USAA INVESTMENT TRUST
NSAR-A, 1996-01-22
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<PAGE>      PAGE  1
000 A000000 11/30/95
000 C000000 0000745903
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 U
001 A000000 USAA INVESTMENT TRUST
001 B000000 811-4019
001 C000000 2104984876
002 A000000 10750 ROBERT F. MCDERMOTT FREEWAY
002 B000000 SAN ANTONIO
002 C000000 TX
002 D010000 78288
002 D020000 0227
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000 11
007 C010100  1
007 C020100 CORNERSTONE STRATEGY FUND
007 C030100 N
007 C010200  2
007 C020200 GOLD FUND
007 C030200 N
007 C010300  3
007 C020300 INTERNATIONAL FUND
007 C030300 N
007 C010400  4
007 C020400 GROWTH AND TAX STRATEGY FUND
007 C030400 N
007 C010500  5
007 C020500 GNMA TRUST
007 C030500 N
007 C010600  6
007 C020600 TREASURY MONEY MARKET TRUST
007 C030600 N
007 C010700  7
007 C020700 WORLD GROWTH FUND
007 C030700 N
007 C010800  8
007 C020800 EMERGING MARKETS FUND
007 C030800 N
007 C010900  9
007 C020900 INCOME STRATEGY FUND
007 C030900 N
007 C011000 10
<PAGE>      PAGE  2
007 C021000 BALANCED STRATEGY FUND
007 C031000 N
007 C011100 11
007 C021100 GROWTH STRATEGY FUND
007 C031100 N
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
008 A00AA01 USAA INVESTMENT MANAGEMENT COMPANY
008 B00AA01 A
008 C00AA01 801-34462
008 D01AA01 SAN ANTONIO
008 D02AA01 TX
008 D03AA01 78288
008 D04AA01 0227
011 A00AA01 USAA INVESTMENT MANAGEMENT COMPANY
011 B00AA01 8-41241
011 C01AA01 SAN ANTONIO
011 C02AA01 TX
011 C03AA01 78288
011 C04AA01 0227
012 A00AA01 USAA TRANSFER AGENCY COMPANY
012 B00AA01 84-1197
012 C01AA01 SAN ANTONIO
012 C02AA01 TX
012 C03AA01 78288
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 SAN ANTONIO
013 B02AA01 TX
013 B03AA01 78205
013 B04AA01 1505
014 A00AA01 USAA INVESTMENT MANAGEMENT COMPANY
014 B00AA01 8-41241
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02105
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   32
019 C00AA00 USAAINVMCO
020 A000001 CAPEL (JAMES) INCORPORATED
020 B000001 52-1348224
<PAGE>      PAGE  3
020 C000001    264
020 A000002 CREDIT LYONNAIS SECURITIES INC.
020 B000002 13-2602298
020 C000002    231
020 A000003 BARING SECURITIES INC.
020 B000003 04-2455153
020 C000003    115
020 A000004 BARCLAYS DE ZOETE WEDD SECURITIES INC.
020 B000004 13-3551367
020 C000004    113
020 A000005 UBS SECURITIES INC.
020 B000005 13-2932996
020 C000005    111
020 A000006 S.G. WARBURG & COMPANY INC.
020 B000006 13-3340045
020 C000006     80
020 A000007 W.I. CARR LTD.
020 B000007 13-2927466
020 C000007     75
020 A000008 ABN AMRO SECURITIES, INC.
020 B000008 13-3227945
020 C000008     63
020 A000009 MORGAN STANLEY & COMPANY INC.
020 B000009 13-2655998
020 C000009     60
020 A000010 SALOMON BROTHERS, INC.
020 B000010 13-3082694
020 C000010     51
021  000000     1962
022 A000001 FIRST CHICAGO CAPITAL MARKETS, INC.
022 B000001 36-3595942
022 C000001   2798301
022 D000001      1432
022 A000002 LEHMAN BROTHERS, INC.
022 B000002 13-2518466
022 C000002   2752816
022 D000002      2790
022 A000003 PRUDENTIAL SECURITIES INCORPORATED
022 B000003 22-2347336
022 C000003   1904463
022 D000003     14765
022 A000004 MORGAN (J.P.) SECURITIES INCORPORATED
022 B000004 13-3224016
022 C000004    565047
022 D000004      7358
022 A000005 GOLDMAN SACHS AND COMPANY
022 B000005 13-5108880
022 C000005    536340
022 D000005     17793
022 A000006 STATE STREET BANK CAPITAL MARKETS COMPANY
022 B000006 04-1867445
<PAGE>      PAGE  4
022 C000006    410775
022 D000006         0
022 A000007 CHEMICAL SECURITIES, INC.
022 B000007 13-3379014
022 C000007    247870
022 D000007      4959
022 A000008 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000008 13-5674085
022 C000008    170432
022 D000008     48321
022 A000009 HSBC SECURITIES, INC.
022 B000009 13-2650272
022 C000009    165751
022 D000009         0
022 A000010 SALOMON BROTHERS, INC.
022 B000010 13-3082694
022 C000010     88246
022 D000010     45700
023 C000000   10089047
023 D000000     362929
024  00AA00 N
027  000000 Y
029  00AA00 N
030 A00AA00      0
030 B00AA00  0.00
030 C00AA00  0.00
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
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
077 A000000 Y
077 C000000 Y
078  000000 N
080 A00AA00 AETNA CASUALTY & SURETY COMPANY
080 C00AA00    25000
081 A00AA00 Y
<PAGE>      PAGE  5
081 B00AA00  26
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
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<PAGE>      PAGE  6
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070 D010100 N
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070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
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<PAGE>      PAGE  7
070 J010100 Y
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<PAGE>      PAGE  8
072CC020100        0
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<PAGE>      PAGE  9
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066 A000200 Y
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<PAGE>      PAGE  10
068 B000200 Y
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070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
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070 I010200 N
070 I020200 N
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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<PAGE>      PAGE  20
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<PAGE>      PAGE  21
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<PAGE>      PAGE  22
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<PAGE>      PAGE  23
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<PAGE>      PAGE  25
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<PAGE>      PAGE  26
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<PAGE>      PAGE  28
