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[article in USAA Spectrum Magazine]
NEW FUND MANAGERS, SAME
GREAT USAA SERVICE AND VALUE
USAA INVESTMENTS HIRES ASSET MANAGERS FOR ITS EQUITY MUTUAL FUNDS. WHAT IT MEANS
FOR YOU.
This summer, USAA took a positive new direction for mutual fund shareholders.
All but one of our equity mutual funds are now managed by eight of the country's
leading asset management firms. The new portfolio managers are handling more
than $500 billion in total institutional client assets, according to Chris
Claus, president and chief executive officer of USAA Investments. "They are
leaders in their respective disciplines and have delivered consistent long-term
performance," he says.
Despite the management changes, our total management fees will remain
lower than average and, as always, we will set portfolio policy for all USAA
equity funds. "USAA Investments will continue to actively supervise the
management of each fund as the fund's adviser, and the USAA mutual fund board of
directors will oversee the funds as they always have," says Mark Howard, senior
vice president, securities counsel and compliance.
"We will actively monitor each of the sub-advisers through designated
relationship managers and by reviewing reports the sub-advisers are required to
provide. The process will be quite similar to what we already do with the USAA
index funds, which have been sub-advised by outside firms for quite some time,"
he adds.
AND INTRODUCING
"The asset management companies we selected met a number of standards: their
decision-making process when choosing investments, consistent track records and
defined risk controls," says Claus.
Matt Horridge, marketing director for Eagle Asset Management and
second-generation USAA member for a dozen years, emphasized the close
relationship USAA Investments and the new asset managers will foster, "I'd like
to say how pleased I am that Eagle will be handling USAA's small-cap fund for
its members. This is a terrific partnership of two great companies."
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. For more complete
information about USAA mutual funds, including charges and operating expenses,
call (800) 358-0429 for a prospectus from USAA Investments. Read it carefully
before you invest.
This communication is being made on behalf of USAA Mutual Fund, Inc. and USAA
Investment Trust. Shareholders of the affected USAA mutual funds will receive a
proxy statement on these mattters. Shareholders should read the proxy statement
when it becomes available because it contains important information.
Shareholders may obtain an additional free copy of the proxy statement and any
other relevant documents when they become available from USAA Investment
Management Company or the SEC's web site at www.sec.gov.
For more details on each fund, log on to USAA.COM, Investments, and view Mutual
Fund Details.
AGGRESSIVE GROWTH Marsico Capital Management
BALANCED STRATEGY Wellington Management Company, USAA Investments
CAPITAL GROWTH Batterymarch Financial Management
CORNERSTONE STRATEGY Wellington Management Company, MFS
Investment Management, USAA Investments
EMERGING MARKETS The Boston Company
FIRST START GROWTH Marsico Capital Management
GROWTH Dresdner RCM Global
Advisors, Marsico Capital Management
GROWTH & INCOME Wellington Management Company
GROWTH & TAX STRATEGY Dresdner RCM Global Advisors, USAA Investments
INCOME STOCK The Boston Company, Westwood Management Corporation
INTERNATIONAL MFS Investment Management
SCIENCE & TECHNOLOGY Wellington Management Company, USAA Investments
SMALL CAP STOCK Eagle Asset Management
VALUE Westwood Management Corporation
WORLD GROWTH MFS Investment Management