Jeffrey A. Engelsman
(303) 689-4285 - tel.
689-3827 - fax.
September 9, 1997
Via EDGAR
Securities and Exchange Commission
Re: Sticker to Variable Annuity-1 Series Account of Great-West Life &
Annuity Insurance Company File Nos. 333-01153 and 333-00173 (The Schwab Variable
Annuity TM).
Dear Ladies and Gentlemen:
Attached is a revision to the Variable Annuity-1 Series Account (the "Series
Account")Prospectus submitted pursuant to Rule 497(e). This "Sticker" is to be
effective September 10, 1997. The Sticker is prompted due to the addition of the
Van Kampen American Capital Life Investment Trust - Morgan Stanley Real Estate
Securities Portfolio as an investment option.
Should you have any questions regarding this filing, please do not hesitate
to call me at the above listed telephone number.
Very truly yours,
/s/ Jeffrey A. Engelsman
Jeffrey A. Engelsman
Attorney
Rule 497(e)
File Nos. 333-01153
333-00173
The Schwab Variable AnnuityTM
Issued by
Great-West Life & Annuity Insurance Company
Prospectus Amendments
to Include the
Van Kampen American Capital Life Investment Trust - Morgan Stanley Real Estate
Securities Portfolio
Effective
September 10, 1997
On page i of the prospectus, in the second paragraph, the number of Investment
Divisions should be revised from "twenty-four" to "twenty-five" and Van Kampen
American Capital should be added to the end of the list of available fund
families.
On page 1 of the prospectus:
Under the heading "Key Features of the Annuity" please replace the first
sentence of the first paragraph with the following:
The Contract currently allows you to invest in your choice of twenty-five
different Investment Divisions offered by fourteen different mutual fund
investment advisers.
Under the heading "Key Features of the Annuity" please replace the second
sentence of the third paragraph with the following:
The Contract gives you an opportunity to select among twenty-five different
Investment Divisions.
Under the headings "Investment Objective" and "Eligible Funds" please insert the
following under the "Growth" category:
Van Kampen American Capital Life Investment Trust - Morgan Stanley Real Estate
Securities Portfolio On page 5 of the prospectus, under the heading Eligible
Fund Annual Expenses, please insert the following:
<TABLE>
<S> <C> <C> <C> <C>
TOTAL
Management Other 12b-1 Eligible Fund
Portfolio Fees Expenses Fees Expenses
Van Kampen American
Capital LIT - Morgan Stanley
Real Estate Securities Portfolio .83% .27% 0% 1.10%
On page 6 of the prospectus, under the Heading Examples(1) please insert the
following:
Investment Divisions 1 Year 3 Years
Van Kampen American Capital LIT
Morgan Stanley Real Estate Securities Portfolio $11.49 $37.57
On page 7 of the prospectus, under the Heading Condensed Financial Information
please insert the following:
1997
Van Kampen American Capital LIT
Morgan Stanley Real Estate Securities Portfolio
Value at beginning of period $10.00
Value at end of period N/A
Number of accumulation units
outstanding at end of period N/A
</TABLE>
On page 8 of the prospectus, under the heading "The Series Account" please
replace the first sentence of the fourth paragraph with the following:
The Series Account currently has twenty-five Investment Divisions available for
allocation of Contributions.
On page 10 of the prospectus, please insert the following at the end of the
page:
Van Kampen American Capital Life Investment Trust
Van Kampen American Capital LIT- Morgan Stanley Real Estate Securities
Portfolio: seeks as its primary investment objective long-term growth of
capital. Current income is a secondary consideration. The Portfolio seeks to
achieve its objectives by investing principally in securities of companies
operating in the real estate industry ("Real Estate Securities"). Under normal
market conditions, at least 65% of the Portfolio's total assets will be invested
in Real Estate Securities, primarily equity securities of real estate investment
trusts.
On page 11 of the prospectus, please add the following to the end of the first
paragraph:
The Van Kampen American Capital LIT - Morgan Stanley Real Estate Securities
Portfolio is advised by Van Kampen American Capital Asset Management, Inc. of
Oakbrook Terrace, Illinois.
On page 27 of the prospectus, under the Heading PERFORMANCE DATA please insert
the following:
<TABLE>
<S> <C> <C> <C> <C>
Investment Division One Three Five Since Inception Date of
Year Year Year Inception Underlying Fund
Van Kampen American
Capital LIT - Morgan Stanley
Real Estate Securities Portfolio 39.34% N/A N/A 31.22% 7/3/95
</TABLE>
