0000908695-12-000253.txt : 20121019 0000908695-12-000253.hdr.sgml : 20121019 20121019093812 ACCESSION NUMBER: 0000908695-12-000253 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20121019 DATE AS OF CHANGE: 20121019 EFFECTIVENESS DATE: 20121019 FILER: COMPANY DATA: COMPANY CONFORMED NAME: USAA MUTUAL FUNDS TRUST CENTRAL INDEX KEY: 0000908695 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-65572 FILM NUMBER: 121151541 BUSINESS ADDRESS: STREET 1: 9800 FREDERICKSBURG ROAD STREET 2: A-3-W CITY: SAN ANTONIO STATE: TX ZIP: 78288-0227 BUSINESS PHONE: 210-498-0226 MAIL ADDRESS: STREET 1: 9800 FREDERICKSBURG ROAD STREET 2: A-3-W CITY: SAN ANTONIO STATE: TX ZIP: 78288-0227 FORMER COMPANY: FORMER CONFORMED NAME: USAA STATE TAX FREE TRUST DATE OF NAME CHANGE: 19940325 FORMER COMPANY: FORMER CONFORMED NAME: USAA STATE TAX EXEMPT TRUST DATE OF NAME CHANGE: 19930707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: USAA MUTUAL FUNDS TRUST CENTRAL INDEX KEY: 0000908695 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07852 FILM NUMBER: 121151542 BUSINESS ADDRESS: STREET 1: 9800 FREDERICKSBURG ROAD STREET 2: A-3-W CITY: SAN ANTONIO STATE: TX ZIP: 78288-0227 BUSINESS PHONE: 210-498-0226 MAIL ADDRESS: STREET 1: 9800 FREDERICKSBURG ROAD STREET 2: A-3-W CITY: SAN ANTONIO STATE: TX ZIP: 78288-0227 FORMER COMPANY: FORMER CONFORMED NAME: USAA STATE TAX FREE TRUST DATE OF NAME CHANGE: 19940325 FORMER COMPANY: FORMER CONFORMED NAME: USAA STATE TAX EXEMPT TRUST DATE OF NAME CHANGE: 19930707 0000908695 S000012897 Growth and Tax Strategy Fund C000034866 Growth and Tax Strategy Fund USBLX 0000908695 S000012903 International Fund C000034872 International Fund Shares USIFX C000066841 International Fund Institutional Shares UIIFX C000091155 International Fund Adviser Shares UAIFX 0000908695 S000012905 Cornerstone Moderate Fund C000034874 Cornerstone Moderate Fund USBSX 0000908695 S000012910 Precious Metals and Minerals Fund C000034879 Precious Metals and Minerals Fund Shares USAGX C000066842 Precious Metals and Minerals Fund Institutional Shares UIPMX C000091158 Precious Metals and Minerals Fund Adviser Shares UPMMX 0000908695 S000012919 Treasury Money Market Trust C000034889 Treasury Money Market Trust UATXX 0000908695 S000012923 World Growth Fund C000034893 World Growth Fund Shares USAWX C000091165 World Growth Fund Adviser Shares USWGX 0000908695 S000012926 Cornerstone Moderately Aggressive Fund C000034896 Cornerstone Moderately Aggressive Fund USCRX 0000908695 S000012927 Emerging Markets Fund C000034897 Emerging Markets Fund Shares USEMX C000066846 Emerging Markets Fund Institutional Shares UIEMX C000091166 Emerging Markets Fund Adviser Shares UAEMX 0000908695 S000012929 Government Securities Fund C000034899 Government Securities Fund Shares USGNX C000091167 Government Securities Fund Adviser Shares UAGNX 0000908695 S000027454 Managed Allocation Fund C000082762 Managed Allocation Fund UMAFX 0000908695 S000037224 Cornerstone Conservative Fund C000114650 Cornerstone Conservative Fund USCCX 0000908695 S000037225 Cornerstone Moderately Conservative Fund C000114651 Cornerstone Moderately Conservative Fund UCMCX 0000908695 S000037226 Cornerstone Aggressive Fund C000114652 Cornerstone Aggressive Fund UCAGX 0000908695 S000037227 Cornerstone Equity Fund C000114653 Cornerstone Equity Fund 485BPOS 1 pe83_xbrl.htm PART C pe83_xbrl.htm

 
As filed with the Securities and Exchange Commission on October 19, 2012.

1933 Act File No. 33-65572
1940 Act File No. 811-7852

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933  X
Pre-Effective Amendment No. ___
Post-Effective Amendment No.  83
and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 X
Amendment No.  84

USAA MUTUAL FUNDS TRUST
(Exact Name of Registrant as Specified in Charter)

9800 Fredericksburg Road, San Antonio, TX  78288
(Address of Principal Executive Offices)     (Zip Code)

Registrant’s Telephone Number, including Area Code (210) 498-0226

Adym Rygmyr, Secretary
USAA MUTUAL FUNDS TRUST
9800 Fredericksburg Road
San Antonio, TX  78288-0227      
(Name and Address of Agent for Service)

 
It is proposed that this filing will become effective under Rule 485

_X__    immediately upon filing pursuant to paragraph (b)
___    on (date) pursuant to paragraph (b)
___    60 days after filing pursuant to paragraph (a)(1)
___    on (date) pursuant to paragraph (a)(1)
___    75 days after filing pursuant to paragraph (a)(2)
___         on (date) pursuant to paragraph (a)(2)

If appropriate, check the following box:

_____  This post-effective amendment designates a new effective date for a previously filed post-effective amendment.
 
 
 

 

SIGNATURES

Pursuant to the requirements of the Securities Act and the Investment Company Act, the Registrant certifies that it meets all requirements for effectiveness of this registration statement pursuant to Rule 485(b) under the Securities Act and has duly caused this amendment to its registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of San Antonio and state of Texas on the 19th day of October, 2012.
 
USAA MUTUAL FUNDS TRUST
 
                                 *              
                                                Daniel S. McNamara
President

Pursuant to the requirements of the Securities Act, this amendment to the registration statement has been signed below by the following persons in the capacities and on the date(s) indicated.

(Signature)
(Title)
(Date)
*
Robert L. Mason
Chairman of the Board of Trustees
 
 
*
Daniel S. McNamara
 
Vice Chairman of the Board of Trustees and President (Principal Executive Officer)
 
 * 
Roberto Galindo, Jr.
 
Treasurer (Principal  Financial and Accounting Officer)
 
 * 
Paul L. McNamara
Trustee
 
*
Barbara B. Ostdiek
Trustee
 
*
Michael F. Reimherr
Trustee
 
*
Paul Bannigan
Trustee


*By :­­­­­­­­­­­­­­­­­­­­­­­  /s/ Adyn Rygmyr
 
Adym Rygmyr, under the Powers of Attorney dated April 15, April 16, April 17, 2012, and September 27, 2012, which are incorporated herein and filed under Post Effective Amendment No. 74 with the Securities and Exchange Commission on April 27, 2012, and Post Effective Amendment No. 82 on September 28, 2012.

C-2
 
 

 


EXHIBIT INDEX


101.INS       XBRL Instance Document
101.SCHXBRL Taxonomy Extension Schema
101.DEFXBRL Taxonomy Extension Definition Linkbase
101.LABXBRL Taxonomy Extension Label Linkbase
101.PREXBRL Taxonomy Extension Presentation Linkbase



C-3
 
 

 

