USAA Growth Fund. USAA Growth and Tax Strategy Fund SUPPLEMENT DATED NOVEMBER 7, 2018,

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1 USAA Tax Exempt Long-Term Fund USAA Tax Exempt Intermediate-Term Fund USAA Tax Exempt Short-Term Fund USAA Tax Exempt Money Market Fund USAA Target Managed Allocation Fund USAA California Bond Fund USAA New York Bond Fund USAA Virginia Bond Fund USAA Global Equity Income Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO EACH FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED AUGUST 1, 2018, AS SUPPLEMENTED OCTOBER 1, 2018 USAA Aggressive Growth Fund USAA Growth & Income Fund USAA Income Stock Fund USAA Science & Technology Fund USAA Short-Term Bond Fund USAA Money Market Fund USAA High Income Fund USAA Capital Growth Fund USAA Value Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO EACH FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 1, 2017, AS SUPPLEMENTED OCTOBER 1, 2018 USAA S&P 500 Index Fund Reward USAA Nasdaq-100 Index Fund USAA Extended Market Index Fund USAA Ultra Short-Term Bond Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO EACH FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 2018, AS SUPPLEMENTED OCTOBER 1, 2018 USAA Cornerstone Conservative Fund USAA Cornerstone Moderately Conservative Fund USAA Cornerstone Moderate Fund USAA Cornerstone Moderately Aggressive Fund USAA Cornerstone Aggressive Fund USAA Cornerstone Equity Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO EACH FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 1, 2018 USAA Growth Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO THE FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 1, 2017, AS SUPPLEMENTED JANUARY 26, 2018, AND OCTOBER 1, 2018 USAA Growth and Tax Strategy Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO THE FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 1, 2018 USAA Income Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO THE FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 1, 2017, AS SUPPLEMENTED MARCH 8, 2018, AND OCTOBER 1, 2018 USAA Intermediate-Term Bond Fund SUPPLEMENT DATED NOVEMBER 7, 201,8 TO THE FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 1, 2017, AS SUPPLEMENTED MARCH 23, 2018 AND OCTOBER 1, 2018 USAA International Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO THE FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 1, 2018 USAA Managed Allocation Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO THE FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 1, 2018 USAA Precious Metals and Minerals Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO THE FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 1, 2018

2 USAA Target Retirement Income Fund USAA Target Retirement 2020 Fund USAA Target Retirement 2030 Fund USAA Target Retirement 2040 Fund USAA Target Retirement 2050 Fund USAA Target Retirement 2060 Fund USAA Global Managed Volatility Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO EACH FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED MAY 1, 2018, AS SUPPLEMENTED JUNE 7, 2018, AND OCTOBER 1, 2018 USAA Emerging Markets Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO THE FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 1, 2018 USAA Small Cap Stock Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO THE FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED DECEMBER 1, 2017, AS SUPPLEMENTED MARCH 29, 2018 AND OCTOBER 1, 2018 USAA Treasury Money Market Trust SUPPLEMENT DATED NOVEMBER 7, 2018, TO THE FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 1, 2018 USAA World Growth Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO THE FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 1, 2018 USAA Government Securities Fund SUPPLEMENT DATED NOVEMBER 7, 2018, TO THE FUND S PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED OCTOBER 1, 2018 This Supplement updates certain information contained in the above-dated prospectuses for the USAA mutual funds (the Funds ). Please review this important information carefully. On November 6, 2018, United Services Automobile Association ( USAA ), the parent company of USAA Asset Management Company ( AMCO ), the investment adviser to the Funds, and USAA Transfer Agency Company d.b.a. USAA Shareholder Account Services ( SAS ), the transfer agent to the Funds, announced that AMCO and SAS would be acquired by Victory Capital Holdings, Inc. ( Victory ), a global investment management firm headquartered in Cleveland, Ohio (the Transaction ). The closing of the Transaction is expected to be completed during the second quarter of 2019, pending satisfaction of certain closing conditions and approvals, including certain approvals of the Funds Board of Trustees and of Fund shareholders at a special shareholder meeting to be held in The Transaction is not expected to result in any material changes to the Funds respective investment objectives and principal investment strategies. No shareholder action is necessary at this time. More detailed information about the proposals to be voted on at the special shareholder meeting will be provided in a forthcoming proxy statement. When you receive your proxy statement, please review it carefully and cast your vote. This Supplement is not a proxy and is not soliciting any proxy, which can only be done by means of a proxy statement. You should retain this Supplement for future reference

