USAA Funds Capital Gains and Income

USAA Mutual Funds Final

2020 Income and Capital Gain Distributions

Throughout the course of the year, mutual funds realize gains and losses from selling securities held in their portfolios. Tax laws require that all mutual funds, regardless

of performance, distribute these net gains to their shareholders before the end of the year. Net gains may be realized and distributed even if a fund's share price has

declined. To receive the distribution, you must have been a registered shareholder of a fund on the record date. Distributions will be paid on the pay date. We strongly

urge shareholders to consult with their tax advisers regarding the tax consequences of these distributions. Only the funds expected to pay a distribution are included

below.

Total

Short

Long

Capital Gain

Ordinary

Term

Term

Total

Per Share as a

Income

Capital Gain

Capital Gain

Capital Gain

NAV

Percentage

Fund Name USAA 500 Index Fund - Member(a)(c) USAA 500 Index Fund - Rewards(a)(c) USAA Aggressive Growth Fund - Fund(a) USAA Aggressive Growth Fund - Institutional(a) USAA Capital Growth Fund - Fund(a)(c) USAA Capital Growth Fund - Institutional(a)(c) USAA Cornerstone Aggressive Fund - Fund(a)(c) USAA Cornerstone Conservative Fund - Fund(b)(d) USAA Cornerstone Equity Fund - Fund(b)(d) USAA Cornerstone Moderate Fund - Fund(a)(c) USAA Cornerstone Moderately Aggressive Fund -

Ticker USSPX USPRX USAUX UIAGX USCGX UICGX UCAGX USCCX UCEQX USBSX

Cusip 903288884 903288769 903288405 903288686 903288785 903287811 903288280 903288314 903288272 903287886

Per Share $0.163922 $0.175812 $0.000000 $0.000000 $0.127837 $0.116811 $0.178823 $0.127644 $0.195711 $0.087897

Per Share $0.051370 $0.051370 $0.000000 $0.000000 $0.106237 $0.106237 $0.049323 $0.011682 $0.000000 $0.032389

Per Share $1.019308 $1.019308 $0.095642 $0.095642 $0.129105 $0.129105 $0.034806 $0.106268 $1.073852 $0.000000

Per Share $1.070678 $1.070678 $0.095642 $0.095642 $0.235342 $0.235342 $0.084129 $0.117950 $1.073852 $0.032389

@ 12/15 51.68 51.71 52.27 53.17 11.96 12.02 14.01 11.76 16.39 16.03

of NAV 2.07% 2.07% 0.18% 0.18% 1.97% 1.96% 0.60% 1.00% 6.55% 0.20%

Fund(a)(c) USAA Cornerstone Moderately Conservative Fund -

USCRX

903287209

$0.370793

$0.116082

$0.042194

$0.158276

27.76

0.57%

Fund(a)(c)

UCMCX

903288298

$0.070288

$0.000000

$0.028470

$0.028470

12.24

0.23%

USAA Emerging Markets Fund - Fund(c) USAA Emerging Markets Fund - Institutional(c) USAA Emerging Markets Fund - Class A(c) USAA Extended Market Index Fund - Fund(a)(c) USAA Global Equity Income Fund - Fund(c) USAA Global Equity Income Fund - Institutional(c) USAA Global Managed Volatility Fund - Fund(a)(c)

USEMX UIEMX UAEMX USMIX UGEIX UIGEX UGMVX

903287803 903288629 90291A833 903288827 903287845 903287837 903288231

$0.233932 $0.270752 $0.190610 $0.214589 $0.040360 $0.043482 $0.153840

$0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000

$0.000000 $0.000000 $0.000000 $0.628975 $0.000000 $0.000000 $0.295053

$0.000000 $0.000000 $0.000000 $0.628975 $0.000000 $0.000000 $0.295053

22.10 22.09 21.95 25.87 11.23 11.25 11.49

0.00% 0.00% 0.00% 2.43% 0.00% 0.00% 2.57%

USAA Global Managed Volatility Fund - Institutional(a)(c) UGOFX

USAA Government Securities Fund - Fund (a)

