PROXY VOTING MADE SIMPLE

The enclosed proxy statement provides  details on important  issues relating to
your USAA mutual funds. The board of your fund(s)  recommends that you vote FOR
all  proposals.  A separate  proxy card and vote is required  for each fund you
own.

We offer a variety of ways to vote. You may vote using the  traditional  method
of  mailing  back  your  proxy  card.  Or  you  may  choose  one  of  our  most
cost-effective and more convenient methods.  The choice is yours. Use whichever
method works best for you!

                         YOUR PROXY VOTE IS IMPORTANT!
                               PLEASE VOTE TODAY

WAYS TO VOTE YOUR PROXY

BY MAIL
[ENVELOPE GRAPHIC]

Return your  executed  proxy card(s) in the  enclosed,  postage-paid  envelope.
Please ensure that you sign the card(s).

BY PHONE
[PHONE GRAPHIC]

Use an automated  touch-tone  telephone system 24 hours a day. Simply call toll
free 1-800-690-6903. Then enter your 12-digit control number(s) from your proxy
card(s), and follow the voice prompts to record your vote.

BY INTERNET
[COMPUTER GRAPHIC]

Visit the web site at WWW.PROXYVOTE.COM.  Enter your 12-digit control number(s)
located on your proxy card(s), and register your vote.

IN PERSON
[GRAPHIC]

Attend the Shareholder  Meeting on Friday,  October 15, 1999, at 2 p.m. Central
Standard  Time,  at  the  McDermott  Auditorium  in  the  USAA  Building,  9800
Fredericksburg Road, San Antonio, TX 78288, and cast your vote.

USAA  USAA
EAGLE INVESTMENT
LOGO  MANAGEMENT
      COMPANY

34588-0899