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An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. 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 over the past 10 years. (800) 531-USAA (8722) usaa.com historical performance (before and after taxes) does not necessarily indicate what will happen in the future. 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. Reflects no deduction for fees, expenses, or taxes 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. 2013-10-01 1.17 As with other mutual funds, losing money is a risk of investing in this Fund. An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. 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 over the past 10 years. (800) 531-USAA (8722) usaa.com historical performance (before and after taxes) does not necessarily indicate what will happen in the future. 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Reflects no deduction for fees, expenses, or taxes 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. 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. Please note that after-tax returns are shown only for the Fund Shares and may differ for each share class. 2013-10-01 0.19 As with other mutual funds, losing money is a risk of investing in this Fund. An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. The bar chart provides some indication of the risks of investing in the Fund and illustrates the Fund Share's volatility and performance from year to year for each full calendar year over the past 10 years. (800) 531-USAA (8722) usaa.com historical performance (before and after taxes) does not necessarily indicate what will happen in the future. 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. 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. Please note that after-tax returns are shown only for the Fund Shares and may differ for the Adviser Shares. Reflects no deduction for for fees, expenses, or taxes As with other mutual funds, losing money is a risk of investing in this Fund. An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. 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 over the past 10 years. (800) 531-USAA (8722) usaa.com historical performance (before and after taxes) does not necessarily indicate what will happen in the future. 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. 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. Reflects no deduction for for fees, expenses, or taxes 2013-10-01 0.25 As with other mutual funds, losing money is a risk of investing in this Fund. 1.45 0.19 An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. The bar chart provides some indication of the risks of investing in the Fund and illustrates the Fund Share's volatility and performance from year to year for each full calendar year over the past 10 years. (800) 531-USAA (8722) usaa.com historical performance (before and after taxes) does not necessarily indicate what will happen in the future. Reflects no deduction for fees, expenses, or taxes 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. 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. Please note that after-tax returns are shown only for the Fund Shares and may differ for each share class. 2.49 As with other mutual funds, losing money is a risk of investing in this Fund. The Fund is nondiversified, which means that it may invest a greater percentage of its assets in a single issuer or a limited number of issuers. An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. 2013-10-01 0.24 As with other mutual funds, losing money is a risk of investing in this Fund. The Fund is nondiversified, which means that it may invest a greater percentage of its assets in a single issuer or a limited number of issuers. An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. The bar chart provides some indication of the risks of investing in the Fund and illustrates the Fund Share's volatility and performance from year to year for each full calendar year over the past 10 years. (800) 531-USAA (8722) usaa.com historical performance (before and after taxes) does not necessarily indicate what will happen in the future. historical performance (before and after taxes) does not necessarily indicate what will happen in the future. Reflects no deductions for fees, expenses, or taxes 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. 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. Please note that after-tax returns are shown only for the Fund Shares and may differ for each share class. As with other mutual funds, losing money is a risk of investing in this Fund. Although the Fund seeks to preserve the value of your investment at $1 per share, it is possible to lose money by investing in this Fund. An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. 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 over the past 10 years. (800) 531-USAA (8722) usaa.com historical performance (before and after taxes) does not necessarily indicate what will happen in the future. 2013-10-01 0.17 As with other mutual funds, losing money is a risk of investing in this Fund. An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. The bar chart provides some indication of the risks of investing in the Fund and illustrates the Fund Share's volatility and performance from year to year for each full calendar year over the past 10 years. (800) 531-USAA (8722) usaa.com Reflects no deductions for fees, expenses, or taxes 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. 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. Please note that after-tax returns are shown only for the Fund Shares and may differ for the Adviser Shares. An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. The bar chart illustrates the Fund&#8217;s performance for one full calendar year since the Fund&#8217;s inception. (800) 531-USAA (8722) usaa.com historical performance (before and after taxes) does not necessarily indicate what will happen in the future. 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. 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. Reflects no deduction for fees, expenses, or taxes 2013-10-01 As with other mutual funds, losing money is a risk of investing in this Fund. An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. Performance history for the Fund will be available in the prospectus after the Fund has been in operation for one full calendar year. (800) 531-USAA (8722) usaa.com 2013-10-01 As with other mutual funds, losing money is a risk of investing in this Fund. An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. Performance history for the Fund will be available in the prospectus after the Fund has been in operation for one full calendar year. (800) 531-USAA (8722) usaa.com 2013-10-01 As with other mutual funds, losing money is a risk of investing in this Fund. An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. Performance history for the Fund will be available in the prospectus after the Fund has been in operation for one full calendar year. (800) 531-USAA (8722) usaa.com 2013-10-01 As with other mutual funds, losing money is a risk of investing in this Fund. An investment in this Fund is not a deposit of USAA Federal Savings Bank, or any other bank, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agengy. Performance history for the Fund will be available in the prospectus after the Fund has been in operation for one full calendar year. (800) 531-USAA (8722) usaa.com Effective January 27, 2012, the Fund changed its investment strategy to permit investments in a broader range of government securities. In connection with this change, the Barclays U.S. Aggregate Government Intermediate & Mortgage-Backed Securities Index replaces the Barclays GNMA Index as it more closely reflects the investments of the Fund. The Barclays U.S. Aggregate Government Intermediate & Mortgage-Backed Securities Index consists of securities backed by pools of mortgages issued by U.S. Government Agencies, GNMA, Fannie Mae, or Freddie Mac. 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current income consistent</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">with preservation of principal.</font></p> INVESTMENT OBJECTIVE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The </font><font style="font-family:Interstate-Bold;font-size:10pt;">USAA World Growth Fund</font><font style="font-family:Interstate-Bold;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">(the Fund) </font><font style="font-family:Interstate-Light;font-size:10pt;">seeks</font><font style="font-family:Interstate-Light;font-size:10pt;"> capital </font><font style="font-family:Interstate-Light;font-size:10pt;">a</font><font style="font-family:Interstate-Light;font-size:10pt;">ppreciation.</font></p> INVESTMENT OBJECTIVE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The </font><font style="font-family:Interstate-Bold;font-size:10pt;">USAA Precious Metals and Minerals Fund</font><font style="font-family:Interstate-Bold;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">(the Fund) seek</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> long-term capital</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">appreciation and to protect the purchasing power of your capital</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">against inflation.</font></p> INVESTMENT OBJECTIVE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The 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OBJECTIVE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The </font><font style="font-family:Interstate-Bold;font-size:10pt;">USAA Growth and Tax Strategy Fund</font><font style="font-family:Interstate-Bold;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">(the Fund) is an asset</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">allocation fund </font><font style="font-family:Interstate-Light;font-size:10pt;">that</font><font style="font-family:Interstate-Light;font-size:10pt;"> seek</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> a conservative</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">balance for the investor </font><font style="font-family:Interstate-Light;font-size:10pt;">b</font><font style="font-family:Interstate-Light;font-size:10pt;">etween income, the majority of which is</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">exempt from federal income tax, and the potential for long-term growth</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">of capital to preserve purchasing power.</font></p> INVESTMENT OBJECTIVE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The </font><font style="font-family:Interstate-Bold;font-size:10pt;">USAA Managed Allocation Fund</font><font style="font-family:Interstate-Bold;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">(the Fund) seek</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> to maximize total return, </font><font style="font-family:Interstate-Light;font-size:10pt;">c</font><font style="font-family:Interstate-Light;font-size:10pt;">onsisting primarily of capital appreciation.</font></p> INVESTMENT OBJECTIVE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The </font><font style="font-family:Interstate-Bold;font-size:10pt;">USAA Treasury Money Market Trust</font><font style="font-family:Interstate-Bold;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">(the Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">) </font><font style="font-family:Interstate-Light;font-size:10pt;">provides</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">investors maximum current</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">income while maintaining the highest degree of safety and liquidity.</font></p> INVESTMENT OBJECTIVE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The </font><font style="font-family:Interstate-Bold;font-size:10pt;">USAA </font><font style="font-family:Interstate-Bold;font-size:10pt;">Cornerstone </font><font style="font-family:Interstate-Bold;font-size:10pt;">Conservative</font><font style="font-family:Interstate-Bold;font-size:10pt;"> Fund</font><font style="font-family:Interstate-Bold;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">(the Fund) seek</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">current income. The Fund also considers the potential for capital appreciation</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> INVESTMENT OBJECTIVE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The </font><font style="font-family:Interstate-Bold;font-size:10pt;">USAA </font><font style="font-family:Interstate-Bold;font-size:10pt;">Cornerstone </font><font style="font-family:Interstate-Bold;font-size:10pt;">Moderately </font><font style="font-family:Interstate-Bold;font-size:10pt;">Conservative</font><font style="font-family:Interstate-Bold;font-size:10pt;"> Fund</font><font style="font-family:Interstate-Bold;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">(the Fund) seek</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">current income</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">with a secondary focus on capital appreciation</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> INVESTMENT OBJECTIVE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The </font><font style="font-family:Interstate-Bold;font-size:10pt;">USAA </font><font style="font-family:Interstate-Bold;font-size:10pt;">Cornerstone Moderate</font><font style="font-family:Interstate-Bold;font-size:10pt;"> Fund</font><font style="font-family:Interstate-Bold;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">formerly </font><font style="font-family:Interstate-Light;font-size:10pt;">the </font><font style="font-family:Interstate-Light;font-size:10pt;">USAA Balanced Strategy </font><font style="font-family:Interstate-Light;font-size:10pt;">Fund)</font><font style="font-family:Interstate-Light;font-size:10pt;"> (the Fund)</font><font style="font-family:Interstate-Light;font-size:10pt;"> seek</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> high total return.</font></p> INVESTMENT OBJECTIVE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The </font><font style="font-family:Interstate-Bold;font-size:10pt;">USAA Cornerstone </font><font style="font-family:Interstate-Bold;font-size:10pt;">Moderate</font><font style="font-family:Interstate-Bold;font-size:10pt;">ly</font><font style="font-family:Interstate-Bold;font-size:10pt;"> Aggressive</font><font style="font-family:Interstate-Bold;font-size:10pt;"> Fund</font><font style="font-family:Interstate-Bold;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">formerly the USAA Cornerstone Strategy Fund) (</font><font style="font-family:Interstate-Light;font-size:10pt;">the Fund) </font><font style="font-family:Interstate-Light;font-size:10pt;">seeks capital appreciation with a secondary focus on current income</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> INVESTMENT OBJECTIVE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The </font><font style="font-family:Interstate-Bold;font-size:10pt;">USAA Cornerstone </font><font style="font-family:Interstate-Bold;font-size:10pt;">Aggressive</font><font style="font-family:Interstate-Bold;font-size:10pt;"> Fund</font><font style="font-family:Interstate-Bold;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">(the Fund) </font><font style="font-family:Interstate-Light;font-size:10pt;">seeks capital appreciation </font><font style="font-family:Interstate-Light;font-size:10pt;">over the long term</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font><font style="font-family:Interstate-Light;font-size:10pt;"> The Fund also considers the potential for current income</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> INVESTMENT OBJECTIVE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The </font><font style="font-family:Interstate-Bold;font-size:10pt;">USAA Cornerstone</font><font style="font-family:Interstate-Bold;font-size:10pt;"> Equity</font><font style="font-family:Interstate-Bold;font-size:10pt;"> Fund</font><font style="font-family:Interstate-Bold;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">(the Fund) </font><font style="font-family:Interstate-Light;font-size:10pt;">seeks capital appreciation </font><font style="font-family:Interstate-Light;font-size:10pt;">over the long term</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on expenses incurred during the Fund's most recently completed fiscal year.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on expenses incurred during the Fund's most recently completed fiscal year.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on expenses incurred during the Fund's most recently completed fiscal year.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on expenses incurred during the Fund's most recently completed fiscal year.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on expenses incurred during the Fund's most recently completed fiscal year.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on expenses incurred during the Fund's most recently completed fiscal year.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on expenses incurred during the Fund's most recently completed fiscal year.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on expenses incurred during the Fund's most recently completed fiscal year.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on expenses incurred during the Fund's most recently completed fiscal year.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on expenses incurred during the Fund's most recently completed fiscal year.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the </font><font style="font-family:Interstate-Light;font-size:10pt;">estimated </font><font style="font-family:Interstate-Light;font-size:10pt;">fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on </font><font style="font-family:Interstate-Light;font-size:10pt;">estimated </font><font style="font-family:Interstate-Light;font-size:10pt;">expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">for the current</font><font style="font-family:Interstate-Light;font-size:10pt;"> fiscal year</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the </font><font style="font-family:Interstate-Light;font-size:10pt;">estimated </font><font style="font-family:Interstate-Light;font-size:10pt;">fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on </font><font style="font-family:Interstate-Light;font-size:10pt;">estimated </font><font style="font-family:Interstate-Light;font-size:10pt;">expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">for the current</font><font style="font-family:Interstate-Light;font-size:10pt;"> fiscal year</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the </font><font style="font-family:Interstate-Light;font-size:10pt;">estimated </font><font style="font-family:Interstate-Light;font-size:10pt;">fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on </font><font style="font-family:Interstate-Light;font-size:10pt;">estimated </font><font style="font-family:Interstate-Light;font-size:10pt;">expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">for the current</font><font style="font-family:Interstate-Light;font-size:10pt;"> fiscal year</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> FEES AND EXPENSES <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The table</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">describe the </font><font style="font-family:Interstate-Light;font-size:10pt;">estimated </font><font style="font-family:Interstate-Light;font-size:10pt;">fees and expenses that </font><font style="font-family:Interstate-Light;font-size:10pt;">you may pay, directly and indirectly, to invest in the Fund. The annual fund operating expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">below </font><font style="font-family:Interstate-Light;font-size:10pt;">are based on </font><font style="font-family:Interstate-Light;font-size:10pt;">estimated </font><font style="font-family:Interstate-Light;font-size:10pt;">expenses </font><font style="font-family:Interstate-Light;font-size:10pt;">for the current</font><font style="font-family:Interstate-Light;font-size:10pt;"> fiscal year</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> 0.0054 0.00 0.0044 0.0098 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) 0.00 0.0008 0.0010 0.00 0.0025 0.0033 0.0080 0.0041 0.0115 -0.0025 0.0041 0.0090 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.00 0.00 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0013 0.00 0.0035 0.0048 Shareholder Fees &#160;(fees paid directly from your investment) 0.00 0.0097 0.0098 0.0098 0.00 0.00 0.0025 0.0061 0.0029 0.0093 0.0133 -0.0016 0.0006 0.0006 0.0006 0.0164 0.0133 0.0206 0.0164 0.0222 0.00 0.00 0.01 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0060 0.00 0.0014 0.0025 0.0099 Annual Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Shareholder Fees (fees paid directly from your investment) 0.00 0.0078 0.0077 0.00 0.0025 0.0052 0.0074 -0.0016 0.0130 0.0160 0.0130 0.0176 0.0100 0.00 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0076 0.0075 0.0075 0.00 0.00 0.0025 0.0041 0.0022 0.0055 -0.0010 0.0117 0.0097 0.0145 0.0117 0.0097 0.0155 0.0100 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.00 0.00 0.0078 0.0077 0.0076 0.00 0.00 0.0025 0.0043 0.0022 0.0075 0.0121 0.0176 -0.0021 0.0121 0.0100 0.0099 0.00 0.00 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0099 0.0155 0.00 0.00 0.00 0.0026 0.0058 0.0084 -0.0016 0.0068 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0050 0.00 0.0059 0.0002 0.0111 -0.0019 0.0092 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.00 0.0060 0.0006 -0.0038 0.0106 0.0078 0.00 0.0144 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.00 0.0079 0.00 0.0048 0.0004 0.0131 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.00 0.00 0.0075 0.00 0.0059 0.0004 0.0138 -0.0024 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0114 0.00 0.00 0.00 0.0026 0.0088 0.0114 -0.0016 0.0098 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Example Example Example <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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, (3) you redeem all of your shares at the end of the periods shown</font><font style="font-family:Interstate-Light;font-size:10pt;">, and (4) the expense </font><font style="font-family:Interstate-Light;font-size:10pt;">limitation arrangement for the Adviser Shares is not continued</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> Example <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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, (3) you redeem all of your shares at the end of the periods shown</font><font style="font-family:Interstate-Light;font-size:10pt;">, and (4) the expense </font><font style="font-family:Interstate-Light;font-size:10pt;">limitation arrangement for the Adviser Shares is not continued</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> Example <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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, (3) you redeem all of your shares at the end of the periods shown</font><font style="font-family:Interstate-Light;font-size:10pt;">, and (4) the expense </font><font style="font-family:Interstate-Light;font-size:10pt;">limitation arrangement for the Adviser Shares is not continued</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> Example <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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, (3) you redeem all of your shares at the end of the periods shown</font><font style="font-family:Interstate-Light;font-size:10pt;">, and (4) the expense </font><font style="font-family:Interstate-Light;font-size:10pt;">limitation arrangement for the Adviser Shares is not continued</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> Example <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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, (3) you redeem all of your shares at the end of the periods shown</font><font style="font-family:Interstate-Light;font-size:10pt;">, and (4) the expense </font><font style="font-family:Interstate-Light;font-size:10pt;">limitation arrangement for the Adviser Shares is not continued</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> Example Example Example <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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.