USAA SMALL CAP STOCK FUND

MEMBER SHARES

Q4 // DECEMBER 31, 2022

FUND FACTS PERFORMANCE

Average Annual Total Returns (%)
Inception Expense Ratio: Since
Class Ticker As of December 31, 2022 Q4 2022 YTD 1 Year 3 Year 5 Year 10 Year
Date Gross Net Inception

Fund 08/02/99 USCAX 1.08% 1.08% Fund Shares 7.88 -19.97 -19.97 4.93 6.06 8.93 6.88

Net expense ratio reflects the contractual waiver

Russell 2000® Index 6.23 -20.44 -20.44 3.10 4.13 9.01 –
and/or reimbursement of management fees through
November 30, 2023.

Calendar Year Performance (%)

Investment Style
Small Blend 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Investment Objective and Strategy Fund Shares

The Fund's investment objective is long-term
37.66 2.67 -5.31 18.88 10.13 -9.92 28.98 22.24 18.09 -19.97
growth of capital. Normally at least 80% of the
Fund's assets will be invested in equity securities of Russell 2000 Index ®
companies with small market capitalizations.
Although the Fund will invest primarily in U.S. 38.82 4.89 -4.41 21.31 14.65 -11.01 25.53 19.96 14.82 -20.44
securities, it may invest up to 20% of its total assets
in foreign securities, including securities issued in Past performance does not guarantee future results. The performance quoted represents past
emerging markets. performance and current performance may be lower or higher. The investment return and principal value
will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original
About the Fund cost. To obtain performance information current to the most recent month-end, visit www.vcm.com.
• Long-term potential of small, growing Returns include reinvestment of dividends and capital gains. Performance for periods greater than one year is
companies. annualized. Fee waivers and/or expense reimbursements were in place for some or all periods shown, without
• Fundamental research leads to identification of which, fund performance would have been lower. High, double and triple-digit returns are highly unusual and
future market leaders. cannot be sustained. Investors should be aware that these returns were primarily achieved during favorable
• A "bargain shopping" approach identifies market conditions.
overlooked opportunities.
Growth of a Hypothetical $10,000 Investment Fund Shares (12/31/2012–12/31/2022)
Portfolio Managers
Robert J. Harris, Since 2020
Joseph Mainelli, Since 2020 Ending Value $24,411
$30,000
Daniel G. Bandi, Since March 2021
Daniel J. DeMonica, Since March 2021 $25,000
Adam I. Friedman, Since March 2021
$20,000
Joe A. Gilbert, Since March 2021
J. Bryan Tinsley, Since March 2021 $15,000
Michael P. Wayton, Since March 2021
Christopher N. Cuesta, Since March 2021 $10,000
Manish Maheshwari, Since March 2021
Mannik S. Dhillon, CFA, Since 2019 $5,000
Jennifer M. Pawloski, Since 2012 $0
Andrew L. Beja, CFA, Since 2012 12/12 12/13 12/14 12/15 12/16 12/17 12/18 12/19 12/20 12/21 12/22
David M. Rose, CFA, Since 2015
Jeffrey A. Harrison, CFA, Since 2015
Richard Watson,CFA, Since August 2021

MORNINGSTAR RATINGS AND RANKINGS

Overall 3 Year 5 Year 10 Year
Morningstar Rating ★★★ ★★ ★★★ ★★★
Morningstar Ranking (%) — 61 25 62
# of Funds 585 585 543 363

Morningstar Category: Small Blend. 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
20230221-2710121
PORTFOLIO INFORMATION As of December 31, 2022

