[USAA]
[EAGLE]
[LOGO]
USAA INVESTMENT TRUST
INCOME STRATEGY FUND
SUPPLEMENT DATED DECEMBER 15, 2000
TO THE FUND'S PROSPECTUS
DATED OCTOBER 1, 2000
Page 12 of the Income Strategy Fund's prospectus under the heading "Portfolio
Managers" is amended to reflect the following change effective December 15,
2000.
Portfolio Managers
WILLIAM VAN ARNUM, associate portfolio manager of Equity Investments, assumes
portfolio management responsibilities of the Stocks investment category of the
Income Strategy Fund replacing David G. Parsons.
Mr. Van Arnum has 14 years' investment management experience and became a
member of our portfolio management team in June 2000. Prior to joining us, he
worked for the University of California, Office of the Treasurer, from August
1992 to May 2000. He earned the Chartered Financial Analyst designation in 1989
and is a member of the Association for Investment Management and Research and
the San Francisco Financial Analysts Society, Inc. He holds an MBA from San
Francisco State University and a BS from California Polytechnic State
University, San Luis Obispo.
37527-1200
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
[USAA]
[EAGLE]
[LOGO]
USAA INVESTMENT TRUST
BALANCED STRATEGY FUND
SUPPLEMENT DATED DECEMBER 15, 2000
TO THE FUND'S PROSPECTUS
DATED OCTOBER 1, 2000
Page 12 of the Balanced Strategy Fund's prospectus under the heading "Portfolio
Managers" is amended to reflect the following change effective December 15,
2000.
Portfolio Managers
TIMOTHY P. BEYER, associate portfolio manager of Equity Investments, assumes
portfolio management responsibilities of the Stocks investment category of the
Balanced Strategy Fund replacing David G. Parsons. Mr. Beyer will also act as
the asset allocation manager of the Fund.
Mr. Beyer has ten years' investment management experience and became a member
of our portfolio management team in August 2000. Prior to joining us, he worked
for Banc of America Capital Management Inc. from December 1988 to August 2000.
He earned the Chartered Financial Analyst designation in 1993 and is a member
of the Association for Investment Management and Research and the North
Carolina Society of Financial Analysts. He holds a BSBA from East Carolina
University.
37528-1200
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
[USAA]
[EAGLE]
[LOGO]
USAA INVESTMENT TRUST
GROWTH STRATEGY FUND
SUPPLEMENT DATED DECEMBER 15, 2000
TO THE FUND'S PROSPECTUS
DATED OCTOBER 1, 2000
Page 14 of the Growth Strategy Fund's prospectus under the heading "Portfolio
Managers" is amended to reflect the following change effective December 15,
2000.
Portfolio Managers
WILLIAM VAN ARNUM, associate portfolio manager of Equity Investments, assumes
portfolio management responsibilities of the Large Cap Stocks investment
category of the Growth Strategy Fund replacing David G. Parsons. Mr. Van Arnum
will also act as the asset allocation manager of the Fund.
Mr. Van Arnum has 14 years' investment management experience and became a
member of our portfolio management team in June 2000. Prior to joining us, he
worked for the University of California, Office of the Treasurer, from August
1992 to May 2000. He earned the Chartered Financial Analyst designation in 1989
and is a member of the Association for Investment Management and Research and
the San Francisco Financial Analysts Society, Inc. He holds an MBA from San
Francisco State University and a BS from California Polytechnic State
University, San Luis Obispo.
37529-1200
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
