USAA CORNERSTONE MODERATELY

AGGRESSIVE FUND
MEMBER SHARES

Q1 // MARCH 31, 2022

FUND FACTS PERFORMANCE

Average Annual Total Returns (%)
Inception Expense Ratio: Since
Class Ticker As of March 31, 2022 Q1 2022 YTD 1 Year 3 Year 5 Year 10 Year
Date Gross Net Inception

Fund 08/15/84 USCRX 1.08% 1.08% Fund Shares -4.87 -4.87 2.96 7.63 6.41 5.72 7.66

Net expense ratio reflects the contractual waiver MSCI All Country World Index
-5.36 -5.36 7.28 13.75 11.64 10.00 –
and/or reimbursement of management fees through (Net)
June 30, 2023.
Cornerstone Moderately
-5.18 -5.18 3.05 9.35 8.22 7.47 –
Aggressive Composite Index
Investment Style
Allocation--50% to 70% Equity
Calendar Year Performance (%)
Investment Objective and Strategy
The Fund's investment objective is capital 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
appreciation with a secondary focus on
current income. The Fund will invest in Fund Shares
stocks, bonds, money market instruments, 12.03 10.85 4.71 -4.26 4.74 14.98 -7.41 16.17 8.92 11.42
and other instruments including derivatives. MSCI All Country World Index (Net)
The Fund has a target asset class allocation 16.13 22.80 4.16 -2.36 7.86 23.97 -9.42 26.60 16.25 18.54
of approximately 60% equity securities and Cornerstone Moderately Aggressive Composite Index
40% fixed-income securities. The active 12.00 13.58 5.55 -0.81 7.28 14.99 -5.31 19.57 13.13 10.90
management of the Fund's asset allocation
Past performance does not guarantee future results. The performance quoted represents past
may involve the extensive use of equity and
performance and current performance may be lower or higher. The investment return and principal
fixed-income ETFs. The Fund also may value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the
invest in non-U.S. securities, below- original cost. To obtain performance information current to the most recent month-end, visit
investment-grade bonds and REITs. www.vcm.com. 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
About the Fund
shown, without which, fund performance would have been lower.
• May be appropriate as a core "getting
started" investment.
• Growth and income potential in a single
fund. Growth of a Hypothetical $10,000 Investment Fund Shares (3/31/2012–3/31/2022)
• Growth potential even in inflationary times.
Ending Value $17,441
Portfolio Managers $20,000
Mannik Dhillon, CFA, CAIA. Since 2019.
Lance Humphrey, CFA. Since 2016. $15,000
Jim Jackson, CFA. Since 2019.
Neal Graves, CFA, CPA. Since 2019. $10,000
Lela Dunlap, CFA. Since 2021.
$5,000

$0
3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 3/22

MORNINGSTAR RATINGS AND RANKINGS

Overall 3 Year 5 Year 10 Year

Morningstar Rating ★★ ★★ ★★ ★
Morningstar Ranking (%) — 89 91 92
# of Funds 660 660 603 435

Morningstar Category: Allocation--50% to 70% Equity. 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 months
products (including mutual funds, variable annuity and variable life subaccounts, of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total
exchange-traded funds, closed- end funds, and separate accounts) with at least a returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or
three-year history. Exchange-traded funds and open-ended mutual funds are more months of total returns. While the 10-year overall star rating formula seems to
considered a single population for comparative purposes. It is calculated based on a give the most weight to the 10-year period, the most recent three-year period actually
Morningstar Risk-Adjusted Return measure that accounts for variation in a managed has the greatest impact because it is included in all three rating periods. The
product’s monthly excess performance, placing more emphasis on downward Morningstar percentile ranking is based on a fund’s average annual total return
variations and rewarding consistent performance. The Morningstar Rating does not (excluding sales charges) relative to all funds in the same category. The highest (most
include any adjustment for sales loads. The top 10% of products in each product favorable) percentile rank is 1%, and the lowest (least favorable) percentile rank is
category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, 100%. Fund performance used for the rankings reflects certain fee waivers, without
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 have
Morningstar Rating for a managed product is derived from a weighted average of the been lower.
performance figures associated with its three-, five-, and 10-year (if applicable)
Not FDIC Insured • May Lose Value • No Bank Guarantee
20220503-2184011
PORTFOLIO INFORMATION As of March 31, 2022

