497 1 d497.txt 497 SUPPLEMENT DATED APRIL 10, 2008 TO PROSPECTUS DATED OCTOBER 1, 2007 FOR FLEXIBLE PREMIUM VARIABLE DEFERRED ANNUITY CONTRACTS ISSUED BY GENWORTH LIFE INSURANCE COMPANY OF NEW YORK THROUGH ITS GENWORTH LIFE OF NEW YORK VA SEPARATE ACCOUNT 1 This supplement updates certain information contained in your prospectus. Please read it and keep it with your prospectus for future reference. On March 18, 2008, the Board of Trustees (the "Board") for the XTF Advisors Trust (the "Trust") voted to liquidate the ETF 60 Portfolio (the "Portfolio"). The Board concluded that the Portfolio should cease operations due to its relatively small asset size and insufficient evidence of future asset growth opportunities. In accordance with the Board's decision to terminate operations, beginning on May 1, 2008, the Portfolio will no longer accept any purchase orders in anticipation of a final liquidation of the Portfolio on June 20, 2008. Assets held by the Separate Account invested in the Portfolio will be transferred at the close of trading on the New York Stock Exchange on June 20, 2008, to the GE Investments Funds, Inc. -- Money Market Fund. You may make transfers from the Portfolio to one or more of the Subaccounts investing in the Portfolios listed below. Please note, however, that the Portfolio is also part of the Investment Strategy for certain of the living benefit rider options. The benefits a contract owner receives under these living benefit riders may be reduced if, after the transfer, the owner's assets are not allocated in accordance with the prescribed Investment Strategy for the rider. Contract owners that own Lifetime Income Plus 2008 must always allocate assets in accordance with the Investment Strategy. The current Investment Strategy for the living benefit riders (excluding the ETF 60 Portfolio) is also provided below. Transfers made from the Portfolio during the period of April 10, 2008 to June 20, 2008 will not be considered a transfer for the purpose of calculating the number of transfers that may be made each calendar year without invoking our right to assess a transfer charge or for purposes of calculating the number of transfers that can be made each calendar year by U.S. Mail, voice response, telephone or facsimile. 40725NY SUPPC 04/10/08 Subaccounts:
Adviser (and Sub-Adviser(s), Subaccount Investing In Investment Objective as applicable) -------------------------------------------------------------------------------------------- AIM VARIABLE AIM V.I. Basic Value Seeks to provide long-term A I M Advisors, Inc. INSURANCE FUNDS Fund -- Series II shares growth of capital. -------------------------------------------------------------------------------------------- AIM V.I. Capital Seeks to provide growth of A I M Advisors, Inc. Appreciation Fund -- capital. Series I shares -------------------------------------------------------------------------------------------- AIM V.I. Core Equity Seeks to provide growth of A I M Advisors, Inc. Fund -- Series I shares capital. -------------------------------------------------------------------------------------------- AIM V.I. International Seeks to provide long-term A I M Advisors, Inc. Growth Fund -- Series II growth of capital. shares -------------------------------------------------------------------------------------------- ALLIANCEBERNSTEIN AllianceBernstein Balanced Seeks to maximize total return AllianceBernstein, L.P. VARIABLE PRODUCTS Wealth Strategy Portfolio -- consistent with the adviser's SERIES FUND, INC. Class B determination of reasonable risk -------------------------------------------------------------------------------------------- AllianceBernstein Global Long-term growth of capital. AllianceBernstein, L.P. Technology Portfolio -- Class B -------------------------------------------------------------------------------------------- AllianceBernstein Growth Long-term growth of capital. AllianceBernstein, L.P. and Income Portfolio -- Class B -------------------------------------------------------------------------------------------- AllianceBernstein Long-term growth of capital. AllianceBernstein, L.P. International Value Portfolio -- Class B -------------------------------------------------------------------------------------------- AllianceBernstein Large Cap Long-term growth of capital. AllianceBernstein, L.P. Growth Portfolio -- Class B -------------------------------------------------------------------------------------------- AllianceBernstein Small Cap Long-term growth of capital. AllianceBernstein, L.P. Growth Portfolio -- Class B -------------------------------------------------------------------------------------------- AMERICAN CENTURY VP Inflation Protection Pursues long-term total return American Century Investment VARIABLE PORTFOLIOS II, Fund -- Class II using a strategy that seeks to Management, Inc. INC. protect against U.S. inflation. -------------------------------------------------------------------------------------------- BLACKROCK VARIABLE BlackRock Basic Value V.I. Seeks capital appreciation and, BlackRock Advisors, LLC SERIES FUNDS, INC. Fund -- Class III secondarily, income. (subadvised by BlackRock Investment Management, LLC) -------------------------------------------------------------------------------------------- BlackRock