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Usaa Investment Trust – ‘497K1’ on 7/18/03

On: Friday, 7/18/03, at 11:47am ET · Effective: 7/18/03 · Accession #: 745903-3-21 · File #: 2-91069

  As Of                Filer                Filing    For·On·As Docs:Size

 7/18/03  Usaa Investment Trust             497K1       7/18/03    1:27K

Profile of an Open-End Management Investment Company — Rule 497(k)(1)(i)
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 497K1       Balanced Strategy Fund Profile                         9     42K 

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[USAA                                                                           
EAGLE                                                                           
LOGO]                                                                           

Fund Profile                        
                    --------------------------------------------------------
                                                       AUGUST 25, 2003

 USAA BALANCED
 STRATEGY Fund

The Balanced  Strategy Fund (Fund) is a no-load mutual fund offered by
USAA  Investment  Management  Company  with an  objective to seek high
total return, with reduced risk over time, through an asset allocation
strategy that seeks a combination  of long-term  growth of capital and
current income.                                                       

An  investment  in this Fund is not a deposit of USAA Federal  Savings
Bank,  or any other  bank,  and is not  insured or  guaranteed  by the
Federal Deposit Insurance  Corporation  (FDIC) or any other government
agency.                                                               

This  profile  summarizes  key  information  about  the  Fund  that is
included  in the Fund's  prospectus.  The Fund's  prospectus  includes
additional  information  about the  Fund,  including  a more  detailed
description  of the risks  associated  with investing in the Fund that
you may  want to  consider  before  you  invest.  You may  obtain  the
prospectus and other  information about the Fund at no cost by calling
1-800-531-8181 or by visiting our web site at USAA.COM.               

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For easier reading,  USAA Investment  Management  Company will be referred to as
"we" or "us" throughout this Fund Profile.                                      

WHAT IS THE FUND'S INVESTMENT OBJECTIVE                                         
AND MAIN STRATEGY?                                                              

     The Fund's investment  objective is to seek high total return, with reduced
     risk  over  time,  through  an  asset  allocation  strategy  that  seeks  a
     combination of long-term growth of capital and current income. Using preset
     target ranges, the Fund's strategy is to invest its assets in a combination
     of stocks on the one hand and bonds  and money  market  instruments  on the
     other. The Fund's principal strategy is to provide a diversified investment
     program  within one mutual fund, by allocating the Fund's assets in each of
     the following  investment  categories  according to the following  targeted
ranges.                                                               

INVESTMENT                       PERCENT TARGET RANGE       
CATEGORIES                           OF NET ASSETS          
Stocks                                 50 - 70%             
Bonds                                  30 - 50%             
Money Market Instruments                0 - 10%             

     Additional  information  about the Fund's  investments  is available in the
     Fund's annual and semiannual reports to shareholders.  In the Fund's annual
     report,  you will find a discussion of the market conditions and investment
     strategies that  significantly  affected the Fund's  performance during the
     last fiscal year. You may obtain either or both of these reports at no cost
by calling 1-800-531-8181.                                            

WHAT ARE THE MAIN RISKS OF INVESTING IN THIS FUND?                              

     The primary  risks of investing in this Fund are stock market risk,  credit
risk, interest rate risk, and management risk.                        

     |_|  STOCK  MARKET  RISK  involves  the  possibility  that the value of the
          Fund's investments in stocks will decline regardless of the success or
failure of the company's operations.                        

     |_|  CREDIT  RISK  involves  the  possibility  that a borrower  cannot make
timely interest and principal payments on its securities.   

     |_|  INTEREST  RATE RISK  involves  the  possibility  that the value of the
          Fund's  investments  will  fluctuate  because of  changes in  interest
rates.                                                      

          IF INTEREST RATES INCREASE: the yield of the Fund may increase and the
          market value of the Fund's  securities will likely decline,  adversely
affecting the net asset value and total return.             

2                                           Fund Profile--Balanced Strategy Fund

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          IF INTEREST RATES DECREASE: the yield of the Fund may decrease and the
          market value of the Fund's securities may increase, which would likely
increase the Fund's net asset value and total return.       

     |_|  MANAGEMENT   RISK  involves  the   possibility   that  the  investment
          techniques  and risk  analyses  used by the Fund's  managers  will not
produce the desired results.                                

