PROXY VOTING MADE SIMPLE

YOUR VOTE IS VERY IMPORTANT TO US!

If  you're a USAA  mutual  fund  shareholder*,  you  will  receive  your  proxy
information  by  mail.  Read it  carefully  and  cast  your  vote in one of the
following four ways:

INTERNET

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

PHONE

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 from your proxy
card(s), and follow the voice prompts to record your vote.

MAIL

Return  your  executed  proxy  card(s) in the  postage-paid  envelope  you were
provided. Please be sure to sign the card(s).

IN PERSON

Attend the shareholder meeting on Friday,  October 15, 1999, at 2 p.m., CST, at
the McDermott  Auditorium in the USAA Building,  9800 Fredericksburg  Road, San
Antonio, TX 78288, and cast your vote.


A shareholder  meeting for all 38 USAA mutual funds will be held on October 15,
1999, at 2:00 p.m., CST, at the McDermott Auditorium in the USAA Building, 9800
Fredericksburg  Road, San Antonio,  TX 78288. In the event you've  misplaced or
have questions about your proxy statement you may call 1-800-563-4957.

*To vote on these proposals,  you must have been a USAA mutual fund shareholder
as of the record date of August 19, 1999.