Global Allocation Seeks high total investment BlackRock Advisors, LLC V.I. Fund -- Class III return. (subadvised by BlackRock Investment Management, LLC and BlackRock Asset Management U.K. Limited) -------------------------------------------------------------------------------------------- BlackRock Large Cap Seeks long-term capital growth. BlackRock Advisors, LLC Growth V.I. Fund -- (subadvised by BlackRock Class III Investment Management, LLC) -------------------------------------------------------------------------------------------- BlackRock Value Seeks long-term capital growth. BlackRock Advisors, LLC Opportunities V.I. Fund -- (subadvised by BlackRock Class III Investment Management, LLC) -------------------------------------------------------------------------------------------- COLUMBIA FUNDS Columbia Marsico Growth The fund seeks long-term growth Columbia Management VARIABLE INSURANCE Fund, Variable Series -- of capital. Advisors, LLC (subadvised by TRUST I Class A Marsico Capital Management, LLC) -------------------------------------------------------------------------------------------- Columbia Marsico The fund seeks long-term growth Columbia Management International Opportunities of capital. Advisors, LLC (subadvised by Fund, Variable Series -- Marsico Capital Management, Class B LLC) -------------------------------------------------------------------------------------------- EATON VANCE VT Floating-Rate Income To provide a high level of current Eaton Vance Management VARIABLE TRUST Fund income. --------------------------------------------------------------------------------------------
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Adviser (and Sub-Adviser(s), Subaccount Investing In Investment Objective as applicable) ----------------------------------------------------------------------------------------------- VT Worldwide Health Sciences Seeks long-term capital OrbiMed Advisors LLC Fund growth by investing in a worldwide and diversified portfolio of health sciences companies. ----------------------------------------------------------------------------------------------- EVERGREEN VARIABLE Evergreen VA Omega Seeks long-term capital Evergreen Investment Management ANNUITY TRUST Fund -- Class 2 growth. Company, LLC ----------------------------------------------------------------------------------------------- FEDERATED Federated High Income Bond Seeks high current Federated Investment Management INSURANCE SERIES Fund II -- Service Shares income by investing in Company lower-rated corporate debt obligations, commonly referred to as "junk bonds." ----------------------------------------------------------------------------------------------- Federated Kaufmann Fund II -- Seeks capital Federated Equity Management Service Shares appreciation. Company of Pennsylvania (subadvised by Federated Global Investment Management Corp.) ----------------------------------------------------------------------------------------------- FIDELITY(R) VARIABLE VIP Balanced Portfolio -- Seeks income and capital Fidelity Management & Research INSURANCE PRODUCTS Service Class 2 growth consistent with Company (FMR) (subadvised by FUND reasonable risk. Fidelity Investments Money Management, Inc. (FIMM), FMR Co., Inc. (FMRC), Fidelity Research & Analysis Company (FRAC), Fidelity Management & Research (U.K.) Inc. (FMR U.K.), Fidelity International Investment Advisors (FIAA), Fidelity International Investment Advisors (U.K.) Limited (FIAA(U.K.)L), and Fidelity Investments Japan Limited (FIJ)) ----------------------------------------------------------------------------------------------- VIP Contrafund(R) Portfolio -- Seeks long-term capital FMR (subadvised by FMRC, Service Class 2 appreciation. FRAC, FMR U.K., FIIA, FIIA(U.K.)L, and FIJ) ----------------------------------------------------------------------------------------------- VIP Dynamic Capital Seeks capital FMR (subadvised by FMRC, Appreciation Portfolio -- Service appreciation. FRAC, FMR U.K., FIIA, Class 2 FIIA(U.K.)L, and FIJ) ----------------------------------------------------------------------------------------------- VIP Equity-Income Portfolio -- Seeks reasonable income. FMR (subadvised by FMRC, Service Class 2 The fund will also FRAC, FMR U.K., FIIA, consider the potential for FIIA(U.K.)L, and FIJ) capital appreciation. The fund's goal is to achieve a yield which exceeds the composite yield on the securities comprising the Standard & Poors 500/SM/ Index (S&P 500(R)). ----------------------------------------------------------------------------------------------- VIP Growth Portfolio -- Seeks to achieve capital FMR (subadvised by FMRC, Service Class 2 appreciation. FRAC, FMR U.K., FIIA, FIIA(U.K.)L, and FIJ) ----------------------------------------------------------------------------------------------- VIP Growth & Income Seeks high total return FMR (subadvised by FMRC, Portfolio -- Service Class 2 through a combination of FRAC, FMR U.K., FIIA, current income and FIIA(U.K.)L, and FIJ) capital appreciation. -----------------------------------------------------------------------------------------------
