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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 OCTOBER 18, 2017 TO THE FUNDS PROSPECTUS DATED MAY 1, 2017 This Supplement updates certain information contained in the above-dated prospectus for the USAA Target Retirement Funds (the Funds). Effective as of the date of this Supplement, the Funds may also invest in series of USAA ETF Trust. With respect to Target Retirement Income Fund: The first paragraph under the section titled Principal Investment Strategy found on page 2 hereby is deleted in its entirety and replaced with the following: 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 following paragraph hereby is added before the last paragraph under the section titled Principal Risks found on page 4: 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 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. With respect to each of the Target Retirement 2020 Fund, Target Retirement 2030 Fund, Target Retirement 2040 Fund, Target Retirement 2050 Fund, and Target Retirement 2060 Fund: The first sentence in the first paragraph under the sections of the prospectus titled Principal Investment Strategy for each Fund hereby is deleted in its entirety and replaced with the following: 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 following paragraph hereby is added before the last paragraph under the sections of the prospectus titled Principal Risks for each Fund: 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 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. With respect to all of the Funds: The first sentence in the first paragraph of the subsection titled What is each Fund s Investment Strategy found on page 43 under the section titled MORE INFORMATION ON EACH FUNDS INVESTMENT STRATEGY hereby is deleted in its entirety and replaced with the following:

Each 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 first sentence in the second paragraph of the subsection titled ETFs Risk found on pages 45-46 under the section titled RISKS hereby is deleted in its entirety and replaced with the following: A Fund may invest in passive ETFs that invest in the securities and sectors contained in the indexes they seek to track without regard for or analysis of the prospects of such securities or sectors. The following disclosure hereby is added to the section titled RISKS under the heading To the extent a target retirement fund has exposure to equity securities through investment in the underlying USAA Funds, it is subject to the following risks: found on page 49: Large-Cap Company Risk: Investments in large capitalization companies may go in and out of favor based on market and economic conditions and may underperform other market segments. Some large-cap companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large-cap companies could trail the returns on investments in stocks of small- and mid-cap companies. Momentum Risk: Momentum investing entails investing more in securities that have recently had higher total returns and investing less in securities that have had lower total returns. These securities may be more volatile than a broad cross-section of securities, and momentum may be an indicator that a security s price is peaking. Momentum can turn quickly and cause significant variation from other types of investments. A fund may experience significant losses if momentum stops, turns or otherwise behaves differently than predicted. Value Risk: Value investing entails investing in securities that are inexpensive (or cheap ) relative to other stocks in the universe based on ratios such as earnings to price or book to price and shorting securities that are expensive based on the same ratios. There may be periods when value investing is out of favor, and during which the investment performance of a fund using a value strategy may suffer. In addition, value stocks are subject to the risks that their intrinsic value may never be realized by the market. The three paragraphs under the section titled DESCRIPTION OF UNDERLYING FUNDS found on page 55 hereby are deleted in their entirety and replaced with the following: The investments of each Target Retirement Fund are concentrated in underlying USAA Funds, and each Target Retirement Fund s investment performance is directly related to the investment performance of these underlying USAA Funds. Many of these underlying USAA Funds may 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 each Target Retirement Fund may differ from the actual securities held by the underlying USAA Funds. Certain underlying USAA Funds have the ability to temporarily depart from their normal investment policies in response to extraordinary market, economic, political, or other conditions. In doing so, the underlying USAA Fund may succeed in avoiding losses, but may otherwise fail to achieve its investment objective, which in turn may prevent a Target Retirement Fund from achieving its investment objective. The following table gives a brief description of the objective and principal investment strategy of the underlying USAA Funds. The table is not a complete list of the underlying USAA Funds in which the Target Retirement Funds may invest. The Adviser may invest the assets of each Target Retirement Fund in other underlying USAA Funds without notice or shareholder approval. Additional investment practices are described in more detail under the Investment Policies in the Target Retirement Funds SAI and in each underlying USAA Fund s prospectus.

The following funds hereby are added to the table under the section titled DESCRIPTION OF UNDERLYING FUNDS found on page 56: Funds USAA MSCI USA Value Momentum Blend Index ETF USAA MSCI USA Small Cap Value Momentum Blend Index ETF USAA MSCI International Value Momentum Blend Index ETF USAA MSCI Emerging Markets Value Momentum Blend Index ETF USAA Core Short-Term Bond ETF USAA Core Intermediate-Term Bond ETF Objective/Strategy seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the MSCI USA Select Value Momentum Blend Index seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the MSCI USA Small Cap Select Value Momentum Blend Index seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the MSCI World ex USA Select Value Momentum Blend Index seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the MSCI Emerging Markets Select Value Momentum Blend Index seeks high current income consistent with preservation of principal seeks high current income without undue risk to principal PLEASE RETAIN THIS SUPPLEMENT FOR YOUR FUTURE REFERENCE. 98815-1017

PROSPECTUS USAA TARGET RETIREMENT FUNDS MAY 1, 2017 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.

