Table of Contents
USAA Family of Funds 1
Message from the President 2
Investment Review 4
Message from the Manager 5
Financial Information:
Portfolio of Investments 7
Notes to Portfolio of Investments 9
Statement of Assets and Liabilities 10
Statement of Operations 11
Statements of Changes in Net Assets 12
Notes to Financial Statements 13
Important Information
Through our ongoing efforts to reduce expenses and respond to shareholder
requests, your annual and semiannual report mailings are "streamlined." One copy
of each report is sent to each address, rather than to every registered owner.
For many shareholders and their families, this eliminates duplicate copies,
saving paper and postage costs to the Fund.
If you are the primary shareholder on at least one account, prefer not to
participate in streamlining, and would like to continue receiving one report per
registered account owner, you may request this in writing to:
USAA Investment Management Company
Attn: Report Mail
9800 Fredericksburg Road
San Antonio, TX 78284-8916
or phone a Mutual Fund Representative at 1-800-531-8448 during business hours.
This report is for the information of the shareholders and others who have
received a copy of the currently effective prospectus of the USAA Treasury Money
Market Trust, managed by USAA Investment Management Company (IMCO). It may be
used as sales literature only when preceded or accompanied by a current
prospectus which gives further details about the Fund.
USAA with the eagle is registered in the U.S. Patent & Trademark Office.
(Copyright)1999, USAA. All rights reserved.
USAA FAMILY OF FUNDS SUMMARY
----------------------------
Fund Minimum
Type/Name Volatility Investment*
- -------------------------------------------------------------
CAPITAL APPRECIATION
- -------------------------------------------------------------
Aggressive Growth Very high $3,000
Emerging Markets(1) Very high $3,000
First Start Growth Moderate to high $3,000
Gold(1) Very high $3,000
Growth Moderate to high $3,000
Growth & Income Moderate $3,000
International(1) Moderate to high $3,000
S&P 500 (Registered
Trademark) Index(2) Moderate $3,000
Science
& Technology(5) Very high $3,000
World Growth(1) Moderate to high $3,000
- -------------------------------------------------------------
ASSET ALLOCATION
- -------------------------------------------------------------
Balanced Strategy(1) Moderate $3,000
Cornerstone Strategy(1) Moderate $3,000
Growth and Tax
Strategy(3) Moderate $3,000
Growth Strategy(1) Moderate to high $3,000
Income Strategy Low to moderate $3,000
- -------------------------------------------------------------
INCOME -- TAXABLE
- -------------------------------------------------------------
GNMA Low to moderate $3,000
Income Moderate $3,000
Income Stock Moderate $3,000
Short-Term Bond Low $3,000
- -------------------------------------------------------------
INCOME -- TAX EXEMPT
- -------------------------------------------------------------
Long-Term(3) Moderate $3,000
Intermediate-Term(3) Low to moderate $3,000
Short-Term(3) Low $3,000
State Bond Income(3)** Moderate $3,000
- -------------------------------------------------------------
MONEY MARKET
- -------------------------------------------------------------
Money Market(4) Very low $3,000
Tax Exempt
Money Market(3),(4) Very low $3,000
Treasury Money
Market Trust(4) Very low $3,000
State Money Market(3),(4)** Very low $3,000
- -------------------------------------------------------------
(1)Foreign investing is subject to additional risks, which are discussed in
the funds' prospectuses.
(2)S&P 500(Registered Trademark) is a trademark of The McGraw-Hill Companies,
Inc. and has been licensed for use. The product is not sponsored, sold or
promoted by Standard & Poor's, and Standard & Poor's makes no representation
regarding the advisability of investing in the product.
(3)Some income may be subject to state or local taxes or the federal alternative
minimum tax.
(4)An investment in a money market fund is not insured or guaranteed by the FDIC
or any other government agency. Although the fund seeks to preserve the
value of your investment at $1 per share, it is possible to lose money by
investing in the fund.
(5)This Fund may be more volatile than a fund that diversifies across many
industries.
* The InveStart(Registered Trademark) program is available for investors without
the $3,000 initial investment required to open an IMCO mutual fund account. A
mutual fund account can be opened with no initial investment if you elect to
have monthly automatic investments of at least $50 from a bank account.
InveStart is not available on tax-exempt funds or the S&P 500 Index Fund.