</font></p> Example <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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, (3) you redeem all of your shares at the end of the periods show</font><font style="font-family:Interstate-Light;font-size:10pt;">n</font><font style="font-family:Interstate-Light;font-size:10pt;">, and (4) the expense reimbursement arrangement is not continued</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> Example <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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, (3) you redeem all of your shares at the end of the periods show</font><font style="font-family:Interstate-Light;font-size:10pt;">n</font><font style="font-family:Interstate-Light;font-size:10pt;">, and (4) the expense reimbursement arrangement is not continued</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> Example <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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, (3) you redeem all of your shares at the end of the periods show</font><font style="font-family:Interstate-Light;font-size:10pt;">n</font><font style="font-family:Interstate-Light;font-size:10pt;">, and (4) the expense reimbursement arrangement is not continued</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> Example <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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, (3) you redeem all of your shares at the end of the periods show</font><font style="font-family:Interstate-Light;font-size:10pt;">n</font><font style="font-family:Interstate-Light;font-size:10pt;">, and (4) the expense reimbursement arrangement is not continued</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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, (3) you redeem all of your shares at the end of the periods show</font><font style="font-family:Interstate-Light;font-size:10pt;">n</font><font style="font-family:Interstate-Light;font-size:10pt;">, and (4) the expense reimbursement arrangement is not continued</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">This example is intended to help you compare the cost of investing in this 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, </font><font style="font-family:Interstate-Light;font-size:10pt;">and </font><font style="font-family:Interstate-Light;font-size:10pt;">(3) you redeem all of your shares at the end of the periods show</font><font style="font-family:Interstate-Light;font-size:10pt;">n. </font></p> 42 132 230 518 117 365 633 1398 167 517 892 1944 135 421 729 1601 225 694 1190 2554 49 154 269 604 100 312 542 1201 101 315 547 1213 86 268 123 384 665 1466 101 315 547 1213 179 554 954 2073 119 372 644 1420 99 309 536 1190 158 490 845 1845 132 412 713 1568 179 554 954 2073 113 353 147 456 787 1724 133 415 718 1579 140 437 116 362 Portfolio Turnover <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">For the most recent fiscal year, the Fund's portfolio turnover rate was </font><font style="font-family:Interstate-Light;font-size:10pt;">77</font><font style="font-family:Interstate-Light;font-size:10pt;">%</font><font style="font-family:Interstate-Light;font-size:10pt;"> of the average value of its whole portfolio.</font></p> Portfolio Turnover <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">For the most recent fiscal year, the Fund's portfolio turnover rate was </font><font style="font-family:Interstate-Light;font-size:10pt;">119</font><font style="font-family:Interstate-Light;font-size:10pt;">%</font><font style="font-family:Interstate-Light;font-size:10pt;"> of the average value of its whole portfolio.</font></p> Portfolio Turnover <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">For the most recent fiscal year, the Fund's portfolio turnover rate was </font><font style="font-family:Interstate-Light;font-size:10pt;">8</font><font style="font-family:Interstate-Light;font-size:10pt;">%</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">of the average value of its whole portfolio.</font></p> Portfolio Turnover <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">For the most recent fiscal year, the Fund's portfolio turnover rate was </font><font style="font-family:Interstate-Light;font-size:10pt;">20</font><font style="font-family:Interstate-Light;font-size:10pt;">%</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">of the average value of its whole portfolio.</font></p> Portfolio Turnover <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">For the most recent fiscal year, the Fund's portfolio turnover rate was </font><font style="font-family:Interstate-Light;font-size:10pt;">72</font><font style="font-family:Interstate-Light;font-size:10pt;">%</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">of the average value of its whole portfolio.</font></p> Portfolio Turnover <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">For the most recent fiscal year, the Fund's portfolio turnover rate was </font><font style="font-family:Interstate-Light;font-size:10pt;">17</font><font style="font-family:Interstate-Light;font-size:10pt;">%</font><font style="font-family:Interstate-Light;font-size:10pt;"> of the average value of its whole portfolio.</font></p> Portfolio Turnover <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">For the most recent fiscal year, the Fund's portfolio turnover rate was </font><font style="font-family:Interstate-Light;font-size:10pt;">20</font><font style="font-family:Interstate-Light;font-size:10pt;">%</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">of the average value of its whole portfolio.</font></p> Portfolio Turnover <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">For the most recent fiscal year, the Fund's portfolio turnover rate was </font><font style="font-family:Interstate-Light;font-size:10pt;">12</font><font style="font-family:Interstate-Light;font-size:10pt;">%</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">of the average value of its whole portfolio.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">For the most recent fiscal year, the Fund's portfolio turnover rate was </font><font style="font-family:Interstate-Light;font-size:10pt;">125</font><font style="font-family:Interstate-Light;font-size:10pt;">%</font><font style="font-family:Interstate-Light;font-size:10pt;"> of the average value of its whole portfolio.</font></p> Portfolio Turnover Portfolio Turnover <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p> Portfolio Turnover <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p> Portfolio Turnover <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p> Portfolio Turnover <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund pays transaction costs, including commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes where </font><font style="font-family:Interstate-Light;font-size:10pt;">f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example,</font><font style="font-family:Interstate-Light;font-size:10pt;"> affect the Fund's performance.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund normally invest</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> at least</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">80% of its assets in U.S. government securities with maturities of 397days or less, which include U.S. Treasury bills, notes, and bonds; </font><font style="font-family:Interstate-Light;font-size:10pt;">r</font><font style="font-family:Interstate-Light;font-size:10pt;">epurchase</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">agreements collateralized by such obligations; and other obligations</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">of the U.S. Treasury. The 80% policy may be changed upon at least</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">60 days' </font><font style="font-family:Interstate-Light;font-size:10pt;">written </font><font style="font-family:Interstate-Light;font-size:10pt;">notice to shareholders.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:7.2pt; margin-bottom:7.2pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund's principal investment strategy is to invest its assets primarily in equity securities of both foreign (including emerging markets) and domestic issuers. The &#8220;equity securities&#8221; in which the Fund principally invests are common stocks, depositary receipts, preferred stocks, securities convertible into common stocks, and securities that carry the right to buy common stocks.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:7.2pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">While the Fund may invest in companies of any size, it generally focuses on companies with large market capitalizations. The Fund may invest</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">a relatively large percentage of its assets in securities of issuers in a single country, a small number of countries, or a particular geographic region. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their current</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">financial condition, and market, economic, political, and regulatory conditions.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">Factors considered may include analysis of an issuer's earnings, cash flows, competitive position, and management ability. Quantitative</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">models that systematically evaluate an issuer's valuation, price and</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">earnings momentum, earnings quality, and other factors also may be considered.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund normally invest</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> at least</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">80% of its assets in equity securities of domestic and foreign companies</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">principally engaged in the exploration, mining, or processing of</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">gold and other precious metals and minerals, such as platinum, silver,</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">and diamonds. This 80% policy may be changed upon at least 60 days'</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">written </font><font style="font-family:Interstate-Light;font-size:10pt;">notice to shareholders.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund normally invest</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> at least 80% of its assets in equity securities of foreign (including emerging markets) companies. The &#8220;equity securities&#8221; in which the Fund principally invests are common stocks, depositary receipts, preferred stocks, securities convertible into common stocks, and securities that carry the right to buy common stocks.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund </font><font style="font-family:Interstate-Light;font-size:10pt;">will normally</font><font style="font-family:Interstate-Light;font-size:10pt;"> invest </font><font style="font-family:Interstate-Light;font-size:10pt;">its assets in investments that are tied economically to a number of countries throughout the world</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font><font style="font-family:Interstate-Light;font-size:10pt;"> However, the Fund may invest a relatively large percentage of its assets in securities of issuers in a single country, a small number of countries, or a particular geographic region.</font><font style="font-family:Interstate-Light;font-size:10pt;"> The Fund may invest in companies of any size. Investments are selected primarily based on fundamental analysis of individual issuers and their potential in light of their current financial condition, and market, economic, political, and regulatory conditions. Factors considered may include analysis of an issuer's earnings, cash flows, competitive position, and management ability. Quantitative models that systematically evaluate an issuer's valuation, price and earnings momentum, earnings quality, and other factors also may be considered.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund normally invest</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> at least</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">80% of its assets in equity securities of emerging market companies.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">The &#8220;equity securities&#8221; in which the Fund principally invests are common</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">stocks, preferred stocks, securities convertible into common</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">stocks, and securities that carry the right to buy </font><font style="font-family:Interstate-Light;font-size:10pt;">c</font><font style="font-family:Interstate-Light;font-size:10pt;">ommon stocks.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">This 80% policy may be changed upon at least 60 days' </font><font style="font-family:Interstate-Light;font-size:10pt;">written </font><font style="font-family:Interstate-Light;font-size:10pt;">notice to</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">shareholders.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund normally invest</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> at least 80% of its assets in </font><font style="font-family:Interstate-Light;font-size:10pt;">government securities, including, but not limited to U.S. Treasury bills, notes, and bonds; Treasury Inflation Protected Securities (TIPS); Mortgage-Backed Securities (MBS) backed by </font><font style="font-family:Interstate-Light;font-size:10pt;">the Government National Mortgage Association (Ginnie Mae, also known as </font><font style="font-family:Interstate-Light;font-size:10pt;">GNMA</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;">, Fannie Mae, and Freddie Mac; U.S. government agency collateralized mortgage obligations; and securities issued by U.S. government agencies and instrumentalities, supported by the credit of the issuing agency, instrumentality or corporation (which are neither issued nor guaranteed by the U.S. Treasury), including but not limited to Fannie Mae, Freddie Mac, Federal Housing Administration, Department of Housing and Urban Development, Export-Import Bank, Farmer's Home Administration, General Services Administration, Maritime Administration, Small Business Administration, and repurchase agreements collateralized by such investments.</font><font style="font-family:Interstate-Light;font-size:10pt;"> This 80% policy may be changed upon at least 60 days' </font><font style="font-family:Interstate-Light;font-size:10pt;">written </font><font style="font-family:Interstate-Light;font-size:10pt;">notice to shareholders</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund invest</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;"> primarily in</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">U.S. and/or foreign (to include emerging markets) equity securities</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">and fixed-income securities through investments in shares of other</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">investment companies, including exchange-traded funds (ETFs) and</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">real estate securities, including real estate investment trusts (REITs).</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">Consistent with its investment strategy, the Fund may at times invest</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">directly in U.S. and/or foreign equity securities and fixed-income securities</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">as well as futures contracts and hedge funds.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Using preset target ranges, the Fund's strategy is to invest a majority</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">of its assets in tax-exempt bonds and money market instruments and</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">the remainder in blue chip stocks. The Fund is managed with the goal</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">of minimizing the impact of federal income taxes to shareholders.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund invests in a selection of USAA mutual funds (underlying USAA Funds) consisting of a target asset class allocation of approximately 20% equity securities and 80% fixed-income securities. This is often referred to as a fund-of-funds investment strategy. The actual asset class allocation can deviate from time to time from these targets as market conditions warrant. The Fund may invest in investment-grade and below-investment-grade securities</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund invests in equity securities, bonds, and money market instruments. The Fund will have a target asset class allocation of approximately </font><font style="font-family:Interstate-Light;font-size:10pt;">40% </font><font style="font-family:Interstate-Light;font-size:10pt;">equity securities and </font><font style="font-family:Interstate-Light;font-size:10pt;">60%</font><font style="font-family:Interstate-Light;font-size:10pt;font-weight:bold;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">fixed-income securities. The actual asset class allocation </font><font style="font-family:Interstate-Light;font-size:10pt;">can deviate from time to time </font><font style="font-family:Interstate-Light;font-size:10pt;">from these targets as market conditions warrant. The implementation of the asset allocation may involve the extensive use of equity and fixed-income exchange-traded funds (ETFs). The Fund may invest in investment-grade and below-investment-grade securities.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund also may use alternative investment strategies and other instruments from time to time in an attempt to reduce its volatility over time and to enhance the Fund's return and diversification.