[USAA]
[EAGLE]
[LOGO]
USAA LIFE INVESTMENT TRUST
LIFE DIVERSIFIED ASSETS FUND
SUPPLEMENT DATED DECEMBER 15, 2000
TO THE FUND'S PROSPECTUS
DATED MAY 1, 2000
Page 13B of the Life Diversified Assets 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 Equity Securities investment
category of the Life Diversified Assets 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.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
