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Rule 497(e)
File No. 333-03093
RYDEX ADVISOR VARIABLE ANNUITY ACCOUNT
Supplement, dated October 24, 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:
E f fective July 1, 1997, PADCO and the Servicer
voluntarily agreed to extend these existing expense
limitations for a period of six months through December
3 1 , 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
P A D C O 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:
E f fective July 1, 1997, PADCO and the Servicer
voluntarily agreed to extend these existing expense
limitations for a period of six months through December
3 1 , 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
P A D C O and the Servicer under these voluntary
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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.
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 over 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 October 24, 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:
E f fective July 1, 1997, PADCO and the Servicer
voluntarily agreed to extend these existing expense
limitations for a period of six months through December
3 1 , 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
P A D C O 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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