USAA INCOME FUND

MEMBER SHARES

Q2 // JUNE 30, 2021

FUND FACTS PERFORMANCE Average Annual Total Returns (%) Inception Expense Ratio: Since Class Ticker As of June 30, 2021 Q2 2021 YTD 1 Year 3 Year 5 Year 10 Year Date Gross Net Inception

Fund 05/04/87 USISX 0.74% 0.74% Fund Shares 5.42 15.59 35.08 11.11 10.68 10.67 8.62

Net expense ratio reflects the contractual waiver Russell 1000® Value Index 5.21 17.05 43.68 12.42 11.87 11.61 – and/or reimbursement of management fees through November 30, 2021. Calendar Year Performance (%) Investment Style 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Large Value Investment Objective and Strategy Fund Shares The Fund seeks current income with the 3.78 12.70 31.01 11.85 -3.26 14.10 16.63 -5.49 23.64 0.33 prospect of increasing income and ® the potential for capital appreciation. The Russell 1000 Value normally invests at least 80% of its 0.39 17.51 32.53 13.45 -3.83 17.34 13.66 -8.27 26.54 2.80 assets in common , with at least 65% of the Fund’s assets normally invested in Past performance does not guarantee future results. The performance quoted represents past common stocks of companies that pay performance and current performance may be lower or higher. The investment return and principal . It may also invest in REITs and value will fluctuate so that an ’s shares, when redeemed, may be worth more or less than the derivatives. Although the fund invests original cost. To obtain performance information current to the most recent month-end, visit primarily in U.S. securities, it may invest up www.vcm.com. Returns include reinvestment of dividends and capital gains. Performance for periods greater to 20% of its total assets in foreign than one year is annualized. Fee waivers and/or expense reimbursements were in place for some or all periods securities, including securities issued in shown, without which, fund performance would have been lower. High, double-digit returns are highly unusual and cannot be sustained. should be aware that these returns were primarily achieved during favorable emerging markets. market conditions. About the Fund • May be an appropriate core investment in Growth of a Hypothetical $10,000 Shares (6/30/2011–6/30/2021) many portfolios. Income potential from dividend-paying Ending Value $27,560 • $30,000 stocks. • -term growth potential of established $25,000 U.S. and foreign companies. $20,000

Portfolio Managers $15,000 Mannik Dhillon, CFA, CAIA. Since 2019. Lance Humphrey, CFA. Since 2021. $10,000 Elie Masri. Since 2021. $5,000

$0 6/11 6/12 6/13 6/14 6/15 6/16 6/17 6/18 6/19 6/20 6/21

MORNINGSTAR RATINGS AND RANKINGS Overall 3 Year 5 Year 10 Year Morningstar Rating ★★★ ★★★ ★★★ ★★★ Morningstar Ranking (%) — 64 77 63

# of Funds 1141 1141 1012 740

Morningstar Category: Large Value. Morningstar ratings and rankings are based on the Fund share class. The Morningstar RatingTM for funds, or “star rating,” is calculated for managed Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 products (including mutual funds, variable annuity and variable life subaccounts, months of total returns, 60% five-year rating/40% three-year rating for 60-119 exchange-traded funds, closed- end funds, and separate accounts) with at least a months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year three-year history. Exchange-traded funds and open-ended mutual funds are rating for 120 or more months of total returns. While the 10-year overall star rating considered a single population for comparative purposes. It is calculated based on a formula seems to give the most weight to the 10-year period, the most recent three- Morningstar Risk-Adjusted Return measure that accounts for variation in a managed year period actually has the greatest impact because it is included in all three rating product’s monthly excess performance, placing more emphasis on downward periods. The Morningstar percentile ranking is based on a fund’s average annual total variations and rewarding consistent performance. The Morningstar Rating does not return (excluding sales charges) relative to all funds in the same category. The highest include any adjustment for sales loads. The top 10% of products in each product (most favorable) percentile rank is 1%, and the lowest (least favorable) percentile rank category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 is 100%. Fund performance used for the rankings reflects certain fee waivers, without stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall which, Morningstar rankings would have been lower and Morningstar ratings may Morningstar Rating for a managed product is derived from a weighted average of the have been lower. performance figures associated with its three-, five-, and 10-year (if applicable) Not FDIC Insured • May Lose Value • No Bank Guarantee 20210722-1733736 PORTFOLIO INFORMATION As of June 30, 2021