     An additional risk of the Fund includes  rebalancing  risk,  which involves
     the  purchasing  and selling of securities in order to rebalance the Fund's
     portfolio to within its target ranges.  In doing so, the Fund will pay more
     in brokerage  commissions  than it would without a rebalancing  policy.  If
     market action causes any of the  investment  categories to move outside the
     target ranges,  rebalancing will return the actual allocation of the Fund's
     assets to within its target  ranges.  While we will attempt to minimize any
     adverse impact to the Fund or its shareholders,  the Fund may have a higher
     proportion  of capital  gains and a lower  return than a fund that does not
     have a rebalancing policy. As with other mutual funds, losing money is also
a risk of investing in this Fund.                                     

     As you  consider  an  investment  in this Fund,  you should  also take into
     account your tolerance for the daily  fluctuations of the financial markets
     and whether you can afford to leave your money in the  investment  for long
periods of time to ride out down periods.                             

COULD THE VALUE OF YOUR INVESTMENT                                              
IN THIS FUND FLUCTUATE?                                                         

     Yes,  it could.  In fact,  the value of your  investment  in this Fund will
     fluctuate with the changing  market values of the  investments in the Fund.
     The following bar chart  illustrates the Fund's  volatility and performance
   from year to year for each full calendar year since the Fund's inception.

Fund Profile--Balanced Strategy Fund                                           3

[Total Return Bar Chart]                                                        

Calendar Year            Total Return       
1996*                  13.45%       
1997                   19.05%       
1998                    8.69%       
1999                   18.90%       
2000                   -4.50%       
2001                   10.96%       
2002                  -10.11%       

* Fund began operations on September 1, 1995.                               

SIX-MONTH YTD TOTAL RETURN
8.55% (6/30/03)     
BEST QUARTER*                                      WORST QUARTER*   
15.58% 4th Qtr. 1998                        -11.56% 3rd Qtr. 1998   

* Please note that "Best Quarter" and "Worst Quarter" figures are   
applicable only to the time period covered by the bar chart.    

     The following  table shows how the Fund's  average annual total returns for
     the  periods  indicated  compared to those of  relevant  securities  market
     indices.  The after-tax returns are shown in two ways: (1) assumes that you
     owned the Fund  during  the  entire  period  and paid  taxes on the  Fund's
     distributions  of taxable  income or capital gains and (2) assumes that you
     paid taxes on the Fund's  distributions  of taxable income or capital gains
and sold all shares at the end of each period.                        

     After-tax  returns are calculated using the historical  highest  individual
     federal  marginal  income tax rates and do not  reflect the impact of state
     and  local  taxes.  In  certain  situations,  the  return  after  taxes  on
     distributions  and sale of fund shares may be higher than the other  return
     amounts.  A higher  after-tax  return may result when a capital loss occurs
     upon  redemption and translates into an assumed tax deduction that benefits
     the shareholder.  The actual after-tax returns depend on your tax situation
     and may  differ  from  those  shown.  If you hold  your  shares  through  a
     tax-deferred arrangement, such as an individual retirement account (IRA) or
     401(k) plan,  the  after-tax  returns  shown below are not relevant to you.
Remember, historical                                                  

4                                           Fund Profile--Balanced Strategy Fund

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     performance  (before and after taxes) does not indicate what will happen in
     the future.  This may be particularly true for the period prior to June 28,
     2002,  which  is the  date on  which  Wellington  Management  Company,  LLP
     (Wellington  Management)assumed day-to-day management of the portion of the
     Fund's  assets  invested  in  stocks.  Prior to that date,  we were  solely
responsible for managing the Fund's assets.                           