USGNX

USAA Government Securities Fund - Institutional(a)

UIGSX

USAA Government Securities Fund - Class A(a)

UAGNX

USAA Government Securities Fund - R6(a)

URGSX

USAA Growth & Income Fund - Fund(c)

USGRX

USAA Growth & Income Fund - Institutional(c)

UIGIX

USAA Growth & Income Fund - Class A(c)

USGIX

USAA Growth and Tax Strategy Fund - Fund(c)

USBLX

903288710 903287506 903287787 90291A783 90291A205 903288801 903287795 90291A866 903287407

$0.173717 $0.000000 $0.000000 $0.000000 $0.000000 $0.017041 $0.019054 $0.001912 $0.064336

$0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000

$0.295053 $0.036534 $0.036534 $0.036534 $0.036534 $0.000000 $0.000000 $0.000000 $0.000000

$0.295053 $0.036534 $0.036534 $0.036534 $0.036534 $0.000000 $0.000000 $0.000000 $0.000000

11.66 10.18 10.18 10.17 10.17 22.96 22.94 22.84 23.58

2.53% 0.36% 0.36% 0.36% 0.36% 0.00% 0.00% 0.00% 0.00%

USAA Growth and Tax Strategy Fund - Institutional(c) USAA Growth and Tax Strategy Fund - Class A(c) USAA Growth and Tax Strategy Fund - Class C(c) USAA Growth Fund - Fund(a) USAA Growth Fund - Institutional(a) USAA High Income Fund - Fund(c) USAA High Income Fund - Institutional(c) USAA High Income Fund - Class A(c) USAA High Income Fund - R6(c) USAA Income Fund - Fund(a)(c) USAA Income Fund - Institutional(a)(c) USAA Income Fund - Class A(a)(c) USAA Income Fund - Class C(a)(c) USAA Income Fund - R6(a)(c) USAA Income Stock Fund - Fund (a)(c) USAA Income Stock Fund - Institutional(a)(c) USAA Income Stock Fund - R6(a)(c) USAA Intermediate-Term Bond Fund - Fund(a)

UGTIX UGTAX UGTCX USAAX UIGRX USHYX UIHIX UHYOX URHIX USAIX UIINX UINCX UCINX URIFX USISX UIISX URISX USIBX

903287696 903287670 903287621 903288108 903288678 903288843 903288579 90291A817 90291A403 903288207 903288611 90291A791 903287647 90291A106 903288603 903288660 90291A502 903288835

$0.071846 $0.064447 $0.027247 $0.000000 $0.000000 $0.038203 $0.038673 $0.037108 $0.039191 $0.048559 $0.049126 $0.045645 $0.037906 $0.050300 $0.048946 $0.049824 $0.054349 $0.000000

$0.000000 $0.000000 $0.000000 $0.329444 $0.329444 $0.000000 $0.000000 $0.000000 $0.000000 $0.025212 $0.025212 $0.025212 $0.025212 $0.025212 $0.012548 $0.012548 $0.012548 $0.147968

$0.000000 $0.000000 $0.000000 $1.150819 $1.150819 $0.000000 $0.000000 $0.000000 $0.000000 $0.201639 $0.201639 $0.201639 $0.201639 $0.201639 $0.000000 $0.000000 $0.000000 $0.248586

$0.000000 $0.000000 $0.000000 $1.480263 $1.480263 $0.000000 $0.000000 $0.000000 $0.000000 $0.226851 $0.226851 $0.226851 $0.226851 $0.226851 $0.012548 $0.012548 $0.012548 $0.396554

23.57 23.56 23.51 34.98 34.90 7.77 7.76 7.79 7.76 14.06 14.05 14.02 14.03 14.06 17.35 17.32 17.34 11.37

