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File Nos. 333-03093 and 811-07615
Rule 497(e)
RYDEX ADVISOR VARIABLE ANNUITY ACCOUNT
of Great American Reserve Insurance Company
Supplement dated December 4, 1997
to Prospectus dated November 1, 1996
as Supplemented October 24, 1997
For California Residents Only
The assets in the Separate Account will be managed pursuant to a tactical
asset allocation or market timing investment strategy employed by a
registered investment advisor and, therefore, assets may be transferred
frequently to take advantage of anticipated market conditions, which will
likely result in significant portfolio turnover. Both portfolio turnover and
market timing may subject you to additional investment risks not associated
with a buy-and-hold investment strategy.
It, therefore, is suggested that this Contract should be part of your
larger investment plan and not a stand-alone funding vehicle for your
retirement assets. Accordingly, please consult with your financial advisor
to determine the appropriateness of this Contract within your total
financial plan. <PAGE>
