Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, OH 43219

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					2
Financial Statements
Schedule of Portfolio Investments					4
Statement of Assets and Liabilities					12
Statement of Operations					13
Statements of Changes in Net Assets					14
Financial Highlights					16
Notes to Financial Statements					18
Supplemental Information (Unaudited)					26
Proxy Voting and Portfolio Holdings Information					26
Expense Examples					26
Liquidity Risk Management Program					28
Privacy Policy (inside back cover)

This report is for the information of the shareholders and others who have received a copy of the currently effective prospectus of the Fund, managed by Victory Capital Management Inc. It may be used as sales literature only when preceded or accompanied by a current prospectus, which provides further details about the Fund.

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

We generally must withhold federal income tax at a rate of 10% of the taxable portion of your distribution and, if you live in a state that requires state income tax withholding, at your state's tax rate. However, you may elect not to have withholding apply or to have income tax withheld at a higher rate. Any withholding election that you make will apply to any subsequent distribution unless and until you change or revoke the election. If you wish to make a withholding election, or change or revoke a prior withholding election, call (800) 235-8396.

If you do not have a withholding election in place by the date of a distribution, federal income tax will be withheld from the taxable portion of your distribution at a rate of 10%. If you must pay estimated taxes, you may be subject to estimated tax penalties if your estimated tax payments are not sufficient and sufficient tax is not withheld from your distribution.

For more specific information, please consult your tax adviser.

Security Description	Principal Amount		Value
Municipal Bonds (102.9%)
California (99.8%):
Abag Finance Authority for Nonprofit Corp. Revenue, 5.00%, 7/1/42, Continuously Callable @100	$	1,500	$	1,570
Abag Finance Authority for Nonprofit Corp. Revenue (NBGA — California Health Insurance Construction Loan Insurance Program), 5.00%, 1/1/33, Continuously Callable @101		4,235		4,652
Adelanto Public Utility Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 7/1/39, Continuously Callable @100		2,000		2,420
Alameda Corridor Transportation Authority Revenue, Series B, 5.00%, 10/1/37, Continuously Callable @100		2,000		2,276
Albany Unified School District, GO
Series B, 5.00%, 8/1/43, Continuously Callable @100		2,000		2,375
Series B, 4.00%, 8/1/46, Continuously Callable @100		1,500		1,658
Anaheim Public Financing Authority Revenue, Series A, 5.00%, 5/1/46, Continuously Callable @100		1,500		1,649
Bay Area Toll Authority Revenue
1.37% (MUNIPSA+125bps), 4/1/36, (Put Date 4/1/27) (a) (b)		15,000		15,091
Series H, 5.00%, 4/1/49, Continuously Callable @100		4,000		4,977
Burbank Unified School District, GO
8/1/33, Continuously Callable @100 (d)		3,085		3,366
8/1/34, Continuously Callable @100 (e)		3,000		3,278
California Community Housing Agency Revenue, Series A, 5.00%, 8/1/50, Continuously Callable @100 (f)		2,000		2,224
California County Tobacco Securitization Agency Revenue
1.38%, 6/1/30		150		150
4.00%, 6/1/49, Continuously Callable @100		500		554
Series A, 4.00%, 6/1/49, Continuously Callable @100		500		552
California Educational Facilities Authority Revenue
5.00%, 10/1/43, Continuously Callable @100		2,000		2,396
5.00%, 10/1/48, Continuously Callable @100		2,000		2,357
5.00%, 10/1/49, Continuously Callable @100		3,100		3,642
Series A, 5.00%, 10/1/37, Continuously Callable @100		1,000		1,110
California Enterprise Development Authority Revenue
4.00%, 11/1/49, Continuously Callable @100		1,900		2,123
4.00%, 11/1/50, Continuously Callable @100		680		759
California Health Facilities Financing Authority Revenue
4.00%, 3/1/39, Continuously Callable @100		7,375		8,116
4.00%, 10/1/47, Continuously Callable @100		10,000		10,971
Series A, 5.00%, 7/1/33, Continuously Callable @100		5,000		5,571
Series A, 5.00%, 11/15/39, Continuously Callable @100		2,100		2,285
Series A, 5.00%, 8/15/42, Continuously Callable @100		1,000		1,139
Series A, 4.00%, 8/15/50, Continuously Callable @100		2,000		2,352
Series A-2, 5.00%, 11/1/47		10,000		15,447
Series B, 4.00%, 11/15/41, Continuously Callable @100		14,000		15,545
California Health Facilities Financing Authority Revenue (NBGA — California Health Insurance Construction Loan Insurance Program)
5.00%, 7/1/39, Continuously Callable @100		1,050		1,216
5.00%, 6/1/42, Continuously Callable @100		7,805		8,300
5.00%, 7/1/44, Continuously Callable @100		2,300		2,626

Security Description	Principal Amount		Value
California Infrastructure & Economic Development Bank Revenue, 4.00%, 7/1/50, Continuously Callable @100	$	4,000	$	4,500
California Municipal Finance Authority Revenue
0.12%, 11/1/35, Callable 11/2/20 @ 100 (c)		4,000		4,000
5.00%, 6/1/43, Continuously Callable @100		2,500		3,004
Series A, 5.00%, 2/1/37, Continuously Callable @100		750		884
Series A, 5.00%, 2/1/42, Continuously Callable @100		1,000		1,164
Series A, 4.00%, 10/1/44, Continuously Callable @100		2,000		2,126
Series A, 5.00%, 2/1/47, Continuously Callable @100		1,000		1,154
Series A, 5.00%, 7/1/47, Continuously Callable @100		1,000		1,120
Series A, 5.00%, 6/1/50, Continuously Callable @100		1,000		1,086
California Municipal Finance Authority Revenue (LIQ — Deutsche Bank A.G.), Series 2019-XF1088, 0.47%, 10/1/59, Callable 10/1/35 @100 (c) (f)		3,600		3,600
California Municipal Finance Authority Revenue (NBGA — California Health Insurance Construction Loan Insurance Program)
4.13%, 5/15/39, Continuously Callable @100		1,900		2,122
4.13%, 5/15/46, Continuously Callable @100		2,100		2,304
Series B, 5.00%, 5/15/47, Continuously Callable @102		2,500		2,867
California Pollution Control Financing Authority Revenue
5.00%, 7/1/39, Continuously Callable @100 (f)		6,000		6,788
5.00%, 11/21/45, Continuously Callable @100 (f)		2,000		2,232
Series B, 0.12%, 3/1/42 (c)		15,800		15,800
California Public Finance Authority Revenue
5.00%, 10/15/37, Continuously Callable @100		1,000		1,113
5.00%, 10/15/47, Continuously Callable @100		3,000		3,289
California School Finance Authority Revenue
5.00%, 8/1/41, Continuously Callable @100 (f)		1,750		1,953
5.00%, 8/1/46, Continuously Callable @100 (f)		2,250		2,487
Series A, 5.00%, 7/1/47, Continuously Callable @100 (f)		1,370		1,560
Series A, 5.00%, 7/1/49, Continuously Callable @100 (f)		1,000		1,173
Series A, 5.00%, 7/1/54, Continuously Callable @100 (f)		2,150		2,521
California State Public Works Board Revenue, Series C, 5.00%, 4/1/31, Continuously Callable @100		6,875		6,902
California Statewide Communities Development Authority Revenue
5.00%, 5/15/24		1,300		1,433
5.00%, 5/15/40, Continuously Callable @100		2,750		3,018
5.00%, 5/15/42, Continuously Callable @100		1,500		1,561
5.00%, 11/1/43, Pre-refunded 11/1/24 @ 100		500		597
5.00%, 10/1/46, Continuously Callable @100		2,750		3,061
5.00%, 5/15/47, Continuously Callable @100		1,000		1,097
5.00%, 5/15/47, Continuously Callable @100		1,500		1,555
5.00%, 1/1/48, Continuously Callable @100		1,995		2,290
5.00%, 7/1/48, Continuously Callable @100		4,000		4,737
5.00%, 5/15/50, Continuously Callable @100		1,000		1,094
5.80%, 4/1/52, Callable 4/1/21 @ 100 (c) (f) (LIQ — Deutsche Bank A.G.)		25,000		25,000
Series A, 5.00%, 5/15/25		2,180		2,455
Series A, 4.00%, 4/1/40, Continuously Callable @100		650		748
Series A, 4.00%, 4/1/45, Continuously Callable @100		1,500		1,701
Series A, 4.00%, 8/15/51, Continuously Callable @100		3,000		3,236
Series A, 5.00%, 12/1/53, Continuously Callable @100		1,000		1,176

Security Description	Principal Amount		Value
Series A, 5.00%, 12/1/57, Continuously Callable @100	$	2,500	$	2,938
California Statewide Communities Development Authority Revenue (NBGA — California Health Insurance Construction Loan Insurance Program)
4.00%, 11/1/46, Continuously Callable @100		4,000		4,345
Series S, 5.00%, 8/1/44, Continuously Callable @102		2,400		2,607
Centinela Valley Union High School District, GO, Series B, 4.00%, 8/1/50, Continuously Callable @100		9,500		10,536
Chino Valley Unified School District, GO, Series B, 4.00%, 8/1/45, Continuously Callable @100		1,000		1,190
City of Atwater Wastewater Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 5/1/43, Continuously Callable @100		1,300		1,547
City of Chula Vista Revenue, 5.88%, 1/1/34, Continuously Callable @100		5,000		5,021
City of Fillmore Wastewater Revenue, 5.00%, 5/1/47, Continuously Callable @100		2,000		2,368
City of Los Angeles Certificate of Participation (LOC — U.S. Bancorp), Series A, 0.23%, 8/1/35, Continuously Callable @100 (c)		1,500		1,500
City of San Jose Revenue (LIQ — Deutsche Bank A.G.), Series 2019-XF1085, 0.42%, 8/1/59, Callable 8/1/34 @ 100 (c) (f)		10,175		10,175
City of Santa Clara Electric Revenue, Series A, 5.25%, 7/1/32, Pre-refunded 7/1/21 @100		2,000		2,075
City of Tulare Sewer Revenue (INS — Assured Guaranty Municipal Corp.)
4.00%, 11/15/41, Continuously Callable @100		5,710		6,348
4.00%, 11/15/44, Continuously Callable @100		5,000		5,497
City of Upland Certificate of Participation
4.00%, 1/1/42, Continuously Callable @100		3,000		3,145
5.00%, 1/1/47, Continuously Callable @100		2,000		2,225
Corona-Norco Unified School District Special Tax, 5.00%, 9/1/32, Continuously Callable @100		1,350		1,505
County of Sacramento Airport System Revenue
4.00%, 7/1/40, Continuously Callable @100		4,000		4,602
Series B, 5.00%, 7/1/41, Continuously Callable @100		1,100		1,277
East Bay Municipal Utility District Wastewater System Revenue, Series A-2, 5.00%, 6/1/38		9,000		13,433
Elk Grove Finance Authority Special Tax (INS — Build America Mutual Assurance Co.), 5.00%, 9/1/38, Continuously Callable @100		1,500		1,734
Foothill-Eastern Transportation Corridor Agency Revenue, Series B-2, 3.50%, 1/15/53, Continuously Callable @100 (c)		1,500		1,588
Foothill-Eastern Transportation Corridor Agency Revenue (INS — Assured Guaranty Municipal Corp.)
1/15/34 (g)		15,000		10,541
1/15/35 (g)		7,500		5,081
Golden State Tobacco Securitization Corp. Revenue, Series A, 5.00%, 6/1/35, Continuously Callable @100		5,500		6,525
Grass Valley School District, GO (INS — Build America Mutual Assurance Co.), 5.00%, 8/1/45, Continuously Callable @100		2,400		2,834
Hanford Joint Union High School District Certificate of Participation (INS — Assured Guaranty Municipal Corp.), 4.00%, 6/1/40, Continuously Callable @100		2,640		2,891
Hayward Unified School District, GO (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 8/1/44, Continuously Callable @100		3,000		3,689
Indio Redevelopment Agency Successor Agency Tax Allocation, Series A, 5.25%, 8/15/31, Continuously Callable @100		2,940		2,951

Security Description	Principal Amount		Value
Inglewood Unified School District, GO (INS — Build America Mutual Assurance Co.)
Series B, 5.00%, 8/1/38, Continuously Callable @100	$	750	$	881
Series C, 4.00%, 8/1/36, Continuously Callable @100		220		249
Series C, 4.00%, 8/1/37, Continuously Callable @100		450		507
Series C, 4.00%, 8/1/39, Continuously Callable @100		450		504
Irvine Unified School District Special Tax
5.00%, 9/1/45, Continuously Callable @100		1,000		1,156
5.00%, 9/1/49, Continuously Callable @100		2,000		2,329
Series A, 4.00%, 9/1/39, Continuously Callable @100		1,020		1,179
Series A, 4.00%, 9/1/50, Continuously Callable @100		1,800		2,057
Series B, 5.00%, 9/1/42, Continuously Callable @100		1,000		1,163
Series B, 5.00%, 9/1/47, Continuously Callable @100		1,000		1,165
Series C, 5.00%, 9/1/42, Continuously Callable @100		1,000		1,163
Series C, 5.00%, 9/1/47, Continuously Callable @100		525		612
Series D, 5.00%, 9/1/49, Continuously Callable @100		1,000		1,164
Irvine Unified School District Special Tax (INS — Build America Mutual Assurance Co.), 5.00%, 9/1/56, Continuously Callable @100		6,000		7,109
Jurupa Public Financing Authority Special Tax, Series A, 5.00%, 9/1/42, Continuously Callable @100		1,000		1,120
Local Public Schools Funding Authority School Improvement District No. 2016-1, GO (INS — Build America Mutual Assurance Co.), Series A, 4.00%, 8/1/52, Continuously Callable @100		1,500		1,688
Long Beach Bond Finance Authority Revenue, Series A, 5.00%, 11/15/35		3,875		5,200
Los Angeles County Facilities, Inc. Revenue, 5.00%, 12/1/51, Continuously Callable @100		4,000		4,826
Los Angeles County Public Works Financing Authority Revenue
Series A, 5.00%, 12/1/44, Continuously Callable @100		2,000		2,309
Series D, 5.00%, 12/1/45, Continuously Callable @100		6,000		7,045
March Joint Powers Redevelopment Agency Successor Agency Tax Allocation (INS — Build America Mutual Assurance Co.), 4.00%, 8/1/41, Continuously Callable @100		5,790		6,429
Middle Fork Project Finance Authority Revenue
5.00%, 4/1/33, Continuously Callable @100		2,205		2,645
5.00%, 4/1/35, Continuously Callable @100		225		267
5.00%, 4/1/36, Continuously Callable @100		1,830		2,158
Monrovia Financing Authority Revenue, 5.00%, 12/1/45, Continuously Callable @100		3,435		4,020
Monrovia Financing Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 12/1/45, Continuously Callable @100		2,345		2,712
Moreno Valley Unified School District, GO (INS — Assured Guaranty Municipal Corp.), Series B, 5.00%, 8/1/47, Continuously Callable @100		6,500		7,991
Mountain View School District/Los Angeles County, GO (INS — Build America Mutual Assurance Co.), Series B, 5.00%, 8/1/48, Continuously Callable @100		3,315		3,910
Mountain View Shoreline Regional Park Community Tax Allocation, Series A, 5.63%, 8/1/35, Continuously Callable @100		2,000		2,081
Norwalk Redevelopment Agency Tax Allocation (INS — National Public Finance Guarantee Corp.)
Series A, 5.00%, 10/1/30, Continuously Callable @100		5,000		5,019
Series A, 5.00%, 10/1/35, Continuously Callable @100		3,500		3,512

Security Description	Principal Amount		Value
Norwalk-La Mirada Unified School District, GO (INS — Assured Guaranty Municipal Corp.), Series C 8/1/30 (g)	$	7,500	$	6,516
Palomar Health, GO (INS — Assured Guaranty Municipal Corp.), Series A 8/1/31 (g)		12,230		10,026
Palomar Health, GO (INS — National Public Finance Guarantee Corp.) 8/1/26 (g)		5,500		5,077
Perris Union High School District, GO (INS — Assured Guaranty Corp.), Series A, 4.00%, 9/1/48, Continuously Callable @100		5,000		5,805
Pittsburg Successor Agency Redevelopment Agency Tax Allocation (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/29, Continuously Callable @100		2,000		2,462
Pomona Unified School District, GO (INS — Build America Mutual Assurance Co.), Series F, 5.00%, 8/1/39, Continuously Callable @100		1,500		1,730
Poway Unified School District Special Tax (INS — Assured Guaranty Municipal Corp.), 4.00%, 9/1/50, Continuously Callable @100		4,750		5,414
Regents of the University of California Medical Center Pooled Revenue, Series L, 4.00%, 5/15/44, Continuously Callable @100		2,000		2,229
Rio Elementary School District, GO (INS — Assured Guaranty Municipal Corp.), Series B, 4.00%, 8/1/45, Continuously Callable @100		2,800		3,139
Riverside County Public Financing Authority Tax Allocation (INS — Build America Mutual Assurance Co.)
4.00%, 10/1/36, Continuously Callable @100		1,250		1,384
4.00%, 10/1/37, Continuously Callable @100		1,625		1,794
Riverside County Redevelopment Successor Agency Tax Allocation (INS — Build America Mutual Assurance Co.), 4.00%, 10/1/37, Continuously Callable @100		2,000		2,212
Riverside County Transportation Commission Revenue, Series A, 5.25%, 6/1/39, Pre-refunded 6/1/23 @ 100		2,000		2,267
RNR School Financing Authority Special Tax (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 9/1/41, Continuously Callable @100		2,000		2,373
Sacramento Area Flood Control Agency Special Assessment, 5.00%, 10/1/44, Continuously Callable @100		2,000		2,286
Sacramento City Financing Authority Revenue (LIQ — Deutsche Bank A.G.), Series XG0100, 0.27%, 12/1/33 (c) (f)		5,000		5,000
Sacramento City Unified School District, GO (INS — Build America Mutual Assurance Co.), Series S, 5.00%, 7/1/38, Continuously Callable @100		1,020		1,128
San Bruno Park Elementary School District, GO, Series A, 5.00%, 8/1/48, Continuously Callable @100		3,000		3,528
San Diego County Regional Airport Authority Revenue
Series A, 4.00%, 7/1/38, Continuously Callable @100		2,000		2,293
Series A, 5.00%, 7/1/47, Continuously Callable @100		1,500		1,764
Series A, 5.00%, 7/1/49, Continuously Callable @100		2,000		2,437
San Diego Public Facilities Financing Authority Revenue, Series A, 5.00%, 10/15/44, Continuously Callable @100		2,500		2,915
San Jose Financing Authority Revenue, Series A, 5.00%, 6/1/39, Pre-refunded 6/1/23 @ 100		10,000		11,262
San Leandro Unified School District, GO (INS — Build America Mutual Assurance Co.), Series B, 5.00%, 8/1/43, Continuously Callable @100		2,750		3,387
San Luis & Delta Mendota Water Authority Revenue (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 3/1/38, Continuously Callable @100		1,500		1,651

Security Description	Principal Amount		Value
San Ramon Redevelopment Agency Successor Agency Tax Allocation (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 2/1/38, Continuously Callable @100	$	5,000	$	5,769
Santa Clarita Community College District, GO, 4.00%, 8/1/46, Continuously Callable @100		5,250		5,868
Santa Cruz County Redevelopment Agency Tax Allocation (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/35, Continuously Callable @100		6,000		7,091
Santa Rosa High School District, GO (INS — Assured Guaranty Municipal Corp.), Series C, 5.00%, 8/1/43, Continuously Callable @100		1,000		1,196
State of California, GO
5.25%, 2/1/30, Continuously Callable @100		4,000		4,258
5.00%, 2/1/43, Continuously Callable @100		3,000		3,270
4.00%, 10/1/44, Continuously Callable @100		1,000		1,173
5.00%, 9/1/45, Continuously Callable @100		2,500		2,979
5.00%, 8/1/46, Continuously Callable @100		9,500		11,291
5.00%, 11/1/47, Continuously Callable @100		7,000		8,486
Stockton Public Financing Authority Revenue
4.00%, 3/1/40, Continuously Callable @100		920		981
5.00%, 3/1/47, Continuously Callable @100		2,760		3,153
Tahoe-Truckee Unified School District Certificate of Participation (INS — Build America Mutual Assurance Co.), 4.00%, 6/1/43, Continuously Callable @100		1,000		1,104
Temecula Valley Unified School District Financing Authority Special Tax (INS — Build America Mutual Assurance Co.), 5.00%, 9/1/40, Continuously Callable @100		1,575		1,823
Temecula Valley Unified School District, GO (INS — Assured Guaranty Municipal Corp.), Series B, 4.00%, 8/1/45, Continuously Callable @100		7,500		8,276
Tobacco Securitization Authority of Southern California Revenue
5.00%, 6/1/48, Continuously Callable @100		1,000		1,168
5.00%, 6/1/48, Continuously Callable @100		1,000		1,194
Transbay Joint Powers Authority Tax Allocation
Series A, 5.00%, 10/1/49, Continuously Callable @100		800		985
Series B, 2.40%, 10/1/49, Continuously Callable @100		1,500		1,537
Tulare Local Health Care District, GO (INS-Build America Mutual Assurance Co.)
4.00%, 8/1/35, Continuously Callable @100		650		762
4.00%, 8/1/39, Continuously Callable @100		1,900		2,203
Vacaville Unified School District, GO, Series D, 4.00%, 8/1/45, Continuously Callable @100		1,850		2,148
Val Verde Unified School District Certificate of Participation (INS — Build America Mutual Assurance Co.)
Series A, 5.00%, 8/1/34, Continuously Callable @100		1,105		1,291
Series A, 5.00%, 8/1/35, Continuously Callable @100		1,530		1,780
Val Verde Unified School District, GO (INS — Assured Guaranty Municipal Corp.), Series C, 4.00%, 8/1/45, Continuously Callable @100		4,475		5,016
Val Verde Unified School District, GO (INS-Build America Mutual Assurance Co.), Series B, 5.00%, 8/1/44, Continuously Callable @100		4,000		4,674
Victor Valley Union High School District, GO (INS — Assured Guaranty Municipal Corp.), Series B, 4.00%, 8/1/37, Continuously Callable @100		5,000		5,654

Security Description	Principal Amount		Value
Washington Township Health Care District Revenue, Series A, 5.00%, 7/1/42, Continuously Callable @100	$	1,000	$	1,140
West Kern Water District Certificate of Participation, 5.00%, 6/1/28, Continuously Callable @100		4,585		4,731
Western Placer Unified School District Certificate of Participation (INS — Assured Guaranty Municipal Corp.), 4.00%, 8/1/41, Continuously Callable @100		6,000		6,595
				665,268
Guam (2.5%):
Guam Government Waterworks Authority Revenue
5.50%, 7/1/43, Pre-refunded 7/1/23 @ 100		4,000		4,565
5.00%, 1/1/46, Continuously Callable @100		7,000		7,882
Guam Power Authority Revenue
Series A, 5.00%, 10/1/34, Continuously Callable @100		1,000		1,063
Series A, 5.00%, 10/1/40, Continuously Callable @100		2,800		3,149
				16,659
Virgin Islands (0.6%):
Virgin Islands Public Finance Authority Revenue
5.00%, 9/1/33, Continuously Callable @100 (f)		3,000		3,327
Series A, 4.00%, 10/1/22		925		918
				4,245
Total Municipal Bonds (Cost $642,595)				686,172
Total Investments (Cost $642,595) — 102.9%				686,172
Liabilities in excess of other assets — (2.9)%				(19,446	)
NET ASSETS — 100.00%			$	666,726

(a) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2020.

(b) Put Bond.

(c) Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

(d) Stepped-coupon security converts to coupon form on 8/1/23 with a rate of 4.30%.

(e) Stepped-coupon security converts to coupon form on 8/1/23 with a rate of 4.35%.

(f) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of September 30, 2020, the fair value of these securities was $68,040 (thousands) and amounted to 10.2% of net assets.

(g) Zero-coupon bond.

	USAA California Bond Fund
Assets:
Investments, at value (Cost $642,595)	$	686,172
Cash		8
Receivables:
Interest		6,315
Capital shares issued		16
From Adviser		1
Prepaid expenses		6
Total Assets		692,518
Liabilities:
Payables:
Distributions		219
Investments purchased		25,000
Capital shares redeemed		251
Accrued expenses and other payables:
Investment advisory fees		205
Administration fees		82
Transfer agent fees		20
Compliance fees		—	(a)
12b-1 fees		1
Other accrued expenses		14
Total Liabilities		25,792
Net Assets:
Capital		627,631
Total accumulated earnings/(loss)		39,095
Net Assets	$	666,726
Net Assets
Fund Shares	$	658,802
Institutional Shares		1,343
Class A shares		6,581
Total	$	666,726
Shares (unlimited number of shares authorized with no par value):
Fund Shares		57,579
Institutional Shares		117
Class A shares		576
Total		58,272
Net asset value, offering and redemption price per share: (b)
Fund Shares	$	11.44
Institutional Shares	$	11.44
Class A shares	$	11.43
Maximum Sales Charge — Class A shares		2.25	%
Maximum offering price
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A shares	$	11.69

(a) Rounds to less than $1 thousand.

(b) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

	USAA California Bond Fund
Investment Income:
Interest	$	10,058
Total Income		10,058
*Expenses:**
Investment advisory fees		1,178
Administration fees — Fund Shares		499
Administration fees — Institutional Shares		—	(a)
Administration fees — Class A shares		5
Sub-Administration fees		10
12b-1 fees — Class A shares		8
Custodian fees		3
Transfer agent fees — Fund Shares		74
Transfer agent fees — Institutional Shares		—	(a)
Transfer agent fees — Class A shares		2
Trustees' fees		30
Compliance fees		2
Legal and audit fees		42
State registration and filing fees		2
Other expenses		30
Total Expenses		1,885
Expenses waived/reimbursed by Adviser		(3	)
Net Expenses		1,882
Net Investment Income (Loss)		8,176
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(481	)
Net change in unrealized appreciation/depreciation on investment securities		16,464
Net realized/unrealized gains (losses) on investments		15,983
Change in net assets resulting from operations	$	24,159

* Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

(a) Rounds to less than $1 thousand.