AVERAGE ANNUAL TOTAL RETURNS    
For the Periods Ended June 30, 2003     
                                                       SINCE INCEPTION
                           PAST 1 YEAR   PAST 5 YEARS           9/1/95

Return Before Taxes                 4.28%           4.68%           8.28%   

Return After Taxes                                                          
on Distributions                    3.03%           3.21%           6.80%   

Return After Taxes on                                                       
Distributions and Sale                                                      
of Fund Shares                      2.64%           3.22%           6.37%   

Russell 3000(R)Index*                                                       
(reflects no deduction                                                      
for fees, expenses, or taxes)       0.77%          -1.13%          8.60%o   

S&P 500(R)Index*                                                            
(reflects no deduction                                                      
for fees, expenses, or taxes)       0.25%          -1.61%          9.02%o   

Lehman Brothers U.S.                                                        
Aggregate Bond Index*                                                       
(reflects no deduction                                                      
for fees, expenses, or taxes)      10.40%           7.55%          7.71%o   

Lipper Balanced Funds                                                       
Index** (reflects no deduction                                              
for taxes)                          3.49%           1.98%          7.46%o   

     *  The Russell 3000 Index  measures the  performance  of the 3,000  largest
        U.S.  companies based on total market  capitalization,  which represents
        approximately  98% of the investable  U.S.  equity  market.  The S&P 500
        Index is a broad-based  composite  unmanaged  index that  represents the
        weighted  average  performance  of a group of 500 widely held,  publicly
        traded  stocks.  The Lehman  Brothers  U.S.  Aggregate  Bond Index is an
        unmanaged   index   made  up  of  the   government/credit   index,   the
        mortgage-backed securities index, and the asset-backed securities index.
        The  Russell  3000  Index  replaces  the S&P  500  Index  as the  Fund's
        comparable  broad-based securities index, because the Russell 3000 Index
        is an index of multi-cap  growth and value  stocks,  and thus provides a
        more  appropriate  comparison  for the stock portion of the Fund,  which
        focuses on multi-cap  (small-,  mid-,  and  large-cap)  growth and value
        stocks,  than the S&P 500 Index,  which is an index of large-cap  growth
and value stocks.                                               

     ** The Lipper  Balanced Funds Index tracks the total return  performance of
        the 30 largest funds within this category.  This category includes funds
        whose primary  objective is to conserve  principal by maintaining at all
        times a balanced  portfolio  of both  stocks and bonds.  Typically,  the
stock/bond ratio ranges around 60%/40%.                         

Fund Profile--Balanced Strategy Fund                                           5

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     o  The  performance  of the  Russell  3000  Index,  S&P 500  Index,  Lehman
        Brothers U.S.  Aggregate Bond Index,  and Lipper Balanced Funds Index is
        calculated with a commencement date of August 31, 1995, while the Fund's
        inception date is September 1, 1995.  There may be a slight variation in
the comparative  performance  numbers due to this  difference.  

FEES AND EXPENSES                                                               

     This summary shows what it will cost you, directly or indirectly, to invest
in the Fund.                                                          

SHAREHOLDER TRANSACTION EXPENSES -- DIRECT COSTS                      

     There are no fees or sales loads  charged to your Fund account when you buy
     or sell Fund shares.  However, if you sell shares and request your money by
     wire transfer, there is a $12 domestic wire fee and a $35 foreign wire fee.
(Your bank may also charge a fee for wires.)                          

ANNUAL FUND OPERATING EXPENSES -- INDIRECT COSTS                      

     The figures below show actual expenses (before  waivers)  deducted from the
     Fund's  assets  during the past  fiscal  year ended May 31,  2003,  and are
calculated as a percentage of average net assets (ANA).               

MANAGEMENT        DISTRIBUTION         OTHER           TOTAL ANNUAL 
     FEES           (12B-1) FEES       EXPENSES       OPERATING EXPENSES
  ----------------------------------------------------------------------------
.78%a              None             .69%              1.47%b,c

     a    A   performance  fee adjustment  increased  the base management fee of
0.75% by 0.03% for the most recent fiscal year.             

     b    A  portion  of the  brokerage  commissions  that the Fund  pays may be
          reimbursed  and used to  reduce  the  Fund's  expenses.  In  addition,
          through fee offset  arrangements  with  certain of the Fund's  service
          providers,  realized  credits,  if any,  are used to reduce the Fund's
          expenses.  Total Annual  Operating  Expenses of the Fund reflect total
          expenses  excluding  fee  offset  arrangements,  which  decreased  the
expense ratio by 0.01% for the most recent fiscal year.     

