USAA INVESTMENT TRUST
NSAR-B, 1996-07-23
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<PAGE>      PAGE  1
000 B000000 05/31/96
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
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   33
019 C00AA00 USAAINVMCO
020 A000001 CAPEL (JAMES) INCORPORATED
020 B000001 52-1348224
020 C000001    434
020 A000002 CREDIT LYONNAIS SECURITIES INC.
020 B000002 13-2602298
020 C000002    406
020 A000003 ING BARING SECURITIES INC.
020 B000003 04-2455153
020 C000003    319
020 A000004 BARCLAYS DE ZOETE WEDD SECURITIES INC.
020 B000004 13-3551367
020 C000004    300
020 A000005 UBS SECURITIES INC.
020 B000005 13-2932996
020 C000005    223
020 A000006 S.G. WARBURG & COMPANY INC.
020 B000006 13-3340045
020 C000006    160
020 A000007 ROBERT FLEMING INC.
020 B000007 13-3298866
020 C000007    153
020 A000008 SALOMON BROTHERS, INC.
020 B000008 13-3082694
020 C000008    152
020 A000009 ABN AMRO SECURITIES INC.
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020 A000010 BRIDGE TRADING COMPANY
020 B000010 43-1450530
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021  000000     4624
022 A000001 FIRST CHICAGO CAPITAL MARKETS, INC.
022 B000001 36-3595942
022 C000001   9692510
022 D000001      3344
022 A000002 LEHMAN BROTHERS, INC.
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022 A000003 PRUDENTIAL SECURITIES INCORPORATED
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022 C000003   1915386
022 D000003     23432
022 A000004 CHASE SECURITIES, INC.
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<PAGE>      PAGE  3
022 C000004   1402329
022 D000004         0
022 A000005 STATE STREET BANK CAPITAL MARKETS COMPANY
022 B000005 04-1867445
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022 A000006 FIRST UNION CAPITAL MARKETS CORPORATION
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022 C000006   1112775
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022 A000008 MORGAN (J.P.) SECURITIES INC.
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022 C000008    810119
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022 A000009 GOLDMAN, SACHS AND COMPANY
022 B000009 13-5108880
022 C000009    630169
022 D000009     57728
022 A000010 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
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023 C000000   24066334
023 D000000     694823
024  00AA00 N
077 A000000 Y
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080 A00AA00 AETNA CASUALTY & SURETY COMPANY
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<PAGE>      PAGE  4
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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070 E010200 N
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070 F010200 N
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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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  19
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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  24
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<PAGE>      PAGE  25
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<PAGE>      PAGE  26
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<PAGE>      PAGE  27
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<PAGE>      PAGE  28
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<PAGE>      PAGE  29
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<PAGE>      PAGE  30
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<PAGE>      PAGE  31
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049  001000 N
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<PAGE>      PAGE  32
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<PAGE>      PAGE  33
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<PAGE>      PAGE  34
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<PAGE>      PAGE  35
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<PAGE>      PAGE  36
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<PAGE>      PAGE  37
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SIGNATURE   MICHAEL J.C. ROTH                            
TITLE       PRESIDENT           
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 10
   <NAME> BALANCED STRATEGY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                         19209476
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<APPREC-INCREASE-CURRENT>                       520793
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<NUMBER-OF-SHARES-REDEEMED>                  (1466588)
<SHARES-REINVESTED>                             103687
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 1
   <NAME> CORNERSTONE STRATEGY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                        854048937
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<RECEIVABLES>                                  6345165
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<SENIOR-LONG-TERM-DEBT>                              0
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<ACCUMULATED-GAINS-PRIOR>                      6494603
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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>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                         47646629
<INVESTMENTS-AT-VALUE>                        51695769
<RECEIVABLES>                                   368647
<ASSETS-OTHER>                                   74993
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<PAYABLE-FOR-SECURITIES>                        681765
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<SHARES-COMMON-STOCK>                          4608389
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<ACCUMULATED-NET-GAINS>                        2394830
<OVERDISTRIBUTION-GAINS>                             0
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<ACCUMULATED-GAINS-PRIOR>                          586
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 4
   <NAME> GROWTH & TAX STRATEGY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                        137132947
