Tracking Variable Annuities

I've had a life event where a pension plan is being paid out in two lump sums. After consulting my financial adviser, I've decided my best rollover option is a variable annuity. The annuity will be invested into three funds. Whether the tracking involves 1 account or

Here's the question: how do I best track the investment. Quicken help and other 'net resources indicate the options are to use asset accounts or single mutual fund accounts. Has anyone else done this already?

I'm after a quick list of pluses and minuses for each method.

Thanks...