<PAGE> PAGE 1
000 B000000 12/31/95
000 C000000 0000927823
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 USAA LIFE INVESTMENT TRUST
001 B000000 811-8672
001 C000000 2104988000
002 A000000 9800 FREDERICKSBURG RD.
002 B000000 SAN ANTONIO
002 C000000 TX
002 D010000 78288
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 USAA LIFE VARIABLE ANNUITY MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 USAA LIFE VARIABLE ANNUITY INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 USAA LIFE VARIABLE ANNUITY GROWTH & INCOME FD
007 C030300 N
007 C010400 4
007 C020400 USAA LIFE VARIABLE ANNUITY WORLD GROWTH FUND
007 C030400 N
007 C010500 5
007 C020500 USAA LIFE VARIABLE ANNUITY DIVERSIFIED ASSETS
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 USAA INVESTMENT MANAGEMENT COMPANY
008 B00AA01 A
008 C00AA01 801-34462
008 D01AA01 SAN ANTONIO
008 D02AA01 TX
008 D03AA01 78288
011 A00AA01 USAA INVESTMENT MANAGEMENT COMPANY
011 B00AA01 8-41241
011 C01AA01 SAN ANTONIO
<PAGE> PAGE 2
011 C02AA01 TX
011 C03AA01 78288
012 A00AA01 USAA LIFE INSURANCE COMPANY
012 B00AA01 84-
012 C01AA01 SAN ANTONIO
012 C02AA01 TX
012 C03AA01 78288
013 A00AA01 KPMG PEAT MARWICK, L.L.P.
013 B01AA01 SAN ANTONIO
013 B02AA01 TX
013 B03AA01 78205
013 B04AA01 1505
014 A00AA01 USAA INVESTMENT MANAGEMENT COMPANY
014 B00AA01 8-05475
015 A00AA01 STATE STREET BANK AND TRUST CO
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02105
015 E01AA01 X
015 A00AA02 CITIBANK, N.A.
015 B00AA02 S
015 C01AA02 UNKNOWN
015 D01AA02 ARGENTINA
015 E04AA02 X
015 A00AA03 WESTPAC BANKING CORPORATION
015 B00AA03 S
015 C01AA03 UNKNOWN
015 D01AA03 AUSTRALIA
015 E04AA03 X
015 A00AA04 GIROCREDIT BANK
015 B00AA04 S
015 C01AA04 UNKNOWN
015 D01AA04 AUSTRIA
015 E04AA04 X
015 A00AA05 STANDARD CHARTERED BANK
015 B00AA05 S
015 C01AA05 UNKNOWN
015 D01AA05 BANGLADESH
015 E04AA05 X
015 A00AA06 GENERALE BANK
015 B00AA06 S
015 C01AA06 UNKNOWN
015 D01AA06 BELGIUM
015 E04AA06 X
015 A00AA07 BARCLAYS BANK OF BOTSWANA
015 B00AA07 S
015 C01AA07 UNKNOWN
015 D01AA07 BOTSWANA
015 E04AA07 X
015 A00AA08 CITIBANK, N.A.
<PAGE> PAGE 3
015 B00AA08 S
015 C01AA08 UNKNOWN
015 D01AA08 BRAZIL
015 E04AA08 X
015 A00AA09 CANADA TRUSTCO
015 B00AA09 S
015 C01AA09 UNKNOWN
015 D01AA09 CANADA
015 E04AA09 X
015 A00AA10 CITIBANK, N.A.
015 B00AA10 S
015 C01AA10 UNKNOWN
015 D01AA10 CHILE
015 E04AA10 X
015 A00AA11 THE HONG KONG AND SHANGHAI BANKING CORP.LMTD
015 B00AA11 S
015 C01AA11 UNKNOWN
015 D01AA11 CHINA
015 E04AA11 X
015 A00AA12 CITITRUST COLOMBIA S.A.
015 B00AA12 S
015 C01AA12 UNKNOWN
015 D01AA12 COLOMBIA
015 E04AA12 X
015 A00AA13 BARCLAYS BANK PLC
015 B00AA13 S
015 C01AA13 UNKNOWN
015 D01AA13 CYPRUS
015 E04AA13 X
015 A00AA14 CESKOSLOVENSKA OBCHONDNI BANKA A.S.
015 B00AA14 S
015 C01AA14 UNKNOWN
015 D01AA14 CZECH REPUBLIC
015 E04AA14 X
015 A00AA15 DEN DANSKE BANK
015 B00AA15 S
015 C01AA15 UNKNOWN
015 D01AA15 DENMARK
015 E04AA15 X
015 A00AA16 NATIONAL BANK OF EGYPT
015 B00AA16 S
015 C01AA16 UNKNOWN
015 D01AA16 EGYPT
015 E04AA16 X
015 A00AA17 MERITA BANK LIMITED
015 B00AA17 S
015 C01AA17 UNKNOWN
015 D01AA17 FINLAND
015 E04AA17 X
015 A00AA18 BANQUE PARIBAS
015 B00AA18 S
<PAGE> PAGE 4
015 C01AA18 UNKNOWN
015 D01AA18 FRANCE
015 E04AA18 X
015 A00AA19 BHF-BANK AKTIENGESELLSCHAFT
015 B00AA19 S
015 C01AA19 UNKNOWN
015 D01AA19 GERMANY
015 E04AA19 X
015 A00AA20 BARCLAYS BANK OF GHANA LIMITED
015 B00AA20 S
015 C01AA20 UNKNOWN
015 D01AA20 GHANA
015 E04AA20 X
015 A00AA21 NATIONAL BANK OF GREECE S.A.
015 B00AA21 S
015 C01AA21 UNKNOWN
015 D01AA21 GREECE
015 E04AA21 X
015 A00AA22 STANDARD CHARTERED BANK
015 B00AA22 S
015 C01AA22 UNKNOWN
015 D01AA22 HONG KONG
015 E04AA22 X
015 A00AA23 CITIBANK BUDAPEST RT.
015 B00AA23 S
015 C01AA23 UNKNOWN
015 D01AA23 HUNGARY
015 E04AA23 X
