EXHIBIT 9(f)
USAA INVESTMENT TRUST
AMENDMENT NO. 1
TO
TRANSFER AGENCY AGREEMENT
AMENDMENT No. 1 to the Transfer Agency Agreement between
USAA Investment Trust and USAA Transfer Agency Company ("SAS")
dated January 23, 1992 (the "Agreement"), made as of the 14th day
of November, 1995.
WITNESSETH:
WHEREAS, Paragraph 27 of the Agreement provides that the
Agreement may be amended at any time by mutual agreement between
the parties thereto; and
WHEREAS, A majority of the Trustees desire to amend the
Agreement by adding a Paragraph 29 to (1) authorize SAS to enter
into subtransfer agency relationships with one or more third
parties and (2) permit SAS to collect from the Funds an amount
equal to the lesser of the subtransfer agent's fees payable by
SAS and the savings realized by the Funds from such subtransfer
agency arrangements.
NOW, THEREFORE, The Agreement is hereby amended by adding
Paragraph 29 as follows:
29. SUB-TRANSFER AGENCY RELATIONSHIPS.
USAA Transfer Agency may, from time to time,
enter into arrangements with one or more third
parties (each, a "Sub-Transfer Agent") to perform
certain functions for the Trust and USAA Transfer
Agency. In those instances the Trust shall pay
USAA Transfer Agency the lesser of (i) the amount
payable by USAA Transfer Agency to the Sub-
Transfer Agent for performing such functions and
(ii) the amount of the Transfer Agency Savings.
As used herein, the term "Transfer Agency Savings"
means the amount that would have been paid by the
Trust to USAA Transfer Agency if all accounts
maintained by the Sub-Transfer Agent had been
maintained directly by USAA Transfer Agency, as
determined based upon the per account charge under
the Transfer Agency Agreement, increased by out-
of-pocket charges that would have been incurred
with respect to such accounts.
This Amendment and the changes to the Agreement effected
hereby shall be effective November 14, 1995.
USAA INVESTMENT TRUST USAA TRANSFER AGENCY COMPANY
/s/ Xxxxxxx X. X. Xxxx /s/ Xxxxxx X. X. Xxxxxxx
________________________ ___________________________
Xxxxxxx X. X. Xxxx Xxxxxx X. X. Xxxxxxx
President Vice President
ATTEST: ATTEST:
/s/ Xxxxxxx X. Xxxxxx /s/ Xxxxxxx X. Xxxxxx
_______________________ ________________________
Xxxxxxx X. Xxxxxx Xxxxxxx X. Xxxxxx
Secretary Secretary