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| California                      | 68-0420085                           |
|---------------------------------|--------------------------------------|
| (State or other jurisdiction of | (I.R.S. Employer Identification No.) |
| incorporation or organization)  |                                 |

|   | Title of each class |   |   | Name of each exchange on which registered |   |
|--------|---------------------|--------|--------|-------------------------------------------|--------|
|   | None                |   |   |                                      |   |

|   | Shares of Beneficial Interest |   |
|--------|-------------------------------|--------|
|   | (Title of class)              |   |
|   |                          |   |
|   | (Title of class)              |   |

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| Large accelerated filer o                                             | Accelerated filer o         |
|-----------------------------------------------------------------------|-----------------------------|
|                                                                  |                        |
| Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company x |

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|       |                                       | Page   |
|------------|--------------------------------------------|--------|
| PART IV.   |                                       |   |
| Item 15    | Exhibits and Financial Statement Schedules | 3      |
| Signatures |                                       | 4      |

Item 15. Exhibits and Financial Statement Schedules 

| Exhibit No. |   | Description |   |
|-------------|--------|-------------|--------|

| 3.1    |   | Amended and Restated Declaration of Trust of Commonwealth Equity Trust USA                                                                                                                           |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                 |
| 3.2    |   | Bylaws of the Trust                                                                                                                                                                                  |
|   |   |                                                                                                                                                                                                 |
| 3.3    |   | Amendments to Sections 2.3.1, 2.3.7, 2.3.8, 2.4.2 and 2.4.3 of the Amended and Restated Declaration of Trust of Commonwealth Equity Trust USA (adopted on August 29, 1988 at the1988 Annual Meeting) |
|   |   |                                                                                                                                                                                                 |
| 4.1    |   | Article VIII of Exhibit 3.1                                                                                                                                                                          |
|   |   |                                                                                                                                                                                                 |
| 4.2    |   | Form of Share Certificate                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                 |
| 14.1   |   | Code of Ethics                                                                                                                                                                                       |
|   |   |                                                                                                                                                                                                 |
| 31.1   | *      | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                       |
|   |   |                                                                                                                                                                                                 |
| 32.1   |   | Certification of Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                       |

| * |   | Filed herewith |
|---|--------|----------------|

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|   |              |   |                               |   |
|--------|-------------------|--------|------------------------------------|--------|
| Dated: | November 17, 2009 |   | USA Real Estate Investment Trust   |   |
|   | Date              |   |                               |   |
|   |              | By:    | /s/  Gregory E. Crissman |   |
|   |              |   | Gregory E. Crissman as             |   |
|   |              |   | Chief Executive Officer            |   |
|   |              |   | and Principal Financial Officer    |   |
|   |              |   |                               |   |

|   |              |   |                               |   |
|--------|-------------------|--------|------------------------------------|--------|
| Dated: | November 17, 2009 |   | USA Real Estate Investment Trust   |   |
|   | Date              |   |                               |   |
|   |              | By:    | /s/  Gregory E. Crissman |   |
|   |              |   | Gregory E. Crissman as             |   |
|   |              |   | Chief Executive Officer            |   |
|   |              |   | and Principal Financial Officer    |   |
|   |              |   |                               |   |
| Dated: | November 17, 2009 | By:    | /s/  Benjamin Diaz       |   |
|   | Date              |   | Benjamin Diaz,                     |   |
|   |              |   | Trustee                            |   |
|   |              |   |                               |   |
| Dated: | November 17, 2009 | By:    | /s/ Joyce A. Marks                 |   |
|   |              |   | Joyce A. Marks                     |   |
|   |              |   | Trustee                            |   |

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