<PAGE>
As filed with the Securities and Exchange Commission on August 28, 1997.
Registration Nos.: 33-82270
811-8672
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No.
Post-Effective Amendment No. 5
and/or
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 [X]
Amendment No. 6
USAA LIFE INVESTMENT TRUST
(Exact Name of Registrant As Specified in Charter)
9800 Fredericksburg Road, San Antonio, Texas 78288
(Address of Principal Executive Offices)
Registrant's Telephone Number, including Area Code: 210-498-8000
RICHARD T. HALINSKI, JR., ESQ.
DWAIN A. AKINS, ESQ.
Life & Health Insurance Counsel
USAA Life Insurance Company
9800 Fredericksburg Road, C-3-W
San Antonio, Texas 78288
(Name and Address of Agents for Service)
Copies to:
GARY O. COHEN, ESQ.
Freedman, Levy, Kroll & Simonds
1050 Connecticut Avenue, N.W.
Washington, D.C. 20036
<PAGE>
Approximate Date of Proposed Public Offering: Continuous.
It is proposed that this filing will become effective (check appropriate box):
[X] Immediately upon filing pursuant to paragraph (b) of Rule 485
[ ] On (date), pursuant to paragraph (b) of Rule 485
[ ] 60 days after filing pursuant to paragraph (a)(1) of Rule 485
[ ] On (date) pursuant to paragraph (a)(1) of Rule 485
[ ] 75 days after filing pursuant to paragraph (a)(2) of Rule 485
[ ] On (date) pursuant to paragraph (a)(2) of Rule 485.
If appropriate, check the following:
[ ] This post-effective amendment designates a new effective date for a
previously filed post-effective amendment.
Registrant has registered an indefinite number or amount of its securities of
each of its seven series under the Securities Act of 1933 pursuant to Rule 24f-2
under the Investment Company Act of 1940. Registrant filed a Rule 24f-2 Notice
on February 27, 1997.
ii
<PAGE>
Cross-reference Sheet Required by
Rule 495 under the Securities Act of 1933
<TABLE>
<CAPTION>
PART A
Form N-1A Item No. Caption in Prospectus
- ------------------ ---------------------
<S> <C>
1. Cover Page Cover Page
2. Synopsis Not applicable
3. Condensed Financial Information Financial Highlights; Prospectus Supplement dated
September 1, 1997
4. General Description of Registrant Cover Page; Introduction; The Funds; Certain Investment Policies,
Techniques and Restrictions; Special Risk Considerations;
Investment Restrictions; Performance Information; Prospectus
Supplement dated September 1, 1997
5. Management of the Fund Management
5A. Management's Discussion of Fund Performance Not applicable
6. Capital Stock and Other Securities Introduction; Dividends and Distributions; Tax Matters;
Additional Information About the Trust; Prospectus Supplement
dated September 1, 1997
7. Purchase of Securities Being Offered Purchase of Fund Shares; Valuation of Fund Shares
8. Redemption or Repurchase Redemption of Fund Shares
9. Pending Legal Proceedings Not applicable
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Part B Caption in Form N-1A Item No.
Form N-1A Item No. Statement of Additional Information
- ------------------ -----------------------------------
<S> <C>
10. Cover Page Cover Page
11. Table of Contents Table of Contents
12. General Information and History General Information and History
13. Investment Objectives and Policies Investment Policies and Techniques; Investment Restrictions;
Portfolio Transactions - Portfolio Turnover Rates
14. Management of the Fund The Trust's Adviser; Trustees and
Officers of the Trust
15. Control Persons and Principal Holders of Securities Principal Holders of Securities; SAI Supplement dated
September 1, 1997
16. Investment Advisory and Other Services The Trust's Adviser; Custodian;
Transfer Agent; Independent Auditors
17. Brokerage Allocation and Other Practices Portfolio Transactions
18. Capital Stock and Other Securities Further Description of Trust Shares
19. Purchase, Redemption and Pricing of Valuation of Securities; Additional Information Regarding
Securities Being Offered Redemption of Shares
20. Tax Status Certain Federal Income Tax Considerations
21. Underwriters Distributor
22. Calculation of Performance Data Calculation of Performance Data; SAI Supplement
dated September 1, 1997
23. Financial Statements Financial Statements; SAI Supplement
dated September 1, 1997
</TABLE>
ii
<PAGE>
Part C
- ------
Information required to be set forth in Part C is set forth under the
appropriate item, so numbered, in Part C of the Registration Statement.
