RYDEX ADVISOR VARIABLE ANNUITY ACCOUNT
497, 2000-01-05
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                    RYDEX ADVISOR VARIABLE ANNUITY ACCOUNT

                      Supplement dated January 5, 2000 to
                          Prospectus dated May 1, 1999

The fourth  paragraph under "Purchase  Payments" on page 15 of the prospectus is
replaced with the following:

     Initial  purchase  payments  will be  allocated to the  Subaccounts  of the
     Separate  Account or the Fixed Account  pursuant to instructions  from your
     Financial Advisor.






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