(PUB) Morningstar FundInvestor

June 2 014

Morningstar FundInvestor

7

Data through May 31, 2014 USAA World Growth

Ticker

Status Yield Total Assets

Mstar Category

USAWX Open

0.7% $1,150 mil

World Stock

Morningstar Analyst Rating 05-21-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating High Average Highest

95% 99% 98% 99% 98% 98% 99% 97%

„

Manager Change Partial Manager Change

14.0 18.0 22.8 28.4

Morningstar Pillars Process Performance

Growth of $10,000

¶ § ∞ ∞ ∞

Positive Positive Positive Neutral Negative

Investment Values of Fund Investment Values of MSCI WexUS

People Parent Price

10.0

Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 05-14

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 „ ´ˇ ¨

15.47 27.73 -13.10 -6.26 0.30 27.43

17.90 18.33 -2.58

17.83 7.71 -8.91 -3.13 0.49 7.22

19.96 23.96 -2.69

20.31

12.86

16.81 31.36 -3.27 0.65 30.71

18.70 12.19 1.04 -0.48 0.92 11.27

17.72 -4.35 9.36 3.00 0.88 -5.23

21.66 23.41

27.03 27.74 12.45

28.00 3.59 -0.22 -0.63 0.00 3.59

NAV

-34.00 9.32

Total Return % +/-MSCI WexUS

-7.33 -2.34 0.95

-10.09 11.53

6.58 7.28 1.12

3.10 0.55

3.01 2.55

8.19 1.08

4.94 0.87

+/-MSCI Ac Wrld ND

Income Return % Capital Return %

17.78

21.41

-35.08 8.37

22.29

26.87

80

22

76

14

53

13

57

54

26

4

35

49

Total Rtn % Rank Cat

Pillar Spectrum Positive ∞

0.04 0.00 1.53 0.35 138 273

0.08 0.32 1.32 0.59 . 329

0.08 1.37 1.30 0.50

0.42 1.71 1.26 2.15

0.18 1.35 1.30 1.31

0.21 0.31 1.24 1.01

0.08 0.00 1.42 1.31

0.15 0.00 1.34 0.76

0.16 0.00 1.29 0.95

0.20 0.01 1.30 0.96

0.19 0.44 1.25 0.93

0.00 0.00

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

. . .

Performance 05-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

36

44

29

28

20

15

17

12

12

2010 2011 2012 2013 2014

2.99 -12.51 14.03 9.18 12.19 3.42 4.14 -18.02 8.34 -4.35 14.33 -5.28 7.40 6.10 23.41 8.86 0.34 8.28 7.99 27.74 0.55 . . . .

363

506

563

351

460

549

571

724

1,054

1,128

Portfolio Analysis 02-28-14 Share change since 11-13 Total Stocks:94 Sector

Rating and Risk Time Load-Adj

Country

% Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Walt Disney Co

Cnsmr Cyc United States

3.15 2.75 2.70 2.59 2.52 2.47 2.36 2.33 2.08 2.07 2.03 1.88 1.86 1.84 1.84 1.78 1.74 1.70 1.65 1.53

1 Yr 3 Yr 5 Yr

18.24 12.69 17.09

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Linde AG Nestle SA

Basic Mat Cnsmr Def

Germany Switzerland

Return% WexUS Ac Wrld ND

Cat

$10,000

High +Avg High

Avg Avg -Avg

3 Mo 6 Mo 1 Yr

2.64 -0.92 6.27 1.54 18.24 3.70 12.69 8.06 17.09 6.60 9.69 1.90 6.50 0.99

-0.92 0.25 1.09 3.70 3.36 2.22 1.92

47 10,264 41 10,627 45 11,824 6 14,311 12 22,009 12 25,216 50 25,718

Thermo Fisher Scientific Reckitt Benckiser Group Honeywell International

Hlth care United States

10 Yr Incept

9.69 8.45

Cnsmr Def

U.K.

Industrl

United States

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

Bayer AG Diageo PLC

Hlth care Germany

Other Measures

Standard Index MSCI WexUS

Best Fit Index MSCI World

Cnsmr Def

U.K.

