TABLE OF CONTENTS
USAA FAMILY OF FUNDS 1
MESSAGE FROM THE PRESIDENT 2
INVESTMENT REVIEW 4
MESSAGE FROM THE MANAGERS 5
FINANCIAL INFORMATION
Distributions to Shareholders 8
Independent Auditors' Report 9
Portfolio of Investments 10
Notes to Portfolio of Investments 17
Statement of Assets and Liabilities 18
Statement of Operations 19
Statements of Changes in Net Assets 20
Notes to Financial Statements 21
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 INTERNATIONAL
FUND, 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)2000, 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 Very high 3,000
First Start Growth(Registered
Trademark) Moderate to high 3,000
Gold Very high 3,000
Growth Moderate to high 3,000
Growth & Income Moderate 3,000
International Moderate to high 3,000
S&P 500(Registered Trademark)
Index Moderate 3,000
Science & Technology Very high 3,000
Small Cap Stock Very high 3,000
World Growth Moderate to high 3,000
ASSET ALLOCATION
===============================================================================
Balanced Strategy Moderate $3,000
Cornerstone Strategy Moderate 3,000
Growth and Tax
Strategy Moderate 3,000
Growth Strategy Moderate to high 3,000
Income Strategy Low to moderate 3,000
INCOME - TAXABLE
===============================================================================
GNMA(Registered Trademark) Low to moderate $3,000
High-Yield Opportunities High 3,000
Income Moderate 3,000
Income Stock Moderate 3,000
Intermediate-Term Bond Low to moderate 3,000
Short-Term Bond Low 3,000
INCOME - TAX EXEMPT
===============================================================================
Long-Term Moderate $3,000
Intermediate-Term Low to moderate 3,000
Short-Term Low 3,000
State Bond Income Moderate 3,000
MONEY MARKET
===============================================================================
Money Market Very low $3,000
Tax Exempt
Money Market Very low 3,000
Treasury Money
Market Trust(Registered
Trademark) Very low 3,000
State Money Market Very low 3,000
-------------------------------------------------------------------------------
FOREIGN INVESTING IS SUBJECT TO ADDITIONAL RISKS, WHICH ARE DISCUSSED IN THE
FUNDS' PROSPECTUSES.
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.
SOME INCOME MAY BE SUBJECT TO STATE OR LOCAL TAXES OR THE FEDERAL ALTERNATIVE
MINIMUM TAX.
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.
THE SCIENCE & TECHNOLOGY 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.
NONDEPOSIT INVESTMENT PRODUCTS ARE NOT INSURED BY THE FDIC, ARE NOT DEPOSITS OR
OTHER OBLIGATIONS OF, OR GUARANTEED BY, USAA FEDERAL SAVINGS BANK, ARE SUBJECT
TO INVESTMENT RISKS, AND MAY LOSE VALUE.
FOR MORE COMPLETE INFORMATION ABOUT THE MUTUAL FUNDS MANAGED AND DISTRIBUTED BY
USAA INVESTMENT MANAGEMENT COMPANY, INCLUDING CHARGES AND OPERATING EXPENSES,
PLEASE CALL 1-800-531-8181 FOR A PROSPECTUS. READ IT CAREFULLY BEFORE YOU
INVEST.
MESSAGE FROM THE PRESIDENT
[PHOTOGRAPH OF PRESIDENT AND VICE CHAIRMAN OF THE BOARD, MICHAEL J.C. ROTH, CFA,
APPEARS HERE]
--------------------------------------------------------------------------------
THE FIRST FIVE MONTHS OF 2000 WERE AS FASCINATING AND CHALLENGING A PERIOD AS
INVESTORS HAVE SEEN IN A LONG TIME. IT WAS FRAMED BY TWO EVENTS THAT WERE
STUNNINGLY OPPOSITE TO ONE ANOTHER.
--------------------------------------------------------------------------------
The more notable of the two was the precipitous drop of the NASDAQ Index. This
market gauge is dominated by the tech stocks which created the stupendous
returns of 1999. Many mutual funds could boast triple-digit returns for 12-month
periods, and the valuation of tech stocks in general reached undreamt-of levels.
More traditional investors struggled with the triple-digit price/earnings ratios
of the techs, and the retort was that this was the new economy. Then, about
three months into 2000, the trend cracked. The NASDAQ began falling, and it fell
hard. There were numerous drops of 5% or more in a day, very severe for an
entire index.
The second event was at the opposite end of the investment spectrum. Most people
were highly aware that the Federal Reserve (the Fed) was getting serious about
inflation and was raising interest rates. Therefore, bonds were a bad
investment? Wrong!
The Fed indeed raised short-term rates more than once. But something else was
happening. The federal government continued to run a budget surplus, and that
surplus has begun to be applied to the national debt. The Treasury began to
retire its 30-year bond. The effect was that by early June the six-month
Treasury bill yielded over 6.30%, but the 30-year bond, which had long been the
benchmark for the entire bond market, had a yield of 5.91%. Not only could you
get a higher rate of interest investing for 180 days instead of 30 years, but if
you happened to already own the 30-year bond, you received the benefit of a
run-up in its price.
In May THE WALL STREET JOURNAL reported that one of the world's foremost hedge
funds had suspected that tech stocks would drop, but missed the opportunity to
get out ahead of the event.