     c    We have voluntarily  agreed to limit the Fund's Total Annual Operating
          Expenses  to 1.00%  of its  ANA,  excluding  credits  from fee  offset
          arrangements,  and to reimburse the Fund for all expenses in excess of
          this amount.  We can modify or terminate this arrangement at any time.
          With this  reimbursement,  the Fund's  Actual Total  Annual  Operating
Expenses were as follows:                                   

     Reimbursement
                               from USAA       Actual Total Annual
           Total Annual      Investment       Operating Expenses
       Operating       Management              After
           Expenses          Company           Reimbursement
          --------------------------------------------------------------

    1.47%            .47%            1.00%

EXAMPLE OF EFFECT OF THE FUND'S OPERATING EXPENSES                    

     This  example is intended to help you compare the cost of investing in this
     Fund with the cost of investing in other mutual funds. Although your actual
     costs may be higher or lower,  you would pay the  following  expenses  on a
$10,000 investment, assuming:                                         

6                                           Fund Profile--Balanced Strategy Fund

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|_| a 5% annual return,                                               

     |_|  the Fund's  operating  expenses (before  any  applicable fee offset or
reimbursement) remain the same, and                         

|_|  you redeem all of your shares at the end of the periods shown.   

1 YEAR            3 YEARS           5 YEARS            10 YEARS 
----------------------------------------------------------------------    
$150               $465             $803               $1,757 

WHO IS THE FUND'S INVESTMENT ADVISER?                                           

     USAA Investment  Management  Company serves as the manager of this Fund. We
     are responsible for the day-to-day  investment management of the portion of
     the Fund  that  invests  in bonds  and money  market  instruments.  We have
     retained  Wellington  Management to serve as the subadviser for the portion
     of the Fund that  invests  in Stocks.  We are  responsible  for  allocating
assets to the subadvisers.                                            

PORTFOLIO MANAGEMENT:                                                 

STOCKS                                                                

     Matthew E.  Megargel,  CFA and senior  vice  president,  joined  Wellington
     Management  in  1983  as a  Global  Industry  Analyst.  He  began  managing
     diversified  client  portfolios in 1990.  Mr.  Megargel  received his BA in
     economics  from the University of North Carolina - Chapel Hill in 1979, and
     his MBA from  the  University  of  Virginia's  Darden  Graduate  School  of
Business Administration in 1983.                                      

BONDS                                                                 

     Margaret  Weinblatt,  Ph.D., CFA, vice president of Mutual Fund Portfolios,
     has managed the Bonds investment  category since May 2002. She has 23 years
     of investment  management experience and has worked for us for three years.
     Prior to joining us, she worked for Countrywide  Investments from June 1998
     to November 1999;  Copernicus Asset  Management,  Ltd. from January 1996 to
1998; and Neuberger & Berman from 1986 to October 1995.               

HOW DO I BUY SHARES?                                                            

     You may  complete the  enclosed  application  and return it to us with your
     check. If you prefer to open your account by exchange or bank wire,  simply
     call us at 1-800-531-8181 for instructions.  The minimum initial investment
     is $3,000 ($500 Uniform  Gifts/Transfers to Minor Act (UGMA/UTMA)  accounts
     and $250 for IRAs) or no initial  investment  if you elect to have  monthly
     electronic investments of at least $50 per transaction, per account. We may
     periodically  offer  programs  that reduce the minimum  amounts for monthly
     electronic investments.  Employees of USAA and its affiliated companies may
     open an  account  through  payroll  deduction  for as little as $25 per pay
period with no initial investment.                                    

Fund Profile--Balanced Strategy Fund                                           7

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HOW DO I SELL SHARES?                                                           

     You may  redeem all or a portion of your Fund  shares on the  Internet,  by
     written request, telephone, fax, or telegram on any day the net asset value
per share is calculated.                                              

HOW ARE DISTRIBUTIONS MADE AND TAXED?                                           

