Investment Objective
The USAA Extended Market Index Fund (the Fund) seeks to match, before fees and expenses, the performance of the U.S. stocks not included in the S&P 500 Index as represented by the Dow
Jones U.S. Completion Total Stock Market IndexSM (the “Index”).1 The Index measures the performance of all small- and mid-cap stocks as measured by the Dow Jones U.S. Total Stock Market
IndexSM less the stocks in the S&P 500 Index.
1“Dow Jones,” and “The Dow Jones U.S. Completion Total Stock Market IndexSM” are service marks of Dow Jones Trademark Holdings, LLC.
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
| 0.10%
|
| Distribution and/or Service (12b-1) Fees
| None
|
| Other Expenses
| 0.34%
|
| Total Annual Fund Operating Expenses
| 0.44%(a)
|
(a) The expense information in the table has been restated to reflect current fees.
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
|
| $45
| $141
| $246
| $555
|
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 13% of the average value of its whole portfolio.
Principal Investment
Strategy
The Fund’s
principal investment strategy is, under normal market conditions, to invest at least 80% of its assets in securities or other financial instruments of companies that are components of, or have economic characteristics
similar to, the securities included in the Index. This strategy may be changed upon 60 days’ written notice to shareholders.
The Index is composed of
all the equity securities that are issued by companies headquartered in the United States with their primary market listing in the United States, except those stocks included in the S&P 500.
In seeking to track the
performance of the Index, the Fund uses the “sampling” method of indexing. Under this approach, the Fund selects a representative sample of stocks and/or derivatives that resemble the Index in terms of
industry weightings, market capitalization, and other characteristics. It is not the Fund’s intent to fully replicate the Index.
Principal Risks
Any investment involves
risk, and there is no assurance that the Fund’s objective will be achieved. 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 equity securities
held in the Fund are subject to stock market risk. A company’s stock price in general may decline over short or even extended periods, regardless of the success or failure of a company’s operations. Stock
markets tend to run in cycles, with periods when stock prices generally go up and periods when stock prices generally go down. Equity securities tend to be more volatile than debt securities.
The Fund invests in
small- and mid-cap companies, which may be more vulnerable than larger companies to adverse business or economic conditions. Securities of small- and mid-cap companies may be less liquid and more volatile than
securities of larger companies or the market in general and, therefore,
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