Top Ten Holdings Ticker % Fund Asset Allocation %

VictoryShares USAA Core Intermediate-Term Bond
UITB 17.86
ETF
Vanguard FTSE Developed Markets ETF VEA 6.18

iShares Core S&P 500 ETF IVV 4.70 Fixed Income, 37.66

iShares Core MSCI Emerging Markets ETF IEMG 4.31 U.S. Equity, 33.83
Non-U.S. Equity, 25.63
VictoryShares ESG Core Plus Bond ETF UBND 4.16
Schwab Fundamental International Large Co. Index Other, 2.88
FNDF 3.56
ETF
iShares Core U.S. Aggregate Bond ETF AGG 2.92

iShares Core S&P Small Cap ETF IJR 2.71

Schwab Fundamental Emerging Markets Large Co.
FNDE 2.23
Index ETF
Vanguard FTSE All-World ex-US Index Fund VEU 1.72

Total 50.35

Holdings are subject to change.

Carefully consider a fund's investment objectives, risks, charges and The MSCI All-Country World Index (ACWI) is a free float-adjusted, market-
expenses before investing. To obtain a prospectus or summary capitalization-weighted index designed to measure the performance of large-
prospectus containing this and other important information, visit and mid-cap stocks across developed and emerging markets. The
www.vcm.com/prospectus. Read it carefully before investing. Cornerstone Moderately Aggressive Composite Index is a combination
All investing involves risk, including the potential loss of principal. of unmanaged indexes representing the Fund’s model allocation, and
Asset allocation and diversification do not promise any level of performance consists of the MSCI USA Investable Market Index (IMI) Gross (34%), the
or guarantee against loss of principal. The Fund will reflect the risks and MSCI ACWI ex USA IMI Net (23%), the Bloomberg U.S. Universal Index
incur the expenses of the underlying funds in which it invests. The Adviser is (38%), the Bloomberg Commodity Index Total Return (1.5%), the MSCI U.S.
subject to conflicts of interest in allocating the Fund's assets among affiliated Real Estate Investment Trust (REIT) Index Gross (1.5%), and the Bloomberg
Underlying Funds (the Victory Funds), unaffiliated Underlying Funds, or a U.S. Treasury - Bills (1–3M) (2%).
combination of both. The Adviser may have an incentive to allocate the ©2022 Morningstar, Inc. All rights reserved. The information contained
Fund's assets to those Victory Funds for which the net advisory fees payable herein: (1) is proprietary to Morningstar and/or its content providers; (2) may
to the Adviser are higher than the fees payable by other Victory Funds, or not be copied or distributed; and (3) is not warranted to be accurate,
unaffiliated Underlying Funds. Fixed income securities are subject to interest complete, or timely. Neither Morningstar nor its content providers are
rate, inflation, credit and default risk. The bond market is volatile. Bonds and responsible for any damages or losses arising from any use of this
bond funds will decrease in value as interest rates rise and vice versa. Credit information. Past performance is no guarantee of future results.
risk refers to the possibility that debt issuers may not be able to make Victory Capital means Victory Capital Management Inc., the investment
principal and interest payments or may have their debt downgraded by adviser of the Victory Capital mutual funds and USAA Mutual Funds. Victory
ratings agencies. International investments may involve risk of capital loss Capital mutual funds and USAA Mutual Funds are distributed by Victory
from unfavorable fluctuation in currency values, from differences in generally Capital Services, Inc. (VCS), member FINRA, an affiliate of Victory Capital.
accepted accounting principles or from economic or political instability in Victory Capital and its affiliates are not affiliated with United Services
other nations.Emerging markets involve heightened risks related to the same Automobile Association or its affiliates. USAA and the USAA logos are
factors as well as increased volatility and lower trading volume. Real estate registered trademarks and the USAA Mutual Funds and USAA Investments
investment trusts (REITs) are subject to changes in economic conditions, logos are trademarks of United Services Automobile Association and are
credit risk and interest rate fluctuations. The Fund may frequently change its being used by Victory Capital and its affiliates under license.
holdings, resulting in higher fees, lower returns, and more capital gains. ©2022 Victory Capital Management Inc.
Derivatives may not work as intended and may result in losses.The value of
your investment is also subject to geopolitical risks such as wars, terrorism, V20.031 // 1Q 2022 USAA Cornerstone Moderately Aggressive Fund DM
environmental disasters, and public health crises; the risk of technology FS
malfunctions or disruptions; and the responses to such events by
governments and/or individual companies.

WWW.VCM.COM // 800.235.8396

20220503-2184011