The minimum initial investment for IRAs is $250, except for the $2,000 minimum
required for the S&P 500 Index Fund. IRAs are not available for tax-exempt
funds. The Growth and Tax Strategy Fund is not available as an investment for
your IRA because the majority of its income is tax exempt.
** California, Florida, New York, Texas, and Virginia funds available to
residents only.
Non-deposit investment products are not insured by the FDIC, are not deposits or
other obligations of, or guaranteed by, USAA Federal Savings Bank, and are
subject to investment risks, and may lose value.
For more complete information about the mutual funds managed and distributed by
USAA IMCO, including charges and expenses, please call 1-800-531-8181 for a
prospectus. Read it carefully before you invest.
Message from the President
[Photograph of the President and Vice Chairman of the Board, Michael J. C. Roth,
CFA, appears here.]
Since my last message to Investment Trust shareholders, the stock market has
reminded us that intense emotions are part of the investment process. In August,
the unraveling of markets around the world was downright scary. Huge daily
drops, the rampage into treasury bonds while other income markets dried up, and
the antics of huge hedge funds made for confusion and fear. At such times, it
becomes very hard for people to remember the long-term plans they have made for
their portfolios.
A scant three months later, stock markets have recouped losses and bond markets
have settled down. August looks like a momentary aberration. With the retreat of
fear, we are now seeing something the financial press has tagged "Internet
stocks." These are various companies, going public for the first time, whose
business is closely tied to Internet commerce. Some have soared to prices ten
times their initial offering, even though they have little or no earnings and
traditional analysts can detect little to support such lofty prices. In the
1600s, investors got the idea that tulip bulbs, which Dutch traders brought home
on their voyages, were highly valuable and bid their prices to incredible
levels. Those prices collapsed and the word "tulip" took on a special meaning
for investment professionals. The tulip craze became a classic example of
irrational investor behavior. When I watch the Internet IPOs, I think "Tulip."
This tells me that emotions can run both ways, from panic to euphoria, and make
people forget their long-term investment plans. But, you need those plans most
of all when the emotions are rampant. Trading in calm markets prepares you to
avoid trading during raging markets.
Sincerely,
Michael J.C. Roth, CFA
President and
Vice Chairman of the Board
For more complete information about mutual funds managed and distributed by USAA
IMCO, including charges and expenses, please call for a prospectus. Read it
carefully before investing.
Although none of the investments mentioned are guaranteed or insured, government
bonds are backed by the full faith and credit of the U.S. Government. Common
stocks are considered to have the most risk, followed by corporate bonds and
government bonds. All of these vehicles are subject to tax. If held to maturity,
bonds offer a fixed rate of return and fixed principal value. Return and
principal value of an investment in stocks will fluctuate.
Past performance is no guarantee of future results.
Investment Review
USAA TREASURY MONEY MARKET TRUST
OBJECTIVE: Provide investors with maximum current income while maintaining the
highest degree of safety and liquidity.
TYPES OF INVESTMENTS: Securities with maturities of 397 days or less that are
backed by the full faith and credit of the U.S. Government and repurchase
agreements collateralized by such securities.
- --------------------------------------------------------------------------------
11/30/98 5/31/98
- --------------------------------------------------------------------------------
Net Assets $129.9 Million $106.7 Million
Net Asset Value Per Share $1.00 $1.00
- --------------------------------------------------------------------------------
AVERAGE ANNUAL TOTAL RETURNS AND 7-YIELD AS OF 11/30/98
- --------------------------------------------------------------------------------
5/31/98 Since Inception 7-day
to 11/30/98(+) 1 Year 5 Years on 2/1/91 Yield
2.55% 5.19% 4.93% 4.53% 4.55%
- --------------------------------------------------------------------------------
(+) Total returns for periods of less than one year are not annualized. This
six-month return is cumulative.
Total return equals income yield and assumes reinvestment of all dividends. No
adjustment has been made for taxes payable by shareholders on their reinvested
income dividends. Past performance is no guarantee of future results. Yields and
returns fluctuate. The 7-day yield quotation more closely reflects current
earnings of the Fund than the total return quotation.