Accenture PLC Class A

Technology United States Finan Svs United States

Alpha

8.1

1.5

Visa Inc Class A

Beta

0.85

1.06

United Technologies Corp

Industrl

United States

R-Squared

89

97

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 12.19 5 0.45 40 16.67 9 0.36 37 8.84 9 0.78 52 Potential Capital Gain Exposure: 36% of assets Morningstar’s Take by William Samuel Rocco 05-21-14 USAA World Growth has several strengths. This fund, which has been subadvised by MFS since mid 2002, has a personnel advantage over most of its world-stock rivals. David Mannheim is one of the most seasoned and skilled global-equity managers around. Roger Morley, who has comanaged this fund with Mannheim since late 2009, also has good credentials. And the two MFS managers are supported by a sizable squad of domestic-stock analysts who have earned good results on their own at Bronze-rated MFS Research MFRFX, as well as a big team of foreign-equity analysts who have posted strong returns at MFS Research International MRSAX. Meanwhile, Mannheim and Morley follow a sound strategy that has an attractive mix of tame and bold characteristics and a track record of success elsewhere. On the more reserved side, the managers focus on well-established, higher-quality firms that are growing at strong but sustainable rates, pay ample attention to valuations, and avoid investing too much in any one holding. But they also regularly allow their

Time Warner Inc Oracle Corporation State Street Corp

Cnsmr Cyc United States Technology United States Finan Svs United States

Standard Deviation

14.87 12.69

Mean

3M Co

Industrl

United States

Sharpe Ratio

0.88

LVMH Moet Hennessy Louis Canadian National Railwa

Cnsmr Cyc France

Industrl

Canada

Heineken NV

Cnsmr Def Cnsmr Def

Netherlands

Danone

France

stock selection to lead to significant country and sector over- and under-weightings, so this fund s aggregate portfolio is always rather distinctive. And the fact that this approach has earned good long-term risk-adjusted results at Silver-rated MFS Institutional International Equity MIEIX and other MFS offerings adds to its appeal. What’s more, Mannheim and Morley have also had considerable success with this quality-oriented discipline here. This fund has posted superior returns over the past 12 months, as several health-care and consumer-related stocks that have been in the portfolio for years have posted strong gains. More importantly, this fund has performed well in a variety of climates in the past and has delivered impressive results over time. Thanks to these positive traits, this global-equity fund is one of the more appealing offerings in the world-stock category and is an attractive source of long-term exposure to blue chips.

Schlumberger NV

Energy

United States

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

WexUS High

Market Cap % Giant 46.1 Large 45.2 Mid 8.7 Small 0.0 Micro 0.0 Avg $mil: 43,802

Value Blnd Growth

Cyclical 40.23 BasicMat 7.57 CnsmrCyc16.63 FinanSvs 16.03 Real Est 0.00 Sensitive 29.68 CommSrvs 1.41 Energy 3.43 Industrl 13.50 Technlgy 11.34 Defensive30.10 CnsmrDef17.71 Hlthcare 12.39 Utilities 0.00

.

h r t y u j i o p a k s d f

Large Mid Small

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales

Rel Category

10.43 4.87 4.41 6.32 10.89 17.07 2.57 2.00 9.36 1.83

1.15 1.33 1.54 1.32 0.75

% Rel Category

0.92 2.35 16.96

Country Exposure United States 51 U.K. 11 France 9 UK/W. Europe 42 Japan 2 Asia X Japan 2 Regional Exposure

% Stock

8.10 0.23

N. America 53 Latn America 1 Other 0

Address:

9800 Fredericksburg Road San Antonio, TX 78288 800-531-8722

Minimum Purchase: Min Auto Inv Plan:

$3000

Add: $50 IRA: $0

$0

Add: .

Sales Fees:

No-load

Composition - Net

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

www.usaa.com

Management Fee:

0.75%, 0.15%A

% Stock

Cash

2.0

Bonds Other

0.0 1.2

10-01-92

Actual Fees:

Mgt:0.79% Dist: .

Germany 8 Switzerland 7

USAA Asset Management Company MFS Investment Management

Expense Projections: Income Distribution:

3Yr:$397 Annually

5Yr:$686 10Yr:$1511

Stocks

96.9

Foreign

48.8

(% of Stock)

Vanguard NTF

Mutual Funds ß ®

© 2014Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobe accurate, correct, completeor timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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