iii
<PAGE>
EXPLANATORY NOTE
Registrant is making this filing pursuant to its previous undertaking to
file a post-effective amendment, using financial statements which need not be
certified, for the VA Aggressive Growth and VA International Funds ("Funds"),
within four to six months from the effective date of this Registration
Statement, as amended to include the Funds. Accordingly, this filing contains
supplements to Registrant's prospectus and statement of additional information
that provide updated information regarding the Funds. Registrant does not intend
this filing to amend or delete any other part of this Registration Statement,
except as specifically noted herein.
<PAGE>
USAA LIFE INVESTMENT TRUST
VARIABLE ANNUITY AGGRESSIVE GROWTH FUND
VARIABLE ANNUITY INTERNATIONAL FUND
Supplement dated September 1, 1997 to
Prospectus dated May 1, 1997
This supplement updates certain information in the Trust's prospectus about
the two funds ("New Funds") referenced above, which recently commenced
operations on May 1, 1997. Please keep this supplement for future reference.
Additional information about the New Funds is contained in a supplement dated
September 1, 1997 to the statement of additional information dated May 1, 1997,
which is available upon request at no charge.
REPLACE THE DISCUSSION ABOUT THE NEW FUNDS UNDER "FINANCIAL HIGHLIGHTS" ON PAGE
33B WITH THE FOLLOWING:
Set out below are the Financial Highlights (unaudited) for the Variable
Annuity (VA) Aggressive Growth and International Funds expressed in terms of one
share outstanding throughout the two-month period ended June 30, 1997. Please
read the following information in conjunction with the unaudited financial
statements for these Funds and related notes that appear in the Trust's semi-
annual report dated June 30, 1997.
<TABLE>
<CAPTION>
Two-Month Period Ended June 30, 1997*
-------------------------------------
USAA Life VA USAA Life VA
Aggressive Growth Fund International Fund
---------------------- ------------------
Two-Month Two-Month
Period Ended Period Ended
June 30, 1997** June 30, 1997**
--------------- ---------------
<S> <C> <C>
Net asset value at beginning of period $ 10.00 $ 10.00
Net investment income .01 .05
Net realized and unrealized gain 1.15 .66
Distributions from net investment income - -
Distributions of realized capital gains - -
--------- ---------
Net asset value at end of period (000) $ 11.16 $ 10.71
========= =========
TOTAL RETURN (%)** 11.60 7.10
Net assets at end of period (000) $ 38,595 $ 21,827
Ratio of expenses to average net assets (%) .70(a)(c) 1.10(a)(c)
Ratio of net investment income to average net assets (%) .46(a)(c) 2.19(a)(c)
Portfolio turnover (%) 3.24 4.99
Average commission rate paid per share+ $ .0475 $ .0085
</TABLE>
* Funds commenced operations on May 1, 1997
** Assumes reinvestment of all dividend income and capital gains distributions
during the period. Total returns for each period do not reflect expenses
that apply at the Separate Account level, such as risk and expense charges.
These expenses would reduce the total return for the period shown.
<PAGE>
+ Calculated by aggregating all commissions paid on the purchase and sale of
securities and dividing by the actual number of shares purchased or sold for
which commissions were charged.
(a) Annualized. The ratio is not necessarily indicative of 12 months of
operations.
(b) Calculated using weighted average shares.
(c) The information contained in the above table is based on actual expenses for
the period, after giving effect to reimbursements of expenses by USAA Life.