<INVESTMENTS-AT-VALUE>                       159181873
<RECEIVABLES>                                  1453091
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<PAID-IN-CAPITAL-COMMON>                     133414100
<SHARES-COMMON-STOCK>                         11363184
<SHARES-COMMON-PRIOR>                         10496788
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<ACCUMULATED-NET-GAINS>                        3836102
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      22048926
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<INTEREST-INCOME>                              4478244
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<EXPENSES-NET>                               (1192713)
<NET-INVESTMENT-INCOME>                        5523527
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<NUMBER-OF-SHARES-REDEEMED>                 (22316098)
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<ACCUMULATED-GAINS-PRIOR>                      (81367)
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 5
   <NAME> GNMA TRUST
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                        315469221
<INVESTMENTS-AT-VALUE>                       310317246
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<SHARES-REINVESTED>                           13857223
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<ACCUMULATED-GAINS-PRIOR>                    (9245064)
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<PER-SHARE-NAV-BEGIN>                            10.09
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 2
   <NAME> GOLD FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                        132401524
<INVESTMENTS-AT-VALUE>                       165432156
<RECEIVABLES>                                  2186049
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       567680
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<PAID-IN-CAPITAL-COMMON>                     208029265
<SHARES-COMMON-STOCK>                         15017860
<SHARES-COMMON-PRIOR>                         17809167
<ACCUMULATED-NII-CURRENT>                       (5039)
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<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      33030631
<NET-ASSETS>                                 167066550
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<NET-INVESTMENT-INCOME>                       (210726)
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<NET-CHANGE-FROM-OPS>                         34404098
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (117401)
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<NUMBER-OF-SHARES-SOLD>                      129783141
<NUMBER-OF-SHARES-REDEEMED>                (157337957)
<SHARES-REINVESTED>                             111415
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<ACCUMULATED-NII-PRIOR>                         109734
<ACCUMULATED-GAINS-PRIOR>                   (86716571)
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<AVERAGE-NET-ASSETS>                         155196424
<PER-SHARE-NAV-BEGIN>                             9.00
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<PER-SHARE-NAV-END>                              11.12
<EXPENSE-RATIO>                                   1.33
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<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>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                         74989093
<INVESTMENTS-AT-VALUE>                        85959165
<RECEIVABLES>                                  2004083
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<PAYABLE-FOR-SECURITIES>                        836758
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<TOTAL-LIABILITIES>                            1003483
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<PAID-IN-CAPITAL-COMMON>                      74519572
<SHARES-COMMON-STOCK>                          6842728
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<ACCUMULATED-NET-GAINS>                        1360011
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<ACCUM-APPREC-OR-DEPREC>                      10970084
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<EXPENSES-NET>                                (482149)
<NET-INVESTMENT-INCOME>                         389025
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<NET-CHANGE-FROM-OPS>                         12751225
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<NUMBER-OF-SHARES-REDEEMED>                  (2781557)
<SHARES-REINVESTED>                              53326
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 3
   <NAME> INTERNATIONAL FUND
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               MAY-31-1996
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<RECEIVABLES>                                  2674012
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<PAYABLE-FOR-SECURITIES>                         46280
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<PAID-IN-CAPITAL-COMMON>                     338540399
<SHARES-COMMON-STOCK>                         22338722
<SHARES-COMMON-PRIOR>                         21932055
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<ACCUM-APPREC-OR-DEPREC>                      70708990
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<SHARES-REINVESTED>                            2734137
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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>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                         12281904
<INVESTMENTS-AT-VALUE>                        11878245
<RECEIVABLES>                                   208782
<ASSETS-OTHER>                                  126925
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                12213952
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        40782
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      12460499
<SHARES-COMMON-STOCK>                          1210338
