(PUB) Investing 2016

6

Data through June 30, 2016 FINRA members: For internal or institutional use only. USAA World Growth

Ticker USAWX

Yield 0.7%

Total Assets $1,161 mil

Mstar Category World Stock

Benchmark 1: MSCI ACWI NR USD Benchmark 2: MSCI ACWI Ex USA NR USD Morningstar Analyst Rating 07-05-16 „

Investment Style Equity

Historical Profile Return Risk Rating High Average QQQQQ Highest

7 7 7 7 7 7 7 7

20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

15.0

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ¶ Neutral ¶ Neutral

10.0

Performance

People Parent

Performance Quartile (within Category)

& ( & ( ( * & * * ( * 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 06-16 19.96 20.31 12.86 16.81 18.70 17.72 21.66 27.03 27.33 26.14 26.82 23.96 9.32 -34.00 31.36 12.19 -4.35 23.41 27.74 3.71 -1.62 2.60 3.00 -2.35 8.20 -3.26 -0.48 3.00 7.28 4.94 -0.45 0.74 1.37 -2.69 -7.34 11.53 -10.08 1.03 9.36 6.58 12.45 7.58 4.04 3.62 2.55 0.95 1.08 0.65 0.92 0.88 1.12 0.87 1.05 0.72 0.00 21.41 8.37 -35.08 30.71 11.26 -5.23 22.29 26.87 2.66 -2.34 2.60 0.42 0.18 0.21 0.08 0.15 0.16 0.20 0.19 0.28 0.19 0.00 1.71 1.35 0.31 0.00 0.00 0.00 0.01 0.44 0.43 0.56 0.00 1.26 1.30 1.24 1.42 1.34 1.29 1.30 1.25 1.19 1.17 . 2.15 1.31 1.01 1.31 0.76 0.95 0.96 0.93 0.75 0.91 . 14 53 13 57 54 26 4 35 38 51 29

Price

History

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 06-30-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

14.33 -5.28 7.40 6.10 23.41 8.86 0.34 8.28 7.99 27.74 0.55 4.01 -3.86 3.14 3.71 3.04 -0.25 -7.73 3.73 -1.62

.

44

29

28

20

15

17

12

12

9

9

506

563

351

460

549

571

724 1,054 1,137 1,120 1,139

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 02-29-16 Total Stocks: 94 Share change since 11-30-15

2.03 0.56

— — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

Country

% Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Y Thermo Fisher Scientific

Hlth Care United States

2.72 2.67 2.51 2.50 2.48 2.36 2.22 2.14 2.02 1.89 1.89 1.85 1.82 1.81 1.81 1.79 1.78 1.78

1 Yr 3 Yr 5 Yr

-1.80 6.97 7.95 6.67 7.73

3 Mo 6 Mo

0.56 -0.43 1.21 2.60 1.37 3.62 -1.80 1.93 8.45 6.97 0.94 5.81 7.95 2.57 7.84 6.67 2.41 4.80 6.83 1.85 1.71

