USAA NASDAQ-100 FUND

FUND: USNQX A: UANQX C: UCNQX INSTITUTIONAL: UINQX R6: URNQX

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 A 06/29/20 UANQX 46.99% 0.70% A Shares, without sales charge 11.18 12.96 43.41 – – – 46.09 A Shares, with sales charge C 06/29/20 UCNQX 20.93% 1.45% 8.69 10.42 40.20 – – – 42.81 (max. 2.25%) Fund 10/27/00 USNQX 0.44% 0.44% Fund Shares 11.26 13.10 43.76 28.07 27.66 20.86 7.87

Inst 06/29/20 UINQX 0.47% 0.44% Institutional Shares 11.26 13.10 43.74 – – – 46.42

R6 03/01/17 URNQX 0.31% 0.31% Nasdaq-100 Index 11.38 13.34 44.36 28.61 28.24 21.53 – Net expense ratio reflects the contractual waiver Calendar Year Performance (%) and/or reimbursement of management fees through June 30, 2023. 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Investment Style A Shares, without sales charge – – – – – – – – – – Large Growth A Shares, with sales charge (max. 2.25%) Investment Objective and Strategy – – – – – – – – – – The Fund seeks to match the performance, Fund Shares before fees and expenses, of the Nasdaq- 2.90 17.46 36.00 18.75 9.09 6.68 32.29 -0.44 38.86 48.30 100 Index. The Nasdaq-100 Index represents Institutional Shares 100 of the largest nonfinancial traded – – – – – – – – – – on the Nasdaq Market. Under normal Nasdaq-100 Index circumstances, the Fund will invest at least 3.66 18.35 36.92 19.40 9.75 7.27 32.99 0.04 39.46 48.88 80% of its net assets in common stocks composing the Index in roughly the same Past performance does not guarantee future results. The performance quoted represents past proportions as their weightings in the Index. performance and current performance may be lower or higher. The investment return and principal value Consistent with the Index, the Fund may be will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month-end, visit www.vcm.com. focused in the technology sector. The fund is Returns include reinvestment of and capital gains. Performance for periods greater than one year is non-diversified. annualized. Fee waivers and/or expense reimbursements were in place for some or all periods shown, without About the Fund which, fund performance would have been lower. High, double-digit returns are highly unusual and cannot be • Growth potential of technology, sustained. Investors should be aware that these returns were primarily achieved during favorable market conditions. telecommunications, retail and biotechnology stocks. Growth of a Hypothetical $10,000 Shares (6/30/2011–6/30/2021) • Lower costs; index funds have fewer $70,000 expenses than actively managed equity Ending Value $66,480 funds. $60,000 • Complements the S&P 500 Index Fund. $50,000 Portfolio Managers $40,000 Mannik Dhillon, CFA, CAIA. Since 2019. $30,000 $20,000 $10,000 $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 (%) — 9 7 4

# of Funds 1138 1138 1024 761

Morningstar Category: Large Growth. Morningstar ratings and rankings are based on the Fund 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 %

Apple Inc. AAPL 10.92

Microsoft Corporation MSFT 9.75 19.41 Communication Services 19.55 Amazon.com, Inc. AMZN 8.29 Facebook, Inc. Class A FB 3.98 17.31 Consumer Discretionary Alphabet Inc. Class C GOOG 3.87 17.43 Tesla Inc TSLA 3.87

NVIDIA Corporation NVDA 3.62 4.81 Consumer Staples Alphabet Inc. Class A GOOGL 3.51 4.84 PayPal Holdings Inc PYPL 2.49 6.66 Adobe Inc. ADBE 2.04 Health Care 6.71 Total 52.34

Holdings are subject to change. 1.70 Industrials 1.71

Fund Nasdaq-100 Index 48.52 Fund Statistics Information Technology 48.87 Active Share .4% - Weighted Average ($) 801.3B 801.3B 0.88 -0.44 - Utilities 0.89 Beta 1.00 1.00 R-Squared 100.00 100.00 0.36 Cash Standard Deviation 16.90 16.91 0.00 Portfolio Turnover Ratio - LTM 17.8% 6.8%

Average Price/Earnings - NTM 28.2 28.2 0.36 Other Total Number of Holdings 102 102 0.00 Assets ($) 4.1B - USAA Nasdaq-100 Index Fund Nasdaq-100 Index Risk characteristics are relative to the Nasdaq-100 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 earnings per share. Not all share classes are available to all investors. The Nasdaq-100 Index is a modified-capitalization-weighted index All investing involves risk, including the potential loss of principal. designed to measure, based on market capitalization, 100 of the largest Investments concentrated in an industry or group of industries may face nonfinancial domestic and international companies listed on The Nasdaq more risks and exhibit higher than investments that are more ® . broadly diversified over industries or sectors.Technology companies may ©2021 Morningstar, Inc. All rights reserved. The information contained be adversely affected by economic downturns, product cycles, herein: (1) is proprietary to Morningstar and/or its content providers; (2) aggressive pricing, market competition and government regulation. The may not be copied or distributed; and (3) is not warranted to be accurate, Fund is non-diversified, which means that it may invest a large portion of complete, or timely. Neither Morningstar nor its content providers are its assets in a small number of issuers. Non-diversified funds may be more responsible for any damages or losses arising from any use of this susceptible to economic or credit risks than diversified funds. The value of information. Past performance is no guarantee of future results. your investment is also subject to geopolitical risks such as wars, terrorism, Victory Capital means Victory Capital Management Inc., the investment environmental disasters, and public health crises; the risk of technology adviser of the Victory Capital mutual funds and USAA Mutual Funds. malfunctions or disruptions; and the responses to such events by Victory Capital mutual funds and USAA Mutual Funds are distributed by governments and/or individual companies. Victory Capital Services, Inc. (VCS), member FINRA, an affiliate of Victory Active Share is a measure that compares the proportion of Capital. Victory Capital and its affiliates are not affiliated with United holdings within the product against those of the respective benchmark. Services Automobile Association or its affiliates. USAA and the USAA logos The value represents the percentage difference between fund and are registered trademarks and the USAA Mutual Funds and USAA benchmark. Market Capitalization is the total dollar value of all Investments logos are trademarks of United Services Automobile outstanding shares computed as number of shares times current market Association and are being used by Victory Capital and its affiliates under price. Alpha is the excess return of a fund relative to the return of a license. benchmark index. Beta is a measure of the volatility, or systematic risk, of ©2021 Victory Capital Management Inc. a security or portfolio relative to the market or a benchmark. R-squared is V19.099 // 2Q 2021 USAA Nasdaq-100 Index Fund FS 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 .

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20210722-1733736