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund invests in</font><font style="font-family:Interstate-Light;font-size:10pt;"> equity securities</font><font style="font-family:Interstate-Light;font-size:10pt;">, bonds, money market instruments and other instruments. The Fund will have a</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">target asset class allocation of approximately </font><font style="font-family:Interstate-Light;font-size:10pt;">50% </font><font style="font-family:Interstate-Light;font-size:10pt;">equity securities and </font><font style="font-family:Interstate-Light;font-size:10pt;">50% </font><font style="font-family:Interstate-Light;font-size:10pt;">fixed-income securities. The actual asset class allocation </font><font style="font-family:Interstate-Light;font-size:10pt;">can deviate from</font><font style="font-family:Interstate-Light;font-size:10pt;"> time </font><font style="font-family:Interstate-Light;font-size:10pt;">to time </font><font style="font-family:Interstate-Light;font-size:10pt;">from these targets as market conditions warrant. The implementation of the asset allocation may involve the extensive use of equity and fixed-income</font><font style="font-family:Interstate-Light;font-size:10pt;"> exchange-traded funds</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">ETFs</font><font style="font-family:Interstate-Light;font-size:10pt;">). The Fund may invest in investment-grade and below-investment grade securities</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund also may use alternative investment strategies from time to time, in an attempt to reduce the Fund's volatility over time and enhance the Fund's return and diversification</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund invests in equity securities, bonds, money market instruments, and other instruments. The Fund will have a target asset class allocation of approximately </font><font style="font-family:Interstate-Light;font-size:10pt;">60% </font><font style="font-family:Interstate-Light;font-size:10pt;">equity securities and </font><font style="font-family:Interstate-Light;font-size:10pt;">40% </font><font style="font-family:Interstate-Light;font-size:10pt;">fixed-income securities. The actual asset class allocation </font><font style="font-family:Interstate-Light;font-size:10pt;">can deviate from time to time </font><font style="font-family:Interstate-Light;font-size:10pt;">from these targets as market conditions warrant. The implementation of the asset allocation may involve the extensive use of equity and fixed-income exchange-traded funds (ETFs). The Fund may invest in investment-grade and below-investment-grade securities</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund also may use alternative investment strategies and other instruments from time to time, in an attempt to reduce its volatility over time and to enhance the Fund's return and diversification</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:7.2pt; margin-bottom:10pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund invests in equity securities, bonds, and money market instruments. The Fund will have a target asset class allocation of approximately 8</font><font style="font-family:Interstate-Light;font-size:10pt;">0% </font><font style="font-family:Interstate-Light;font-size:10pt;">equity securities and </font><font style="font-family:Interstate-Light;font-size:10pt;">20% </font><font style="font-family:Interstate-Light;font-size:10pt;">fixed-income securities. The actual asset class allocation </font><font style="font-family:Interstate-Light;font-size:10pt;">can deviate from time to time </font><font style="font-family:Interstate-Light;font-size:10pt;">from these targets as market conditions warrant. The implementation of the asset allocation may involve the extensive use of equity and fixed-income exchange-traded funds (ETFs). The Fund may invest in investment-grade and below-investment-grade securities.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund also may use alternative investment strategies and other instruments from time to time, in an attempt to reduce its volatility over time and to enhance the Fund's return and diversification.</font></p> PRINCIPAL INVESTMENT STRATEGY <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund invests at least 80% of its assets in a selection of USAA mutual funds (underlying USAA Funds) consisting of a long-term target asset allocation in equity securities. This is often referred to as a fund-of-funds investment strategy. The target asset class allocation can deviate from time to time from these targets as market conditions warrant. This 80% policy may be changed upon at least 60 days' written notice to shareholders</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:7.2pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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. Although the Fund seeks to pr</font><font style="font-family:Interstate-Light;font-size:10pt;">eserve the value of your </font><font style="font-family:Interstate-Light;font-size:10pt;">i</font><font style="font-family:Interstate-Light;font-size:10pt;">nvest</font><font style="font-family:Interstate-Light;font-size:10pt;">ment at $1 per share, it is possible to lose money by investing in this Fund.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Any investment involves risk, and there is no assurance that the Fund's</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">objective will be achieved. The Fund is actively managed and the investment</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">techniques and risk analyses used by the Fund's manager may not</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">produce the desired results. As you consider an investment in the Fund,</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">you also should take into account your tolerance for the daily fluctuations</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">of the financial markets and whether you can afford to leave your</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">money in the investment for long periods of time to ride out down periods.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">As with other mutual funds, losing money is a risk of investing in</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">this Fund.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:7.2pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund also is subject to the possibility that the value of its investments</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">will fluctuate because of changes in interest rates or other market</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">factors. If interest rates increase, the yield of the Fund may increase,</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">which would likely increase its total return. If interest rates decrease, the</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">yield of the Fund may decrease, which may decrease its total </font><font style="font-family:Interstate-Light;font-size:10pt;">r</font><font style="font-family:Interstate-Light;font-size:10pt;">eturn.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:10pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Credit risk should be very low for the Fund because it invests primarily in securities that are considered to be of high quality. However, there is the possibility that a borrower cannot make timely </font><font style="font-family:Interstate-Light;font-size:10pt;">dividend, </font><font style="font-family:Interstate-Light;font-size:10pt;">interest</font><font style="font-family:Interstate-Light;font-size:10pt;">,</font><font style="font-family:Interstate-Light;font-size:10pt;"> and principal payments on its securities or that negative </font><font style="font-family:Interstate-Light;font-size:10pt;">market </font><font style="font-family:Interstate-Light;font-size:10pt;">perceptions of the issuer's ability to make such payments will cause the price of that security to decline.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> may not produce the desired results. As with other mutual funds, losing money is a risk of investing in this Fund.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may change the allocation of its portfolio holdings on a frequent basis, which may result in </font><font style="font-family:Interstate-Light;font-size:10pt;">a </font><font style="font-family:Interstate-Light;font-size:10pt;">high portfolio turnover. In purchasing and selling securities in order to reallocate the portfolio, the Fund will pay more in brokerage commissions than it would without a reallocation policy. The Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a reallocation policy.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Some of the securities in the Fund's portfolio may be subject to credit</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">risk, which is the possibility that </font><font style="font-family:Interstate-Light;font-size:10pt;">an issuer of a fixed-income instrument such as a bond will fail to make timely dividend, 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. </font><font style="font-family:Interstate-Light;font-size:10pt;"> The Fund accepts some</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">credit risk as a recognized means to enhance an investor's return.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">Many issuers of high-yield securities have characteristics (including,</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">but not limited to, high levels of debt, an untested business plan, significant</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">competitive and technological challenges, legal, and political</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">risks) which cast doubt on their ability to honor their financial obligations.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">They may be unable to pay dividends, interest when due, or</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">return all of the principal amount of their debt obligations at maturity.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">All securities varying from the highest quality to very speculative have</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">some degree of credit risk.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may invest in futures and options and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, or currency to which it relates; the risk that derivatives used for risk management may not have the intended effects and may result in losses or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's exposure to the market and magnify potential losses. There is no guarantee that derivatives activities will be employed or that they will work, and their use could reduce potential returns or even cause losses to the Fund.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Because this Fund invests in stocks and other assets whose value is</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">tied to stocks, it is subject to stock market risk, which is the possibility</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">that the value of the Fund's investments in stocks will decline regardless</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">of the success or failure of a company's operations. A company's</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">stock price in general may decline over short or even extended periods,</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">regardless of the success or failure of a company's </font><font style="font-family:Interstate-Light;font-size:10pt;">o</font><font style="font-family:Interstate-Light;font-size:10pt;">perations. In</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">addition, there is a possibility that the value of the Fund's investments</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">in foreign </font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">ecurities will decrease because of unique risks, such as</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">currency exchange rate fluctuations; foreign market illiquidity; emerging</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">market risk; increased price volatility; uncertain political conditions;</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">exchange control regulations; foreign ownership limits; different</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">accounting, reporting, and disclosure requirements; difficulties in</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">obtaining legal judgments; and foreign withholding taxes.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">ETFs, as investment companies, 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 would be borne by the Fund. As a result, an investment by the Fund in an ETF could cause the Fund's operating expenses to be higher and, in turn, performance to be lower than if it were to invest directly in the securities underlying the ETF. In addition, the Fund will be indirectly exposed to all of the risk of securities held by the ETFs.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">As a mutual fund that has the ability to invest in bonds, </font><font style="font-family:Interstate-Light;font-size:10pt;">there is </font><font style="font-family:Interstate-Light;font-size:10pt;">the risk that the market value of the bonds in the Fund's portfolio will fluctuate</font><font style="font-family:Interstate-Light;font-size:10pt;"> because of rising interest rates, adverse changes in supply and demand securities, or other market factors. Bond prices are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall and 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 </font><font style="font-family:Interstate-Light;font-size:10pt;">is </font><font style="font-family:Interstate-Light;font-size:10pt;">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</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund is nondiversified, which means that it may invest a greater percentage of its assets in a single issuer or a limited number of issuers. The securities of the Fund may be more sensitive to changes in the market value of a single issuer, a limited number of issuers, or large companies generally. Such a focused investment strategy may increase the volatility of the Fund's investment results than a diversified fund.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">There is a possibility that the Fund's investment in real estate investment</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">trusts will decrease because of a decline in real estate values.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">Investing in REITs may subject the Fund to many of the same risks</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">associated with the direct ownership of real estate. Additionally, REITs</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">are dependent upon the capabilities of the REIT manager(s), have limited</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">diversification, and could be significantly impacted by changes in</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">tax laws.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 investment for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in this Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund has a targeted risk tolerance and a corresponding asset allocation target; however, mere asset allocation and volatility are not the sole determination of risk. Your manager will tactically allocate away from the target allocation as market conditions and the perceived risks warrant. The Fund bears the risk that the manager's tactical allocation will not be successful.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The equity securities in the Fund's portfolio 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 the Fund invests in foreign securities, there is a risk that the value of those investments 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</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">As a mutual fund that has the ability to invest in bonds, </font><font style="font-family:Interstate-Light;font-size:10pt;">there is </font><font style="font-family:Interstate-Light;font-size:10pt;">the risk that the market value of the bonds in the Fund's portfolio will fluctuate</font><font style="font-family:Interstate-Light;font-size:10pt;"> because of changes in interest rates, changes in supply and demand for fixed-income securities, or other market factors. Bond prices are linked to the prevailing market interest rates. </font><font style="font-family:Interstate-Light;font-size:10pt;">In general, when interest rates rise, bond prices fall and 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.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Credit risk is the possibility that an issuer of a fixed-income security such as a bond cannot make timely dividend, 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 very speculative have some degree of credit risk. Fixed-income securities rated below investment-grade, also known as junk 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.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may invest in shares of ETFs, which generally are investment companies that hold a portfolio of common stocks or debt securities designed to track the price performance and yield of a particular securities market index (or sector of an index). ETFs, as investment companies, 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 would be indirectly borne by the Fund. As a result, an investment by the Fund in an ETF could cause the Fund's operating expenses to be higher and, in turn, performance to be lower than if it were to invest directly in the securities underlying the ETF. In addition, the Fund will be indirectly exposed to all of the risk of securities held by the ETFs</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may invest in futures and options and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, or currency to which it relates; the risk that derivatives used for risk management may not have the intended effects and may result in losses or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's exposure to the market and magnify potential losses. There is no guarantee that derivatives activities will be employed or that they will work, and their use could reduce potential returns or even cause losses to the Fund.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund could experience a loss in the options portion of the portfolio. When it sells index call options, the Fund receives cash but limits its opportunity to profit from an increase in the market value of its stock portfolio. When the Fund purchases index put options, it risks the loss of the cash paid for the options. At times, the Fund may not own put options, resulting in increased exposure to a market decline.</font></p><p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund is subject to the risk associated with securities or practices that multiply small price movements into large changes in value. The more the Fund invests in leveraged instruments or strategies that use leveraged instruments the more this leverage will magnify any losses on those investments.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Liquidity risk is the risk that </font><font style="font-family:Interstate-Light;font-size:10pt;">the</font><font style="font-family:Interstate-Light;font-size:10pt;"> Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">'s investment generally cannot expect to be sold</font><font style="font-family:Interstate-Light;font-size:10pt;"> or dispose of in the ordinary course of business </font><font style="font-family:Interstate-Light;font-size:10pt;">within seven days at approximately the value ascribed to such securities</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">There is a risk that the Fund's investment in real estate investment trusts will decrease because of a decline in real estate values. Investing in REITs may subject the Fund to many of the same risks associated with the direct ownership of real estate. Additionally, REITs are dependent upon the capabilities of the REIT manager(s), have limited diversification, and could be significantly impacted by changes in tax laws. </font><font style="font-family:Interstate-Light;font-size:10pt;">Because REITs are pooled investment vehicles that have expenses of their own, the Fund will indirectly bear its proportionate share of those expenses</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Precious metals and minerals companies could be affected by sharp price volatility caused by global economic, financial, and political factors</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may change the allocation of its portfolio holdings on a frequent basis, which may result in </font><font style="font-family:Interstate-Light;font-size:10pt;">a </font><font style="font-family:Interstate-Light;font-size:10pt;">high portfolio turnover. In purchasing and selling securities in order to reallocate the portfolio, the Fund will pay more in brokerage commissions than it would without a reallocation policy. The Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a reallocation policy.