     The Fund pays net investment income dividends  quarterly.  Ordinarily,  any
     net  capital  gain  distributions  will be paid in  December  of each year.
     Distributions are automatically  reinvested in additional shares unless you
     specify  otherwise.  Dividends from net investment income and distributions
     of net  short-term  capital  gains are taxable to you as  ordinary  income,
     whether  received in cash or reinvested in additional  shares. A portion of
     those dividends are expected to be eligible for the reduced maximum federal
     income tax rate on  "qualified  dividend  income"  received by  individuals
     (recently enacted under the Jobs and Growth Tax Relief  Reconciliation  Act
     of 2003  (2003 Tax  Act)).  Regardless  of the length of time you have held
     Fund shares,  distributions of net gains (I.E., the excess of net long-term
     capital  gain over net  short-term  capital  loss) are taxable as long-term
     capital gains whether received in cash or reinvested in additional  shares.
     Under the 2003 Tax Act, a 15% maximum federal income tax rate will apply to
     Fund  distributions  to  individual  shareholders  of net  capital  gain it
     recognizes on sales or exchanges  between May 6, 2003, and May 31, 2009, of
     capital assets it holds for more than one year. Because each investor's tax
     circumstances are unique and because the tax laws are subject to change, we
recommend that you consult your tax adviser about your investment.    

WHAT SERVICES ARE AVAILABLE?                                                    

We provide a wide variety of services including:                      

|_|  Internet access--USAA.COM                                  

|_|  account information and assistance                         

|_|  24-hour automated telephone services through TouchLine(R)  

|_|  periodic statements and reports                            

|_|  automatic investment plans                                 

|_|  free exchanges among USAA Funds                            

Our customer service representatives are available to assist you, call toll free
1-800-531-8181, Monday through Friday from 7 a.m. to 10 p.m. CT, Saturday       
from 8:30 a.m. to 5 p.m. CT, and Sunday from 10:30 a.m. to 7 p.m. CT.           

                                                                 [graphic]
xxxxx-0803  (c) 2003, USAA. All rights reserved.                    Recycled    
                                                                 Paper

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[USAA EAGLE]  9800 Fredericksburg Road              USAA  BALANCED STRATEGY FUND
[LOGO (R)]    SAn Antonio, Texas 78288                   NEW ACCOUNT APPLICATION
                                                                       (NON-IRA)

                    The USA  PATRIOT  Act  requires  verification  of  identity.
                    Therefore,   please  provide  the   information   requested.
                    Omissions  or an inability  to verify this  information  may
cause a processing delay.               

--------------------------------------------------------------------------------
1.   ACCOUNT REGISTRATION                                                       
--------------------------------------------------------------------------------

------------------------                                                      
| You may set up your    |                                                      
| account as individual, |                                                      
| joint, or Uniform      |                                                      
| Gift/Transfer to a     |                                                      
| Minor. Please print    |                                                      
| in blue or black ink.  |                                                      
------------------------                                                      

[_] A. INDIVIDUAL (If Joint, complete  section B. If UGMA/UTMA, complete section
C.)                                       
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Name                            Social Security  USAA Number     Date of Birth  
(first, middle initial, last)   Number           (if any)         (mm/dd/yy)    

--------------------------------------------------------------------------------
Physical Address             City            State               Zip Code       
(P.O. Box cannot be accepted)                                                   

[_] B. JOINT ACCOUNT OWNER                                                      
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Joint Owner's Name              Social Security  USAA Number     Date of Birth  
(first, middle initial, last)   Number           (if any)         (mm/dd/yy)    

--------------------------------------------------------------------------------
Physical Address             City            State               Zip Code       
(P.O. Box cannot be accepted)                                                   

Relationship to Account Owner __________________________________________________
Registration  will be Joint Tenants with Right of Survivorship  unless otherwise
specified.                                                                      

[_] C. UNIFORM GIFT/TRANSFER TO MINOR (UGMA/UTMA)A/UTMA)                        
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Custodian's Name                Social Security  USAA Number     Date of Birth  
(first, middle initial, last)   Number           (if any)         (mm/dd/yy)    

--------------------------------------------------------------------------------
Minor's Name                    Social Security  USAA Number     Date of Birth  
(first, middle initial, last)   Number           (if any)         (mm/dd/yy)    

--------------------------------------------------------------------------------

Minor's state of residence __________ Custodian's relationship to Minor ________

I (WE) HAVE FULL RIGHT,  POWER,  AUTHORITY  AND LEGAL  CAPACITY  AND AM (ARE) OF
LEGAL AGE IN THE STATE OF RESIDENCE TO PURCHASE  SHARES OF THE USAA  CORNERSTONE
STRATEGY FUND. I (WE) HAVE RECEIVED AND READ THE CURRENT FUND PROFILE.          

