SCHEDULE A

TO THE EXPENSE LIMITATION AGREEMENT

DATED JULY 1, 2019

As revised June 11, 2020

OPERATING EXPENSE LIMITS

	Maximum
Fund/Class	Operating	Effective Date of	Date of
March 31 FYE Funds	Expense Limit	Waiver	Termination
USAA California Bond Fund Class A	0.80%	July 1, 2019	July 31, 2021
USAA California Bond Fund Shares	0.54%	July 1, 2019	July 31, 2021
USAA California Bond Institutional Shares	0.50%	June 29, 20201	July 31, 2021
USAA Global Equity Income Fund	0.90%	July 1, 2019	July 31, 2021
Institutional Shares
USAA Global Equity Income Fund Shares	1.00%	July 1, 2019	July 31, 2021
USAA New York Bond Fund Class A	0.90%	July 1, 2019	July 31, 2021
USAA New York Bond Fund Shares	0.65%	July 1, 2019	July 31, 2021
USAA New York Bond Institutional Shares	0.61%	June 29, 20201	July 31, 2021
USAA Target Managed Allocation Fund	0.65%	July 1, 2019	July 31, 2021
USAA Tax Exempt Intermediate-Term	0.75%	July 1, 2019	July 31, 2021
Fund Class A
USAA Tax Exempt Intermediate-Term	0.48%	July 1, 2019	July 31, 2021
Fund Shares
USAA Tax Exempt Intermediate-Term	0.44%	June 29, 20201	July 31, 2021
Institutional Shares
USAA Tax Exempt Long-Term Fund Class A	0.70%	July 1, 2019	July 31, 2021
USAA Tax Exempt Long-Term Fund Shares	0.48%	July 1, 2019	July 31, 2021
USAA Tax Exempt Long-Term Institutional	0.44%	June 29, 20201	July 31, 2021
Shares
USAA Tax Exempt Money Market Fund	0.56%	July 1, 2019	July 31, 2021
USAA Tax Exempt Short-Term Fund Class	0.75%	July 1, 2019	July 31, 2021
A
USAA Tax Exempt Short-Term Fund Shares	0.51%	July 1, 2019	July 31, 2021
USAA Tax Exempt Short-Term Institutional	0.47%	June 29, 20201	July 31, 2021
Shares
USAA Virginia Bond Fund Class A	0.80%	July 1, 2019	July 31, 2021
USAA Virginia Bond Fund Shares	0.54%	July 1, 2019	July 31, 2021
USAA Virginia Bond Institutional Shares	0.50%	June 29, 20201	July 31, 2021

1Or inception date, if later.

