SECURITIES AND EXCHANGE COMMISSION
WASHINGTON , D.C. 20549
RULE 24f-2 NOTICE
USAA TAX EXEMPT FUND, INC.
(Name of Registrant)
10750 Robert F. McDermott Freeway
San Antonio, Texas 78288
(Location of principal executive offices)
Long-Term Fund California Money Market Fund
Intermediate-Term Fund New York Bond Fund
Short-Term Fund New York Money Market Fund
Tax Exempt Money Market Fund Virginia Bond Fund
California Bond Fund Virginia Money Market Fund
(Title of securities with respect to which Notice is filed)
File No. 2-75093
1. Notice filed for fiscal year: March 31, 1995
2. Number of securities of the same class or series which had
been registered under the Securities Act of 1933 other than
pursuant to Rule 24f-2 but which remained unsold at the beginning
of such fiscal year: NONE
3. Amount of securities, if any, registered during such fiscal
year other than pursuant to Rule 24f-2: NONE
4. Amount of securities sold during such fiscal year:
Long-Term Intermediate-Term Short-Term
Fund Fund Fund
Shares 59,285,913 Shares 27,070,173 Shares 35,503,580
Amount $752,880,868 Amount $334,816,590 Amount $370,242,719
Tax Exempt Money California Bond California Money
Market Fund Fund Market Fund
Shares 1,991,019,977 Shares 6,982,294 Shares 274,439,529
Amount $1,991,019,977 Amount $ 68,957,475 Amount $274,439,529
New York Bond New York Money Virginia Bond
Fund Market Fund Fund
Shares 1,568,893 Shares 31,531,818 Shares 4,028,724
Amount $16,488,091 Amount $31,531,818 Amount $42,300,687
Virginia Money
Market Fund
Shares 93,825,874
Amount $93,825,874
5. Number and amount of securities sold during such fiscal year in
reliance upon registration pursuant to Rule 24f-2:
Long-Term Intermediate-Term Short-Term
Fund Fund Fund
Shares 59,285,913 Shares 27,070,173 Shares 35,503,580
Amount $752,880,868 Amount $334,816,590 Amount $370,242,719
Tax Exempt Money California Bond California Money
Market Fund Fund Market Fund
Shares 1,991,019,977 Shares 6,982,294 Shares 274,439,529
Amount $1,991,019,977 Amount $68,957,475 Amount $274,439,529
New York Bond New York Money Virginia Bond
Fund Market Fund Fund
Shares 1,568,893 Shares 31,531,818 Shares 4,028,724
Amount $16,488,091 Amount $31,531,818 Amount $42,300,687
Virginia Money
Market Fund
Shares 93,825,874
Amount $93,825,874
The actual aggregate sales price for which such securities were sold for
each series was:
Long-Term Intermediate-Term Short-Term
Fund Fund Fund
$ 752,880,868 $ 334,816,590 $ 370,242,719
Tax Exempt Money California Bond California Money
Market Fund Fund Market Fund
$1,991,019,977 $ 68,957,475 $ 274,439,529
New York Bond New York Money Virginia Bond
Fund Market Fund Fund
$ 16,488,091 $ 31,531,818 $ 42,300,687
Virginia Money
Market Fund
$ 93,825,874
During the fiscal year ended March 31, 1995, the actual aggregate
redemption price of securities of the same series redeemed by the
Registrant was:
Long-Term Intermediate-Term Short-Term
Fund Fund Fund
$ 861,319,183 $ 431,132,091 $ 595,497,865
Tax Exempt Money California Bond California Money
Market Fund Fund Market Fund
$2,146,073,234 $ 95,432,518 $ 261,697,071
New York Bond New York Money Virginia Bond
Fund Market Fund Fund
$ 24,613,737 $ 29,211,117 $ 50,316,008
Virginia Money
Market Fund
$ 90,909,956
No portion of such aggregate redemption price (each series) has been
applied by the Registrant pursuant to Rule 24e-2(a) in a filing made
pursuant to Section 24(e)(1) of the Investment Company Act of 1940.
Pursuant to Rule 24f-2(c), the registration fee with respect to the
securities sold is calculated as follows:
Sales Redemptions
Long-Term Fund $ 752,880,868 $ 861,319,183
Intermediate-Term Fund 334,816,590 431,132,091
Short-Term Fund 370,242,719 595,497,865
Tax Exempt Money Market Fund 1,991,019,977 2,146,073,234
California Bond Fund 68,957,475 95,432,518
California Money Market Fund 274,439,529 261,697,071
New York Bond Fund 16,488,091 24,613,737
New York Money Market Fund 31,531,818 29,211,117
Virginia Bond Fund 42,300,687 50,316,008
Virginia Money Market Fund 93,825,874 90,909,956
$3,976,503,628 - 4,586,202,780
= ($609,699,152)
Based on the calculations above, no fee is required.
6. The required opinion of counsel follows.
USAA TAX EXEMPT FUND, INC.
DATED: May 18, 1995 BY: Sherron Kirk, Treasurer
May 10, 1995
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: Rule 24f-2 Notice for USAA Tax Exempt Fund, Inc.
1933 Act File No. 2-75093
Gentlemen:
As counsel to USAA Tax Exempt Fund, Inc. (the "Company"), we have been
requested to render this opinion in connection with the filing by the Company
of a Rule 24f-2 Notice with respect to its fiscal year ended March 31, 1995
(the "Notice").
Reference is made to paragraph 5 of the Notice wherein the Company reports
the number of shares (the "Shares") of capital stock representing interests in
the Long-Term Fund, Intermediate-Term Fund, Short-Term Fund, Tax Exempt Money
Market Fund, California Bond Fund, California Money Market Fund, New York Bond
Fund, New York Money Market Fund, Virginia Bond Fund and Virginia Money Market
Fund of the Company sold during the fiscal year ended March 31, 1995 in reliance
upon Rule 24f-2 under the Investment Company Act of 1940, as amended.
We have examined the Company's Articles of Incorporation, as amended, the
By-Laws of the Company, as amended, the Notice, certain resolutions adopted by
the Directors of the Company, and such other documents as we deemed necessary
for purposes of this opinion.
Based upon the foregoing, and assuming that all of the shares were sold,
issued and paid for in accordance with the terms of the respective Prospectus
and Statement of Additional Information contained in the Company's Registration
Statement on Form N-1A in effect at the time of sale, in our opinion the Shares
were legally issued and are fully paid and non-assessable.
Very truly yours,
GOODWIN, PROCTER & HOAR
176622.c1