Absent such reimbursements the Funds' ratios would have been:
<TABLE>
<CAPTION>
USAA Life VA USAA Life VA
Aggressive Growth Fund International Fund
<S> <C> <C>
Ratio of expenses to average net assets(%): 1.01(a) 1.66(a)
Ratio of net investment income to
average net assets (%): .15(a) 1.63(a)
</TABLE>
REPLACE THE WORD "NO" IN THE FIRST SENTENCE UNDER "NEW FUNDS" ON PAGE 47B WITH
THE WORD "LIMITED".
REPLACE THE FIRST TWO SENTENCES OF THE SECOND PARAGRAPH UNDER "ORGANIZATION AND
CAPITALIZATION" ON PAGE 47B WITH THE FOLLOWING:
As of August 1, 1997, USAA Life beneficially owned, either directly or
through the Separate Account, more than 25% of the shares of beneficial interest
in each Fund, other than the VA Money Market Fund.
2
<PAGE>
USAA LIFE INVESTMENT TRUST
VARIABLE ANNUITY AGGRESSIVE GROWTH FUND
VARIABLE ANNUITY INTERNATIONAL FUND
Supplement dated September 1, 1997 to
Statement of Additional Information dated May 1, 1997
This supplement updates certain information in the Trust's statement of
additional information about the two funds ("New Funds") referenced above, which
recently commenced operations on May 1, 1997. Please keep this supplement for
future reference.
ADD THE FOLLOWING SENTENCE TO THE END OF THE SECOND PARAGRAPH UNDER "CERTAIN
FEDERAL INCOME TAX CONSIDERATIONS" ON PAGE 11:
Recent amendments to the Code eliminate the need for the Funds to comply
with the 30% test for taxable years after 1997.
REPLACE THE DISCLOSURE CONCERNING THE NEW FUNDS UNDER "PRINCIPAL HOLDERS OF
SECURITIES" ON PAGES 17 AND 18 WITH THE FOLLOWING:
As of August 1, 1997, USAA Life, either directly or through the Separate
Account, owned of record and beneficially 97.64% and 95.04% of the outstanding
shares of the VA Aggressive Growth Fund and VA International Fund, respectively.
Also as of that date, the Separate Account owned of record 2.36% and 4.96% of
the outstanding shares of the VA Aggressive Growth Fund and VA International
Fund, respectively. In addition, as of that date, the Trustees and officers, as
a group, owned less than 1% of the Trust's outstanding voting securities through
any Contract.
ADD THE FOLLOWING TO THE FOOTNOTE ACCOMPANYING THE PERFORMANCE CHART ON PAGE 20:
For the two months ended June 30, 1997, the average annual total returns
for the VA Aggressive Growth Fund and VA International Fund were 11.60% and
7.10%, respectively. The cumulative total returns for these Funds during this
period were the same.
ADD THE FOLLOWING TO THE END OF THE FIRST PARAGRAPH UNDER "FINANCIAL STATEMENTS"
ON PAGE 20:
The unaudited financial statements for the VA Aggressive Growth Fund and VA
International Fund are incorporated into this SAI by reference to the Trust's
Semi-Annual Report dated June 30, 1997, which accompanies this SAI.
<PAGE>
REPLACE THE FIRST SENTENCE OF THE SECOND PARAGRAPH UNDER "FINANCIAL STATEMENTS"
ON PAGE 20 WITH THE FOLLOWING:
Only those sections of the Annual Report and, in the case of the VA
Aggressive Growth Fund and VA International Fund, the Semi-Annual Report, that
are specifically identified immediately below are incorporated by reference into
this SAI.
Independent Auditors' Report (Annual Report only)
Portfolios of Investments in Securities
Notes to Portfolios of Investments in Securities
Statements of Assets and Liabilities
Statement of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
2
<PAGE>
REGISTRATION STATEMENT ON FORM N-1A
PART C - OTHER INFORMATION
EXPLANATORY NOTE:
This filing amends Part C of this Registration Statement only to the extent
specifically noted below.
ITEM 24. Financial Statements and Exhibits
(a) List of Financial Statements
1. Part A.
The Financial Highlights of the USAA Life Investment Trust ("Trust") for the
period from January 5, 1995 (the Trust's date of inception) through December 31,
1995, and for the Trust's most recently completed fiscal year ended December 31,
1996, are included in Part A of this Registration Statement. The Financial
Highlights (unaudited) for the Variable Annuity ("VA") Aggressive Growth Fund
and VA International Fund for the semi-annual period ended June 30, 1997 also
are included in Part A of this Registration Statement.
