Morningstar Fund Profile (PDF) - USAA.com

USAA Science & Technology Fund
USSCX
YTD as of 06-30-2014
Morningstar Category Benchmark Overall Morningstar Rating Morningstar Return Morningstar Risk
Technology S&P 500 TR USD QQQQ Above Average Below Average
Out of 195 Technology Investments. A fund's overall Morningstar Rating, based on its risk-adjusted return, is a
weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.
Investment Information
Investment Objective & Strategy from investment’s prospectus
The investment seeks long-term capital appreciation.
The fund normally invests at least 80% of its assets in equity
securities of companies expected to benefit from the
development and use of scientific and technological advances
and improvements. This 80% policy may be changed upon at
least 60 days' written notice to shareholders. It may invest up
to 50% of its assets in foreign securities purchased in either
foreign or U.S. markets.
Fees and Expenses as of 12-01-13
Prospectus Gross Expense Ratio 1.34%
Prospectus Net Expense Ratio 1.34%
Category Average Expense Ratio 1.62%
12b-1 Fee .
Waiver Data Type Exp. Date %
. . . .
Portfolio Manager(s)
John Averill, CFA. Since 2002.
Bruce Glazer. Since 2002.
Anita Killian, CFA. Since 2002.
Michael Masdea. Since 2010.
Robert Deresiewicz. Since 2013.
Operations and Management
Inception Date 08-01-97
Management Company: USAA Asset Management
Company
Subadvisor
Wellington Management
Company, LLP
Telephone 800-531-8722
Web Site
www.usaa.com
Total Fund Assets ($mil) 613.57
Best 3 Month Return
Worst 3 Month Return
34.75% -39.22%
(Oct '01 - Dec '01)
(Sep '08 - Nov '08)
Performance
YTD L1 1 Year L2 3 Year L3 5 Year L4 10 L5 Year Since Inception L6
40 Total Return%
as of 06-30-14
30 Investment
20 Benchmark
Category Average
10
0
-10
-20
-30
Average annual, if greater
than 1 year
10.69 38.23 18.93 21.52 9.33 5.15 Investment Return %
7.14 24.61 16.58 18.83 7.78 6.33 Benchmark Return %
7.15 32.27 12.97 17.99 8.57 6.50 Category Average %
..........................................................................................................................................................................................................
. . QQQQQ QQQQ QQQQ . Morningstar Rating
. . 9 8 42 . Fund Rank Percentile
. . 195 174 140 . # of Funds in Category
Performance Disclosure: The performance data quoted represents past performance and is no guarantee of future
results; current performance may be lower or higher. The return and principal value of an investment will fluctuate,
so that an investor’s shares, when redeemed, may be worth more or less than their original cost. High double digit
returns may be attributable to unusually favorable market conditions and may not be repeated in the future. For the
most recent month-end performance, please go to www.usaa.com. Fund Rank Percentile is based on the total return
percentile rank within each Morningstar Category. See disclosure for details.
Growth of $10,000 as of 06-30-14 Investment : $25,005 Benchmark: $21,887
50
40
30
20
10
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 06 - 14
Portfolio Analysis
Composition as of 04-30-14
% Assets
U.S. Stocks 73.8
Non-U.S. Stocks 20.6
Bonds 0.0
Cash 4.7
Other 0.9
Morningstar Equity Style Box as of 04-30-14
% Mkt Cap
Large 72.82
Medium 18.94
Small 8.25
Value Blend Growth
Large Mid Small
Notes
Investing in securities products involves risk, including
possible loss of principal. The Fund may be more volatile
than funds that diversify across many industries
because of the short life cycles and competitive
pressures of many of the products or services of the
companies this Fund invests in.
Foreign investing is subject to additional risks, such as currency
fluctuations, market illiquidity, and political instability.
Top 10 Holdings as of 04-30-14
% Assets
Apple Inc 5.63
Qualcomm Inc 4.72
NXP Semiconductors NV 4.10
Google Inc Class C 3.38
Google Inc Class A 3.18
.......................................................................................................
Visa Inc Class A 2.59
Priceline Group Inc 2.51
Amazon.com Inc 2.43
Cognizant Technology Solutions Corp Class A 2.22
Facebook Inc Class A 1.92
.......................................................................................................