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 investment for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in this Fund</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund has a targeted risk tolerance and a corresponding asset allocation target; however, mere asset allocation and volatility are not the sole determination of risk. Your manager will tactically allocate away from the target allocation as market conditions and the perceived risks warrant. The Fund bears the risk that the manager's tactical allocation will not be successful.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The equity securities in the Fund's portfolio 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 the Fund invests in foreign securities, there is a risk that the value of those investments 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</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">As a mutual fund that has the ability to invest in bonds, </font><font style="font-family:Interstate-Light;font-size:10pt;">there is </font><font style="font-family:Interstate-Light;font-size:10pt;">the risk that the market value of the bonds in the Fund's portfolio will fluctuate</font><font style="font-family:Interstate-Light;font-size:10pt;"> because of changes in interest rates, changes in supply and demand for fixed-income securities, or other market factors. Bond prices are linked to the prevailing market interest rates. </font><font style="font-family:Interstate-Light;font-size:10pt;">In general, when interest rates rise, bond prices fall and 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.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Credit risk is the possibility that an issuer of a fixed-income security such as a bond cannot make timely dividend, 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 very speculative have some degree of credit risk. Fixed-income securities rated below investment-grade, also known as junk 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.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may invest in shares of ETFs, which generally are investment companies that hold a portfolio of common stocks or debt securities designed to track the price performance and yield of a particular securities market index (or sector of an index). ETFs, as investment companies, 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 would be indirectly borne by the Fund. As a result, an investment by the Fund in an ETF could cause the Fund's operating expenses to be higher and, in turn, performance to be lower than if it were to invest directly in the securities underlying the ETF. In addition, the Fund will be indirectly exposed to all of the risk of securities held by the ETFs</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may invest in futures and options and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, or currency to which it relates; the risk that derivatives used for risk management may not have the intended effects and may result in losses or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's exposure to the market and magnify potential losses. There is no guarantee that derivatives activities will be employed or that they will work, and their use could reduce potential returns or even cause losses to the Fund.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund could experience a loss in the options portion of the portfolio. When it sells index call options, the Fund receives cash but limits its opportunity to profit from an increase in the market value of its stock portfolio. When the Fund purchases index put options, it risks the loss of the cash paid for the options. At times, the Fund may not own put options, resulting in increased exposure to a market decline.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund is subject to the risk associated with securities or practices that multiply small price movements into large changes in value. The more the Fund invests in leveraged instruments or strategies that use leveraged instruments the more this leverage will magnify any losses on those investments.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Liquidity risk is the risk that a Fund may not be able to sell or dispose of securities in the within seven days or less in the ordinary course of business at approximately the value ascribed to such securities.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">There is a risk that the Fund's investment in real estate investment trusts will decrease because of a decline in real estate values. Investing in REITs may subject the Fund to many of the same risks associated with the direct ownership of real estate. Additionally, REITs are dependent upon the capabilities of the REIT manager(s), have limited diversification, and could be significantly impacted by changes in tax laws. </font><font style="font-family:Interstate-Light;font-size:10pt;">Because REITs are pooled investment vehicles that have expenses of their own, the Fund will indirectly bear its proportionate share of those expenses</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Precious metals and minerals companies could be affected by sharp price volatility caused by global economic, financial, and political factors</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may change the allocation of its portfolio holdings on a frequent basis, which may result in </font><font style="font-family:Interstate-Light;font-size:10pt;">a </font><font style="font-family:Interstate-Light;font-size:10pt;">high portfolio turnover. In purchasing and selling securities in order to reallocate the portfolio, the Fund will pay more in brokerage commissions than it would without a reallocation policy. The Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a reallocation policy.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 investment for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in this Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Credit risk is the possibility that a borrower cannot make timely dividend</font><font style="font-family:Interstate-Light;font-size:10pt;">,</font><font style="font-family:Interstate-Light;font-size:10pt;"> interest</font><font style="font-family:Interstate-Light;font-size:10pt;">,</font><font style="font-family:Interstate-Light;font-size:10pt;"> and principal payments on its securities or that negative </font><font style="font-family:Interstate-Light;font-size:10pt;">market </font><font style="font-family:Interstate-Light;font-size:10pt;">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 securities varying from the highest quality to very speculative have some degree of credit risk. </font><font style="font-family:Interstate-Light;font-size:10pt;">S</font><font style="font-family:Interstate-Light;font-size:10pt;">ecurities </font><font style="font-family:Interstate-Light;font-size:10pt;">rated below investment</font><font style="font-family:Interstate-Light;font-size:10pt;">-</font><font style="font-family:Interstate-Light;font-size:10pt;">grade, also known as junk 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</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">During a period of declining interest rates, many municipal bonds may be &#8220;called,&#8221; or redeemed, by the issuer before the stated maturity. An issuer might call, or refinance, a higher-yielding bond for the same reason that a homeowner would refinance a home mortgage. When bonds are called, the Fund is affected in several ways. Most likely, the Fund must reinvest the bond-call proceeds at lower interest rates. The Fund's income may drop as a result. The Fund also may realize a taxable capital gain.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">In purchasing and selling securities to rebalance its portfolio, the Fund will pay more in brokerage commissions than it would without a rebalancing policy. As a result of the need to rebalance, the Fund also has less flexibility in the timing of purchases and sales of securities than it would otherwise. While the Fund attempts to minimize any adverse impact to it or its shareholders, the Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a rebalancing policy.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The equity securities in the Fund's portfolio are</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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. </font><font style="font-family:Interstate-Light;font-size:10pt;">Equit</font><font style="font-family:Interstate-Light;font-size:10pt;">y securiti</font><font style="font-family:Interstate-Light;font-size:10pt;">es </font><font style="font-family:Interstate-Light;font-size:10pt;">tend to be more volatile than bonds.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The target ranges of securities categories and the techniques for minimizing the impact of taxes are all based on current federal tax law. Any future changes in those laws could result in significant changes in the Fund's investment strategies and techniques.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Some tax-exempt securities are subject to special risks due to their unique structure. For instance, Variable</font><font style="font-family:Interstate-Light;font-size:10pt;">-</font><font style="font-family:Interstate-Light;font-size:10pt;">Rate Demand Notes (VRDNs) generally are long-term municipal bonds combined with a demand feature, which represents the right to sell the instrument back to the remarketer or liquidity provider, usually a bank, for repurchase on short notice. Because the demand feature is dependent upon the bank, the Fund will only purchase VRDNs of this type where it believes that the banks would be able to honor the</font><font style="font-family:Interstate-Light;font-size:10pt;">ir guarantees on the demand fea</font><font style="font-family:Interstate-Light;font-size:10pt;">ture. Some VRDNs, sometimes referred to as &#8220;structured instruments&#8221; or &#8220;synthetic instruments,&#8221; are created by combining an intermediate- or long-term municipal bond with a right to sell the instrument back to the remarketer or liquidity provider for repurchase on short notice, referred to as a &#8220;tender option.&#8221; However, the tender option usually is subject to a conditional guarantee. Because there is the risk that the Fund will not be able to exercise the demand feature at all times, the Fund will not purchase synthetic instruments of this type unless the Fund believes there is only minimal risk that the Fund will not be able to exercise the tender option at all times.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 investment for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in this Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:10pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Credit risk should be very low for the Fund because it invests primarily in securities that are considered to be of high quality. However, there is the possibility that a borrower cannot make timely </font><font style="font-family:Interstate-Light;font-size:10pt;">dividend, </font><font style="font-family:Interstate-Light;font-size:10pt;">interest</font><font style="font-family:Interstate-Light;font-size:10pt;">,</font><font style="font-family:Interstate-Light;font-size:10pt;"> and principal payments on its securities or that negative </font><font style="font-family:Interstate-Light;font-size:10pt;">market </font><font style="font-family:Interstate-Light;font-size:10pt;">perceptions of the issuer's ability to make such payments will cause the price of that security to decline.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund is subject to the </font><font style="font-family:Interstate-Light;font-size:10pt;">risk </font><font style="font-family:Interstate-Light;font-size:10pt;">that the value of its investments will fluctuate because of changes in interest rates, adverse changes in supply and demand for fixed-income securities, or other market factors. If interest rates increase, the yield of the Fund may increase and the market value of the Fund's securities will likely decline, adversely affecting the Fund's NAV and total return. If interest rates decrease, the yield of the Fund may decrease. In addition, the market value of the Fund's securities may increase, which would likely increase the Fund's NAV and total return.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund is subject to legislative risk, which is the risk that new government policies may affect </font><font style="font-family:Interstate-Light;font-size:10pt;">the value of the investments held by the Fund </font><font style="font-family:Interstate-Light;font-size:10pt;">in ways we cannot anticipate and that such policies will have an adverse impact on the value of </font><font style="font-family:Interstate-Light;font-size:10pt;">the Fund's investments</font><font style="font-family:Interstate-Light;font-size:10pt;"> and the Fund's </font><font style="font-family:Interstate-Light;font-size:10pt;">NAV</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Mortgage-backed securities pay regularly scheduled payments of principal along with interest payments. In addition, mortgagors have the option of paying off their mortgages without penalty at any time. For example, when a mortgaged property is sold, the old mortgage is usually prepaid. Also, when mortgage interest rates fall, the mortgagor may refinance the mortgage and prepay the old mortgage. A home owner's default on the mortgage </font><font style="font-family:Interstate-Light;font-size:10pt;">also </font><font style="font-family:Interstate-Light;font-size:10pt;">may cause a prepayment of the mortgage. This unpredictability of the mortgage's cash flow is called prepayment risk. For the investor, prepayment risk usually means that principal is received at the least opportune time. For example, when interest rates fall, home owners will find it advantageous to refinance their mortgages and prepay principal. In this case, the investor is forced to reinvest the principal at the current, lower rates. On the other hand, when interest rates rise, home owners will generally not refinance their mortgages and prepayments will fall. This causes the average life of the mortgage to extend and be more sensitive to interest rates. In addition, the amount of principal the investor has to invest in these higher interest rates is reduced.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 investment for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in this Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The equity securities in the Fund's portfolio 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 the 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</font><font style="font-family:Interstate-Light;font-size:10pt;">-</font><font style="font-family:Interstate-Light;font-size:10pt;">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.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">These risks are particularly heightened in this Fund due to the fact that within the universe of foreign investing, investments in emerging market countries are most volatile. Emerging market countries are less diverse and mature than other countries and tend to be politically less stable.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund's performance could be closely tied to the market, currency, economic, political, regulatory, geopolitical, or other conditions in the countries or regions in which the Fund invests and could be more volatile than the performance of more geographically-diversified funds.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund also is subject to over-the counter (OTC) risk, OTC transactions</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">involve risk in addition to those incurred by transactions in securities</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">traded on exchanges. OTC-listed companies may have limited</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">product lines, markets, or financial resources. Many OTC stocks trade</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">less frequently and in smaller volume than exchange-listed stocks.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 investment for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in this Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The equity securities in the Fund's portfolio 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 the 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</font><font style="font-family:Interstate-Light;font-size:10pt;">-</font><font style="font-family:Interstate-Light;font-size:10pt;">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.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">These risks are particularly heightened in this Fund due to the fact that within the universe of foreign investing, investments in emerging market countries are most volatile. Emerging market countries are less diverse and mature than other countries and tend to be politically less stable.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund's performance could be closely tied to the market, currency, economic, political, regulatory, geopolitical, or other conditions </font><font style="font-family:Interstate-Light;font-size:10pt;">and developments </font><font style="font-family:Interstate-Light;font-size:10pt;">in the countries or regions in which the Fund invests and could be more volatile than the performance of more geographically-diversified funds.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 investment for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in this Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Because of commodity price volatility and the increased impact such</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">volatility has on the profitability of precious metals and minerals companies,</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">there are additional risks involved in investing in precious metals</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">and minerals securities. In addition, because the Fund focuses on</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">investments in securities of precious metals and minerals companies,</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">the Fund's performance largely depends on the overall condition of</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">these companies, and the Fund could be subject to greater risks and</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">greater market fluctuations than other funds with a portfolio of securities</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">representing a broader range of investment objectives. Precious</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">metals and minerals companies could be affected by sharp price</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">volatility caused by global economic, financial, and political factors.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">Resource availability, government regulation, and economic cycles</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">could also adversely affect these companies. However, since the market</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">action of such securities has tended to move independently of the</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">broader financial markets, the addition of precious metals and minerals</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">securities to your portfolio may reduce overall fluctuations in portfolio</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">value.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The equity securities in the Fund's portfolio 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 the 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</font><font style="font-family:Interstate-Light;font-size:10pt;">-</font><font style="font-family:Interstate-Light;font-size:10pt;">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.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">These risks are particularly heightened in this Fund due to the fact that within the universe of foreign investing, investments in emerging market countries are most volatile. Emerging market countries are less diverse and mature than other countries and tend to be politically less stable.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund is nondiversified, which means that it may invest a greater percentage of its assets in a single issuer or a limited number of issuers. The securities of the Fund may be more sensitive to changes in the market value of a single issuer, a limited number of issuers, or large companies generally. Such a focused investment strategy may increase the volatility of the Fund's investment results than a diversified fund.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 investment for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in this Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The equity securities in the Fund's portfolio 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 the 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</font><font style="font-family:Interstate-Light;font-size:10pt;">-</font><font style="font-family:Interstate-Light;font-size:10pt;">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.