And there was no forewarning of what happened in the bond market. Once again, at
a pair of major market turns most investors were surprised. And that is why we
continue to believe that a well-allocated portfolio, set up before the fact, is
an excellent way to approach investing.
Sincerely,
Michael J.C. Roth, CFA
PRESIDENT AND
VICE CHAIRMAN OF THE BOARD
FOR MORE COMPLETE INFORMATION ABOUT THE MUTUAL FUNDS MANAGED AND DISTRIBUTED BY
USAA INVESTMENT MANAGEMENT COMPANY, INCLUDING CHARGES AND OPERATING EXPENSES,
PLEASE CALL FOR A PROSPECTUS. READ IT CAREFULLY BEFORE INVESTING.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
INVESTMENT REVIEW
USAA INTERNATIONAL FUND
OBJECTIVE: Capital appreciation with current income as a secondary objective.
TYPES OF INVESTMENTS: Invests principally in equity securities of foreign
companies.
--------------------------------------------------------------------------------
5/31/00 5/31/99
--------------------------------------------------------------------------------
Net Assets $533.3 Million $499.9 Million
Net Asset Value Per Share $22.28 $19.79
--------------------------------------------------------------------------------
Average Annual Total Returns as of 5/31/00
--------------------------------------------------------------------------------
1 YEAR 5 YEARS 10 YEARS
19.26% 12.00% 10.04%
--------------------------------------------------------------------------------
TOTAL RETURN EQUALS INCOME YIELD PLUS SHARE PRICE CHANGE AND ASSUMES
REINVESTMENT OF ALL DIVIDENDS AND CAPITAL GAIN DISTRIBUTIONS. NO ADJUSTMENT HAS
BEEN MADE FOR TAXES PAYABLE BY SHAREHOLDERS ON THEIR REINVESTED INCOME DIVIDENDS
AND CAPITAL GAIN DISTRIBUTIONS. THE PERFORMANCE DATA QUOTED REPRESENT PAST
PERFORMANCE AND ARE NOT AN INDICATION OF FUTURE RESULTS. INVESTMENT RETURN AND
PRINCIPAL VALUE OF AN INVESTMENT WILL FLUCTUATE, AND AN INVESTOR'S SHARES, WHEN
REDEEMED, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST.
CUMULATIVE PERFORMANCE COMPARISON
A chart in the form of a line graph appears here, illustrating the comparison of
a $10,000 hypothetical investment in the USAA International Fund, the Morgan
Stanley Capital Index (MSCI)-EAFE, and the Lipper International Funds Average
for the period of 5/31/90 through 5/31/00. The data points from the graph are as
follows:
USAA
International MSCI-EAFE Lipper
Fund Index Average
------------- --------- -------
05/31/90 $10,000 $10,000 $10,000
11/30/90 8,880 8,495 8,875
05/31/91 9,539 9,464 9,671
11/30/91 9,612 9,204 9,521
05/31/92 10,744 9,145 10,505
11/30/92 10,047 8,458 9,456
05/31/93 11,896 10,644 11,164
11/30/93 12,804 10,511 12,080
05/31/94 14,407 12,089 13,448
11/30/94 14,729 12,071 13,380
05/31/95 14,766 12,685 13,691
11/30/95 15,286 12,985 14,271
05/31/96 17,676 14,039 15,715
11/30/96 18,656 14,511 16,509
05/31/97 20,631 15,097 17,852
11/30/97 20,325 14,453 17,473
05/31/98 23,372 16,774 20,560
11/30/98 20,489 16,831 19,322
05/31/99 21,823 17,506 20,072
11/30/99 25,300 20,383 24,018
05/31/00 26,027 20,508 24,115
DATA FROM 5/31/90 THROUGH 5/31/00.
THE GRAPH ILLUSTRATES HOW A $10,000 HYPOTHETICAL INVESTMENT IN THE USAA
INTERNATIONAL FUND OUTPERFORMED ITS BENCHMARK, THE MORGAN STANLEY CAPITAL INDEX
(MSCI)-EAFE, AN UNMANAGED INDEX THAT REFLECTS THE MOVEMENTS OF STOCK MARKETS IN
EUROPE, AUSTRALIA, AND THE FAR EAST BY REPRESENTING A BROAD SELECTION OF
DOMESTICALLY LISTED COMPANIES WITHIN EACH MARKET, AND THE LIPPER INTERNATIONAL
FUNDS AVERAGE, AN AVERAGE PERFORMANCE LEVEL OF ALL INTERNATIONAL FUNDS, AS
REPORTED BY LIPPER ANALYTICAL SERVICES, INC., AN INDEPENDENT ORGANIZATION THAT
MONITORS THE PERFORMANCE OF MUTUAL FUNDS.
MESSAGE FROM THE MANAGERS
[PHOTOGRAPH OF PORTFOLIO MANAGERS FROM LEFT TO RIGHT: ALBERT C. SEBASTIAN, CFA,
AND KEVIN P. MOORE APPEARS HERE.]
MARKET CONDITIONS
For the 12-month period ended May 31, 2000, the USAA International Fund's total
return was 19.26%, which compares with the Lipper International Funds Average
return of 25.62% and with the Morgan Stanley Capital Index (MSCI)-EAFE return of
15.73%. Last year the Fund's performance was negatively impacted by its
under-representation in Asian and Internet equities. However, the Fund's
relative return this year was positively impacted since we are still
underweighted in these same stocks.