7-DAY YIELD COMPARISON
- ----------------------
A chart in the form of a line graph appears here illustrating the comparison of
the 7-day Yield of the USAA Treasury Money Market Trust to the IBC Financial
Data, Inc./U.S. Treasury & Repo Average:
USAA Treasury
Money Market Trust IBC Average
----------------- -----------
11/25/97 5.14% 4.83%
12/30/97 5.14% 4.84%
01/27/98 5.09% 4.79%
02/24/98 5.11% 4.80%
03/31/98 5.17% 4.86%
04/28/98 5.08% 4.77%
05/26/98 5.04% 4.73%
06/30/98 5.16% 4.80%
07/28/98 5.14% 4.78%
08/25/98 5.11% 4.75%
09/29/98 4.96% 4.64%
10/27/98 4.47% 4.17%
11/24/98 4.43%* 4.05%*
Data represent the last Tuesday of each month.
*Ending date 11/24/98
The graph tracks the Fund's 7-day yield against IBC Financial Data, Inc./U.S.
Treasury & Repo, an average of all major treasury money market fund yields.
Message from the Manager
[Photograph of the Portfolio Manager, Pamela K. Bledsoe, CFA, appears here.]
STRATEGY
Globalization and technological advances continue to link almost all countries
in the world. As worldwide trading grows, the U.S. economy will be influenced by
economic and financial events occurring in countries other than our own. Since
our report in May, the Federal Reserve has lowered the Federal Funds rate by
.75%. This was the first change in interest rate policy since the Federal
Reserve increased rates on March 25, 1997. The change in Fed policy was driven
by the impact of financial instability in Russia, Asia, and Latin America on the
U.S. economy. Financial instability in these regions may result in the slowing
of demand for U.S. exports. By lowering interest rates, the Federal Reserve is
trying to stimulate our domestic economy to offset the slowdown that may be
caused by reduced trade with other countries.
The yield on one-year Treasury bills decreased from 5.40% at the end of May to
4.59% at the end of November, while repurchase agreements decreased from 5.50%
to 4.75% over the same period. Both decreases reflect the decline in interest
rates that occurred during October and November. Regardless of the interest rate
environment, I invest the Fund in U.S. Government guaranteed products that
provide the most value. The Treasury Money Market Trust portfolio contained 63%
repurchase agreements and 37% Treasury bills and notes as of November 30, 1998,
with a weighted average maturity of 49 days.
PERFORMANCE
According to IBC Financial Data, Inc., the Treasury Money Market Trust continues
to be ranked among the top money market funds. For the 12 months ended November
30, 1998, your Fund ranked 5 out of 100 Treasury Money Market funds. Past
performance is no guarantee of future results.
CUMULATIVE PERFORMANCE OF $10,000
- ---------------------------------
A chart in the form of a line graph appears here illustrating the cumulative
performance of a $10,000 investment of the USAA Treasury Money Market Trust. The
data is from 2/01/91 through 11/30/98. The data points from the graph are as
follows:
USAA Treasury Money Market Trust
Amount
------
02/01/91 $10,000
05/31/91 10,172
11/30/91 10,436
05/31/92 10,649
11/30/92 10,822
05/31/93 10,973
11/30/93 11,128
05/31/94 11,294
11/30/94 11,529
05/31/95 11,845
11/30/95 12,173
05/31/96 12,482
11/30/96 12,791
05/31/97 13,114
11/30/97 13,453
05/31/98 13,800
11/30/98 14,152
Data since inception on 2/01/91 through 11/30/98
Past performance is no guarantee of future results and the value of your
investment may vary according to the Fund's performance. Income may be subject
to federal, state or local taxes, or to the alternative minimum tax. For 7-day
yield information, please refer to the Fund's Investment Review Page.
An investment in this Fund is not insured or guaranteed by the FDIC or any other
government agency. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in the
Fund.
See page 7 for a complete listing of the Portfolio of Investments.