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">These risks are particularly heightened in this Fund due to the fact that within the universe of foreign investing, investments in emerging market countries are most volatile. Emerging market countries are less diverse and mature than other countries and tend to be politically less stable.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund's performance could be closely tied to the market, currency, economic, political, regulatory, geopolitical, or other conditions </font><font style="font-family:Interstate-Light;font-size:10pt;">and developments </font><font style="font-family:Interstate-Light;font-size:10pt;">in the countries or regions in which the Fund invests and could be more volatile than the performance of more geographically-diversified funds.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 investment for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in this Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund has a targeted risk tolerance and a corresponding asset allocation target; however, mere asset allocation and volatility are not the sole determination of risk. Your manager will tactically allocate away from the target allocation as market conditions and the perceived risks warrant. The Fund bears the risk that the manager's tactical allocation will not be successful.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The risks of the Fund are the same risks applicable to the underlying USAA Funds in which the Fund invests. The risks will apply proportionally according to the allocation to each applicable underlying USAA Fund. 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 expected risk associated with equity securities. The Fund also is subject to asset allocation risk (</font><font style="font-family:Interstate-Light;font-size:10pt;font-style:italic;">i.e</font><font style="font-family:Interstate-Light;font-size:10pt;">., the risk that target allocations will not produce intended results) and to management risk (</font><font style="font-family:Interstate-Light;font-size:10pt;font-style:italic;">i.e.,</font><font style="font-family:Interstate-Light;font-size:10pt;"> the risk that the selection of underlying USAA Funds will not produce intended results) as well as tactical allocation risk</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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 because the fees payable to it 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</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">T</font><font style="font-family:Interstate-Light;font-size:10pt;">he Fund may invest in underlying </font><font style="font-family:Interstate-Light;font-size:10pt;">USAA F</font><font style="font-family:Interstate-Light;font-size:10pt;">unds that invest in equity securities, which are </font><font style="font-family:Interstate-Light;font-size:10pt;">subject to stock market risk. Stock prices in general may decline over short or even extended periods, regardless <br/>of the success or failure of a company's operations. Equity securities tend to be more volatile than bonds. In addition, to the degree the Fund invests in foreign securities, there is a risk that the value of those investments 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.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">T</font><font style="font-family:Interstate-Light;font-size:10pt;">he Fund may invest in underlying </font><font style="font-family:Interstate-Light;font-size:10pt;">USAA F</font><font style="font-family:Interstate-Light;font-size:10pt;">unds that invest in bonds. There is the 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, or other market factors. Bond prices are linked to the prevailing market interest rates. </font><font style="font-family:Interstate-Light;font-size:10pt;">In general, when interest rates rise, bond prices fall and 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.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Credit risk is the possibility that an issuer of a fixed-income security such as a bond cannot make timely dividend, 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 very speculative have some degree of credit risk. Fixed-income securities rated below investment-grade, also known as junk 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.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may change the allocation of its portfolio holdings on a frequent basis, which may result in </font><font style="font-family:Interstate-Light;font-size:10pt;">a </font><font style="font-family:Interstate-Light;font-size:10pt;">high portfolio turnover. In purchasing and selling securities in order to reallocate the portfolio, the Fund will pay more in brokerage commissions than it would without a reallocation policy. The Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a reallocation policy.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 investment for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in this Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund has a targeted risk tolerance and a corresponding asset allocation target; however, mere asset allocation and volatility are not the sole determination of risk. Your manager will tactically allocate away from the target allocation as market conditions and the perceived risks warrant. The Fund bears the risk that the manager's tactical allocation will not be successful.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The equity securities in the Fund's portfolio 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 the Fund invests in foreign securities, there is a risk that the value of those investments 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</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">As a mutual fund that has the ability to invest in bonds, </font><font style="font-family:Interstate-Light;font-size:10pt;">there is </font><font style="font-family:Interstate-Light;font-size:10pt;">the risk that the market value of the bonds in the Fund's portfolio will fluctuate</font><font style="font-family:Interstate-Light;font-size:10pt;"> because of changes in interest rates, changes in supply and demand for fixed-income securities, or other market factors. Bond prices are linked to the prevailing market interest rates. </font><font style="font-family:Interstate-Light;font-size:10pt;">In general, when interest rates rise, bond prices fall and 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.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Credit risk is the possibility that an issuer of a fixed-income security such as a bond cannot make timely dividend, 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 very speculative have some degree of credit risk. Fixed-income securities rated below investment-grade, also known as junk 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.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may invest in shares of ETFs, which generally are investment companies that hold a portfolio of common stocks or debt securities designed to track the price performance and yield of a particular securities market index (or sector of an index). ETFs, as investment companies, 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 would be indirectly borne by the Fund. As a result, an investment by the Fund in an ETF could cause the Fund's operating expenses to be higher and, in turn, performance to be lower than if it were to invest directly in the securities underlying the ETF. In addition, the Fund will be indirectly exposed to all of the risk of securities held by the ETFs</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may invest in futures and options and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, or currency to which it relates; the risk that derivatives used for risk management may not have the intended effects and may result in losses or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's exposure to the market and magnify potential losses. There is no guarantee that derivatives activities will be employed or that they will work, and their use could reduce potential returns or even cause losses to the Fund.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund could experience a loss in the options portion of the portfolio. When it sells index call options, the Fund receives cash but limits its opportunity to profit from an increase in the market value of its stock portfolio. When the Fund purchases index put options, it risks the loss of the cash paid for the options. At times, the Fund may not own put options, resulting in increased exposure to a market decline.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund is subject to the risk associated with securities or practices that multiply small price movements into large changes in value. The more the Fund invests in leveraged instruments or strategies that use leveraged instruments, the more this leverage will magnify any losses on those investments.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Liquidity risk is the risk that the Fund's investment generally cannot expect to be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to such securities</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">There is a risk that the Fund's investment in real estate investment trusts will decrease because of a decline in real estate values. Investing in REITs may subject the Fund to many of the same risks associated with the direct ownership of real estate. Additionally, REITs are dependent upon the capabilities of the REIT manager(s), have limited diversification, and could be significantly impacted by changes in tax laws. </font><font style="font-family:Interstate-Light;font-size:10pt;">Because REITs are pooled investment vehicles that have expenses of their own, the Fund will indirectly bear its proportionate share of those expenses</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Precious metals and minerals companies could be affected by sharp price volatility caused by global economic, financial, and political factors</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may change the allocation of its portfolio holdings on a frequent basis, which may result in </font><font style="font-family:Interstate-Light;font-size:10pt;">a </font><font style="font-family:Interstate-Light;font-size:10pt;">high portfolio turnover. In purchasing and selling securities in order to reallocate the portfolio, the Fund will pay more in brokerage commissions than it would without a reallocation policy. The Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a reallocation policy.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 investment for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in this Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund has a targeted risk tolerance and a corresponding asset allocation target; however, mere asset allocation and volatility are not the sole determination of risk. Your manager will tactically allocate away from the target allocation as market conditions and the perceived risks warrant. The Fund bears the risk that the manager's tactical allocation will not be successful.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The equity securities in the Fund's portfolio 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 the Fund invests in foreign securities, there is a risk that the value of those investments 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</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">As a mutual fund that has the ability to invest in bonds, </font><font style="font-family:Interstate-Light;font-size:10pt;">there is </font><font style="font-family:Interstate-Light;font-size:10pt;">the risk that the market value of the bonds in the Fund's portfolio will fluctuate</font><font style="font-family:Interstate-Light;font-size:10pt;"> because of changes in interest rates, changes in supply and demand for fixed-income securities, or other market factors. Bond prices are linked to the prevailing market interest rates. </font><font style="font-family:Interstate-Light;font-size:10pt;">In general, when interest rates rise, bond prices fall and 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.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Credit risk is the possibility that an issuer of a fixed-income security such as a bond cannot make timely dividend, 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 very speculative have some degree of credit risk. Fixed-income securities rated below investment-grade, also known as junk 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.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may invest in shares of ETFs, which generally are investment companies that hold a portfolio of common stocks or debt securities designed to track the price performance and yield of a particular securities market index (or sector of an index). ETFs, as investment companies, 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 would be indirectly borne by the Fund. As a result, an investment by the Fund in an ETF could cause the Fund's operating expenses to be higher and, in turn, performance to be lower than if it were to invest directly in the securities underlying the ETF. In addition, the Fund will be indirectly exposed to all of the risk of securities held by the ETFs</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may invest in futures and options and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, or currency to which it relates; the risk that derivatives used for risk management may not have the intended effects and may result in losses or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's exposure to the market and magnify potential losses. There is no guarantee that derivatives activities will be employed or that they will work, and their use could reduce potential returns or even cause losses to the Fund.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund could experience a loss in the options portion of the portfolio. When it sells index call options, the Fund receives cash but limits its opportunity to profit from an increase in the market value of its stock portfolio. When the Fund purchases index put options, it risks the loss of the cash paid for the options. At times, the Fund may not own put options, resulting in increased exposure to a market decline.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund is subject to the risk associated with securities or practices that multiply small price movements into large changes in value. The more the Fund invests in leveraged instruments or strategies that use leveraged instruments, the more this leverage will magnify any losses on those investments.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Liquidity risk is the risk that the Fund's investment generally cannot expect to be sold or disposed of in the ordinary course of business within seven days at approximately the value ascribed to such securities</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">There is a risk that the Fund's investment in real estate investment trusts will decrease because of a decline in real estate values. Investing in REITs may subject the Fund to many of the same risks associated with the direct ownership of real estate. Additionally, REITs are dependent upon the capabilities of the REIT manager(s), have limited diversification, and could be significantly impacted by changes in tax laws. </font><font style="font-family:Interstate-Light;font-size:10pt;">Because REITs are pooled investment vehicles that have expenses of their own, the Fund will indirectly bear its proportionate share of those expenses</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Precious metals and minerals companies could be affected by sharp price volatility caused by global economic, financial, and political factors</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may change the allocation of its portfolio holdings on a frequent basis, which may result in </font><font style="font-family:Interstate-Light;font-size:10pt;">a </font><font style="font-family:Interstate-Light;font-size:10pt;">high portfolio turnover. In purchasing and selling securities in order to reallocate the portfolio, the Fund will pay more in brokerage commissions than it would without a reallocation policy. The Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a reallocation policy.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PRINCIPAL RISKS <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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</font><font style="font-family:Interstate-Light;font-size:10pt;">(</font><font style="font-family:Interstate-Light;font-size:10pt;">s</font><font style="font-family:Interstate-Light;font-size:10pt;">)</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 investment for long periods of time to ride out down periods. As with other mutual funds, losing money is a risk of investing in this Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund has a targeted risk tolerance and a corresponding asset allocation target; however, mere asset allocation and volatility are not the sole determination of risk. Your manager will tactically allocate away from the target allocation as market conditions and the perceived risks warrant. The Fund bears the risk that the manager's tactical allocation will not be successful.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The risks of the Fund are the same risks applicable to the underlying USAA Funds in which the Fund invests. The risks will apply proportionally according to the allocation to each applicable underlying USAA Fund. 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 expected risk associated with equity securities. The Fund also is subject to asset allocation risk (</font><font style="font-family:Interstate-Light;font-size:10pt;font-style:italic;">i.e</font><font style="font-family:Interstate-Light;font-size:10pt;">., the risk that target allocations will not produce intended results) and to management risk (</font><font style="font-family:Interstate-Light;font-size:10pt;font-style:italic;">i.e.,</font><font style="font-family:Interstate-Light;font-size:10pt;"> the risk that the selection of underlying USAA Funds will not produce intended results) as well as tactical allocation risk</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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 because the fees payable to it 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</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">T</font><font style="font-family:Interstate-Light;font-size:10pt;">he Fund may invest in underlying </font><font style="font-family:Interstate-Light;font-size:10pt;">USAA F</font><font style="font-family:Interstate-Light;font-size:10pt;">unds that invest in equity securities, which are </font><font style="font-family:Interstate-Light;font-size:10pt;">subject to stock market risk. Stock prices in general may decline over short or even extended periods, regardless <br/>of the success or failure of a company's operations. Equity securities tend to be more volatile than bonds. In addition, to the degree the Fund invests in foreign securities, there is a risk that the value of those investments 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.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The Fund may change the allocation of its portfolio holdings on a frequent basis, which may result in </font><font style="font-family:Interstate-Light;font-size:10pt;">a </font><font style="font-family:Interstate-Light;font-size:10pt;">high portfolio turnover. In purchasing and selling securities in order to reallocate the portfolio, the Fund will pay more in brokerage commissions than it would without a reallocation policy. The Fund may have a higher proportion of capital gains and a lower return than a fund that does not have a reallocation policy.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">An investment in this Fund is not a deposit of 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.</font></p> PERFORMANCE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The following bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">and table are intended to help you understand the risks of investing in the Fund. </font><font style="font-family:Interstate-Light;font-size:10pt;">The Fund has two classes of shares, Fund Shares and Adviser Shares. </font><font style="font-family:Interstate-Light;font-size:10pt;">The bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">provides some indication of the risks of investing in the Fund and </font><font style="font-family:Interstate-Light;font-size:10pt;">illustrates</font><font style="font-family:Interstate-Light;font-size:10pt;"> the Fund Shares' </font><font style="font-family:Interstate-Light;font-size:10pt;">volatility and performance from year to year for each full calendar year over the past 10 years.