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[article in USAA Spectrum Magazine]

NEW FUND MANAGERS, SAME
GREAT USAA SERVICE AND VALUE
USAA INVESTMENTS HIRES ASSET MANAGERS FOR ITS EQUITY MUTUAL FUNDS. WHAT IT MEANS
FOR YOU.

This summer,  USAA took a positive new direction  for mutual fund  shareholders.
All but one of our equity mutual funds are now managed by eight of the country's
leading asset  management  firms.  The new portfolio  managers are handling more
than $500  billion in total  institutional  client  assets,  according  to Chris
Claus,  president and chief  executive  officer of USAA  Investments.  "They are
leaders in their respective  disciplines and have delivered consistent long-term
performance," he says.

         Despite the management  changes,  our total management fees will remain
lower than average  and, as always,  we will set  portfolio  policy for all USAA
equity  funds.  "USAA  Investments  will  continue  to  actively  supervise  the
management of each fund as the fund's adviser, and the USAA mutual fund board of
directors will oversee the funds as they always have," says Mark Howard,  senior
vice president, securities counsel and compliance.

         "We will actively monitor each of the sub-advisers  through  designated
relationship  managers and by reviewing reports the sub-advisers are required to
provide.  The process will be quite  similar to what we already do with the USAA
index funds,  which have been sub-advised by outside firms for quite some time,"
he adds.

AND INTRODUCING

"The asset  management  companies we selected met a number of  standards:  their
decision-making process when choosing investments,  consistent track records and
defined risk controls," says Claus.

         Matt  Horridge,  marketing  director  for Eagle  Asset  Management  and
second-generation   USAA  member  for  a  dozen  years,   emphasized  the  close
relationship USAA Investments and the new asset managers will foster,  "I'd like
to say how pleased I am that Eagle will be handling  USAA's  small-cap  fund for
its members. This is a terrific partnership of two great companies."

PAST  PERFORMANCE  IS  NO  GUARANTEE  OF  FUTURE  RESULTS.   For  more  complete
information about USAA mutual funds,  including charges and operating  expenses,
call (800) 358-0429 for a prospectus  from USAA  Investments.  Read it carefully
before you invest.

This  communication  is being made on behalf of USAA Mutual Fund,  Inc. and USAA
Investment Trust.  Shareholders of the affected USAA mutual funds will receive a
proxy statement on these mattters.  Shareholders should read the proxy statement
when  it  becomes   available   because  it  contains   important   information.
Shareholders  may obtain an additional  free copy of the proxy statement and any
other  relevant  documents  when they  become  available  from  USAA  Investment
Management Company or the SEC's web site at www.sec.gov.

For more details on each fund, log on to USAA.COM,  Investments, and view Mutual
Fund Details.

AGGRESSIVE GROWTH            Marsico Capital  Management
BALANCED STRATEGY            Wellington Management Company, USAA Investments
CAPITAL GROWTH               Batterymarch Financial Management
CORNERSTONE STRATEGY         Wellington Management Company, MFS
                             Investment Management, USAA  Investments
EMERGING MARKETS             The Boston Company
FIRST START GROWTH           Marsico  Capital  Management
GROWTH                       Dresdner RCM Global
                             Advisors,  Marsico  Capital  Management
GROWTH & INCOME              Wellington  Management Company
GROWTH & TAX STRATEGY        Dresdner RCM Global  Advisors,  USAA Investments
INCOME STOCK                 The Boston Company, Westwood Management Corporation
INTERNATIONAL                MFS Investment  Management
SCIENCE & TECHNOLOGY         Wellington  Management Company, USAA Investments
SMALL CAP STOCK              Eagle Asset Management
VALUE                        Westwood Management Corporation
WORLD GROWTH                 MFS Investment Management