	USAA California Bond Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	8,176		$	19,016
Net realized gains (losses) from investments		(481	)		795
Net change in unrealized appreciation/depreciation on investments		16,464			4,404
Change in net assets resulting from operations		24,159			24,215
Distributions to Shareholders:
Fund Shares		(8,101	)		(18,841	)
Institutional Shares (a)		(4	)		—
Class A shares		(71	)		(172	)
Change in net assets resulting from distributions to shareholders		(8,176	)		(19,013	)
Change in net assets resulting from capital transactions		(33,423	)		(19,432	)
Change in net assets		(17,440	)		(14,230	)
Net Assets:
Beginning of period		684,166			698,396
End of period	$	666,726		$	684,166

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

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	USAA California Bond Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	26,565		$	74,813
Distributions reinvested		6,718			15,317
Cost of shares redeemed		(68,095	)		(108,864	)
Total Fund Shares	$	(34,812	)	$	(18,734	)
Institutional Shares (a)
Proceeds from shares issued	$	1,493		$	—
Distributions reinvested		3			—
Cost of shares redeemed		(151	)		—
Total Institutional Shares	$	1,345		$	—
Class A shares
Proceeds from shares issued	$	6,750		$	341
Distributions reinvested		8			29
Cost of shares redeemed		(6,714	)		(1,068	)
Total Class A shares	$	44		$	(698	)
Change in net assets resulting from capital transactions	$	(33,423	)	$	(19,432	)
Share Transactions:
Fund Shares
Issued		2,335			6,614
Reinvested		593			1,352
Redeemed		(6,021	)		(9,723	)
Total Fund Shares		(3,093	)		(1,757	)
Institutional Shares (a)
Issued		130			—
Redeemed		(13	)		—
Total Institutional Shares		117			—
Class A shares
Issued		595			30
Reinvested		1			3
Redeemed		(592	)		(94	)
Total Class A shares		4			(61	)
Change in Shares		(2,972	)		(1,818	)

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
USAA California Bond Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)	$	11.17		0.14	(f)		0.27			0.41			(0.14	)		(0.14	)
Year Ended March 31, 2020	$	11.07		0.30	(f)		0.10			0.40			(0.30	)		(0.30	)
Year Ended March 31, 2019	$	10.92		0.34			0.15			0.49			(0.34	)		(0.34	)
Year Ended March 31, 2018	$	10.92		0.37			—	(g)		0.37			(0.37	)		(0.37	)
Year Ended March 31, 2017	$	11.29		0.37			(0.37	)		—	(g)		(0.37	)		(0.37	)
Year Ended March 31, 2016	$	11.27		0.42			0.02			0.44			(0.42	)		(0.42	)
Institutional Shares
June 29, 2020 (e) through September 30, 2020 (unaudited)	$	11.35		0.07	(f)		0.09			0.16			(0.07	)		(0.07	)
Class A shares
Six Months Ended September 30, 2020 (unaudited)	$	11.16		0.12	(f)		0.27			0.39			(0.12	)		(0.12	)
Year Ended March 31, 2020	$	11.06		0.27	(f)		0.10			0.37			(0.27	)		(0.27	)
Year Ended March 31, 2019	$	10.91		0.32			0.15			0.47			(0.32	)		(0.32	)
Year Ended March 31, 2018	$	10.91		0.34			—	(g)		0.34			(0.34	)		(0.34	)
Year Ended March 31, 2017	$	11.28		0.35			(0.37	)		(0.02	)		(0.35	)		(0.35	)
Year Ended March 31, 2016	$	11.26		0.39			0.02			0.41			(0.39	)		(0.39	)

									Ratios to Average Net Assets									Supplemental Data
	Redemption fees added to beneficial interests			Net Asset Value, End of Period		Total Return (Excludes Sales *Charges)(a)**			Net Expenses^(b)(c)**			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(d)
USAA California Bond Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)		—		$	11.44		3.67	%		0.56	%		2.43	%		0.56	%	$	658,802		5	%
Year Ended March 31, 2020		—		$	11.17		3.62	%		0.53	%		2.66	%		0.53	%	$	677,785		33	%
Year Ended March 31, 2019		—		$	11.07		4.61	%		0.52	%		3.15	%		0.52	%	$	691,391		18	%
Year Ended March 31, 2018		—		$	10.92		3.37	%		0.51	%		3.32	%		0.51	%	$	674,498		6	%
Year Ended March 31, 2017		—		$	10.92		0.01	%		0.51	%		3.34	%		0.51	%	$	669,435		26	%
Year Ended March 31, 2016		—		$	11.29		3.98	%		0.56	%		3.74	%		0.56	%	$	698,731		9	%
Institutional Shares
June 29, 2020 (e) through September 30, 2020 (unaudited)		—		$	11.44		1.42	%		0.50	%		2.44	%		1.59	%	$	1,343		5	%
Class A shares
Six Months Ended September 30, 2020 (unaudited)		—		$	11.43		3.54	%		0.82	%		2.16	%		0.86	%	$	6,581		5	%
Year Ended March 31, 2020		—		$	11.16		3.36	%		0.78	%		2.41	%		0.78	%	$	6,381		33	%
Year Ended March 31, 2019		—		$	11.06		4.37	%		0.76	%		2.92	%		0.76	%	$	7,005		18	%
Year Ended March 31, 2018		—		$	10.91		3.12	%		0.75	%		3.08	%		0.75	%	$	6,985		6	%
Year Ended March 31, 2017		—	(g)	$	10.91		(0.24	)%		0.75	%		3.09	%		0.75	%	$	7,083		26	%
Year Ended March 31, 2016		—		$	11.28		3.73	%		0.80	%		3.49	%		0.80	%	$	8,303		9	%

(c) Reflects total annual operating expenses for reductions of expenses paid indirectly for the March 31 fiscal years ended 2017 and 2016. Expenses paid indirectly decreased the expense ratio for each of these respective years by less than 0.01%.

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e) Commencement of operations.

(f) Per share net investment income (loss) has been calculated using the average daily shares method.

(g) Amount is less than $0.005 per share.

1. Organization:

USAA Mutual Funds Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end investment company. The Trust is comprised of 47 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.

The accompanying financial statements are those of the USAA California Bond Fund (the "Fund"). The Fund offers three classes of shares: Fund Shares, Institutional Shares and Class A shares. The Fund is classified as diversified under the 1940 Act.

Effective June 29, 2020, the Fund's Institutional Shares commenced operations and the Adviser Shares were redesignated Class A shares and became subject to a front-end sales charge.

Each class of shares of the Fund has substantially identical rights and privileges except with respect to fees paid under distribution plans, expenses allocable exclusively to each class of shares, voting rights on matters solely affecting a single class of shares, and the exchange privilege of each class of shares.

Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the Fund expects that risk of loss to be remote.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

Investment Valuation:

The Fund records investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Fund's investments are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The inputs or methodologies used for valuation techniques are not necessarily an indication of the risk associated with entering into those investments.

The Adviser has established the Pricing and Liquidity Committee (the "Committee"), and subject to the Trust's Board of Trustees (the "Board") oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

Debt securities of United States ("U.S.") issuers, along with corporate and municipal securities, including short-term investments maturing in 60 days or less, may be valued using evaluated bid or the last sales price to price securities by dealers or an independent pricing service approved by the Board. These valuations are typically categorized as Level 2 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, are not reflective of market value, or a significant event has been recognized in relation to a security or class of securities, the securities are valued in good faith by the Committee in accordance with valuation procedures approved by the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's net asset value ("NAV") to be more reliable than it otherwise would be.

A summary of the valuations as of September 30, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed in the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	686,172	$	—	$	686,172
Total	$	—	$	686,172	$	—	$	686,172

For the six months ended September 30, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

The Fund may purchase securities on a delayed-delivery or when-issued basis. Delivery and payment for securities that have been purchased by the Fund on a delayed-delivery, or when-issued basis, or for delayed draws on loans can take place a month or more after the trade date. At the time the Fund makes the commitment to purchase a security on a delayed-delivery or when-issued basis, the Fund records the transaction and reflects the value of the security in determining NAV. No interest accrues to the Fund until the transaction settles and payment takes place. A segregated account is established and the Fund maintains cash and/or marketable securities at least equal in value to commitments for delayed-delivery or when-issued securities. If the Fund owns delayed-delivery or when-issued securities, these values are included in Payable for investments purchased on the accompanying Statement of Assets and Liabilities and the segregated assets are identified on the Schedule of Portfolio Investments.

Municipal Obligations:

The values of municipal obligations can fluctuate and may be affected by adverse tax, legislative, or political changes, and by financial developments affecting municipal issuers. Payment of municipal obligations may depend on a relatively limited source of revenue, resulting in greater credit risk. Future changes in federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations.

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date on the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discount. Gains or losses realized on sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

Federal Income Taxes:

It is the Fund's policy to continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized gains sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes is required in the financial statements. The Fund has a tax year end of March 31.

Management of the Fund has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax years, which includes the current fiscal tax year end). Management believes that there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

Allocations:

Expenses directly attributable to the Fund are charged to the Fund, while expenses that are attributable to more than one fund in the Trust, or jointly with an affiliated trust, are allocated among the respective funds in the Trust and/or affiliated trust based upon net assets or another appropriate basis.

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, 12b-1 fees, and printing fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

Cross-Trade Transactions:

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in cross-trades, which are securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. For the six months ended September 30, 2020, the Fund engaged in the following securities transactions with affiliated funds, which resulted in the following net realized gains (losses) (amounts in thousands):

Purchases				Sales				Net Realized Gains (Losses)
$	16,825			$	15,625			$	—

Fees Paid Indirectly:

Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, as applicable, as Fees paid indirectly.

3. Purchases and Sales:

Cost of purchases and proceeds from sales/maturities of securities (excluding securities maturing less than one year from acquisition) for the six months ended September 30, 2020, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	49,722	$	33,456

There were no purchases and sales of U.S. government securities during the six months ended September 30, 2020.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly-owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly-owned direct subsidiary of Victory Capital Operating, LLC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rates of 0.50% of the first $50 million of the Fund's average daily net assets, 0.40% of that portion of average daily net assets over $50 million but not over $100 million, and 0.30% of that portion of the Fund's average daily net assets over $100 million. Amounts incurred and paid to VCM for the six months ended September 30, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

Effective July 1, 2019, no performance adjustments were made for the periods beginning July 1, 2019 through June 30, 2020. Only performance beginning as of July 1, 2019, and thereafter is utilized in calculating future performance adjustments.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing each class' performance to that of the Lipper California Municipal Debt Funds Index. The Lipper California Municipal Debt Funds Index tracks the total return performance of funds within the Lipper California Municipal Debt Funds category.

The performance period for each share class consists of the current month plus the previous 35 months (or the number of months beginning July 1, 2019, if fewer). The following table is utilized to determine the extent of the performance adjustment:

Over/Under Performance Relative to Index (in basis points)(a)	Annual Adjustment Rate (in basis points)(a)
+/- 20 to 50		+/- 4
+/- 51 to 100		+/- 5
+/- 101 and greater		+/- 6

(a) Based on the difference between average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point. Average daily net assets of the share class are calculated over a rolling 36-month period.

Each class' annual performance adjustment rate is multiplied by the average daily net assets of the class over the entire performance period, which is then multiplied by a fraction, the numerator of which is the number of days in the month and the denominator of which is 365 (366 in leap years). The resulting amount is then added to (in the case of overperformance), or subtracted from (in the case of underperformance) the base fee.

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper California Municipal Debt Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period July 1, 2020, to September 30, 2020, performance adjustments for Fund Shares, Institutional Shares, and Class A shares were $93, less than $1, and $1 thousand, respectively. For the Fund Shares, Institutional Shares, and Class A shares, the performance adjustments were 0.02%, less than 0.01%, and 0.02% of average daily net assets, respectively.

shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the six months ended September 30, 2020, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.15% of average daily net assets of the Fund Shares, and Class A shares, 0.10% of average daily net assets of the Institutional Shares, respectively. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Administration fees.

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensates the Adviser for these services. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Compliance fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for all of their reasonable out-of- pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds, under the Fund Administration, Servicing, and Accounting Agreement. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), provides transfer agency services to the Fund. VCTA, an affiliate of the Adviser, provides transfer agent services to the Fund Shares based on an annual charge of $25.50 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent's fees for Institutional Shares and Class A shares are paid monthly based on a fee accrued daily at an annualized rate of 0.10%, of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended September 30, 2020, are reflected on the Statement of Operations as Transfer Agent fees.

FIS Investor Services LLC serves as sub-transfer agent and dividend disbursing agent for the Fund pursuant to a Sub-Transfer Agent agreement between VCTA and FIS Investor Services LLC. VCTA provides FIS Investor Services LLC a fee for providing these services.

Distributor/Underwriting Services:

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Advisers, Inc. Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% of the average daily net assets of the Class A shares. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A shares. Amounts incurred and paid to the Distributor for the six months ended September 30, 2020, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commission on sales of the Class A shares of the Fund.

For the six months ended September 30, 2020, the Distributor didn't receive any commissions.

Other Fees:

Citibank serves as the Fund's custodian.

K&L Gates LLP provides legal services to the Trust.

Under this expense limitation agreement, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of September 30, 2020, the following amounts were available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at September 30, 2020.

Expires 3/31/24
$	3

The Adviser, may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not available to be recouped at a future time. There were no voluntary waivers or reimbursements for the six months ended September 30, 2020.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

Global economies and financial markets are increasingly interconnected, which increases the possibilities that conditions in one country or region might adversely affect issuers in another country or region. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as the coronavirus (or COVID-19), may result in, among other things, closing borders, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may be short-term or may last for extended periods.

amendments and waivers of agreements to avoid default and increased defaults: (3) volatility and disruption of markets, including greater volatility in pricing and spreads; and (4) rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general.

The fixed-income securities in the Fund's portfolio are subject to credit risk, which is the possibility that an issuer of a fixed-income security will fail to make timely interest and/or 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 the very speculative, have some degree of credit risk.

The value of a debt security or other income-producing security changes in response to various factors, including, for example, market-related factors (such as changes in interest rates or changes in the risk appetite of investors generally) and changes in the actual or perceived ability of the issuer (or of issuers generally) to meet its (or their) obligations.

Other factors that may affect the value of debt securities, include, among others, public health crises and responses by governments and companies to such crises. These and other events may affect the creditworthiness of the issuer of a debt security and may impair an issuers ability to timely meet its debt obligations as they come due.

The Fund is subject to the risk that the market value of the bonds in its portfolio will fluctuate because of changes in interest rates, changes in the supply of and demand for tax-exempt securities, and other market factors. Bond prices generally are linked to the prevailing market interest rates. In general, when interest rates rise, bond prices fall; conversely, when interest rates fall, bond prices rise. The price volatility of a bond also depends on its duration. Generally, the longer the duration of a bond, the greater is its sensitivity to interest rates. To compensate investors for this higher interest rate risk, bonds with longer durations generally offer higher yields than bonds with shorter durations. The ability of an issuer of a debt security to repay principal prior to a security's maturity can increase the security's sensitivity to interest rate changes.

Decisions by the U.S. Federal Reserve (also known as the "Fed") regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. As a result, the value of fixed-income securities may vary widely under certain market conditions.

6. Borrowing and Interfund Lending:

Line of Credit:

For the six months ended September 30, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020, with a termination date of June 28, 2021. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, (herein, the "Fund"), another series of the Victory Funds Complex, with that Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the six months ended September 30, 2020, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee.

Interest charged to each Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2020.

Interfund Lending:

The Trust and Adviser rely on an exemptive order granted by the SEC in March 2017 (the "Order"), permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other Fund in the Victory Funds Complex relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are allowed for temporary or emergency purposes. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. As a Borrower, interest charged to the Fund, if any, during the period is reflected on the Statement of Operations under Interfund lending fees. As a Lender, interest earned by the Fund, if any, during the period is reflected on the Statement of Operations under Income on Interfund lending.

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2020.

7. Federal Income Tax Information:

The Fund intends to declare daily and distribute any net investment income monthly. Distributable net realized gains, if any, are declared and paid at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification,), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings (deficit) will be determined at the end of the current tax year ending March 31, 2021.

During the most recent tax year ended March 31, 2020, the Fund had net capital loss carryforwards as shown in the table below (amounts in thousands). It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used.

Short-Term Amount				Long-Term Amount				Total
$	34			$	3,952			$	3,986

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information regarding the policies and procedures the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling (800) 539-3863. The information is also included in the Fund's Statement of Additional Information, which is available on the SEC's website at www.sec.gov.

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

The Trust files a complete list of Schedules of Portfolio Investments with the SEC for the first and third quarter of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's website at www.sec.gov.

Expense Examples

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases; and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020, through September 30, 2020 (unless noted otherwise).

The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs. If these transactional costs were included, your costs would have been higher.

	Beginning Account Value 4/1/20		Actual Ending Account Value 9/30/20		Hypothetical Ending Account Value 9/30/20		Actual Expenses Paid During Period 4/1/20- 9/30/20*		Hypothetical Expenses Paid During Period 4/1/20- 9/30/20*		Annualized Expense Ratio During Period 4/1/20- 9/30/20
Fund Shares	$	1,000.00	$	1,036.70	$	1,022.26	$	2.86	$	2.84		0.56	%
Institutional Shares**		1,000.00		1,014.20		1,022.56		1.28		2.54		0.50	%
Class A shares		1,000.00		1,035.40		1,020.96		4.18		4.15		0.82	%

* Expenses are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 183/365 (the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year).

** Actual Expenses Paid are equal to the average account value multiplied by the Fund's annualized expense ratio multiplied by 93/365 to reflect the stub period from commencement of operations June 29, 2020 through September 30, 2020.

Liquidity Risk Management Program:

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Funds' Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital Management Inc. ("Victory Capital"), as the administrator of the LRMP. At an in-person meeting held on February 26, 2020, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year.

Victory Capital manages liquidity risks associated with the Fund's investments by monitoring, among other things, cash and cash equivalents, any use of derivatives, the concentration of investments, the appropriateness of the Fund's investment strategy, and by classifying every fund investment as either highly liquid, moderately liquid, less liquid or illiquid on at least a monthly basis. To assist with the classification of Fund investments, Victory Capital has retained a third-party provider of liquidity evaluation services. This provider determines preliminary liquidity classifications for all portfolio holdings based upon portfolio-level data and certain assumptions provided by Victory Capital. Victory Capital reviews the preliminary liquidity classifications, and, when appropriate, considers other information including input from the Fund's portfolio managers (including the portfolio managers employed by any investment sub-advisers) in determining final liquidity classifications.

The report from Victory Capital concluded that the Fund did not experience any significant liquidity challenges during the covered period, and the Fund's LRMP is reasonably designed to assess and manage its liquidity risk. The report also concluded that the LRMP continues to operate adequately and effectively to enable Victory Capital to oversee and manage liquidity risk and ensure the Fund is able to meet redemption requests without significant dilution to the remaining investors' interest in the Fund. During the review period, the Fund's portfolio consisted primarily of highly liquid investments, which are defined as cash and any investments reasonably expected to be converted to cash in current market conditions in three business days or less without significantly changing the market value of the investment. Therefore, the Fund has not adopted a Highly Liquid Investment Minimum. The Fund's investments were below the limitation on illiquid investments during the review period. Additionally, Victory Capital indicated that no events occurred that would require the filing of Form N-LIQUID and recommended no material changes to the LRMP.

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					2
Financial Statements
Schedule of Portfolio Investments					4
Statement of Assets and Liabilities					13
Statement of Operations					14
Statements of Changes in Net Assets					15
Financial Highlights					16
Notes to Financial Statements					18
Supplemental Information (Unaudited)					26
Proxy Voting and Portfolio Holdings Information					26
Expense Examples					26
Liquidity Risk Management Program					28
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

Security Description	Shares		Value
Common Stocks (99.5%)
Australia (1.7%):
Financials (0.5%):
ASX Ltd.		3,543	$	207
Medibank Pvt. Ltd.		106,675		192
				399
Industrials (0.1%):
Brambles Ltd.		13,726		104
Materials (0.7%):
BHP Group Ltd.		20,630		533
Utilities (0.4%):
AGL Energy Ltd.		26,385		258
				1,294
Belgium (0.1%):
Communication Services (0.1%):
Telenet Group Holding NV		1,964		76
Bermuda (0.1%):
Industrials (0.1%):
Jardine Matheson Holdings Ltd.		2,000		80
Canada (3.8%):
Communication Services (0.1%):
Shaw Communications, Inc. Class B		4,080		74
Consumer Discretionary (0.5%):
Dollarama, Inc.		3,730		143
Magna International, Inc.		5,571		255
				398
Consumer Staples (0.3%):
Metro, Inc.		4,503		216
Energy (0.3%):
Canadian Natural Resources Ltd.		16,906		271
Financials (1.5%):
Bank of Montreal		5,065		296
Intact Financial Corp.		747		80
Manulife Financial Corp.		13,254		185
Sun Life Financial, Inc.		3,000		122
The Bank of Nova Scotia (a)		4,500		187
The Toronto-Dominion Bank		5,611		260
				1,130
Industrials (0.2%):
Thomson Reuters Corp.		1,824		146
Information Technology (0.3%):
Constellation Software, Inc.		178		198

Security Description	Shares		Value
Materials (0.6%):
Aginco Eagle Mines Ltd.		2,359	$	188
Franco-Nevada Corp.		517		72
Wheaton Precious Metals Corp.		3,897		191
				451
				2,884
Denmark (1.9%):
Consumer Discretionary (0.3%):
Pandora A/S		3,297		238
Health Care (1.0%):
Coloplast A/S Class B		2,277		361
Novo Nordisk A/S Class B		5,850		405
				766
Materials (0.3%):
Christian Hansen Holding A/S		1,667		185
Utilities (0.3%):
Orsted A/S (b)		1,580		218
				1,407
Finland (0.6%):
Communication Services (0.4%):
Elisa Oyj		5,253		309
Industrials (0.1%):
Kone Oyj Class B		1,029		90
Utilities (0.1%):
Fortum Oyj		3,671		74
				473
France (0.6%):
Consumer Discretionary (0.3%):
Hermes International		224		193
Consumer Staples (0.2%):
L'Oreal SA		585		190
Health Care (0.1%):
Sanofi		759		76
				459
Germany (1.8%):
Financials (1.5%):
Allianz SE		3,962		760
Deutsche Boerse AG		1,412		248
Muenchener Rueckversicherungs-Gesellschaft AG Class R		492		125
				1,133
Information Technology (0.3%):
SAP SE		1,304		203
				1,336

Security Description	Shares		Value
Hong Kong (1.4%):
Financials (0.9%):
BOC Hong Kong Holdings Ltd.		111,500	$	296
Hang Seng Bank Ltd.		17,300		256
Hong Kong Exchanges & Clearing Ltd.		2,700		127
				679
Utilities (0.5%):
CLP Holdings Ltd.		15,500		145
Power Assets Holdings Ltd.		37,000		195
				340
				1,019
Ireland (1.1%):
Health Care (0.2%):
STERIS PLC		800		141
Industrials (0.5%):
Eaton Corp. PLC		3,637		371
Information Technology (0.4%):
Seagate Technology PLC		5,991		295
				807
Italy (0.6%):
Utilities (0.6%):
Enel SpA		25,013		217
Terna Rete Elettrica Nazionale SpA		39,286		275
				492
Japan (7.3%):
Communication Services (2.2%):
KDDI Corp.		14,400		362
Nintendo Co. Ltd.		100		57
Nippon Telegraph & Telephone Corp.		19,200		392
NTT DOCOMO, Inc.		22,800		838
				1,649
Consumer Discretionary (1.3%):
Bridgestone Corp.		6,700		212
Sekisui House Ltd.		11,700		207
Toyota Motor Corp.		8,600		571
				990
Consumer Staples (0.6%):
Pigeon Corp.		3,400		152
Seven & i Holdings Co. Ltd.		8,600		267
				419
Financials (1.3%):
ORIX Corp.		9,100		114
Resona Holdings, Inc.		29,800		101

Security Description	Shares		Value
Sumitomo Mitsui Financial Group, Inc.		10,000	$	280
Tokio Marine Holdings, Inc.		10,600		464
				959
Health Care (0.6%):
Chugai Pharmaceutical Co. Ltd.		2,100		94
Hoya Corp.		1,200		136
Shionogi & Co. Ltd.		4,800		257
				487
Industrials (0.4%):
ITOCHU Corp.		10,600		271
Information Technology (0.4%):
Fujitsu Ltd.		1,300		178
Nomura Research Institute Ltd.		5,100		150
				328
Materials (0.3%):
Asahi Kasei Corp.		24,400		213
Utilities (0.2%):
Chubu Electric Power Co., Inc.		12,300		149
				5,465
Netherlands (2.6%):
Communication Services (0.2%):
Koninklijke KPN NV		75,861		178
Consumer Staples (1.9%):
Heineken NV		2,918		260
Koninklijke Ahold Delhaize NV		14,985		443
Unilever NV		11,764		714
				1,417
Industrials (0.4%):
Wolters Kluwer NV		3,057		261
Information Technology (0.1%):
ASML Holding NV		206		76
				1,932
Norway (0.3%):
Energy (0.3%):
Equinor ASA (a)		14,531		206
Portugal (0.1%):
Utilities (0.1%):
Energias de Portugal SA		14,919		73
Singapore (1.0%):
Financials (1.0%):
DBS Group Holdings Ltd.		24,500		360
Oversea-Chinese Banking Corp. Ltd.		14,700		92