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<PAGE>      PAGE  29
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<PAGE>      PAGE  32
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<PAGE>      PAGE  34
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<PAGE>      PAGE  36
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<PAGE>      PAGE  38
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045  001100 Y
046  001100 N
047  001100 Y
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048 C011100        0
048 C021100 0.000
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048 I011100        0
048 I021100 0.000
048 J011100        0
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048 K011100        0
048 K021100 0.000
049  001100 N
050  001100 N
051  001100 N
052  001100 N
053 A001100 N
058 A001100 N
059  001100 Y
060 A001100 Y
060 B001100 Y
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<PAGE>      PAGE  39
062 D001100   0.0
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062 O001100   0.0
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066 A001100 Y
066 B001100 N
066 C001100 N
066 D001100 Y
066 E001100 N
066 F001100 N
066 G001100 N
067  001100 N
068 A001100 N
068 B001100 N
069  001100 N
070 A011100 Y
070 A021100 N
070 B011100 Y
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 Y
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 N
070 L011100 Y
070 L021100 Y
070 M011100 Y
<PAGE>      PAGE  40
070 M021100 Y
070 N011100 Y
070 N021100 N
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070 O021100 N
070 P011100 Y
070 P021100 Y
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070 Q021100 N
070 R011100 N
070 R021100 N
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072 V001100        0
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072 X001100       75
072 Y001100        0
072 Z001100       51
072AA001100        0
072BB001100       26
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<PAGE>      PAGE  41
073 C001100   0.0000
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074 F001100    18475
074 G001100        0
074 H001100        0
074 I001100        0
074 J001100      301
074 K001100        0
074 L001100      340
074 M001100        0
074 N001100    25777
074 O001100      997
074 P001100       15
074 Q001100        0
074 R011100        0
074 R021100        0
074 R031100        0
074 R041100      170
074 S001100        0
074 T001100    24595
074 U011100     2382
074 U021100        0
074 V011100    10.33
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074 W001100   0.0000
074 X001100     1611
074 Y001100        0
075 A001100        0
075 B001100    13703
076  001100     0.00
SIGNATURE   MICHAEL J.C. ROTH                            
TITLE       PRESIDENT           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 1
   <NAME> CORNERSTONE STRATEGY FUND
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 2
   <NAME> GOLD FUND
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 3
   <NAME> INTERNATIONAL FUND
       
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 4
   <NAME> GROWTH AND TAX STRATEGY FUND
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 5
   <NAME> GNMA TRUST
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 6
   <NAME> TREASURY MONEY MARKET TRUST
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 7
   <NAME> WORLD GROWTH FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               NOV-30-1995
<INVESTMENTS-AT-COST>                        195347204
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<NET-INVESTMENT-INCOME>                         705083
<REALIZED-GAINS-CURRENT>                       5153758
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<EQUALIZATION>                                       0
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<NUMBER-OF-SHARES-SOLD>                       32509774
<NUMBER-OF-SHARES-REDEEMED>                 (28799461)
<SHARES-REINVESTED>                            4444025
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<ACCUMULATED-NII-PRIOR>                         573373
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<PER-SHARE-NAV-END>                              13.45
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<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 8
   <NAME> EMERGING MARKETS FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               NOV-30-1995
<INVESTMENTS-AT-COST>                         25071574
<INVESTMENTS-AT-VALUE>                        24279933
<RECEIVABLES>                                   423091
<ASSETS-OTHER>                                  103359
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                24806383
<PAYABLE-FOR-SECURITIES>                        664285
<SENIOR-LONG-TERM-DEBT>                              0
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<TOTAL-LIABILITIES>                            1080156
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      24301113
<SHARES-COMMON-STOCK>                          2619597
<SHARES-COMMON-PRIOR>                          2344459
<ACCUMULATED-NII-CURRENT>                      (73908)
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<ACCUMULATED-NET-GAINS>                         290672
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      (791650)
<NET-ASSETS>                                  23726227
<DIVIDEND-INCOME>                               153949
<INTEREST-INCOME>                                39663
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                (291676)
<NET-INVESTMENT-INCOME>                        (98064)
<REALIZED-GAINS-CURRENT>                        827964
<APPREC-INCREASE-CURRENT>                    (1968018)
<NET-CHANGE-FROM-OPS>                        (1238118)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                      (541301)