2. Part B.
The most recent audited financial statements for each Fund of the Trust (other
than the VA Aggressive Growth Fund and VA International Fund), and the report of
the Trust's independent auditors thereon, are incorporated into this
Registration Statement by reference to the Trust's Annual Report, dated December
31, 1996. The unaudited financial statements for the VA Aggressive Growth Fund
and VA International Fund are incorporated into this Registration Statement by
reference to the Trust's Semi-Annual Report dated June 30, 1997. Only those
sections of the Annual Report and, in the case of the VA Aggressive Growth Fund
and VA International Fund, the Semi-Annual Report, that are specifically
identified immediately below are incorporated by reference into this
Registration Statement.
Independent Auditors' Report (Annual Report only)
Portfolios of Investments in Securities
Notes to Portfolios of Investments in Securities
Statements of Assets and Liabilities
Statement of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
<PAGE>
(b) Exhibits:
Exhibit
No. Description Of Exhibits
- -- -----------------------
(16)(a) Schedule for Computations of Performance Quotations with respect to
each Fund, other than the VA Aggressive Growth Fund and VA
International Fund, included in response to Form N-1A, Item 22./5/
(b) Schedule for Computations of Performance Quotations with respect to the
VA Aggressive Growth Fund and the VA International Fund included in
response to Form N-1A, Item 22.
(27) Financial Data Schedule.
ITEM 26. Number of Holders of Securities
As of August 1, 1997, the Trust had the following number of shareholders on
record.
Fund Number of Record Holders
- ---- ------------------------
VA Money Market 1
VA Income 2
VA Growth and Income 2
VA World Growth 2
VA Diversified Assets 2
VA Aggressive Growth Fund 2
VA International Fund 2
ITEM 32. Undertakings
(b) Not Applicable.
2
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment
Company Act of 1940, Registrant certifies that it meets all of the requirements
for effectiveness of this amended registration statement pursuant to Rule 485(b)
under the Securities Act of 1933 and has duly caused this amended registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of San Antonio and State of Texas on the 27th day of
August, 1997.
USAA LIFE INVESTMENT TRUST
BY: /s/ EDWIN L. ROSANE
_______________________
Edwin L. Rosane
President
USAA LIFE INVESTMENT TRUST
ATTEST:
/s/ DWAIN A. AKINS
____________________
Dwain A. Akins
Assistant Secretary
USAA Life Investment Trust
Pursuant to the requirements of the Securities Act of 1933, this amended
registration statement has been signed by the following person in the capacity
and on the date indicated.
(SIGNATURE) (TITLE) (DATE)
/s/ EDWIN L. ROSANE President and Chairman of the August 27, 1997
_______________________ Board of Trustees (Principal
Edwin L. Rosane Executive Officer)
Pursuant to the requirements of the Securities Act of 1933, this amended
registration statement has been signed by the following person in the capacity
and on the date indicated.
(SIGNATURE) (TITLE) (DATE)
/s/ JAMES A. ROBINSON Treasurer (Principal Financial August 27, 1997
_______________________ and Accounting Officer)
James A. Robinson
<PAGE>
Pursuant to the requirements of the Securities Act of 1933, this amended
registration statement has been signed by the following person in the capacity
and on the date indicated.
/s/ JUNE R. REEDY Trustee August 27, 1997
_______________________
June R. Reedy
Pursuant to the requirements of the Securities Act of 1933, this amended
registration statement has been signed by the following person in the capacity
and on the date indicated.
(SIGNATURE) (TITLE) (DATE)
/s/MICHAEL J.C. ROTH Trustee August 27, 1997
_______________________
Michael J.C. Roth
Pursuant to the requirements of the Securities Act of 1933, this amended
registration statement has been signed by the following person in the capacity
and on the date indicated.