Security Description	Shares		Value
Singapore Exchange Ltd.		32,900	$	222
United Overseas Bank Ltd.		6,400		90
				764
Spain (1.0%):
Energy (0.1%):
Enagas SA		3,003		70
Utilities (0.9%):
Endesa SA		9,299		249
Iberdrola SA		9,360		115
Red Electrica Corp. SA		17,395		326
				690
				760
Switzerland (5.0%):
Consumer Discretionary (0.3%):
Garmin Ltd.		2,493		237
Financials (0.9%):
Banque Cantonale Vaudoise Registered Shares		1,729		175
Partners Group Holding AG		96		88
Zurich Insurance Group AG		1,226		428
				691
Health Care (2.4%):
Lonza Group AG Registered Shares		158		97
Novartis AG Registered Shares		8,016		696
Roche Holding AG		2,985		1,023
				1,816
Industrials (1.0%):
ABB Ltd. Registered Shares		6,186		157
Geberit AG Registered Shares		660		391
SGS SA Registered Shares		58		155
				703
Materials (0.4%):
EMS-Chemie Holding AG		88		79
Givaudan SA Registered Shares		18		78
LafargeHolcim Ltd.		2,542		116
				273
				3,720
United Kingdom (2.9%):
Consumer Discretionary (0.1%):
Barratt Developments PLC		15,503		95
Consumer Staples (0.1%):
Wm Morrison Supermarkets PLC		30,049		66

Security Description	Shares		Value
Financials (0.8%):
Aon PLC Class A		2,493	$	514
Legal & General Group PLC		36,269		89
				603
Health Care (0.1%):
Smith & Nephew PLC		5,733		112
Industrials (0.8%):
Ferguson PLC		1,922		193
Intertek Group PLC		2,263		185
RELX PLC		8,774		195
				573
Information Technology (0.3%):
The Sage Group PLC		20,416		190
Materials (0.5%):
Rio Tinto PLC		6,842		412
Utilities (0.2%):
United Utilities Group PLC		12,487		138
				2,189
United States (65.6%):
Communication Services (2.0%):
Activision Blizzard, Inc.		999		81
Comcast Corp. Class A		2,900		134
Omnicom Group, Inc.		6,795		336
The Interpublic Group of Cos., Inc.		5,500		92
Verizon Communications, Inc.		14,022		834
				1,477
Consumer Discretionary (5.6%):
Best Buy Co., Inc.		7,093		789
D.R. Horton, Inc.		2,925		221
Genuine Parts Co.		1,200		114
Lowe's Cos., Inc.		4,514		749
McDonald's Corp.		930		204
Starbucks Corp.		1,909		164
Target Corp.		3,872		610
The Home Depot, Inc.		4,327		1,202
Tractor Supply Co.		999		143
				4,196
Consumer Staples (7.6%):
Campbell Soup Co.		3,100		150
Church & Dwight Co., Inc.		1,700		159
Colgate-Palmolive Co.		3,883		300
General Mills, Inc.		8,686		536
Kimberly-Clark Corp.		4,452		657
Philip Morris International, Inc.		6,564		492
Sysco Corp.		5,985		372

Security Description	Shares		Value
The Clorox Co.		2,585	$	543
The Hershey Co.		1,176		169
The Kroger Co.		9,554		324
The Procter & Gamble Co.		8,380		1,165
Tyson Foods, Inc. Class A		3,679		219
Walmart, Inc.		4,347		608
				5,694
Energy (1.9%):
Cabot Oil & Gas Corp.		27,330		475
Chevron Corp.		2,601		187
HollyFrontier Corp.		9,500		187
Phillips 66		8,206		426
Pioneer Natural Resources Co.		1,864		160
				1,435
Financials (8.3%):
Aflac, Inc.		3,700		135
Ameriprise Financial, Inc.		2,265		349
Bank of America Corp.		29,108		701
Citizens Financial Group, Inc.		3,500		88
Erie Indemnity Co. Class A		1,925		405
Fifth Third Bancorp		5,000		107
Huntington Bancshares, Inc.		16,567		152
KeyCorp		30,965		369
M&T Bank Corp.		2,346		216
MarketAxess Holdings, Inc.		744		358
MetLife, Inc.		11,210		417
MSCI, Inc.		508		181
Regions Financial Corp.		31,238		360
S&P Global, Inc.		1,194		431
State Street Corp.		1,089		65
T. Rowe Price Group, Inc.		3,535		453
The Allstate Corp.		4,640		437
The PNC Financial Services Group, Inc.		2,500		275
The Progressive Corp.		6,276		594
The Travelers Cos., Inc.		1,000		108
				6,201
Health Care (8.9%):
Abbott Laboratories		2,500		272
AmerisourceBergen Corp.		2,416		234
Amgen, Inc.		3,674		934
Anthem, Inc.		951		255
Bristol-Myers Squibb Co.		4,940		298
Cardinal Health, Inc.		3,180		149
Danaher Corp.		1,200		258
Eli Lilly & Co.		3,992		591
Johnson & Johnson		6,287		936
McKesson Corp.		992		148
Medtronic PLC		1,900		197

Security Description	Shares		Value
Pfizer, Inc.		19,888	$	730
Quest Diagnostics, Inc.		1,912		219
Stryker Corp.		700		146
UnitedHealth Group, Inc.		3,596		1,121
Zoetis, Inc.		1,249		207
				6,695
Industrials (7.4%):
3M Co.		3,648		584
C.H. Robinson Worldwide, Inc.		1,500		153
Cummins, Inc.		2,806		593
Dover Corp.		1,500		162
Honeywell International, Inc.		4,980		820
Illinois Tool Works, Inc.		1,208		233
Lockheed Martin Corp.		1,372		526
Norfolk Southern Corp.		419		90
Northrop Grumman Corp.		334		105
PACCAR, Inc.		4,744		405
Parker-Hannifin Corp.		700		142
Republic Services, Inc.		1,400		131
Rockwell Automation, Inc.		2,162		477
Rollins, Inc.		3,470		188
Snap-on, Inc.		700		103
Trane Technologies PLC		2,322		282
Union Pacific Corp.		1,609		317
W.W. Grainger, Inc.		384		137
Waste Management, Inc.		1,100		124
				5,572
Information Technology (17.1%):
Apple, Inc.		33,685		3,901
Applied Materials, Inc.		3,459		206
Broadcom, Inc.		232		85
Cisco Systems, Inc.		18,241		718
Citrix Systems, Inc.		2,447		337
Intel Corp.		22,131		1,146
Intuit, Inc.		484		158
Juniper Networks, Inc.		4,700		101
KLA Corp.		1,000		194
Lam Research Corp.		1,091		362
Mastercard, Inc. Class A		922		312
Microsoft Corp.		6,813		1,433
NetApp, Inc.		11,588		508
NVIDIA Corp.		1,887		1,021
Oracle Corp.		11,131		664
Paychex, Inc.		3,100		247
Texas Instruments, Inc.		5,638		805
Visa, Inc. Class A		3,026		605
				12,803

Security Description	Shares		Value
Materials (2.1%):
Air Products & Chemicals, Inc.		715	$	213
Celanese Corp.		2,318		249
Packaging Corp. of America		5,292		577
PPG Industries, Inc.		1,600		196
RPM International, Inc.		2,429		201
Steel Dynamics, Inc.		3,669		105
				1,541
Utilities (4.7%):
American Electric Power Co., Inc.		1,400		114
American Water Works Co., Inc.		2,023		293
Duke Energy Corp.		5,706		505
Eversource Energy		5,131		429
Exelon Corp.		9,737		348
OGE Energy Corp.		10,373		311
The Southern Co.		2,200		119
UGI Corp.		7,856		259
WEC Energy Group, Inc.		5,445		528
Xcel Energy, Inc.		9,545		659
				3,565
				49,179
Total Common Stocks (Cost $66,622)				74,615
Collateral for Securities Loaned^ (0.5%)
United States (0.5%):
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (c)		199,560		200
HSBC U.S. Government Money Market Fund I Shares, 0.03% (c)		209,021		209
Total Collateral for Securities Loaned (Cost $409)				409
Total Investments (Cost $67,031) — 100.0%				75,024
Liabilities in excess of other assets — 0.0%				(24	)
NET ASSETS — 100.00%			$	75,000

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of September 30, 2020, the fair value of these securities was $218 (thousands) and amounted to 0.3% of net assets.

PLC — Public Limited Company

	USAA Global Equity Income Fund
Assets:
Investments, at value (Cost $67,031)	$	75,024	(a)
Foreign currency, at value (Cost $15)		15
Cash and cash equivalents		132
Receivables:
Interest and dividends		143
Capital shares issued		2
Reclaims		187
From Adviser		28
Prepaid expenses		—	(b)
Total Assets		75,531
Liabilities:
Payables:
Collateral received on loaned securities		409
Capital shares redeemed		16
Accrued expenses and other payables:
Investment advisory fees		34
Administration fees		9
Transfer agent fees		12
Trustees' fees		1
Other accrued expenses		50
Total Liabilities		531
Net Assets:
Capital		69,470
Total accumulated earnings/(loss)		5,530
Net Assets	$	75,000
Net Assets
Fund Shares	$	69,838
Institutional Shares		5,162
Total	$	75,000
Shares (unlimited number of shares authorized with no par value):
Fund Shares		6,772
Institutional Shares		500
Total		7,272
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	10.31
Institutional Shares	$	10.32

(a) Includes $389 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Global Equity Income Fund
Investment Income:
Dividends	$	1,152
Securities lending (net of fees)		3
Foreign tax withholding		(64	)
Total Income		1,091
Expenses:
Investment advisory fees		191
Administration fees — Fund Shares		51
Administration fees — Institutional Shares		2
Sub-Administration fees		10
Custodian fees		13
Transfer agent fees — Fund Shares		57
Transfer agent fees — Institutional Shares		2
Trustees' fees		24
Compliance fees		—	(a)
Legal and audit fees		49
State registration and filing fees		22
Other expenses		20
Total Expenses		441
Expenses waived/reimbursed by Adviser		(69	)
Net Expenses		372
Net Investment Income (Loss)		719
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency translations		(2,222	)
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		16,665
Net realized/unrealized gains (losses) on investments		14,443
Change in net assets resulting from operations	$	15,162

(a) Rounds to less than $1 thousand.

	USAA Global Equity Income Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	719		$	1,871
Net realized gains (losses) from investments		(2,222	)		4,817
Net change in unrealized appreciation/depreciation on investments		16,665			(17,160	)
Change in net assets resulting from operations		15,162			(10,472	)
Distributions to Shareholders:
Fund Shares		(758	)		(5,419	)
Institutional Shares		(58	)		(391	)
Change in net assets resulting from distributions to shareholders		(816	)		(5,810	)
Change in net assets resulting from capital transactions		(4,052	)		641
Change in net assets		10,294			(15,641	)
Net Assets:
Beginning of period		64,706			80,347
End of period	$	75,000		$	64,706
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	2,752		$	10,388
Distributions reinvested		616			4,427
Cost of shares redeemed		(7,420	)		(14,174	)
Total Fund Shares	$	(4,052	)	$	641
Institutional Shares
Proceeds from shares issued		—			—
Distributions reinvested		—			—
Cost of shares redeemed		—			—
Total Institutional Shares		—			—
Change in net assets resulting from capital transactions	$	(4,052	)	$	641
Share Transactions:
Fund Shares
Issued		285			993
Reinvested		63			415
Redeemed		(760	)		(1,368	)
Total Fund Shares		(412	)		40
Institutional Shares
Issued		—			—
Reinvested		—			—
Redeemed		—			—
Total Institutional Shares		—			—
Change in Shares		(412	)		40

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investments
USAA Global Equity Income Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)	$	8.42		0.10	(d)		1.90			2.00			(0.11	)		—
Year Ended March 31, 2020	$	10.51		0.24	(d)		(1.57	)		(1.33	)		(0.22	)		(0.54	)
Year Ended March 31, 2019	$	10.88		0.27			0.06			0.33			(0.27	)		(0.43	)
Year Ended March 31, 2018	$	10.42		0.23			0.54			0.77			(0.23	)		(0.08	)
Year Ended March 31, 2017	$	9.39		0.21			1.03			1.24			(0.21	)		—
August 7, 2015 (f) through March 31, 2016	$	10.00		0.14	(d)		(0.68	)		(0.54	)		(0.07	)		—
Institutional Shares
Six Months Ended September 30, 2020 (unaudited)	$	8.43		0.10	(d)		1.91			2.01			(0.12	)		—
Year Ended March 31, 2020	$	10.52		0.25	(d)		(1.56	)		(1.31	)		(0.24	)		(0.54	)
Year Ended March 31, 2019	$	10.89		0.27			0.07			0.34			(0.28	)		(0.43	)
Year Ended March 31, 2018	$	10.43		0.23			0.54			0.77			(0.23	)		(0.08	)
Year Ended March 31, 2017	$	9.39		0.23			1.02			1.25			(0.21	)		—
August 7, 2015 (f) through March 31, 2016	$	10.00		0.15	(d)		(0.68	)		(0.53	)		(0.08	)		—

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total *Return(a)**			Net Expenses^(b)**			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(c)
USAA Global Equity Income Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)		(0.11	)	$	10.31		23.84	%		1.02	%		1.96	%		1.19	%	$	69,838		28	%
Year Ended March 31, 2020		(0.76	)	$	8.42		(14.02	)%		1.00	%		2.30	%		1.14	%	$	60,491		109	%(h)
Year Ended March 31, 2019		(0.70	)	$	10.51		3.43	%		1.03	%(e)		2.56	%		1.10	%	$	75,086		15	%
Year Ended March 31, 2018		(0.31	)	$	10.88		7.41	%		1.05	%		2.17	%		1.05	%	$	96,101		22	%
Year Ended March 31, 2017		(0.21	)	$	10.42		13.33	%		1.20	%		2.28	%		1.26	%	$	85,830		22	%
August 7, 2015 (f) through March 31, 2016		(0.07	)	$	9.39		(5.35	)%		1.20	%		2.12	%		1.37	%	$	42,080		16	%
Institutional Shares
Six Months Ended September 30, 2020 (unaudited)		(0.12	)	$	10.32		23.87	%		0.92	%		2.06	%		1.46	%	$	5,162		28	%
Year Ended March 31, 2020		(0.78	)	$	8.43		(13.90	)%		0.90	%		2.40	%		1.51	%	$	4,215		109	%(h)
Year Ended March 31, 2019		(0.71	)	$	10.52		3.47	%		0.97	%(g)		2.58	%		1.22	%	$	5,261		15	%
Year Ended March 31, 2018		(0.31	)	$	10.89		7.35	%		1.10	%		2.14	%		1.29	%	$	5,447		22	%
Year Ended March 31, 2017		(0.21	)	$	10.43		13.49	%		1.10	%		2.40	%		1.55	%	$	5,214		22	%
August 7, 2015 (f) through March 31, 2016		(0.08	)	$	9.39		(5.32	)%		1.10	%		2.20	%		1.79	%	$	4,695		16	%

(e) Prior to August 1, 2018, USAA Asset Management Company ("AMCO") (previous Investment Adviser) voluntarily agreed to limit the annual expenses of the Fund Shares to 1.20% of the Fund Shares' average daily net assets.

(f) Commencement of operations.

(g) Prior to August 1, 2018, USAA Asset Management Company ("AMCO") (previous Investment Adviser) voluntarily agreed to limit the annual expenses of the Institutional Shares to 1.10% of the Institutional Shares' average daily net assets.

(h) Reflects increased trading activity due to current year transition or asset allocation shift.

1. Organization:

The accompanying financial statements are those of the USAA Global Equity Income Fund (the "Fund"). The Fund offers two classes of shares: Fund Shares and Institutional Shares. The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Portfolio securities listed or traded on securities exchanges, including exchange-traded funds ("ETFs"), American Depositary Receipts ("ADRs") and Rights, are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last

available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies are valued at net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, are not reflective of market value, or a significant event has been recognized in relation to a security or class of securities, the securities are valued in good faith by the Committee in accordance with valuation procedures approved by the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.

In accordance with procedures adopted by the Board, fair value pricing may be used if events materially affecting the value of foreign securities occur between the time the exchange on which they are traded closes and the time the Fund's NAV is calculated. The Fund uses a systematic valuation model, provided daily by an independent third party to fair value its international equity securities. These valuations are considered as Level 2 in the fair value hierarchy.

	Level 1		Level 2		Level 3		Total
Common Stocks	$	53,621	$	20,994	$	—	$	74,615
Collateral for Securities Loaned		409		—		—		409
Total	$	54,030	$	20,994	$	—	$	75,024

For the six months ended September 30, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

The Fund may invest in REITs, which report information on the source of their distributions annually. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests (such as mortgages). Certain distributions received from REITs during the year are recorded as realized gains or return of capital as estimated by the Fund or when such information becomes known.

Investment Companies:

Exchange-Traded Funds:

The Fund may invest in ETFs, the shares of which are bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. A Fund may purchase shares of an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity of an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Open-End Funds:

The Fund may invest in portfolios of open-end investment companies. These investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value by the methods established by the board of directors of the underlying funds.

Investment Transactions and Related Income:

Withholding taxes on interest, dividends and gains as a result of certain investments in ADRs by the Fund has been provided for in accordance with each investment's applicable country's tax rules and rates.

Securities Lending:

The Fund, through a securities lending agreement with Citibank, N.A. ("Citibank"), may lend its securities to qualified financial institutions, such as certain broker-dealers, to earn additional income, net of income retained by Citibank. Borrowers are required to secure their loans for collateral in the amount of at least 102% of the value of U.S. securities loaned or at least 105% of the value of non-U.S. securities loaned, marked-to-market daily. Any collateral shortfalls associated with increases in the valuation of the securities loaned are cured the next business day once the shortfall exceeds $100 thousand. Collateral may be cash, U.S. government securities, or other securities as permitted by SEC guidelines. Cash collateral may be invested in high-quality short-term investments, primarily open-end investment companies. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Risks relating to securities-lending transactions include that the borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower. The Fund's agreement with Citibank does not include master netting provisions. Non- cash collateral received by the Fund may not be sold or re-pledged except to satisfy borrower default. Cash collateral is listed on the Fund's Schedule of Portfolio of Investments and Financial Statements while non-cash collateral is not included. The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of September 30, 2020.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	389			$	—			$	409

Foreign Currency Translations:

The accounting records of the Fund are maintained in U.S. dollars. Investment securities and other assets and liabilities of the Fund denominated in a foreign currency are translated into U.S. dollars at current exchange rates. Purchases and sales of securities, income receipts, and expense payments are translated into U.S. dollars at the exchange rates on the date of the transactions. The Fund does not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are disclosed as net change in unrealized appreciation/depreciation on investments and foreign currency translations on the Statement of Operations. Any realized gains or losses from these fluctuations, including foreign currency arising from in-kind redemptions, are disclosed as net realized gains or losses from investment transactions and foreign currency translations on the Statement of Operations.

Foreign Taxes:

The Fund may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations and rates that exist in the foreign jurisdictions in which the Fund invests.

Federal Income Taxes:

Allocations:

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, and printing fees), and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets on the date income is earned or expenses and realized and unrealized gains and losses are incurred.

3. Purchases and Sales:

Excluding U.S. Government Securities
Purchases		Sales
$	20,543	$	24,478

There were no purchases and sales of U.S. government securities during the six months ended September 30, 2020.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly-owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly-owned direct subsidiary of Victory Capital Operating, LLC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rate of 0.50% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended September 30, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

Effective July 1, 2019, no performance adjustments were made for the periods beginning July 1, 2019, through June 30, 2020. Only performance beginning as of July 1, 2019, and thereafter is utilized in calculating future performance adjustments.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing each class' performance to that of the Lipper Global Equity Income Funds Index. The Lipper Global Equity Income Funds Index tracks the total return performance of funds within the Lipper Global Equity Income Funds category.

Over/Under Performance Relative to Index (in basis points)(a)	Annual Adjustment Rate (in basis points)(a)
+/- 100 to 400		+/- 4
+/- 401 to 700		+/- 5
+/- 701 and greater		+/- 6

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper Global Equity Income Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period July 1, 2020, to September 30, 2020, performance adjustments for Fund Shares and Institutional Shares were $8 and $1 thousand, respectively. For both Fund Shares and Institutional Shares, the performance adjustments were 0.02% of average daily net assets.

The Trust relies on an exemptive order granted to VCM and its affiliated funds by the SEC in March 2019 permitting the use of a "manager-of-managers" structure for certain funds. Under a manager-of-managers structure, the investment adviser may select (with approval of the Board and without shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the six months ended September 30, 2020, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.15% and 0.10% of average daily net assets of the Fund Shares and Institutional Shares, respectively. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Administration fees.

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and Victory Portfolios II (collectively, the "Victory Funds

Complex") in the aggregate, compensates the Adviser for these services. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Compliance fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for all of their reasonable out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds, under the Fund Administration, Servicing, and Accounting Agreement. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), provides transfer agency services to the Fund. VCTA, an affiliate of the Adviser, provides transfer agent services to the Fund Shares based on an annual charge of $23 per shareholder account plus out-of-pocket expenses. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Transfer agent's fees for Institutional Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.10% of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended September 30, 2020, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

Other Fees:

Citibank serves as the Fund's custodian.

K&L Gates LLP provides legal services to the Trust.

Expires 3/31/2023				Expires 3/31/2024
$	93			$	69

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

The COVID-19 pandemic, which has spread rapidly across the world, has led and will continue to lead for an unknown period of time to disruptions in local, regional, national and global markets and economies. Among other things, the outbreak has resulted in, and until fully resolved is likely to continue to result in, among other things (1) government imposition of various forms of "stay at home" orders and the closing of "non-essential" businesses, resulting in significant disruption to the businesses of many issuers as well as lay-offs of employees: (2) increased requests by issuers of debt instruments for amendments and waivers of agreements to avoid default and increased defaults: (3) volatility and disruption of markets, including greater volatility in pricing and spreads; and (4) rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general.

Overall stock market risks may affect the value of the Fund. Domestic and international factors such as political events, war, trade disputes, interest rate levels and other fiscal and monetary policy changes, pandemics and other public health crises, and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. The impact of these and other factors may be short-term or may last for extended periods.

The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected due to poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters, military confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or last for extended periods.

Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market.

6. Borrowing and Interfund Lending:

Line of Credit:

For the six months ended September 30, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020, with a termination date of June 28, 2021. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund (herein, the "Fund"), another series of the Victory Funds Complex, with that Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the six months ended September 30, 2020, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to each Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2020.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2020.

7. Federal Income Tax Information:

The Fund intends to declare and distribute any net investment income quarterly. Distributable net realized gains, if any, are declared and paid at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

At March 31, 2020, the Fund had no capital loss carryforwards, for federal income tax purposes.

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020, through September 30, 2020.

The Hypothetical Expense figures in the table below provide information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

	Beginning Account Value 4/1/20		Actual Ending Account Value 9/30/20		Hypothetical Ending Account Value 9/30/20		Actual Expenses Paid During Period 4/1/20- 9/30/20*		Hypothetical Expenses Paid During Period 4/1/20- 9/30/20*		Annualized Expense Ratio During Period 4/1/20- 9/30/20
Fund Shares	$	1,000.00	$	1,238.40	$	1,019.95	$	5.72	$	5.16		1.02	%
Institutional Shares		1,000.00		1,238.70		1,020.46		5.16		4.66		0.92	%

Liquidity Risk Management Program

The USAA Mutual Funds have adopted and implemented a written liquidity risk management program (the "LRMP") as required by Rule 22e-4 under the 1940 Act as amended. The LRMP is reasonably designed to assess and manage the Fund's liquidity risk, taking into consideration the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed market conditions; its short and long-term cash flow projections; and its cash holdings and access to other liquidity management tools such as available funding sources including the Victory Funds Complex Interfund Lending Facility and Line of Credit (discussed in the Notes to Financial Statements). The USAA Mutual Funds' Board of Trustees approved the appointment of the Fund's investment adviser, Victory Capital Management Inc. ("Victory Capital"), as the administrator of the LRMP. At an in-person meeting held on February 26, 2020, Victory Capital provided an oral and written report to the Trustees on the operation and effectiveness of the LRMP during the previous year.

