systems, Inc. 3.9%
Sun Microsystems, Inc. 3.5%
Nokia Oyj 3.3%
General Electric Co. 3.2%
Lucent Technologies, Inc. 2.8%
McDonald's Corp. 2.5%
Bank of New York Co., Inc. 2.4%
Enron Corp. 2.4%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Cable Television 9%
Multimedia 7%
Telecommunications Equipment 7%
Computers-Micro 6%
Cellular Telecommunications 6%
Circuits 5%
Networking Products 4%
Other 56%
100%
Other Information
Operating Expenses 0.67%
Total Portfolio Net Assets $2,995.4
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
BCE, Inc. 5.0%
Cadence Design Systems, Inc. 4.3%
Omnicare, Inc. 3.7%
Arrow Electronics, Inc. 3.5%
ICN Pharmaceuticals, Inc. 3.4%
Mylan Laboratories, Inc. 3.4%
Maytag Corporation 3.4%
Avnet, Inc. 3.4%
ECI Telecom, Inc. 3.3%
Chubb Corporation 3.2%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Financial 25%
Technology 15%
Health Care 14%
Consumer Cyclical 9%
Capital Equipment 9%
Retail 9%
Transportation 8%
Other 11%
100%
Other Information
Operating Expenses 1.20%
Total Portfolio Net Assets $10.88
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
Alcoa, Inc. 5.6%
Whirlpool Corp. 4.1%
Dow Chemical 3.9%
First Health Group Corp. 3.6%
Sony Corp. - ADR 3.3%
Golden West Financial Corp. 3.0%
Amerada Hess Corporation 2.7%
Boise Cascade Corp. 2.7%
Weyerhauser Co. 2.6%
FDX Corporation 2.5%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Materials 20%
Technology 13%
Business Services 9%
Consumer Services 9%
Health Care 7%
Finance 7%
Energy 7%
Other 28%
100%
Other Information
Operating Expenses 1.26%
Total Portfolio Net Assets $19.65
($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
12/31/99. 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 DECEMBER 31, 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 DECEMBER 31, 1999 % of Portfolio
NTT Mobile Comm. Network, Inc. 6.2%
Nokia Oyi 6.1%
Cisco Systems, Inc. 4.8%
China Telecom, Ltd. 3.6%
Mannesmann A.G. 3.2%
Telefonica S.A. 2.5%
Sony Corp. 2.5%
Viacom, Inc. 2.0%
Microsoft Corp. 1.8%
Time Warner, Inc. 1.8%
Total
Portfolio Composition
As of DECEMBER 31, 1999
United States 32%
Japan 16%
Finland 8%
United Kingdom 8%
Netherlands 7%
Germany 4%
Hong Kong 4%
Other 21%
100%
Other Information
Operating Expenses 0.70%
Total Portfolio Net Assets $6,652.5
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
Sony Corp. 3.7%
Mannesmann Ag. 3.3%
Kyocera, Ltd. Ord. 3.0%
Softbank Corp.. 2.9%
Sonera Corp. 2.3%
China Telecom 2.0%
Ntt Mobile Communications 2.0%
Nortel Networks Corp. 1.9%
Nokia ADR Class A 1.8%
JDS Uniphase Corp. 1.7%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Services 51%
Capital Equipment 19%
Consumer Goods 15%
Finance 10%
Energy 2%
Materials 2%
Multi-Industry 1%
100%
Other Information
Operating Expenses 1.47%
Total Portfolio Net Assets $799.8
($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
12/31/99. 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 DECEMBER 31,1999
Inception Date: August 22, 1997
Investment Adviser
Bankers Trust Company
Portfolio Manager
Jim Creighton
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 DECEMBER 31, 1999 % of Portfolio
Nokia Corp. 2.16%
NTT Corp. 2.14%
Deutsche Telekom 2.13%
BP Amoco 1.93%
Toyota Motor Corp. 1.79%
British Telecom 1.55%
Vodafone Airtouch 1.48%
France Telecom 1.33%
Royal Dutch Petroleum Co. 1.29%
Ericsson (LM) B 1.23%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Japan 26%
United Kingdom 20%
Germany 11%
France 10%
Netherlands 6%
Switzerland 6%