3 USAA Tax Exempt Long Term Fund Shares USAA S&P 500 Index Fund Reward Shares USAA Tax Exempt Long Term Fund Adviser Shares USAA S&P 500 Index Fund Member Shares USAA Tax Exempt Intermediate Term Fund Shares USAA Nasdaq 100 Index Fund Shares USAA Tax Exempt Intermediate Term Fund Adviser Shares USAA Nasdaq 100 Index Fund R6 Shares USAA Tax Exempt Short Term Fund Shares USAA Extended Market Index Fund Shares USAA Tax Exempt Short Term Fund Adviser Shares USAA Ultra Short Term Bond Fund Shares USAA Tax Exempt Money Market Fund Shares USAA Ultra Short Term Bond Fund Institutional Shares USAA Target Managed Allocation Fund Shares USAA Ultra Short Term Bond Fund R6 Shares USAA California Bond Fund Shares SUPPLEMENT DATED OCTOBER 1, 2018 USAA California Bond Fund Adviser Shares TO THE FUND'S PROSPECTUS USAA New York Bond Fund Shares DATED MAY 1, 2018 USAA New York Bond Fund Adviser Shares USAA Virginia Bond Fund Shares USAA Target Retirement Income Fund Shares USAA Virginia Bond Fund Adviser Shares USAA Target Retirement 2020 Fund Shares USAA Global Equity Income Fund Shares USAA Target Retirement 2030 Fund Shares USAA Global Equity Income Fund Institutional Shares USAA Target Retirement 2040 Fund Shares SUPPLEMENT DATED OCTOBER 1, 2018 USAA Target Retirement 2050 Fund Shares TO THE FUND'S PROSPECTUS USAA Target Retirement 2060 Fund Shares DATED AUGUST 1, 2018 USAA Global Managed Volatility Fund Shares USAA Global Managed Volatility Fund Institutional Shares USAA Aggressive Growth Fund Shares SUPPLEMENT DATED OCTOBER 1, 2018 USAA Aggressive Growth Fund Institutional Shares TO THE FUND'S PROSPECTUS USAA Growth & Income Fund Shares DATED MAY 1, 2018 AS SUPPLEMENTED JUNE 7, 2018 USAA Growth & Income Fund Institutional Shares USAA Growth & Income Fund Adviser Shares USAA Growth Fund Shares USAA Income Stock Fund Shares USAA Growth Fund Institutional Shares USAA Income Stock Fund Institutional Shares SUPPLEMENT DATED OCTOBER 1, 2018 USAA Income Stock Fund R6 Shares TO THE FUND'S PROSPECTUS USAA Science & Technology Fund Shares DATED DECEMBER 1, 2017 AS SUPPLEMENTED JANUARY 26, 2018 USAA Science & Technology Fund Adviser Shares USAA Short Term Bond Fund Shares USAA Income Fund Shares USAA Short Term Bond Fund Institutional Shares USAA Income Fund Institutional Shares USAA Short Term Bond Fund Adviser Shares USAA Income Fund Adviser Shares USAA Short Term Bond Fund R6 Shares USAA Income Fund R6 Shares USAA Money Market Fund Shares SUPPLEMENT DATED OCTOBER 1, 2018 USAA High Income Fund Shares TO THE FUND'S PROSPECTUS USAA High Income Fund Institutional Shares DATED DECEMBER 1, 2017 AS SUPPLEMENTED MARCH 8, 2018 USAA High Income Fund Adviser Shares USAA High Income Fund R6 Shares USAA Intermediate Term Bond Fund Shares USAA Capital Growth Fund Shares USAA Intermediate Term Bond Fund Institutional Shares USAA Capital Growth Fund Institutional Shares USAA Intermediate Term Bond Fund Adviser Shares USAA Value Fund Shares USAA Intermediate Term Bond Fund R6 Shares

4 USAA Value Fund Institutional Shares SUPPLEMENT DATED OCTOBER 1, 2018 USAA Value Fund Adviser Shares TO THE FUND'S PROSPECTUS SUPPLEMENT DATED OCTOBER 1, 2018 DATED DECEMBER 1, 2017 AS SUPPLEMENTED MARCH 23, 2018 TO THE FUND'S PROSPECTUS DATED DECEMBER 1, 2017 USAA Small Cap Stock Fund Shares USAA Small Cap Stock Fund Institutional Shares SUPPLEMENT DATED OCTOBER 1, 2018 TO THE FUND'S PROSPECTUS DATED DECEMBER 1, 2017 AS SUPPLEMENTED MARCH 29, 2018 Effective on October 1, 2018, the Funds will no longer accept redemption requests by fax. Therefore, the paragraph in each Fund s prospectus referencing faxes under the Contacting USAA subsection found under OTHER IMPORTANT INFORMATION ABOUT PURCHASES, REDEMPTIONS, AND EXCHANGES is deleted