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					2
Financial Statements
Schedule of Portfolio Investments					4
Statement of Assets and Liabilities					10
Statement of Operations					11
Statements of Changes in Net Assets					12
Financial Highlights					14
Notes to Financial Statements					16
Supplemental Information (Unaudited)					25
Proxy Voting and Portfolio Holdings Information					25
Expense Examples					25
Liquidity Risk Management Program					27
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

Security Description	Shares or Principal Amount		Value
Common Stocks (0.3%)
Utilities (0.3%):
CMS Liquidating Trust (a) (b)		200	$	501
Total Common Stocks (Cost $500)				501
Municipal Bonds (98.9%)
New York (94.1%):
Albany Capital Resource Corp. Revenue
6.00%, 11/15/25, Pre-refunded 11/15/20 @ 100	$	1,000		1,007
5.00%, 6/1/49, Continuously Callable @100		1,500		1,532
Albany County Airport Authority Revenue, Series A, 5.00%, 12/15/48, Continuously Callable @100		1,000		1,159
Brookhaven Local Development Corp. Revenue, 5.25%, 11/1/36, Continuously Callable @100		1,500		1,611
Buffalo & Erie County Industrial Land Development Corp. Revenue
6.00%, 10/1/31, Pre-refunded 4/1/21 @ 100		500		515
5.00%, 6/1/35, Continuously Callable @103		1,000		1,084
5.00%, 7/1/40, Continuously Callable @100		2,000		2,228
5.00%, 8/1/52, Continuously Callable @100		1,000		1,029
Build NYC Resource Corp. Revenue
5.00%, 6/1/40, Continuously Callable @100		700		791
5.00%, 8/1/40, Continuously Callable @100		1,000		1,123
5.00%, 7/1/41, Continuously Callable @100		500		534
5.00%, 8/1/42, Pre-refunded 8/1/22 @ 100		1,500		1,633
4.00%, 8/1/42, Continuously Callable @100		1,000		1,073
5.50%, 4/1/43, Continuously Callable @100		1,000		1,066
5.00%, 7/1/45, Continuously Callable @100		2,000		2,196
5.00%, 11/1/47		2,000		3,328
5.00%, 6/1/48, Continuously Callable @102		2,000		2,178
4.00%, 7/1/49, Continuously Callable @100		500		558
City of Elmira, GO, 5.00%, 7/1/35, Continuously Callable @100		1,575		1,796
City of New York, GO
0.36%, 10/1/46, Continuously Callable @100 (d)		3,300		3,300
Series D-1, 4.00%, 12/1/43, Continuously Callable @100 (e)		4,000		4,446
City of New York, GO(LOC — Mizuho Corporate Bank Ltd.), Series A-3, 0.13%, 10/1/40, Continuously Callable @100 (d)		700		700
City of Newburgh, GO
Series A, 5.00%, 6/15/23, Continuously Callable @100		825		888
Series A, 5.00%, 6/15/24, Continuously Callable @100		870		941
City of Poughkeepsie, GO, 5.00%, 6/1/31, Continuously Callable @100		600		632
City of Yonkers, GO (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 10/1/24, Continuously Callable @100		1,000		1,048
Series A, 3.00%, 7/1/25, Continuously Callable @100		665		708
County of Nassau, GO, Series A, 5.00%, 1/1/38, Continuously Callable @100		1,000		1,168
County of Nassau, GO (INS — Assured Guaranty Municipal Corp.), Series C, 5.00%, 4/1/38, Continuously Callable @100		1,000		1,094
County of Rockland, GO
3.75%, 10/1/25, Continuously Callable @100		1,265		1,267
Series B, 5.00%, 12/15/21		600		632

Security Description	Principal Amount		Value
County of Suffolk, GO, 5.00%, 3/19/21	$	2,000	$	2,018
Dutchess County Industrial Development Agency Revenue (INS — Assured Guaranty Corp.), 5.50%, 4/1/30, Pre-refunded 10/1/20 @ 100		1,000		1,000
Dutchess County Local Development Corp. Revenue
5.00%, 7/1/46, Continuously Callable @100		600		641
Series A, 5.00%, 7/1/44, Pre-refunded 7/1/24 @ 100		1,000		1,179
Series A, 5.00%, 7/1/45, Continuously Callable @100		2,000		2,233
Series B, 4.00%, 7/1/41, Continuously Callable @100		2,000		2,134
Series B, 4.00%, 7/1/49, Continuously Callable @100		1,750		1,884
Erie County Industrial Development Agency Revenue, Series A, 5.25%, 5/1/32, Continuously Callable @100		250		257
Hempstead Town Local Development Corp. Revenue
5.00%, 7/1/47, Continuously Callable @100		600		705
5.00%, 7/1/48, Continuously Callable @100		300		329
Hudson Yards Infrastructure Corp. Revenue, Series A, 4.00%, 2/15/44, Continuously Callable @100		2,000		2,183
Jefferson County Civic Facility Development Corp. Revenue, 4.00%, 11/1/47, Continuously Callable @100		1,000		1,021
Long Island Power Authority Revenue
Series A, 5.00%, 5/1/38, Pre-refunded 5/1/21 @ 100		2,000		2,056
Series A, 5.00%, 9/1/44, Continuously Callable @100		2,000		2,284
Series B, 5.00%, 9/1/41, Continuously Callable @100		1,000		1,193
Metropolitan Transportation Authority Revenue
0.62% (MUNIPSA+50bps), 11/15/42, (Put Date 3/1/22) (c) (f)		1,000		942
Series A, 5.25%, 11/15/38, Pre-refunded 11/15/21 @ 100		1,500		1,585
Series A-1, 5.25%, 11/15/56, Continuously Callable @100		1,000		1,049
Series B, 4.00%, 11/15/50, Continuously Callable @100		1,000		943
Series D-1, 5.00%, 11/15/34, Continuously Callable @100		3,000		3,106
Series D-2, 0.57% (MUNIPSA+45bps), 11/15/44, (Put Date 11/15/22) (c) (f)		2,000		1,891
Series D-3, 4.00%, 11/15/49, Continuously Callable @100		2,000		1,930
Monroe County Industrial Development Corp. Revenue
5.25%, 10/1/31, Pre-refunded 10/1/21 @ 100		500		525
4.00%, 7/1/43, Continuously Callable @100		1,000		1,112
5.00%, 12/1/46, Continuously Callable @100		1,000		1,147
4.00%, 10/1/47, Continuously Callable @100		1,000		1,017
5.00%, 6/1/59, Continuously Callable @100 (g)		1,000		1,140
Series A, 5.00%, 12/1/37, Continuously Callable @100		1,000		1,081
Series A, 5.00%, 12/1/42, Continuously Callable @100		2,000		2,149
Monroe County Industrial Development Corp. Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 1/15/38, Continuously Callable @100		500		551
Monroe County Industrial Development Corp. Revenue (INS — Federal Housing Administration), 5.50%, 8/15/40, Continuously Callable @100		2,100		2,137
Nassau County Local Economic Assistance Corp. Revenue, 5.00%, 7/1/37, Pre-refunded 7/1/22 @ 100		1,000		1,084
New York City Health & Hospital Corp. Revenue, Series A, 5.00%, 2/15/25, Continuously Callable @100		1,885		1,893
New York City Housing Development Corp. Revenue, Series K, 4.20%, 11/1/58, Continuously Callable @100		3,000		3,252
New York City Industrial Development Agency Revenue, 4.00%, 3/1/45, Continuously Callable @100 (h)		1,005		1,122

Security Description	Principal Amount		Value
New York City Industrial Development Agency Revenue (INS — Assured Guaranty Municipal Corp.), 2.25%, 10/1/29	$	1,425	$	1,469
New York City Transitional Finance Authority Building Aid Revenue
Series S, 5.00%, 7/15/43, Continuously Callable @100		1,250		1,436
Series S, 4.00%, 7/15/45, Continuously Callable @100		2,000		2,260
New York City Transitional Finance Authority Future Tax Secured Revenue
4.00%, 8/1/41, Continuously Callable @100		1,000		1,127
4.00%, 11/1/42, Continuously Callable @100		2,000		2,274
Series B, 4.00%, 8/1/41, Continuously Callable @100		1,000		1,101
Series B-1, 4.00%, 11/1/45, Continuously Callable @100		2,000		2,262
New York City Trust for Cultural Resources Revenue
5.00%, 8/1/43, Pre-refunded 8/1/23 @ 100		1,000		1,137
4.00%, 7/1/46, Continuously Callable @100		1,000		1,054
Series A, 4.00%, 12/1/35, Continuously Callable @100		1,000		1,148
New York Convention Center Development Corp. Revenue
5.00%, 11/15/45, Continuously Callable @100		500		551
Series S, 11/15/37 (i)		1,000		561
New York Convention Center Development Corp. Revenue (INS — Assured Guaranty Municipal Corp.), Series B, 3.30%, 11/15/48		4,800		1,909
New York Counties Tobacco Trust VI Revenue, 5.00%, 6/1/45, Continuously Callable @100		500		507
New York Liberty Development Corp. Revenue
5.25%, 10/1/35		2,500		3,452
5.50%, 10/1/37		560		805
5.00%, 11/15/44, Continuously Callable @100 (g)		1,000		1,026
2.80%, 9/15/69, Continuously Callable @100		3,000		2,884
New York State Dormitory Authority Revenue
5.00%, 7/1/34, Continuously Callable @100		500		570
5.00%, 12/1/37, Continuously Callable @100 (g)		1,300		1,490
4.00%, 8/1/38, Continuously Callable @100		4,000		4,418
5.00%, 7/1/42, Continuously Callable @100		250		257
5.00%, 5/1/43, Continuously Callable @100		1,000		1,129
5.75%, 7/1/43, Continuously Callable @100		1,000		1,069
3.50%, 7/1/44, Continuously Callable @100		1,000		1,067
4.00%, 7/1/45, Continuously Callable @100		2,000		2,166
Series A, 5.00%, 7/1/31, Pre-refunded 7/1/21 @ 100		1,000		1,036
Series A, 5.00%, 5/1/38, Continuously Callable @100		500		522
Series A, 5.00%, 5/1/41, Pre-refunded 5/1/21 @ 100		2,000		2,056
Series A, 4.00%, 7/1/41, Continuously Callable @100		1,000		1,103
Series A, 4.00%, 7/1/43, Continuously Callable @100		2,000		2,113
Series A, 5.00%, 7/1/44, Continuously Callable @100		1,500		1,609
Series A, 4.00%, 7/1/45, Continuously Callable @100		2,250		2,558
Series A, 4.00%, 3/15/48, Continuously Callable @100		3,000		3,335
Series A, 5.00%, 7/1/48, Continuously Callable @100		1,000		1,186
Series A, 4.00%, 3/15/49, Continuously Callable @100		1,500		1,682
Series A, 4.00%, 7/1/49, Continuously Callable @100		1,000		1,131
Series A, 4.00%, 9/1/50, Continuously Callable @100		500		540
Series A, 4.00%, 7/1/53, Continuously Callable @100		500		557
Series A-1, 4.00%, 7/1/45, Continuously Callable @100		3,000		3,281
Series C, 4.00%, 7/1/47, Continuously Callable @100		1,000		1,130
Series D, 5.00%, 5/1/39, Continuously Callable @100		500		529

Security Description	Principal Amount		Value
New York State Dormitory Authority Revenue (INS — AMBAC Assurance Corp.), Series A, 5.50%, 5/15/30 (e)	$	3,275	$	4,602
New York State Dormitory Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.63%, 11/1/32, Pre-refunded 5/1/21 @ 100		500		516
New York State Dormitory Authority Revenue (INS — AMBAC Assurance Corp.), Series 1, 5.50%, 7/1/40		2,000		3,041
New York State Dormitory Authority Revenue (NBGA — State of New York Mortgage Agency), 5.00%, 6/1/33, Continuously Callable @100		2,320		2,329
New York State Environmental Facilities Corp. Revenue, 4.00%, 8/15/46, Continuously Callable @100		1,000		1,119
New York State Thruway Authority Revenue
Series A, 4.00%, 1/1/56, Continuously Callable @100		1,000		1,068
Series B, 4.00%, 1/1/53, Continuously Callable @100		1,000		1,115
New York State Urban Development Corp. Revenue, 5.00%, 3/15/42, Continuously Callable @100		3,000		3,637
Niagara Area Development Corp. Revenue, Series B, 3.50%, 11/1/24, Continuously Callable @100 (g)		2,000		1,938
Niagara Tobacco Asset Securitization Corp. Revenue, 5.25%, 5/15/40, Continuously Callable @100		750		769
Oneida County Local Development Corp. Revenue, 4.00%, 7/1/39, Continuously Callable @100		750		770
Onondaga Civic Development Corp. Revenue
4.00%, 7/1/40, Continuously Callable @100		300		312
5.00%, 10/1/40, Continuously Callable @100		1,000		993
5.00%, 7/1/42, Continuously Callable @100		1,000		1,032
5.00%, 1/1/43, Continuously Callable @100		740		813
Onondaga County Trust for Cultural Resources Revenue
5.00%, 12/1/36, Pre-refunded 12/1/21 @ 100		1,000		1,057
5.00%, 5/1/40, Continuously Callable @100		800		869
Southold Local Development Corp. Revenue, 5.00%, 12/1/45, Continuously Callable @100		1,000		1,018
St. Lawrence County Industrial Development Agency Revenue
4.00%, 7/1/43, Continuously Callable @100		500		545
5.00%, 9/1/47, Continuously Callable @100		1,770		1,954
State of New York Mortgage Agency Revenue, Series 211, 3.80%, 10/1/48, Continuously Callable @100		1,985		2,083
Suffolk County Economic Development Corp. Revenue
5.00%, 7/1/28, Pre-refunded 7/1/21 @ 100		220		228
5.00%, 7/1/28, Continuously Callable @100		1,280		1,322
Series C, 5.00%, 7/1/33, Continuously Callable @100		250		285
Suffolk Tobacco Asset Securitization Corp. Revenue, Series B, 5.00%, 6/1/32, Continuously Callable @100		1,450		1,508
Tompkins County Development Corp. Revenue, 5.00%, 7/1/44, Continuously Callable @100		1,375		1,415
Tompkins County Development Corp. Revenue (INS — Assured Guaranty Municipal Corp.), 5.50%, 7/1/33, Pre-refunded 1/1/21 @ 100		1,000		1,013
Triborough Bridge & Tunnel Authority Revenue, Series B, 11/15/32 (i)		1,000		776
TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100		1,000		1,117

Security Description	Principal Amount		Value
Westchester County Healthcare Corp. Revenue
Series B, 6.00%, 11/1/30, Pre-refunded 11/1/20 @ 100	$	870	$	874
Series B, 6.00%, 11/1/30, Continuously Callable @100		130		130
Westchester County Local Development Corp. Revenue
5.00%, 1/1/34, Continuously Callable @100		1,500		1,545
5.00%, 7/1/42, Continuously Callable @104		450		507
5.00%, 11/1/46, Continuously Callable @100		1,000		1,053
5.00%, 6/1/47, Continuously Callable @100		1,000		1,032
Westchester Tobacco Asset Securitization Revenue, Series B, 5.00%, 6/1/41, Continuously Callable @100		500		568
				202,488
Guam (4.2%):
Antonio B. Won Pat International Airport Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series B, 5.75%, 10/1/43, Continuously Callable @100		1,000		1,117
Guam Government Waterworks Authority Revenue
5.50%, 7/1/43, Pre-refunded 7/1/23 @ 100		1,000		1,141
Series A, 5.00%, 7/1/29, Continuously Callable @100		1,000		1,132
Series A, 5.00%, 7/1/35, Continuously Callable @100		500		561
Guam Power Authority Revenue, Series A, 5.00%, 10/1/37, Continuously Callable @100		1,165		1,314
Guam Power Authority Revenue (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 10/1/30, Continuously Callable @100		1,000		1,074
Series A, 5.00%, 10/1/39, Continuously Callable @100		500		557
Territory of Guam Revenue
Series A, 5.00%, 12/1/46, Continuously Callable @100		500		534
Series B, 5.00%, 1/1/37, Continuously Callable @100		500		511
Series D, 5.00%, 11/15/39, Continuously Callable @100		1,000		1,084
				9,025
Puerto Rico (0.6%):
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue, 5.13%, 4/1/32, Continuously Callable @100		1,390		1,396
Total Municipal Bonds (Cost $202,069)				212,909
Total Investments (Cost $202,569) — 99.2%				213,410
Other assets in excess of liabilities — 0.8%				1,817
NET ASSETS — 100.00%			$	215,227

(a) Non-income producing security.

(b) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees and represents 0.2% of the Fund's net assets as of September 30, 2020. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

(d) Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

(e) All or a portion of this security has been segregated as collateral for securities purchased on a when-issued basis.

(f) Put Bond.

(g) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of September 30, 2020, the fair value of these securities was $5,594 (thousands) and amounted to 2.6% of net assets.

(h) Security purchased on a when-issued basis.

(i) Zero-coupon bond.

AMBAC — American Municipal Bond Assurance Corporation

bps — Basis points

Continuously Callable — Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity

GO — General Obligation

LOC — Letter of Credit

MUNIPSA — Municipal Swap Index

Credit Enhancements — Adds the financial strength of the provider of the enhancement to support the issuer's ability to repay the principal and interest payments when due. The enhancement may be provided by a high-quality bank, insurance company or other corporation, or a collateral trust. The enhancements do not guarantee the market values of the securities.

INS Principal and interest payments are insured by the name listed. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that value may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations.

LOC Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.

NBGA Principal and interest payments or, under certain circumstances, underlying mortgages, are guaranteed by a nonbank guarantee agreement from the name listed.

	USAA New York Bond Fund
Assets:
Investments, at value (Cost $202,569)	$	213,410
Cash		558
Receivables:
Interest		2,510
Capital shares issued		161
From Adviser		1
Prepaid expenses		3
Total assets		216,643
Liabilities:
Payables:
Distributions		98
Investments purchased		1,115
Capital shares redeemed		74
Accrued expenses and other payables:
Investment advisory fees		73
Administration fees		26
Transfer agent fees		7
Compliance fees		—	(a)
12b-1 fees		1
Other accrued expenses		22
Total liabilities		1,416
Net Assets:
Capital		207,979
Total accumulated earnings/(loss)		7,248
Net assets	$	215,227
Net Assets
Fund Shares	$	205,620
Institutional Shares		3,117
Class A shares		6,490
Total	$	215,227
Shares (unlimited number of shares authorized with no par value):
Fund Shares		17,181
Institutional Shares		261
Class A shares		544
Total		17,986
Net asset value, offering and redemption price per share: (b)
Fund Shares	$	11.97
Institutional Shares	$	11.96
Class A shares	$	11.94
Maximum Sales Charge — Class A shares		2.25	%
Maximum offering price
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A shares	$	12.21

(a) Rounds to less than $1 thousand.

(b) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

	USAA New York Bond Fund
Investment Income:
Interest	$	3,912
Total Income		3,912
*Expenses:**
Investment advisory fees		425
Administration fees — Fund Shares		157
Administration fees — Institutional Shares		1
Administration fees — Class A shares		5
Sub-Administration fees		10
12b-1 fees — Class A shares		8
Custodian fees		1
Transfer agent fees — Fund Shares		26
Transfer agent fees — Institutional Shares		1
Transfer agent fees — Class A shares		2
Trustees' fees		25
Compliance fees		1
Legal and audit fees		40
State registration and filing fees		2
Other expenses		21
Total Expenses		725
Expenses waived/reimbursed by Adviser		(3	)
Net Expenses		722
Net Investment Income (Loss)		3,190
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(524	)
Net change in unrealized appreciation/depreciation on investment securities		3,479
Net realized/unrealized gains (losses) on investments		2,955
Change in net assets resulting from operations	$	6,145

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

	USAA New York Bond Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	3,190		$	7,298
Net realized gains (losses) from investments		(524	)		274
Net change in unrealized appreciation/depreciation on investments		3,479			(1,752	)
Change in net assets resulting from operations		6,145			5,820
Distributions to Shareholders:
Fund Shares		(3,088	)		(7,103	)
Institutional Shares (a)		(14	)		—
Class A shares		(88	)		(195	)
Change in net assets resulting from distributions to shareholders		(3,190	)		(7,298	)
Change in net assets resulting from capital transactions		(12,292	)		(7,226	)
Change in net assets		(9,337	)		(8,704	)
Net Assets:
Beginning of period		224,564			233,268
End of period	$	215,227		$	224,564

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

(continues on next page)

	USAA New York Bond Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	8,757		$	24,913
Distributions reinvested		2,523			5,877
Cost of shares redeemed		(26,650	)		(38,234	)
Total Fund Shares	$	(15,370	)	$	(7,444	)
Institutional Shares (a)
Proceeds from shares issued	$	3,149		$	—
Distributions reinvested		15			—
Cost of shares redeemed		(16	)		—
Total Institutional Shares	$	3,148		$	—
Class A shares
Proceeds from shares issued	$	6,542		$	301
Distributions reinvested		30			34
Cost of shares redeemed		(6,642	)		(117	)
Total Class A shares	$	(70	)	$	218
Change in net assets resulting from capital transactions	$	(12,292	)	$	(7,226	)
Share Transactions:
Fund Shares
Issued		735			2,067
Reinvested		212			486
Redeemed		(2,250	)		(3,186	)
Total Fund Shares		(1,303	)		(633	)
Institutional Shares (a)
Issued		261			—
Reinvested		1			—
Redeemed		(1	)		—
Total Institutional Shares		261			—
Class A shares
Issued		549			25
Reinvested		3			3
Redeemed		(558	)		(10	)
Total Class A shares		(6	)		18
Change in Shares		(1,048	)		(615	)

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
USAA New York Bond Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)	$	11.80		0.18	(f)		0.17			0.35			(0.18	)		(0.18	)
Year Ended March 31, 2020	$	11.87		0.38	(f)		(0.07	)		0.31			(0.38	)		(0.38	)
Year Ended March 31, 2019	$	11.76		0.40			0.11			0.51			(0.40	)		(0.40	)
Year Ended March 31, 2018	$	11.88		0.41			(0.12	)		0.29			(0.41	)		(0.41	)
Year Ended March 31, 2017	$	12.28		0.42			(0.41	)		0.01			(0.41	)		(0.41	)
Year Ended March 31, 2016	$	12.29		0.43			(0.01	)		0.42			(0.43	)		(0.43	)
Institutional Shares
June 29, 2020 (e) through September 30, 2020 (unaudited)	$	11.94		0.09	(f)		0.02			0.11			(0.09	)		(0.09	)
Class A shares
Six Months Ended September 30, 2020 (unaudited)	$	11.77		0.16	(f)		0.17			0.33			(0.16	)		(0.16	)
Year Ended March 31, 2020	$	11.84		0.35	(f)		(0.07	)		0.28			(0.35	)		(0.35	)
Year Ended March 31, 2019	$	11.73		0.37			0.11			0.48			(0.37	)		(0.37	)
Year Ended March 31, 2018	$	11.85		0.38			(0.12	)		0.26			(0.38	)		(0.38	)
Year Ended March 31, 2017	$	12.25		0.39			(0.40	)		(0.01	)		(0.39	)		(0.39	)
Year Ended March 31, 2016	$	12.26		0.41			(0.01	)		0.40			(0.41	)		(0.41	)

						Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, End of Period		Total Return (Excludes Sales *Charges)(a)**			Net Expenses^(b)(c)**			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(d)
USAA New York Bond Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)	$	11.97		2.95	%		0.66	%		2.94	%		0.66	%	$	205,620		8	%
Year Ended March 31, 2020	$	11.80		2.60	%		0.61	%		3.17	%		0.61	%	$	218,096		18	%
Year Ended March 31, 2019	$	11.87		4.41	%		0.60	%		3.39	%		0.60	%	$	226,973		15	%
Year Ended March 31, 2018	$	11.76		2.45	%		0.59	%		3.43	%		0.59	%	$	216,090		6	%
Year Ended March 31, 2017	$	11.88		0.10	%		0.61	%		3.41	%		0.61	%	$	208,513		10	%
Year Ended March 31, 2016	$	12.28		3.50	%		0.66	%		3.53	%		0.66	%	$	211,136		10	%
Institutional Shares
June 29, 2020 (e) through September 30, 2020 (unaudited)	$	11.96		0.91	%		0.61	%		2.89	%		0.95	%	$	3,117		8	%
Class A shares
Six Months Ended September 30, 2020 (unaudited)	$	11.94		2.83	%		0.91	%		2.70	%		0.95	%	$	6,490		8	%
Year Ended March 31, 2020	$	11.77		2.36	%		0.85	%		2.93	%		0.85	%	$	6,468		18	%
Year Ended March 31, 2019	$	11.84		4.16	%		0.85	%		3.15	%		0.85	%	$	6,295		15	%
Year Ended March 31, 2018	$	11.73		2.19	%		0.84	%		3.18	%		0.84	%	$	5,971		6	%
Year Ended March 31, 2017	$	11.85		(0.13	)%		0.83	%		3.19	%		0.83	%	$	6,302		10	%
Year Ended March 31, 2016	$	12.25		3.30	%		0.85	%		3.34	%		0.85	%	$	5,856		10	%

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e) Commencement of operations.

(f) Per share net investment income (loss) has been calculated using the average daily shares method.

1. Organization:

The accompanying financial statements are those of the USAA New York Bond Fund (the "Fund"). The Fund offers three classes of shares: Fund Shares, Institutional Shares, and Class A shares. The Fund is classified as diversified under the 1940 Act.

Effective June 29, 2020, the Fund's Institutional Shares commenced operations and the Adviser Shares were redesignated Class A shares and became subject to a front-end sales charge.

2. Significant Accounting Policies:

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

Portfolio securities listed or traded on securities exchanges, including exchange-traded funds ("ETFs"), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

A summary of the valuations as of September 30, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Common Stocks	$	—	$	—	$	501	$	501
Municipal Bonds		—		212,909		—		212,909
Total	$	—	$	212,909	$	501	$	213,410

For the six months ended September 30, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

Municipal Obligations:

Investment Transactions and Related Income:

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in cross-trades which are securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. For the six months ended September 30, 2020, the Fund engaged in the following securities transactions with affiliated funds, which resulted in the following net realized gains (losses) (amounts in thousands):

Purchases				Sales				Net Realized Gains (Losses)
$	1,500			$	200			$	—

Fees Paid Indirectly:

Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, as applicable, as Fees paid indirectly.

3. Purchases and Sales:

Excluding U.S. Government Securities
Purchases		Sales
$	17,254	$	28,740

There were no purchases and sales of U.S. government securities during the six months ended September 30, 2020.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

The performance adjustment for each share class is accrued daily and calculated monthly by comparing each class' performance to that of the Lipper New York Municipal Debt Funds Index. The Lipper New York Municipal Debt Funds Index tracks the total return performance of funds within the Lipper New York Municipal Debt Funds category.

Over/Under Performance Relative to Index	Annual Adjustment Rate
(in basis Rate points)(a)	(in basis points)(a)
+/- 20 to 50		+/- 4
+/- 51 to 100		+/- 5
+/- 101 and greater		+/- 6

resulting amount is then added to (in the case of overperformance), or subtracted from (in the case of underperformance) the base fee.

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper New York Municipal Debt Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period July 1, 2020, to September 30, 2020, performance adjustments for Fund Shares, Institutional Shares, and Class A shares were $24, less than $1 thousand, and less than $1 thousand, respectively. For the Fund Shares, Institutional Shares, and Class A shares, the performance adjustments were 0.02%, less than 0.01%, and 0.01% of average daily net assets, respectively.

Administration and Servicing Fees:

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensates the Adviser for these services. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Distributor/Underwriting Services:

In addition, the Distributor is entitled to receive commission on sales of the Class A shares of the Fund. For the six months ended September 30, 2020, the Distributor didn't receive any commissions.

Other Fees:

Citibank serves as the Fund's custodian.

K&L Gates LLP provides legal services to the Trust.

Expires 3/31/2024
$	3

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

and markets generally. Changes in trade policies and international trade agreements could affect the economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as the coronavirus (or COVID-19), may result in, among other things, closing borders, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may be short-term or may last for extended periods.