015 A00AA24 DEUTSCHE BANK AG
015 B00AA24 S
015 C01AA24 UNKNOWN
015 D01AA24 INDIA
015 E04AA24 X
015 A00AA25 STANDARD CHARTERED BANK
015 B00AA25 S
015 C01AA25 UNKNOWN
015 D01AA25 INDONESIA
015 E04AA25 X
015 A00AA26 BANK OF IRELAND
015 B00AA26 S
015 C01AA26 UNKNOWN
015 D01AA26 IRELAND
015 E04AA26 X
015 A00AA27 BANK HAPOALIM B.M.
015 B00AA27 S
015 C01AA27 UNKNOWN
015 D01AA27 ISRAEL
015 E04AA27 X
015 A00AA28 MORGAN GUARANTY TRUST COMPANY
015 B00AA28 S
015 C01AA28 UNKNOWN
<PAGE> PAGE 5
015 D01AA28 ITALY
015 E04AA28 X
015 A00AA29 THE DAIWABANK, LIMITED
015 B00AA29 S
015 C01AA29 UNKNOWN
015 D01AA29 JAPAN
015 E04AA29 X
015 A00AA30 THE BRITISH BANK OF THE MIDDLE EAST
015 B00AA30 S
015 C01AA30 UNKNOWN
015 D01AA30 JORDAN
015 E04AA30 X
015 A00AA31 BARCLAYS BANK OF KENYA LTD
015 B00AA31 S
015 C01AA31 UNKNOWN
015 D01AA31 KENYA
015 E04AA31 X
015 A00AA32 SEOULBANK
015 B00AA32 S
015 C01AA32 UNKNOWN
015 D01AA32 REPUBLIC OF KOREA
015 E04AA32 X
015 A00AA33 STANDARD CHARTERED BANK
015 B00AA33 S
015 C01AA33 UNKNOWN
015 D01AA33 MALAYSIA
015 E04AA33 X
015 A00AA34 THE HONG KONG AND SHANGHAI
015 B00AA34 S
015 C01AA34 UNKNOWN
015 D01AA34 MAURITIUS
015 E04AA34 X
015 A00AA35 CITIBANK, N.A.
015 B00AA35 S
015 C01AA35 UNKNOWN
015 D01AA35 MEXICO
015 E04AA35 X
015 A00AA36 BANQUE COMMERCIALE DU MAROC
015 B00AA36 S
015 C01AA36 UNKNOWN
015 D01AA36 MOROCCO
015 E04AA36 X
015 A00AA37 MEESPIERSON N.V.
015 B00AA37 S
015 C01AA37 UNKNOWN
015 D01AA37 NETHERLANDS
015 E04AA37 X
015 A00AA38 ANZ BANKING GROUP
015 B00AA38 S
015 C01AA38 UNKNOWN
015 D01AA38 NEW ZEALAND
<PAGE> PAGE 6
015 E04AA38 X
015 A00AA39 CHRISTIANIA BANK OG KREDITKASSE
015 B00AA39 S
015 C01AA39 UNKNOWN
015 D01AA39 NORWAY
015 E04AA39 X
015 A00AA40 DUETSCHE BANK AG
015 B00AA40 S
015 C01AA40 UNKNOWN
015 D01AA40 PAKISTAN
015 E04AA40 X
015 A00AA41 CITIBANK, N.A.
015 B00AA41 S
015 C01AA41 UNKNOWN
015 D01AA41 PERU
015 E04AA41 X
015 A00AA42 STANDARD CHARTERED BANK
015 B00AA42 S
015 C01AA42 UNKNOWN
015 D01AA42 PHILIPPINES
015 E04AA42 X
015 A00AA43 THE EUROCLEAR SYSTEM
015 B00AA43 S
015 C01AA43 UNKNOWN
015 D01AA43 EUROCLEAR
015 E04AA43 X
015 A00AA44 CEDEL BANK SOCIETE ANONYME
015 B00AA44 S
015 C01AA44 UNKNOWN
015 D01AA44 CEDEL
015 E04AA44 X
015 A00AA45 CITIBANK POLAND S.A.
015 B00AA45 S
015 C01AA45 UNKNOWN
015 D01AA45 POLAND
015 E04AA45 X
015 A00AA46 BANKCO COMMERCIAL PORTUGUES
015 B00AA46 S
015 C01AA46 UNKNOWN
015 D01AA46 PORTUGAL
015 E04AA46 X
015 A00AA47 THE DEVELOPMENT BANK OF SINGAPORE LTD.
015 B00AA47 S
015 C01AA47 UNKNOWN
015 D01AA47 SINGAPORE
015 E04AA47 X
015 A00AA48 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B00AA48 S
015 C01AA48 UNKNOWN
015 D01AA48 SLOVAK REPUBLIC
015 E04AA48 X
<PAGE> PAGE 7
015 A00AA49 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B00AA49 S
015 C01AA49 UNKNOWN
015 D01AA49 SOUTH AFRICA
015 E04AA49 X
015 A00AA50 BANCO SANTANDER, S.A.
015 B00AA50 S
015 C01AA50 UNKNOWN
015 D01AA50 SPAIN
015 E04AA50 X
015 A00AA51 THE HONG KONG AND SHANGHAI BANKING
015 B00AA51 S
015 C01AA51 UNKNOWN
015 D01AA51 SRI LANKA
015 E04AA51 X
015 A00AA52 BARCLAYS BANK OF SWAZILAND LIMITED
015 B00AA52 S
015 C01AA52 UNKNOWN
015 D01AA52 SWAZILAND
015 E04AA52 X
015 A00AA53 SKANDINAVISKA ENSKILDA BANKEN
015 B00AA53 S
015 C01AA53 UNKNOWN
015 D01AA53 SWEDEN
015 E04AA53 X
015 A00AA54 UNION BANK OF SWITZERLAND
015 B00AA54 S
015 C01AA54 UNKNOWN
015 D01AA54 SWITZERLAND
015 E04AA54 X
015 A00AA55 CENTRAL TRUST OF CHINA
015 B00AA55 S
015 C01AA55 UNKNOWN
015 D01AA55 TAIWAN-R.O.C.
015 E04AA55 X
015 A00AA56 STANDARD CHARTERED BANK
015 B00AA56 S
015 C01AA56 UNKNOWN
015 D01AA56 THAILAND
015 E04AA56 X
015 A00AA57 CITIBANK, N.A.
015 B00AA57 S
015 C01AA57 UNKNOWN
015 D01AA57 TURKEY
015 E04AA57 X
015 A00AA58 STATE STREET BANK AND TRUST COMPANY
015 B00AA58 S