0.00% 0.00% 0.00% 4.23% 4.24% 0.00% 0.00% 0.00% 0.00% 1.61% 1.61% 1.62% 1.62% 1.61% 0.07% 0.07% 0.07% 3.49%

USAA Intermediate-Term Bond Fund - Institutional(a) USAA Intermediate-Term Bond Fund - Class A(a) USAA Intermediate-Term Bond Fund - Class C(a) USAA Intermediate-Term Bond Fund - R6(a) USAA International Fund - Fund(c) USAA International Fund - Institutional(c) USAA International Fund - Class A(c) USAA International Fund - Class R6(c) USAA Managed Allocation Fund - Fund(c) USAA Money Market Fund(f) USAA Nasdaq-100 Index Fund - Fund(a)(c) USAA Nasdaq-100 Index Fund - Institutional(a)(c) USAA Nasdaq-100 Index Fund - Class A(a)(c) USAA Nasdaq-100 Index Fund - Class C(a)(e)

UIITX UITBX UITCX URIBX USIFX UIIFX UAIFX URITX UMAFX USAXX USNQX UINQX UANQX UCNQX

903288595 90291A775 903287639 90291A601 903287308 903288637 90291A825 903288181 903288553 903288306 903288819 903287688 903287662 903287613

$0.000000 $0.000000 $0.000000 $0.000000 $0.500874 $0.518735 $0.438732 $0.554602 $0.174447 $0.000000 $0.132943 $0.048256 $0.009821 $0.000000

$0.147968 $0.147968 $0.147968 $0.147968 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000050 $0.082837 $0.082837 $0.082837 $0.082837

$0.248586 $0.248586 $0.248586 $0.248586 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.326700 $0.326700 $0.326700 $0.326700

$0.396554 $0.396554 $0.396554 $0.396554 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000050 $0.409537 $0.409537 $0.409537 $0.409537

11.37 11.36 11.36 11.37 26.30 26.22 26.08 26.32 13.03 1.00 35.29 35.29 35.25 35.13

3.49% 3.49% 3.49% 3.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 1.16% 1.16% 1.16% 1.17%

Fund Name USAA Nasdaq-100 Index Fund - R6(a)(c) USAA Precious Metals and Minerals Fund - Fund(c) USAA Precious Metals and Minerals Fund Institutional(c) USAA Precious Metals and Minerals Fund - Class A (e) USAA Science & Technology Fund - Fund(a) USAA Science & Technology Fund - Class A(a) USAA Short Term Bond Fund - Fund(a) USAA Short Term Bond Fund - Institutional(a) USAA Short Term Bond Fund - Class A(a) USAA Short Term Bond Fund - R6(a) USAA Small Cap Stock Fund - Fund(a)(c) USAA Small Cap Stock Fund - Institutional(a)(c) USAA Sustainable World Fund - Fund(a)(c) USAA Sustainable World Fund - Institutional(a)(c) USAA Sustainable World Fund - Class A(a)(c) USAA Target Managed Allocation Fund - Fund(a)(c)(g)* USAA Target Retirement 2020 Fund - Fund(f) USAA Target Retirement 2030 Fund - Fund(b)(d) USAA Target Retirement 2040 Fund - Fund(b)(d) USAA Target Retirement 2050 Fund - Fund(b)(d) USAA Target Retirement 2060 Fund - Fund (b)(d) USAA Target Retirement Income Fund - Fund(d) USAA Tax Exempt Money Market Fund - Fund(a) USAA Value Fund - Fund(a)(c) USAA Value Fund - Institutional(a)(c) USAA Value Fund - Class A(a)(c)

Ticker URNQX USAGX

UIPMX

UPMMX USSCX USTCX USSBX UISBX UASBX URSBX USCAX UISCX USAWX UIWGX USWGX UTMAX URTNX URTRX URFRX URFFX URSIX URINX USEXX UVALX UIVAX UAVAX