(SIGNATURE) (TITLE) (DATE)
/s/ NEIL H. STONE Trustee August 27, 1997
_______________________
Neil H. Stone
Pursuant to the requirements of the Securities Act of 1933, this amended
registration statement has been signed by the following person in the capacity
and on the date indicated.
(SIGNATURE) (TITLE) (DATE)
/s/ GARY W. WEST Trustee August 27, 1997
_______________________
Gary W. West
2
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
(16)(b) Schedule for Computations of Performance Quotations with
respect to the VA Aggressive Growth Fund and the VA
International Fund included in response to Form N-1A,
Item 22.
27.1 Money Market Fund Financial Data Schedule.
27.2 Income Fund Financial Data Schedule.
27.3 Growth and Income Fund Financial Data Schedule.
27.4 World Growth Fund Financial Data Schedule.
27.5 Diversified Fund Financial Data Schedule.
27.6 Aggressive Growth Fund Financial Data Schedule.
27.7 International Fund Financial Data Schedule.
<PAGE>
EXHIBIT 16(b)
SCHEDULES OF COMPUTATIONS OF PERFORMANCE QUOTATIONS WITH RESPECT TO
THE VA AGGRESSIVE GROWTH FUND AND THE VA INTERNATIONAL FUND
INCLUDED IN RESPONSE TO FORM N-1A, ITEM 22.
<PAGE>
<TABLE>
<CAPTION>
USAA LIFE VARIABLE ANNUITY AGGRESSIVE GROWTH FUND
<S> <C> <C> <C>
Calculation of ERV
Initial investment: hypothical $1000 payment made at beginning of period
Initial NAV at 5/1/97: $10.000000
Initial shares: initial investment/initial NAV =
$1000/$10.000000 = 100.000
Addition of shares from Reinvested Dividends:
Shares added: (initial shares * dividend rate)/reinvestment price
(100 * $0.00000)/$0.00 = 0.000
Ending Shares: initial shares + # of shares reinvested
100 + 0.000 = 100.000
Ending Redeemable Value: ending shares * ending NAV
100.000 * $11.16 = 1116.00
USAA LIFE VARIABLE ANNUITY INTERNATIONAL FUND
Calculation of ERV
Initial investment: hypothical $1000 payment made at beginning of period
Initial NAV at 5/1/97: $10.000000
Initial shares: initial investment/initial NAV =
$1000/$10.000000 = 100.000
Addition of shares from Reinvested Dividends:
Shares added: (initial shares * dividend rate)/reinvestment price
(100 * $0.00000)/$0.00 = 0.000
Ending Shares: initial shares + # of shares reinvested
100 + 0.000 = 100.000
Ending Redeemable Value: ending shares * ending NAV
100.000 * $10.71 = 1071.00
</TABLE>
<PAGE>
AVERAGE ANNUAL AND CUMULATIVE TOTAL RETURN COMPUTATION
The Average Annual Returns for the following funds were computed according to
the following formula:
n
P(1 + T) = ERV
Where:
P = a hypothetical initial payment of $1,000
T = average annual total return
n = number of years
ERV = Ending Redeemable Value of a hypothetical $1,000 made at the
beginning of the 1, 5, or 10 year (or other) periods at end of the
1, 5, 10 year (or other) periods (or fractional portion thereof)
The Cumulative Total Returns for the following funds were computed according to
the following formula:
Where: T = ERV/P-1
P = a hypothetical initial payment of $1,000
T = cumulative total return
ERV = Ending Redeemable Value of a hypothetical $1,000 made at the
beginning of the 1, 5, or 10 year (or other) periods at end of the
1, 5, 10 year (or other) periods (or fractional portion thereof)
<TABLE>
<CAPTION>
Average Annual Cumulative
Total Return Total Return
for Period Ended 6/30/97 for Period Ended 6/30/97
------------------------- ------------------------
<S> <C> <C>
0.17
USAA Life Variable Annuity Aggressive Gro $1000(1 + T) = $1,116.00 = $1,116,00/$1000-1
T = 11.60% T = 11.60%
0.17
USAA Life Variable Annuity International F $1000(1 + T) = $1,071.00 = $1,071.00/$1000-1
T = 7.10% T = 7.10%
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> USAA LIFE VA MONEY MARKET FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 14,750
<INVESTMENTS-AT-VALUE> 14,750
<RECEIVABLES> 237
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14,987
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 106
<TOTAL-LIABILITIES> 106
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,881
<SHARES-COMMON-STOCK> 14,881