USAA TREASURY MONEY MARKET TRUST
PORTFOLIO OF INVESTMENTS
(IN THOUSANDS)
November 30, 1998
(Unaudited)
Principal
Amount Security Value
- --------------------------------------------------------------------------------
U. S. TREASURY BILLS (7.6%)
$ 2,000 4.74%, 12/10/1998 $ 1,998
2,000 5.10%, 2/04/1999 1,982
2,000 5.12%, 3/04/1999 1,973
2,000 4.24%, 3/11/1999 1,976
2,000 4.10%, 4/01/1999 1,972
- --------------------------------------------------------------------------------
Total U. S. treasury bills (cost: $9,901) 9,901
- --------------------------------------------------------------------------------
U.S. TREASURY NOTES (25.2%)
1,500 5.13%, 12/31/1998 1,500
2,000 6.38%, 1/15/1999 2,002
1,500 5.88%, 1/31/1999 1,501
2,000 5.00%, 2/15/1999 1,998
2,000 5.50%, 2/28/1999 2,002
1,500 5.88%, 2/28/1999 1,501
2,000 6.25%, 3/31/1999 2,004
2,000 7.00%, 4/15/1999 2,017
2,000 6.38%, 4/30/1999 2,006
2,000 6.38%, 5/15/1999 2,007
2,000 6.75%, 5/31/1999 2,013
2,000 6.75%, 6/30/1999 2,014
2,000 6.38%, 7/15/1999 2,011
2,000 5.88%, 7/31/1999 2,006
2,000 6.00%, 8/15/1999 2,022
2,000 6.88%, 8/31/1999 2,031
2,000 5.63%, 10/31/1999 2,016
- --------------------------------------------------------------------------------
Total U.S. treasury notes (cost: $32,651) 32,651
- --------------------------------------------------------------------------------
Total U.S. treasury bills and notes (cost: $42,552) 42,552
- --------------------------------------------------------------------------------
U.S. GOVERNMENT GUARANTEED NOTES (3.8%)
5,000 5.50%, 4/2/2007 (cost: $5,000) 5,000
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS (63.4%)
32,300 ABN AMRO, Inc., 4.68%, acquired on 11/24/98 and due
12/01/98 at $32,329 (collateralized by a $32,553 U.S.
Treasury Note, 5.875%, due 11/15/99; market value of
$32,965) 32,300
5,600 First Chicago Capital Markets, 5.15%, acquired on
11/30/98 and due 12/1/98 at $5,601 (collateralized
by a $3,945 U.S. Treasury Note, 6.875%, due 7/31/99
and a $1,640 U.S. Treasury Bill, due 2/4/99; total
market value of $5,715) 5,600
6,200 Lehman Brothers, Inc. (collateralized by a $6,270 U.S.
Treasury Note, 7.0%, due 4/15/99; market value $6,387) 6,200
32,230 Merrill Lynch Government Securities Inc., 5.25%, acquired
on 11/30/98 and due 12/01/98 at $32,235 (collateralized
by a $32,470 U.S. Treasury Note, 5.625%, due 10/31/99;
market value of $32,878) 32,230
6,000 State Street Corp., 5.15%, acquired on 11/30/98 and due
12/01/98 at $6,001 (collateralized by a $5,990 U.S.
Treasury Note, 7.125%, due 9/30/99; market value of
$6,180) 6,000
- --------------------------------------------------------------------------------
Total repurchase agreements (cost: $82,330) 82,330
- --------------------------------------------------------------------------------
Total investments (cost: $129,882) $129,882
================================================================================
USAA TREASURY MONEY MARKET TRUST
NOTES TO PORTFOLIO OF INVESTMENTS
November 30, 1998
(Unaudited)
GENERAL NOTES
Values of securities are determined by procedures and practices discussed in
note 1 to the financial statements.
The cost of securities for federal income tax purposes is approximately the same
as that reported in the financial statements.
The percentages shown represent the percentage of the investments to net assets.
See accompanying notes to financial statements.
USAA TREASURY MONEY MARKET TRUST
STATEMENT OF ASSETS AND LIABILITIES
(IN THOUSANDS)
November 30, 1998
(Unaudited)
ASSETS
Investments in securities $ 47,552
Repurchase agreements 82,330
Cash 196
Receivables:
Capital shares sold 107
Interest 547
-----------
Total assets 130,732
-----------
LIABILITIES
Capital shares redeemed 718
USAA Investment Management Company 13
USAA Transfer Agency Company 11
Accounts payable and accrued expenses 34
Dividends on capital shares 23
-----------
Total liabilities 799
-----------
Net assets applicable to capital shares outstanding $ 129,933
===========
REPRESENTED BY:
Paid-in capital $ 129,933
===========
Capital shares outstanding, unlimited number of shares authorized,
no par value 129,933
===========
Net asset value, redemption price, and offering price per share $ 1.00
===========
See accompanying notes to financial statements.
USAA TREASURY MONEY MARKET TRUST
STATEMENT OF OPERATIONS
(IN THOUSANDS)
Six-month period ended November 30, 1998
(Unaudited)
Net investment income:
Interest income $ 3,293
----------
Expenses:
Management fees 83
Transfer agent's fees 58
Custodian's fees 31
Postage 5
Shareholder reporting fees 4
Trustees' fees 2
Registration fees 32
Professional fees 14
Other 3
----------
Total expenses 232
----------
Net investment income $ 3,061
==========
See accompanying notes to financial statements.