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Adviser (and Sub-Adviser(s), Subaccount Investing In Investment Objective as applicable) ---------------------------------------------------------------------------------------------- VIP Investment Grade Bond Seeks as high a level of FMR (subadvised by FRAC, FIIA Portfolio --Service Class 2 current income as is and FIIA(U.K.)L) consistent with the preservation of capital. ---------------------------------------------------------------------------------------------- VIP Mid Cap Portfolio -- Seeks long-term growth FMR (subadvised by FMRC, Service Class 2 of capital. FRAC, FMR U.K., FIIA, FIIA(U.K.)L, and FIJ) ---------------------------------------------------------------------------------------------- VIP Value Strategies Portfolio -- Seeks capital FMR (subadvised by FMRC, Service Class 2 appreciation. FRAC, FMR U.K., FIIA, FIIA(U.K.)L, and FIJ) ---------------------------------------------------------------------------------------------- FRANKLIN TEMPLETON Franklin Income Securities Seeks to maximize Franklin Advisers, Inc. VARIABLE INSURANCE Fund -- Class 2 Shares income while maintaining PRODUCTS TRUST prospects for capital appreciation. The fund normally invests in both equity and debt securities. The fund seeks income by investing in corporate, foreign and U.S. Treasury bonds as well as stocks with dividend yields the manager believes are attractive. ---------------------------------------------------------------------------------------------- Franklin Templeton VIP The fund's principal Franklin Templeton Services, LLC Founding Funds Allocation Fund investment goal is capital (the fund's administrator) -- Class 2 Shares appreciation. Its secondary goal is income. ---------------------------------------------------------------------------------------------- Mutual Shares Securities Seeks capital Franklin Mutual Advisers, LLC Fund -- Class 2 Shares appreciation, with income as a secondary goal. The fund normally invests primarily in equity securities of companies the manager believes are undervalued. The fund also invests, to a lesser extent in risk arbitrage securities and distressed companies. ---------------------------------------------------------------------------------------------- Templeton Growth Securities Seeks long-term capital Templeton Global Advisors Fund -- Class 2 Shares growth. The fund Limited normally invests primarily in equity securities of companies located anywhere in the world, including those in the U.S. and in emerging markets. ---------------------------------------------------------------------------------------------- GE INVESTMENTS Income Fund Seeks maximum income GE Asset Management FUNDS, INC. consistent with prudent Incorporated investment management and the preservation of capital. ---------------------------------------------------------------------------------------------- Mid-Cap Equity Fund Seeks long-term growth GE Asset Management of capital and future Incorporated income. ----------------------------------------------------------------------------------------------
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Adviser (and Sub-Adviser(s), Subaccount Investing In Investment Objective as applicable) ------------------------------------------------------------------------------------------------ Money Market Fund/1/ Seeks a high level of GE Asset Management current income consistent Incorporated with the preservation of capital and maintenance of liquidity. ------------------------------------------------------------------------------------------------ Premier Growth Equity Fund Seeks long-term growth GE Asset Management of capital and future Incorporated income rather than current income. ------------------------------------------------------------------------------------------------ Real Estate Securities Fund Seeks maximum total GE Asset Management return through current Incorporated (subadvised by income and capital Urdang Securities Management, appreciation. Inc.) ------------------------------------------------------------------------------------------------ S&P 500(R) Index Fund/2/ Seeks growth of capital GE Asset Management and accumulation of Incorporated (subadvised by SSgA income that corresponds Funds Management, Inc.) to the investment return of S&P's 500 Composite Stock Index. ------------------------------------------------------------------------------------------------ Small-Cap Equity Fund Seeks long-term growth GE Asset Management of capital. Incorporated (subadvised by Palisade Capital Management, L.L.C.) ------------------------------------------------------------------------------------------------ Total Return Fund -- Class 3 Seeks the highest total GE Asset Management Shares return, composed of Incorporated current income and capital appreciation, as is consistent with prudent investment risk. ------------------------------------------------------------------------------------------------ U.S. Equity Fund Seeks long-term growth GE Asset Management of capital. Incorporated ------------------------------------------------------------------------------------------------ Value Equity Fund Seeks long-term growth GE Asset Management of capital and future Incorporated income. ------------------------------------------------------------------------------------------------ JANUS ASPEN SERIES