EUROPE
In 2000, the Fund has benefited from its overweighted position in European
equities. This is in spite of a weaker euro compared to the U.S. dollar. Within
Europe, the Fund has benefited from good stock selection and an overweighted
position in energy and health care. Consumer staples and financials have also
performed well, while metal and mining stocks have performed poorly.
CANADA
The Canadian equity market has rebounded strongly this year, and the Fund has
consequently benefited from its overweighted position. Energy stocks have been
particularly strong as a result of higher oil and natural gas prices. Technology
and financial stocks have also positively contributed to performance.
JAPAN
Our overweighted position in the technology sector worked well in 1999. Despite
the recent turmoil in the technology stocks, our holdings in that sector were
the primary reason we outperformed the market over the last 12 months. Our
underweighted position in bank stocks and other OLD ECONOMY stocks has turned
out to be positive. We believe that corporate restructuring is still intact and
the earnings outlook continues to be favorable. However, we are still skeptical
about the Japanese government's commitment to a tighter fiscal policy and
deregulation. We will remain underweighted in Japan until we see more progress.
EMERGING MARKETS
Most emerging markets started 2000 on a strong upswing, only to be subsequently
caught in the negative sentiment that gripped equity markets beginning in March.
Economic growth in most Asian emerging markets continues to rebound from the
lows of the regional crisis. Latin American markets have also rebounded on the
back of strong exports as well as improving domestic economies. The South
African economy, while suffering from currency and interest rate pressure,
continues to grow while economic performance in Eastern European and Middle
Eastern countries is mixed. We believe that improving domestic demand, coupled
with the potential for falling interest rates, provides a favorable backdrop for
emerging markets over the next 12 months.
OUTLOOK
We are encouraged by the strength of the global economy and feel positive about
the recent signs that U.S. economic growth may be slowing. We continue to favor
Europe and Canada based on attractive valuations, sustainable economic growth,
corporate restructuring, and a benign inflation outlook. In Japan, the market
will continue to be led by large-capitalization growth stocks in the
telecommunication and technology sectors. Our outlook, however, is less positive
on Japan because of the level of financial and government debt as well as the
uncertain political outlook. In emerging markets we favor Brazil and Mexico as
well as technology stocks in Korea and Taiwan. Overall in the portfolio, we
continue to be underweighted in the financial and utility sectors and
overweighted in the technology, industrial, and energy sectors.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
REFER TO THE BOTTOM OF PAGE 4 FOR THE LIPPER AVERAGE AND THE MSCI-EAFE
DEFINITIONS.
------------------------------------------ ------------------------------------
Top 10 Equity Holdings Top 10 Industries
(% of Net Assets) (% of Net Assets)
------------------------------------------ ------------------------------------
Nokia Corp. ADR 4.4 Telephones 10.9
Koninklijke Philips Elec. N.V. ADR 2.6 Communications Equipment 7.7
Total Fina S.A. 2.2 Banks - Money Center 7.0
Nortel Networks Corp. 2.0 Drugs 6.6
Nordic Baltic Holding (NBH) AB 1.6 Insurance - Multiline 4.6
Telefonica de Espana S.A. ADR 1.6 Oil - International Integrated 4.4
Christiania Bk Ords 1.5 Banks - Major Regional 3.3
ING Group N.V. 1.5 Electronics - Semiconductor 3.1
Cookson Group plc 1.4 Retail - Specialty 2.9
Koninklijke KPN N.V. 1.4 Electrical Equipment 2.8
------------------------------------------ ------------------------------------
ASSET ALLOCATION
A pie chart is shown here depicting the Asset Allocation as of May 31, 2000 of
the USAA International Fund to be:
Other - 21.0% (Countries with less than 3.0% of the portfolio and Money Market
Instruments); Japan - 16.3%; United Kingdom - 15.3%; Netherlands - 10.1%; Canada
- 8.1%; France - 7.6%; Finland - 6.1%; Sweden - 4.7%; Italy - 4.1%; Spain -
4.1%; and Germany - 3.0%.
SEE PAGE 10 FOR A COMPLETE LISTING OF THE PORTFOLIO OF INVESTMENTS.
FOREIGN INVESTING IS SUBJECT TO ADDITIONAL RISKS, SUCH AS CURRENCY FLUCTUATIONS,
MARKET ILLIQUIDITY, AND POLITICAL INSTABILITY.
DISTRIBUTIONS TO SHAREHOLDERS
The following per share information describes the federal tax treatment of
distributions made during the fiscal year ended May 31, 2000. These figures are
provided for information purposes only and should not be used for reporting to
federal or state revenue agencies. Distributions for the calendar year will be
reported to you on Form 1099-DIV in January 2001.
The Fund has elected under Section 853 of the Internal Revenue Code to pass
through the credit for taxes paid in foreign countries. Per share foreign gross
income earned and foreign taxes paid during the fiscal year by the Fund are $.23
and $.06, respectively.
Ordinary income * $ .54
Long-term capital gains .78
-----
Total $1.32
=====
* INCLUDES DISTRIBUTION OF SHORT-TERM CAPITAL GAINS, IF ANY, WHICH ARE TAXABLE
AS ORDINARY INCOME.