5 USAA TARGET RETIREMENT FUNDS USAA Target Retirement Income Fund, USAA Target Retirement 2020 Fund, USAA Target Retirement 2030 Fund, USAA Target Retirement 2040 Fund USAA Target Retirement 2050 Fund, and USAA Target Retirement 2060 Fund SUPPLEMENT DATED JUNE 7, 2018 TO THE FUNDS PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION EACH DATED MAY 1, 2018 This Supplement updates certain information contained in the above-dated prospectus for the USAA Target Retirement Funds (the Funds). Effective June 1, 2018, Brian Herscovici is no longer a portfolio manager of the Funds; therefore, all references to Mr. Herscovici in the Funds prospectus and statement of additional information are hereby deleted. In addition, the Funds prospectus is amended as follows: With respect to the Target Retirement Income Fund: The Annual Fund Operating Expenses table found on page 1 is deleted in its entirety and hereby replaced with the following: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.00% Distribution and/or Service (12b-1) Fees None Other Expenses 0.07% Acquired Fund Fees and Expenses 0.59% Total Annual Operating Expenses 0.66% (a) (a) The Total Annual Expenses for the Fund may not correlate to the ratio of expenses to average daily net assets shown in the financial highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. The Expense Example table found on page 1 is deleted in its entirety and hereby replaced with the following: 1 Year 3 Years 5 Years 10 Years $67 $211 $368 $822 The following disclosure is hereby added to the Portfolio Managers section found on page 7: Lance Humphrey, CFA, Executive Director, Global Multi-Asset Portfolio Management, has co-managed the Fund since June With respect to the Target Retirement 2020 Fund: The Annual Fund Operating Expenses table found on page 9 is deleted in its entirety and hereby replaced with the following: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.00% Distribution and/or Service (12b-1) Fees None Other Expenses 0.04% Acquired Fund Fees and Expenses 0.67% Total Annual Operating Expenses 0.71% (a) (a) The Total Annual Expenses for the Fund may not correlate to the ratio of expenses to average daily net assets shown in the financial highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses.

6 The Expense Example table found on page 9 is deleted in its entirety and hereby replaced with the following: 1 Year 3 Years 5 Years 10 Years $73 $227 $395 $883 The following disclosure is hereby added to the Portfolio Managers section found on page 15: Lance Humphrey, CFA, Executive Director, Global Multi-Asset Portfolio Management, has co-managed the Fund since June With respect to the Target Retirement 2030 Fund: The Annual Fund Operating Expenses table found on page 17 is deleted in its entirety and hereby replaced with the following: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.00% Distribution and/or Service (12b-1) Fees None Other Expenses 0.03% Acquired Fund Fees and Expenses 0.73% Total Annual Operating Expenses 0.76% (a) (a) The Total Annual Expenses for the Fund may not correlate to the ratio of expenses to average daily net assets shown in the financial highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. The Expense Example table found on page 17 is deleted in its entirety and hereby replaced with the following: 1 Year 3 Years 5 Years 10 Years $78 $243 $422 $942 The following disclosure is hereby added to the Portfolio Managers section found on page 23: Lance Humphrey, CFA, Executive Director, Global Multi-Asset Portfolio Management, has co-managed the Fund since June With respect to the Target Retirement 2040 Fund: The Annual Fund Operating Expenses table found on page 25 is deleted in its entirety and hereby replaced with the following: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.00% Distribution and/or Service (12b-1) Fees None Other Expenses 0.03% Acquired Fund Fees and Expenses 0.77% Total Annual Operating Expenses 0.80% (a) (a) The Total Annual Expenses for the Fund may not correlate to the ratio of expenses to average daily net assets shown in the financial highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. The Expense Example table found on page 25 is deleted in its entirety and hereby replaced with the following: 1 Year 3 Years 5 Years 10 Years $82 $255 $444 $990

7 The following disclosure is hereby added to the Portfolio Managers section found on page 31: Lance Humphrey, CFA, Executive Director, Global Multi-Asset Portfolio Management, has co-managed the Fund since June With respect to the Target Retirement 2050 Fund: The Annual Fund Operating Expenses table found on page 33 is deleted in its entirety and hereby replaced with the following: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.00% Distribution and/or Service (12b-1) Fees None Other Expenses 0.04% Acquired Fund Fees and Expenses 0.79% Total Annual Operating Expenses 0.83% (a) (a) The Total Annual Expenses for the Fund may not correlate to the ratio of expenses to average daily net assets shown in the financial highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. The Expense Example table found on page 33 is deleted in its entirety and hereby replaced with the following: 1 Year 3 Years 5 Years 10 Years $85 $265 $460 $1,025 The following disclosure is hereby added to the Portfolio Managers section found on page 39: Lance Humphrey, CFA, Executive Director, Global Multi-Asset Portfolio Management, has co-managed the Fund since June With respect to the Target Retirement 2060 Fund: The Annual Fund Operating Expenses table found on page 41 is deleted in its entirety and hereby replaced with the following: Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.00% Distribution and/or Service (12b-1) Fees None Other Expenses 0.29% Acquired Fund Fees and Expenses 0.79% Total Annual Operating Expenses Reimbursement from Adviser 1.08% (a) (0.19%)% (b) Total Annual Operating Expenses 0.89% (a) The Total Annual Expenses for the Fund may not correlate to the ratio of expenses to average daily net assets shown in the financial highlights, which reflect the operating expenses of the Fund and do not include acquired fund fees and expenses. (b) The Investment Adviser has agreed, through April 30, 2019, to make payments or waive management, administration, and other fees to limit the expenses of the Fund so that the Total Annual Fund Operating Expenses (exclusive of commission recapture, expense offset arrangements, acquired fund fees and expenses, and extraordinary expenses) do not exceed an annual rate of 0.10% of the Fund s average daily net assets. This reimbursement arrangement may not be changed or terminated during this time period without approval of the Fund s Board of Trustees and may be changed or terminated by Investment Adviser at any time after April 30, 2019.

