Prospectus - USAA

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subadviser’s agreement should be renewed, terminated, or modified. We also would be responsible for allocating assets to the subadvisers. The allocation for each subadviser could range from 0% to 100% of a Fund’s assets, and we could change the allocations without shareholder approval. PORTFOLIO MANAGER(S) CALIFORNIA BOND FUND John C. Bonnell, CFA, Assistant Vice President of Fixed Income Mutual Fund Portfolios, has managed the Fund since August 2006. He has 25 years of investment management experience and has worked for us for 20 years. Education: B.B.A., University of Texas at San Antonio; M.B.A., St. Mary’s University. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA institute, the CFA Society of San Antonio, and the National Federation of Municipal Analysts. Diederik Olijslager, Executive Director and Associate Portfolio Manager of Tax-Exempt Mutual Funds, has co-managed the Fund since August 2013. He has 21 years of investment management experience and has worked for us for four years. Prior to joining USAA, Mr. Olijslager served as a Senior Vice President, Head of Fixed Income, for Selective Insurance Group from 2001 to 2010. CALIFORNIA MONEY MARKET FUND Dale R. Hoffmann, Assistant Vice President of Money Market Funds, has managed the Fund since February 2011. He has 15 years of investment management experience and has worked for us for 23 years. Education: B.S.B.A., University of South Dakota; M.B.A., St. Mary’s University. He is a member of the National Federation of Municipal Analysts and the Southern Municipal Finance Society. The SAI provides additional information about the portfolio managers’ compensation, other accounts managed, and ownership of fund securities. PURCHASES OPENING AN ACCOUNT WITH THE FUNDS You may purchase shares directly from the Funds or through certain financial intermediaries as described below. If opening by mail, you should return a complete, signed application to open your initial account. However, after you 31 | USAA California Funds
open your initial account with us, you will not need to fill out another application to invest in another fund of the USAA family of funds unless the registration is different or we need further information to verify your identity. As required by federal law, we must obtain certain information from you prior to opening an account with us. If we are unable to verify your identity, we may refuse to open your account, or we may open your account and take certain actions without prior notice to you, including restricting account transactions pending verification of your identity. If we subsequently are unable to verify your identity, we may close your account and return to you the value of your shares at the next calculated NAV. We prohibit opening accounts for certain investors, including but not limited to, foreign financial institutions, shell banks, correspondent accounts for foreign shell banks, and correspondent accounts for foreign financial institutions. A “foreign shell bank” is a foreign bank without a physical presence in any country. A “correspondent account” is an account established for a foreign bank to receive deposits from, or to make payments or other disbursements on behalf of, the foreign bank, or to handle other financial transactions related to such foreign bank. TAXPAYER IDENTIFICATION NUMBER Each shareholder named on an account with us must provide a Social Security number or other taxpayer identification number to avoid possible tax withholding required by the Code. See the section entitled Taxes for additional tax information. PURCHASING SHARES Fund Shares: The Fund Shares are a separate share class of the California Bond Fund and are not a separate mutual fund. You may open an account with us and purchase Fund Shares on the Internet, by telephone, or by mail. Fund Shares also are available through USAA Brokerage Services and certain financial intermediaries, as described below. To purchase Fund Shares through your USAA brokerage account, please contact USAA Brokerage Services directly. These shares will become part of your USAA brokerage account and will be subject to USAA Brokerage Services’ applicable policies and procedures. Additional fees also may apply. If Fund Shares are purchased through a retirement account or an investment professional (e.g., a financial intermediary), the policies and procedures on these purchases may differ from those discussed in this prospectus. Additional fees also may apply to your investment in a Fund, including a transaction fee, if you Prospectus | 32
Page 2 and 3: TABLE OF CONTENTS Fund Summaries Ca
Page 4 and 5: INVESTMENT OBJECTIVE The California
Page 6 and 7: of that security to decline. The Fu
Page 8 and 9: RISK/RETURN BAR CHART Annual Return
Page 10 and 11: PURCHASE AND SALE OF SHARES Fund Sh
Page 12 and 13: INVESTMENT OBJECTIVE The California
Page 14 and 15: Some tax-exempt securities are subj
Page 16 and 17: INVESTMENT ADVISER USAA Asset Manag
Page 18 and 19: USAA Asset Management Company (AMCO
Page 20 and 21: securities offered on a when-issued
Page 22 and 23: What are the potential risks associ
Page 24 and 25: any such income in the future. Howe
Page 26 and 27: CALIFORNIA MONEY MARKET FUND What i
Page 28 and 29: the date of issue. The period of
Page 30 and 31: edemptions from mutual funds that h
Page 32 and 33: United Services Automobile Associat
Page 36 and 37: uy or sell shares of the Fund throu
Page 38 and 39: a financial intermediary, please ch
Page 40 and 41: EXCHANGES For federal income tax pu
Page 42 and 43: Regular Mail: USAA Investment Manag
Page 44 and 45: THE USAA FUNDS’ RIGHT TO REJECT P
Page 46 and 47: OTHER FUND RIGHTS Each Fund reserve
Page 48 and 49: Fund. These payments may create a c
Page 50 and 51: Each Fund automatically reinvests a
Page 52 and 53: (2) dividends and those distributio
Page 54 and 55: FINANCIAL HIGHLIGHTS The following
Page 56 and 57: CALIFORNIA BOND FUND ADVISER SHARES
Page 58 and 59: APPENDIX A Taxable-Equivalent Y
Page 60: * The above marginal rates do not i

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