INDEPENDENT AUDITORS' REPORT
KPMG
The Shareholders and Board of Trustees
USAA INTERNATIONAL FUND:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of the USAA International Fund, a series of the
USAA Investment Trust, as of May 31, 2000, and the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the years in the two-year period then ended, and the financial
highlights, presented in note 8 to the financial statements, for each of the
years in the five-year period then ended. These financial statements and
financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of May 31, 2000, by correspondence with the custodian and
brokers. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
USAA International Fund as of May 31, 2000, the results of its operations for
the year then ended, the changes in its net assets for each of the years in the
two-year period then ended, and the financial highlights for each of the years
in the five-year period then ended, in conformity with accounting principles
generally accepted in the United States of America.
KPMG LLP
San Antonio, Texas
July 7, 2000
USAA INTERNATIONAL FUND
PORTFOLIO OF INVESTMENTS
MAY 31, 2000
MARKET
NUMBER VALUE
OF SHARES SECURITY (000)
--------------------------------------------------------------------------------
STOCKS (97.8%)
ARGENTINA (0.1%)
366,600 PC Holdings S.A. $ 579
--------------------------------------------------------------------------------
AUSTRALIA (0.1%)
1,273,000 Pasminco Ltd. * 661
--------------------------------------------------------------------------------
AUSTRIA (1.4%)
51,000 Bank Austria AG 2,422
57,600 Boehler Uddeholm AG 2,252
21,000 VA Technologie AG 1,154
53,800 Vienna Airport (Flughafen Wien) 1,804
--------------------------------------------------------------------------------
7,632
--------------------------------------------------------------------------------
BRAZIL (0.4%)
23,700 Companhia Brasileira de Distribuicao Grupo Pao de
Acucar ADR 711
3,300,000 Petroleo Brasileiro S.A. (Preferred) 758
33,000 Uniao de Bancos Brasileiros S.A. (Unibanco) GDR 798
--------------------------------------------------------------------------------
2,267
--------------------------------------------------------------------------------
CANADA (8.1%)
227,100 Anderson Exploration Ltd. * 4,192
73,200 C-MAC Industries, Inc. * 2,795
80,600 Canadian Imperial Bank of Commerce 2,171
239,400 Canadian National Railway Co. 6,419
186,300 Canadian Occidental Petroleum Ltd. 4,623
170,000 Manulife Financial Corp. 2,996
200,400 Nortel Networks Corp. 10,884
242,600 Suncor Energy, Inc. 5,565
135,800 Toronto-Dominion Bank 3,400
--------------------------------------------------------------------------------
43,045
--------------------------------------------------------------------------------
CHINA (0.5%)
199,700 China Telecom Ltd. * 1,493
1,552,000 Cosco Pacific Ltd. 1,155
--------------------------------------------------------------------------------
2,648
--------------------------------------------------------------------------------
DENMARK (2.4%)
767,785 Nordic Baltic Holding * 4,941
144,200 SAS Danmark A/S 1,298
96,100 Tele Danmark A/S "B" 6,785
--------------------------------------------------------------------------------
13,024
--------------------------------------------------------------------------------
EGYPT (0.1%)
29,130 Suez Cement Co. S.A.E. GDR 322
--------------------------------------------------------------------------------
FINLAND (6.1%)
195,179 Metso OYJ 2,549
447,680 Nokia Corp. ADR 23,279
64,100 Perlos Corp. 2,303
100,700 Sampo Insurance Co. "A" 4,228
--------------------------------------------------------------------------------
32,359
--------------------------------------------------------------------------------
FRANCE (7.6%)
70,500 Accor S.A. 2,855
98,522 Aventis S.A. 6,407
93,886 CNP Assurances 3,050
109,000 Coflexip ADR 6,349
38,300 Eramet Group 1,804
27,200 ISIS S.A. 1,721
61,600 Renault S.A. 2,902
80,500 Rhodia S.A. 1,337
151,733 Total Fina S.A. 11,977
40,800 Valeo S.A. 2,067
--------------------------------------------------------------------------------
40,469
--------------------------------------------------------------------------------
GERMANY (3.0%)
110,800 Continental AG 2,047
113,600 Merck KGaA 3,524
7,600 SAP AG 3,155
142,760 Veba AG 7,219
--------------------------------------------------------------------------------
15,945
--------------------------------------------------------------------------------
GREECE (0.5%)
54,200 Hellenic Telecommunications Organization S.A. (OTE) 1,338
123,942 National Bank of Greece S.A. GDR * 1,131
--------------------------------------------------------------------------------
2,469
--------------------------------------------------------------------------------
HONG KONG (0.5%)