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">The table shows how the average annual total returns of the share classes for the periods indicated compared to those of </font><font style="font-family:Interstate-Light;font-size:10pt;">the Fund's benchmark index and an index of funds with similar investment objectives</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722).</font></p> RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31 PERFORMANCE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The following bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">and table are intended to help you understand the risks of investing in the Fund. </font><font style="font-family:Interstate-Light;font-size:10pt;">The Fund has two classes of shares, Fund Shares and Adviser Shares. </font><font style="font-family:Interstate-Light;font-size:10pt;">The bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">provides some indication of the risks of investing in the Fund and </font><font style="font-family:Interstate-Light;font-size:10pt;">illustrates</font><font style="font-family:Interstate-Light;font-size:10pt;"> the Fund Shares' </font><font style="font-family:Interstate-Light;font-size:10pt;">volatility and performance from year to year for each full calendar year over the past 10 years.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">The table shows how the average annual total returns of the share classes for the periods indicated compared to those of </font><font style="font-family:Interstate-Light;font-size:10pt;">the Fund's benchmark index and an index of funds with similar investment objectives</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722).</font></p> RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31 PERFORMANCE PERFORMANCE PERFORMANCE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The following bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">and table are intended to help you understand the risks of investing in the Fund. </font><font style="font-family:Interstate-Light;font-size:10pt;">The Fund has t</font><font style="font-family:Interstate-Light;font-size:10pt;">hree</font><font style="font-family:Interstate-Light;font-size:10pt;"> classes of shares, Fund Shares</font><font style="font-family:Interstate-Light;font-size:10pt;">, Institutional Shares,</font><font style="font-family:Interstate-Light;font-size:10pt;"> and Adviser Shares. </font><font style="font-family:Interstate-Light;font-size:10pt;">The bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">provides some indication of the risks of investing in the Fund and </font><font style="font-family:Interstate-Light;font-size:10pt;">illustrates</font><font style="font-family:Interstate-Light;font-size:10pt;"> the Fund Shares' </font><font style="font-family:Interstate-Light;font-size:10pt;">volatility and performance from year to year for each full calendar year over the past 10 years.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">The table shows how the average annual total returns for the periods indicated compared to those of</font><font style="font-family:Interstate-Light;font-size:10pt;"> the Fund's benchmark index and an index of funds with similar investment objectives.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722).</font></p> RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31 PERFORMANCE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The following bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">and table are intended to help you understand the risks of investing in the Fund. The bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">provides some indication of the risks of investing in the Fund and </font><font style="font-family:Interstate-Light;font-size:10pt;">illustrates</font><font style="font-family:Interstate-Light;font-size:10pt;"> the Fund</font><font style="font-family:Interstate-Light;font-size:10pt;">'s </font><font style="font-family:Interstate-Light;font-size:10pt;">volatility and performance from year to year for each full calendar year over the past 10 years.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">The table shows the </font><font style="font-family:Interstate-Light;font-size:10pt;">Fund's </font><font style="font-family:Interstate-Light;font-size:10pt;">average annual total returns for the periods indicated.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722).</font></p> RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31 PERFORMANCE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart illustrates the Fund's performance for one full calendar year since the Fund's inception. </font><font style="font-family:Interstate-Light;font-size:10pt;">The table shows how the Fund's average annual total returns for the periods indicated compared to those of </font><font style="font-family:Interstate-Light;font-size:10pt;">the Fund's benchmark index and index of funds with similar investment objectives</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722).</font></p> RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31*Fund began operations on February 1, 2010. PERFORMANCE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The following bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">and table are intended to help you understand the risks of investing in the Fund. The bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">provides some indication of the risks of investing in the Fund and </font><font style="font-family:Interstate-Light;font-size:10pt;">illustrates</font><font style="font-family:Interstate-Light;font-size:10pt;"> the Fund'</font><font style="font-family:Interstate-Light;font-size:10pt;">s </font><font style="font-family:Interstate-Light;font-size:10pt;">volatility and performance from year to year for each full calendar year over the past 10 years.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">The table shows how the </font><font style="font-family:Interstate-Light;font-size:10pt;">Fund's </font><font style="font-family:Interstate-Light;font-size:10pt;">average annual total returns for the periods indicated compared to those of </font><font style="font-family:Interstate-Light;font-size:10pt;">the Fund's benchmark index and an index of funds with similar investment objectives</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722).</font></p> RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31 PERFORMANCE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The following bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">and table are intended to help you understand the risks of investing in the Fund. The bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">provides some indication of the risks of investing in the Fund and </font><font style="font-family:Interstate-Light;font-size:10pt;">illustrates</font><font style="font-family:Interstate-Light;font-size:10pt;"> the Fund'</font><font style="font-family:Interstate-Light;font-size:10pt;">s </font><font style="font-family:Interstate-Light;font-size:10pt;">volatility and performance from year to year for each full calendar year over the past 10 years.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">The table shows how the </font><font style="font-family:Interstate-Light;font-size:10pt;">Fund's </font><font style="font-family:Interstate-Light;font-size:10pt;">average annual total returns for the periods indicated compared to those of </font><font style="font-family:Interstate-Light;font-size:10pt;">the Fund's benchmark index and an index of funds with similar investment objectives</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722).</font></p> RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31 PERFORMANCE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The following bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">and table are intended to help you understand the risks of investing in the Fund. The bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">provides some indication of the risks of investing in the Fund and </font><font style="font-family:Interstate-Light;font-size:10pt;">illustrates</font><font style="font-family:Interstate-Light;font-size:10pt;"> the Fund'</font><font style="font-family:Interstate-Light;font-size:10pt;">s </font><font style="font-family:Interstate-Light;font-size:10pt;">volatility and performance from year to year for each full calendar year over the past 10 years.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">The table shows how the </font><font style="font-family:Interstate-Light;font-size:10pt;">Fund's </font><font style="font-family:Interstate-Light;font-size:10pt;">average annual total returns for the periods indicated compared to those of </font><font style="font-family:Interstate-Light;font-size:10pt;">the Fund's benchmark index and an index of funds with similar investment objectives</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722).</font></p> RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31 PERFORMANCE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Performance history for the Fund will be available in the prospectus after the Fund has been in operation for one full calendar year. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722)</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> PERFORMANCE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Performance history for the Fund will be available in the prospectus after the Fund has been in operation for one full calendar year. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722)</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> PERFORMANCE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Performance history for the Fund will be available in the prospectus after the Fund has been in operation for one full calendar year. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722)</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> PERFORMANCE <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Performance history for the Fund will be available in the prospectus after the Fund has been in operation for one full calendar year. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722)</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The following bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">and table are intended to help you understand the risks of investing in the Fund. </font><font style="font-family:Interstate-Light;font-size:10pt;">The Fund has t</font><font style="font-family:Interstate-Light;font-size:10pt;">hree</font><font style="font-family:Interstate-Light;font-size:10pt;"> classes of shares, Fund Shares</font><font style="font-family:Interstate-Light;font-size:10pt;">, Institutional Shares,</font><font style="font-family:Interstate-Light;font-size:10pt;"> and Adviser Shares. </font><font style="font-family:Interstate-Light;font-size:10pt;">The bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">provides some indication of the risks of investing in the Fund and </font><font style="font-family:Interstate-Light;font-size:10pt;">illustrates</font><font style="font-family:Interstate-Light;font-size:10pt;"> the Fund Shares' </font><font style="font-family:Interstate-Light;font-size:10pt;">volatility and performance from year to year for each full calendar year over the past 10 years.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">The table shows how the average annual total returns </font><font style="font-family:Interstate-Light;font-size:10pt;">of the shares classes </font><font style="font-family:Interstate-Light;font-size:10pt;">for the periods indicated compared to those of</font><font style="font-family:Interstate-Light;font-size:10pt;"> the Fund's benchmark index and an index of funds with similar investment objectives.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722).</font></p> RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31 <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">The following bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">and table are intended to help you understand the risks of investing in the Fund. </font><font style="font-family:Interstate-Light;font-size:10pt;">The Fund has t</font><font style="font-family:Interstate-Light;font-size:10pt;">hree</font><font style="font-family:Interstate-Light;font-size:10pt;"> classes of shares, Fund Shares</font><font style="font-family:Interstate-Light;font-size:10pt;">, Institutional Shares,</font><font style="font-family:Interstate-Light;font-size:10pt;"> and Adviser Shares. </font><font style="font-family:Interstate-Light;font-size:10pt;">The bar chart </font><font style="font-family:Interstate-Light;font-size:10pt;">provides some indication of the risks of investing in the Fund and </font><font style="font-family:Interstate-Light;font-size:10pt;">illustrates</font><font style="font-family:Interstate-Light;font-size:10pt;"> the Fund Shares' </font><font style="font-family:Interstate-Light;font-size:10pt;">volatility and performance from year to year for each full calendar year over the past 10 years.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">The table shows how the average annual total returns </font><font style="font-family:Interstate-Light;font-size:10pt;">of the shares classes </font><font style="font-family:Interstate-Light;font-size:10pt;">for the periods indicated compared to those of</font><font style="font-family:Interstate-Light;font-size:10pt;"> the Fund's benchmark index and an index of funds with similar investment objectives.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">Remember, historical performance (before and after taxes) does not necessarily indicate what will happen in the future. For the most current price, total return, and yield information for this Fund, log on to </font><font style="font-family:Interstate-Bold;font-size:10pt;">usaa.com</font><font style="font-family:Interstate-Light;font-size:10pt;"> or call (800) 531-USAA (8722).</font></p> RISK/RETURN BAR CHART Annual Returns for Periods Ended December 31 -0.1011 0.1939 0.0806 0.0435 0.0737 0.0370 -0.3246 0.3603 0.1351 -0.0472 -0.0826 0.2371 0.1151 0.0553 0.1381 0.0603 -0.3447 0.3466 0.1364 0.3097 0.6761 0.7143 -0.1075 0.3925 0.4319 0.2768 -0.2458 0.6241 0.3992 0.5304 0.2619 0.2554 0.2936 0.3361 -0.5165 0.7482 0.1722 -0.0579 -0.050 -0.0831 -0.0832 0.1515 0.0934 0.0703 0.0886 0.0253 -0.2530 0.2406 0.0713 -0.1750 -0.1597 0.2773 0.1832 0.0773 0.2396 0.0932 -0.3400 0.3136 0.1219 0.0715 0.0924 0.0201 0.0344 0.0271 0.0417 0.0629 0.0724 0.0547 0.0542 -0.1458 -0.0908 0.3190 0.1846 0.1268 0.2735 0.0883 -0.3525 0.3243 0.0987 0.0380 0.0133 0.0077 0.0091 0.0275 0.0453 0.0447 0.0134 0.00 0.00 SIX-MONTH YTD TOTAL RETURN 2012-06-30 BEST QUARTER* 2009-06-30 WORST QUARTER* 2008-12-31 -0.1821 0.1917 0.0830 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">SIX-MONTH YTD TOTAL RETURN</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">8.30% (6/30/12)</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;">BEST QUARTER*</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">WORST QUARTER*</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;">19.17% 2nd Qtr. 2009</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-18.21% 4th Qtr. 2008</font></td></tr><tr style="height: 34px"><td colspan="2" style="width: 432px; text-align:left;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">* Please note that &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; figures are applicable only to the time period covered by the bar chart.</font></td></tr></table></div> SIX-MONTH YTD TOTAL RETURN 2012-06-30 0.0203 BEST QUARTER* 2009-06-30 0.3511 WORST QUARTER* 2008-12-31 -0.2892 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">SIX-MONTH YTD TOTAL RETURN</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2.03% (6/30/12)</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;">BEST QUARTER*</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">WORST QUARTER*</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;">35.11% 2nd Qtr. 2009</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-28.92% 4th Qtr. 2008</font></td></tr><tr style="height: 34px"><td colspan="2" style="width: 432px; text-align:left;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">* Please note that &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; figures are applicable only to the time period covered by the bar chart.</font></td></tr></table></div> SIX-MONTH YTD TOTAL RETURN 2012-06-30 0.0112 BEST QUARTER* 2002-06-30 0.0384 WORST QUARTER* 2004-06-30 -0.0098 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">SIX-MONTH YTD TOTAL RETURN</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">1.12% (6/30/12)</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;">BEST QUARTER*</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">WORST QUARTER*</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;">3.84% 2nd Qtr. 2002</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -0.98% 2nd Qtr. 2004</font></td></tr><tr style="height: 34px"><td colspan="2" style="width: 432px; text-align:left;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">* Please note that &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; figures are applicable only to the time period covered by the bar chart.</font></td></tr></table></div> SIX-MONTH YTD TOTAL RETURN 2012-06-30 0.00 BEST QUARTER* 2006-12-31 0.0122 WORST QUARTER* 2011-12-31 0.00 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">SIX-MONTH YTD TOTAL RETURN</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">0.00% (6/30/12)</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;">BEST QUARTER*</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">WORST QUARTER*</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;">1.22% 4th Qtr. 2006</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.00% 4th Qtr. 2011</font></td></tr><tr style="height: 34px"><td colspan="2" style="width: 432px; text-align:left;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">* Please note that &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; figures are applicable only to the time period covered by the bar chart.</font></td></tr></table></div> SIX-MONTH YTD TOTAL RETURN 2012-06-30 0.0735 BEST QUARTER* 2009-09-30 0.1252 WORST QUARTER* 2008-12-31 -0.1423 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">SIX-MONTH YTD TOTAL RETURN</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">7.35% (6/30/12)</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;">BEST QUARTER*</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">WORST QUARTER*</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;">12.52% 3rd Qtr. 2009</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -14.23% 4th Qtr. 2008</font></td></tr><tr style="height: 34px"><td colspan="2" style="width: 432px; text-align:left;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">* Please note that &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; figures are applicable only to the time period covered by the bar chart.</font></td></tr></table></div> SIX-MONTH YTD TOTAL RETURN 2012-06-30 -0.1522 BEST QUARTER* 2002-03-31 0.3891 WORST QUARTER* 2008-09-30 -0.3036 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">SIX-MONTH YTD TOTAL RETURN</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">-15.22% (6/30/12)</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;">BEST QUARTER*</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">WORST QUARTER*</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;">38.91% 1st Qtr. 2002</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-30.36% 3rd Qtr. 2008</font></td></tr><tr style="height: 34px"><td colspan="2" style="width: 432px; text-align:left;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">* Please note that &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; figures are applicable only to the time period covered by the bar chart.</font></td></tr></table></div> SIX-MONTH YTD TOTAL RETURN 2012-06-30 0.0601 BEST QUARTER* 2009-09-30 0.2090 WORST QUARTER* 2011-09-30 -0.2030 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">SIX-MONTH YTD TOTAL RETURN</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">6.01% (6/30/12)</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;">BEST QUARTER*</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">WORST QUARTER*</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;">20.90% 3rd Qtr. 2009</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -20.30% 3rd Qtr. 2011</font></td></tr><tr style="height: 34px"><td colspan="2" style="width: 432px; text-align:left;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">* Please note that &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; figures are applicable only to the time period covered by the bar chart.</font></td></tr></table></div> SIX-MONTH YTD TOTAL RETURN 2012-06-30 0.0485 BEST QUARTER* 2009-06-30 0.2293 WORST QUARTER* 2008-12-31 -0.1927 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">SIX-MONTH YTD TOTAL RETURN</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">4.85% (6/30/12)</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;">BEST QUARTER*</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">WORST QUARTER*</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;">22.93% 2nd Qtr. 2009</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-19.27% 4th Qtr. 2008</font></td></tr><tr style="height: 34px"><td colspan="2" style="width: 432px; text-align:left;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">* Please note that &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; figures are applicable only to the time period covered by the bar chart.