015 C01AA58 UNKNOWN
015 D01AA58 UNITED KINGDOM
015 E04AA58 X
015 A00AA59 CITIBANK, N.A.
<PAGE> PAGE 8
015 B00AA59 S
015 C01AA59 UNKNOWN
015 D01AA59 URUGUAY
015 E04AA59 X
015 A00AA60 CITIBANK, N.A.
015 B00AA60 S
015 C01AA60 UNKNOWN
015 D01AA60 VENEZUELA
015 E04AA60 X
015 A00AA61 BARCLAYS BANK OF ZAMBIA LIMITED
015 B00AA61 S
015 C01AA61 UNKNOWN
015 D01AA61 ZAMBIA
015 E04AA61 X
015 A00AA62 BARCLAYS BANK OF ZIMBABWE
015 B00AA62 S
015 C01AA62 UNKNOWN
015 D01AA62 ZIMBABWE
015 E04AA62 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 5
019 C00AA00 USAAINVMCO
020 A000001 1. BRIDGE TRADING CO.
020 B000001 43-1450530
020 C000001 23
020 A000002 2. CAPEL (JAMES) INCORPORATED
020 B000002 52-1348224
020 C000002 18
020 A000003 3. USAA BROKERAGE SERVICES
020 B000003 74-1664189
020 C000003 15
020 A000004 4. STANDARD & POOR'S SECURITIES, INC.
020 B000004 13-2671951
020 C000004 10
020 A000005 5. S.G. WARBURG & COMPANY INCORPORATED
020 B000005 13-3340045
020 C000005 8
020 A000006 6. CREDIT LYONNAIS SECURITIES (USA) INC.
020 B000006 13-2602298
020 C000006 7
020 A000007 7. BARCLAYS DE ZOETE WEDD SECURITIES, INC.
020 B000007 13-3551367
020 C000007 7
020 A000008 8. PAINEWEBBER INCORPORATED
020 B000008 13-2638166
020 C000008 7
020 A000009 9. SALOMON BROTHERS INC.
020 B000009 13-3082694
020 C000009 6
020 A000010 10. MORGAN STANLEY & CO. INCORPORATED
<PAGE> PAGE 9
020 B000010 13-2655998
020 C000010 5
021 000000 174
022 A000001 1. PRUDENTIAL SECURITIES INCORPORATED
022 B000001 22-2347336
022 C000001 209358
022 D000001 1945
022 A000002 2. HSBC SECURITIES, INC.
022 B000002 13-2650272
022 C000002 199185
022 D000002 0
022 A000003 3. FIRST CHICAGO CAPITAL MARKETS, INC.
022 B000003 36-3595942
022 C000003 188515
022 D000003 2899
022 A000004 4. LEHMAN BROTHERS, INC.
022 B000004 13-2518466
022 C000004 147610
022 D000004 404
022 A000005 5. GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005 111180
022 D000005 8840
022 A000006 6. MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000006 13-5674085
022 C000006 101979
022 D000006 4497
022 A000007 7. NATIONSBANC CAPITAL MARKETS INC.
022 B000007 56-1684171
022 C000007 19794
022 D000007 0
022 A000008 8. CHEMICAL SECURITIES, INC.
022 B000008 13-3379014
022 C000008 15737
022 D000008 0
022 A000009 9. SALOMON BROTHERS INC.
022 B000009 13-3082694
022 C000009 7825
022 D000009 5865
022 A000010 10. MORGAN STANLEY & CO. INCORPORATED
022 B000010 13-2655998
022 C000010 6543
022 D000010 286
023 C000000 1065221
023 D000000 40222
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
<PAGE> PAGE 10
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 N
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 N
045 00AA00 Y
046 00AA00 N
047 00AA00 Y
048 00AA00 0.200
048 A01AA00 0
048 A02AA00 0.000
048 B01AA00 0
048 B02AA00 0.000
048 C01AA00 0
048 C02AA00 0.000
048 D01AA00 0
048 D02AA00 0.000
048 E01AA00 0
048 E02AA00 0.000
048 F01AA00 0
048 F02AA00 0.000
048 G01AA00 0
048 G02AA00 0.000
048 H01AA00 0
048 H02AA00 0.000
048 I01AA00 0
048 I02AA00 0.000
048 J01AA00 0
<PAGE> PAGE 11
048 J02AA00 0.000
048 K01AA00 0
048 K02AA00 0.000
049 00AA00 N
050 00AA00 N
051 00AA00 N
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 0
077 A000000 Y
077 B000000 Y
077 C000000 Y
077 Q010000 Y
080 A00AA00 AETNA CASUALTY AND SURETY COMPANY
080 C00AA00 9000
081 A00AA00 Y
081 B00AA00 32
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
028 A010100 941
028 A020100 21
028 A030100 0
028 A040100 794
028 B010100 1816
<PAGE> PAGE 12
028 B020100 24
028 B030100 0
028 B040100 1310
028 C010100 1661
028 C020100 21
028 C030100 0
028 C040100 1490
028 D010100 2670
028 D020100 26
028 D030100 0
028 D040100 2009
028 E010100 4461
028 E020100 31
028 E030100 0
028 E040100 3306
028 F010100 4083
