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Rule 497(e)
File No. 333-03093
RYDEX ADVISOR VARIABLE ANNUITY ACCOUNT
Supplement, dated November 7, 1997,
to
Prospectus, dated November 1, 1996,
as supplemented September 17, 1997
The last sentence in Footnote 3 under the heading "FEES AND
EXPENSES OF THE SUBACCOUNTS," at page I-11 in Part I of the
Prospectus, is hereby deleted, and the following text is
hereby inserted in lieu thereof:
Effective July 1, 1997, PADCO and the Servicer
voluntarily agreed to extend these existing expense
limitations for a period of six months through
December 31, 1997, and these expense limitations may
be continued thereafter at the discretion of PADCO
and the Servicer. Fees waived or expenses paid or
assumed by PADCO and the Servicer under these
voluntary agreements, after October 24, 1997, are
subject to reimbursement to PADCO and the Servicer
by each of the Nova, Ursa, OTC, Precious Metals,
U . S. Government Bond, Juno, and Money Market
Subaccounts whenever the expense ratio of each such
Subaccount is below 2.80%, 2.90%, 2.80%, 2.80%,
2.40%, 2.90%, and 2.20%, respectively; however, no
reimbursement will be made by a Subaccount after
October 24, 1999.
The last sentence in the second paragraph under the heading
"COSTS AND EXPENSES" and the third paragraph under the heading
"COSTS AND EXPENSES," at page II-20 in Part II of the
Prospectus, are hereby deleted, and the following text is
hereby inserted in lieu thereof:
Effective July 1, 1997, PADCO and the Servicer
voluntarily agreed to extend these existing expense
limitations for a period of six months through
December 31, 1997, and these expense limitations may
be continued thereafter at the discretion of PADCO
and the Servicer. Fees waived or expenses paid or
assumed by PADCO and the Servicer under these
voluntary agreements, after October 24, 1997, are
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subject to reimbursement to PADCO and the Servicer
by each of the Nova, Ursa, OTC, Precious Metals,
U . S. Government Bond, Juno, and Money Market
Subaccounts whenever the expense ratio of each such
Subaccount is below 2.80%, 2.90%, 2.80%, 2.80%,
2.40%, 2.90%, and 2.20%, respectively; however, no
reimbursement will be made by a Subaccount after
October 24, 1999.
Great American Reserve and PADCO have advanced the
organizational expenses of the Separate Account.
These expenses (a total of approximately $571,080)
will be reimbursed by the Subaccounts and amortized
o v e r a five year period. These amortized
reimbursements will be allocated among the
Subaccounts daily and reconciled and settled monthly
on the basis of relative Subaccount net assets.
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Rule 497(e)
File No. 333-03093
RYDEX ADVISOR VARIABLE ANNUITY ACCOUNT
Supplement, dated November 7, 1997,
to
Statement of Additional Information, dated November 1, 1996,
as supplemented September 17, 1997
The last sentence in the fourth paragraph under the heading
"PADCO ADVISORS II, INC.," at page 15 in the Statement of
Additional Information, is hereby deleted, and the following
text is hereby inserted in lieu thereof:
Effective July 1, 1997, PADCO and the Servicer
voluntarily agreed to extend these existing expense
limitations for a period of six months through
December 31, 1997, and these expense limitations may
be continued thereafter at the discretion of PADCO
and the Servicer. Fees waived or expenses paid or
assumed by PADCO and the Servicer under these
voluntary agreements, after October 24, 1997, are
subject to reimbursement to PADCO and the Servicer
by each of the Nova, Ursa, OTC, Precious Metals,
U . S. Government Bond, Juno, and Money Market
Subaccounts whenever the expense ratio of each such
Subaccount is below 2.80%, 2.90%, 2.80%, 2.80%,
2.40%, 2.90%, and 2.20%, respectively; however, no
reimbursement will be made by a Subaccount after
October 24, 1999.
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