8 The Expense Example table found on page 42 is deleted in its entirety and hereby replaced with the following: 1 Year 3 Years 5 Years 10 Years $91 $325 $577 $1,300 The following disclosure is hereby added to the Portfolio Managers section found on page 47: Lance Humphrey, CFA, Executive Director, Global Multi-Asset Portfolio Management, has co-managed the Fund since June The following disclosure is hereby added to the Portfolio Managers section on page 67: Lance Humphrey, CFA, Executive Director, Global Multi-Asset Portfolio Management, has co-managed the Fund since June Mr. Humphrey has 12 years of investment management experience and has worked for us for 11 years. Education: B.A., finance, Texas State University. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Society of San Antonio

9 PROSPECTUS USAA TARGET RETIREMENT FUNDS MAY 1, 2018 TARGET RETIREMENT INCOME FUND (URINX) TARGET RETIREMENT 2020 FUND (URTNX) TARGET RETIREMENT 2030 FUND (URTRX) TARGET RETIREMENT 2040 FUND (URFRX) TARGET RETIREMENT 2050 FUND (URFFX) TARGET RETIREMENT 2060 FUND (URSIX) The Securities and Exchange Commission has not approved or disapproved of these Funds shares or determined whether this prospectus is accurate or complete. Anyone who tells you otherwise is committing a crime.

10 TABLE OF CONTENTS USAA Target Retirement Income Fund Summary Investment Objective... 1 Fees and Expenses... 1 Principal Investment Strategy... 2 Principal Risks... 3 Performance... 5 Investment Adviser... 7 Portfolio Managers... 7 Purchase and Sale of Shares... 7 Tax Information... 8 Payments to Broker-Dealers and Other Financial Intermediaries... 8 USAA Target Retirement 2020 Fund Summary Investment Objective... 9 Fees and Expenses... 9 Principal Investment Strategy Principal Risks Performance Investment Adviser Portfolio Managers Purchase and Sale of Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries USAA Target Retirement 2030 Fund Summary Investment Objective Fees and Expenses Principal Investment Strategy Principal Risks Performance Investment Adviser Portfolio Managers... 23

11 Purchase and Sale of Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries USAA Target Retirement 2040 Fund Summary Investment Objective Fees and Expenses Principal Investment Strategy Principal Risks Performance Investment Adviser Portfolio Managers Purchase and Sale of Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries USAA Target Retirement 2050 Fund Summary Investment Objective Fees and Expenses Principal Investment Strategy Principal Risks Performance Investment Adviser Portfolio Managers Purchase and Sale of Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries USAA Target Retirement 2060 Fund Summary Investment Objective Fees and Expenses Principal Investment Strategy Principal Risks Performance Investment Adviser Portfolio Managers Purchase and Sale of Shares... 47

12 Tax Information Payments to Broker-Dealers and Other Financial Intermediaries Fund Prospectus Investment Objective More Information on each Fund s Investment Strategy Risks Description of Underlying Funds Portfolio Holdings Fund Management Portfolio Managers Purchases Redemptions Exchanges Other Important Information About Purchases, Redemptions, and Exchanges Shareholder Information Financial Highlights... 83

13 INVESTMENT OBJECTIVE The USAA Target Retirement Income Fund (the Fund) provides capital appreciation and current income consistent with its current investment allocation. FEES AND EXPENSES The tables below describe the fees and expenses that you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses for the Fund are based on expenses incurred during the Fund s most recently completed fiscal year. Shareholder Fees (fees paid directly from your investment) None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.00% Distribution and/or Service (12b-1) Fees None Other Expenses 0.07% Acquired Fund Fees and Expenses 0.61% Total Annual Fund Operating Expenses 0.68% (a) (a) The Total Annual Fund Operating Expenses for the Fund may not correlate to the ratio of expenses to average daily net assets shown in the financial highlights, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Although your actual costs may be higher or lower, you would pay the following expenses on a $10,000 investment, assuming (1) a 5% annual return, (2) the Fund s operating expenses remain the same, and (3) you redeem all of your shares at the end of the periods shown. 1 Year 3 Years 5 Years 10 Years $69 $218 $379 $847 Prospectus 1

