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ANNUAL NOTICE OF SECURITIES SOLD PURSUANT TO RULE 24F - 2
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24F-2
Read instructions at end of Form before preparing Form.
Please print or type.
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1. Name and address of issuer:
SEPARATE ACCOUNT OF USAA LIFE INSURANCE COMPANY
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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 to the issuer,
check the box but do not list series or classes):
[X]
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3. Investment Company Act File Number:
811-8670
Securities Act File Number:
33-82268
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4(a). Last day of fiscal year for which this Form is filed:
DECEMBER 31, 1997
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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.
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4(c). Check box if this is the last time the Issuer will be filing this Form.
[ ]
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5. Calculation of registration fee:
(i) Aggregate sale price of securities sold during
the fiscal year pursuant to section 24(f): $144,618,827
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(ii) Aggregate price of securities redeemed or
repurchased during the fiscal year: $78,169,795
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(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): $78,169,795
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(v) Net sales - if Item 5(i) is greater than
Item 5(iv) [subtract Item 5(iv) from Item 5(i)] $66,449,032
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(vi) Redemption credits available for use in future
years - if Item 5(i) is less than 5(iv) [subtract
Item 5(iv) from Item 5(i)]: $_______0_______
(vii) Multiplier for determining registration fee (See
Instruction C.9): x 0.000295
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(viii) Registration fee due [multiply Item 5(v) by Item
5(vii)] (enter "0" if no fee is due): = $19,602.46
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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:______0______. 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,
than state that number here:_________0________
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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):
+ $0
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8. Total of the amount of the registration fee due plus any interest due [line
5(viii) plus line 7]:
= $19,602.46
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9. Date the registration fee and any interest payment was sent to the
Commission's lockbox depository: 2/26/98
Method of Delivery:
Wire Transfer [x]
Mail or other means [ ]
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SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By (Signature and Title)* /s/ EDWIN L. ROSANE
________________________________
Edwin L. Rosane, President
________________________________
Date 2/26/98
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*Please print the name and title of the signing officer below the signature.
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[USAA LOGO APPEARS HERE]
February 26, 1998
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
RE: RULE 24F-2 NOTICE FOR THE SEPARATE ACCOUNT OF USAA LIFE INSURANCE COMPANY
1933 ACT FILE NO. 33-82268
Commissioners:
As legal counsel to USAA Life Insurance Company (the "Company") and the Separate
Account of the USAA Life Insurance Company (the "Separate Account"), I have been
requested to render this opinion in connection with the filing by the Separate
Account of a Rule 24f-2 Notice (the "Notice") with respect to its fiscal year
ended December 31, 1997.
Reference is made to paragraph 9 of the Notice wherein the Separate Account
reports the number of units (the "Units") representing interests in the Separate
Account sold during the fiscal year ended December 31, 1997, in reliance upon
Rule 24f-2 under the Investment Company Act of 1940, as amended.
I have examined the Company's Articles of Incorporation dated June 24, 1963, as
amended; the Company's by-laws, as amended; the resolution adopted by the
Company's directors establishing the Separate Account; the Notice; and such
other documents as I deemed necessary for purposes of rendering this opinion.
Based upon the foregoing, and assuming that all of the Units were sold, issued,
and paid for in accordance with the terms of the Separate Account's Prospectus
and Statement of Additional Information contained in the Separate Account's
Registration Statement on Form N-4 in effect at the time of sale, in my opinion,
the Units were legally issued and are fully paid and non-assessible.
Sincerely,
/s/ DWAIN A. AKINS
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DWAIN A. AKINS
Assistant Vice President
& Managing Attorney
9800 Fredericksburg Road San Antonio, Texas 78288 1-800-531-8000
in San Antonio 498-8000