Italy 4%
Other 17%
100%
Other Information
Operating Expenses 0.65%
Total Portfolio Net Assets $54.50
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
NTT Mobile Comm. Network, Inc. 6.5%
Nokia Oyj 5.2%
China Telecom, Ltd. 3.7%
Mannesmann A.G. 3.1%
Softbank Corp. 2.9%
Sony Corp. 2.5%
Telefonica S.A. 2.2%
COLT Telecom Group PLC 2.1%
Nortel Networks Corp. 1.9%
Viacom, Inc. 1.8%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Japan 19%
United Kingdom 11%
United States 9%
Netherlands 9%
Finland 8%
Canada 7%
Germany 6%
Other 31%
100%
Other Information
Operating Expenses 0.76%
Total Portfolio Net Assets $824.2
($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
12/31/99. 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 DECEMBER 31,1999
Fund Inception Date: August 25, 1997
Investment Adviser
Bankers Trust Company
Portfolio Manager
Jim Creighton
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 DECEMBER 31, 1999 % of Portfolio
Broadvision .97%
Microstrategy, Inc. .84%
Verticalnet, Inc. .56%
Millennium Pharmct. .45%
Lam Resh Corp. .44%
Idec Pharmaceuticals Corp. .42%
Optical Coating Lab .41%
Mercury Interactive .40%
PE Corp.-Celera Geno .39%
Omnipoint Corp. .38%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Technology 29%
Financial 13%
Consumer Cyclicals 11%
Health Care 9%
Commercial Services 8%
Consumer Services 6%
Basic Materials 5%
Other 19%
100%
Other Information
Operating Expenses 0.45%
Total Portfolio Net Assets $55.56
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
MICROS Systems, Inc. 6.4%
Rent-a-Center, Inc. 4.9%
United Stationers, Inc. 4.9%
NCO Group, Inc. 4.7%
Intranet Solutions 4.5%
Conseco, Inc. 4.5%
PolyMedica Corp. 4.3%
AMFM, Inc. 4.0%
Emisphere Tech 3.8%
Rent-Way 3.1%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Consumer Cyclicals 27%
Health Care 22%
Technology 20%
Consumer Staples 13%
Capital Goods 7%
Finance 5%
Communication Services 2%
Other 4%
100%
Other Information
Operating Expenses 0.78%
Total Portfolio Net Assets $345.73
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
Charles Schwab Corp. 6.1%
Corecomm. Ltd. (Bermuda) 5.6%
SFX Entertainment 4.2%
Choicepoint, Inc. 3.1%
Southern Union 2.8%
Flextronics Intl. 2.6%
NTL, Inc. 2.5%
Choice Hotels Int. Inc. 2.5%
Citizen Utilities 2.4%
Unitedglobal.com 2.4%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Communications 22%
Amusements & Recreation 13%
Media & Entertainment 11%
Retail Stores & Restaurants 8%
Business Services 8%
Financial 8%
Education 6%
Other 24%
100%
Other Information
Operating Expenses 1.50%
Total Portfolio Net Assets $34.8
($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
12/31/99. 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 DECEMBER 31,1999
Fund Inception Date: May 1, 1996
Investment Adviser
Berger LLC
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 DECEMBER 31, 1999 % of Portfolio
Agil Software Corp. 3.1%
Proxim, Inc. 2.8%
Cree Research, Inc. 2.7%
Pri Automation, Inc. 2.6%
Viatel, Inc. 2.5%
Cox Radio, Inc. 2.4%
Universal Electronics, Inc. 2.3%
Diamond Technology Partners 2.3%
Commerce One, Inc. 2.2%
Allscripts, Inc. 2.0%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Technology 56%
Health Care 14%
Consumer Cyclicals 9%
Capital Equipment 7%
Cash & Equivalents 5%
Energy 5%
Financial 3%
Retail 2%
100%
Other Information
Operating Expenses 1.15%
Total Portfolio Net Assets $41.33
($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
