24F-2NT, 1998-03-31
Previous: XYBERNAUT CORP, 10KSB40, 1998-03-31

                                  UNITED STATES
                             Washington, D. C. 20549

                                   FORM 24F-2
                        Annual Notice of Securities Sold
                             Pursuant to Rule 24f-2

             Read instructions at end of Form before preparing Form.

1.   Name and address of issuer:  Rydex Advisor Variable Annuity Account
                                  6116 Executive Boulevard
                                  Suite 400
                                  Rockville, Maryland 20852

2.   Name of each  series or class of  securities  for which this Form is filed.
     (If the Form is being filed for all series and classes of securities of the
     issuer, check the box but do not list series or classes): |X|

3.   Investment Company Act File Number: 811-07615

     Securities Act File Number:  333-03093

4(a).Last day of fiscal year for which this Form is filed: December 31, 1997

4(b).| | Check box if this Form is being filed late (i.e., more than 90 calendar
         days after the end of the issuer's fiscal year). (See Instruction A.2)

Note: If the Form is being filed late, interest must be paid on the registration
fee due.

4(c).| | Check box if this is the last time the issuer will be filing this Form.

5.   Calculation of registration fee:

          <S>                                                                               <C>                      <C> 
         (i)       Aggregate sale price of securities sold during the
                   fiscal year pursuant to section 24(f):                                                       $277,284,638
         (ii)      Aggregate price of securities redeemed or
                   repurchased during the fiscal year:                                  $241,983,377
         (iii)     Aggregate price of securities  redeemed or repurchased during
                   any prior fiscal year ending no earlier than October 11, 1995
                   that were not  previously  used to reduce  registration  fees
                   payable to the Commission:                                           $          0


         (iv)      Total available redemption credits [add Items 5(ii)
                   and 5(iii)]:                                                                                 $241,983,377
         (v)       Net sales -- if Item 5(i) is greater than Item 5(iv)
                   [subtract Item 5(iv) from Item 5(i)]:                                                        $ 35,301,261
         (vi)      Redemption credits available for use in future years
                   -- if Item 5(i) is less than Item 5(iv) [subtract
                   Item 5(iv) from Item 5(i)]:                                          $          0
         (vii)     Multiplier for determining registration fee (see
                   Instruction C.9):                                                                            x  0.000295
         (viii)    Registration fee due [multiply Item 5(v) by Item
                   5(vii)] (enter "0" if no fee is due):                                                       = $10,413.87

6.   Prepaid Shares

     If the  response  to Item 5(i) was  determined  by  deducting  an amount of
     securities that were  registered  under the Securities Act of 1933 pursuant
     to rule 24e-2 as in effect before October 11, 1997,  then report the amount
     of securities (number of shares or other units) deducted here:  __________.
     If there is a number of shares or other units that were registered pursuant
     to rule 24e-2 remaining unsold at the end of the fiscal year for which this
     form is filed that are  available  for use by the  issuer in future  fiscal
     years, then state that number here: __________.

7.   Interest  due --- if this Form is being  filed  more than 90 days after the
     end of the issuer's fiscal year (see Instruction D):
                                                                   + $__________

8.   Total of the amount of the registration fee due plus any interest due [line
     5(viii) plus line 7]:

                                                                   =  $10,413.87

9.   Date  the  registration  fee  and  any  interest  payment  was  sent to the
     Commission's  lockbox  depository:  March 30, 1998  (federal  wire transfer
     reference number 271).

                   Method of Delivery:

                                   X    Wire Transfer
                                 ____   Mail or other means




This  report  has been  signed  below by the  following  person on behalf of the
issuer and in the capacities and on the dates indicated.

By (Signature and Title)*           /s/ Albert P. Viragh, Jr.
                                    Albert P. Viragh, Jr.

Date:    March 30, 1998

  * Please print the name and title of the signing officer below the signature.



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