14 Portfolio Turnover The Fund pays transaction costs, including commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund s performance. For the most recent fiscal year, the Fund s portfolio turnover rate was 41% of the average value of its whole portfolio. PRINCIPAL INVESTMENT STRATEGY The Fund invests in a selection of USAA mutual funds and exchange-traded funds (ETFs) (underlying USAA Funds) in a manner consistent with its current asset allocation as depicted in the lifestyle transition path. The Fund s asset allocation strategy is based on the allocation at zero years left until retirement on the lifestyle transition path and is designed for investors who are currently in, or very close to retirement and who are planning to start withdrawing funds for retirement now or within the immediate future. In general, the Fund s allocation strategy assumes funds will start being withdrawn for retirement purposes at age 65. However, the Fund should not be selected solely on the basis of an investor s age. Because the Fund is designed for investors who are in or close to retirement, it is not anticipated that the Fund s current asset allocation will change based on the lifestyle transition plan. The Fund does not provide guaranteed income for retirement. The Fund s current target asset allocation consists of: approximately 35% of the Fund s net assets allocated to underlying USAA Funds that invest primarily in equity securities or alternative asset classes (equity investments); and approximately 65% of the Fund s net assets allocated to underlying USAA Funds that invest primarily in fixed-income securities (fixed-income investments). The target asset allocation will not change unless approved by the Fund s Board of Trustees (Board). Although the underlying USAA Funds are categorized generally as equity investments or fixed-income investments, many of these underlying USAA Funds invest in a mix of securities of domestic and foreign issuers, investment-grade and high-yield bonds, and other securities. As a result, the target asset allocation of the Fund may differ from the actual securities held by the underlying USAA Funds. Actual asset allocation also may differ from the lifestyle transition path as a result of market movement. The Fund s portfolio will be rebalanced on a regular basis, taking into account transaction costs. We may adjust the Fund s actual asset allocation from the targets 2 USAA Target Retirement Funds

15 specified in the lifestyle transition path based on market view or other conditions as part of an active asset allocation strategy, or make changes to the lifestyle transition path. Lifestyle Transi on Path 100% Equity & Alterna ve Fixed Income 90% Weight in Por olio 80% 70% 60% 50% 40% 30% 20% Years To Re rement* *Years to Re rement for the Fund is zero. PRINCIPAL RISKS Any investment involves risk, and there is no assurance that the Fund s objective will be achieved. The Fund is actively managed and the investment techniques and risk analyses used by the Fund s manager(s) may not produce the desired results. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in the Fund. The risks of the Fund directly correspond to the risks of the underlying USAA Funds in which the Fund invests. By investing in the underlying USAA Funds, the Fund has exposure to the risk of many different areas of the market. The degree to which the risks described below apply to the Fund varies according to the Fund s asset allocation. For instance, the more the Fund is allocated to stock funds, the greater the risk associated with equity securities. The Fund also is subject to asset allocation risk (i.e., the risk that allocations will not produce the intended results) and to management risk (i.e., the risk that the selection of underlying USAA Funds will not produce the intended results). In managing a Fund that invests in underlying USAA Funds, USAA Asset Management Company (Adviser) may be subject to potential conflicts of interest in allocating the Fund s assets among the various underlying USAA Prospectus 3

16 Funds. This is because the fees payable by some of the underlying USAA Funds to the Adviser and/or its affiliates are higher than the fees payable by other underlying USAA Funds and because the Adviser also is responsible for managing and administering the underlying USAA Funds. The Fund may invest in underlying USAA Funds that invest in equity securities, which are subject to stock market risk. Stock prices in general may decline over short or even extended periods, regardless of the success or failure of a company s operations. Equity securities tend to be more volatile than bonds. In addition, to the degree an underlying USAA Fund invests in foreign securities, there is a possibility that the value of the Fund s investments in foreign securities will decrease because of unique risks, such as currency exchange-rate fluctuations; foreign market illiquidity; emerging-market risk; increased price volatility; uncertain political conditions; exchange control regulations; foreign ownership limits; different accounting, reporting, and disclosure requirements; difficulties in obtaining legal judgments; and foreign withholding taxes. The Fund may invest in underlying USAA Funds that invest in bonds. There is a risk that the market value of those bonds will fluctuate because of changes in interest rates, changes in supply and demand for fixed-income securities, and other market factors. Bond prices generally are linked to prevailing market interest rates. In general, when interest rates rise, bond prices fall; and conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its maturity. Generally, the longer the maturity of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer maturities generally offer higher yields than bonds with shorter maturities. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. The ability of an issuer of a debt security to repay principal prior to a security s maturity can increase the security s sensitivity to interest rate changes. The Fund may invest in underlying USAA Funds that invest in fixed-income securities that are subject to credit risk, which is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk. Fixed-income securities rated below investment grade, also known as junk or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. The Fund may invest in shares of ETFs, which generally are investment companies that hold a portfolio of common stocks or debt securities the shares of which are traded on an exchange. ETFs incur their own management and 4 USAA Target Retirement Funds