Total Number of Stock Holdings 148
Total Number of Bond Holdings 0
Annual Turnover Ratio % 93.00
Morningstar Equity Sectors as of 04-30-14
% Fund
h Cyclical 12.04
...............................................................................................
r Basic Materials 0.00
t Consumer Cyclical 9.25
y Financial Services 2.79
u Real Estate 0.00
j Sensitive 60.70
...............................................................................................
i Communication Services 1.00
o Energy 0.00
p Industrials 7.28
a Technology 52.42
k Defensive 27.26
...............................................................................................
s Consumer Defensive 0.95
d Healthcare 26.31
f Utilities 0.00
139698 ©2014 Morningstar, Inc., Morningstar Investment Profiles 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
® Page 1 of 2
ß

Disclosure
Performance
Total return reflects performance without adjusting for the
effects of taxation, but is adjusted to reflect all actual ongoing
fund expenses and assumes reinvestment of dividends and
capital gains.
The fund's performance is compared to an index. The index
is an unmanaged portfolio of specified securities and does not
reflect any initial or ongoing expenses. A fund's portfolio may
differ significantly from the securities in the index.
Morningstar provides adjusted historical returns and an
Extended Performance Rating for some mutual funds in its
universe. This means that any share class that doesn't have a
1, 3-, 5-, or 10-year performance history may receive a
hypothetical Morningstar Rating based on the oldest surviving
share class of the fund. First, Morningstar computes the funds'
new return stream by appending an adjusted return history of
the oldest share class. Next, the Extended Performance Rating
is determined by comparing the adjusted-historical returns to
the current open-end mutual fund universe to identify
placement in the bell curve used to assign the Morningstar
Rating.
Best and Worst 3 Month Performance
Morningstar calculates best and worst 3-month period
(inpercentage) in-house on a monthly basis.
Best 3-month Period: The highest total return the stock has
posted in a consecutive three-month period over the trailing 15
years, or if a fund does not have 15 years of history, it will go
back as far as the inception date.
Worst 3-month Period: The lowest total return the stock has
posted in a consecutive three-month period over the trailing 15
years, or if a fund does not have 15 years of history, it will go
back as far as the inception date.
Growth of $10,000 Graph
This graph shows a fund's performance based on how $10,000
invested in the fund would have grown over time. The returns
used in the graph are not load-adjusted. The growth of $10,000
begins at the date of the fund's inception, or the first year listed
on the graph, whichever is appropriate. Located alongside the
fund's graph line is a line that represents the growth of $10,000
in an index. The inclusion of the index allows investors to
compare the performance of the fund with the performance of
a benchmark index.
Morningstar Rating
Often simply called the Star Rating, the Morningstar Rating
brings load-adjustments, performance (returns) and risk
together into one evaluation. To determine a fund's star rating
for a given time period (three, five, or 10 years), the fund's riskadjusted
return is plotted on a bell curve: If the fund scores in
the top 10% of its category, it receives 5 stars (Highest); if it
falls in the next 22.5% it receives 4 stars (Above Average); a
place in the middle 35% earns 3 stars (Average); those lower
still, in the next 22.5%, receive 2 stars (Below Average); and
the bottom 10% get only 1 star (Lowest). The Overall
Morningstar Rating is a weighted average of the available
three-, five-, and 10-year ratings.
Morningstar Return
This statistic is a measurement of a fund's excess return over
a risk-free rate (the return of the 90-day Treasury bill), after
adjusting for all applicable loads and sales charges. In each
Morningstar Category, the top 10% of funds earn a High
Morningstar Return, the next 22.5% Above Average, the middle
35% Average, the next 22.5% Below Average, and the bottom
10% Low. Morningstar Return is measured for up to three time
periods (three-, five-, and 10-years). These separate measures
are then weighted and averaged to produce an overall measure
for the fund. Funds with less than three years of performance
history are not rated.
Morningstar Risk
This statistic evaluates the variations in a fund's monthly
returns, with an emphasis on downside variations. In each
Morningstar Category, the 10% of funds with the lowest
measured risk are described as Low Risk, the next 22.5% Below
Average, the middle 35% Average, the next 22.5% Above
Average, and the top 10% High.
Morningstar Risk is measured for up to three time periods
(three-, five-, and 10-years). These separate measures are then
weighted and averaged to produce an overall measure for the
fund. Funds with less than three years of performance history
are not rated.