--------------------------------------------------------------------------------
2.   CHOOSING YOUR INVESTMENT AMOUNT                                            
--------------------------------------------------------------------------------

-----------------------                                                       
| You can open your     |                                                       
| account  with a lump  |                                                       
| sum amount (minimum   |                                                       
| $3,000), or with      |                                                       
| automatic monthly     |                                                       
| investments of at     |                                                       
| least $20 through     |                                                       
| USAA's InveStart(R)   |                                                       
| program. Attach a     |                                                       
| voided check or       |                                                       
| deposit slip from     |                                                       
| your bank.            |                                                       
-----------------------                                                       
Fund: USAA Balanced Strategy Fund                                               

Initial investment amount (lump sum): $ ______________________ ($3,000 minimum) 
Please make check payable to USAA FAMILY OF FUNDS                               

Automatic monthly investment amount: $ ________________________ ($50 minimum)   

Days of the month you want to invest:  ________________ Start date:_____________
If a date is not selected, drafts will occur on the 15th of each month.         

Attach a  voided  check  or  deposit slip  from  your  bank to set  up automatic
investments.                                                                    

What type of account is this?    [_] Checking   [_] Savings                     

USAA INVESTMENT MANAGEMENT COMPANY * 1-800-531-8448 * FAX 1-800-292-8177        
* USAA.COM                                                                      

                                                                      xxxxx-0803

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--------------------------------------------------------------------------------
3.   DIVIDEND AND/OR CAPITAL GAIN DISTRIBTIONS                                  
--------------------------------------------------------------------------------
--------------------------                                                    
| Dividends and capital    |                                                    
| gains will be reinvested |                                                    
| unless otherwise         |                                                    
| indicated.               |                                                    
--------------------------                                                    

DIVIDENDS                                                                       

[_] Deposit into an existing USAA Mutual Fund.                                  
My account number is ___________________________.                       
[_] Send to my financial institution listed in section 2.                       
[_] Mail check to my home address.                                              

CAPITAL GAINS                                                                   

[_] Deposit into an existing USAA Mutual Fund.                                  
My account number is ____________________                               

[_] Send to my financial instittion listed in section 2.                        
[_] Mail check to my home address.                                              

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4.   CONDITIONS AND AUTHORIZATIONS                                              
--------------------------------------------------------------------------------

I (we) understand  that I (we) have the option of purchasing  shares of the Fund
after reviewing the information in the Profile or after requesting and reviewing
the Fund's  prospectus  (and other  information)  before making a decision about
investing in the Fund. I (we)  understand  the Fund's  investment  objective and
have  determined  that the Fund is a  suitable  investment  based  upon my (our)
investment  needs  and  financial  situation.  I (we)  understand  that my (our)
account will automatically have the telephone/fax/telegram redemption privilege,
and the telephone exchange  privilege,  all of which are set forth in the Fund's
current prospectus. I (we) agree to be bound to the terms and conditions of this
application  and the  appropriate  prospectus when I (we) make an exchange or an
electronic  transaction into any of the USAA family of funds that is established
now or in the future using the same registration  described in this application.
I (we) ratify any  instructions  given pursuant to this application and agree to
be bound to its terms and  conditions.  I (we) agree that State  Street Bank and
Trust Company,  USAA  Investment  Management  Company (USAA  Investments),  USAA
Shareholder  Account  Services,  USAA Tax Exempt Fund,  Inc.,  USAA Mutual Fund,
Inc., USAA Investment  Trust or USAA State Tax-Free Trust will not be liable for
any loss, liability, cost or expenses for acting upon such instructions.        

If InveStart(R) is selected,  I authorize and direct USAA Investments to begin, 
and the financial institution named on the enclosed voided check or deposit slip
to accept,  electronic  deposits  (credits) or withdrawals  (debits) to my (our)
designated account(s) and to begin withdrawals  (debits), if necessary,  for any
deposits made in error.  Automated  debit or credit entries shall  constitute my
(our) receipt for the transaction(s).  This authority is to remain in full force
and effect until USAA  Investments  has received  written or phone  notification
from me (us) of its  termination at such time and in such manner as to give USAA
Investments reasonable opportunity to act on it.                                