USAA TREASURY MONEY MARKET TRUST
STATEMENTS OF CHANGES IN NET ASSETS
(IN THOUSANDS)
Six-month period ended November 30, 1998
and Year ended May 31, 1998
(Unaudited)
11/30/98 5/31/98
-------------------------
From operations:
Net investment income $ 3,061 $ 4,864
-------------------------
Distributions to shareholders from:
Net investment income (3,061) (4,864)
-------------------------
From capital share transactions:
Proceeds from shares sold 71,908 104,327
Shares issued for dividends reinvested 2,897 4,561
Cost of shares redeemed (51,551) (90,821)
-------------------------
Increase in net assets from capital share
transactions 23,254 18,067
-------------------------
Net increase in net assets 23,254 18,067
Net assets:
Beginning of period 106,679 88,612
-------------------------
End of period $ 129,933 $ 106,679
=========================
Change in shares outstanding:
Shares sold 71,908 104,327
Shares issued for dividends reinvested 2,897 4,561
Shares redeemed (51,551) (90,821)
-------------------------
Increase in shares outstanding 23,254 18,067
=========================
See accompanying notes to financial statements.
USAA TREASURY MONEY MARKET TRUST
NOTES TO FINANCIAL STATEMENTS
November 30, 1998
(Unaudited)
(1) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
USAA INVESTMENT TRUST (the Trust), registered under the Investment Company Act
of 1940, as amended, is a diversified, open-end management investment company
organized as a Massachusetts business trust consisting of eleven separate funds.
The information presented in this semiannual report pertains only to the USAA
Treasury Money Market Trust (the Fund). The Fund's investment objective is to
provide maximum current income while maintaining the highest degree of safety
and liquidity. USAA Investment Management Company (the Manager) seeks to achieve
this objective by investing the Fund's assets exclusively in securities with
maturities of 397 days or less that are backed by the full faith and credit of
the U.S. Government and repurchase agreements collateralized by such securities.
A. Security valuation - The value of each security is determined (as of the
close of trading on the New York Stock Exchange on each business day the
Exchange is open) as set forth below:
1. Pursuant to Rule 2a-7 of the Investment Company Act of 1940, as amended,
securities in the Fund are stated at amortized cost which approximates market
value. Repurchase agreements are valued at cost.
2. Securities which cannot be valued by the methods set forth above, and all
other assets, are valued in good faith at fair value, using methods determined
by the Manager under the general supervision of the Board of Trustees.
B. Federal taxes - The Fund's policy is to comply with the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute substantially all of its income to its shareholders. Therefore, no
federal income or excise tax provision is required.
C. Investments in securities - Security transactions are accounted for on the
date the securities are purchased or sold (trade date). Interest income is
recorded on the accrual basis. Discounts and premiums on securities are
amortized over the life of the respective securities. Gain or loss from sales of
investment securities is computed on the identified cost basis.
D. Use of estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that may affect the reported amounts in the financial
statements.
(2) LINES OF CREDIT
The Fund participates with other USAA funds in two joint short-term revolving
loan agreements totaling $850 million, one with USAA Capital Corporation
(CAPCO), an affiliate of the Manager ($750 million uncommitted), and one with
NationsBank of Texas, N.A. ($100 million committed). The purpose of the
agreements is to meet temporary or emergency cash needs, including redemption
requests that might otherwise require the untimely disposition of securities.
Subject to availability under its agreement with CAPCO, the Fund may borrow from
CAPCO an amount up to 5% of the Fund's total assets at CAPCO's borrowing rate
with no markup. Subject to availability under its agreement with NationsBank,
the Fund may borrow from NationsBank an amount which, when added to outstanding
borrowings under the CAPCO agreement, does not exceed 25% of the Fund's total
assets at NationsBank's borrowing rate plus a markup. The Fund had no borrowings
under either of these agreements during the period ended November 30, 1998.
(3) DISTRIBUTIONS
Net investment income is accrued daily as dividends and distributed to
shareholders monthly. Distributions of realized gains from security transactions
not offset by capital losses are made in the succeeding fiscal year or as
otherwise required to avoid the payment of federal taxes.
(4) INVESTMENT TRANSACTIONS
Cost of purchases and proceeds from sales/maturities of securities for the
six-month period ended November 30, 1998 were $9.2 million and $9.1 million,
respectively.
