[USAA                USAA PRECIOUS METALS AND MINERALS FUND
EAGLE
LOGO (R)]                 SUPPLEMENT DATED MAY 26, 2006
                                TO THE PROSPECTUS
                              DATED OCTOBER 1, 2005

There will be a Special Meeting of Shareholders of the Fund on July 19, 2006, to
vote  on,  among  other  things,  a  proposed  reorganization  of the  Fund.  In
connection with the reorganization, which if approved by shareholders would take
effect on August 1, 2006,  the Fund's  diversification  status would change from
diversified to  non-diversified  and the Fund's  secondary  objective of current
income would be eliminated. Details of the proposed reorganization are set forth
in a proxy  statement  that was  filed  with the U.S.  Securities  and  Exchange
Commission on May 26, 2006.

                                                                      60155-0506


[USAA                        USAA INTERNATIONAL FUND
EAGLE
LOGO (R)]                 SUPPLEMENT DATED MAY 26, 2006
                                TO THE PROSPECTUS
                              DATED OCTOBER 1, 2005

There will be a Special Meeting of Shareholders of the Fund on July 19, 2006, to
vote  on,  among  other  things,  a  proposed  reorganization  of the  Fund.  In
connection with the reorganization, which if approved by shareholders would take
effect on August 1, 2006, the Fund's secondary objective of current income would
be eliminated.  Details of the proposed  reorganization are set forth in a proxy
statement that was filed with the U.S. Securities and Exchange Commission on May
26, 2006.


                                                                      60157-0506

[USAA                  USAA GROWTH AND TAX STRATEGY FUND
EAGLE
LOGO (R)]                 SUPPLEMENT DATED MAY 26, 2006
                                TO THE PROSPECTUS
                              DATED OCTOBER 1, 2005

There will be a Special Meeting of Shareholders of the Fund on July 19, 2006, to
vote  on,  among  other  things,  a  proposed  reorganization  of the  Fund.  In
connection with the reorganization, which if approved by shareholders would take
effect on August 1, 2006,  the benchmark  index used in  calculating  the Fund's
performance  fees  would  change  from  the  Lipper  Balanced  Funds  Index to a
composite index composed of 51% of the Lipper General Municipal Debt Funds Index
and 49% of the Lipper  Large-Cap  Core  Funds  Index.  Details  of the  proposed
reorganization  are set forth in a proxy  statement that was filed with the U.S.
Securities and Exchange Commission on May 26, 2006.


                                                                      60158-0506

[USAA                         USAA INVESTMENT TRUST
EAGLE                     SUPPLEMENT DATED MAY 26, 2006
LOGO (R)]          TO THE STATEMENT OF ADDITIONAL INFORMATION
                              DATED OCTOBER 1, 2005
                        AS SUPPLEMENTED DECEMBER 1, 2005

                              USAA INVESTMENT TRUST
                          (TOTAL RETURN STRATEGY FUND)
                          SUPPLEMENT DATED MAY 26, 2006
                   TO THE STATEMENT OF ADDITIONAL INFORMATION
                                DATED MAY 1, 2006




Dr. Laura T. Starks has resigned from the Board of Trustees.


                                                                      60303-0506