134,000 HSBC Holdings 1,479
110,000 Hutchison Whampoa Ltd. 1,267
--------------------------------------------------------------------------------
2,746
--------------------------------------------------------------------------------
HUNGARY (0.1%)
20,300 Magyar Tavkozlesi RT. (MATAV) ADR 693
--------------------------------------------------------------------------------
INDIA (0.2%)
80,900 Videsh Sanchar Nigam Ltd. GDR 1,262
--------------------------------------------------------------------------------
ISRAEL (0.5%)
160,065 Bank Hapoalim Ltd. 461
63,000 Blue Square Ltd. ADR 622
7,900 Check Point Software Technologies Ltd. * 1,484
2,600 Teva Pharmaceutical Industries Ltd. ADR 140
--------------------------------------------------------------------------------
2,707
--------------------------------------------------------------------------------
ITALY (4.1%)
95,300 ENI S.p.A. ADR 5,176
46,000 Gucci Group N.V. 3,939
1,057,000 Italgas S.p.A. 4,329
218,900 Telecom Italia S.p.A. 3,022
913,700 Telecom Italia S.p.A. Savings 5,669
--------------------------------------------------------------------------------
22,135
--------------------------------------------------------------------------------
JAPAN (16.1%)
58,000 Asatsu DK 1,890
160,000 Daibiru Corp. 1,331
580 DDI Corp. 5,924
158,000 Fujitsu Ltd. 4,474
80,000 Honda Motor Co. Ltd. 2,637
9,800 Internet Initiative, Inc. ADR * 605
44,000 Ito-Yokado Co. Ltd. 2,610
325,000 Kikkoman Corp. 2,278
95,000 Kirin Brewery Co. Ltd. 1,147
33,000 Murata Manufacturing Co. Ltd. 5,699
390,000 Nikko Securities Co. Ltd. 3,614
1,302,000 Nippon Steel Corp. 2,853
420 Nippon Telegraph & Telephone Corp. (NTT) 4,991
300 Nippon Television Network 206
90 NTT Mobile Communication Network, Inc. 2,323
96,200 Paris Miki, Inc. 6,377
51,000 Pasona Softbank, Inc. 1,222
20,000 Ryohin Keikaku Co. 2,914
159,000 Sailor Pen Co. Ltd. 2,787
74,250 Sanix, Inc. * 4,143
78,700 Sony Corp. * 7,124
367,000 Sumitomo Corp. 3,407
88,000 Sumitomo Electric Industries, Ltd. 1,283
79,000 Takeda Chemical Industries 5,391
500,000 Toshiba Corp. 4,828
4,000 Toys R Us * 642
515 West Japan Railway 2,176
40,800 Zenrin Co. 1,243
--------------------------------------------------------------------------------
86,119
--------------------------------------------------------------------------------
KOREA (1.2%)
9,800 Korea Electric Power Corp. ADS 153
47,964 Korea Telecom Corp. ADR 1,774
60,000 Samsung Corp. 481
9,264 Samsung Electronics Co. Ltd. 2,526
170,000 Shinhan Bank 1,272
--------------------------------------------------------------------------------
6,206
--------------------------------------------------------------------------------
MALAYSIA (0.2%)
56,100 Malaysian Pacific 631
342,000 Technology Resources Industries Bhd 410
--------------------------------------------------------------------------------
1,041
--------------------------------------------------------------------------------
MEXICO (0.9%)
91,600 Coca Cola Femsa S.A. ADR 1,391
29,100 Fomento Economico Mexicano, S.A. de C.V. ADR 1,107
26,000 Telefonos de Mexico, S.A. de C.V. ADR 1,266
62,800 Tubos de Acero de Mexico, S.A. ADR 848
--------------------------------------------------------------------------------
4,612
--------------------------------------------------------------------------------
NETHERLANDS (10.1%)
176,600 Akzo Nobel N.V. 6,740
56,060 EVC International N.V. * 549
111,200 Fortis NL N.V. 2,926
33,900 Getronics N.V. 568
135,102 ING Group N.V. 8,081
83,800 Koninklijke KPN N.V. 7,568
307,908 Koninklijke Philips Electronics N.V. ADR 13,606
118,900 Oce-van der Grinten N.V. 1,686
112,000 Versatel Telecom * 4,044
88,700 VNU N.V. 4,526
162,100 Vopak Kon 3,705
--------------------------------------------------------------------------------
53,999
--------------------------------------------------------------------------------
NORWAY (2.3%)
1,506,700 Christiania Bank og Kreditkasse 7,764
84,500 Schibsted ASA 1,647
455,100 Storebrand ASA 2,931
--------------------------------------------------------------------------------
12,342
--------------------------------------------------------------------------------
PORTUGAL (2.5%)
225,820 Banco Pinto & Sotto Mayor S.A. * 5,098
311,000 Brisa-Auto Estrada de Portugal S.A. 2,281
528,500 Portugal Telecom S.A. ADR 5,747
--------------------------------------------------------------------------------
13,126
--------------------------------------------------------------------------------
RUSSIA (0.2%)
15,100 LUKoil ADR 834
--------------------------------------------------------------------------------
SINGAPORE (0.2%)
130,000 Natsteel Electronics 382
95,000 Singapore Airlines 828
--------------------------------------------------------------------------------
1,210
--------------------------------------------------------------------------------