028 F020100 33
028 F030100 0
028 F040100 3236
028 G010100 15632
028 G020100 156
028 G030100 0
028 G040100 12145
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 12.1
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 50.0
062 J000100 0.0
062 K000100 0.0
062 L000100 37.9
062 M000100 0.0
<PAGE> PAGE 13
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 14
063 B000100 0.0
064 A000100 Y
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 Y
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
<PAGE> PAGE 14
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 263
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 9
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 37
072 K000100 0
072 L000100 0
072 M000100 3
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 36
072 R000100 6
072 S000100 10
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 1
072 X000100 102
072 Y000100 86
072 Z000100 247
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 247
072DD020100 0
072EE000100 0
073 A010100 0.0554
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 31
074 B000100 0
074 C000100 7742
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
<PAGE> PAGE 15
074 L000100 120
074 M000100 0
074 N000100 7893
074 O000100 0
074 P000100 5
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 86
074 S000100 0
074 T000100 7802
074 U010100 7802
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9999
074 X000100 1
074 Y000100 0
075 A000100 4500
075 B000100 0
076 000100 0.00
028 A010200 28
028 A020200 0
028 A030200 0
028 A040200 1
028 B010200 30
028 B020200 0
028 B030200 0
028 B040200 1
028 C010200 131
028 C020200 0
028 C030200 0
028 C040200 5
028 D010200 183
028 D020200 0
028 D030200 0
028 D040200 6
028 E010200 103
028 E020200 0
028 E030200 0
028 E040200 13
028 F010200 297
028 F020200 2227
028 F030200 0
028 F040200 65
028 G010200 772
028 G020200 2227
028 G030200 0
028 G040200 91
028 H000200 0
<PAGE> PAGE 16
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 7.8
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 32.6
062 N000200 44.9
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 14.7
063 A000200 0
063 B000200 13.9
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
<PAGE> PAGE 17
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 31629
071 B000200 11472
071 C000200 20829
071 D000200 55
072 A000200 12
072 B000200 1449
072 C000200 215
072 D000200 0
072 E000200 0
072 F000200 45
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 44
072 K000200 0
072 L000200 0
072 M000200 3
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 36
072 R000200 6
072 S000200 10
072 T000200 0
072 U000200 0
<PAGE> PAGE 18
072 V000200 0
072 W000200 1
072 X000200 145
072 Y000200 66
072 Z000200 1585
072AA000200 642
072BB000200 0
072CC010200 2616
072CC020200 0
072DD010200 1585
072DD020200 0
072EE000200 642
073 A010200 0.7604
073 A020200 0.0000
073 B000200 0.3080
073 C000200 0.0000
074 A000200 73
074 B000200 0
074 C000200 2021
074 D000200 20010
074 E000200 155
074 F000200 3288
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 298
074 M000200 0
074 N000200 25845
074 O000200 0
074 P000200 22
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 0
074 S000200 0
074 T000200 25823
074 U010200 2282
074 U020200 0
074 V010200 11.32
074 V020200 0.00
074 W000200 0.0000
074 X000200 1
074 Y000200 0
075 A000200 0
075 B000200 22665
076 000200 0.00
028 A010300 305
028 A020300 0
<PAGE> PAGE 19
028 A030300 0
028 A040300 0
028 B010300 137
028 B020300 0
028 B030300 0
028 B040300 35
028 C010300 325
028 C020300 0
028 C030300 0
028 C040300 5
028 D010300 385
028 D020300 0
028 D030300 0
028 D040300 10
028 E010300 598
028 E020300 0
028 E030300 0
028 E040300 170
028 F010300 494
028 F020300 1248