Decisions by the U.S. Federal Reserve (also known as the "Fed") regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. As a result, the value of fixed- income securities may vary widely under certain market conditions.

6. Borrowing and Interfund Lending:

Line of Credit:

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2020.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2020.

7. Federal Income Tax Information:

The Fund intends to declare daily and distribute any net investment income monthly. Distributable net realized gains, if any, are declared and paid at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020, through September 30, 2020 (unless noted otherwise).

	Beginning Account Value 4/1/20		Actual Ending Account Value 9/30/20		Hypothetical Ending Account Value 9/30/20		Actual Expenses Paid During Period 4/1/20- 9/30/20*		Hypothetical Expenses Paid During Period 4/1/20- 9/30/20*		Annualized Expense Ratio During Period 4/1/20- 9/30/20
Fund Shares	$	1,000.00	$	1,029.50	$	1,021.76	$	3.36	$	3.35		0.66	%
Institutional Shares**		1,000.00		1,009.10		1,022.01		1.56		3.09		0.61	%
Class A shares		1,000.00		1,028.30		1,020.51		4.63		4.61		0.91	%

Liquidity Risk Management Program

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					2
Financial Statements
Schedule of Portfolio Investments					3
Statement of Assets and Liabilities					5
Statement of Operations					6
Statements of Changes in Net Assets					7
Financial Highlights					8
Notes to Financial Statements					10
Supplemental Information (Unaudited)					20
Proxy Voting and Portfolio Holdings Information					20
Expense Examples					20
Liquidity Risk Management Program					21
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

Security Description	Shares or Principal Amount		Value
U.S. Treasury Obligations (3.6%)
U.S. Treasury Note, 1.88%, 4/30/22	$	17,600	$	18,085
Total U.S. Treasury Obligations (Cost $17,427)				18,085
Exchange-Traded Funds (91.7%)
iShares MSCI Canada ETF		1,715,169		47,013
iShares MSCI Japan ETF		865,255		51,111
iShares Russell 2000 ETF (a)		123,249		18,461
SPDR Gold Shares		102,917		18,229
VanEck Vectors Gold Miners ETF		320,513		12,551
Vanguard FTSE Emerging Markets ETF (b)		1,521,229		65,778
Vanguard S&P 500 ETF (b)		733,998		225,814
Vanguard Total Stock Market ETF (b)		112,278		19,122
Total Exchange-Traded Funds (Cost $425,715)				458,079
Collateral for Securities Loaned^ (1.1%)
HSBC U.S. Government Money Market Fund I Shares, 0.03% (c)		5,399,764		5,400
Total Collateral for Securities Loaned (Cost $5,400)				5,400
Total Investments (Cost $448,542) — 96.4%				481,564
Other assets in excess of liabilities — 3.6%				17,850
NET ASSETS — 100.00%			$	499,414

At September 30, 2020 the Fund's investments in foreign securities were 32.8% of net assets.

^ Purchased with cash collateral from securities on loan.

(a) All or a portion of this security is on loan.

(b) All or a portion of this security has been segregated as collateral for futures contracts.

ETF — Exchange-Traded Fund

Futures Contracts Purchased

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini S&P 500 Futures		442	12/18/20	$	74,539,331	$	74,079,200	$	(460,131	)
S&P/Toronto Stock Exchange 60 Index Futures		196	12/17/20		28,901,188		28,309,148		(323,060	)
Swiss Market Index Futures		245	12/18/20		28,253,662		27,096,872		(763,224	)
								$	(1,546,415	)

Futures Contracts Sold

(Amounts not in thousands)

	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation (Depreciation)
E-Mini MSCI Emerging Markets Index Futures		781	12/18/20	$	43,489,985	$	42,505,925	$	984,060
Russell 2000 E-Mini Index Futures		555	12/18/20		42,505,813		41,747,100		758,713
Tokyo Price Index Futures		314	12/10/20		48,369,905		48,402,750		73,176
								$	1,815,949
	Total unrealized appreciation							$	1,815,949
	Total unrealized depreciation								(1,546,415	)
	Total net unrealized appreciation (depreciation)							$	269,534

	USAA Target Managed Allocation Fund
Assets:
Investments, at value (Cost $448,542)	$	481,564	(a)
Cash and cash equivalents		4,210
Deposits with brokers for futures contracts		20,173
Receivables:
Interest and dividends		1,176
Investments sold		24,726
Variation margin on open futures contracts		1,474
Prepaid expenses		5
Total Assets		533,328
Liabilities:
Payables:
Collateral received on loaned securities		5,400
Investments purchased		27,334
Variation margin on open futures contracts		908
Accrued expenses and other payables:
Investment advisory fees		206
Administration fees		21
Custodian fees		2
Compliance fees		—	(b)
Transfer agent fees		21
Trustees' fees		1
Other accrued expenses		21
Total Liabilities		33,914
Net Assets:
Capital		436,887
Total accumulated earnings/(loss)		62,527
Net Assets	$	499,414
Shares (unlimited number of shares authorized with no par value):		44,906
Net asset value, offering and redemption price per share: (c)	$	11.12

(a) Includes $5,278 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Target Managed Allocation Fund
Investment Income:
Dividends	$	4,571
Interest		173
Securities lending (net of fees)		13
Total Income		4,757
Expenses:
Investment advisory fees		1,221
Administration fees		122
Sub-Administration fees		8
Custodian fees		10
Transfer agent fees		122
Trustees' fees		24
Compliance fees		2
Legal and audit fees		37
State registration and filing fees		1
Interfund lending fees		—	(a)
Other expenses		12
Total Expenses		1,559
Net Investment Income (Loss)		3,198
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency translations		35,318
Net realized gains (losses) from futures contracts		(1,028	)
Net change in unrealized appreciation/depreciation on investment securities and foreign currency translations		63,949
Net change in unrealized appreciation/depreciation on futures contracts		946
Net realized/unrealized gains (losses) on investments		99,185
Change in net assets resulting from operations	$	102,383

(a) Rounds to less than $1 thousand.

	USAA Target Managed Allocation Fund
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	3,198		$	9,984
Net realized gains (losses) from investments		34,290			9,438
Net change in unrealized appreciation/depreciation on investments		64,895			(57,387	)
Change in net assets resulting from operations		102,383			(37,965	)
Change in net assets resulting from distributions to shareholders		—			(25,937	)
Change in net assets resulting from capital transactions		(49,585	)		(1,689	)
Change in net assets		52,798			(65,591	)
Net Assets:
Beginning of period		446,616			512,207
End of period	$	499,414		$	446,616
Capital Transactions:
Proceeds from shares issued	$	—		$	5,264
Distributions reinvested		—			25,937
Cost of shares redeemed		(49,585	)		(32,890	)
Change in net assets resulting from capital transactions	$	(49,585	)	$	(1,689	)
Share Transactions:
Issued		—			590
Reinvested		—			2,372
Redeemed		(4,835	)		(3,127	)
Change in Shares		(4,835	)		(165	)

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains From Investments
USAA Target Managed Allocation Fund
Six Months Ended September 30, 2020 (unaudited)	$	8.98		0.07	(c)		2.07			2.14			—			—
Year Ended March 31, 2020	$	10.26		0.20	(c)		(0.96	)		(0.76	)		(0.22	)		(0.30	)
Year Ended March 31, 2019	$	11.22		0.17			(0.10	)		0.07			(0.15	)		(0.88	)
Year Ended March 31, 2018	$	10.46		0.16			0.73			0.89			(0.13	)		—	(e)
Year Ended March 31, 2017	$	9.49		0.14			0.97			1.11			(0.14	)		—
August 7, 2015 (i) through March 31, 2016	$	10.00		0.12	(c)		(0.51	)		(0.39	)		(0.12	)		—

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total *Return(a)**			Net Expenses^(b)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA Target Managed Allocation Fund
Six Months Ended September 30, 2020 (unaudited)		—		$	11.12		23.83	%		0.64	%		1.31	%		0.64	%	$	499,414		97	%
Year Ended March 31, 2020		(0.52	)	$	8.98		(8.20	)%		0.64	%		1.88	%		0.64	%	$	446,616		298	%(d)
Year Ended March 31, 2019		(1.03	)	$	10.26		1.32	%		0.65	%		1.83	%		0.65	%	$	512,207		195	%(d)
Year Ended March 31, 2018		(0.13	)	$	11.22		8.48	%		0.65	%		1.50	%		0.65	%	$	487,599		75	%(f)
Year Ended March 31, 2017		(0.14	)	$	10.46		11.72	%		0.64	%(g)		1.37	%		0.64	%	$	462,794		125	%(h)
August 7, 2015 (i) through March 31, 2016		(0.12	)	$	9.49		(3.91	)%		0.65	%		1.88	%		0.65	%	$	415,896		84	%

See notes to financial statements.

1. Organization:

The accompanying financial statements are those of the USAA Target Managed Allocation Fund (the "Fund"). The Fund is classified as diversified under the 1940 Act.

The Fund is not offered for sale directly to the general public and is available currently for investment only to other USAA Mutual Funds participating in a fund-of-funds investment strategy or other persons or legal entities that the Fund may approve from time to time.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principals in the United States of America ("GAAP"). The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. The Fund follows the specialized accounting and reporting requirements under GAAP that are applicable to investment companies under Accounting Standards Codification Topic 946.

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

or system, then a security is valued at the last available bid quotation on the exchange or system where the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

Investments in open-end investment companies are valued at net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or an exchange on which they are traded. These valuations are typically categorized as Level 1 in the fair value hierarchy.

In the event that price quotations or valuations are not readily available, are not reflective of market value, or a significant event has been recognized in relation to a security or class of securities, the securities are valued in good faith by the Committee in accordance with valuation procedures approved by the Board. These valuations are typically categorized as Level 2 or Level 3 in the fair value hierarchy, based on the observability of inputs used to determine the fair value. The effect of fair value pricing is that securities may not be priced on the basis of quotations from the primary market in which they are traded and the actual price realized from the sale of a security may differ materially from the fair value price. Valuing these securities at fair value is intended to cause the Fund's NAV to be more reliable than it otherwise would be.

A summary of the valuations as of September 30, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1			Level 2		Level 3		Total
U.S. Treasury Obligations	$	—		$	18,085	$	—	$	18,085
Exchange-Traded Funds		458,079			—		—		458,079
Collateral for Securities Loaned		5,400			—		—		5,400
Total	$	463,479		$	18,085	$	—	$	481,564
Other Financial Investments^:
Assets:
Futures Contracts	$	1,816		$	—	$	—	$	1,816
Liabilities:
Futures Contracts		(1,546	)		—		—		(1,546	)
Total	$	270		$	—	$	—	$	270

^ Futures Contracts are valued at the unrealized appreciation (depreciation) on the investment.

For the six months ended September 30, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Real Estate Investment Trusts ("REITs"):

Investment Companies:

Exchange-Traded Funds:

The Fund may invest in ETFs, the shares of which are bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The Fund may purchase shares of an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity of an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Open-End Funds:

Derivative Instruments:

Futures Contracts:

The Fund may enter into contracts for the future delivery of securities or foreign currencies and futures contracts based on a specific security, class of securities, foreign currency or an index, and purchase or sell options on any such futures contracts. A futures contract on a securities index is an agreement obligating either party to pay, and entitling the other party to receive, while the contract is outstanding, cash payments based on the level of a specified securities index. No physical delivery of the underlying asset is made. The Fund may enter into futures contracts in an effort to hedge market risks. The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation), for a specified price, to sell or to purchase the underlying futures contract, upon exercise of the option, at any time during the option period. Futures transactions involve brokerage costs and require the Fund to segregate assets to cover contracts that would require it to purchase securities or currencies. A good faith margin deposit, known as initial margin, of cash or government securities with a broker or custodian is required to initiate and maintain open positions in futures contracts. Subsequent payments, known as variation margin, are made or received by the Fund based on the change in the market value of the position and are recorded as unrealized appreciation or depreciation until the contract is closed out, at which time the gain or loss is realized. The Fund may lose the expected benefit of futures transactions if interest rates, exchange rates or securities prices change in an unanticipated manner. Such unanticipated changes may also result in lower overall performance than if the Fund had not entered into any futures transactions. In addition, the value of the Fund's futures positions may not prove to be perfectly or even highly correlated with the value of its portfolio securities or foreign currencies, limiting the Fund's ability to hedge effectively against interest rate, exchange rate and/or market risk and giving rise to additional risks. There is no assurance of liquidity in the secondary market for purposes of closing out futures positions. The collateral held by the Fund is presented on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.

During the six months ended September 30, 2020, the Fund entered into futures contracts primarily to aid in achieving the Fund's investment objective.

Summary of Derivative Instruments:

The following table summarizes the fair values of derivative instruments on the Statement of Assets and Liabilities, categorized by risk exposure, as of September 30, 2020 (amounts in thousands):

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure:	$	1,816	$	1,546

* Includes cumulative appreciation/depreciation of futures contracts as reported on the Schedule of Portfolio Investments. Only current day's variation margin for futures contracts are reported within the Statement of Assets and Liabilities.

The following table presents the effect of derivative instruments on the Statement of Operations, categorized by risk exposure, for the six months ended September 30, 2020 (amounts in thousands):

	Net Realized Gains (Losses) on Derivatives Recognized as a Result from Operations			Net Change in Unrealized Appreciation/Depreciation on Derivatives Recognized as a Result of Operations
	Net Realized Gains (Losses) from Futures Contracts			Net Change in Unrealized Appreciation/Depreciation on Futures Contracts
Equity Risk Exposure:	$	(1,028	)	$	946

All open derivative positions at year end are reflected on the Fund's Schedule of Portfolio Investments. The underlying face value of open derivative positions relative to the Fund's net assets at period end is generally representative of the notional amount of open positions to net assets throughout the period.

Investment Transactions and Related Income:

Securities Lending:

Collateral may be cash, U.S. government securities, or other securities as permitted by SEC guidelines. Cash collateral may be invested in high-quality short-term investments, primarily open-end investment companies. Collateral requirements are determined daily based on the value of the Fund's securities on loan as of the end of the prior business day. During the time portfolio securities are on loan, the borrower will pay the Fund any dividends or interest paid on such securities plus any fee negotiated between the parties to the lending agreement. The Fund also earns a return from the collateral. The Fund pays Citibank various fees in connection with the investment of cash collateral and fees based on the investment income received from securities lending activities. Securities lending income (net of these fees) is disclosed on the Statement of Operations. Loans are terminable upon demand and the

borrower must return the loaned securities within the lesser of one standard settlement period or five business days. Risks relating to securities-lending transactions include that the borrower may not provide additional collateral when required or return the securities when due, and that the value of the short-term investments will be less than the amount of cash collateral required to be returned to the borrower. The Fund's agreement with Citibank does not include master netting provisions. Non- cash collateral received by the Fund may not be sold or re-pledged except to satisfy borrower default. Cash collateral is listed on the Fund's Schedule of Portfolio of Investments and Financial Statements while non-cash collateral is not included. The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of September 30, 2020.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	5,278			$	—			$	5,400

Foreign Currency Translations:

Foreign Taxes:

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

Excluding U.S. Government Securities
Purchases		Sales
$	458,680	$	512,696

There were no purchases and sales of U.S. government securities during the six months ended September 30, 2020.

4. USAA Affiliated Fund Ownership:

The Fund offers its shares for investment by other USAA Mutual Funds. The fund-of-funds do not invest in the underlying funds for the purpose of exercising management or control, and the affiliated fund-of-funds' annual and semi-annual reports may be viewed at vcm.com. As of September 30, 2020, certain fund-of funds owned total outstanding shares of the Fund as follows:

Cornerstone Conservative Fund	0.9	%
Cornerstone Equity Fund	2.6	%
USAA Target Income	3.4	%
USAA Target 2020	5.6	%
USAA Target 2030	25.5	%
USAA Target 2040	35.8	%
USAA Target 2050	23.1	%
USAA Target 2060	3.1	%

5. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly-owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly-owned direct subsidiary of Victory Capital Operating, LLC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees accrued daily and paid monthly at an annual rate of 0.50% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended September 30, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.05% of average daily net assets of the Fund. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Administration fees.

the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensates the Adviser for these services. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Compliance fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for all of their reasonable out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds, under the Fund Administration, Servicing, and Accounting Agreement. Amounts incurred during the six months ended September 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), provides transfer agency services to the Fund. VCTA, an affiliate of the Adviser, provides transfer agent services based on a fee accrued daily at an annualized rate of 0.05% of the Fund's average daily net assets, plus out of pocket expenses. Amounts incurred and paid to VCTA for six months ended September 30, 2020, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

Other Fees:

Citibank serves as the Fund's custodian.

K&L Gates LLP provides legal services to the Trust.

Under this expense limitation agreement, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of September 30, 2020, there are no amounts available to be repaid to the Adviser. The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at September 30, 2020.

The Adviser, may voluntarily waive or reimburse additional fees to assist the Fund in maintaining competitive expense ratios. Voluntary waivers and reimbursements applicable to the Fund are not

available to be recouped at a future time. There were no voluntary waivers or reimbursements for the six months ended September 30, 2020.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

6. Risks:

The Fund may be subject to other risks in addition to these identified risks.

The Fund may change the allocation of its portfolio holdings on a frequent basis, which may result in higher portfolio turnover. In purchasing and selling securities in order to reallocate the portfolio, the Fund will pay more brokerage commissions than it would without a reallocation policy. In addition, the Fund may have a higher proportion of capital gains and a potentially lower return than a fund that does not reallocate from time to time.

ETFs, which generally are registered 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 will be borne indirectly by the Fund as a shareholder in an ETF. As a result, the Fund's investment in an ETF will cause the Fund to indirectly bear the fees and expenses of the ETF and, in turn, the Fund's performance may be lower than if the Fund were to invest directly in the underlying securities held by the ETF. For investments in affiliated ETFs, the Fund's management fee is reimbursed by the Adviser to the extent of the indirect management fee incurred through the Fund's investment in the affiliated ETFs. The Adviser may have conflicts of interest in allocating assets among affiliated and unaffiliated ETFs, because the Adviser also manages and administers the affiliated ETFs, and the Adviser and its affiliates receive other fees from the affiliated ETFs. In addition, the Fund also will be subject to the risks associated with the securities or other investments held by the ETFs.

7. Borrowing and Interfund Lending:

Line of Credit:

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2020.

Interfund Lending:

The average borrowing or lending for the days outstanding and average interest rate for the Fund during the six months ended September 30, 2020 were as follows (amounts in thousands):

Borrower or Lender				Amount Outstanding at September 30, 2020				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower				$	—			$	15,457				1				0.62	%		$	15,457

* For the six months ended September 30, 2020, based on the number of days borrowings were outstanding.

8. Federal Income Tax Information:

The Fund intends to declare and distribute any net investment income annually. Distributable net realized gains, if any, are declared and paid at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Examples

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020, through September 30, 2020.

Beginning Account Value 4/1/20				Actual Ending Account Value 9/30/20				Hypothetical Ending Account Value 9/30/20				Actual Expenses Paid During Period 4/1/20- 9/30/20*				Hypothetical Expenses Paid During Period 4/1/20- 9/30/20*				Annualized Expense Ratio During Period 4/1/20- 9/30/20
$	1,000.00			$	1,238.30			$	1,021.86			$	3.59			$	3.24				0.64	%

Liquidity Risk Management Program

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					2
Financial Statements
Schedule of Portfolio Investments					4
Statement of Assets and Liabilities					39
Statement of Operations					40
Statements of Changes in Net Assets					41
Financial Highlights					44
Notes to Financial Statements					46
Supplemental Information (Unaudited)					55
Proxy Voting and Portfolio Holdings Information					55
Expense Examples					55
Liquidity Risk Management Program					56
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

Security Description	Shares or Principal Amount		Value
Common Stocks (0.3%)
Utilities (0.3%):
Energy Harbor Corp. (a) (b)		741,501	$	17,351
Total Common Stocks (Cost $18,441)				17,351
Municipal Bonds (99.9%)
Alabama (1.8%):
Columbia Industrial Development Board Revenue (NBGA — Southern Co.), Series A, 0.14%, 12/1/37, Continuously Callable @100 (c)	$	10,550		10,550
Infirmary Health System Special Care Facilities Financing Authority of Mobile Revenue, 5.00%, 2/1/36, Continuously Callable @100		8,000		9,021
Lower Alabama Gas District Revenue Series A, 5.00%, 9/1/27		5,000		6,253
Series A, 5.00%, 9/1/28		7,000		8,898
Series A, 5.00%, 9/1/34 (d)		35,000		47,056
Montgomery Medical Clinic Board Revenue 5.00%, 3/1/33, Continuously Callable @100		5,955		6,648
5.00%, 3/1/36, Continuously Callable @100		1,750		1,935
				90,361
Arizona (2.8%):
Apache County IDA Revenue, Series A, 4.50%, 3/1/30, Continuously Callable @100		20,310		21,335
Arizona Health Facilities Authority Revenue 5.00%, 2/1/27, Continuously Callable @100		6,000		6,361
1.97% (MUNIPSA+185bps), 2/1/48, (Put Date 2/1/23) (e) (f)		30,000		30,935
Arizona Industrial Development Authority Revenue, (LIQ — Deutsche Bank A.G.) 5.20%, 12/1/58, Callable 12/1/20 @100 (c) (g)		30,000		30,000
City of Phoenix Civic Improvement Corp. Revenue (INS — National Public Finance Guarantee Corp.) 5.50%, 7/1/24 (c)		3,270		3,813
5.50%, 7/1/25 (c)		2,115		2,547
Maricopa County IDA Revenue 0.69% (MUNIPSA+57bps), 1/1/35, Callable 10/18/23 @100 (e) (f)		2,430		2,428
5.00%, 7/1/39, Continuously Callable @100 (g)		2,000		2,146
Pinal County IDA Revenue (INS — ACA Financial Guaranty Corp.) 5.25%, 10/1/20, Continuously Callable @100		2,000		2,000
5.25%, 10/1/22, Continuously Callable @100		1,250		1,255
4.50%, 10/1/25, Continuously Callable @100		2,000		2,007
The City of Phoenix IDA Revenue 3.75%, 7/1/24		4,545		4,689
5.00%, 7/1/34, Continuously Callable @100		11,100		11,984
5.00%, 7/1/36, Continuously Callable @100		1,675		1,823
5.00%, 10/1/36, Continuously Callable @100		4,250		4,977
The Pima County IDA Revenue, 4.13%, 6/15/29, Continuously Callable @100 (g)		4,900		4,935
The Prima County IDA Revenue 4.00%, 6/15/22 (g)		470		475
Series A, 4.50%, 6/1/30, Continuously Callable @100		2,680		2,843
The Yavapai County IDA Revenue, 4.00%, 8/1/38, Continuously Callable @100		1,000		1,140
				137,693

Security Description	Principal Amount		Value
Arkansas (0.8%):
Arkansas Development Finance Authority Revenue 5.00%, 9/1/37, Continuously Callable @100	$	1,000	$	1,204
5.00%, 9/1/38, Continuously Callable @100		1,000		1,201
5.00%, 9/1/39, Continuously Callable @100		1,000		1,198
5.00%, 9/1/40, Continuously Callable @100		1,045		1,250
1.67% (MUNIPSA+155bps), 9/1/44, (Put Date 9/1/22) (e) (f)		29,000		29,121
University of Arkansas — Pulaski Technical College Revenue (INS — Build America Mutual Assurance Co.), 5.00%, 9/1/30, Continuously Callable @100		4,290		5,185
				39,159
California (5.3%):
Anaheim Public Financing Authority Revenue Series A, 5.00%, 5/1/28, Continuously Callable @100		500		574
Series A, 5.00%, 5/1/29, Continuously Callable @100		500		573
Series A, 5.00%, 5/1/30, Continuously Callable @100		1,000		1,144
Bay Area Toll Authority Revenue 1.22% (MUNIPSA+110bps), 4/1/45, (Put Date 4/1/24) (e) (f)		17,000		17,230
1.02% (MUNIPSA+90bps), 4/1/45, (Put Date 5/1/23) (e) (f)		10,000		10,069
California Health Facilities Financing Authority Revenue 2.00%, 10/1/36, (Put Date 10/1/25) (e)		8,500		9,082
Series D, 5.00%, 8/15/27, Continuously Callable @100		2,000		2,081
Series D, 5.25%, 8/15/31, Continuously Callable @100		5,000		5,208
California School Finance Authority Revenue 5.00%, 8/1/31, Continuously Callable @100 (g)		500		569
5.00%, 8/1/36, Continuously Callable @100 (g)		1,600		1,801
California State Public Works Board Revenue Series A, 5.00%, 3/1/25, Continuously Callable @100		1,250		1,389
Series A, 5.00%, 3/1/26, Continuously Callable @100		1,365		1,516
Series A, 5.00%, 4/1/28, Continuously Callable @100		10,000		10,707
Series A, 5.00%, 4/1/29, Continuously Callable @100		5,000		5,338
Series B, 5.00%, 10/1/31, Continuously Callable @100		11,465		13,406
Series B-1, 5.13%, 3/1/23, Continuously Callable @100		3,000		3,013
Series B-1, 5.25%, 3/1/24, Continuously Callable @100		2,500		2,511
Series B-1, 5.38%, 3/1/25, Continuously Callable @100		2,000		2,009
Series G, 5.00%, 11/1/23, Continuously Callable @100		1,185		1,303
Series G, 5.00%, 11/1/24, Continuously Callable @100		2,000		2,199
Series G, 5.00%, 11/1/28, Continuously Callable @100		7,000		7,680
California State University Revenue Series A, 5.00%, 11/1/29, Continuously Callable @100		10,000		11,872
Series A, 5.00%, 11/1/33, Continuously Callable @100		10,000		12,173
California Statewide Communities Development Authority Revenue 5.13%, 5/15/31, Continuously Callable @100		1,000		1,019
5.00%, 5/15/32, Continuously Callable @100		1,250		1,401
5.00%, 5/15/33, Continuously Callable @100		2,000		2,237
5.00%, 5/15/34, Continuously Callable @100		1,250		1,394
5.00%, 5/15/35, Continuously Callable @100		2,000		2,221
Cerritos Community College District, GO Series D, 8/1/25 (h)		1,510		1,473
Series D, 8/1/27 (h)		1,000		944
Series D, 8/1/28 (h)		1,000		922