Cusip 90291A700 903287100

903288561

90291A882 903288876 90291A874 903288702 903288587 90291A767 90291A304 903288850 903288645 903287704 903287779 90291A841 903287829 903288751 903288744 903288736 903288728 903288215 903288694 903289403 903288777 903288652 90291A858

Ordinary Income Per Share $0.172570 $0.009323

$0.035353

$0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.000000 $0.137840 $0.143392 $0.184817 $0.191729 $0.113782 $0.085171 $0.222291 $0.247633 $0.215270 $0.237347 $0.202295 $0.100145 $0.000000 $0.192537 $0.207234 $0.162412

Short Term Capital Gain Per Share $0.082837 $0.000000

$0.000000

$0.000000 $0.166961 $0.166961 $0.026455 $0.026455 $0.026455 $0.026455 $0.352181 $0.352181 $0.000000 $0.000000 $0.000000 $0.413126 $0.013785 $0.003687 $0.006319 $0.009796 $0.026148 $0.000000 $0.000127 $0.055224 $0.055224 $0.055224

Long Term Capital Gain Per Share $0.326700 $0.000000

$0.000000

$0.000000 $1.743531 $1.743531 $0.015866 $0.015866 $0.015866 $0.015866 $1.077079 $1.077079 $1.135291 $1.135291 $1.135291 $0.194550 $0.353301 $0.339018 $0.493721 $0.587376 $0.401805 $0.000000 $0.000171 $0.000000 $0.000000 $0.000000

Total Capital Gain

Per Share $0.409537 $0.000000

$0.000000

$0.000000 $1.910492 $1.910492 $0.042321 $0.042321 $0.042321 $0.042321 $1.429260 $1.429260 $1.135291 $1.135291 $1.135291 $0.607676 $0.367086 $0.342705 $0.500040 $0.597172 $0.427953 $0.000000 $0.000298 $0.055224 $0.055224 $0.055224

NAV @ 12/15

35.34 20.40

20.85

20.15 36.65 35.06 9.38 9.38 9.38 9.39 19.58 19.82 28.82 28.88 28.80 12.17 N/A 13.47 13.55 13.98 13.59 11.72 1.00 15.76 15.78 15.63

Total Capital Gain Per Share as a Percentage

of NAV 1.16% 0.00%

0.00%

0.00% 5.21% 5.45% 0.45% 0.45% 0.45% 0.45% 7.30% 7.21% 3.94% 3.93% 3.94% 4.99% N/A 2.54% 3.69% 4.27% 3.15% 0.00% 0.03% 0.35% 0.35% 0.35%

Notable dates for these funds are below:

Record Date: Reinvest NAV Date:

Ex Date: Pay Date:

(a)

12/15/2020 12/16/2020 12/16/2020 12/17/2020

Capital Gains

(b)

12/17/2020 12/18/2020 12/18/2020 12/21/2020

(e)

12/30/2020 12/31/2020 12/31/2020

1/4/2021

(c)

12/21/2020 12/22/2020 12/22/2020 12/23/2020

Ordinary Income

(d)

12/24/2020 12/28/2020 12/28/2020 12/29/2020

(g)

12/30/2020 12/31/2020 12/31/2020

1/4/2021

( e) Each class has different fees and expenses and as a result, class distributions of ordinary income can vary between classes. (f) USAA Target Retirement 2020 Fund merged with the USAA Target Retirement Income Fund on 11/20/2020, and had final Ordinary Income and Capital Gains distributions with a record date of 11/11/20, ex date of 11/12/20, and a pay date of 11/13/20, respectively. * USAA Target Managed Allocation Fund had two Ordinary Income distributions. With the first distribution record date 12/21/2020 (c), $0.061163 was distributed per share.

With the second distribution record date 12/30/2020 (g) $0.024008 was distributed per share.

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member of FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

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