028 F030300 0
028 F040300 48
028 G010300 2244
028 G020300 1248
028 G030300 0
028 G040300 268
028 H000300 0
055 A000300 N
055 B000300 N
056 000300 Y
057 000300 N
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
066 A000300 Y
066 B000300 N
<PAGE> PAGE 20
066 C000300 N
066 D000300 N
066 E000300 Y
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 N
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 26257
071 B000300 3820
071 C000300 21542
071 D000300 18
072 A000300 12
072 B000300 72
<PAGE> PAGE 21
072 C000300 659
072 D000300 0
072 E000300 0
072 F000300 46
072 G000300 0
072 H000300 0
072 I000300 0
072 J000300 50
072 K000300 0
072 L000300 0
072 M000300 3
072 N000300 0
072 O000300 0
072 P000300 0
072 Q000300 36
072 R000300 6
072 S000300 10
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 1
072 X000300 152
072 Y000300 71
072 Z000300 650
072AA000300 598
072BB000300 0
072CC010300 5120
072CC020300 0
072DD010300 650
072DD020300 0
072EE000300 598
073 A010300 0.2980
073 A020300 0.0000
073 B000300 0.2739
073 C000300 0.0000
074 A000300 2
074 B000300 0
074 C000300 760
074 D000300 0
074 E000300 0
074 F000300 28155
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 102
074 M000300 0
074 N000300 29019
074 O000300 233
074 P000300 25
<PAGE> PAGE 22
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 0
074 S000300 0
074 T000300 28761
074 U010300 2282
074 U020300 0
074 V010300 12.60
074 V020300 0.00
074 W000300 0.0000
074 X000300 1
074 Y000300 0
075 A000300 0
075 B000300 22618
076 000300 0.00
028 A010400 191
028 A020400 0
028 A030400 0
028 A040400 6
028 B010400 104
028 B020400 0
028 B030400 0
028 B040400 1
028 C010400 219
028 C020400 0
028 C030400 0
028 C040400 6
028 D010400 237
028 D020400 0
028 D030400 0
028 D040400 13
028 E010400 458
028 E020400 0
028 E030400 0
028 E040400 4
028 F010400 209
028 F020400 1768
028 F030400 0
028 F040400 102
028 G010400 1418
028 G020400 1768
028 G030400 0
028 G040400 132
028 H000400 0
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
062 A000400 N
<PAGE> PAGE 23
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
066 A000400 Y
066 B000400 N
066 C000400 Y
066 D000400 N
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 Y
070 L010400 Y
<PAGE> PAGE 24
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 Y
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 34830
071 B000400 14506
071 C000400 18395
071 D000400 79
072 A000400 12
072 B000400 129
072 C000400 331
072 D000400 0
072 E000400 0
072 F000400 42
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 85
072 K000400 0
072 L000400 0
072 M000400 3
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 36
072 R000400 6
072 S000400 9
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 1
072 X000400 182
072 Y000400 46
072 Z000400 324
072AA000400 1443
072BB000400 0
072CC010400 2232
072CC020400 0
072DD010400 320
072DD020400 0
072EE000400 1447
073 A010400 0.1549
<PAGE> PAGE 25
073 A020400 0.0000
073 B000400 0.7003
073 C000400 0.0000
074 A000400 51
074 B000400 0
074 C000400 775
074 D000400 185
074 E000400 499
074 F000400 23319
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 179
074 M000400 0
074 N000400 25008
074 O000400 125
074 P000400 40
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 137
074 S000400 0
074 T000400 24706
074 U010400 2226
074 U020400 0
074 V010400 11.10
074 V020400 0.00
074 W000400 0.0000
074 X000400 1
074 Y000400 0
075 A000400 0
075 B000400 20512
076 000400 0.00
028 A010500 44
028 A020500 0
028 A030500 0
028 A040500 0
028 B010500 77
028 B020500 0
028 B030500 0
028 B040500 1
028 C010500 133
028 C020500 0
028 C030500 0
028 C040500 5
028 D010500 252
028 D020500 0
028 D030500 0
<PAGE> PAGE 26
028 D040500 11
028 E010500 148
028 E020500 0