<SHARES-COMMON-PRIOR>                                0
<ACCUMULATED-NII-CURRENT>                       108990
<OVERDISTRIBUTION-NII>                               0
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<OVERDISTRIBUTION-GAINS>                             0
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<NET-ASSETS>                                  12173171
<DIVIDEND-INCOME>                                33444
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<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 (68418)
<NET-INVESTMENT-INCOME>                         323723
<REALIZED-GAINS-CURRENT>                         42126
<APPREC-INCREASE-CURRENT>                     (403659)
<NET-CHANGE-FROM-OPS>                          (37810)
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                     (214733)
<DISTRIBUTIONS-OF-GAINS>                       (34785)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                       17118486
<NUMBER-OF-SHARES-REDEEMED>                  (4789659)
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<NET-CHANGE-IN-ASSETS>                        12173171
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<AVERAGE-NET-ASSETS>                           8662468
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<PER-SHARE-NII>                                   0.39
<PER-SHARE-GAIN-APPREC>                         (0.06)
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<EXPENSE-RATIO>                                   1.00
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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>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                        217956575
<INVESTMENTS-AT-VALUE>                       266578318
<RECEIVABLES>                                  1361902
<ASSETS-OTHER>                                  151608
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                               268091828
<PAYABLE-FOR-SECURITIES>                         21360
<SENIOR-LONG-TERM-DEBT>                              0
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<TOTAL-LIABILITIES>                             899960
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     209670865
<SHARES-COMMON-STOCK>                         17239657
<SHARES-COMMON-PRIOR>                         15485962
<ACCUMULATED-NII-CURRENT>                      1638912
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                        7262353
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                      48619738
<NET-ASSETS>                                 267191868
<DIVIDEND-INCOME>                              4235762
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<EXPENSES-NET>                               (2890440)
<NET-INVESTMENT-INCOME>                        2195188
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<NET-CHANGE-FROM-OPS>                         46629478
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (1298612)
<DISTRIBUTIONS-OF-GAINS>                     (3704884)
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<NUMBER-OF-SHARES-REDEEMED>                 (50202549)
<SHARES-REINVESTED>                            4956480
<NET-CHANGE-IN-ASSETS>                        66447055
<ACCUMULATED-NII-PRIOR>                         573374
<ACCUMULATED-GAINS-PRIOR>                    (1933905)
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<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                2890440
<AVERAGE-NET-ASSETS>                         227846522
<PER-SHARE-NAV-BEGIN>                            12.96
<PER-SHARE-NII>                                   0.12
<PER-SHARE-GAIN-APPREC>                           2.73
<PER-SHARE-DIVIDEND>                            (0.08)
<PER-SHARE-DISTRIBUTIONS>                       (0.23)
<RETURNS-OF-CAPITAL>                              0.00
<PER-SHARE-NAV-END>                              15.50
<EXPENSE-RATIO>                                   1.27
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000745903
<NAME> USAA INVESTMENT TRUST
<SERIES>
   <NUMBER> 6
   <NAME> TREASURY MONEY MARKET TRUST
       
<S>                             <C>
<PERIOD-TYPE>                   12-MOS
<FISCAL-YEAR-END>                          MAY-31-1996
<PERIOD-END>                               MAY-31-1996
<INVESTMENTS-AT-COST>                         76612048
<INVESTMENTS-AT-VALUE>                        76612048
<RECEIVABLES>                                   296066
<ASSETS-OTHER>                                  167280
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                77075394
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       298063
<TOTAL-LIABILITIES>                             298063
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      76777331
<SHARES-COMMON-STOCK>                         76777331
<SHARES-COMMON-PRIOR>                         67876021
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                  76777331
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              4237197
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  283193
<NET-INVESTMENT-INCOME>                        3954004
<REALIZED-GAINS-CURRENT>                             0
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      3954004
<DISTRIBUTIONS-OF-GAINS>                             0
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<NUMBER-OF-SHARES-SOLD>                       90845720
<NUMBER-OF-SHARES-REDEEMED>                 (85638362)
<SHARES-REINVESTED>                            3693951
<NET-CHANGE-IN-ASSETS>                         8901310
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 304194
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<PER-SHARE-NII>                                   0.05
<PER-SHARE-GAIN-APPREC>                           0.00
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<EXPENSE-RATIO>                                   0.38
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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