USAA Introduces Lowest Price for Stock Trades Among Major Brokerage Firms

SAN ANTONIO--May 1, 20060, 2006--USAA today announced the company is lowering its minimum cost per stock trade from $8 to as low as $6.95. The new pricing for USAA's Platinum Commission Level represents the most competitive pricing among the major brokerage firms, and marks the latest step in the company's ongoing program to be aggressively competitive.

Traders can execute online and automated telephone stock trades of up to 1,000 shares for the $6.95 rate if they conduct 25 or more commissioned trades in a rolling 90-day period. The new rate also applies to traders who execute at least 16 trades in the same period and have a minimum of $50,000 in eligible assets (this amount has been reduced from $100,000)(a).

"Investors want a competitive price and great online investment tools," said Chris Claus, president and chief executive officer of USAA Investment Management Company. "USAA provides the best value, the lowest rates, no-load funds, free financial guidance from non-commissioned, licensed professionals, exceptional service, and proven performance."

In 2005, USAA was named the top-rated discount brokerage firm in the American Association of Individual Investors (AAII) Member Broker Survey based on trade price, execution speed, reliability, and overall satisfaction(1).

To conduct trades or open an account, investors can visit www.usaa.com or call 1-800-531-8144. USAA specializes in serving military personnel and their extended families.

About USAA

USAA is the leading provider of competitively priced insurance, investments, and banking products to members of the U.S. military and their families. The company's 5 million members around the world rely on the convenience and accessibility of USAA's financial products, backed by industry-leading service. For more information about USAA's products and services, or to learn more about membership eligibility, visit www.usaa.com.

Consider the investment objectives, risks, charges, and expenses of the USAA mutual funds carefully before investing. Call 1-800-531-8181 for a prospectus containing this and other information about the funds from USAA Investment Management Company (USAA), Distributor. Read it carefully before investing.

(1) The American Association of Individual Investors (AAII) is an independent nonprofit association whose purpose is to help its members become effective managers of their own assets through programs of education, information, and research. The AAII Member Broker Survey 2005, reported in the February 2006 issue of the AAII Journal, asked its members to identify and then rate their discount brokers for trade price, execution speed, reliability, and overall satisfaction. Fifty-seven firms were covered, and the 11 most popular brokers (those for whom 25 or more member responses were received) were ranked based on member ratings. Members who identified USAA Brokerage as their broker represented 2.1 percent of the survey respondents. More information about the survey and AAII is available at www.AAII.com.

USAA Brokerage Services is a division of USAA Investment Management Company (USAA), a registered broker dealer.

(a) Eligible assets include those held in USAA Private Investment Management, USAA Strategic Fund Adviser, USAA College Savings Plan (529) accounts, and USAA mutual funds; non-USAA managed assets held in USAA brokerage or Asset Management Accounts (AMA) are not included in calculation of eligible assets. Other restrictions may apply. Commissions may change without notice. For more information and a commission schedule, visit www.usaa.com.

The term 'trade' refers to placing a trade order. Mutual fund operating expenses apply and continue throughout the life of the fund.

USAA's $6.95 pricing represents new 
benchmark among major brokerage firms

                   Online    Automated
                   Trades    Telephone
                               Trades
-----------------------------------------
      USAA(b)        $6.95         $6.95
-----------------------------------------
     E-Trade(b)      $6.99         $6.99
-----------------------------------------
    Scottrade        $7.00        $17.00
-----------------------------------------
     Vanguard        $8.00        $30.00
-----------------------------------------
     Fidelity        $8.00        $20.00
-----------------------------------------
  Charles Schwab     $9.95        $14.95
-----------------------------------------
  T. Rowe Price     $12.95        $25.00
-----------------------------------------

(b) E-Trade investors qualify for the company's $6.99 rate if they
    execute 1,500 or more stock or options trades per quarter, while
    USAA investors qualify for the $6.95 rate if they execute 25 or
    more commissioned trades in a rolling 90-day period, or execute 16
    or more commissioned trades and have $50,000 in eligible assets.