17 other fees and expenses, such as trustees fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund. As a result, the Fund s investment in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund s performance may be lower than if the Fund were to invest directly in the securities held by the underlying ETFs. In addition, the Fund will be exposed indirectly to all of the risks associated with securities held by the ETFs. An investment in the Fund is not a deposit in USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund and illustrates the Fund s volatility and performance from year to year for each full calendar year since the Fund s inception. The table shows how the Fund s average annual total returns for the periods indicated compared to those of the Fund s benchmark index. Performance reflects any expense limitations in effect during the periods shown. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future. For the Fund s most current performance information, log on to usaa.com or call (800) 531-USAA (8722) or (210) Prospectus 5

18 RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31 30% 25% 25.04% 20% 15% 10% 5% 0% -5% 11.65% 9.49% 8.66% 5.58% 3.36% 6.36% 1.97% -1.95% During the periods shown in the chart: Returns Quarter ended Highest Quarter Return 12.57% June 30, 2009 Lowest Quarter Return -5.07% September 30, 2011 Year-to-Date Return -1.09% March 31, 2018 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts. A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. The actual after-tax returns depend on your tax situation and may differ from those shown. If you hold your shares through a tax-deferred arrangement, such as an individual retirement account (IRA) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. 6 USAA Target Retirement Funds

19 AVERAGE ANNUAL TOTAL RETURNS For Periods Ended December 31, 2017 Past 1Year Past 5Years Since Inception Inception Date Fund Shares Return Before Taxes 8.66% 4.34% 5.51% 7/31/2008 Return After Taxes on Distributions 6.73% 2.96% 4.25% Return After Taxes on Distributions and Sale of Fund Shares 5.68% 2.89% 3.91% Index S&P Target Date Retirement Income Index (reflects no deduction for fees, expenses, or taxes) 8.59% 4.87% 4.82% 7/31/2008 INVESTMENT ADVISER USAA Asset Management Company ( AMCO or Adviser ) PORTFOLIO MANAGERS Wasif A. Latif, Vice President, Head of Global Multi-Assets, is responsible for the Fund s asset allocation and has co-managed the Fund since July Brian Herscovici, CFA, Executive Director, Global Multi-Asset Portfolio Management, has co-managed the Fund since October PURCHASE AND SALE OF SHARES You may purchase or sell shares of the Fund through a USAA investment account on any business day through our website at usaa.com or mobile.usaa.com, or by telephone at (800) 531-USAA (8722) or (210) You also may purchase or sell shares of the Fund through certain other financial intermediaries. If you have opened an account directly with the Fund, you also may purchase and sell shares of the Fund by mail at P.O. Box , San Antonio, Texas Minimum initial purchase: $500 or $50 with a $50 monthly systematic investment plan. Minimum subsequent investment: $50 Prospectus 7

20 TAX INFORMATION The Fund intends to make distributions that generally will be taxed to you as ordinary income or long-term capital gains, unless you are a tax-exempt investor or you invest through an IRA, 401(k) plan, or other tax-deferred account (in which case you may be taxed later, upon withdrawal of your investment from such account). PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of such shares and certain servicing and administrative functions. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 8 USAA Target Retirement Funds

21 INVESTMENT OBJECTIVE The USAA Target Retirement 2020 Fund (the Fund) provides capital appreciation and current income consistent with its current investment allocation. FEES AND EXPENSES The tables below describe the fees and expenses that you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses for the Fund are based on expenses incurred during the Fund s most recently completed fiscal year. Shareholder Fees (fees paid directly from your investment) None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.00% Distribution and/or Service (12b-1) Fees None Other Expenses 0.04% Acquired Fund Fees and Expenses 0.69% Total Annual Fund Operating Expenses 0.73% (a) (a) The Total Annual Fund Operating Expenses for the Fund may not correlate to the ratio of expenses to average daily net assets shown in the financial highlights, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Although your actual costs may be higher or lower, you would pay the following expenses on a $10,000 investment, assuming (1) a 5% annual return, (2) the Fund s operating expenses remain the same, and (3) you redeem all of your shares at the end of the periods shown. 1 Year 3 Years 5 Years 10 Years $75 $233 $406 $906 Prospectus 9