028 E030500 0
028 E040500 90
028 F010500 153
028 F020500 1402
028 F030500 0
028 F040500 45
028 G010500 807
028 G020500 1402
028 G030500 0
028 G040500 152
028 H000500 0
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 Y
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
<PAGE> PAGE 27
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 Y
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 33233
071 B000500 11769
071 C000500 19993
071 D000500 59
072 A000500 12
072 B000500 674
072 C000500 522
072 D000500 0
072 E000500 0
072 F000500 45
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 45
072 K000500 0
072 L000500 0
072 M000500 3
072 N000500 0
072 O000500 0
<PAGE> PAGE 28
072 P000500 0
072 Q000500 36
072 R000500 6
072 S000500 9
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 1
072 X000500 145
072 Y000500 66
072 Z000500 1117
072AA000500 277
072BB000500 0
072CC010500 3955
072CC020500 0
072DD010500 1117
072DD020500 0
072EE000500 285
073 A010500 0.5362
073 A020500 0.0000
073 B000500 0.1368
073 C000500 0.0000
074 A000500 1
074 B000500 0
074 C000500 405
074 D000500 9564
074 E000500 0
074 F000500 16136
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 228
074 M000500 0
074 N000500 26334
074 O000500 0
074 P000500 23
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 0
074 S000500 0
074 T000500 26311
074 U010500 2200
074 U020500 0
074 V010500 11.96
074 V020500 0.00
074 W000500 0.0000
074 X000500 1
<PAGE> PAGE 29
074 Y000500 0
075 A000500 0
075 B000500 22874
076 000500 0.00
SIGNATURE EDWIN L. ROSANE
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> CLASS 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 7,742,522
<INVESTMENTS-AT-VALUE> 7,742,522
<RECEIVABLES> 119,996
<ASSETS-OTHER> 30,748
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7,893,266
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 91,677
<TOTAL-LIABILITIES> 91,677
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,801,590
<SHARES-COMMON-STOCK> 7,801,590
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 116
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (116)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 7,801,590
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 262,657
<OTHER-INCOME> 0
<EXPENSES-NET> (15,419)
<NET-INVESTMENT-INCOME> 247,238
<REALIZED-GAINS-CURRENT> (116)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 247,122
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (247,122)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,741,927
<NUMBER-OF-SHARES-REDEEMED> (15,187,459)
<SHARES-REINVESTED> 247,122
<NET-CHANGE-IN-ASSETS> 7,801,590
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 8,901
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 101,996
<AVERAGE-NET-ASSETS> 4,499,703
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.06)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> CLASS 2
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 22,858,429
<INVESTMENTS-AT-VALUE> 25,474,095
<RECEIVABLES> 298,535
<ASSETS-OTHER> 72,545
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,845,176
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,365
<TOTAL-LIABILITIES> 22,365
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,207,146
<SHARES-COMMON-STOCK> 2,281,631
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,615,666
<NET-ASSETS> 25,822,811
<DIVIDEND-INCOME> 215,225
<INTEREST-INCOME> 1,448,580
<OTHER-INCOME> 0
<EXPENSES-NET> (78,535)
<NET-INVESTMENT-INCOME> 1,585,270
<REALIZED-GAINS-CURRENT> 642,191
<APPREC-INCREASE-CURRENT> 2,615,666
<NET-CHANGE-FROM-OPS> 4,843,127
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,585,271)
<DISTRIBUTIONS-OF-GAINS> (642,191)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,077,496