Fund Rank Percentile
This is the total return percentile rank within each Morningstar
Category. The highest (or most favorable) percentile rank is 1
and the lowest (or least favorable) percentile rank is 100.
Historical percentile ranks are based on a snapshot of the funds
as they were at the time of the calculation.
Percentile ranks within categories are most useful in those
groups that have a large number of funds. For small universes,
funds will be ranked at the highest percentage possible. For
instance, if there are only two specialty-utility funds with 10-
year average total returns, Morningstar will assign a percentile
rank of 1 to the top-performing fund, and the second fund will
earn a percentile rank of 51 (indicating the fund underperformed
50% of the sample).
Morningstar Style Box
The Morningstar Style Box reveals a fund's investment style as
of the date noted on this report.
For equity funds the vertical axis shows the market
capitalization of the long stocks owned and the horizontal axis
shows investment style (value, blend, or growth).
For fixed-income funds, the vertical axis shows the credit
quality of the long bonds owned and the horizontal axis shows
interest rate sensitivity as measured by a bond's effective
duration.
Morningstar seeks credit rating information from fund
companies on a periodic basis (e.g., quarterly). In compiling
credit rating information Morningstar accepts credit ratings
reported by fund companies that have been issued by all
Nationally Recognized Statistical Rating Organizations
(NRSROs). For a list of all NRSROs, please visit http://
www.sec.gov/divisions/marketreg/ratingagency.htm.
Additionally, Morningstar accepts foreign credit ratings from
widely recognized or registered rating agencies. If two rating
organizations/agencies have rated a security, fund companies
are to report the lower rating; if three or more organizations/
agencies have rated a security, fund companies are to report
the median rating, and in cases where there are more than two
organization/agency ratings and a median rating does not exist,
fund companies are to use the lower of the two middle ratings.
PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does
it issue a credit rating on the fund. An NRSRO or rating agency
ratings can change from time-to-time and do not remove
market risk.
For credit quality, Morningstar combines the credit rating
information provided by the fund companies with an average
default rate calculation to come up with a weighted-average
credit quality. The weighted-average credit quality is currently
a letter that roughly corresponds to the scale used by a leading
NRSRO. Bond funds are assigned a style box placement of
"low", "medium", or "high" based on their average credit quality.
Funds with a low credit quality are those whose weightedaverage
credit quality is determined to be less than "BBB-";
medium are those less than "AA-", but greater or equal to
"BBB-"; and high are those with a weighted-average credit
quality of "AA-" or higher. When classifying a bond portfolio,
Morningstar first maps the NRSRO credit ratings of the
underlying holdings to their respective default rates (as
determined by Morningstar's analysis of actual historical default
rates). Morningstar then averages these default rates to
determine the average default rate for the entire bond fund.
Finally, Morningstar maps this average default rate to its
corresponding credit rating along a convex curve.
For interest-rate sensitivity, Morningstar obtains from fund
companies the average effective duration. Generally,
Morningstar classifies a fixed-income fund's interest-rate
sensitivity based on the effective duration of the Morningstar
Core Bond Index (MCBI), which is currently three years. The
classification of Limited will be assigned to those funds whose
average effective duration is between 25% to 75% of MCBI's
average effective duration; funds whose average effective
duration is between 75% to 125% of the MCBI will be classified
as Moderate; and those that are at 125% or greater of the
average effective duration of the MCBI will be classified as
Extensive.
For municipal bond funds, Morningstar also obtains from
fund companies the average effective duration. In these cases
static breakpoints are utilized. These breakpoints are as follows:
(i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years
but less than 7 years; and (iii) Extensive: more than 7 years. In
addition, for non-US taxable and non-US domiciled fixed income
funds static duration breakpoints are used: (i) Limited: less than
or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less
than equal to 6 years; (iii) Extensive: greater than 6 years.
Additional Information
Consider the investment objectives, risks, charges and
expenses of the USAA mutual funds carefully before
investing. Contact us at 800-531-8910 for a prospectus
containing this and other information about the funds
from USAA Investment Management Company,
Distributor. Read it carefully before investing.
Investments provided by USAA Investment Management
Company and USAA Financial Advisors Inc., both registered
broker dealers.
139698 ©2014 Morningstar, Inc., Morningstar Investment Profiles 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to
Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar
nor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future
performance. Visit our investment website at www.morningstar.com.
® Page 2 of 2
ß