First Prenotification of Estimated USAA Mutual Fund Distributions Thank you for choosing USAA for your investments. Based on preliminary calculations as of the first week of October 2014, some of the funds on the next page may have unscheduled income dividends and/or capital gain distributions in December 2014, which may be reportable on Form 1099-DIV.* Money market and most bond funds accrue dividends daily and distribute them on the last business day of the month. Note: Investing in a non-IRA account shortly before a fund distributes dividends and/or capital gains may result in a taxable distribution. In certain cases, especially if that fund is expecting a large distribution, it may be advisable to wait until after the fund’s dividends are distributed to invest. Distributions* The per-share amounts of the capital gain distributions are estimated to be within the ranges shown. The actual distribution amounts will not be available until closer to the distribution date. If your fund(s) pay a distribution, the following dates will apply: Record Date Distribution Date Payable Date Capital Gains1 December 4, 2014 December 5, 2014 December 8, 2014 Income Dividends2 December 15, 2014 December 16, 2014 December 17, 2014 Income Dividends3 December 26, 2014 December 29, 2014 December 30, 2014 Record Date – If you are a shareholder of any of these funds on this date, you will receive a distribution. Distribution Date – Known as the ex-date, the date for which there will be a decline in the net asset value per share because of the distribution amount. If you have selected reinvestment, the distributions will be reinvested as additional shares into the fund at the day’s closing price. Payable Date – If you have not selected reinvestment, the distributions will be paid on this date. No alternative minimum tax For the 2014 tax year, none of the USAA mutual funds distributed dividend income is subject to the alternative minimum tax for individuals. Money Market Capital Gain USAA money market funds may produce additional capital gain income above and beyond the normal monthly income distributions. The funds may do this by investing in high-quality securities that not only provide competitive yields, but also have the potential to produce gains if their issuers chose to purchase them back from investors. If there are additional capital gains, your 1099 will reflect these capital gains, and you will need to report them on your income tax return. Please contact the Tax Center at 1-800-531-6347 if you have questions about how this information relates to your 1099 tax documents. *A Form 1099-DIV will not be sent if the distributions are less than $10. 1 Capital gains for all applicable funds. 2 Income dividends for underlying funds in Target funds. 3 Income dividends for all remaining funds, including Target funds. Please see next page for more information. USAA Fund Name Aggressive Growth Fund California Bond Fund California Money Market Fund Capital Growth Fund Cornerstone Aggressive Fund Cornerstone Conservative Fund Cornerstone Equity Fund Cornerstone Moderate Fund Cornerstone Moderately Aggressive Fund Cornerstone Moderately Conservative Fund Emerging Markets Fund Extended Market Index Fund First Start Growth Fund Flexible Income Fund Global Managed Volatility Fund Government Securities Fund Growth and Income Fund Growth and Tax Strategy Fund Growth Fund High Income Fund Income Fund Income Stock Fund Intermediate Term Bond Fund International Fund Managed Allocation Fund Money Market Fund Nasdaq-100 Index Fund New York Bond Fund New York Money Market Fund Precious Metals and Minerals Fund Real Return Fund S&P 500 Index Fund Reward Shares Science & Technology Fund Short Term Bond Fund Small Cap Stock Fund Target Retirement 2020 Fund Target Retirement 2030 Fund Target Retirement 2040 Fund Target Retirement 2050 Fund Target Retirement 2060 Fund Target Retirement Income Fund Tax Exempt Intermediate-Term Fund Tax Exempt Long Term Fund Tax Exempt Money Market Fund Tax Exempt Short-Term Fund Total Return Strategy Fund Treasury Money Market Fund Ultra Short Bond Fund Value Fund Virginia Bond Fund Virginia Money Market Fund World Growth Fund Income Dividends* Yes No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes† Yes Yes Yes Yes Yes Yes Yes Yes Yes No No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No No No No Yes No No Yes No No Yes Short-Term Capital Gains* $0.031490 to $0.07149 — to — — to $0.02000 — to — $0.08050 to $0.12050 — to $0.02012 — to $0.02106 — to $0.02256 — to — — to $0.03448 — to — $0.11818 to $0.15818 $0.30409 to $0.34409 $0.23069 to $0.27069 — to — — to — $0.14878 to $0.18878 — to — $0.00271 to $0.04271 — to $0.02634 — to $0.02002 — to $0.02740 — to $0.02039 — to — — to $0.02323 — to — $0.02954 to $0.06954 — to — — to $0.02014 — to — $0.01215 to $0.05215 — to — $0.16139 to $0.20139 — to — $0.44336 to $0.48336 — to $0.03165 — to $0.03174 — to $0.03035 — to $0.03055 — to $0.02123 — to — — to — — to — — to $0.02000 — to — — to — — to — — to $0.02377 $0.05526 to $0.09526 — to — — to — $0.05196 to $0.09196 Long-Term Capital Gains* $3.82635 to $3.86635 — to — — to $0.02007 — to — $0.05879 to $0.09879 $0.00440 to $0.04440 $0.00877 to $0.04877 $0.15942 to $0.19942 — to — $0.02574 to $0.06574 — to — $0.53109 to $0.57109 $0.33770 to $0.37770 — to — $0.84576 to $0.88576 — to — $2.50755 to $2.54755 — to — $1.32019 to $1.36019 $0.03715 to $0.07715 — to $0.02482 $0.37461 to $0.41461 — to $0.03355 $0.10909 to $0.14909 — to — — to $0.02000 — to $0.02177 — to — — to $0.02016 — to — $0.00200 to $0.04200 — to — $1.94503 to $1.98503 — to $0.02468 $1.49308 to $1.53308 $0.11184 to $0.15184 $0.15428 to $0.19428 $0.17273 to $0.21273 $0.16652 to $0.20652 $0.04419 to $0.08419 — to $0.03278 — to — — to — — to — — to $0.02088 — to — — to — — to $0.02229 $0.57387 to $0.61387 — to — — to $0.02000 $0.25303 to $0.29303 *If the fund lists a “Yes” and/or a monetary amount, its distributions may be reported on a tax Form 1099-DIV. †This fund distributes both taxable and tax-exempt income dividends. These distributions will be reported on tax Form 1099-DIV. An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. As interest rates rise, existing bond prices fall. Foreign investing is subject to additional risks, such as currency fluctuations, market illiquidity, and political instability. Non-investment grade securities are considered speculative and are subject to significant credit risks. They are sometimes referred to as junk bonds since they represent a greater risk of default than more creditworthy investment-grade securities. While the value of the Government Securities shares is not guaranteed by the U.S. Government, the Trust endeavors to maintain low-to-moderate fluctuation of share price. Past performance is no guarantee of future results. Some income may be subject to state or local taxes or the federal alternative minimum tax. © 2014 USAA. All rights reserved. 31368-1014