Security Description	Principal Amount		Value
Chula Vista Municipal Financing Authority Special Tax Series B, 5.00%, 9/1/27, Continuously Callable @100	$	1,520	$	1,798
Series B, 5.00%, 9/1/28, Continuously Callable @100		1,700		2,006
Series B, 5.00%, 9/1/29, Continuously Callable @100		1,785		2,102
Series B, 5.00%, 9/1/30, Continuously Callable @100		2,635		3,091
Series B, 5.00%, 9/1/31, Continuously Callable @100		2,095		2,443
City of Irvine Special Assessment, 5.00%, 9/2/29, Callable 9/2/23 @100		1,000		1,108
City of San Diego Tobacco Settlement Revenue Funding Corp. Revenue, Series C, 4.00%, 6/1/32, Continuously Callable @100		835		869
City of Tulare Sewer Revenue (INS — Assured Guaranty Municipal Corp.) 5.00%, 11/15/32, Continuously Callable @100		1,605		1,945
5.00%, 11/15/33, Continuously Callable @100		1,570		1,894
5.00%, 11/15/34, Continuously Callable @100		3,655		4,391
5.00%, 11/15/35, Continuously Callable @100		2,340		2,800
City of Upland Certificate of Participation, 6.00%, 1/1/26, Pre-refunded 1/1/21 @100		10,000		10,144
County of Los Angeles Certificate of Participation, 5.00%, 3/1/23		1,300		1,449
El Camino Community College District, GO Series C, 8/1/26 (h)		6,810		6,482
Series C, 8/1/27 (h)		7,665		7,165
Series C, 8/1/28 (h)		5,500		5,021
Foothill-Eastern Transportation Corridor Agency Revenue (INS — Assured Guaranty Municipal Corp.), 1/15/35 (h)		5,500		3,726
Fresno Joint Powers Financing Authority Revenue (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 4/1/32, Continuously Callable @100		1,000		1,214
Series A, 5.00%, 4/1/35, Continuously Callable @100		1,000		1,200
Series A, 5.00%, 4/1/36, Continuously Callable @100		420		501
Golden State Tobacco Securitization Corp. Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 6/1/25 (h)		46,605		44,745
Pittsburg Successor Agency Redevelopment Agency Tax Allocation (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 9/1/27, Continuously Callable @100		3,500		4,348
Series A, 5.00%, 9/1/28, Continuously Callable @100		2,640		3,262
San Diego Public Facilities Financing Authority Revenue Series A, 5.00%, 10/15/33, Continuously Callable @100		1,635		1,956
Series A, 5.00%, 10/15/34, Continuously Callable @100		1,000		1,191
Series A, 5.00%, 10/15/35, Continuously Callable @100		1,250		1,483
Series B, 5.00%, 10/15/30, Continuously Callable @100		775		940
Series B, 5.00%, 10/15/31, Continuously Callable @100		1,000		1,208
Series B, 5.00%, 10/15/32, Continuously Callable @100		1,000		1,202
Washington Township Health Care District Revenue, Series A, 5.00%, 7/1/25, Continuously Callable @100		3,500		3,512
				260,254
Colorado (2.3%):
Adams & Arapahoe Joint School District 28J Aurora, GO, 12/1/22 (h)		5,000		4,951
Colorado Health Facilities Authority Revenue 5.00%, 6/1/28, Pre-refunded 6/1/23 @100		2,750		3,099
5.00%, 12/1/28, Continuously Callable @100		1,000		1,135
5.00%, 12/1/29, Continuously Callable @100		1,500		1,698

Security Description	Principal Amount		Value
5.00%, 6/1/31, Pre-refunded 6/1/25 @100	$	2,310	$	2,811
5.00%, 6/1/32, Pre-refunded 6/1/25 @100		2,000		2,434
5.00%, 6/1/33, Pre-refunded 6/1/25 @100		2,470		3,006
5.00%, 6/1/34, Pre-refunded 6/1/27 @100		4,455		5,760
5.00%, 6/1/34, Pre-refunded 6/1/25 @100		6,385		7,769
5.00%, 6/1/35, Pre-refunded 6/1/27 @100		2,000		2,586
5.00%, 6/1/35, Pre-refunded 6/1/25 @100		3,385		4,119
5.00%, 12/1/35, Continuously Callable @100		4,000		4,410
5.00%, 6/1/36, Pre-refunded 6/1/27 @100		4,000		5,172
Series A, 4.00%, 8/1/38, Continuously Callable @100		1,000		1,131
Series A, 4.00%, 8/1/39, Continuously Callable @100		1,250		1,412
Series A, 4.00%, 11/1/39, Continuously Callable @100		3,500		3,975
Denver Health & Hospital Authority Revenue Series A, 5.00%, 12/1/34, Continuously Callable @100 (g)		7,355		8,383
Series A, 4.00%, 12/1/37, Continuously Callable @100		1,250		1,334
Series A, 4.00%, 12/1/38, Continuously Callable @100		1,250		1,331
Series A, 4.00%, 12/1/39, Continuously Callable @100		1,000		1,061
Park Creek Metropolitan District Revenue 5.00%, 12/1/32, Continuously Callable @100		1,250		1,472
5.00%, 12/1/34, Continuously Callable @100		1,000		1,170
Regional Transportation District Certificate of Participation Series A, 5.00%, 6/1/29, Continuously Callable @100		7,585		8,482
Series A, 5.00%, 6/1/30, Continuously Callable @100		14,175		15,834
Series A, 5.00%, 6/1/31, Continuously Callable @100		15,005		16,737
				111,272
Connecticut (4.1%):
City of Bridgeport, GO Series B, 5.00%, 8/15/27		4,485		5,348
Series B, 5.00%, 8/15/27		180		233
Series B, 5.00%, 8/15/27		335		433
City of New Haven, GO Series A, 5.00%, 8/1/28		1,000		1,158
Series A, 5.50%, 8/1/30, Continuously Callable @100		1,000		1,180
Series A, 5.50%, 8/1/32, Continuously Callable @100		1,200		1,398
Series A, 5.50%, 8/1/36, Continuously Callable @100		1,810		2,068
City of New Haven, GO (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 8/15/30, Continuously Callable @100		1,000		1,185
Series A, 5.00%, 8/15/32, Continuously Callable @100		1,000		1,182
Series A, 5.00%, 8/15/33, Continuously Callable @100		1,000		1,180
Series A, 5.00%, 8/15/34, Continuously Callable @100		1,350		1,587
City of West Haven, GO Series B, 5.00%, 11/1/32, Continuously Callable @100		400		473
Series B, 5.00%, 11/1/37, Continuously Callable @100		350		405
Connecticut State Health & Educational Facilities Authority Revenue 5.00%, 7/1/32, Continuously Callable @100		1,950		2,127
5.00%, 7/1/34, Continuously Callable @100		725		781
5.00%, 7/1/35, Continuously Callable @100		1,170		1,254
5.00%, 7/1/36, Continuously Callable @100		1,125		1,202
5.00%, 7/1/37, Continuously Callable @100		1,275		1,360
Series A, 5.00%, 7/1/33, Continuously Callable @100		2,000		2,407

Security Description	Principal Amount		Value
Series A, 4.00%, 7/1/38, Continuously Callable @100	$	7,000	$	7,605
Series A, 4.00%, 7/1/38, Continuously Callable @100		2,000		2,324
Series A, 4.00%, 7/1/39, Continuously Callable @100		2,000		2,317
Series E, 5.00%, 7/1/34, Continuously Callable @100		10,000		11,451
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/30, Continuously Callable @100 (g)		10,000		11,055
Mashantucket Western Pequot Tribe Revenue PIK, 2.05%, 7/1/31 (p)		8,518		298
Metropolitan District, GO 5.00%, 7/15/33, Continuously Callable @100		750		942
5.00%, 7/15/34, Continuously Callable @100		1,000		1,250
5.00%, 7/15/35, Continuously Callable @100		750		932
5.00%, 7/15/36, Continuously Callable @100		1,000		1,237
4.00%, 7/15/37, Continuously Callable @100		1,000		1,148
State of Connecticut Special Tax Revenue 5.00%, 1/1/34, Continuously Callable @100		20,000		24,548
5.00%, 1/1/35, Continuously Callable @100		20,000		24,408
Series B, 5.00%, 10/1/37, Continuously Callable @100		6,000		7,340
Series B, 5.00%, 10/1/38, Continuously Callable @100		4,000		4,879
State of Connecticut, GO Series A, 5.00%, 4/15/33, Continuously Callable @100		5,000		6,233
Series A, 5.00%, 4/15/34, Continuously Callable @100		5,575		6,909
Series A, 5.00%, 4/15/35, Continuously Callable @100		5,000		6,163
Series A, 4.00%, 4/15/37, Continuously Callable @100		1,825		2,107
Series C, 5.00%, 6/15/33, Continuously Callable @100		1,100		1,374
Series C, 5.00%, 6/15/34, Continuously Callable @100		2,625		3,260
Series C, 5.00%, 6/15/35, Continuously Callable @100		2,500		3,087
Series E, 5.00%, 9/15/35, Continuously Callable @100		2,000		2,477
Series E, 5.00%, 9/15/37, Continuously Callable @100		2,000		2,460
Series G, 5.00%, 11/15/35, Continuously Callable @100		5,000		5,881
Town of Hamden, GO (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 8/15/30, Continuously Callable @100		1,200		1,441
University of Connecticut Revenue Series A, 5.00%, 4/15/34, Continuously Callable @100		6,805		8,302
Series A, 5.00%, 4/15/35, Continuously Callable @100		6,500		7,887
Series A, 5.00%, 4/15/36, Continuously Callable @100		11,175		13,499
				199,775
District of Columbia (0.5%):
District of Columbia Revenue 5.00%, 7/1/23		290		311
6.00%, 7/1/33, Pre-refunded 7/1/23 @100		1,280		1,478
4.00%, 7/1/39, Continuously Callable @100		1,000		1,074
5.00%, 7/1/39, Continuously Callable @100		800		892
Series A, 5.63%, 10/1/25, Pre-refunded 4/1/21 @100		3,870		3,972
Series A, 5.75%, 10/1/26, Pre-refunded 4/1/21 @100		5,000		5,136
Series A, 5.75%, 10/1/27, Pre-refunded 4/1/21 @100		6,000		6,163
Metropolitan Washington Airports Authority Dulles Toll Road Revenue 4.00%, 10/1/35, Continuously Callable @100		1,000		1,114
4.00%, 10/1/36, Continuously Callable @100		1,250		1,389
4.00%, 10/1/37, Continuously Callable @100		1,500		1,668
4.00%, 10/1/38, Continuously Callable @100		1,000		1,111
				24,308

Security Description	Principal Amount		Value
Florida (5.1%):
City of Cape Coral Water & Sewer Revenue 4.00%, 10/1/35, Continuously Callable @100	$	1,485	$	1,713
4.00%, 10/1/36, Continuously Callable @100		1,400		1,606
4.00%, 10/1/37, Continuously Callable @100		3,000		3,427
City of Jacksonville Revenue, 5.00%, 10/1/28, Continuously Callable @100		3,500		3,788
City of Port St. Lucie Special Assessment 4.00%, 7/1/31, Continuously Callable @100		3,195		3,623
4.00%, 7/1/32, Continuously Callable @100		2,000		2,257
4.00%, 7/1/33, Continuously Callable @100		2,785		3,128
City of Port St. Lucie Utility System Revenue, 4.00%, 9/1/31, Continuously Callable @100		1,000		1,161
City of Tampa Revenue Series A, 3.12%, 9/1/36, Continuously Callable @80		700		428
Series A, 3.23%, 9/1/37, Continuously Callable @77		700		407
Series A, 3.32%, 9/1/38, Continuously Callable @74		850		471
Series A, 3.41%, 9/1/39, Continuously Callable @71		700		369
Series A, 3.48%, 9/1/40, Continuously Callable @68		850		428
Series B, 4.00%, 7/1/38, Continuously Callable @100		350		399
Series B, 4.00%, 7/1/39, Continuously Callable @100		700		795
Cityplace Community Development District Special Assessment (INS — Assured Guaranty Municipal Corp.) 5/1/33 (i)		3,470		3,367
5/1/38, Continuously Callable @100 (j)		7,900		8,080
County of Lee Airport Revenue, 5.00%, 10/1/33, Continuously Callable @100		4,000		4,603
County of Lee Revenue 5.00%, 10/1/23		2,500		2,812
5.00%, 10/1/24		2,700		3,137
County of Lee Tourist Development Tax Revenue Series B, 4.00%, 10/1/36, Continuously Callable @100		4,685		5,424
Series B, 4.00%, 10/1/37, Continuously Callable @100		4,970		5,742
Series B, 4.00%, 10/1/38, Continuously Callable @100		5,230		6,027
County of Miami-Dade Aviation Revenue Series B, 5.00%, 10/1/26, Pre-refunded 10/1/20 @100		6,440		6,440
Series B, 5.00%, 10/1/27, Pre-refunded 10/1/20 @100		7,000		7,000
County of Miami-Dade Revenue, Series A, 5.00%, 10/1/25, Continuously Callable @100		2,000		2,159
County of St Lucie Sales Tax Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 10/1/28, Continuously Callable @100		7,370		8,323
Escambia County Health Facilities Authority Revenue 5.00%, 8/15/33, Continuously Callable @100		1,400		1,722
5.00%, 8/15/35, Continuously Callable @100		1,290		1,568
5.00%, 8/15/40, Continuously Callable @100		2,900		3,469
Florida Higher Educational Facilities Financial Authority Revenue 5.00%, 10/1/35, Continuously Callable @100		1,250		1,350
5.00%, 10/1/36, Continuously Callable @100		1,000		1,077
4.00%, 10/1/37, Continuously Callable @100		1,000		984
4.00%, 10/1/38, Continuously Callable @100		750		735
5.00%, 3/1/39, Continuously Callable @100		7,055		7,544
4.00%, 10/1/39, Continuously Callable @100		800		782

Security Description	Principal Amount		Value
Halifax Hospital Medical Center Revenue 5.00%, 6/1/35, Continuously Callable @100	$	2,325	$	2,653
5.00%, 6/1/36, Continuously Callable @100		2,750		3,176
Lake County School Board Certificate of Participation (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 6/1/29, Continuously Callable @100		1,250		1,435
Series A, 5.00%, 6/1/30, Continuously Callable @100		2,225		2,551
Lee County IDA Revenue 5.00%, 10/1/28, Continuously Callable @100		7,245		7,283
5.00%, 11/15/39, Continuously Callable @103		1,500		1,643
Lee County School Board Certificate of Participation, Series A, 5.00%, 8/1/28, Continuously Callable @100		3,750		4,361
Lee Memorial Health System Revenue, Series A-1, 4.00%, 4/1/37, Continuously Callable @100		5,000		5,644
Miami Beach Health Facilities Authority Revenue, 5.00%, 11/15/29, Continuously Callable @100		6,560		7,079
Miami-Dade County Expressway Authority Revenue Series A, 5.00%, 7/1/28, Continuously Callable @100		10,000		10,666
Series A, 5.00%, 7/1/29, Continuously Callable @100		7,000		7,463
Series A, 5.00%, 7/1/29, Continuously Callable @100		1,000		1,134
Series A, 5.00%, 7/1/30, Continuously Callable @100		1,610		1,824
Series A, 5.00%, 7/1/31, Continuously Callable @100		1,255		1,421
Series A, 5.00%, 7/1/32, Continuously Callable @100		2,000		2,264
Series A, 5.00%, 7/1/33, Continuously Callable @100		2,000		2,265
Series A, 5.00%, 7/1/34, Continuously Callable @100		2,000		2,264
Series B, 5.00%, 7/1/30, Continuously Callable @100		2,000		2,265
Series B, 5.00%, 7/1/31, Continuously Callable @100		2,000		2,264
Miami-Dade County Health Facilities Authority Revenue 5.00%, 8/1/27, Continuously Callable @100		4,750		5,298
5.00%, 8/1/28, Continuously Callable @100		4,950		5,515
5.00%, 8/1/29, Continuously Callable @100		5,250		5,844
5.00%, 8/1/30, Continuously Callable @100		3,500		3,890
5.00%, 8/1/31, Continuously Callable @100		5,780		6,416
Orange County Health Facilities Authority Revenue, Series A, 5.00%, 10/1/35, Continuously Callable @100		4,000		4,690
Osceola County School Board Certificate of Participation, Series A, 5.00%, 6/1/28, Continuously Callable @100		3,055		3,385
Palm Beach County Health Facilities Authority Revenue 5.00%, 11/15/23, Continuously Callable @100		7,595		8,042
Series B, 4.00%, 11/15/41, Continuously Callable @103		250		275
Pinellas County Educational Facilities Authority Revenue 5.00%, 10/1/21		1,995		2,053
4.00%, 10/1/22		1,080		1,121
4.00%, 10/1/23, Continuously Callable @100		1,415		1,468
5.38%, 10/1/26, Continuously Callable @100		2,045		2,111
5.00%, 10/1/27, Continuously Callable @100		1,895		2,001
6.50%, 10/1/31, Continuously Callable @100		2,615		2,726
Pinellas County IDA Revenue, 5.00%, 7/1/29		1,000		1,112
School District of Broward County Certificate of Participation Series A, 5.00%, 7/1/29, Continuously Callable @100		2,000		2,385
Series A, 5.00%, 7/1/30, Continuously Callable @100		2,000		2,380

Security Description	Principal Amount		Value
Southeast Overtown Park West Community Redevelopment Agency Tax Allocation, Series A-1, 5.00%, 3/1/30, Continuously Callable @100 (g)	$	3,195	$	3,532
St. Lucie County School Board Certificate of Participation
Series A, 5.00%, 7/1/25, Continuously Callable @100		2,045		2,278
Series A, 5.00%, 7/1/26, Continuously Callable @100		1,500		1,670
Sunshine State Governmental Financing Commission Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/21		1,055		1,099
Volusia County Educational Facility Authority Revenue Series B, 5.00%, 10/15/28, Continuously Callable @100		1,000		1,165
Series B, 5.00%, 10/15/29, Continuously Callable @100		1,000		1,162
Series B, 5.00%, 10/15/30, Continuously Callable @100		1,500		1,740
Series B, 5.00%, 10/15/32, Continuously Callable @100		1,560		1,794
				251,152
Georgia (2.3%):
Appling County Development Authority Revenue, 0.17%, 9/1/29, Continuously Callable @100 (c)		3,200		3,200
Appling County Development Authority Revenue (NBGA — Southern Co.), 0.17%, 9/1/41, Continuously Callable @100 (c)		15,840		15,840
Cobb County Development Authority Revenue, Series A, 2.25%, 4/1/33, (Put Date 10/1/29) (e)		4,975		5,339
Glynn-Brunswick Memorial Hospital Authority Revenue 4.00%, 8/1/36, Continuously Callable @100		1,840		2,034
4.00%, 8/1/37, Continuously Callable @100		1,500		1,654
Main Street Natural Gas, Inc. Revenue 4.00%, 8/1/48, (Put Date 12/1/23) (e)		15,000		16,536
Series A, 5.00%, 5/15/36		2,000		2,695
Series A, 5.00%, 5/15/37		1,500		2,038
Series A, 5.00%, 5/15/38		2,500		3,423
Series C, 4.00%, 3/1/50, (Put Date 9/1/26) (e)		27,500		31,915
Private Colleges & Universities Authority Revenue Series A, 5.25%, 10/1/27, Continuously Callable @100		3,000		3,104
Series C, 5.25%, 10/1/27, Continuously Callable @100		2,000		2,138
Savannah Hospital Authority Revenue, 4.00%, 7/1/39, Continuously Callable @100		2,500		2,767
The Burke County Development Authority Revenue, Series A, 1.50%, 1/1/40, (Put Date 2/3/25) (e)		6,500		6,532
The Burke County Development Authority Revenue (NBGA — Southern Co.), 0.16%, 11/1/52, Continuously Callable @100 (c)		13,700		13,700
				112,915
Guam (0.4%):
Guam Government Waterworks Authority Revenue 5.00%, 7/1/28, Continuously Callable @100		1,000		1,100
5.25%, 7/1/33, Pre-refunded 7/1/23 @100		3,000		3,403
5.00%, 7/1/36, Continuously Callable @100		1,250		1,442
5.00%, 7/1/36, Continuously Callable @100		1,000		1,172
Series A, 5.00%, 7/1/23		750		828
Series A, 5.00%, 7/1/24		600		683
Series A, 5.00%, 7/1/25, Continuously Callable @100		750		853
Series A, 5.00%, 7/1/29, Continuously Callable @100		1,000		1,132

Security Description	Principal Amount		Value
Guam Power Authority Revenue Series A, 5.00%, 10/1/29, Continuously Callable @100	$	1,000	$	1,126
Series A, 5.00%, 10/1/30, Continuously Callable @100		1,000		1,125
Series A, 5.00%, 10/1/31, Continuously Callable @100		695		780
Guam Power Authority Revenue (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 10/1/27, Continuously Callable @100		1,000		1,076
Series A, 5.00%, 10/1/30, Continuously Callable @100		1,000		1,074
Series A, 5.00%, 10/1/32, Continuously Callable @100		1,000		1,137
Territory of Guam Revenue Series A, 5.00%, 12/1/30, Continuously Callable @100		1,500		1,678
Series A, 5.00%, 12/1/31, Continuously Callable @100		2,000		2,229
				20,838
Idaho (0.3%):
Idaho Health Facilities Authority Revenue 5.00%, 3/1/35, Continuously Callable @100		5,805		6,982
5.00%, 3/1/36, Continuously Callable @100		4,085		4,891
5.00%, 3/1/37, Continuously Callable @100		3,000		3,581
				15,454
Illinois (14.8%):
Champaign County Community Unit School District No. 4 Champaign, GO 4.00%, 6/1/34, Continuously Callable @100		1,000		1,189
4.00%, 6/1/35, Continuously Callable @100		1,290		1,526
4.00%, 6/1/36, Continuously Callable @100		1,575		1,856
Chicago Board of Education, GO Series A, 12/1/25 (h)		1,600		1,377
Series A, 12/1/26 (h)		3,700		3,117
Chicago Midway International Airport Revenue Series B, 5.00%, 1/1/27, Continuously Callable @100		6,525		7,100
Series B, 5.00%, 1/1/29, Continuously Callable @100		11,750		13,173
Series B, 5.00%, 1/1/30, Continuously Callable @100		5,175		5,792
Series B, 5.00%, 1/1/31, Continuously Callable @100		8,910		9,954
Series B, 5.00%, 1/1/32, Continuously Callable @100		6,000		6,692
Series B, 5.25%, 1/1/33, Continuously Callable @100		1,635		1,777
Series B, 4.00%, 1/1/34, Continuously Callable @100		3,500		3,852
Series B, 4.00%, 1/1/35, Continuously Callable @100		3,000		3,274
Chicago O'Hare International Airport Revenue 5.00%, 1/1/33, Continuously Callable @100		11,560		13,429
5.00%, 1/1/34, Continuously Callable @100		5,675		6,556
Series A, 4.00%, 1/1/37, Continuously Callable @100 (k)		2,000		2,267
Series A, 4.00%, 1/1/38, Continuously Callable @100 (k)		1,000		1,129
Series B, 5.25%, 1/1/29, Continuously Callable @100		13,480		14,873
Series C, 5.25%, 1/1/24, Continuously Callable @100		9,000		9,037
Chicago O'Hare International Airport Revenue (INS — Assured Guaranty Municipal Corp.) 5.00%, 1/1/28, Continuously Callable @100		3,620		3,823
5.00%, 1/1/29, Continuously Callable @100		1,500		1,584
5.13%, 1/1/30, Continuously Callable @100		2,150		2,274
Chicago Park District, GO Series F-2, 4.00%, 1/1/34, Continuously Callable @100 (k)		1,200		1,324

Security Description	Principal Amount		Value
Series F-2, 4.00%, 1/1/36, Continuously Callable @100 (k)	$	1,300	$	1,422
Series F-2, 5.00%, 1/1/37, Continuously Callable @100 (k)		2,000		2,366
Series F-2, 4.00%, 1/1/38, Continuously Callable @100 (k)		1,750		1,901
Series F-2, 5.00%, 1/1/39, Continuously Callable @100 (k)		1,500		1,764
Series F-2, 5.00%, 1/1/40, Continuously Callable @100 (k)		1,125		1,319
Chicago Transit Authority Sales Tax Receipts Fund Revenue, Series A, 5.00%, 12/1/45, Continuously Callable @100		5,000		5,951
City of Chicago Special Assessment, 6.63%, 12/1/22, Continuously Callable @100		1,747		1,752
City of Chicago Wastewater Transmission Revenue 5.00%, 1/1/31, Continuously Callable @100		1,000		1,117
5.00%, 1/1/32, Continuously Callable @100		1,000		1,115
Series B, 5.00%, 1/1/35, Continuously Callable @100		8,000		9,318
Series C, 5.00%, 1/1/33, Continuously Callable @100		3,500		3,973
Series C, 5.00%, 1/1/34, Continuously Callable @100		1,000		1,132
Series C, 5.00%, 1/1/35, Continuously Callable @100		1,250		1,409
City of Chicago Waterworks Revenue 5.00%, 11/1/28, Continuously Callable @100		1,500		1,812
5.00%, 11/1/29, Continuously Callable @100		725		871
5.00%, 11/1/30, Continuously Callable @100		2,000		2,393
5.00%, 11/1/31, Continuously Callable @100		2,000		2,316
5.00%, 11/1/33, Continuously Callable @100		2,000		2,312
5.00%, 11/1/36, Continuously Callable @100		2,665		3,242
Series A-1, 5.00%, 11/1/29, Continuously Callable @100		1,000		1,214
Series A-1, 5.00%, 11/1/31, Continuously Callable @100		1,000		1,212
City of Chicago Waterworks Revenue (INS — Assured Guaranty Municipal Corp.) 5.25%, 11/1/34, Continuously Callable @100		2,105		2,592
5.25%, 11/1/35, Continuously Callable @100		1,635		1,968
Series 2017-2, 5.00%, 11/1/36, Continuously Callable @100		3,145		3,725
Series 2017-2, 5.00%, 11/1/37, Continuously Callable @100		2,500		2,952
City of Chicago, GO (INS — National Public Finance Guarantee Corp.), 1/1/23 (h)		30,000		28,685
City of Springfield Electric Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 3/1/34, Continuously Callable @100		3,000		3,524
City of Springfield, GO, 5.00%, 12/1/30, Continuously Callable @100		8,500		10,229
County of Cook Sales Tax Revenue 4.00%, 11/15/34, Continuously Callable @100		3,750		4,187
5.00%, 11/15/35, Continuously Callable @100		7,000		8,341
5.00%, 11/15/36, Continuously Callable @100		5,000		5,938
County of Cook, GO 5.00%, 11/15/34, Continuously Callable @100		2,000		2,339
5.00%, 11/15/35, Continuously Callable @100		2,000		2,338
Series A, 5.00%, 11/15/31, Continuously Callable @100		2,500		2,958
Illinois Educational Facilities Authority Revenue 4.45%, 11/1/36, Continuously Callable @102		4,500		5,144
3.90%, 11/1/36, Continuously Callable @102		2,220		2,510
4.00%, 11/1/36, Continuously Callable @102		9,750		10,950
Illinois Finance Authority Revenue 3.25%, 5/15/22		1,125		1,127
5.00%, 2/15/27		7,650		7,598
5.40%, 4/1/27, Continuously Callable @100		1,435		1,435
4.00%, 5/15/27		3,065		3,170