Top Ten Holdings Ticker % Fund Sector Allocation %

JPMorgan Chase & Co. JPM 3.00 Communication Services 6.55 8.48 Verizon Communications Inc. VZ 2.58

Johnson & Johnson JNJ 2.12 7.65 Consumer Discretionary 5.73 Texas Instruments Incorporated TXN 2.03

Target Corporation TGT 1.96 Consumer Staples 8.54 7.17 Cisco Systems, Inc. CSCO 1.89 3.29 Home Depot, Inc. HD 1.60 Energy 5.14 Intel Corporation INTC 1.55 Financials 20.05 United Parcel Service, Inc. Class B UPS 1.52 20.85 Microsoft Corporation MSFT 1.51 Health Care 12.00 Total 19.76 17.31 Holdings are subject to change. Industrials 14.29 12.01

Russell 1000 Value 13.64 Fund Information Technology Fund Statistics Index 10.22 Active Share 64.7% - Materials 3.94 Weighted Average ($) 170.5B 136.7B 3.79 0.20 - Real Estate 4.27 0.86 1.00 4.51 R-Squared 96.56 100.00 Utilities 5.48 Standard Deviation 14.21 16.20 4.79 Portfolio Turnover Ratio - LTM 54.8% 16.0% 0.30 Average Price/Earnings - NTM 15.1 16.9 0.00 Total Number of Holdings 185 842 Assets ($) 2.8B - USAA Income Stock Fund Russell 1000 Value Index

Risk characteristics are relative to the Russell 1000® Value Index for the five-year period where appropriate.

Carefully consider a fund's investment objectives, risks, charges and Portfolio Turnover Ratio – LTM measures trading activity in a portfolio for expenses before investing. To obtain a prospectus or summary the past year, indicating how often investments are bought and sold. prospectus containing this and other important information, visit Average Price/Earnings (P/E) Ratio is the current share price of a stock www.vcm.com/prospectus. Read it carefully before investing. divided by its . Not all share classes are available to all investors. The Russell 1000® Value Index is a market-capitalization-weighted index All investing involves risk, including the potential loss of principal. that measures the performance of Russell 1000® Index companies with International investments may involve risk of capital loss from unfavorable lower price-to-book ratios and lower forecasted growth rates. fluctuation in currency values, from differences in generally accepted ©2021 Morningstar, Inc. All rights reserved. The information contained accounting principles or from economic or political instability in other herein: (1) is proprietary to Morningstar and/or its content providers; (2) nations. Emerging markets involve heightened risks related to the same may not be copied or distributed; and (3) is not warranted to be accurate, factors as well as increased and lower trading volume. Real estate complete, or timely. Neither Morningstar nor its content providers are investment trusts (REITs) are subject to changes in economic conditions, responsible for any damages or losses arising from any use of this credit risk and interest rate fluctuations. Dividends are never guaranteed. information. Past performance is no guarantee of future results. Derivatives may not work as intended and may result in losses. The value Victory Capital means Victory Capital Management Inc., the investment of your investment is also subject to geopolitical risks such as wars, adviser of the Victory Capital mutual funds and USAA Mutual Funds. terrorism, environmental disasters, and public health crises; the risk of Victory Capital mutual funds and USAA Mutual Funds are distributed by technology malfunctions or disruptions; and the responses to such events Victory Capital Services, Inc. (VCS), member FINRA, an affiliate of Victory by governments and/or individual companies. Capital. Victory Capital and its affiliates are not affiliated with United Active Share is a measure that compares the proportion of Services Automobile Association or its affiliates. USAA and the USAA logos holdings within the product against those of the respective benchmark. are registered trademarks and the USAA Mutual Funds and USAA The value represents the percentage difference between fund and Investments logos are trademarks of United Services Automobile benchmark. Market Capitalization is the total dollar value of all Association and are being used by Victory Capital and its affiliates under outstanding shares computed as number of shares times current market license. price. Alpha is the excess return of a fund relative to the return of a ©2021 Victory Capital Management Inc. benchmark index. Beta is a measure of the volatility, or systematic risk, of V20.054 // 2Q 2021 USAA Income Stock Fund DM FS a security or portfolio relative to the market or a benchmark. R-squared is a statistical measure that represents the percentage of a fund’s or security’s movements that can be explained by movements in a benchmark index. Standard Deviation measures an investment’s historical volatility, calculated using the investment’s annual . WWW.VCM.COM // 800.235.8396

20210722-1733736