Beamer - make itemize (and space occupied) disappear

Question

So I have two itemize's on one slide and a graphic underneath them both:

\onslide<1>{
    \begin{itemize}
      ...
    \end{itemize}
}

\onslide<2>{
    \begin{itemize}
      ...
    \end{itemize}
}

\includegraphics[width=5cm]{abc.eps}

So what I want is for the first itemize to be visible on the first slide, and the second itemize to be invisible and not occupy any space. Similarly, when I go to the next slide, I want the first itemize to go invisible and not occupy any space while showing the second itemize. I want the graphic to be visible and stay in the same place on both slides.

Is this possible?