<SHARES-COMMON-PRIOR> 11,245
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 14,881
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 389
<OTHER-INCOME> 0
<EXPENSES-NET> (25)
<NET-INVESTMENT-INCOME> 364
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 364
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (364)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 32,746
<NUMBER-OF-SHARES-REDEEMED> (29,474)
<SHARES-REINVESTED> 364
<NET-CHANGE-IN-ASSETS> 3,636
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 14
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 64
<AVERAGE-NET-ASSETS> 14,204
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> USAA LIFE VA INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 22,876
<INVESTMENTS-AT-VALUE> 24,333
<RECEIVABLES> 276
<ASSETS-OTHER> 10
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 24,619
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 24
<TOTAL-LIABILITIES> 24
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 22,809
<SHARES-COMMON-STOCK> 2,279
<SHARES-COMMON-PRIOR> 2,288
<ACCUMULATED-NII-CURRENT> 862
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (533)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,457
<NET-ASSETS> 24,595
<DIVIDEND-INCOME> 121
<INTEREST-INCOME> 784
<OTHER-INCOME> 0
<EXPENSES-NET> (42)
<NET-INVESTMENT-INCOME> 863
<REALIZED-GAINS-CURRENT> (53)
<APPREC-INCREASE-CURRENT> (96)
<NET-CHANGE-FROM-OPS> 714
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (74)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 158
<NUMBER-OF-SHARES-REDEEMED> (174)
<SHARES-REINVESTED> 7
<NET-CHANGE-IN-ASSETS> 546
<ACCUMULATED-NII-PRIOR> 73
<ACCUMULATED-GAINS-PRIOR> (480)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 24
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 77
<AVERAGE-NET-ASSETS> 24,060
<PER-SHARE-NAV-BEGIN> 10.51
<PER-SHARE-NII> 0.38
<PER-SHARE-GAIN-APPREC> (0.07)
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.79
<EXPENSE-RATIO> 0.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> USAA LIFE VA GROWTH AND INCOME FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 48,179
<INVESTMENTS-AT-VALUE> 67,092
<RECEIVABLES> 243
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 67,338
<PAYABLE-FOR-SECURITIES> 60
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62
<TOTAL-LIABILITIES> 122
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45,880
<SHARES-COMMON-STOCK> 3,841
<SHARES-COMMON-PRIOR> 3,713
<ACCUMULATED-NII-CURRENT> 594
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,829
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 18,913
<NET-ASSETS> 67,216
<DIVIDEND-INCOME> 650
<INTEREST-INCOME> 46
<OTHER-INCOME> 0
<EXPENSES-NET> (104)
<NET-INVESTMENT-INCOME> 592
<REALIZED-GAINS-CURRENT> 1,829
<APPREC-INCREASE-CURRENT> 7,131
<NET-CHANGE-FROM-OPS> 9,552
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (358)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,167
<NUMBER-OF-SHARES-REDEEMED> (1,061)
<SHARES-REINVESTED> 22
<NET-CHANGE-IN-ASSETS> 11,284
<ACCUMULATED-NII-PRIOR> 2
<ACCUMULATED-GAINS-PRIOR> 358
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 60
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 119
<AVERAGE-NET-ASSETS> 59,773
<PER-SHARE-NAV-BEGIN> 15.06
<PER-SHARE-NII> 0.15
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<TABLE> <S> <C>
<PAGE>
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<NAME> USAA LIFE VA WORLD GROWTH FUND
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<TABLE> <S> <C>
<PAGE>
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<NAME> USAA LIFE VA DIVERSIFIED FUND
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
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<NAME> USAA LIFE VA AGGRESSIVE GROWTH FUND
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<TABLE> <S> <C>
<PAGE>
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<NAME> USAA LIFE VA INTERNATIONAL FUND
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