USAA GROWTH & INCOME FUND SUMMARY PROSPECTUS

Fund Shares (USGRX) Institutional Shares (UIGIX) December 1, 2017

Advisor Shares (USGIX)

Before you invest, you may want to review the Funds prospectus, which contains more information about the Fund and its risks.
You can find the Funds prospectus and other information about the Fund (including the Funds SAI) online at
www.usaa.com/prospectus. You also can get this information at no cost by calling (800) 531-USAA (8722) or by sending an
e-mail request to prospectus@usaa.com. The Funds prospectus and SAI dated December 1, 2017, are incorporated herein by
reference.

INVESTMENT OBJECTIVE Example

This example is intended to help you compare the cost of
The USAA Growth & Income Fund (the Fund) seeks capital investing in this Fund with the cost of investing in other mutual
growth with a secondary investment objective of current funds. Although your actual costs may be higher or lower, you
income. would pay the following expenses on a $10,000 investment,
assuming (1) a 5% annual return, (2) the Funds operating
FEES AND EXPENSES expenses remain the same, (3) you redeem all of your shares at
the end of the periods shown, and (4) the expense
The tables below describe the fees and expenses that you may reimbursement arrangement for the Adviser Shares is not
pay, directly and indirectly, to invest in the Fund. The annual continued beyond one year.
fund operating expenses for the Fund Shares, Institutional
Shares, and Adviser Shares are based on expenses incurred 1 Year 3 Years 5 Years 10 Years
during the Funds most recently completed fiscal year.
Fund Shares $ 93 $290 $504 $1,120
Shareholder Fees Inst. Shares $ 87 $271 $471 $1,049
(fees paid directly from your investment)
Adviser Shares $117 $385 $672 $1,492
Fund Inst. Adviser
Shares Shares Shares
Portfolio Turnover
None None None
The Fund pays transaction costs, including commissions, when
it buys and sells securities (or turns over its portfolio). A
Annual Fund Operating Expenses higher portfolio turnover rate may indicate higher transaction
(expenses that you pay each year as a percentage of the value of your investment)
costs and may result in higher taxes when shares of the Fund
Fund Inst. Adviser are held in a taxable account. These costs, which are not
Shares Shares Shares reflected in the Annual Fund Operating Expenses or in the
Example tables, affect the Funds performance.
Management Fee (fluctuates based
on the Funds performance relative For the most recent fiscal year, the Funds portfolio turnover
to a securities market index) 0.60% 0.61% 0.60%
rate was 21% of the average value of its whole portfolio.
Distribution and/or Service (12b-1)
Fees None None 0.25%
PRINCIPAL INVESTMENT
Other Expenses 0.31% 0.24% 0.39%
STRATEGY
Total Annual Fund Operating
Expenses 0.91% 0.85% 1.24% The Fund invests its assets primarily in equity securities that
show the best potential for total return through a combination
Reimbursement from Adviser N/A N/A (0.09%)(a) of capital growth and income. Although the Fund invests
Total Annual Fund Operating primarily in U.S. securities, it may invest up to 20% of its total
Expenses after Reimbursement 0.91% 0.85% 1.15% assets in foreign securities, including securities issued in
emerging markets.
(a)
The Investment Adviser has agreed, through November 30, 2018, 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
Adviser Shares (exclusive of commission recapture, expense offset
PRINCIPAL RISKS
arrangements, acquired fund fees and expenses, and extraordinary expenses) Any investment involves risk, and there is no assurance that the
do not exceed an annual rate of 1.15% for the Adviser Shares average daily
net assets. This reimbursement arrangement may not be changed or Funds objective will be achieved. The Fund is actively
terminated during this time period without approval of the Funds Board of managed and the investment techniques and risk analyses used
Trustees and may be changed or terminated by the Investment Adviser at any by the Funds manager(s) may not produce the desired results.
time after November 30, 2018. As you consider an investment in the Fund, you also should
take into account your tolerance for the daily fluctuations of the
financial markets and whether you can afford to leave your
money in the Fund for long periods of time to ride out down
periods. As with other mutual funds, losing money is a risk of Funds most current performance information, log on to
investing in the Fund. usaa.com or call (800) 531-USAA (8722) or (210) 531-8722.
The equity securities in the Funds portfolio are subject to stock
market risk. A companys stock price in general may decline RISK/RETURN BAR CHART
over short or even extended periods, regardless of the success Annual Returns for Periods Ended December 31
or failure of the companys operations. Stock markets tend to 50%
run in cycles, with periods when stock prices generally go up 35.91%
and periods when stock prices generally go down. Equity 32.27%