Security Description	Principal Amount		Value
5.50%, 7/1/28, Continuously Callable @100	$	8,250	$	9,294
3.90%, 3/1/30, Continuously Callable @100		20,000		22,236
5.00%, 5/15/30, Continuously Callable @100		1,000		1,082
5.00%, 5/15/31, Continuously Callable @100		1,875		1,995
5.00%, 8/15/32, Pre-refunded 8/15/26 @100		1,500		1,893
5.00%, 8/15/33, Pre-refunded 8/15/26 @100		1,155		1,458
5.00%, 8/15/34, Pre-refunded 8/15/26 @100		1,000		1,262
5.00%, 12/1/34, Continuously Callable @100		3,500		4,094
5.00%, 5/15/35, Continuously Callable @100		1,100		1,162
5.00%, 8/15/35, Continuously Callable @100		4,000		4,574
5.00%, 10/1/35, Continuously Callable @100		600		747
4.00%, 12/1/35, Continuously Callable @100		5,000		5,421
5.00%, 5/15/36, Continuously Callable @100		1,400		1,460
4.00%, 12/1/36, Continuously Callable @100		3,000		3,253
5.00%, 2/15/37, Continuously Callable @100		1,000		1,008
5.00%, 10/1/37, Continuously Callable @100		700		864
5.00%, 10/1/39, Continuously Callable @100		700		857
2.45%, 10/1/39, (Put Date 10/1/29) (e)		14,000		14,853
4.00%, 10/1/40, Continuously Callable @100		1,000		1,098
Series A, 4.50%, 5/15/25, Pre-refunded 5/15/22 @100		8,210		8,722
Series A, 5.38%, 8/15/26, Continuously Callable @100		7,665		7,999
Series A, 4.00%, 10/1/31, Continuously Callable @100		1,000		1,118
Series A, 4.00%, 10/1/32, Continuously Callable @100		1,000		1,110
Series A, 5.00%, 9/1/34, Continuously Callable @100		3,385		3,924
Series A, 4.00%, 10/1/34, Continuously Callable @100		1,000		1,094
Series A, 5.00%, 11/15/34, Continuously Callable @100		3,700		4,280
Series A, 5.00%, 11/15/35, Continuously Callable @100		3,000		3,454
Series C, 4.00%, 2/15/36, Continuously Callable @100		18,000		19,929
Illinois Municipal Electric Agency Revenue, Series A, 4.00%, 2/1/33, Continuously Callable @100		14,650		16,125
Illinois Sports Facilities Authority Revenue 5.25%, 6/15/30, Continuously Callable @100		3,000		3,347
5.00%, 6/15/30, Continuously Callable @100		1,025		1,146
5.25%, 6/15/31, Continuously Callable @100		5,000		5,570
5.25%, 6/15/32, Continuously Callable @100		5,000		5,560
Illinois State Toll Highway Authority Revenue Series A, 5.00%, 12/1/32, Continuously Callable @100		5,000		5,951
Series A, 5.00%, 1/1/34, Continuously Callable @100		5,870		6,914
Series A, 5.00%, 1/1/35, Continuously Callable @100		5,600		6,564
Series A, 5.00%, 1/1/36, Continuously Callable @100		7,000		8,178
Kane Cook & DuPage Counties School District No. U-46 Elgin, GO Series D, 5.00%, 1/1/32, Continuously Callable @100		2,800		3,172
Series D, 5.00%, 1/1/33, Continuously Callable @100		4,000		4,523
Kendall Kane & Will Counties Community Unit School District No. 308, GO 5.00%, 2/1/35, Continuously Callable @100		5,000		5,796
5.00%, 2/1/36, Continuously Callable @100		6,000		6,930
Madison County Community Unit School District No. 7 Edwardsville, GO (INS — Build America Mutual Assurance Co.) 5.00%, 12/1/28, Continuously Callable @100		1,210		1,451
5.00%, 12/1/29, Continuously Callable @100		1,250		1,496

Security Description	Principal Amount		Value
Madison-Macoupin Etc Counties Community College District No. 536, GO (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 11/1/31, Continuously Callable @100	$	1,000	$	1,197
Series A, 5.00%, 11/1/32, Continuously Callable @100		2,000		2,386
Series A, 5.00%, 11/1/33, Continuously Callable @100		750		892
Metropolitan Pier & Exposition Authority Revenue, 5.00%, 6/15/42, Continuously Callable @100		2,000		2,280
Metropolitan Pier & Exposition Authority Revenue (INS — Assured Guaranty Municipal Corp.), 6/15/26 (h)		5,000		4,467
Northern Illinois Municipal Power Agency Revenue Series A, 4.00%, 12/1/31, Continuously Callable @100		1,800		2,067
Series A, 4.00%, 12/1/32, Continuously Callable @100		2,100		2,399
Series A, 4.00%, 12/1/33, Continuously Callable @100		4,000		4,540
Series A, 4.00%, 12/1/35, Continuously Callable @100		5,000		5,606
Northern Illinois University Revenue (INS — Build America Mutual Assurance Co.), Series B, 4.00%, 4/1/39, Continuously Callable @100		1,375		1,474
Railsplitter Tobacco Settlement Authority Revenue, 5.50%, 6/1/23, Pre-refunded 6/1/21 @100		10,000		10,353
Regional Transportation Authority Revenue Series A, 4.00%, 7/1/34, Continuously Callable @100		23,160		26,274
Series A, 4.00%, 7/1/35, Continuously Callable @100		11,650		13,057
Sales Tax Securitization Corp. Revenue Series A, 4.00%, 1/1/38, Continuously Callable @100		500		545
Series A, 4.00%, 1/1/39, Continuously Callable @100		500		544
Sangamon County School District No. 186 Springfield, GO Series B, 5.00%, 2/1/24		2,660		3,004
Series B, 5.00%, 2/1/24		1,040		1,202
Series B, 5.00%, 2/1/25, Continuously Callable @100		5,765		6,501
Series B, 5.00%, 2/1/25, Pre-refunded 2/1/24 @100		1,435		1,662
Sangamon County School District No. 186 Springfield, GO (INS — Build America Mutual Assurance Co.), Series B, 5.00%, 2/1/26, Continuously Callable @100		4,215		4,750
State of Illinois, GO 5.25%, 2/1/31, Continuously Callable @100		9,000		9,504
Series A, 5.00%, 11/1/25		11,000		11,969
Series B, 5.00%, 10/1/28		3,000		3,324
Series B, 5.00%, 11/1/32, Continuously Callable @100		10,000		10,910
Series C, 5.00%, 11/1/29, Continuously Callable @100		6,705		7,123
Series D, 5.00%, 11/1/28, Continuously Callable @100		5,795		6,301
State of Illinois, GO (INS — Assured Guaranty Municipal Corp.) 5.00%, 1/1/21, Continuously Callable @100		5,000		5,016
4.00%, 2/1/30, Continuously Callable @100		7,000		7,657
Series A, 5.00%, 4/1/29, Continuously Callable @100		10,000		10,762
State of Illinois, GO (INS — Build America Mutual Assurance Co.), Series D, 5.00%, 11/1/25 (d)		10,000		11,473
University of Illinois Revenue, Series A, 4.00%, 4/1/33, Continuously Callable @100		12,475		13,723
Village of Bolingbrook, GO (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 1/1/29, Continuously Callable @100		1,750		2,191
Series A, 5.00%, 1/1/30, Continuously Callable @100		1,500		1,861

Security Description	Principal Amount		Value
Series A, 5.00%, 1/1/31, Continuously Callable @100	$	2,400	$	2,966
Series A, 5.00%, 1/1/32, Continuously Callable @100		2,350		2,893
Series A, 5.00%, 1/1/33, Continuously Callable @100		1,450		1,780
Series A, 5.00%, 1/1/38, Continuously Callable @100		1,500		1,814
Village of Gilberts Special Tax (INS — Build America Mutual Assurance Co.), 5.00%, 3/1/30, Continuously Callable @100		5,225		6,070
Village of Rosemont, GO (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 12/1/25		2,010		2,455
Series A, 5.00%, 12/1/26		2,110		2,638
Volo Village Special Service Area No. 3 & 6 Special Tax (INS — Assured Guaranty Municipal Corp.) 5.00%, 3/1/34, Continuously Callable @100		2,997		3,518
4.00%, 3/1/36, Continuously Callable @100		1,250		1,385
Will County Community High School District No 210 Lincoln-Way, GO, 4.00%, 1/1/34, Continuously Callable @100		650		720
Williamson Jackson Etc Counties Community Unit School District No. 4, GO (INS — Assured Guaranty Municipal Corp.) 5.00%, 12/1/28, Continuously Callable @100		1,835		2,212
5.00%, 12/1/29, Continuously Callable @100		1,925		2,316
5.00%, 12/1/30, Continuously Callable @100		2,025		2,428
5.00%, 12/1/34, Continuously Callable @100		6,000		7,076
				728,845
Indiana (1.4%):
City of Rockport Revenue, Series A, 3.05%, 6/1/25		5,750		6,328
Hammond Multi-School Building Corp. Revenue 5.00%, 7/15/33, Continuously Callable @100		1,165		1,453
5.00%, 7/15/34, Continuously Callable @100		1,000		1,243
5.00%, 7/15/35, Continuously Callable @100		1,250		1,550
5.00%, 7/15/38, Continuously Callable @100		3,000		3,699
Indiana Bond Bank Revenue 1/15/30, Continuously Callable @97 (h)		740		622
7/15/30, Continuously Callable @96 (h)		750		621
7/15/31, Continuously Callable @93 (h)		1,490		1,193
7/15/32, Continuously Callable @91 (h)		1,400		1,076
Indiana Finance Authority Revenue 3.13%, 12/1/24		6,000		6,589
5.00%, 9/1/30, Continuously Callable @100		1,250		1,519
5.00%, 9/1/31, Continuously Callable @100		1,500		1,814
5.00%, 11/15/33, Continuously Callable @103		2,000		2,173
4.00%, 7/1/36, Continuously Callable @100		3,660		4,074
4.00%, 7/1/38, Continuously Callable @100		4,030		4,466
5.00%, 11/15/38, Continuously Callable @103		3,000		3,221
4.00%, 7/1/39, Continuously Callable @100		3,605		3,986
Series A, 5.00%, 5/1/24, Pre-refunded 5/1/23 @100		1,470		1,651
Series A, 5.00%, 5/1/27, Pre-refunded 5/1/23 @100		1,200		1,348
Series A, 5.00%, 6/1/32, Continuously Callable @100		10,500		10,792
Indianapolis Local Public Improvement Bond Bank Revenue, Series C, 1.40%, 6/1/21, Continuously Callable @100		2,750		2,758
Richmond Hospital Authority Revenue, 5.00%, 1/1/35, Continuously Callable @100		6,500		7,390
				69,566

Security Description	Principal Amount		Value
Iowa (0.5%):
City of Waverly Revenue, 2.50%, 12/31/22, Continuously Callable @100	$	2,000	$	2,060
Iowa Finance Authority Revenue Series E, 4.00%, 8/15/35, Continuously Callable @100		5,425		5,972
Series E, 4.00%, 8/15/36, Continuously Callable @100		15,105		16,548
				24,580
Kansas (0.3%):
City of Wichita Revenue 4.20%, 9/1/27, Continuously Callable @100		3,000		3,039
4.63%, 9/1/33, Continuously Callable @100		10,000		10,111
				13,150
Kentucky (3.4%):
City of Ashland Revenue 4.00%, 2/1/35, Continuously Callable @100		470		506
4.00%, 2/1/36, Continuously Callable @100		2,410		2,516
4.00%, 2/1/37, Continuously Callable @100		1,115		1,194
City of Pikeville Revenue 5.75%, 3/1/26, Pre-refunded 3/1/21 @100		795		813
5.75%, 3/1/26, Pre-refunded 3/1/21 @100		2,930		2,999
County of Trimble Revenue, 3.75%, 6/1/33, Continuously Callable @100		15,000		17,142
Kentucky Economic Development Finance Authority Revenue 5.00%, 5/15/26		6,750		6,919
5.00%, 5/15/31, Continuously Callable @100		7,205		7,282
5.00%, 5/15/36, Continuously Callable @100		2,500		2,520
Series B, 10/1/24 (h)		6,130		5,743
Series B-3, 1.52% (MUNIPSA+140bps), 2/1/46, (Put Date 2/1/25) (e) (f)		20,000		19,549
Kentucky Municipal Power Agency Revenue, Series A, 3.45%, 9/1/42, (Put Date 3/1/26) (e)		7,000		7,619
Kentucky Public Energy Authority Revenue Series B, 4.00%, 1/1/49, (Put Date 1/1/25) (e)		14,285		16,030
Series C-1, 4.00%, 12/1/49, (Put Date 6/1/25) (e)		20,000		22,632
Series C-3, 1.17% (MUNIPSA+105bps), 12/1/49, (Put Date 6/1/25) (e) (f)		20,000		19,969
Kentucky State Property & Building Commission Revenue 5.00%, 5/1/35, Continuously Callable @100		1,000		1,207
5.00%, 5/1/36, Continuously Callable @100		1,000		1,201
5.00%, 5/1/37, Continuously Callable @100		3,000		3,594
Series A, 5.00%, 2/1/32, Continuously Callable @100		2,000		2,366
Series A, 5.00%, 2/1/33, Continuously Callable @100		2,250		2,647
Series A, 4.00%, 11/1/35, Continuously Callable @100		565		647
Series A, 4.00%, 11/1/36, Continuously Callable @100		750		854
Series A, 4.00%, 11/1/37, Continuously Callable @100		750		849
Series A, 4.00%, 11/1/38, Continuously Callable @100		500		564
Louisville/Jefferson County Metropolitan Government Revenue 5.00%, 12/1/22, Pre-refunded 6/1/22 @100		3,830		4,136
5.00%, 12/1/23, Pre-refunded 6/1/22 @100		2,760		2,980
5.00%, 12/1/24, Pre-refunded 6/1/22 @100		7,160		7,732
1.75%, 2/1/35, (Put Date 7/1/26) (e)		5,000		5,333
				167,543

Security Description	Principal Amount		Value
Louisiana (3.9%):
Calcasieu Parish Memorial Hospital Service District Revenue, 5.00%, 12/1/39, Continuously Callable @100	$	1,000	$	1,073
City of New Orleans Sewerage Service Revenue 5.00%, 6/1/31, Continuously Callable @100		700		831
5.00%, 6/1/32, Continuously Callable @100		1,150		1,362
5.00%, 6/1/34, Continuously Callable @100		1,500		1,766
City of New Orleans Water System Revenue 5.00%, 12/1/33, Continuously Callable @100		1,500		1,758
5.00%, 12/1/35, Continuously Callable @100		1,500		1,745
City of Shreveport Water & Sewer Revenue Series B, 5.00%, 12/1/31, Continuously Callable @100		5,330		6,206
Series B, 5.00%, 12/1/32, Continuously Callable @100		5,125		5,959
City of Shreveport Water & Sewer Revenue (INS — Assured Guaranty Municipal Corp.) 5.00%, 12/1/33, Continuously Callable @100		1,515		1,792
5.00%, 12/1/34, Continuously Callable @100		1,500		1,775
5.00%, 12/1/35, Continuously Callable @100		1,510		1,783
City of Shreveport Water & Sewer Revenue (INS — Build America Mutual Assurance Co.)
Series C, 5.00%, 12/1/30, Continuously Callable @100		1,000		1,252
Series C, 5.00%, 12/1/31, Continuously Callable @100		2,000		2,493
Jefferson Parish Hospital Service District No. 1 Revenue (INS — Assured Guaranty Municipal Corp.) Series A, 5.50%, 1/1/26, Pre-refunded 1/1/21 @100		2,750		2,786
Series A, 5.38%, 1/1/31, Pre-refunded 1/1/21 @100		3,000		3,039
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, 3.50%, 11/1/32, Continuously Callable @100		18,750		19,711
Louisiana Public Facilities Authority Revenue 5.00%, 7/1/33, Pre-refunded 7/1/25 @100		55		67
5.00%, 7/1/33, Continuously Callable @100		8,940		10,421
5.00%, 5/15/34, Pre-refunded 5/15/26 @100		25		32
5.00%, 5/15/34, Continuously Callable @100		2,225		2,618
5.00%, 5/15/34, Continuously Callable @100		2,975		3,564
5.00%, 7/1/34, Pre-refunded 7/1/25 @100		85		104
5.00%, 7/1/34, Continuously Callable @100		13,465		15,628
5.00%, 5/15/35, Continuously Callable @100		2,000		2,381
4.00%, 5/15/35, Pre-refunded 5/15/26 @100		35		42
4.00%, 5/15/35, Continuously Callable @100		3,465		3,813
5.00%, 5/15/36, Continuously Callable @100		1,560		1,850
4.00%, 5/15/36, Pre-refunded 5/15/26 @100		15		18
4.00%, 5/15/36, Continuously Callable @100		1,485		1,625
Series A, 4.00%, 12/15/32, Continuously Callable @100		2,735		3,113
Series A, 4.00%, 12/15/33, Continuously Callable @100		3,095		3,495
Series B, 3.50%, 6/1/30, Continuously Callable @100		14,000		14,260
Louisiana Public Facilities Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 6/1/36, Continuously Callable @100		2,000		2,278
Louisiana State University & Agricultural & Mechanical College Revenue Series A, 4.00%, 7/1/31, Continuously Callable @100		1,000		1,119

Security Description	Principal Amount		Value
Series A, 4.00%, 7/1/32, Continuously Callable @100	$	1,000	$	1,109
Series A, 4.00%, 7/1/33, Continuously Callable @100		1,000		1,098
New Orleans Aviation Board Revenue (INS — Assured Guaranty Municipal Corp.) 5.00%, 1/1/35, Continuously Callable @100		1,840		2,205
5.00%, 1/1/36, Continuously Callable @100		1,250		1,491
5.00%, 1/1/37, Continuously Callable @100		1,500		1,781
5.00%, 10/1/37, Continuously Callable @100		2,000		2,414
5.00%, 1/1/38, Continuously Callable @100		1,300		1,542
Parish of St. Charles Revenue, 4.00%, 12/1/40, (Put Date 6/1/22) (e)		16,750		17,612
Parish of St. James Revenue, Series A-1, 0.20%, 11/1/40, Continuously Callable @100 (c)		15,000		15,000
Parish of St. John the Baptist Revenue, 2.20%, 6/1/37 (c) (e)		11,750		11,787
Tobacco Settlement Financing Corp. Revenue Series A, 5.00%, 5/15/23		5,000		5,575
Series A, 5.25%, 5/15/31, Continuously Callable @100		10,000		10,278
				193,651
Maine (0.3%):
Maine Health & Higher Educational Facilities Authority Revenue 5.00%, 7/1/24, Continuously Callable @100		1,635		1,766
6.00%, 7/1/26, Continuously Callable @100		11,500		11,710
5.00%, 7/1/26, Continuously Callable @100		1,000		1,078
5.00%, 7/1/27, Continuously Callable @100		1,000		1,078
				15,632
Maryland (1.1%):
City of Gaithersburg Revenue 5.00%, 1/1/33, Continuously Callable @104		3,000		3,238
5.00%, 1/1/36, Continuously Callable @104		1,000		1,072
Maryland Economic Development Corp. Revenue Series A, 5.00%, 6/1/30, Continuously Callable @100		1,250		1,439
Series A, 5.00%, 6/1/31, Continuously Callable @100		1,000		1,143
Series A, 5.00%, 6/1/32, Continuously Callable @100		1,000		1,137
Series A, 5.00%, 6/1/35, Continuously Callable @100		2,000		2,241
Maryland Health & Higher Educational Facilities Authority Revenue 5.50%, 1/1/29, Continuously Callable @100		1,415		1,652
5.50%, 1/1/30, Continuously Callable @100		1,750		2,024
5.50%, 1/1/31, Continuously Callable @100		1,585		1,818
5.00%, 7/1/31, Continuously Callable @100		3,190		3,656
5.00%, 7/1/32, Continuously Callable @100		6,505		7,415
5.00%, 7/1/33, Continuously Callable @100		3,600		4,086
5.00%, 7/1/33, Continuously Callable @100		1,000		1,139
5.00%, 7/1/34, Continuously Callable @100		2,500		2,825
5.00%, 7/1/34, Continuously Callable @100		2,200		2,506
5.50%, 1/1/36, Continuously Callable @100		5,000		5,613
4.00%, 7/1/38, Continuously Callable @100		1,500		1,694
4.00%, 7/1/39, Continuously Callable @100		1,585		1,786
4.00%, 7/1/40, Continuously Callable @100		1,645		1,850
Series A, 5.00%, 7/1/33, Continuously Callable @100		1,000		1,150
Series A, 5.00%, 7/1/34, Continuously Callable @100		1,000		1,144

Security Description	Principal Amount		Value
Series A, 5.00%, 7/1/35, Continuously Callable @100	$	1,310	$	1,489
Series A, 5.00%, 7/1/36, Continuously Callable @100		1,000		1,133
				53,250
Massachusetts (1.5%):
Massachusetts Clean Water Trust Revenue, Series 11, 4.75%, 8/1/25, Continuously Callable @100		110		110
Massachusetts Development Finance Agency Revenue 6.25%, 1/1/27, Pre-refunded 1/1/21 @100		2,700		2,741
5.00%, 7/1/30, Continuously Callable @100		2,000		2,389
5.00%, 7/1/31, Continuously Callable @100		1,675		1,987
5.00%, 7/1/32, Continuously Callable @100		1,250		1,438
4.00%, 10/1/32, Continuously Callable @105 (g)		3,600		3,611
5.00%, 4/15/33, Continuously Callable @100		2,155		2,360
5.00%, 7/1/33, Continuously Callable @100		1,250		1,430
5.00%, 7/1/34, Continuously Callable @100		1,000		1,137
5.00%, 7/1/36, Continuously Callable @100		2,000		2,315
5.00%, 7/1/36, Continuously Callable @100		1,000		1,236
5.00%, 7/1/36, Continuously Callable @100		895		1,039
5.00%, 7/1/37, Continuously Callable @100		1,215		1,408
5.00%, 7/1/37, Continuously Callable @100		800		987
5.00%, 10/1/37, Continuously Callable @105 (g)		1,000		1,062
5.00%, 7/1/38, Continuously Callable @100		335		388
5.00%, 7/1/38, Continuously Callable @100		600		739
Series A, 5.00%, 7/1/22		1,480		1,566
Series A, 5.00%, 7/1/27, Continuously Callable @100		1,720		1,818
Series A, 5.00%, 1/1/31, Continuously Callable @100		450		518
Series A, 5.00%, 1/1/32, Continuously Callable @100		645		738
Series A, 5.00%, 1/1/33, Continuously Callable @100		535		609
Series A, 5.00%, 1/1/34, Continuously Callable @100		700		793
Series A, 5.00%, 1/1/35, Continuously Callable @100		735		828
Series A, 5.00%, 1/1/36, Continuously Callable @100		1,000		1,123
Series A, 5.00%, 7/1/36, Continuously Callable @100		2,000		2,347
Series A, 5.00%, 7/1/38, Continuously Callable @100		1,000		1,169
Series A, 5.00%, 7/1/39, Continuously Callable @100		2,250		2,623
Series E, 5.00%, 7/1/35, Continuously Callable @100		1,500		1,698
Series E, 5.00%, 7/1/36, Continuously Callable @100		1,000		1,129
Series I, 6.25%, 1/1/27, Pre-refunded 1/1/21 @100		1,800		1,827
Series J2, 5.00%, 7/1/35, Continuously Callable @100		5,375		6,533
Series J2, 5.00%, 7/1/36, Continuously Callable @100		4,415		5,347
Series J2, 5.00%, 7/1/37, Continuously Callable @100		5,285		6,389
Series J2, 5.00%, 7/1/38, Continuously Callable @100		5,000		6,036
Massachusetts Health & Educational Facilities Authority Revenue, Series E, 5.00%, 7/15/27, Continuously Callable @100		4,000		4,002
				73,470
Michigan (2.2%):
Detroit Downtown Development Authority Tax Allocation (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 7/1/36, Continuously Callable @100		1,000		1,136
Series A, 5.00%, 7/1/37, Continuously Callable @100		2,000		2,268

