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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 issuer:
Separate Account of USAA Life Insurance Company
2. Name of each series or class of funds for which notice is filed:
USAA Life Variable Annuity Money Market Fund Account
USAA Life Variable Annuity Income Fund Account
USAA Life Variable Annuity Growth & Income Fund Account
USAA Life Variable Annuity World Growth Fund Account
USAA Life Variable Annuity Diversified Assets Fund Account
Scudder Capital Growth Portfolio Fund Account
Alger American Growth Portfolio Fund Account
3. Investment Company Act File Number:
811-8670
Securities Act File Number:
33-82268
4. Last day of fiscal year for which this notice is filed:
December 31, 1995
5. Check 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: [ ]
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see instruction A.6):
N/A
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:
-0-
8. Number and amount of securities registered during the fiscal year other than
pursuant to rule 24f-2:
-0-
9. Number and aggregate sale price of securities sold during the fiscal year:
Number: 21,654,283
Sale Price: $37,485,959
10. Number and aggregate sale price of securities sold during the fiscal year in
reliance upon registration pursuant to rule 24f-2:
Number: 21,654,283
Sale Price: $37,485,959
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):
Number: 0
Sale Price: $0
12. Calculation of registration fee: (i) Aggregate sale price of securities sold
during the fiscal year in reliance on rule 24f-2 (from Item 10): $37,485,959
(ii) Aggregate price of shares issued in connection with dividend reinvestment
plans (from item 11, if applicable): 0
(iii) Aggregate price of shares redeemed or repurchased during the fiscal year
(if applicable): (16,537,401)
(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): $20,948,558
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(vi) Multiplier prescribed by Section 6(b) of the Securities Act of 1933 or
other applicable law or regulation (see Instruction C.6):
x 1/29 of 1%
(vii) Fee due [line (i) or line (v) multiplied by line (vi)]:
$7,223.64
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Instruction: Issuers should complete lines (ii), (iii), (iv), (v) only if the
form is being filed within 60 days after the close of the issuer's fiscal year.
See Instruction C.3.
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 (17 CFR 202.3a). [X]
Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository: 2/27/96
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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)* Edwin L. Rosane, President
________________________________________
__________________________________________________________________
Date 2/28/96
_______
*Please print the name and title of the signing officer below the signature.
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[LETTERHEAD APPEARS HERE]
February 21, 1996
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
Gentlemen:
As legal counsel to USAA Life Insurance Company (the "Company") and the Separate
Account of 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, 1995.
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, 1995, 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
DWAIN A. AKINS
Assistant Vice President
& Managing Attorney
9800 Fredericksburg Road San Antonio, Texas 78288
1-800-531-8000 In San Antonio 498-8000