57 10,056 29 10,260 28 9,820 28 12,242 9 14,656 5 19,081 16 26,951

Y Nestle SA

Cnsmr Def

Switzerland United States

Avg QQQQ Avg QQQQ -Avg QQQQQ

+Avg +Avg

Y Honeywell International I

Industrl

1 Yr

T Time Warner Inc Y Accenture PLC A

Cnsmr Cyc United States Technology United States

10 Yr Incept

High

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Y Reckitt Benckiser Group P

Cnsmr Def

United Kingdom 2.47

Y Walt Disney Co

Cnsmr Cyc United States

Other Measures

Standard Index

Best Fit Index

T Bayer AG

Hlth Care Germany

Alpha

5.8

1.0

Y Visa Inc Class A T Medtronic PLC

Finan Svcs United States Hlth Care United States

Beta

0.84

0.99

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

R-Squared

84

94

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

6.25 7.37 5.88

18

0.67 0.53 0.74

31 31 36

Y Diageo PLC Y Danone SA

Cnsmr Def Cnsmr Def

United Kingdom 1.99

6 3

Standard Deviation

12.11

France

Mean

6.97 0.61

Y LVMH Moet Hennessy Louis

Cnsmr Cyc France

Sharpe Ratio

T Stryker Corp

Hlth Care United States

Potential Capital Gain Exposure: 31% of assets

Y Canadian National Railway

Industrl

Canada

Morningstar's Take by William Samuel Rocco 07-05-16 The management team at USAA World Growth won’t be as strong after an upcoming retirement as it is now. But the team still will be much better than average after the transition, and this fund’s other strengths remain intact. The fund retains its Morningstar Analyst Rating of Silver. David Mannheim, who has run the fund with various comanagers as well as on his own since mid-2002, will retire in 12-24 months. Roger Morley, who became a comanager on the fund in 2009, will remain in place, and Ryan McAllister will become a comanager on this fund on Sept. 30, 2016. Mannheim is exceptionally seasoned and skilled, and McAllister has no portfolio-management experience yet, so the team won’t be as robust once Mannheim leaves. (Mannheim,Morley,andMaAllisterall work for MFS, which has subadvised the fund since mid-2002.) That said, the team will remain above-average after Mannheim retires. Morley is quite experienced and talented. McAllister has good credentials and will serve as a comanager for at least nine months before Mannheim departs, providing a good transition period. And the managers will be supported by the same sizable

Y Kellogg Co

Cnsmr Def

United States

State Street Corp

Finan Svcs United States

and strong team of MFS stock analysts--which currently includes 28 U.S. specialists and 35 foreign experts—as the current team. Finally, this fund's attractive and conservative blue- chip-oriented strategy will remain the same after McAllister joins the team and after Mannheim leaves. Specifically, the managers will continue to focus on firms with strong franchises, cash flows, and balance sheets, as well as talented management teams and strong, sustainable growth rates. They will continue to favor steady-growth industries, spread the portfolio over 80-100 names, and move at a very measured pace. This quality-oriented growth strategy has also earned good long-term risk-adjusted results at Silver-rated MFS Institutional International Equity MIEX--a foreign large growth fund that is undergoing a similar manager transition.

Y 3M Co

Industrl

United States

Y Oracle Corp

Technology United States

Y Svenska Cellulosa AB B

Cnsmr Def

Sweden

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 38.3 Large 51.1 Mid 9.9 Small 0.8 Micro 0.0 Avg $mil: 39,097

Value Blend Growth

Large Mid Small

37.15 1.02 5.99 1.17 16.52 1.48 14.64 0.88 0.00 0.00 26.60 0.72 2.20 0.43 1.51 0.22 13.86 1.32 9.03 0.64 36.24 1.34 18.34 1.67 17.90 1.44 0.00 0.00

Value Measures

Rel Category

Price/Earnings 17.12

0.97 1.13 1.29 1.24 0.89

Price/Book Price/Sales

2.60 2.04

Price/Cash Flow 10.62 Dividend Yield % 2.36

Growth Measures

% Rel Category

Long-Term Erngs 8.72

0.84 0.61

Regional Exposure % Stock UK/W. Europe 38 N. America 58 Japan 1 Latn America 1 Asia X Japan 1 Other 1

Book Value

2.05 3.77 4.47

Sales

34.21

Address:

Usaa Mutual Funds Trust San Antonio, TX78288

Minimum Purchase: Min Auto Inv Plan:

$3000 Add: $50 IRA: —

Cash Flow

2.29 1.63

— Add: —

Historical Erngs 4.42

800-531-8722 www.usaa.com

Sales Fees:

No-load

Country Exposure United States 56 UK 11 France 8

% Stock

Web Address:

Management Fee:

0.75%, 0.15%A

Composition - Net Cash

Switzerland 8 Germany 6

Inception:

10-01-92

Actual Fees:

Mgt:0.78% Dist:—

0.0 Bonds

0.0 1.4

Advisor:

USAA Asset Management Company MFS Investment Management

Expense Projections: 3Yr:$372 5Yr:$644 10Yr:$1420

Stocks 98.6 Other

Subadvisor:

Income Distribution:

Annually

Foreign (% of Stock)

44.0

A

ß ® Mutual Funds

©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, email reprints@morningstar.com