<NUMBER-OF-SHARES-REDEEMED> (97,812)
<SHARES-REINVESTED> 2,227,462
<NET-CHANGE-IN-ASSETS> 25,822,811
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 44,882
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144,953
<AVERAGE-NET-ASSETS> 22,664,775
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .78
<PER-SHARE-GAIN-APPREC> 1.61
<PER-SHARE-DIVIDEND> (0.76)
<PER-SHARE-DISTRIBUTIONS> (0.31)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.32
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> CLASS 3
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 23,794,970
<INVESTMENTS-AT-VALUE> 28,914,589
<RECEIVABLES> 101,608
<ASSETS-OTHER> 2,403
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 29,018,599
<PAYABLE-FOR-SECURITIES> 233,573
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24,383
<TOTAL-LIABILITIES> 257,956
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,641,025
<SHARES-COMMON-STOCK> 2,282,034
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,119,619
<NET-ASSETS> 28,760,644
<DIVIDEND-INCOME> 659,280
<INTEREST-INCOME> 71,871
<OTHER-INCOME> 0
<EXPENSES-NET> (80,716)
<NET-INVESTMENT-INCOME> 650,435
<REALIZED-GAINS-CURRENT> 597,949
<APPREC-INCREASE-CURRENT> 5,119,619
<NET-CHANGE-FROM-OPS> 6,368,003
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (650,435)
<DISTRIBUTIONS-OF-GAINS> (597,949)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 22,674,951
<NUMBER-OF-SHARES-REDEEMED> (282,310)
<SHARES-REINVESTED> 1,248,384
<NET-CHANGE-IN-ASSETS> 28,760,644
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 46,130
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 152,038
<AVERAGE-NET-ASSETS> 22,617,520
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .34
<PER-SHARE-GAIN-APPREC> 2.83
<PER-SHARE-DIVIDEND> (0.30)
<PER-SHARE-DISTRIBUTIONS> (0.27)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.60
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> CLASS 4
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 22,546,079
<INVESTMENTS-AT-VALUE> 24,777,757
<RECEIVABLES> 179,207
<ASSETS-OTHER> 50,961
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,007,925
<PAYABLE-FOR-SECURITIES> 125,408
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 177,062
<TOTAL-LIABILITIES> 302,470
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,473,801
<SHARES-COMMON-STOCK> 2,225,924
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 96
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,231,558
<NET-ASSETS> 24,705,455
<DIVIDEND-INCOME> 331,409
<INTEREST-INCOME> 128,601
<OTHER-INCOME> 0
<EXPENSES-NET> (136,156)
<NET-INVESTMENT-INCOME> 323,854
<REALIZED-GAINS-CURRENT> 1,443,730
<APPREC-INCREASE-CURRENT> 2,231,558
<NET-CHANGE-FROM-OPS> 3,999,142
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (320,128)
<DISTRIBUTIONS-OF-GAINS> (1,447,360)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,852,002
<NUMBER-OF-SHARES-REDEEMED> (145,689)
<SHARES-REINVESTED> 1,767,488
<NET-CHANGE-IN-ASSETS> 24,705,455
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 41,899
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 182,247
<AVERAGE-NET-ASSETS> 20,511,887
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> 1.79
<PER-SHARE-DIVIDEND> (0.16)
<PER-SHARE-DISTRIBUTIONS> (0.70)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.10
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> CLASS 5
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> DEC-31-1995
<INVESTMENTS-AT-COST> 22,150,049
<INVESTMENTS-AT-VALUE> 26,104,449
<RECEIVABLES> 228,416
<ASSETS-OTHER> 965
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 26,333,830
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,728
<TOTAL-LIABILITIES> 22,728