If you  notice  an error on your  account  statement  or in the  execution  of a
transaction made on your behalf,  please notify USAA Investments within ten (10)
days. If you do not notify USAA  Investments  within 10 days of the transmission
of the report or statement,  we will consider that you are in agreement with the
content.                                                                        

--------------------------------------------------------------------------------

T.I.N./BACKUP WITHHOLDING CERTIFICATION                                         
UNDER   PENALTIES  OF  PERJURY,   I  CERTIFY  THAT:  (1)  the  Social   Security
Number/Taxpayer Identification Number provided on this application is my correct
number and; (2) that I am not subject to backup  withholding  because:  (a) I am
exempt from backup withholding,  or (b) I have not been notified by the Internal
Revenue  Service (IRS) that I am subject to backup  withholding as a result of a
failure to report all interest or dividends, or (c) the IRS has notified me that
I am no longer subject to backup  withholding,  (NOTE: IF YOU HAVE BEEN NOTIFIED
BY THE IRS THAT YOU ARE SUBJECT TO BACKUP WITHHOLDING, AND YOU HAVE NOT RECEIVED
NOTICE FROM THE IRS ADVISING THAT BACKUP WITHHOLDING IS TERMINATED, PLEASE CROSS
OUT #2 ABOVE.) and (3) I am a U.S. person  (including a U.S.  resident alien). I
UNDERSTAND  THAT THE IRS DOES NOT REQUIRE MY CONSENT TO ANY  PROVISIONS  OF THIS
DOCUMENT OTHER THAN THE CERTIFICATIONS REQUIRED TO AVOID BACKUP WITHHOLDING.    

--------------------------------------------------------------------------------
5.  PLEASE SIGN AND DATE. THEN MAIL IT TO US IN THE ENCLOSED ENVELOPE           
--------------------------------------------------------------------------------
-------------------------                                                     
| You're done! Just sign, |                                                     
| date and mail in the    |                                                     
| enclosed postage        |                                                     
| paid envelope. Make     |                                                     
| checks payable to       |                                                     
| "USAA Family of Funds." |                                                     
| Please enclose a        |                                                     
| voided check or deposit |                                                     
| slip for automatic      |                                                     
| transfers.              |                                                     
-------------------------                                                     

APPLICATION  MUST BE SIGNED  EXACTLY  AS  NAME(S)  APPEAR  ON THIS  APPLICATION.
(Unsigned  applications and  applications  without a Social Security or Taxpayer
Identification  Number will be subject to backup  withholding.  All  registrants
must sign.)                                                                     

Signature of Account Owner or Custodian ________________________________________

Date ________________________                                                   

Citizenship:  [_] U.S.   [_] Resident Alien   [_] Non-Resident Alien            
Specify Country:_________________________             

Signature of  Joint Account Owner (if applicable) ______________________________

Date ________________________                                                   

Citizenship:  [_] U.S.   [_] Resident Alien   [_] Non-Resident Alien            
Specify Country:________________________

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘497K1’ Filing	Date	First	Last	Other Filings

	5/31/09	7
	8/25/03	1
Filed on / Effective on:	7/18/03
	6/30/03	4
	5/31/03	5		24F-2NT, N-CSR, NSAR-B
	5/6/03	7
	6/28/02	4		497
	9/1/95	3	5	497
	8/31/95	5
				List all Filings

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Filing Submission 0000745903-03-000021 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Usaa Investment Trust – ‘497K1’ on 7/18/03

On: Friday, 7/18/03, at 11:47am ET · Effective: 7/18/03 · Accession #: 745903-3-21 · File #: 2-91069

Previous ‘497K1’: ‘497K1’ on 2/11/03 · Next & Latest: ‘497K1’ on 11/6/03

Profile of an Open-End Management Investment Company — Rule 497(k)(1)(i)Filing Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Profile of an Open-End Management Investment Company — Rule 497(k)(1)(i)
Filing Table of Contents