A-1

	Maximum
Fund/Class	Operating	Effective Date of	Date of
May 31 FYE Funds	Expense Limit	Waiver	Termination
USAA Cornerstone Aggressive Fund	1.10%	July 1, 2019	June 30, 2021
USAA Cornerstone Conservative Fund	0.10%	July 1, 2019	June 30, 2021
USAA Cornerstone Equity Fund	0.10%	July 1, 2019	June 30, 2021
USAA Cornerstone Moderate Fund	1.00%	July 1, 2019	June 30, 2021
USAA Cornerstone Moderately Aggressive	0.98%	July 1, 2019	June 30, 2021
Fund
USAA Cornerstone Moderately	0.90%	July 1, 2019	June 30, 2021
Conservative Fund
USAA Emerging Markets Fund Class A	1.75%	July 1, 2019	June 30, 2021
USAA Emerging Markets Fund	1.29%	July 1, 2019	June 30, 2021
Institutional Shares
USAA Emerging Markets Fund Shares	1.48%	July 1, 2019	June 30, 2021
USAA Government Securities Fund Class A	0.75%	July 1, 2019	June 30, 2021
USAA Government Securities Fund	0.39%	July 1, 2019	June 30, 2021
Institutional Shares
USAA Government Securities Fund R6	0.35%	July 1, 2019	June 30, 2021
Shares
USAA Government Securities Fund Shares	0.48%	July 1, 2019	June 30, 2021
USAA Growth and Tax Strategy Fund	0.61%	July 1, 2019	June 30, 2021,
Shares			2021
USAA Growth and Tax Strategy Fund	0.57%	June 29, 20201	June 30, 2021
Institutional Shares
USAA Growth and Tax Strategy Fund Class	0.86%	June 29, 20201	June 30, 2021
A
USAA Growth and Tax Strategy Fund Class	1.61%	June 29, 20201	June 30, 2021,
C			2021
USAA International Fund Class A	1.35%	July 1, 2019	June 30, 2021
USAA International Fund Institutional	0.99%	July 1, 2019	June 30, 2021
Shares
USAA International Fund R6 Shares	0.85%	July 1, 2019	June 30, 2021
USAA International Fund Shares	1.06%	July 1, 2019	June 30, 2021
USAA Managed Allocation Fund	0.74%	July 1, 2019	June 30, 2021
USAA Precious Metals and Minerals Fund	1.34%	July 1, 2019	June 30, 2021
Class A
USAA Precious Metals and Minerals Fund	1.00%	July 1, 2019	June 30, 2021
Institutional Shares
USAA Precious Metals and Minerals Fund	1.27%	July 1, 2019	June 30, 2021
Shares
USAA Treasury Money Market Trust	0.35%	July 1, 2019	June 30, 2021
USAA World Growth Fund Class A	1.35%	July 1, 2019	June 30, 2021
USAA World Growth Fund Institutional	1.00%	July 1, 2019	June 30, 2021
Shares

1Or inception date, if later.

A-2

	Maximum
Fund/Class	Operating	Effective Date of	Date of
May 31 FYE Funds	Expense Limit	Waiver	Termination
USAA World Growth Fund Shares	1.09%	July 1, 2019	June 30, 2021

	Maximum
Fund/Class	Operating	Effective Date of	Date of
July 31 FYE Funds	Expense Limit	Waiver	Termination
USAA Aggressive Growth Fund	0.70%	July 1, 2019	June 30, 2021
Institutional Shares
USAA Aggressive Growth Fund Shares	0.75%	July 1, 2019	June 30, 2021
USAA Capital Growth Fund Institutional	1.10%	July 1, 2019	June 30, 2021
Shares
USAA Capital Growth Fund Shares	1.12%	July 1, 2019	June 30, 2021
USAA Growth & Income Fund Institutional	0.84%	July 1, 2019	June 30, 2021
Shares
USAA Growth & Income Fund Class A	1.15%	July 1, 2019	June 30, 2021
USAA Growth & Income Fund Shares	0.88%	July 1, 2019	June 30, 2021
USAA Growth Fund Institutional Shares	0.88%	July 1, 2019	June 30, 2021
USAA Growth Fund Shares	0.92%	July 1, 2019	June 30, 2021
USAA High Income Fund Class A	1.00%	July 1, 2019	June 30, 2021
USAA High Income Fund Institutional	0.73%	July 1, 2019	June 30, 2021
Shares
USAA High Income Fund R6 Shares	0.65%	July 1, 2019	June 30, 2021
USAA High Income Fund Shares	0.83%	July 1, 2019	June 30, 2021
USAA Income Fund Class A	0.77%	July 1, 2019	June 30, 2021
USAA Income Fund Institutional Shares	0.46%	July 1, 2019	June 30, 2021
USAA Income Fund R6 Shares	0.39%	July 1, 2019	June 30, 2021
USAA Income Fund Shares	0.52%	July 1, 2019	June 30, 2021
USAA Income Fund Class C	1.43%	June 29, 20201	June 30, 2021
USAA Income Stock Fund Institutional	0.72%	July 1, 2019	June 30, 2021
Shares
USAA Income Stock Fund R6 Shares	0.65%	July 1, 2019	June 30, 2021
USAA Income Stock Fund Shares	0.76%	July 1, 2019	June 30, 2021
USAA Intermediate-Term Fund Class A	0.87%	July 1, 2019	June 30, 2021
USAA Intermediate-Term Fund Class C	1.53%	June 29, 20201	June 30, 2021
USAA Intermediate-Term Fund	0.52%	July 1, 2019	June 30, 2021
Institutional Shares
USAA Intermediate-Term Fund R6 Shares	0.39%	July 1, 2019	June 30, 2021
USAA Intermediate-Term Fund Shares	0.59%	July 1, 2019	June 30, 2021
USAA Money Market Fund	0.62%	July 1, 2019	June 30, 2021
USAA Science & Technology Fund Class A	1.34%	July 1, 2019	June 30, 2021
USAA Science & Technology Fund Shares	1.06%	July 1, 2019	June 30, 2021

