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Annual Notice of Securities Sold Pursuant to Rule 24F - 2
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:
USAA LIFE INVESTMENT TRUST
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2. Name of each series or class of funds for which this notice is filed:
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
USAA LIFE VARIABLE ANNUITY DIVERSIFIED ASSETS FUND
________________________________________________________________________________
3. Investment Company Act File Number:
811-8672
Securities Act File Number:
33-82270
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4. Last day of fiscal year for which this notice is filed:
DECEMBER 31, 1996
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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
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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
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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: 0
SALE PRICE: $0
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10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to rule 24f-2:
NUMBER: 0
SALE PRICE: $0
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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: 0.00
SALE PRICE: $0
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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):
$0
(ii) Aggregate price of share 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):
- $0
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(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
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(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):
$0
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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 1/33 of 1%
0.0003030303
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(vii) Fee due [line (i) or line (v) multiplied by line (vi)]:
$0.00
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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
issuer's fiscal year. See Instruction C.3.
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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 (17 CFR 202.3a).
[ ]
Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository:
________________________________________________________________________________
SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and the capacities and on the dates indicated.
By (Signature and Title)*/s/ Ed Rosane
_____________________________________________
Edwin L. Rosane, President
_____________________________________________
Date 2/26/97
___________
*Please print the name and title of the signing officer below the signature.
________________________________________________________________________________
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[LETTERHEAD OF FREEDMAN, LEVY, KROLL & SIMONDS APPEARS HERE]
February 21, 1997
USAA Life Investment Trust
9800 Fredericksburg Road
San Antonio, Texas 78288
Executives:
This opinion is given in connection with the filing with the Securities
and Exchange Commission ("SEC") by USAA Life Investment Trust, a Delaware trust
(the "Trust"), of a notice pursuant to Rule 24f-2 (the "Rule 24f-2 Notice")
under the Investment Company Act of 1940 (the "1940 Act").
By its Registration Statement on Form N-1A (File Nos. 33-82270 and 811-
8672, the "Registration Statement") filed with the SEC under the Securities Act
of 1933 (the "1933 Act") and the 1940 Act, the Trust registered an indefinite
number of securities. The Rule 24f-2 Notice makes definite the number of these
registered securities sold during the year ended December 31, 1996 ("shares").
We have examined the following: the Certificate of Trust, dated July 20,
1994; the Master Trust Agreement, dated December 14, 1994, as amended February
7, 1997; the By-laws of the Trust; certain Board of Trustees' resolutions; the
Notification of Registration on Form N-8A filed with the SEC under the 1940 Act
on August 1, 1994; the Registration Statement as originally filed with the SEC
under the 1933 Act and the 1940 Act on the same date, and amendments thereto
substantially in the form filed with the SEC; a Certificate of Good Standing
issued by the State of Delaware on February 10, 1997; pertinent provisions of
the laws of Delaware; and such other records, certificates, representations,
documents and statutes that we have deemed relevant in order to render the
opinion expressed herein. Further, in rendering our opinion, we have assumed,
without investigation, that the Trust issued the shares in the manner
contemplated by the Registration Statement as in effect at the time of issuance.
We are not members of the Delaware bar. Nevertheless, based on the
foregoing, we are of the opinion that the shares are legally issued, fully paid
and non-assessable.
This letter expresses our opinion as to the Delaware Business Trust Act,
addressing matters such as the authorization and issuance of shares, but does
not extend to the securities or "Blue Sky" laws of Delaware or to federal
securities or other laws.
Very truly yours,
/s/ Freedman, Levy, Kroll & Simonds
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Freedman, Levy, Kroll & Simonds