securities tend to be more volatile than debt securities. In 25%

15.93%
addition, to the degree the Fund invests in foreign securities, 9.49%
12.49% 11.21% 11.86%
there is a possibility that the value of the Funds investments in
foreign securities will decrease because of unique risks, such as 0%
-2.52% -0.53%
currency exchange-rate fluctuations; foreign market illiquidity;
emerging-market risk; increased price volatility; uncertain
political conditions; exchange control regulations; foreign -25%
ownership limits; different accounting, reporting, and disclosure
requirements; difficulties in obtaining legal judgments; and -41.46%
-50%
foreign withholding taxes. These risks are particularly
heightened in this Fund because investments in emerging-
market countries generally are more volatile than investments in -75%
developed markets. Emerging-market countries are less 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
economically diverse and mature than more developed countries
and tend to be politically less stable. During the periods shown in the chart: Returns Quarter ended
An investment in the Fund is not a deposit in USAA Federal Highest Quarter Return 17.19% June 30, 2009
Savings Bank, or any other bank, and is not insured or Lowest Quarter Return -25.36% December 31, 2008
guaranteed by the Federal Deposit Insurance Corporation or any Year-to-Date Return 12.88% September 30, 2017
other government agency.
After-tax returns are calculated using the historical highest
PERFORMANCE individual federal marginal income tax rates and do not reflect
the impact of state and local taxes. In certain situations, the
The following bar chart and table are intended to help you return after taxes on distributions and sale of fund shares may
understand the risks of investing in the Fund. The Fund has be higher than the other return amounts. A higher after-tax
three classes of shares: Fund Shares, Institutional Shares, and return may result when a capital loss occurs upon redemption
Adviser Shares. The bar chart provides some indication of the and translates into an assumed tax deduction that benefits the
risks of investing in the Fund and illustrates the Fund Shares shareholder. The actual after-tax returns depend on your tax
classs volatility and performance from year to year for each situation and may differ from those shown. If you hold your
full calendar year over the past 10 years. The table shows how shares through a tax-deferred arrangement, such as an
the average annual total returns of the share classes for the individual retirement account (IRA) or 401(k) plan, the after-tax
periods indicated compared to those of the Funds benchmark returns shown in the table are not relevant to you. Please note
index and an additional index of funds with similar investment that after-tax returns are only shown for the Fund Shares and
objectives. Performance reflects any expense limitations in may differ for each share class.
effect during the periods shown.
Remember, historical performance (before and after taxes) does
not necessarily indicate what will happen in the future. For the

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 AVERAGE ANNUAL TOTAL RETURNS
For Periods Ended December 31, 2016
Past Past Past Since Inception
1 Year 5 Years 10 Years Inception Date

Fund Shares
Return Before Taxes 11.86% 13.60% 6.13%

Return After Taxes on Distributions 11.51% 12.44% 5.25%

Return After Taxes on Distributions and Sale of
Fund Shares 6.98% 10.82% 4.83%
Institutional Shares

Return Before Taxes 11.97% - - 4.74% 8/7/2015

Adviser Shares

Return Before Taxes 11.62% 13.27% - 11.80% 8/1/2010

Indexes
Russell 3000 Index (reflects no deduction for
fees, expenses, or taxes) 12.74% 14.67% 7.07% 14.10% 8/1/2010*
Lipper Multi-Cap Core Funds Index (reflects no
deduction for taxes) 12.27% 13.39% 6.32% 12.39% 8/1/2010*

*The performance of the Russell 3000 Index and the Lipper Multi-Cap Core Funds Index is calculated from the end of the month, July 31, 2010, while the
inception date of the Adviser Shares is August 1, 2010. There may be a slight variation in performance because of the difference. The average annual total returns
for the Russell 3000 Index and the Lipper Multi-Cap Core Funds Index from August 7, 2015, through December 31, 2016, were 7.53% and 5.95%, respectively.

INVESTMENT ADVISER PURCHASE AND SALE OF

USAA Asset Management Company (AMCO or Adviser)
SUBADVISER
Barrow, Hanley, Mewhinney & Strauss, LLC (BHMS)
PORTFOLIO MANAGERS
AMCO
John B. Jares, CFA, Assistant Vice President of Equity
Investments, has co-managed a portion of the Fund since
November 2012.
John P. Toohey, CFA, Head of Equity Investments, has co-
managed a portion of the Fund since November 2012.
BHMS
Mark Giambrone, Managing Director and Portfolio Manager/
Analyst, has co-managed a portion of the Fund since March
2006.
Michael B. Nayfa, CFA, Director and Portfolio Manager/
Analyst, has co-managed a portion of the Fund since December
2014.
Terry L. Pelzel, CFA, Director and Portfolio Manager/Analyst,
has co-managed a portion of the Fund since December 2014.
SHARES
Fund Shares:
You may purchase or sell Fund Shares through a USAA
investment account on any business day through our website at
usaa.com or mobile.usaa.com, or by telephone at (800) 531-
USAA (8722) or (210) 531-8722. You also may purchase or
sell Fund Shares through certain other financial intermediaries.
If you have opened an account directly with the Fund, you also
may purchase and sell Fund Shares by mail at P.O. Box
659453, San Antonio, Texas 78265-9825.
Minimum initial purchase: $3,000
Minimum subsequent investment: $50
Institutional Shares:
The Institutional Shares are not offered for sale directly to the
general public. The minimum initial purchase is $1 million;
however, the Fund reserves the right to waive or lower
purchase minimums in certain circumstances.
Adviser Shares:
Adviser Shares are available for investment through financial
intermediaries. Your ability to purchase, exchange, sell, and
transfer shares will be affected by the policies of the financial
intermediary through which you do business. The minimum
initial purchase is $3,000; however, financial intermediaries
may set different investment minimums in certain
circumstances.

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TAX INFORMATION
The Fund intends to make distributions that generally will be
taxed to you as ordinary income or long-term capital gains,
unless you are a tax-exempt investor or you invest through an
IRA, 401(k) plan, or other tax-deferred account (in which case
you may be taxed later, upon withdrawal of your investment
from such account).
related companies may pay the intermediary for the sale of
such shares and certain servicing and administrative functions.
These payments may create a conflict of interest by influencing
the broker-dealer or other intermediary and your salesperson to
recommend the Fund over another investment. Ask your
salesperson or visit your financial intermediarys website for
more information.

PAYMENTS TO BROKER-
DEALERS AND OTHER
FINANCIAL INTERMEDIARIES
If you purchase shares of the Fund through a broker-dealer or
other financial intermediary (such as a bank), the Fund and its

98010-1217
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