(5) TRANSACTIONS WITH MANAGER
A. Management fees - USAA Investment Management Company carries out the Fund's
investment policies and manages the Fund's portfolio. The Fund's management fees
are computed at .125% of its annual average net assets.
B. Transfer agent's fees - USAA Transfer Agency Company, d/b/a USAA Shareholder
Account Services, an affiliate of the Manager, provides transfer agent services
to the Fund based on an annual charge of $26 per shareholder account plus
out-of-pocket expenses. Effective January 1, 1999, the annual charge will be
$28.50.
C. Underwriting services - The Manager provides exclusive underwriting and
distribution of the Fund's shares on a continuing best efforts basis. The
Manager receives no commissions or fees for this service.
(6) TRANSACTIONS WITH AFFILIATES
Certain trustees and officers of the Fund are also directors, officers, and/or
employees of the Manager. None of the affiliated trustees or Fund officers
received any compensation from the Fund.
(7) REPURCHASE AGREEMENTS
The Fund may enter into repurchase agreements with commercial banks or
recognized security dealers. These agreements are secured by obligations backed
by the full faith and credit of the U.S. Government. Obligations pledged as
collateral are required to maintain a value equal to or in excess of the resale
price of the repurchase agreement and are held by the Fund's custodian until
maturity of the repurchase agreement. The Fund's Manager monitors the
creditworthiness of sellers with which the Fund may enter into repurchase
agreements.
(8) FINANCIAL HIGHLIGHTS
Per share operating performance for a share outstanding throughout each period
is as follows:
Six-month Eight-month
Period Ended Period Ended
November 30, Year Ended May 31, May 31,
--------------------------------------------------------------
1998 1998 1997 1996 1995 1994
--------------------------------------------------------------
Net asset value
at beginning
of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
Net investment
income .03 .05 .05 .05 .05 .02
Distributions from
net investment
income (.03) (.05) (.05) (.05) (.05) (.02)
--------------------------------------------------------------
Net asset value at
end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
==============================================================
Total return (%) * 2.55 5.24 5.06 5.38 4.88 1.96
Net assets at end
of period (000) $129,933 $106,679 $ 88,612 $ 76,777 $ 67,876 $ 37,984
Ratio of expenses
to average
net assets (%) .375(a) .375 .375 .375 .375 .375(a)
Ratio of expenses
to average net
assets,
excluding
reimbursements (%) N/A .392 .394 .403 .488 .620(a)
Ratio of net
investment
income to
average net
assets (%) 5.01(a) 5.11 4.95 5.23 4.91 2.94(a)
* Assumes reinvestment of all dividend income distributions during the period.
(a) Annualized. The ratio is not necessarily indicative of 12 months of
operations.
TRUSTEES
Robert G. Davis, Chairman of the Board
Michael J.C. Roth, President and Vice Chairman of the Board
John W. Saunders, Jr., Vice President
Barbara B. Dreeben
Howard L. Freeman, Jr.
Robert L. Mason
Richard A. Zucker
INVESTMENT ADVISER, UNDERWRITER AND DISTRIBUTOR
USAA Investment Management Company
9800 Fredericksburg Road
San Antonio, Texas 78288
TRANSFER AGENT
USAA Shareholder Account Services
9800 Fredericksburg Road
San Antonio, Texas 78288
CUSTODIAN
State Street Bank and Trust Company
P.O. Box 1713
Boston, Massachusetts 02105
LEGAL COUNSEL
Goodwin, Procter & Hoar LLP
Exchange Place
Boston, Massachusetts 02109
INDEPENDENT AUDITORS
KPMG Peat Marwick LLP
112 East Pecan, Suite 2400
San Antonio, Texas 78205
Telephone Assistance Hours
Call toll free - Central Time
Monday - Friday 7:30 a.m. to 8:00 p.m.
Saturdays 8:30 a.m. to 5:00 p.m.
For Additional Information On Mutual Funds
1-800-531-8181, (in San Antonio) 456-7211
For account servicing, exchanges or redemptions
1-800-531-8448, (in San Antonio) 456-7202
Recorded Mutual Fund Price Quotes
24-Hour Service (from any phone)
1-800-531-8066, (in San Antonio) 498-8066
Mutual Fund TouchLine(Registered Trademark)
(from Touchtone phones only)
For account balance, last transaction or fund prices
1-800-531-8777, (in San Antonio) 498-8777
