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USAA LIFE INVESTMENT TRUST
SUPPLEMENT DATED JANUARY 28, 1998
TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 1997
AS SUPPLEMENTED SEPTEMBER 1, 1997
The section entitled, "Portfolio Transactions", located on page 9 of the
Statement of Additional Information, has been amended to add the following as
the second paragraph of the section:
The Trust has no obligation to deal with any particular broker or group of
brokers in the execution of portfolio transactions. The Trust contemplates that,
consistent with obtaining the best combination of price and execution available,
brokerage transactions may be effected through USAA Brokerage Services, a
discount brokerage service of the Advisor. The Board of Trustees has adopted
procedures in conformity with the requirements of Rule 17e-1 under the 1940 Act
that are designed to ensure that all brokerage commissions paid to USAA
Brokerage Services are reasonable and fair. The Board of Trustees has authorized
the Advisor, as a member of the Chicago Stock Exchange, to effect, through USAA
Brokerage Services, portfolio transactions for the Trust on such exchange and to
retain compensation in connection with such transactions. Any such transactions
will be effected and related compensation paid only in accordance with
applicable SEC regulations.