</font></td></tr></table></div> <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">SIX-MONTH YTD TOTAL RETURN</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2.70% (6/30/12)</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;">BEST QUARTER*</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">WORST QUARTER*</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;">3.97% 4th. 2011</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-1.42% 3rd Qtr. 2011</font></td></tr><tr style="height: 34px"><td colspan="2" style="width: 432px; text-align:left;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">* Please note that &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; figures are applicable only to the time period covered by the bar chart.</font></td></tr></table></div> SIX-MONTH YTD TOTAL RETURN BEST QUARTER* WORST QUARTER* 2012-06-30 0.0270 0.0397 2011-12-31 2011-09-30 -0.0142 SIX-MONTH YTD TOTAL RETURN 2012-06-30 BEST QUARTER* 2009-06-30 WORST QUARTER* 2008-12-31 0.0431 0.2212 -0.1855 <div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">SIX-MONTH YTD TOTAL RETURN</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 432px; text-align:center;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">4.31% (6/30/12)</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;">BEST QUARTER*</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Bold;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">WORST QUARTER*</font></td></tr><tr style="height: 20px"><td style="width: 216px; text-align:left;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;">22.12% 2nd Qtr. 2009</font></td><td style="width: 216px; text-align:right;border-color:#000000;min-width:216px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-18.55% 4th Qtr. 2008</font></td></tr><tr style="height: 34px"><td colspan="2" style="width: 432px; text-align:left;border-color:#000000;min-width:432px;"><font style="FONT-FAMILY: Interstate-Light;FONT-SIZE: 8pt;COLOR: #000000;TEXT-ALIGN: left;">* Please note that &#8220;Best Quarter&#8221; and &#8220;Worst Quarter&#8221; figures are applicable only to the time period covered by the bar chart.</font></td></tr></table></div> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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 distribu</font><font style="font-family:Interstate-Light;font-size:10pt;">tions and sale of f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares may be higher than the other return amounts.</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 </font><font style="font-family:Interstate-Light;font-size:10pt;">in the table </font><font style="font-family:Interstate-Light;font-size:10pt;">are not relevant to you</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">Please note that after-tax returns are shown only for the Fund Shares and may differ for each share class</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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 distribu</font><font style="font-family:Interstate-Light;font-size:10pt;">tions and sale of f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares may be higher than the other return amounts.</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 </font><font style="font-family:Interstate-Light;font-size:10pt;">in the table </font><font style="font-family:Interstate-Light;font-size:10pt;">are not relevant to you</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">Please note that after-tax returns are shown only for the Fund Shares and may differ for each share class</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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 distribu</font><font style="font-family:Interstate-Light;font-size:10pt;">tions and sale of f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares may be higher than the other return amounts.</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 </font><font style="font-family:Interstate-Light;font-size:10pt;">in the table </font><font style="font-family:Interstate-Light;font-size:10pt;">are not relevant to you</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">Please note that after-tax returns are shown only for the Fund Shares and may differ for each share class</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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 distribu</font><font style="font-family:Interstate-Light;font-size:10pt;">tions and sale of f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares may be higher than the other return amounts.</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 </font><font style="font-family:Interstate-Light;font-size:10pt;">in the table </font><font style="font-family:Interstate-Light;font-size:10pt;">are not relevant to you</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">Please note that after-tax returns are shown only for the Fund Shares and may differ for </font><font style="font-family:Interstate-Light;font-size:10pt;">the Adviser Share</font><font style="font-family:Interstate-Light;font-size:10pt;"> class.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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 distribu</font><font style="font-family:Interstate-Light;font-size:10pt;">tions and sale of f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares may be higher than the other return amounts.</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 </font><font style="font-family:Interstate-Light;font-size:10pt;">in the table </font><font style="font-family:Interstate-Light;font-size:10pt;">are not relevant to you</font><font style="font-family:Interstate-Light;font-size:10pt;">.</font><font style="font-family:Interstate-Light;font-size:10pt;"> </font><font style="font-family:Interstate-Light;font-size:10pt;">Please note that after-tax returns are shown only for the Fund Shares and may differ for </font><font style="font-family:Interstate-Light;font-size:10pt;">the Adviser Share</font><font style="font-family:Interstate-Light;font-size:10pt;"> class.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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 distribu</font><font style="font-family:Interstate-Light;font-size:10pt;">tions and sale of f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares may be higher than the other return amounts.</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 </font><font style="font-family:Interstate-Light;font-size:10pt;">in the table </font><font style="font-family:Interstate-Light;font-size:10pt;">are not relevant to you.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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 distribu</font><font style="font-family:Interstate-Light;font-size:10pt;">tions and sale of f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares may be higher than the other return amounts.</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 </font><font style="font-family:Interstate-Light;font-size:10pt;">in the table </font><font style="font-family:Interstate-Light;font-size:10pt;">are not relevant to you.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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 distribu</font><font style="font-family:Interstate-Light;font-size:10pt;">tions and sale of f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares may be higher than the other return amounts.</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 </font><font style="font-family:Interstate-Light;font-size:10pt;">in the table </font><font style="font-family:Interstate-Light;font-size:10pt;">are not relevant to you.</font></p> <p style='margin-top:7.2pt; margin-bottom:0pt'><font style="font-family:Interstate-Light;font-size:10pt;margin-left:0px;">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 distribu</font><font style="font-family:Interstate-Light;font-size:10pt;">tions and sale of f</font><font style="font-family:Interstate-Light;font-size:10pt;">und shares may be higher than the other return amounts.</font><font style="font-family:Interstate-Light;font-size:10pt;"> 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 </font><font style="font-family:Interstate-Light;font-size:10pt;">in the table </font><font style="font-family:Interstate-Light;font-size:10pt;">are not relevant to you.</font></p> -0.0981 0.0655 -0.0986 -0.0182 0.0603 -0.0600 0.0582 -0.0956 -0.1214 -0.0472 0.0467 -0.1448 -0.0372 0.0529 2008-08-01 -0.0155 -0.0116 -0.0089 2008-08-01 -0.0045 2010-08-01 -0.0566 2008-08-01 -0.0483 -0.1013 0.0211 -0.0025 0.0292 0.1070 0.0522 0.0538 0.0179 0.0393 0.0165 0.0341 0.0566 0.0179 0.0352 0.0563 0.0184 0.0349 0.0738 0.0727 -0.0435 0.0034 0.0560 -0.0448 0.0002 0.0513 -0.0265 0.0035 0.0493 0.0468 2010-08-01 -0.0554 -0.0237 0.0362 0.0580 2010-08-01 -0.0996 -0.0219 0.0391 0.0260 2010-08-01 -0.0466 0.0596 0.0607 0.0469 0.0457 0.0349 0.0385 0.0431 0.0342 0.0393 2010-08-01 0.0790 0.0695 0.0583 0.0566 2010-08-01 0.0708 0.0668 0.0537 0.0505 2010-08-01 0.0555 0.0622 0.0614 0.0532 0.0421 0.0795 0.0663 0.0541 2010-08-01 2010-08-01 0.0534 0.0517 -0.2379 0.0018 0.1163 -0.2419 -0.0066 0.1117 -0.1472 0.0005 0.1043 -0.2349 2008-08-01 2010-08-01 -0.1817 0.0270 0.1420 -0.0117 2008-08-01 -0.1837 0.0104 0.1326 2008-08-01 -0.0357 -0.0238 -0.1031 -0.2411 -0.0125 0.0132 0.0333 -0.0205 -0.0053 0.0103 -0.0001 0.0784 0.0650 0.0578 0.0074 0.0180 0.0413 0.0006 0.0210 0.0047 0.0227 0.0351 0.0705 0.1024 0.0452 0.0824 0.0470 0.0771 0.0211 0.1010 2010-02-01 2010-02-01 2010-02-01 2010-02-01 0.1356 0.0938 2010-02-01 -0.1952 0.1199 0.2458 -0.2074 0.1036 0.2305 -0.1075 0.1012 0.2210 -0.1935 2008-08-01 0.0316 2010-08-01 0.0211 -0.0025 0.0292 2008-08-01 -0.1548 0.0636 0.1796 0.0594 2008-08-01 -0.1930 0.0946 0.2075 0.0856 2008-08-01 0.1103 0.0205 -0.1978 0.00 0.0115 0.0160 -0.0383 0.0045 0.0451 -0.0449 -0.0073 0.0333 -0.0215 -0.0006 0.0211 -0.0025 -0.0469 -0.0044 0.0458 0.0352 0.0292  (a) A performance fee adjustment may add to or subtract from the base management fee by up to +/– 0.06% of the average net assets of the Fund during a rolling 36-month period. The performance fee adjustment decreased the base management fee of 1.00% by 0.03% for Fund Shares, 0.02% for the Institutional Shares, and 0.02% for the Adviser Shares for the fiscal year ended May 31, 2012. (a) A performance fee adjustment may add or subtract from the base management fee by up to +/– 0.06% of the average net assets of the Fund during a rolling 36-month period. The performance fee adjustment increased the base management fee of 0.75% by 0.04% for the fiscal year ended May 31, 2012. (a) A performance fee adjustment may add to or subtract from the base management fee by up to +/– 0.06% of the average net assets of the Fund during a rolling 36-month period. The performance fee adjustment decreased the base management fee of 0.125% by 0.05% for Fund Shares and 0.03% for Adviser Shares for the fiscal year ended May 31, 2012. (b) The Adviser has agreed, through October 1, 2013, to make payments or waive management, administration, and other fees to limit the expenses of the Adviser Shares of the Fund so that the total annual operating expenses (exclusive of commission recapture, expense offset arrangements, acquired fund fees and expenses, and extraordinary expenses) do not exceed an annual rate of 0.90% of the Adviser Shares’ average net assets. This arrangement may not be changed or terminated during this time period without approval of the Fund’s Board of Trustees and may be changed or terminated by the Adviser at any time after October 1, 2013. (a) A performance fee adjustment may add to or subtract from the base management fee by up to +/– 0.06% of the average net assets of the Fund during a rolling 36-month period. The performance fee adjustment increased the base management fee of 0.75% by 0.01% for Fund Shares, less than 0.01% for the Institutional Shares, and the Adviser Shares were decreased by less than 0.01% for the fiscal year ended May 31, 2012. (b) The Adviser has agreed, through October 1, 2013, to make payments or waive management, administration, and other fees to limit the expenses of the Adviser Shares of the Fund so that the total annual operating expenses (exclusive of commission recapture, expense offset arrangements, acquired fund fees and expenses, and extraordinary expenses) do not exceed an annual rate of 1.45% of the Adviser Shares’ average net assets. This arrangement may not be changed or terminated during this time period without approval of the Fund’s Board of Trustees and may be changed or terminated by the Adviser at any time after October 1, 2013. (a) A performance fee adjustment may add to or subtract from the base management fee by up to +/– 0.06% of the average net assets of the Fund during a rolling 36-month period. The performance fee adjustment increased the base management fee of 0.75% by 0.03% for Fund Shares and 0.02% for Adviser Shares for the fiscal year ended May 31, 2012. (b) The Adviser has agreed, through October 1, 2013, to make payments or waive management, administration, and other fees to limit the expenses of the Adviser Shares of the Fund so that the total annual operating expenses (exclusive of commission recapture, expense offset arrangements, acquired fund fees and expenses, and extraordinary expenses) do not exceed an annual rate of 1.60% of the Adviser Shares’ average net assets. This arrangement may not be changed or terminated during this time period without approval of the Fund’s Board of Trustees and may be changed or terminated by the Adviser at any time after October 1, 2013. (a) A performance fee adjustment may add to or subtract from the base management fee by up to +/– 0.06% of the average net assets of the Fund during a rolling 36-month period. The performance fee adjustment increased the base management fee of 0.50% by 0.04% for the fiscal year ended May 31, 2012. (a) A performance fee adjustment may add to or subtract from the base management fee by up to +/– 0.06% of the average net assets of the Fund during a rolling 36-month period. The performance fee adjustment increased the base management fee of 0.75% by 0.03% for Fund Shares, 0.02% for Instititutional Shares, and 0.01% for the Adviser Shares for the fiscal year ended May 31, 2012. * The average annual total return for the MSCI Emerging Markets Index and Lipper Emerging Markets Funds Index from August 1, 2010 - the inception date of the Adviser Shares - through December 31, 2011, was -4.24% and -4.64%, respectively. * The average annual total return for the MSCI EAFE Index and Lipper International Funds Index from August 1, 2010 - the inception date of Adviser Shares - through December 31, 2011, was -0.25% and -1.65%, respectively. * The average annual total return for the S&P 500 Index, GDM Index, and Lipper Precious Metals Equity Funds Index was 12.12%, 5.89%, and 5.63%, respectively, from August 1, 2010 - the inception date of the Adviser Shares - through December 31, 2011. (a) A performance fee adjustment may add or subtract from the base management fee by up to +/– 0.06% of the average net assets of the Fund during a rolling 36-month period. The performance fee adjustment increased the base management fee of 0.75% by 0.03% for the fiscal year ended May 31, 2012. (b) The Adviser has agreed, through October 1, 2013, to make payments or waive management, administration, and other fees to limit the expenses of the Fund so that the total annual operating expenses (exclusive of commission recapture, expense offset arrangements, acquired fund fees and expenses, and extraordinary expenses) do not exceed an annual rate of 1.00% of the Fund's average net assets. This arrangement may not be changed or terminated during this time period without approval of the Fund’s Board of Trustees and may be changed or terminated by the Adviser at any time after October 1, 2013. (b) The Adviser has agreed, through October 1, 2013, to make payments or waive management, administration, and other fees to limit the expenses of the Adviser Shares of the Fund so that the total annual operating expenses (exclusive of commission recapture, expense offset arrangements, acquired fund fees and expenses, and extraordinary expenses) do not exceed an annual rate of 2.00% of the Adviser Shares’ average annual net assets. This arrangement may not be changed or terminated during this time period without approval of the Fund’s Board of Trustees and may be changed or terminated by the Adviser at any time after October 1, 2013. ** Effective August 2, 2012, the name of the Lipper Precious Metals Funds Index was changed to the Lipper Precious Metals Equity Funds Index. *Effective January 27, 2012, the Fund changed its investment strategy to permit investments in a broader range of government securities. In connection with this change, the Barclays U.S. Aggregate Government Intermediate & Mortgage-Backed Securities Index replaces the Barclays GNMA Index as it more closely reflects the investments of the Fund. The Barclays U.S. Aggregate Government Intermediate & Mortgage-Backed Securities Index consists of securities backed by pools of mortgages issued by U.S. Government Agencies, GNMA, Fannie Mae, or Freddie Mac. **Effective February 1, 2012, the Lipper Intermediate U.S. Government Funds Index replaced the Lipper GNMA Funds Index as the benchmark index used for calculating the performance adjustment that will add to or subtract from the base advisory fee depending on the performance of the Fund relative to the Lipper Index. The change to the Lipper Intermediate U.S. Government Funds Index was made because the Fund's revised investment policies more closely resemble the investment policies of the mutual funds within the Lipper Intermediate U.S. Government Funds Index. (a) Acquired fund fees and expenses are based on estimated amounts for the current fiscal year. (b) The Adviser has agreed, through October 1, 2013, to make payments or waive management, administration, and other fees to limit the expenses of the Fund so that the total annual operating expenses of the Fund (exclusive of commission recapture, expense offset arrangements, acquired fund fees and expenses, and extraordinary expenses) do not exceed an annual rate of 0.10% of the Fund's average net assets. This reimbursement arrangement may not be changed or terminated during this time period without approval of the Fund’s Board of Trustees and may be changed or terminated by the Adviser at any time after October 1, 2013. (b) The Adviser has agreed, through October 1, 2013, to make payments or waive management, administration, and other fees to limit the expenses of the Fund so that the total annual operating expenses of the Fund (exclusive of commission recapture, expense offset arrangements, acquired fund fees and expenses, and extraordinary expenses) do not exceed an annual rate of 0.90% of the Fund’s average net assets. This reimbursement arrangement may not be changed or terminated during this time period without approval of the Fund’s Board of Trustees and may be changed or terminated by the Adviser at any time after October 1, 2013. (b) The Adviser has agreed, through October 1, 2013, to make payments or waive management, administration, and other fees to limit the expenses of the Fund so that the total annual operating expenses of the Fund, (exclusive of commission recapture, expense offset arrangements, acquired fund fees and expenses, and extraordinary expenses, do not exceed an annual rate of 0.10% of the Fund's average net assets. This reimbursement arrangement may not be changed or terminated during this time period without approval of the Fund’s Board of Trustees and may be changed or terminated by the Adviser at any time after October 1, 2013. (b) The Adviser has agreed, through October 1, 2013, to make payments or waive management, administration, and other fees to limit the expenses of the Adviser Shares of the Fund so that the total annual operating expenses (exclusive of commission recapture, expense offset arrangements, acquired fund fees and expenses, and extraordinary expenses) do not exceed an annual rate of 1.55% of the Adviser Shares’ average anuual net assets. This arrangement may not be changed or terminated during this time period without approval of the Fund’s Board of Trustees and may be changed or terminated by the Adviser at any time after October 1, 2013. (b) The Adviser has agreed, through October 1, 2013, to make payments or waive management, administration, and other fees to limit the expenses of the Fund so that the total annual operating expenses of the Fund (exclusive of commission recapture, expense offset arrangements, acquired fund fees and expenses, and extraordinary expenses) do not exceed an annual rate of 1.10% of the Fund’s average net assets. This reimbursement arrangement may not be changed or terminated during this time period without approval of the Fund’s Board of Trustees and may be changed or terminated by the Adviser at any time after October 1, 2013. 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