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,364,311
<SHARES-COMMON-STOCK> 2,200,119
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (7,609)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,954,400
<NET-ASSETS> 26,311,102
<DIVIDEND-INCOME> 522,235
<INTEREST-INCOME> 673,904
<OTHER-INCOME> 0
<EXPENSES-NET> (79,306)
<NET-INVESTMENT-INCOME> 1,116,833
<REALIZED-GAINS-CURRENT> 277,290
<APPREC-INCREASE-CURRENT> 3,954,400
<NET-CHANGE-FROM-OPS> 5,348,523
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,116,833)
<DISTRIBUTIONS-OF-GAINS> (284,899)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 21,130,328
<NUMBER-OF-SHARES-REDEEMED> (167,749)
<SHARES-REINVESTED> 1,401,732
<NET-CHANGE-IN-ASSETS> 26,311,102
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 45,323
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 145,526
<AVERAGE-NET-ASSETS> 22,874,158
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .55
<PER-SHARE-GAIN-APPREC> 2.08
<PER-SHARE-DIVIDEND> (0.53)
<PER-SHARE-DISTRIBUTIONS> (0.14)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.96
<EXPENSE-RATIO> .35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
KPMG PEAT MARWICK LLP
112 East Pecan, Suite 2400
San Antonio, TX 78205-1585
INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL STRUCTURE
The Shareholder and the Board of Directors
USAA Life Investment Trust:
In planning and performing our audits of the financial
statements of USAA Life Variable Annuity Money Market Fund,
USAA Life Variable Annuity Income Fund, USAA Life Variable
Annuity Growth and Income Fund, USAA Life Variable Annuity
World Growth Fund and USAA Life Variable Annuity Diversified
Assets Fund, for the period January 5, 1995 (commencement of
operations) through December 31, 1995, we considered the
internal control structure, including procedures for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinions on the
financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on the internal control
structure.
The management of USAA Life Investment Trust is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of internal control structure policies and
precedes. Two of the objectives of an internal control
structure are to provide management with responsible, but not
absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weakness under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk
that errors or irregularities in amounts that would be material
in relation to the financial statements being audited may occur
and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of
December 31, 1995.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
/s/ KPMG PEAT MARWICK LLP February 9, 1996
[USAA LOGO APPEARS HERE] USAA LIFE INSURANCE COMPANY
February 29, 1996
U.S. Securities & Exchange Commission
Judiciary Plaza
450 Fifth Street N.W.
Washington, D.C. 20549
VIA EDGAR
Re: USAA Life Investment Trust filing of Form N-SAR
Investment Company Act of 1940 registration number 811-8672
Commissioners:
Accompanying is the above-referenced registrant's filing on
form N-SAR for the fiscal year ending December 31, 1995. Please
note that the filing includes an attachment pursuant to item
77B, the auditor's report on internal control. Another document
was submitted in response to item 77B in paper form under cover
of Form S-E. It has come to our attention that the document
filed in paper form contained an error. Therefore, the
auditor's report which accompanies this filing should be
considered to supersede the paper filing.
If you have any questions regarding the auditor's report or
this filing, please call me directly at 1-800-531-8000,
extension 80676.
Sincerely,
/s/ Dwain A. Akins
Dwain A. Akins
Assistant Secretary