Balanced Portfolio -- Service Seeks long-term capital Janus Capital Management LLC Shares growth, consistent with preservation of capital and balanced by current income. ------------------------------------------------------------------------------------------------ Forty Portfolio -- Service Shares A non-diversified Janus Capital Management LLC portfolio/1/ that seeks long- term growth of capital. ------------------------------------------------------------------------------------------------ LEGG MASON Legg Mason Partners Variable Seeks capital Legg Mason Partners Fund PARTNERS VARIABLE Aggressive Growth Portfolio -- appreciation. Advisor, LLC (subadvised by EQUITY TRUST Class II ClearBridge Advisors, LLC) ------------------------------------------------------------------------------------------------ Legg Mason Partners Variable Seeks capital appreciation Legg Mason Partners Fund Fundamental Value Portfolio -- through investments. Advisor, LLC (subadvised by Class I ClearBridge Advisors, LLC) ------------------------------------------------------------------------------------------------
/1 /During extended periods of low interest rates, the yields of the Money Market Fund may become extremely low and possibly negative. /2/ "Standard & Poor's," "S&P," and "S&P 500" are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by GE Asset Management Incorporated. The S&P 500(R) Index Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's, and Standard & Poor's makes no representation or warranty, express or implied, regarding the advisability of investing in this portfolio or the Policy. 5 /1/ A non-diversified portfolio is a portfolio that may hold a larger position in a smaller number of securities than a diversified portfolio. This means that a single security's increase or decrease in value may have a greater impact on the return and the net asset value of a non-diversified portfolio than a diversified portfolio.
Adviser (and Sub-Adviser(s), Subaccount Investing In Investment Objective as applicable) ------------------------------------------------------------------------------------------------ MFS(R) VARIABLE INSURANCE MFS(R) Investors Growth Stock The fund's investment Massachusetts Financial Services TRUST Series -- Service Class Shares objective is to seek Company capital appreciation. The fund's objective may be changed without shareholder approval. ------------------------------------------------------------------------------------------------ MFS(R) Investors Trust Series -- The fund's investment Massachusetts Financial Services Service Class Shares objective is to seek Company capital appreciation. The fund's objective may be changed without shareholder approval. ------------------------------------------------------------------------------------------------ MFS(R) Total Return Series -- The fund's investment Massachusetts Financial Services Service Class Shares objective is to seek total Company return. The fund's objective may be changed without shareholder approval. ------------------------------------------------------------------------------------------------ MFS(R) Utilities Series -- Service The fund's investment Massachusetts Financial Services Class Shares objective is to seek total Company return. The fund's objective may be changed without shareholder approval. ------------------------------------------------------------------------------------------------ OPPENHEIMER Oppenheimer Balanced Fund/ Seeks a high total OppenheimerFunds, Inc. VARIABLE ACCOUNT VA -- Service Shares investment return, which FUNDS includes current income and capital appreciation in the value of its shares. ------------------------------------------------------------------------------------------------ Oppenheimer Capital Seeks capital appreciation OppenheimerFunds, Inc. Appreciation Fund/VA -- by investing in securities Service Shares of well-known, established companies. ------------------------------------------------------------------------------------------------ Oppenheimer Global Securities Seeks long-term capital OppenheimerFunds, Inc. Fund/VA -- Service Shares appreciation by investing a substantial portion of its assets in securities of foreign issuers, "growth type" companies, cyclical industries and special situations that are considered to have appreciation possibilities. ------------------------------------------------------------------------------------------------ Oppenheimer Main Street Seeks high total return OppenheimerFunds, Inc. Fund/VA -- Service Shares (which includes growth in the value of its shares as well as current income) from equity and debt securities. ------------------------------------------------------------------------------------------------ Oppenheimer Main Street Small Seeks capital OppenheimerFunds, Inc. Cap Fund/VA -- Service Shares appreciation. ------------------------------------------------------------------------------------------------ Oppenheimer MidCap Fund/ Seeks capital appreciation OppenheimerFunds, Inc. VA -- Service Shares by investing in "growth type" companies. ------------------------------------------------------------------------------------------------
