EXHIBIT 1(b)(ii)
USAA LIFE INVESTMENT TRUST
AMENDMENT TO MASTER TRUST AGREEMENT
This Amendment, dated February 7, 1997 ("Amendment"), amends the Master
Trust Agreement, dated December 14, 1994 ("Agreement").
RECITALS
WHEREAS, the Trust's Board of Trustees ("Board), pursuant to the
Agreement, established and designated five initial series, namely the USAA Life
Variable Annuity Money Market Fund, USAA Life Variable Annuity Income Fund, USAA
Life Variable Annuity Growth and Income Fund, USAA Life Variable Annuity World
Growth Fund, and USAA Life Variable Annuity Diversified Assets Fund
(collectively, the "Initial Funds"), as separate sub-trusts of the Trust; and
WHEREAS, the Board desires to amend the Agreement to establish and
designate two additional series, namely the USAA Life Variable Annuity
Aggressive Growth Fund and USAA Life Variable Annuity International Fund
(collectively, the "New Funds"), as separate sub-trusts of the Trust; and
WHEREAS, the Board also desires to amend the Agreement to reflect
changes in the names of the Initial Funds, which changes were previously
effected by resolutions that a majority of the Board adopted by written consent
on or about December 20, 1994; and
WHEREAS, Section 4.1 of the Agreement provides that the establishment
and designation of any sub-trust in addition to those already established and
designated shall be effective upon the execution by a majority of the Trustees
of an instrument setting forth such establishment and designation of the
relative rights and preferences of the shares of such sub-trust, and that each
instrument establishing and designating any sub-trust shall be deemed to be an
amendment to the Agreement; and
WHEREAS, Section 6.3 of the Agreement provides that the Agreement may be
amended by an instrument in writing signed by a majority of the Trustees,
provided that the amendment does not repeal the limitations on personal
liability of any shareholder or Trustee or repeal the prohibition of assessment
upon the shareholders without the express consent of each shareholder or Trustee
involved, does not adversely affect the rights of any shareholder with respect
to which such amendment is or purports to be applicable, and does not contravene
applicable law; and
WHEREAS, the Board has determined that the changes in the Agreement to
be effected by this Amendment satisfy the conditions set forth in Section 6.3 of
the Agreement;
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NOW THEREFORE, the Board, hereby amends the Agreement as follows:
1. The first sentence of Section 4.2 is amended to read as follows:
Without limiting the authority of the Trustees set forth in Section 4.1 to
establish and designate any further Sub-Trusts, the Trustees hereby
establish and designate the following seven Sub-Trusts: USAA Life Variable
Annuity Money Market Fund, USAA Life Variable Annuity Income Fund, USAA Life
Variable Annuity Growth and Income Fund, USAA Life Variable Annuity World
Growth Fund, USAA Life Variable Annuity Diversified Assets Fund, USAA Life
Variable Annuity Aggressive Growth Fund and USAA Life Variable Annuity
International Fund.
2. In all other respects, the Agreement is hereby confirmed and remains in
full force and effect.
IN WITNESS WHEREOF, the Trustees named below do hereby amend the
Agreement as of the date first set forth above.
/s/ XXXXX X. XXXXXX
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Xxxxx X. Xxxxxx
/s/ XXXXXXX X.X. XXXX
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XXXXXXX X.X. XXXX
/s/ JUNE X. XXXXX
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June X. Xxxxx
/s/ XXXX X. XXXX
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Xxxx X. Xxxx
/s/ XXXX X. XXXXX
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Xxxx X. Xxxxx
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