22 Portfolio Turnover The Fund pays transaction costs, including commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares of the Fund are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund s performance. For the most recent fiscal year, the Fund s portfolio turnover rate was 39% of the average value of its whole portfolio. PRINCIPAL INVESTMENT STRATEGY The Fund invests in a selection of USAA mutual funds and exchange-traded funds (ETFs) (underlying USAA Funds) in a manner consistent with its current asset allocation as depicted in the lifestyle transition path, based on the years left until retirement. The lifestyle transition path depicts how the asset allocation strategy shifts the Fund s assets among asset classes as the Fund becomes more conservative over time. The lifestyle transition path reflects the need for reduced investment risks and lower volatility as retirement approaches. The Fund s asset allocation strategy is designed for investors planning to start withdrawing funds for retirement in or within a few years of the Fund s specific target date (2020). In general, the Fund s asset allocation strategy assumes funds will start being withdrawn for retirement purposes at age 65. However, the Fund should not be selected solely on the basis of an investor s age or the target date. The Fund does not provide guaranteed income for retirement. Although the underlying USAA Funds are categorized generally as equity investments (equity securities or alternative asset classes) or fixed-income investments, many of these underlying USAA Funds invest in a mix of securities of domestic and foreign issuers, investment-grade and high-yield bonds, and other securities. As a result, the target asset allocation of the Fund may differ from the actual securities held by the underlying USAA Funds. Actual asset allocation also may differ from the lifestyle transition path as a result of market movement. The Fund s portfolio will be rebalanced on a regular basis, taking into account transaction costs. We may adjust the Fund s actual asset allocation from the targets specified in the lifestyle transition path based on market view or other conditions as part of an active asset allocation strategy, or make changes to the lifestyle transition path. It is currently anticipated that at its target date, the Fund s target asset allocation will consist of approximately 35% of the Fund s net assets allocated to equity investments; and approximately 65% of the Fund s net assets 10 USAA Target Retirement Funds

23 allocated to fixed-income investments. The Fund s target asset allocation will not change after the target date has been reached unless approved by the Fund s Board of Trustees (Board). Lifestyle Transi on Path 100% Equity & Alterna ve Fixed Income 90% Weight in Por olio 80% 70% 60% 50% 40% 30% 20% Years To Re rement* *Years to Re rement is the difference between the current year and the target date referenced in a Fund s name. PRINCIPAL RISKS Any investment involves risk, and there is no assurance that the Fund s objective will be achieved. The Fund is actively managed and the investment techniques and risk analyses used by the Fund s manager(s) may not produce the desired results. As you consider an investment in the Fund, you also should take into account your tolerance for the daily fluctuations of the financial markets and whether you can afford to leave your money in the Fund for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in the Fund. The risks of the Fund directly correspond to the risks of the underlying USAA Funds in which the Fund invests. By investing in the underlying USAA Funds, the Fund has exposure to the risk of many different areas of the market. The degree to which the risks described below apply to the Fund varies according to the Fund s asset allocation. For instance, the more the Fund is allocated to stock funds, the greater the risk associated with equity securities. The Fund also is subject to asset allocation risk (i.e., the risk that allocations will not produce the intended results) and to management risk (i.e., the risk that the selection of underlying USAA Funds will not produce the intended results). In managing a Fund that invests in underlying USAA Funds, USAA Asset Management Company (Adviser) may be subject to potential conflicts of interest in allocating the Fund s assets among the various underlying USAA Prospectus 11

24 Funds. This is because the fees payable by some of the underlying USAA Funds to the Adviser and/or its affiliates are higher than the fees payable by other underlying USAA Funds and because the Adviser also is responsible for managing and administering the underlying USAA Funds. The Fund may invest in underlying USAA Funds that invest in equity securities, which are subject to stock market risk. Stock prices in general may decline over short or even extended periods, regardless of the success or failure of a company s operations. Equity securities tend to be more volatile than bonds. In addition, to the degree an underlying USAA Fund invests in foreign securities, there is a possibility that the value of the Fund s investments in foreign securities will decrease because of unique risks, such as currency exchange-rate fluctuations; foreign market illiquidity; emerging-market risk; increased price volatility; uncertain political conditions; exchange control regulations; foreign ownership limits; different accounting, reporting, and disclosure requirements; difficulties in obtaining legal judgments; and foreign withholding taxes. The Fund may invest in underlying USAA Funds that invest in bonds. There is a risk that the market value of those bonds will fluctuate because of changes in interest rates, changes in supply and demand for fixed-income securities, and other market factors. Bond prices generally are linked to prevailing market interest rates. In general, when interest rates rise, bond prices fall; and conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its maturity. Generally, the longer the maturity of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer maturities generally offer higher yields than bonds with shorter maturities. The Fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. The ability of an issuer of a debt security to repay principal prior to a security s maturity can increase the security s sensitivity to interest rate changes. The Fund may invest in underlying USAA Funds that invest in fixed-income securities that are subject to credit risk, which is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or principal payments on its securities or that negative market perceptions of the issuer s ability to make such payments will cause the price of that security to decline. The Fund accepts some credit risk as a recognized means to enhance an investor s return. All fixed-income securities, varying from the highest quality to the very speculative, have some degree of credit risk. Fixed-income securities rated below investment grade, also known as junk or high-yield bonds, generally entail greater economic, credit, and liquidity risk than investment-grade securities. Their prices may be more volatile, especially during economic downturns, financial setbacks, or liquidity events. The Fund may invest in shares of ETFs, which generally are investment companies that hold a portfolio of common stocks or debt securities the shares of which are traded on an exchange. ETFs incur their own management and 12 USAA Target Retirement Funds