1Or inception date, if later.

A-3

USAA Short-Term Bond Fund Class A	0.73%	July 1, 2019	June 30, 2021
USAA Short-Term Bond Fund Institutional	0.43%	July 1, 2019	June 30, 2021
Shares
USAA Short-Term Bond Fund R6 Shares	0.39%	July 1, 2019	June 30, 2021
USAA Short-Term Bond Fund Shares	0.53%	July 1, 2019	June 30, 2021
USAA Small Cap Stock Fund Institutional	0.98%	July 1, 2019	June 30, 2021
Shares
USAA Small Cap Stock Fund Shares	1.10%	July 1, 2019	June 30, 2021
USAA Value Fund Class A	1.27%	July 1, 2019	June 30, 2021
USAA Value Fund Institutional Shares	0.88%	July 1, 2019	June 30, 2021
USAA Value Fund Shares	0.96%	July 1, 2019	June 30, 2021
	Maximum
Fund/Class	Operating	Effective Date of	Date of
December 31 FYE Funds	Expense Limit	Waiver	Termination
USAA 500 Index Fund Member Shares	0.25%	July 1, 2019	June 30, 2021
USAA 500 Index Fund Reward Shares	0.15%	July 1, 2019	June 30, 2021
USAA Extended Market Index Fund Shares	0.43%	July 1, 2019	June 30, 2021
USAA Global Managed Volatility Fund	0.70%	July 1, 2019	June 30, 2021
Institutional Shares
USAA Global Managed Volatility Fund	0.90%	July 1, 2019	June 30, 2021
Shares
USAA NASDAQ-100 Index Fund R6 Shares	0.40%	July 1, 2019	June 30, 2021
USAA NASDAQ-100 Index Fund Shares	0.48%	July 1, 2019	June 30, 2021
USAA NASDAQ-100 Index Fund	0.44%	June 29, 20201	June 30, 2021
Institutional Shares
USAA NASDAQ-100 Index Fund Class A	0.70%	June 29, 20201	June 30, 2021
USAA NASDAQ-100 Index Fund Class C	1.45%	June 29, 20201	June 30, 2021
USAA Target Retirement 2020 Fund	0.04%	July 1, 2019	July 31, 2021
USAA Target Retirement 2030 Fund	0.03%	July 1, 2019	June 30, 2021
USAA Target Retirement 2040 Fund	0.02%	July 1, 2019	June 30, 2021
USAA Target Retirement 2050 Fund	0.04%	July 1, 2019	June 30, 2021
USAA Target Retirement 2060 Fund	0.10%	July 1, 2019	June 30, 2021
USAA Target Retirement Income Fund	0.07%	July 1, 2019	July 31, 2021
USAA Ultra	0.55%	July 1, 2019	June 30, 2021
Short-Term Bond Fund Institutional
Shares
USAA Ultra Short-Term Bond Fund R6	0.39%	July 1, 2019	June 30, 2021
Shares
USAA Ultra Short-Term Bond Fund Shares	0.60%	July 1, 2019	June 30, 2021
USAA Ultra Short-Term Bond Fund Class A	0.85%	June 29, 20201	June 30, 2021

1Or inception date, if later.

A-4