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Adviser (and Sub-Adviser(s), Subaccount Investing In Investment Objective as applicable) -------------------------------------------------------------------------------------------- PIMCO VARIABLE All Asset Portfolio -- Advisor Seeks maximum real Pacific Investment Management INSURANCE TRUST Class Shares return consistent with Company LLC preservation of real capital and prudent investment management. -------------------------------------------------------------------------------------------- High Yield Portfolio -- Seeks maximum total Pacific Investment Administrative Class Shares return, consistent with Management Company LLC preservation of capital and prudent investment management. Invests at least 80% of its assets in a diversified portfolio of high yield securities ("junk bonds") rated below investment grade but rated at least Caa by Moody's or CCC by S&P, or, if unrated, determined by PIMCO to be of comparable quality, subject to a maximum of 5% of its total assets in securities rated Caa by Moody's or CCC by S&P, or, if unrated, determined by PIMCO to be of comparable quality. -------------------------------------------------------------------------------------------- Long-Term U.S. Government Seeks maximum total Pacific Investment Portfolio -- Administrative Class return, consistent with Management Company LLC Shares preservation of capital and prudent investment management. -------------------------------------------------------------------------------------------- Low Duration Portfolio -- Seeks maximum total Pacific Investment Administrative Class Shares return, consistent with Management Company LLC preservation of capital and prudent investment management. -------------------------------------------------------------------------------------------- Total Return Portfolio -- Seeks maximum total Pacific Investment Administrative Class Shares return, consistent with Management Company LLC preservation of capital and prudent investment management. -------------------------------------------------------------------------------------------- THE PRUDENTIAL SERIES Jennison Portfolio -- Class II Seeks long-term growth Prudential Investments LLC FUND of capital. (subadvised by Jennison Associates LLC) -------------------------------------------------------------------------------------------- Jennison 20/20 Focus Seeks long-term growth Prudential Investments LLC Portfolio -- Class II of capital. (subadvised by Jennison Associates LLC) -------------------------------------------------------------------------------------------- Natural Resources Portfolio -- Seeks long-term growth Prudential Investments LLC Class II of capital. (subadvised by Jennison Associates LLC) -------------------------------------------------------------------------------------------- THE UNIVERSAL Equity and Income Portfolio -- Seeks both capital Morgan Stanley Investment INSTITUTIONAL FUNDS, INC. Class II Shares appreciation and current Management Inc. income. -------------------------------------------------------------------------------------------- VAN KAMPEN LIFE Comstock Portfolio -- Class II Seeks capital growth and Van Kampen Asset Management INVESTMENT TRUST Shares income through investments in equity securities, including common stocks, preferred stocks and securities convertible into common and preferred stocks. --------------------------------------------------------------------------------------------
7 The current Investment Strategy for the living benefit riders is as follows: (1) owners may allocate assets to the following Designated Subaccounts: AllianceBernstein Variable Products Series Fund, Inc. -- AllianceBernstein Balanced Wealth Strategies Portfolio -- Class B BlackRock Variable Series Funds, Inc. -- BlackRock Global Allocation V.I. Fund -- Class III Shares; Fidelity Variable Insurance Products Fund -- VIP Balanced Portfolio -- Service Class 2; Franklin Templeton Variable Insurance Products Trust -- Franklin Income Securities Fund -- Class 2 Shares; Franklin Templeton Variable Insurance Products Trust -- Franklin Templeton VIP Founding Funds Allocation Fund -- Class 2 Shares GE Investments Funds, Inc. -- Total Return Fund -- Class 3 Shares; Janus Aspen Series -- Balanced Portfolio -- Service Shares; MFS(R) Variable Insurance Trust -- MFS(R) Total Return Series -- Service Class Shares; Oppenheimer Variable Account Funds -- Oppenheimer Balanced Fund/VA -- Service Shares; and/or The Universal Institutional Funds, Inc. -- Equity and Income Portfolio -- Class II Shares; OR (2) for owners who have elected Lifetime Income Plus 2008, owners may allocate assets to Asset Allocation Model A, B, C or D; or for owners who have elected another living benefit rider, owners may allocate assets to Asset Allocation Model C. Not all of these Portfolios may be available in all states or all markets. Prospectuses for the Portfolios listed above may be obtained free of charge from our Service Center by calling: 800 313.5282 or by writing: Genworth Insurance Company of New York Variable Annuity Service Center 6610 West Broad Street Richmond, Virginia 23230 Please be sure to include your name, the Annuitant's name, your contract number and your current mailing address on any written correspondence so that we may be sure the correct prospectuses are mailed to you. 8