SOUTH AFRICA (0.3%)
771,600 Firstrand Ltd. 810
87,497 South African Breweries plc 534
--------------------------------------------------------------------------------
1,344
--------------------------------------------------------------------------------
SPAIN (4.1%)
241,170 Altadis S.A. 3,537
386,000 Banco Bilbao Vizcaya Argentaria 5,402
204,350 Repsol S.A. 4,360
143,985 Telefonica de Espana S.A. ADR * 8,765
--------------------------------------------------------------------------------
22,064
--------------------------------------------------------------------------------
SWEDEN (4.7%)
181,980 Autoliv, Inc. GDR 5,013
332,000 Ericsson L M Tel Co. ADR 6,806
1,271,916 Nordic Baltic Holding * 8,307
182,880 Skandinaviska Enskilda Banken "A" 1,995
963,000 Swedish Match AB 2,991
963,000 Swedish Match Redemption Rights 50
--------------------------------------------------------------------------------
25,162
--------------------------------------------------------------------------------
SWITZERLAND (2.7%)
4,004 Novartis AG 5,906
9,305 Selecta Group AG 2,671
4,517 Sulzer AG P.C. * 3,043
7,370 Swisscom AG 2,589
--------------------------------------------------------------------------------
14,209
--------------------------------------------------------------------------------
TAIWAN (0.9%)
105,000 Asustek Computer 1,060
539,849 Compal Electronics, Inc. 1,288
257,280 Taiwan Semiconductor Manufacturing Co. * 1,311
291,000 Winbond Electronic * 878
--------------------------------------------------------------------------------
4,537
--------------------------------------------------------------------------------
TURKEY (0.4%)
23,100,000 Eregli Demir Ve Celik Fabrikalari T.A.S. * 1,069
74,687,809 Yapi Ve Kredi Bankasi A.S. 922
--------------------------------------------------------------------------------
1,991
--------------------------------------------------------------------------------
UNITED KINGDOM (15.3%)
126,700 AstraZeneca Group plc 5,344
400,000 Bank of Scotland 3,772
1,200,100 Billiton plc 4,078
122,200 BOC Group plc 1,719
2,800 Bookham Technology * 138
300,500 Cable & Wireless plc 5,015
858,900 Cadbury Schweppes 5,721
360,132 Celltech Group 5,240
350,100 CGU plc 5,324
2,243,000 Cookson Group plc 7,252
1,414,400 Corporate Services Group plc * 1,895
58,200 Glaxo Wellcome plc ADR 3,277
4,624,000 Laporte * 52
266,000 Laporte plc * 2,130
945,000 Old Mutual plc 1,988
201,800 Powergen plc 1,329
552,500 Reckitt & Colman 6,062
401,433 Reuters Group plc 5,985
305,860 Royal Bank Scot Group 5,036
1,256,790 Tomkins plc 3,603
548,058 WPP Group plc 6,670
--------------------------------------------------------------------------------
81,630
--------------------------------------------------------------------------------
Total Stocks (cost: $380,446) 521,389
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
(000)
---------
BOND (0.2%)
JAPAN
$1,000 MBL International Finance (Bermuda) Trust, Convertible Note,
3%, 11/30/2002, (cost: $1,000) 1,050
--------------------------------------------------------------------------------
MONEY MARKET INSTRUMENT (2.4%)
13,086 Federal Home Loan Bank, Discount Note,
6.30%, 6/1/2000 (cost: $13,086) 13,086
--------------------------------------------------------------------------------
Total Investments (cost: $394,532) $535,525
================================================================================
PORTFOLIO SUMMARY BY INDUSTRY
-----------------------------
Telephones 10.9%
Communication Equipment 7.7
Banks - Money Center 7.0
Drugs 6.6
Insurance - Multiline Companies 4.6
Oil - International Integrated 4.4
Banks - Major Regional 3.3
Electronics - Semiconductors 3.1
Retail - Specialty 2.9
Electrical Equipment 2.8
Manufacturing - Diversified Industries 2.6
Railroads/Shipping 2.3
Chemicals - Specialty 1.9
Oil & Gas - Exploration & Production 1.8
Auto Parts 1.7
Electric Utilities 1.6
Telecommunications - Cellular/Wireless 1.6
Advertising/Marketing 1.6
Oil & Gas - Drilling/Equipment 1.5
Leisure Time 1.3
Beverages - Nonalcoholic 1.3
Iron & Steel 1.3
Investment Banks/Brokerage 1.3
Tobacco 1.2
Metals/Mining 1.2
Household Products 1.1
Services - Data Processing 1.1
Services - Commercial & Consumer 1.1
Manufacturing - Specialized 1.1
Automobiles 1.0
Oil - Domestic Integrated 1.0
Other 16.5
-----
Total 100.4%
=====
USAA INTERNATIONAL FUND
NOTES TO PORTFOLIO OF INVESTMENTS
MAY 31, 2000
GENERAL NOTES
Market 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.
ADR - American Depositary Receipts are receipts issued by a U.S. bank evidencing
ownership of foreign shares. Dividends are paid in U.S. dollars.
GDR - Global Depositary Receipts are receipts issued by a U.S. or foreign bank
evidencing ownership of foreign shares. Dividends are paid in U.S. dollars.
