YOU CAN SUBMIT YOUR PROXY VOTING INSTRUCTIONS RIGHT OVER THE INTERNET

It's fast, convenient, and your voting instructions are immediately posted.

IF YOU RECEIVED NOTIFICATION BY POSTAL MAIL:

1.   Read  the  Proxy Statement.  The accompanying  Voting Instruction  Form or
     Proxy Card contains your Control Number.
2.   Enter the 12 digit Control Number to access an electronic ballot.
3.   Complete the electronic ballot and submit your voting instructions.
4.   Provide your E-Mail address if you want confirmation of your voting
     instructions.

IF YOU RECEIVED NOTIFICATION BY E-MAIL:

1.   To access an electronic ballot, enter the 12 digit Control Number contained
     in  your  E-Mail  message and  the PIN  you used  when  you  enrolled  for
     electronic ballot.

2.   The ballot displayed contains Internet Links to the Proxy Statement and the
     Annual Report; read them carefully.
3.   Complete the ballot and submit your voting instructions.

                           ______________
Enter your CONTROL NUMBER |______________| ( Please skip any spaces)

                       _______
Enter your PIN NUMBER |_______| (last 4 digits of your SS#):  (Required for the
E-Mail option only)

 ________________________
|    Click to Continue   |
|________________________|


                     USAA INVESTMENT TRUST SPECIAL MEETING

             TO BE HELD ON 10/15/1999 FOR HOLDERS AS OF 08/19/1999

                              CUSIP [        ]

                      YOUR CONTROL NUMBER: [                  ]
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MANAGEMENT RECOMMENDATIONS:

Choose this if you would like to vote your shares following management's
recommendations.  See below for the detailed recommendations.  Please read it
carefully.

 __________________________________________________
|   Vote my shares per management's recommendations|
|__________________________________________________|

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PROXY BALLOT:

TRUSTEES:

Trustees Recommended:  A vote for election of the following nominees

( ) For All Nominees    ( ) Withhold All Nominees

( ) For All EXCEPT Those Selected Below:

     [ ]Davis
     [ ]Roth
     [ ]Peebles
     [ ]Reimherr
     [ ]Zucker
     [ ]Dr. Mason
     [ ]Mrs. Dreeben

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PROPOSALS:

Please indicate your proposals selections by clicking on the fields below.

02.  RATIFICATION OF  THE SELECTION OF KPMG LLP AS  THE INDEPENDENT AUDITORS OF
THE FUNDS.
Trustees Recommend: FOR

[ ]FOR  [ ]Against  [ ]Abstain

 ______________________________________________
|   Vote my shares per the above selections    |
|______________________________________________|

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Click to see: "LETTER TO OUR CLIENTS REGARDING VOTING AUTORITY"
              -------------------------------------------------

                              VOTING INSTRUCTIONS

Dear Shareholder,

We have been requested to forward to you  the displayed proxy material relative
to shares registered in your name.   These shares  will be voted  in accordance
with your wishes, if you execute the displayed ballot and  submit it as per the
instructions provided with the proxy.  It is  understood that if you submit the
ballot without otherwise marking it, the proposals will be voted as recommended
by  the board  of  directors/trustees  on all matters to be  considered  at the
meeting.

In order for your shares to be represented at the meeting, it will be necessary
for us to have your vote.  Please complete and submit the displayed ballot.

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