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... 6 Portfolio Managers... 6 Purchase and Sale of Shares... 7 Tax Information... 7 Payments to Broker-Dealers and Other Financial Intermediaries... 7 USAA Target Retirement 2020 Fund Summary Investment Objective... 8 Fees and Expenses... 8 Principal Investment Strategy... 9 Principal Risks... 10 Performance... 11 Investment Adviser... 13 Portfolio Managers... 13 Purchase and Sale of Shares... 13 Tax Information... 14 Payments to Broker-Dealers and Other Financial Intermediaries... 14 USAA Target Retirement 2030 Fund Summary Investment Objective... 15 Fees and Expenses... 15 Principal Investment Strategy... 16 Principal Risks... 17 Performance... 18 Investment Adviser... 20 Portfolio Managers... 20

Purchase and Sale of Shares... 20 Tax Information... 21 Payments to Broker-Dealers and Other Financial Intermediaries... 21 USAA Target Retirement 2040 Fund Summary Investment Objective... 22 Fees and Expenses... 22 Principal Investment Strategy... 23 Principal Risks... 24 Performance... 25 Investment Adviser... 27 Portfolio Managers... 27 Purchase and Sale of Shares... 27 Tax Information... 28 Payments to Broker-Dealers and Other Financial Intermediaries... 28 USAA Target Retirement 2050 Fund Summary Investment Objective... 29 Fees and Expenses... 29 Principal Investment Strategy... 30 Principal Risks... 31 Performance... 32 Investment Adviser... 34 Portfolio Managers... 34 Purchase and Sale of Shares... 34 Tax Information... 35 Payments to Broker-Dealers and Other Financial Intermediaries... 35 USAA Target Retirement 2060 Fund Summary Investment Objective... 36 Fees and Expenses... 36 Principal Investment Strategy... 37 Principal Risks... 38 Performance... 40 Investment Adviser... 41 Portfolio Managers... 41 Purchase and Sale of Shares... 42

Tax Information... 42 Payments to Broker-Dealers and Other Financial Intermediaries... 42 Fund Prospectus Investment Objective... 43 More Information on each Funds Investment Strategy... 43 Risks... 44 Description of Underlying Funds... 55 Portfolio Holdings... 59 Fund Management... 59 Portfolio Managers... 60 Purchases... 60 Redemptions... 63 Exchanges... 64 Other Important Information About Purchases, Redemptions, and Exchanges... 65 Shareholder Information... 70 Financial Highlights... 75

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 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 0.60% Total Annual Operating Expenses 0.67% (a) (a) The total annual 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 $68 $214 $373 $835 Prospectus 1

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 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 14% of the average value of its whole portfolio. PRINCIPAL INVESTMENT STRATEGY The Fund invests in a selection of USAA mutual funds (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

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% 45 40 35 30 25 20 15 10 5 0 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, the Adviser may be subject to potential conflicts of interest in allocating the Fund s assets among the various underlying USAA Funds. This is because the fees payable Prospectus 3

by some of the underlying USAA Funds 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 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 cannot make timely interest and 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 and financial setbacks or liquidity events. 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. 4 USAA Target Retirement Funds

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) 531-8722. 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% 5.58% 6.36% 3.36% 1.97% -1.95% 2009 2010 2011 2012 2013 2014 2015 2016 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 2.49% March 31, 2017 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 Prospectus 5

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. AVERAGE ANNUAL TOTAL RETURNS For Periods Ended December 31, 2016 Past 1Year Past 5Years Since Inception Inception Date Fund Shares Return Before Taxes 6.36% 4.50% 5.14% 7/31/2008 Return After Taxes on Distributions 5.11% 3.32% 3.95% Return After Taxes on Distributions and Sale of Fund Shares 3.86% 3.10% 3.63% Indexes S&P Target Date Retirement Income Index* (reflects no deduction for fees, expenses, or taxes) 5.01% 4.66% 4.39% 7/31/2008 Bloomberg Barclays U.S. Universal Index** (reflects no deduction for fees, expenses, or taxes) 3.91% 2.78% 4.58% 7/31/2008 *As of May 1, 2017, the S&P Target Date Retirement Income Index replaced the Bloomberg Barclays U.S. Universal Index as the Fund s primary broad-based securities market index as it more closely represents the securities held by the Fund. **Effective August 24, 2016, Bloomberg acquired Barclays Risk Analytics and Index Solutions, Ltd., which includes the Barclays Aggregate family on indices. Thus, the Fund s benchmark is now called the Bloomberg Barclays U.S. Universal Index. INVESTMENT ADVISER USAA Asset Management Company (AMCO or Adviser) PORTFOLIO MANAGERS Wasif A. Latif, Head of Global Multi-Assets, is responsible for the Fund s asset allocation and has co-managed the Fund since July 2008. John P. Toohey, CFA, Head of Equities, is responsible for the Fund s asset allocation and has co-managed the Fund since July 2009. Brian Herscovici, CFA, Executive Director of Global Multi-Assets Portfolios, has co-managed the Fund since October 2016. 6 USAA Target Retirement Funds

