USAA EXTENDED MARKET INDEX FUND FUND: USMIX 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 Shares 6.71 15.83 62.43 18.33 18.49 13.55 9.33 Fund 10/27/00 USMIX 0.42% 0.42% Wilshire 4500 Completion Index 6.83 16.11 63.07 18.81 18.99 14.32 – Net expense ratio reflects the contractual waiver Dow Jones U.S. Completion and/or reimbursement of management fees through 7.12 15.42 61.60 18.50 18.71 13.87 – June 30, 2023. Total Stock Market Investment Style Mid-Cap Growth Calendar Year Performance (%) Investment Objective and Strategy 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 The Fund seeks to match the performance, before fees and expenses, of the Wilshire Fund Shares -4.03 17.47 37.26 7.18 -3.76 15.48 17.72 -9.70 27.94 31.20 4500 Completion IndexSM. The Index is a market cap-weighted index consisting of Wilshire 4500 Completion Index -4.10 17.99 38.39 7.96 -2.65 17.84 -9.53 28.06 31.99 small and mid-cap companies in the U.S. 18.54 equity market. Under normal market Dow Jones U.S. Completion Total Stock Market conditions, the Fund will invest at least 80% -3.76 17.89 38.05 7.63 -3.42 15.75 18.12 -9.57 27.94 32.16 of its assets in securities or other financial Past performance does not guarantee future results. The performance quoted represents past instruments, including derivatives, of performance and current performance may be lower or higher. The investment return and principal value companies that are components of, or have will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original economic characteristics similar to, the cost. To obtain performance information current to the most recent month-end, visit www.vcm.com. securities included in the Index. Returns include reinvestment of dividends and capital gains. Performance for periods greater than one year is 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 U.S. companies. sustained. Investors should be aware that these returns were primarily achieved during favorable market • Lower costs; index funds have fewer conditions. expenses than actively managed equity funds. Growth of a Hypothetical $10,000 Investment Fund Shares (6/30/2011–6/30/2021) • Complements the S&P 500 Index Fund. Ending Value $35,634 Portfolio Managers $40,000 Mannik Dhillon, CFA, CAIA. Since 2019. $35,000 $30,000 $25,000 $20,000 $15,000 $10,000 $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 (%) — 72 64 64 # of Funds 546 546 489 379 Morningstar Category: Mid-Cap Growth. 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 % Uber Technologies, Inc. UBER 1.30 Communication Services 5.64 Moderna, Inc. MRNA 1.22 5.74 Snap, Inc. Class A SNAP 1.10 Consumer Discretionary 10.04 Blackstone Group Inc. BX 0.97 10.22 Square, Inc. Class A SQ 0.85 Consumer Staples 2.93 2.98 DocuSign, Inc. DOCU 0.79 Marvell Technology, Inc. MRVL 0.61 Energy 2.56 2.60 Match Group, Inc. MTCH 0.60 Financials 14.60 Palo Alto Networks, Inc. PANW 0.51 14.85 Veeva Systems Inc Class A VEEV 0.47 Health Care 16.32 Total 8.42 16.60 Holdings are subject to change. Industrials 13.40 13.64 19.16 Wilshire 4500 Information Technology Fund 19.50 Fund Statistics Completion Index Active Share .9% - Materials 3.85 3.92 Weighted Average Market Capitalization ($) 14.8B 14.8B Alpha -0.44 - Real Estate 7.84 7.98 Beta 1.00 1.00 R-Squared 99.95 100.00 Utilities 1.93 1.96 Standard Deviation 20.29 20.25 Portfolio Turnover Ratio - LTM 48.4% 18.8% Cash 0.86 0.00 Average Price/Earnings - NTM 25.4 25.4 Total Number of Holdings 3,077 3,121 Other 0.87 0.00 Assets ($) 1.0B - USAA Extended Market Index Fund Wilshire 4500 Completion Index Risk characteristics are relative to the Wilshire 4500 Completion Index for the five- year period where appropriate. Carefully consider a fund's investment objectives, risks, charges and The Wilshire 4500 Completion Index is a market-capitalization-weighted expenses before investing. To obtain a prospectus or summary index consisting of small- and mid-cap companies in the U.S. equity prospectus containing this and other important information, visit market. The Index consists of securities within the Wilshire 5000 Total www.vcm.com/prospectus. Read it carefully before investing. Market Index after eliminating the companies included in the S&P Not all share classes are available to all investors. 500®Index. The Dow Jones U.S. Completion Total Stock Market Index is a subset of the Dow Jones U.S. Total Stock Market Index that excludes All investing involves risk, including the potential loss of principal. The components of the S&P 500 Index. The Dow Jones U.S. Total Stock Fund invests in securities included in, or representative of securities Market Index is an all-inclusive measure composed of all U.S. equity included in, the Index, regardless of their investment merits. The securities with readily available prices. performance of the Fund may diverge from that of the Index. Investments in small- and mid-cap companies typically exhibit higher volatility. ©2021 Morningstar, Inc. All rights reserved. The information contained Derivatives may not work as intended and may result in losses. The value herein: (1) is proprietary to Morningstar and/or its content providers; (2) of your investment is also subject to geopolitical risks such as wars, may not be copied or distributed; and (3) is not warranted to be accurate, terrorism, environmental disasters, and public health crises; the risk of complete, or timely. Neither Morningstar nor its content providers are technology malfunctions or disruptions; and the responses to such events responsible for any damages or losses arising from any use of this by governments and/or individual companies. information. Past performance is no guarantee of future results. Active Share is a measure that compares the proportion of security Victory Capital means Victory Capital Management Inc., the investment holdings within the product against those of the respective benchmark. adviser of the Victory Capital mutual funds and USAA Mutual Funds. The value represents the percentage difference between fund and Victory Capital mutual funds and USAA Mutual Funds are distributed by benchmark. Market Capitalization is the total dollar value of all Victory Capital Services, Inc. (VCS), member FINRA, an affiliate of Victory outstanding shares computed as number of shares times current market Capital. Victory Capital and its affiliates are not affiliated with United price. Alpha is the excess return of a fund relative to the return of a Services Automobile Association or its affiliates. USAA and the USAA logos benchmark index. Beta is a measure of the volatility, or systematic risk, of are registered trademarks and the USAA Mutual Funds and USAA a security or portfolio relative to the market or a benchmark.