12/31/99. 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 DECEMBER 31,1999
Fund Inception Date: February 10, 1994
Investment Adviser
Federated Investment Management Company
Portfolio Manager
Steven J. Lehman
Linda A. Duesse
Richard J. Lazarchic
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 DECEMBER 31, 1999 % of Portfolio
El Paso Energy Corp. 4.7%
Sprint Corp. (FON Group) 4.7%
BellSouth Corp. 4.6%
GTE Corp. 4.6%
U.S. West, Inc. 4.6%
AT&T Corp. 4.4%
SBC Communications, Inc. 4.3%
Alltel Corp. 3.7%
MCI Worldcom, Inc. 3.1%
KeySpan Corp. 2.9%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Telecommunications 53%
Electrics/Natural Gas 35%
Non-Utility 9%
Cash 3%
100%
Other Information
Operating Expenses 0.94%
Total Portfolio Net Assets $187.6
($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
12/31/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
INVESCO VIF- TECHNOLOGY FUND
For period ending DECEMBER 31,1999
Fund Inception Date: May 21, 1997
Investment Adviser
INVESCO Funds Group, Inc.
Portfolio Manager
William R. Kelthler
Investment Orientation
The Fund seeks capital appreciation and normally invests at least 80% of its
total assets in the equity securities of companies engaged in technology-related
industries.
INVESTMENT CHOICE INFORMATION*
MORNINGSTAR CATEGORY: SPECIALTY- TECHNOLOGY
<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 DECEMBER 31, 1999 % of Portfolio
Microsoft Corp. 2.00%
Nokia Corp. Sponsored ADR Ord Shrs 1.96%
Gemstar International Group, Ltd. 1.83%
Cisco Systems 1.81%
BEA Systems 1.58%
JDS Uniphase 1.52%
SDL, Inc. 1.52%
America Online 1.43%
Conexant Systems 1.40%
BroadVision, Inc. 1.33%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Computer Softward & Service 25%
Electronics-Semiconductors 15%
Comm-Equip/Mfg 9%
Cash & Cash Equivalents 9%
Computer-Networking 7%
Equipment-Semiconductor 6%
Other 14%
100%
Other Information
Operating Expenses 1.32%
Total Portfolio Net Assets $93.9
($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
12/31/99. 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 DECEMBER 31,1999
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 DECEMBER 31, 1999 % of Portfolio
Avalon Bay Communities 6.22%
Chateau Communities 5.70%
Essex Property Trust, Inc. 5.13%
Taubman Centers, Inc. 5.02%
Arden Realty Group, Inc. 4.90%
Smith Charles E. Residential Realty 4.61%
Pacific Gulf Properties 4.14%
Burnham Pacific Properties, Inc. 4.06%
Brookfield Properties 3.87%
Great Lakes REIT 3.86%
Total
Portfolio Composition
As of DECEMBER 31, 1999
Office 28%
Apartments 21%
Diversified Financial 10%
Strip Centers 8%
Regional Malls 8%
Other 25%
100%
Other Information
Operating Expenses 1.10%
Total Portfolio Net Assets $149.58
($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
12/31/99. Actual expenses for the current year may vary. In some cases the
expenses have been adjusted to reflect voluntary expense caps.
<PAGE>
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
December 31, 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:
Alger American Fund
File No. 811-05550
Form N-30D
Filed via EDGAR and accepted on February 28, 2000
Accession No. 0000930413-00-000295.
American Century Variable Portfolios, Inc.
File No. 811-05188
Form N-30D
Filed via EDGAR and accepted on February 17, 2000
Accession No. 0000814680-00-000001.
Baron Capital Asset Fund: Insurance Shares
File No. 811-08505
Form N-30D
Filed via EDGAR and accepted on February 18, 2000
Accession No. 0000950116-00-000323.