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) 531-8722. 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 by mail at P.O. Box 659453, San Antonio, Texas 78265-9825. Minimum initial purchase: $500 or $50 with a $50 monthly systematic investment plan. Minimum subsequent investment: $50 TAX INFORMATION The Fund intends to make distributions that generally will be taxed to you as ordinary income or long-term capital gain, 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. Prospectus 7

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 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 0.66% Total Annual Operating Expenses 0.70% (a) (a) The total annual 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 $72 $224 $390 $871 8 USAA Target Retirement Funds

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 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 11% of the average value of its whole portfolio. PRINCIPAL INVESTMENT STRATEGY The Fund invests in a selection of USAA mutual funds (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 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). Prospectus 9

Lifestyle Transi on Path 100% Equity & Alterna ve Fixed Income 90% Weight in Por olio 80% 70% 60% 50% 40% 30% 20% 45 40 35 30 25 20 15 10 5 0 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, the Adviser may be subject to potential conflicts of interest in allocating the Fund s assets among the various underlying USAA Funds. This is because the fees payable by some of the underlying USAA Funds 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. 10 USAA Target Retirement 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 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 cannot make timely interest and 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 and financial setbacks or liquidity events. 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 Prospectus 11

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) 531-8722. RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31 40% 30% 28.12% 20% 10% 0% 13.28% 0.52% 11.26% 9.16% 3.45% -2.40% 7.57% -10% 2009 2010 2011 2012 2013 2014 2015 2016 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 3.83% March 31, 2017 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. 12 USAA Target Retirement Funds

AVERAGE ANNUAL TOTAL RETURNS For Periods Ended December 31, 2016 Past 1Year Past 5Years Since Inception Inception Date Fund Shares Return Before Taxes 7.57% 5.69% 6.02% 7/31/2008 Return After Taxes on Distributions 6.16% 4.59% 4.96% Return After Taxes on Distributions and Sale of Fund Shares 4.59% 4.18% 4.47% Indexes S&P Target Date 2020 Index* (reflects no deduction for fees, expenses, or taxes) 7.22% 7.66% 5.79% 7/31/2008 Bloomberg Barclays U.S. Universal Index** (reflects no deduction for fees, expenses, or taxes) 3.91% 2.78% 4.58% 7/31/2008 *As of May 1, 2017, the S&P Target Date 2020 Index replaced the Bloomberg Barclays U.S. Universal Index as the Fund s primary broad-based securities market index as it more closely represents the securities held by the Fund. **Effective August 24, 2016, Bloomberg acquired Barclays Risk Analytics and Index Solutions, Ltd., which includes the Barclays Aggregate family on indices. Thus, the Fund s benchmark is now called the Bloomberg Barclays U.S. Universal Index. INVESTMENT ADVISER USAA Asset Management Company (AMCO or Adviser) PORTFOLIO MANAGERS Wasif A. Latif, Head of Global Multi-Assets, is responsible for the Fund s asset allocation and has co-managed the Fund since July 2008. John P. Toohey, CFA, Head of Equities, is responsible for the Fund s asset allocation and has co-managed the Fund since July 2009. Brian Herscovici, CFA, Executive Director of Global Multi-Assets Portfolios, has co-managed the Fund since October 2016. 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) 531-8722. You also may purchase or sell shares of the Fund through certain Prospectus 13

other financial intermediaries. If you have opened an account directly with the Fund, you also may purchase and sell shares by mail at P.O. Box 659453, San Antonio, Texas 78265-9825. Minimum initial purchase: $500 or $50 with a $50 monthly systematic investment plan. Minimum subsequent investment: $50 TAX INFORMATION The Fund intends to make distributions that generally will be taxed to you as ordinary income or long-term capital gain, 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. 14 USAA Target Retirement Funds

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 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 0.72% Total Annual Operating Expenses 0.75% (a) (a) The total annual 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 $77 $240 $417 $930 Prospectus 15

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 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 8% of the average value of its whole portfolio. PRINCIPAL INVESTMENT STRATEGY The Fund invests in a selection of USAA mutual funds (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 (2030). 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 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). 16 USAA Target Retirement Funds