25 other fees and expenses, such as trustees fees, operating expenses, registration fees, and marketing expenses, a proportionate share of which will be borne indirectly by the Fund. As a result, the Fund s investment in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund s performance may be lower than if the Fund were to invest directly in the securities held by the underlying ETFs. In addition, the Fund will be exposed indirectly to all of the risks associated with securities held by the ETFs. An investment in the Fund is not a deposit in USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. PERFORMANCE The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart provides some indication of the risks of investing in the Fund and illustrates the Fund s volatility and performance from year to year for each full calendar year since the Fund s inception. The table shows how the Fund s average annual total returns for the periods indicated compared to those of the Fund s benchmark index. Performance reflects any expense limitations in effect during the periods shown. Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future. For the Fund s most current performance information, log on to usaa.com or call (800) 531-USAA (8722) or (210) Prospectus 13

26 RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31 40% 30% 28.12% 20% 10% 13.28% 11.26% 9.16% 12.71% 7.57% 0% 0.52% 3.45% -2.40% -10% During the periods shown in the chart: Returns Quarter ended Highest Quarter Return 15.40% June 30, 2009 Lowest Quarter Return -8.05% September 30, 2011 Year-to-Date Return -1.09% March 31, 2018 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In certain situations, the return after taxes on distributions and sale of fund shares may be higher than the other return amounts. A higher after-tax return may result when a capital loss occurs upon redemption and translates into an assumed tax deduction that benefits the shareholder. The actual after-tax returns depend on your tax situation and may differ from those shown. If you hold your shares through a tax-deferred arrangement, such as an individual retirement account (IRA) or 401(k) plan, the after-tax returns shown in the table are not relevant to you. 14 USAA Target Retirement Funds

27 AVERAGE ANNUAL TOTAL RETURNS For Periods Ended December 31, 2017 Past 1Year Past 5Years Since Inception Inception Date Fund Shares Return Before Taxes 12.71% 5.97% 6.71% 7/31/2008 Return After Taxes on Distributions 10.37% 4.58% 5.52% Return After Taxes on Distributions and Sale of Fund Shares 8.35% 4.28% 5.01% Index S&P Target Date 2020 Index (reflects no deduction for fees, expenses, or taxes) 12.88% 7.92% 6.52% 7/31/2008 INVESTMENT ADVISER USAA Asset Management Company ( AMCO or Adviser ) PORTFOLIO MANAGERS Wasif A. Latif, Vice President, Head of Global Multi-Assets, is responsible for the Fund s asset allocation and has co-managed the Fund since July Brian Herscovici, CFA, Executive Director, Global Multi-Asset Portfolio Management, has co-managed the Fund since October PURCHASE AND SALE OF SHARES You may purchase or sell Fund Shares through a USAA investment account on any business day through our website at usaa.com or mobile.usaa.com, or by telephone at (800) 531-USAA (8722) or (210) You also may purchase or sell Fund Shares through certain other financial intermediaries. If you have opened an account directly with the Fund, you also may purchase and sell Fund Shares by mail at P.O. Box , San Antonio, Texas Minimum initial purchase: $500 or $50 with a $50 monthly systematic investment plan. Minimum subsequent investment: $50 Prospectus 15

28 TAX INFORMATION The Fund intends to make distributions that generally will be taxed to you as ordinary income or long-term capital gains, unless you are a tax-exempt investor or you invest through an IRA, 401(k) plan, or other tax-deferred account (in which case you may be taxed later, upon withdrawal of your investment from such account). PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of such shares and certain servicing and administrative functions. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 16 USAA Target Retirement Funds

29 INVESTMENT OBJECTIVE The USAA Target Retirement 2030 Fund (the Fund) provides capital appreciation and current income consistent with its current investment allocation. FEES AND EXPENSES The tables below describe the fees and expenses that you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses for the Fund are based on expenses incurred during the Fund s most recently completed fiscal year. Shareholder Fees (fees paid directly from your investment) None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fee 0.00% Distribution and/or Service (12b-1) Fees None Other Expenses 0.03% Acquired Fund Fees and Expenses 0.75% Total Annual Fund Operating Expenses 0.78% (a) (a) The Total Annual Fund Operating Expenses for the Fund may not correlate to the ratio of expenses to average daily net assets shown in the financial highlights, which reflect the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses. Example This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Although your actual costs may be higher or lower, you would pay the following expenses on a $10,000 investment, assuming (1) a 5% annual return, (2) the Fund s operating expenses remain the same, and (3) you redeem all of your shares at the end of the periods shown. 1 Year 3 Years 5 Years 10 Years $80 $249 $433 $966 Prospectus 17