Berger IPT-Small Company Growth Fund
File No. 811-07367
Form N-30D
Filed via EDGAR and accepted on February 28, 2000
Accession No. 0000950134-00-001480.
BT Insurance Funds Trust: Small Cap Index Fund
File No. 811-07507
Form N-30D
Filed via EDGAR and accepted on February 16, 2000
Accession No. 0000950168-00-000349.
BT Insurance Funds Trust: EAFE Equity Index Fund
File No. 811-07507
Form N-30D
Filed via EDGAR and accepted on February 16, 2000
Accession No. 0000950168-00-000347.
Dreyfus Variable Investment Fund: Growth and Income Portfolio
File No. 811-05125
Form N-30D
Filed via EDGAR and accepted on February 23, 2000
Accession No. 0000813383-00-000001.
Dreyfus Variable Investment Fund: Capital Appreciation Portfolio
File No. 811-05125
Form N-30D
Filed via EDGAR and accepted on February 23, 2000
Accession No. 0000813383-00-000003.
Federated Insurance Series
File No. 811-08042
Form N-30D
Filed via EDGAR and accepted on February 28, 2000
Accession No. 0000912577-00-000007.
INVESCO Variable Investment Funds, Inc.
File No. 811-08038
Form N-30D
Filed via EDGAR and accepted on February 28, 2000
Accession No. 0000912744-00-000006.
Janus Aspen Series
File No. 811-07736
Form N-30D
Filed via EDGAR and accepted on February 25, 2000
Accession No. 0001012709-00-000241.
Lexington Emerging Markets Fund, Inc.
File No. 811-08250
Form N-30D
Filed via EDGAR and accepted on February 28, 2000
Accession No. 0000950130-00-000909.
Montgomery Funds III: Montgomery Variable Series-Growth Fund
File No. 811-08782
Form N-30D
Filed via EDGAR and accepted on March 3, 2000
Accession No. 0000950149-00-000432.
The Prudential Series Fund, Inc.
File No. 811-03623
Form N-30D
Filed via EDGAR and accepted on March 10, 2000
Accession No. 0000912057-00-010961.
SAFECO Resource Series Trust
File No. 811-04717
Form N-30D
Filed via EDGAR and accepted on February 29, 2000
Accession No. 0000912057-00-009004.
Schwab Annuity Portfolios: Schwab MarketTrack Growth Portfolio II
File No. 811-08314
Form N-30D
Filed via EDGAR and accepted on March 1, 2000
Accession No. 0000912057-00-009119.
Schwab Annuity Portfolios: Schwab Money Market Portfolio
File No. 811-08314
Form N-30D
Filed via EDGAR and accepted on March 1, 2000
Accession No. 0000912057-00-009120.
Schwab Annuity Portfolios: Schwab S&P 500 Portfolio
File No. 811-08314
Form N-30D
Filed via EDGAR and accepted on March 1, 2000
Accession No. 0000912057-00-009121.
Scudder Variable Life Investment Fund
File No. 811-04257
Form N-30D
Filed via EDGAR and accepted on February 22, 2000
Accession No. 0000088053-00-000264.
Stein Roe Variable Investment Trust
File No. 811-05199
Form N-30D
Filed via EDGAR and accepted on March 22, 2000
Accession No. 0000950146-00-000289.
Strong Variable Insurance Funds, Inc.: Schafer Value Fund II
File No. 811-06553
Form N-30D
Filed via EDGAR and accepted on March 10, 2000
Accession No. 0000912057-00-010847.
Strong Variable Insurance Funds, Inc.: Discovery Fund II
File No. 811-06553
Form N-30D
Filed via EDGAR and accepted on March 10, 2000
Accession No. 0000912057-00-010844.
Van Eck Worldwide Insurance Trust
File No. 811-05083
Form N-30D
Filed via EDGAR and accepted on February 16, 2000
Accession No. 0000950130-00-000732.
Van Kampen Life Investment Trust
File No. 811-04424
Form N-30D
Filed via EDGAR and accepted on February 25, 2000
Accession No. 0000950137-00-000657.