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<NUMBER-OF-SHARES-SOLD>                       16138452
<NUMBER-OF-SHARES-REDEEMED>                 (14019097)
<SHARES-REINVESTED>                             472521
<NET-CHANGE-IN-ASSETS>                          812457
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<ACCUMULATED-GAINS-PRIOR>                          586
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<PER-SHARE-NII>                                 (0.04)
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<PER-SHARE-DISTRIBUTIONS>                       (0.22)
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<EXPENSE-RATIO>                                   2.40
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<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 9
   <NAME> INCOME STRATEGY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               NOV-30-1995
<INVESTMENTS-AT-COST>                          8062414
<INVESTMENTS-AT-VALUE>                         8409587
<RECEIVABLES>                                   190227
<ASSETS-OTHER>                                  107814
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                 8707628
<PAYABLE-FOR-SECURITIES>                         90670
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        10389
<TOTAL-LIABILITIES>                             101059
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                       8189282
<SHARES-COMMON-STOCK>                           807144
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                        70133
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                           (20)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        347174
<NET-ASSETS>                                   8606569
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<EXPENSES-NET>                                 (14652)
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<NUMBER-OF-SHARES-REDEEMED>                    (71694)
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<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 10
   <NAME> BALANCED STRATEGY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               NOV-30-1995
<INVESTMENTS-AT-COST>                          9553672
<INVESTMENTS-AT-VALUE>                         9586151
<RECEIVABLES>                                   172316
<ASSETS-OTHER>                                   11182
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<PAYABLE-FOR-SECURITIES>                        220660
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<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                        58889
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                         32480
<NET-ASSETS>                                   9534484
<DIVIDEND-INCOME>                                21722
<INTEREST-INCOME>                                57009
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<EXPENSES-NET>                                   19842
<NET-INVESTMENT-INCOME>                          58889
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<APPREC-INCREASE-CURRENT>                        32479
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<NUMBER-OF-SHARES-SOLD>                        9461693
<NUMBER-OF-SHARES-REDEEMED>                    (18578)      
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<NET-CHANGE-IN-ASSETS>                         9534483
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  45286
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<PER-SHARE-NAV-BEGIN>                            10.00
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<EXPENSE-RATIO>                                   1.25
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 11
   <NAME> GROWTH STRATEGY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               NOV-30-1995
<INVESTMENTS-AT-COST>                         24259646
<INVESTMENTS-AT-VALUE>                        25016066
<RECEIVABLES>                                   640273
<ASSETS-OTHER>                                  120694
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<TOTAL-ASSETS>                                25777033
<PAYABLE-FOR-SECURITIES>                        997302
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      23813842
<SHARES-COMMON-STOCK>                          2382026
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                        50199
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        (25607)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                        756387
<NET-ASSETS>                                  24594821
<DIVIDEND-INCOME>                                33416
<INTEREST-INCOME>                                92627
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<EXPENSES-NET>                                 (74872)
<NET-INVESTMENT-INCOME>                          51171
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<APPREC-INCREASE-CURRENT>                       756388
<NET-CHANGE-FROM-OPS>                           781956
<EQUALIZATION>                                       0
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<NUMBER-OF-SHARES-SOLD>                       24068991
<NUMBER-OF-SHARES-REDEEMED>                   (255150)
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<NET-CHANGE-IN-ASSETS>                        24595797
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
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<EXPENSE-RATIO>                                   2.01
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>


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