[Logo of USAA MUTUAL FUND, INC.
USAA Eagle S&P 500 Index Fund
Appears Here]
SUPPLEMENT DATED DECEMBER 2, 1996
TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED SEPTEMBER 16, 1996
Effective December 1, 1996, Robert G. Davis replaced M. Staser Holcomb
as Director and Chairman of the Board of Directors. The paragraph under the
caption "Directors and Officers of the Company" relating to M. Staser Holcomb
is replaced with the following information:
Robert G. Davis 1, 2
Director and Chairman of the Board of Directors
Age: 50
President, Chief Executive Officer, Director and Vice Chairman of the Board of
Directors of USAA Capital Corporation and several of its subsidiaries and
affiliates (12/96-present); Director, Vice Chairman, Executive Vice President,
and Chief Operating Officer, USAA Financial Planning Network, Inc. (9/96
- -present); Special Assistant to Chairman, United Services Automobile
Association (USAA) (6/96-12/96); President and Chief Executive Officer, Banc
One Credit Corporation (12/95-6/96); and President and Chief Executive
Officer, Banc One Columbus, (8/91-12/95). Mr. Davis also will serve as a
Trustee and Chairman of the Board of Trustees of USAA Investment Trust and
USAA State Tax-Free Trust and as a Director and Chairman of the Boards of
Directors of USAA Investment Management Company (IMCO), USAA Tax Exempt Fund,
Inc., USAA Shareholder Account Services, USAA Federal Savings Bank and USAA
Real Estate Company.
Effective January 1, 1997, Robert L. Mason will replace George E. Brown
as a Director on the Board of Directors. Mr. Brown will be retiring on
December 31, 1996. The paragraph under the caption "Directors and Officers of
the Company" relating to George E. Brown is replaced with the following
information:
Robert L. Mason, Ph.D. 3, 4, 5
12823 Queens Forest
San Antonio, TX 78230
Director
Age: 50
Manager, Statistical Analysis Section, Southwest Research Institute (8/75
- -present). Dr. Mason currently serves as a Trustee of USAA Investment Trust
and USAA State Tax-Free Trust and as a Director of USAA Tax Exempt Fund, Inc.
Effective September 30, 1996, Federated Services Company became the Sub
- -Administrator to the Equity 500 Index Portfolio replacing Signature Financial
Group, Inc. ("SFG"). Federated Services Company has its principal offices at
Federated Tower, 1001 Liberty Avenue, Pittsburgh, PA 15222-3775. Accordingly,
references to SFG in the Statement of Additional Information ("SAI") under the
caption "Administrator" should be replaced with references to Federated
Services Company.
29301-1296
