USAA INVESTMENT TRUST
24F-2NT, 1996-07-18
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                             U.S. SECURITIES AND EXCHANGE COMMISSION
                                     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.
                                       Please print or type.

1. Name and address of issurer:  USAA INVESTMENT TRUST
                                 10750 Robert F. McDermott Freeway
                                 San Antonio, Texas  78288

2. Name of each series or class of funds for which this notice is filed:

        Income Strategy Fund            Gold Fund
        Growth and Tax Strategy Fund    International Fund
        Balanced Strategy Fund          World Growth Fund
        Cornerstone Strategy Fund       GNMA Trust
        Growth Strategy Fund            Treasury Money Market Trust
        Emerging Markets Fund

3. Investment Company Act File Number:  811-4019
   Securities Act File Number:          2-91069

4. Last day of the fiscal year for which this notice is filed:   May 31, 1996

5. Check this box if this notice is being filed more than 180 days after the
   close of the issuer's fiscal year for purposes of reporting securities
   sold after the close of the fiscal year but before termination of the
   issuer's 24f-2 declaration:  Not Applicable 

6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
   applicable (see instruction A.6):   Not Applicable

7  Number and amount 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 in a prior fiscal year, but which remained unsold at the beginning 
   of the fiscal year:   Not Applicable.

8. Number and amount of securities registered during the fiscal year other   
   than pursuant to rule 24f-2:                        0               $0

9. Number and aggregate sale price of securities sold during the fiscal year:
                                                  149,537,539     $859,254,026

10.Number and aggregate sale price of securities sold during the fiscal year
   in reliance upon registration pursuant to rule 24f-2:
                                                  149,537,539     $859,254,026

11.Number and aggregate sale price of securities issued during the fiscal year
   in connection with dividend reinvestment plans, if applicable (see 
   Instruction B.7):  
                                                    7,821,488      $71,881,008

12.Calculation of registration fees:

   (i)  Aggregate sale price of securities sold during the fiscal 
        year in reliance on rule 24f-2 (from Item 10):       $    859,254,026

   (ii) Aggregate price of shares issued in connection with
        dividend reinvestment plans (from Item 11, if
        applicable):                                         +     71,881,008

   (iii)Aggregate price of shares redeemed or repurchased during
        the fiscal year (if applicable):                     -    679,472,561

   (iv) Aggregate price of shares redeemed or repurchased and 
        previously applied as a reduction to filing fees pursuant to
        rule 24e-2  (if applicable):                         +              0

   (v)  Net aggregate price of securities sold and issued during
        the fiscal year in reliance on rule 24f-2 [line (i), plus 
        line (ii), less line (iii), plus line (iv)] (if 
        applicable)                                          $    251,662,473

   (vi) Multiplier prescribed by Section 6(b) of the Securities Act
        of 1933 or other applicable law or regulation  (see
        Instruction C.6):                                    x         1/2900

   (vii)Fee due [line (i) or line (v) multiplied by line 
        (vi)]:                                               $      86,780.16

Instruction:  Issuers should complete lines (ii), (iii), (iv), and (v) only if 
              the form is being filed within 60 days after the close of the 
              issuers fiscal year.  See Instruction C.3.

13.Check box if fees are being remitted to the Commission's lockbox depository
   as described in section 3a of the Commission's Rules of Informal and Other 
   Procedures (17CFR 202.3a).                                          [  X  ]

   Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository:   July 17, 1996


                             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)*     
                                 -----------------------
                                 Sherron Kirk, Treasurer

   Date:  July 18, 1996

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







                                                 July 16, 1996


Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549

     Re:  Rule 24f-2 Notice for USAA Investment Trust -
          1933 Act File No. 2-91069                     

Gentlemen:

     As counsel to USAA Investment Trust (the "Trust"), we have been requested
to render this opinion in connection with the filing by the Trust of a Rule 
24f-2 Notice (the "Notice") with respect to its fiscal year ended May 31, 
1996.

     Reference is made to paragraph 5 of the Notice wherein the Trust reports
the number of shares (the "Shares") representing interests in the Income 
Strategy Fund, Growth and Tax Strategy Fund, Balanced Strategy Fund, 
Cornerstone Strategy Fund, Growth Strategy Fund, Emerging Markets Fund, 
Gold Fund, International Fund, World Growth Fund, GNMA Trust and
Treasury Money Market Trust series of the Trust sold during the period 
ended May 31, 1996 in reliance upon Rule 24f-2 under the Investment Company 
Act of 1940, as amended.

     We have examined the Trust's First Amended and Restated Master Trust
Agreement dated June 2, 1995, as amended through May 31, 1996, the By-Laws
of the Trust, as amended through May 31, 1996, the Notice, certain resolutions
adopted by the Trustees of the Trust, 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 applicable Prospectus
and Statement of Additional Information contained in the Trust'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 by the Trust.

                                   Very truly yours,



                                   GOODWIN, PROCTER & HOAR  LLP

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