Top Ten Holdings Ticker % Fund Sector Allocation %

Halozyme Therapeutics, Inc. HALO 0.96

2.45
Communication Services
EMCOR Group, Inc. EME 0.85 2.58

Perficient, Inc. PRFT 0.75 10.29

Consumer Discretionary 10.41
Magnite, Inc. MGNI 0.71
ExlService Holdings, Inc. EXLS 0.68 2.20
Consumer Staples 3.61
Stifel Financial Corp. SF 0.66
5.37
RBC Bearings Incorporated RBC 0.65 Energy 6.81
Topgolf Callaway Brands Corp. MODG 0.65
16.71
Financials 17.20
Diodes Incorporated DIOD 0.64
NOW Inc. DNOW 0.61 17.03
Health Care 16.88
Total 7.16
16.85
Holdings are subject to change. Industrials 15.57

17.34
Information Technology 12.72
Fund Statistics Fund Russell 2000 Index
3.14
Active Share 64.0% - Materials 4.29
Weighted Average Market Capitalization ($) 3.3B 2.7B
4.93
Real Estate
Alpha 1.90 - 6.42

Beta 1.02 1.00

1.91
Utilities 3.51
R-Squared 99.06 100.00
Standard Deviation 24.00 23.50 0.12
ETF 0.00
Portfolio Turnover Ratio - LTM 71.8% 13.7%
Average Price/Earnings - NTM 14.9 17.2 1.67
Cash 0.00
Total Number of Holdings 552 1,950
Assets ($) 907.4M -
USAA Small Cap Stock Fund Russell 2000 Index
Risk characteristics are relative to the Russell 2000® Index for the five-year period
where appropriate.

Carefully consider a fund's investment objectives, risks, charges and measures trading activity in a portfolio for the past year, indicating how
expenses before investing. To obtain a prospectus or summary often investments are bought and sold. Average Price/Earnings (P/E)
prospectus containing this and other important information, visit Ratio is the current share price of a stock divided by its earnings per share.
www.vcm.com/prospectus. Read it carefully before investing. The Russell 2000® Index is a market-capitalization-weighted index that
Other share classes are available, but not all share classes are available to measures the performance of the 2,000 smallest U.S. stocks by market
all investors. capitalization in the Russell 3000® Index.
All investing involves risk, including the potential loss of principal. ©2022 Morningstar, Inc. All rights reserved. The information contained
International investments may involve risk of capital loss from unfavorable herein: (1) is proprietary to Morningstar and/or its content providers; (2)
fluctuation in currency values, from differences in generally accepted may not be copied or distributed; and (3) is not warranted to be accurate,
accounting principles or from economic or political instability in other complete, or timely. Neither Morningstar nor its content providers are
nations.Emerging markets involve heightened risks related to the same responsible for any damages or losses arising from any use of this
factors as well as increased volatility and lower trading volume. Investments information. Past performance is no guarantee of future results.
in smaller companies typically exhibit higher volatility. The value of your Victory Capital means Victory Capital Management Inc., the investment
investment is also subject to geopolitical risks such as wars, terrorism, adviser of the Victory Capital mutual funds and USAA Mutual Funds.
environmental disasters, and public health crises; the risk of technology Victory Capital mutual funds and USAA Mutual Funds are distributed by
malfunctions or disruptions; and the responses to such events by Victory Capital Services, Inc. (VCS), member FINRA, an affiliate of Victory
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 security Services Automobile Association or its affiliates. USAA and the USAA logos
holdings within the product against those of the respective benchmark. The are registered trademarks and the USAA Mutual Funds and USAA
value represents the percentage difference between fund and benchmark. Investments logos are trademarks of United Services Automobile
Market Capitalization is the total dollar value of all outstanding shares Association and are being used by Victory Capital and its affiliates under
computed as number of shares times current market price. Alpha is the license.
excess return of a fund relative to the return of a benchmark index. Beta is ©2023 Victory Capital Management Inc.
a measure of the volatility, or systematic risk, of a security or portfolio V20.058 // 4Q 2022 USAA Small Cap Stock Fund DM FS
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 rate of return. Portfolio Turnover Ratio – LTM
WWW.VCM.COM // 800.235.8396

20230221-2710121