* Non-income producing security.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
<TABLE>
USAA INTERNATIONAL FUND
STATEMENT OF ASSETS AND LIABILITIES
(IN THOUSANDS)
MAY 31, 2000
<S> <C>
ASSETS
Investments in securities, at market value (identified cost of $394,532) $535,525
Cash 88
Cash denominated in foreign currencies (identified cost of $1,596) 1,653
Receivables:
Capital shares sold 178
Dividends and interest 1,416
Securities sold 1,005
Unrealized appreciation on foreign currency contracts held, at value 1
--------
Total assets 539,866
--------
LIABILITIES
Securities purchased 533
Capital shares redeemed 5,517
USAA Investment Management Company 346
USAA Transfer Agency Company 49
Accounts payable and accrued expenses 105
Dividends on capital shares 11
--------
Total liabilities 6,561
--------
Net assets applicable to capital shares outstanding $533,305
========
REPRESENTED BY:
Paid-in capital $363,764
Accumulated undistributed net investment income 2,340
Accumulated net realized gain on investments 26,237
Net unrealized appreciation of investments 140,993
Net unrealized depreciation on foreign currency translations (29)
--------
Net assets applicable to capital shares outstanding $533,305
========
Capital shares outstanding, unlimited number of shares authorized,
no par value 23,930
========
Net asset value, redemption price, and offering price per share $ 22.28
========
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
</TABLE>
USAA INTERNATIONAL FUND
STATEMENT OF OPERATIONS
(IN THOUSANDS)
YEAR ENDED MAY 31, 2000
Net investment income:
Income:
Dividends (net of foreign taxes withheld of $1,455) $ 9,339
Interest 1,020
-------
Total income 10,359
-------
Expenses:
Management fees 4,216
Transfer agent's fees 1,074
Custodian's fees 583
Postage 213
Shareholder reporting fees 26
Trustees' fees 3
Registration fees 61
Professional fees 46
Other 9
-------
Total expenses 6,231
-------
Net investment income 4,128
-------
Net realized and unrealized gain (loss) on investments and foreign
currency:
Net realized gain (loss) on:
Investments 49,694
Foreign currency transactions (369)
Change in net unrealized appreciation/depreciation on:
Investments 42,918
Foreign currency translations 107
-------
Net realized and unrealized gain 92,350
-------
Increase in net assets resulting from operations $96,478
=======
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
USAA INTERNATIONAL FUND
STATEMENTS OF CHANGES IN NET ASSETS
(IN THOUSANDS)
YEARS ENDED MAY 31,
2000 1999
---------------------
From operations:
Net investment income $ 4,128 $ 5,191
Net realized gain on investments 49,694 5,304
Net realized loss on foreign currency transactions (369) (695)
Change in net unrealized appreciation/depreciation on:
Investments 42,918 (55,849)
Foreign currency translations 107 726
--------------------
Increase (decrease) in net assets
resulting from operations 96,478 (45,323)
--------------------
Distributions to shareholders from:
Net investment income (4,591) (5,475)
--------------------
Net realized gains (28,406) (15,641)
--------------------
From capital share transactions:
Proceeds from shares sold 240,240 221,748
Reinvested dividends 31,612 19,949
Cost of shares redeemed (301,910) (304,031)
--------------------
Decrease in net assets from capital share
transactions (30,058) (62,334)
--------------------
Net increase (decrease) in net assets 33,423 (128,773)
Net assets:
Beginning of period 499,882 628,655
--------------------
End of period $533,305 $499,882
====================
Accumulated undistributed net investment income:
End of period $ 2,340 $ 3,172
====================
Change in shares outstanding:
Shares sold 10,754 11,569
Shares issued for dividends reinvested 1,403 952
Shares redeemed (13,485) (15,912)
--------------------
Decrease in shares outstanding (1,328) (3,391)
====================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
USAA INTERNATIONAL FUND
NOTES TO FINANCIAL STATEMENTS
MAY 31, 2000
(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 11 separate funds. The
information presented in this annual report pertains only to the USAA
International Fund (the Fund). The Fund's primary investment objective is
capital appreciation. Current income is a secondary objective. USAA Investment
Management Company (the Manager) seeks to achieve this objective by investing a
great majority of the Fund's assets in equity securities of foreign companies.
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. Portfolio securities, except as otherwise noted, traded primarily on a
domestic securities exchange are valued at the last sales price on that
exchange. Portfolio securities traded primarily on foreign securities exchanges
are generally valued at the closing values of such securities on the exchange
where primarily traded. If no sale is reported, the average of the bid and asked
prices is generally used depending upon local custom or regulation.
2. Over-the-counter securities are priced at the last sales price or, if not
available, at the average of the bid and asked prices.
3. Securities purchased with maturities of 60 days or less are stated at
amortized cost which approximates market value.
4. 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). Gain or loss from sales
of investment securities is computed on the identified cost basis. Dividend
income, less foreign taxes, if any, is recorded on the ex-dividend date. If the
ex-dividend date has passed, certain dividends from foreign securities are
recorded upon notification. Interest income is recorded on the accrual basis.
Discounts and premiums on short-term securities are amortized over the life of
the respective securities.
D. FOREIGN CURRENCY TRANSLATIONS - The assets of the Fund may be invested in
the securities of foreign issuers. Since the accounting records of the Fund are
maintained in U.S. dollars, foreign currency amounts are translated into U.S.
dollars on the following basis:
1. Market value of securities, other assets, and liabilities at the mean
between the bid and asked translation rates of such currencies against U.S.
dollars on a daily basis.
2. Purchases and sales of securities, income, and expenses at the rate of
exchange obtained from an independent pricing service on the respective dates of
such transactions.
Net realized and unrealized foreign currency gains (losses) occurring during the
holding period of investments are a component of realized gain (loss) on
investments and unrealized appreciation/depreciation on investments,
respectively.
Net realized foreign currency gains (losses) arise from sales of foreign
currency, currency gains (losses) realized between the trade and settlement
dates on security transactions, and from the difference between amounts of
dividends, interest, and foreign withholding taxes recorded on the Fund's books
and the U.S. dollar equivalent of the amounts received. Net realized foreign
currency gains (losses) have been reclassified from accumulated net realized
gain (loss) to accumulated undistributed net investment income on the statement
of assets and liabilities as such amounts are treated as ordinary income (loss)
for tax purposes. Net unrealized foreign currency exchange gains (losses) arise
from changes in the value of assets and liabilities other than investments in
securities resulting from changes in the exchange rate.
E. 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 three joint short-term revolving
loan agreements totaling $850 million, two with USAA Capital Corporation
(CAPCO), an affiliate of the Manager ($250 million committed and $500 million
uncommitted), and one with Bank of America ($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 both agreements 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
Bank of America, the Fund may borrow from Bank of America, at Bank of America's
borrowing rate plus a markup, an amount which, when added to outstanding
borrowings under the CAPCO agreements, does not exceed 25% of the Fund's total
assets. The Fund had no borrowings under either of these agreements during the
year ended May 31, 2000.
(3) DISTRIBUTIONS
Distributions of net investment income and realized gains from security
transactions not offset by capital losses are made annually 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 of securities, excluding short-term
securities, for the year ended May 31, 2000, were $213,831,000 and $269,487,000,
respectively.
Gross unrealized appreciation and depreciation of investments at May 31, 2000,
was $173,437,000 and $32,444,000, respectively.
(5) FOREIGN CURRENCY CONTRACTS
A forward currency contract (currency contract) is a commitment to purchase or
sell a foreign currency at a specified date, at a negotiated price. The Fund
currently enters into currency contracts only in connection with the purchase or
sale of a security denominated in a foreign currency. These contracts allow the
fund to "lock in" the U.S. dollar price of the security. Currency contracts are
valued on a daily basis using foreign currency exchange rates obtained from an
independent pricing service. Risks of entering into currency contracts include
the potential inability of the counterparty to meet the terms of the contract
and the Fund giving up the opportunity for potential profit.
At May 31, 2000, the terms of open foreign currency contracts were as follows
(in thousands):
<TABLE>
<CAPTION>
Foreign Currency Contracts to Buy:
----------------------------------------------------------------------------------------------
U.S. Dollar
Exchange Contracts to Value as of In Exchange Unrealized Unrealized
Date Receive 5/31/00 for U.S. Dollar Appreciation Depreciation
----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
6/02/00 35 Argentine Peso $ 35 $ 35 $ - $ -
----------------------------------------------------------------------------------------------
6/05/00 143 Argentine Peso 143 143 - -
----------------------------------------------------------------------------------------------
$178 $178 $ - $ -
==============================================================================================
</TABLE>
<TABLE>
<CAPTION>
Foreign Currency Contracts to Sell:
----------------------------------------------------------------------------------------------
U.S. Dollar
Exchange Contracts to Value as of In Exchange Unrealized Unrealized
Date Deliver 5/31/00 for U.S. Dollar Appreciation Depreciation
----------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
6/06/00 142 Swiss Franc $ 84 $ 84 $ - $ -
----------------------------------------------------------------------------------------------
6/06/00 179 Euro Currency 167 168 1 -
----------------------------------------------------------------------------------------------
$251 $252 $ 1 $ -
==============================================================================================
</TABLE>
(6) 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 .75% 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.
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.
(7) 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.
(8) FINANCIAL HIGHLIGHTS
Per share operating performance for a share outstanding throughout each period
is as follows:
YEAR ENDED MAY 31,
-----------------------------------------------------
2000 1999 1998 1997 1996
-----------------------------------------------------
Net asset value at
beginning of period $ 19.79 $ 21.94 $ 21.03 $ 18.71 $ 15.78
Net investment income .11 .21 .19 .15 .17
Net realized and
unrealized gain (loss) 3.70 (1.62) 2.41 2.87 2.92
Distributions from net
investment income (.18) (.19) (.12) (.20) (.07)
Distributions of realized
capital gains (1.14) (.55) (1.57) (.50) (.09)
-----------------------------------------------------
Net asset value at
end of period $ 22.28 $ 19.79 $ 21.94 $ 21.03 $ 18.71
=====================================================
Total return (%) * 19.26 (6.63) 13.29 16.72 19.71
Net assets at end of
period (000) $533,305 $499,882 $628,655 $616,576 $417,995
Ratio of expenses to
average net assets (%) 1.11 1.12 1.05 1.09 1.19
Ratio of net investment
income to average net
assets (%) .73 .98 .87 .79 1.04
Portfolio turnover (%) 39.75 37.69 42.97 46.03 70.01
* Assumes reinvestment of all dividend income and capital gain distributions
during the period.
TRUSTEES
Robert G. Davis, CHAIRMAN OF THE BOARD
Michael J.C. Roth, VICE CHAIRMAN OF THE BOARD
Barbara B. Dreeben
Robert L. Mason
David G. Peebles
Michael F. Reimherr
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 LLP
112 East Pecan, Suite 2400
San Antonio, Texas 78205
TELEPHONE ASSISTANCE HOURS
Call toll free - Central Time
Monday - Friday 7:00 a.m. to 9:00 p.m.
Saturdays 8:30 a.m. to 5:00 p.m.
Sundays 11:30 a.m. to 8:00 p.m.
INTERNET ACCESS
USAA.COM(Service Mark)
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 USAA TOUCHLINE(REGISTERED TRADEMARK)
(from touch-tone phones only)
For account balance, last transaction, fund prices,
or to exchange or redeem fund shares
1-800-531-8777, (in San Antonio) 498-8777