Security Description	Principal Amount		Value
Flint Hospital Building Authority Revenue 4.00%, 7/1/32, Continuously Callable @100	$	2,525	$	2,748
4.00%, 7/1/33, Continuously Callable @100		2,620		2,835
4.00%, 7/1/34, Continuously Callable @100		2,730		2,938
4.00%, 7/1/35, Continuously Callable @100		1,635		1,751
4.00%, 7/1/38, Continuously Callable @100		1,855		1,959
Grand Traverse County Hospital Finance Authority Revenue, Series A, 5.00%, 7/1/29, Continuously Callable @100		10,000		10,326
Great Lakes Water Authority Water Supply System Revenue, Series D, 4.00%, 7/1/32, Continuously Callable @100		13,560		15,447
Kent Hospital Finance Authority Revenue, Series A, 5.00%, 11/15/29, Pre-refunded 11/15/21 @100		12,000		12,650
Livonia Public Schools, GO (INS — Assured Guaranty Municipal Corp.) 5.00%, 5/1/32, Continuously Callable @100		2,775		3,340
5.00%, 5/1/33, Continuously Callable @100		2,875		3,454
5.00%, 5/1/34, Continuously Callable @100		2,965		3,558
5.00%, 5/1/35, Continuously Callable @100		3,065		3,673
5.00%, 5/1/36, Continuously Callable @100		2,770		3,316
Michigan Finance Authority Revenue 5.00%, 11/1/34, Continuously Callable @100		1,000		1,260
5.00%, 11/1/35, Continuously Callable @100		1,000		1,253
4.00%, 11/15/35, Continuously Callable @100		6,000		6,708
5.00%, 11/1/36, Continuously Callable @100		1,000		1,249
4.00%, 11/15/36, Continuously Callable @100		1,000		1,114
5.00%, 11/1/37, Continuously Callable @100		1,250		1,558
Series 2016, 5.00%, 12/1/34, Continuously Callable @100		8,200		9,805
Series 2016, 5.00%, 12/1/35, Continuously Callable @100		4,600		5,484
Michigan Finance Authority Revenue (NBGA — Michigan School Bond Qualification and Loan Program) Series A, 5.00%, 5/1/24		2,000		2,322
Series A, 5.00%, 5/1/25		1,700		2,041
Michigan State Building Authority Revenue, Series I-A, 5.00%, 10/15/29, Continuously Callable @100		3,000		3,393
				107,586
Minnesota (0.2%):
City of Minneapolis Revenue, Series A, 5.00%, 11/15/36, Continuously Callable @100		5,000		5,990
Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue 5.00%, 11/15/29, Pre-refunded 11/15/25 @100		1,750		2,161
5.00%, 11/15/30, Pre-refunded 11/15/25 @100		1,275		1,574
				9,725
Mississippi (0.5%):
Mississippi Business Finance Corp. Revenue, 3.20%, 9/1/28, Continuously Callable @100		6,000		6,322
Mississippi Development Bank Revenue, 5.00%, 4/1/28, Continuously Callable @100		1,675		1,837
Mississippi Development Bank Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 9/1/30, Continuously Callable @100		6,930		7,508

Security Description	Principal Amount		Value
Mississippi Hospital Equipment & Facilities Authority Revenue 4.00%, 1/1/36, Continuously Callable @100	$	2,240	$	2,614
4.00%, 1/1/37, Continuously Callable @100		2,260		2,629
4.00%, 1/1/39, Continuously Callable @100		1,850		2,141
4.00%, 1/1/40, Continuously Callable @100		2,675		3,086
				26,137
Missouri (1.3%):
Cape Girardeau County IDA Revenue 5.00%, 3/1/32, Continuously Callable @100		500		553
5.00%, 3/1/36, Continuously Callable @100		750		817
Series A, 5.00%, 6/1/25, Continuously Callable @100		1,780		1,910
Series A, 5.00%, 6/1/27, Continuously Callable @100		2,555		2,739
Series A, 6.00%, 3/1/33, Continuously Callable @103		2,340		2,554
Health & Educational Facilities Authority of the State of Missouri Revenue 5.00%, 2/1/29, Continuously Callable @104		1,000		1,127
5.00%, 5/1/30, Continuously Callable @100		2,310		2,469
5.00%, 5/15/32, Continuously Callable @103		1,555		1,670
5.25%, 5/1/33, Continuously Callable @100		2,350		2,519
5.00%, 2/1/34, Continuously Callable @104		2,000		2,221
5.00%, 5/15/36, Continuously Callable @103		4,565		4,822
Missouri Development Finance Board Revenue Series A, 5.00%, 6/1/30, Continuously Callable @100		1,000		1,093
Series A, 5.00%, 6/1/31, Continuously Callable @100		4,215		4,605
Missouri State Environmental Improvement & Energy Resources Authority Revenue, Series A-R, 2.90%, 9/1/33, Continuously Callable @102		25,000		27,295
St. Louis County IDA Revenue 5.00%, 9/1/23		870		901
5.50%, 9/1/33, Continuously Callable @100		2,750		2,878
Stoddard County IDA Revenue, Series B, 6.00%, 3/1/37, Continuously Callable @103		2,000		2,169
				62,342
Montana (0.2%):
City of Forsyth Revenue, 3.90%, 3/1/31, Callable 3/1/23 @100 (c)		8,500		9,096
Nebraska (0.4%):
Central Plains Energy Project Revenue, Series A, 5.00%, 9/1/36		3,550		4,783
Douglas County Hospital Authority No. 3 Revenue 5.00%, 11/1/28, Continuously Callable @100		1,250		1,491
5.00%, 11/1/30, Continuously Callable @100		1,600		1,897
Nebraska Educational Health Cultural & Social Services Finance Authority Revenue 4.00%, 1/1/35, Continuously Callable @102		795		895
4.00%, 1/1/36, Continuously Callable @102		1,240		1,390
4.00%, 1/1/37, Continuously Callable @102		1,000		1,117
4.00%, 1/1/38, Continuously Callable @102		1,295		1,443
4.00%, 1/1/39, Continuously Callable @102		1,800		2,000
Public Power Generation Agency Revenue, 5.00%, 1/1/37, Continuously Callable @100		2,400		2,861
				17,877

Security Description	Principal Amount		Value
Nevada (1.6%):
City of Carson City Revenue 5.00%, 9/1/29, Continuously Callable @100	$	620	$	758
5.00%, 9/1/31, Continuously Callable @100		1,000		1,207
5.00%, 9/1/33, Continuously Callable @100		1,000		1,195
5.00%, 9/1/37, Continuously Callable @100		1,950		2,285
City of North Las Vegas, GO (INS — Assured Guaranty Municipal Corp.) 4.00%, 6/1/35, Continuously Callable @100		1,870		2,120
4.00%, 6/1/37, Continuously Callable @100		7,345		8,292
4.00%, 6/1/38, Continuously Callable @100		6,135		6,917
City of Sparks Revenue Series A, 2.50%, 6/15/24 (g)		900		887
Series A, 2.75%, 6/15/28 (g)		1,500		1,427
County of Clark Department of Aviation Revenue 5.00%, 7/1/26		3,660		4,429
5.00%, 7/1/27		2,220		2,740
Series A-2, 5.00%, 7/1/32, Continuously Callable @100		20,470		23,567
Series A-2, 5.00%, 7/1/33, Continuously Callable @100		10,845		12,462
Las Vegas Convention & Visitors Authority Revenue Series C, 4.00%, 7/1/33, Continuously Callable @100		2,000		2,117
Series C, 4.00%, 7/1/34, Continuously Callable @100		4,560		4,810
Series C, 4.00%, 7/1/35, Continuously Callable @100		5,075		5,346
				80,559
New Hampshire (0.3%):
New Hampshire Business Finance Authority Revenue, Series A, 3.63%, 7/1/43, (Put Date 7/2/40) (g)		2,000		1,973
New Hampshire Health and Education Facilities Authority Act Revenue 5.00%, 8/1/34, Continuously Callable @100		2,880		3,500
5.00%, 8/1/35, Continuously Callable @100		2,700		3,266
5.00%, 8/1/36, Continuously Callable @100		2,000		2,410
5.00%, 8/1/37, Continuously Callable @100		1,500		1,801
				12,950
New Jersey (6.2%):
Casino Reinvestment Development Authority Revenue (INS — Assured Guaranty Municipal Corp.) 5.00%, 11/1/29, Continuously Callable @100		1,000		1,146
5.00%, 11/1/30, Continuously Callable @100		1,000		1,145
City of Atlantic City, GO (INS — Assured Guaranty Municipal Corp.) Series B, 5.00%, 3/1/32, Continuously Callable @100		1,660		2,030
Series B, 5.00%, 3/1/37, Continuously Callable @100		1,250		1,498
City of Atlantic City, GO (INS — Build America Mutual Assurance Co.)
Series A, 5.00%, 3/1/32, Continuously Callable @100		630		771
Series A, 5.00%, 3/1/37, Continuously Callable @100		750		899
City of Bayonne, GO (INS — Build America Mutual Assurance Co.)
5.00%, 7/1/34, Continuously Callable @100		1,135		1,367
5.00%, 7/1/35, Continuously Callable @100		1,000		1,201
Essex County Improvement Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 6.00%, 11/1/25, Pre-refunded 11/1/20 @100		4,535		4,556

Security Description	Principal Amount		Value
New Brunswick Parking Authority Revenue (INS — Build America Mutual Assurance Co.) Series A, 5.00%, 9/1/35, Continuously Callable @100	$	1,455	$	1,714
Series A, 5.00%, 9/1/36, Continuously Callable @100		2,000		2,343
New Jersey Building Authority Revenue Series A, 4.00%, 6/15/30, Pre-refunded 6/15/26 @100		400		482
Series A, 4.00%, 6/15/30, Continuously Callable @100		600		651
New Jersey Economic Development Authority Revenue 5.25%, 9/1/22, Pre-refunded 3/1/21 @100		7,300		7,454
5.25%, 9/1/22, Continuously Callable @100		2,700		2,747
5.00%, 3/1/25, Continuously Callable @100		18,410		19,903
5.00%, 6/15/26, Continuously Callable @100		2,500		2,620
1.67% (MUNIPSA+155bps), 9/1/27, Callable 3/1/23 @100 (f)		10,000		9,920
1.72% (MUNIPSA+160bps), 3/1/28, Callable 3/1/23 @100 (f)		10,000		9,844
5.00%, 11/1/36, Continuously Callable @100		2,000		2,288
4.00%, 11/1/38, Continuously Callable @100		1,500		1,570
4.00%, 11/1/39, Continuously Callable @100		2,000		2,086
Series A, 5.00%, 6/15/25		5,125		5,910
Series A, 3.13%, 7/1/29, Continuously Callable @100		665		672
Series A, 3.38%, 7/1/30, Continuously Callable @100		1,000		1,026
Series B, 5.00%, 6/15/36, Continuously Callable @100		16,455		19,067
Series B, 5.00%, 6/15/37, Continuously Callable @100		16,280		18,777
Series WW, 5.25%, 6/15/33, Continuously Callable @100		9,000		10,137
New Jersey Economic Development Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 6/15/25, Continuously Callable @100		10,000		11,340
New Jersey Educational Facilities Authority Revenue Series B, 5.50%, 9/1/28, Continuously Callable @100		5,740		6,777
Series B, 5.50%, 9/1/29, Continuously Callable @100		4,000		4,695
Series B, 5.50%, 9/1/30, Continuously Callable @100		3,000		3,505
Series B, 5.50%, 9/1/31, Continuously Callable @100		4,590		5,378
Series B, 5.50%, 9/1/32, Continuously Callable @100		8,075		9,417
Series F, 4.00%, 7/1/33, Continuously Callable @100		150		166
Series F, 4.00%, 7/1/33, Pre-refunded 7/1/26 @100		350		422
Series F, 4.00%, 7/1/34, Continuously Callable @100		260		287
Series F, 4.00%, 7/1/34, Pre-refunded 7/1/26 @100		490		591
Series F, 4.00%, 7/1/35, Continuously Callable @100		975		1,068
Series F, 4.00%, 7/1/35, Pre-refunded 7/1/26 @100		275		332
New Jersey Educational Facilities Authority Revenue (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 7/1/34, Continuously Callable @100		3,000		3,612
Series A, 5.00%, 7/1/35, Continuously Callable @100		3,350		4,014
Series A, 4.00%, 7/1/36, Continuously Callable @100		1,800		1,945
New Jersey Health Care Facilities Financing Authority Revenue 5.00%, 10/1/33, Continuously Callable @100		2,000		2,241
5.00%, 10/1/34, Continuously Callable @100		2,000		2,237
5.00%, 10/1/35, Continuously Callable @100		2,620		2,926
New Jersey Health Care Facilities Financing Authority Revenue (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 7/1/27, Continuously Callable @100		2,000		2,359
Series A, 5.00%, 7/1/30, Continuously Callable @100		1,500		1,748

Security Description	Principal Amount		Value
New Jersey Transportation Trust Fund Authority Revenue 5.00%, 6/15/30, Continuously Callable @100	$	3,000	$	3,451
5.00%, 6/15/31, Continuously Callable @100		3,000		3,437
1.32% (MUNIPSA+120bps), 6/15/34, (Put Date 12/15/21) (e) (f)		10,000		10,104
Series A, 12/15/25 (h)		20,000		17,805
Series A, 5.00%, 12/15/33, Continuously Callable @100		2,000		2,309
Series A, 5.00%, 12/15/35, Continuously Callable @100		1,050		1,219
Series AA, 5.25%, 6/15/33, Continuously Callable @100		2,000		2,253
Series AA, 5.25%, 6/15/34, Continuously Callable @100		3,000		3,366
Series BB, 5.00%, 6/15/31, Continuously Callable @100		2,500		2,963
Series BB, 5.00%, 6/15/34, Continuously Callable @100		10,000		11,672
New Jersey Transportation Trust Fund Authority Revenue (INS — AMBAC Assurance Corp.), Series B, 5.25%, 12/15/22		5,000		5,450
New Jersey Turnpike Authority Revenue Series A, 5.00%, 1/1/34, Continuously Callable @100		10,000		11,379
Series A, 5.00%, 1/1/34, Continuously Callable @100		7,675		8,996
Series A, 5.00%, 1/1/35, Continuously Callable @100		4,725		5,535
Series B, 4.00%, 1/1/35, Continuously Callable @100		3,500		3,975
Newark Housing Authority Revenue (INS — Assured Guaranty Municipal Corp.) 4.00%, 12/1/29, Continuously Callable @100		500		575
4.00%, 12/1/30, Continuously Callable @100		750		859
4.00%, 12/1/31, Continuously Callable @100		500		571
South Jersey Transportation Authority Revenue Series A, 5.00%, 11/1/30, Continuously Callable @100		500		554
Series A, 5.00%, 11/1/31, Continuously Callable @100		750		831
Series A, 5.00%, 11/1/34, Continuously Callable @100		1,085		1,185
Tobacco Settlement Financing Corp. Revenue, Series A, 5.00%, 6/1/36, Continuously Callable @100		5,000		6,012
				303,385
New Mexico (1.0%):
City of Farmington Revenue 4.70%, 5/1/24, Continuously Callable @100		20,000		20,067
1.88%, 4/1/33, (Put Date 10/1/21) (e)		12,000		12,121
Series A, 0.32%, 6/1/40, Callable 11/2/20 @100 (c) (e)		11,000		11,000
City of Santa Revenue 2.25%, 5/15/24, Continuously Callable @100		600		580
2.63%, 5/15/25, Continuously Callable @100		1,000		971
5.00%, 5/15/34, Continuously Callable @103		625		674
5.00%, 5/15/39, Continuously Callable @103		480		511
New Mexico Hospital Equipment Loan Council Revenue, 5.00%, 7/1/39, Continuously Callable @102		1,075		1,126
Village of Los Ranchos de Albuquerque Revenue 4.00%, 9/1/35, Continuously Callable @100		300		331
4.00%, 9/1/40, Continuously Callable @100		1,200		1,317
				48,698
New York (4.5%):
Chautauqua Tobacco Asset Securitization Corp. Revenue, 5.00%, 6/1/34, Continuously Callable @100		3,700		3,788
City of New York, GO (LOC — Mizuho Corporate Bank Ltd.), Series A-3, 0.13%, 10/1/40, Continuously Callable @100 (c)		1,000		1,000

Security Description	Principal Amount		Value
City of Newburgh, GO, Series B, 5.00%, 6/15/23, Continuously Callable @100	$	575	$	619
City of Yonkers, GO (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 10/1/23, Continuously Callable @100		2,600		2,726
County of Nassau, GO Series A, 5.00%, 1/1/35, Continuously Callable @100		1,100		1,290
Series A, 5.00%, 1/1/36, Continuously Callable @100		1,150		1,343
County of Rockland, GO 3.50%, 10/1/21, Continuously Callable @100		1,585		1,587
3.63%, 10/1/22, Continuously Callable @100		1,190		1,192
3.63%, 10/1/23, Continuously Callable @100		1,560		1,562
3.63%, 10/1/24, Continuously Callable @100		1,665		1,667
County of Suffolk, GO, 5.00%, 3/19/21		30,000		30,273
Erie County Industrial Development Agency Revenue, 5.00%, 5/1/28, Continuously Callable @100		2,000		2,228
Hudson Yards Infrastructure Corp. Revenue, Series A, 5.00%, 2/15/37, Continuously Callable @100		2,500		2,952
Metropolitan Transportation Authority Revenue 4.00%, 11/15/35, Continuously Callable @100		18,340		17,532
Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (e)		7,315		7,853
Series B-1, 5.00%, 5/15/22		5,000		5,145
Series C-1, 5.00%, 11/15/29, Continuously Callable @100		7,030		7,506
Series C-1, 5.00%, 11/15/34, Continuously Callable @100		6,295		6,578
Series C-1, 5.00%, 11/15/36, Continuously Callable @100		3,705		3,854
Series D-1, 5.00%, 11/15/34, Continuously Callable @100		2,000		2,071
Series F, 5.00%, 11/15/34, Continuously Callable @100		2,000		2,071
Series F, 5.00%, 11/15/35, Continuously Callable @100		3,000		3,104
Metropolitan Transportation Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series A-1, 4.00%, 11/15/41, Continuously Callable @100		9,820		10,768
Monroe County Industrial Development Corp. Revenue (INS — Federal Housing Administration), 5.75%, 8/15/30, Continuously Callable @100		5,000		5,100
New York City Trust for Cultural Resources Revenue, Series A, 4.00%, 12/1/34, Continuously Callable @100		2,000		2,316
New York Liberty Development Corp. Revenue 2.63%, 9/15/69, Continuously Callable @100		3,350		3,367
2.80%, 9/15/69, Continuously Callable @100		20,500		19,709
New York State Dormitory Authority Revenue 5.00%, 12/1/35, Continuously Callable @100 (g)		600		692
Series A, 5.00%, 5/1/23		15		17
Series A, 5.00%, 5/1/23		735		791
Series A, 5.00%, 5/1/24, Pre-refunded 5/1/23 @100		15		17
Series A, 5.00%, 5/1/24, Continuously Callable @100		735		790
Series A, 5.00%, 5/1/25, Pre-refunded 5/1/23 @100		25		28
Series A, 5.00%, 5/1/25, Continuously Callable @100		1,175		1,263
Series A, 5.00%, 5/1/26, Pre-refunded 5/1/23 @100		20		22
Series A, 5.00%, 5/1/26, Continuously Callable @100		980		1,053
Series A, 4.00%, 9/1/36, Continuously Callable @100		500		560
Series A, 4.00%, 9/1/37, Continuously Callable @100		350		392
Series A, 4.00%, 9/1/38, Continuously Callable @100		1,250		1,396
Series A, 4.00%, 9/1/40, Continuously Callable @100		750		833

Security Description	Principal Amount		Value
Series A-1, 4.00%, 7/1/40, Continuously Callable @100	$	4,535	$	5,029
Series B, 5.00%, 2/15/32, Continuously Callable @100		19,995		23,580
Series B, 5.00%, 2/15/32, Pre-refunded 2/15/25 @100		5		6
New York State Dormitory Authority Revenue (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 10/1/27, Continuously Callable @100		1,000		1,172
Series A, 5.00%, 10/1/28, Continuously Callable @100		1,000		1,172
Series A, 5.00%, 10/1/29, Continuously Callable @100		1,300		1,521
Niagara Falls City School District Certificate of Participation (INS — Assured Guaranty Municipal Corp.) 5.00%, 6/15/23		1,670		1,879
5.00%, 6/15/24		1,450		1,695
5.00%, 6/15/25, Continuously Callable @100		1,670		1,950
Saratoga County Capital Resource Corp. Revenue, Series A, 5.00%, 12/1/28, Continuously Callable @100		790		891
Suffolk County Economic Development Corp. Revenue 5.00%, 7/1/28, Pre-refunded 7/1/21 @100		220		228
5.00%, 7/1/28, Continuously Callable @100		1,280		1,322
Town of Oyster Bay, GO 4.00%, 2/15/24		5,415		6,019
4.00%, 2/15/25		9,750		11,116
4.00%, 2/15/26		3,000		3,497
Westchester County Local Development Corp. Revenue, 5.00%, 1/1/28, Continuously Callable @100		1,350		1,413
				219,545
North Carolina (0.9%):
North Carolina Capital Facilities Finance Agency Revenue, 0.25%, 7/1/34, (Put Date 12/1/20) (e)		25,000		24,995
North Carolina Medical Care Commission Revenue 5.00%, 10/1/25		1,500		1,604
6.38%, 7/1/26, Pre-refunded 7/1/21 @100		4,805		5,027
5.00%, 10/1/30, Continuously Callable @100		1,850		1,969
5.00%, 10/1/40, Continuously Callable @103		1,050		1,144
5.00%, 10/1/45, Continuously Callable @103		1,000		1,079
Series A, 4.00%, 9/1/40, Continuously Callable @100 (k)		3,050		3,200
Series A, 4.00%, 10/1/40, Continuously Callable @103 (k)		600		649
Series A, 5.00%, 10/1/40, Continuously Callable @103 (k)		1,800		2,108
Series A, 5.00%, 10/1/45, Continuously Callable @103 (k)		1,800		2,078
Series A, 4.00%, 10/1/45, Continuously Callable @103 (k)		1,000		1,063
				44,916
North Dakota (0.3%):
City of Grand Forks Revenue, 5.00%, 12/1/29, Continuously Callable @100		11,085		11,593
County of Ward Revenue, Series C, 5.00%, 6/1/43, Continuously Callable @100		4,500		5,036
				16,629
Ohio (2.9%):
Akron Bath Copley Joint Township Hospital District Revenue 4.00%, 11/15/36, Continuously Callable @100 (k)		1,000		1,130
4.00%, 11/15/37, Continuously Callable @100 (k)		800		902
4.00%, 11/15/38, Continuously Callable @100 (k)		500		563

Security Description	Principal Amount		Value
City of Centerville Revenue, 5.25%, 11/1/37, Continuously Callable @100	$	2,250	$	2,288
City of Cleveland Airport System Revenue Series A, 5.00%, 1/1/30, Pre-refunded 1/1/22 @100		2,000		2,119
Series A, 5.00%, 1/1/31, Pre-refunded 1/1/22 @100		1,000		1,060
County of Allen Hospital Facilities Revenue 4.00%, 12/1/40, Continuously Callable @100		7,500		8,620
Series A, 4.00%, 8/1/36, Continuously Callable @100		5,000		5,650
Series A, 4.00%, 8/1/37, Continuously Callable @100		10,800		12,204
County of Cuyahoga Revenue 4.00%, 2/15/29, Continuously Callable @100		7,430		8,382
5.00%, 2/15/37, Continuously Callable @100		4,000		4,604
County of Hamilton Revenue 5.00%, 1/1/31, Continuously Callable @100		1,350		1,434
5.00%, 1/1/36, Continuously Callable @100		1,400		1,458
5.00%, 9/15/39, Continuously Callable @100		1,375		1,694
5.00%, 9/15/40, Continuously Callable @100		1,100		1,351
County of Hamilton Sales Tax Revenue (INS — AMBAC Assurance Corp.), Series B, 12/1/25 (h)		4,365		4,140
County of Hancock Revenue, 6.50%, 12/1/30, Pre-refunded 6/1/21 @100		9,000		9,377
County of Montgomery Revenue 3.00%, 11/15/36, Continuously Callable @100		7,000		7,110
5.00%, 11/15/37, Continuously Callable @100		2,200		2,591
County of Ross Revenue, 5.00%, 12/1/39, Continuously Callable @100		2,405		2,988
Dayton City School District, GO 5.00%, 11/1/28		2,805		3,710
5.00%, 11/1/29		3,655		4,931
5.00%, 11/1/30		3,160		4,348
5.00%, 11/1/31		2,000		2,801
Ohio Higher Educational Facility Commission Revenue 5.00%, 5/1/31, Continuously Callable @100		1,000		1,173
5.00%, 5/1/33, Continuously Callable @100		500		582
Ohio Turnpike & Infrastructure Commission Revenue, 5.25%, 2/15/29, Continuously Callable @100		2,000		2,236
Ohio Water Development Authority Revenue, 12/1/33 (b) (l)		26,000		—	(m)
Port of Greater Cincinnati Development Authority Revenue, Series A, 3.00%, 5/1/23, Continuously Callable @100		9,535		9,529
Southeastern Ohio Port Authority Revenue 5.50%, 12/1/29, Continuously Callable @100		750		811
5.00%, 12/1/35, Continuously Callable @100		750		785
State of Ohio Revenue 5.00%, 1/15/34, Continuously Callable @100		7,210		8,385
5.00%, 1/15/35, Continuously Callable @100		6,000		6,952
5.00%, 1/15/36, Continuously Callable @100		3,070		3,546
4.00%, 11/15/36, Continuously Callable @100		1,260		1,381
4.00%, 11/15/38, Continuously Callable @100		1,270		1,387
4.00%, 11/15/40, Continuously Callable @100		655		713
Series A, 4.00%, 1/15/38, Continuously Callable @100		1,000		1,132
Series A, 4.00%, 1/15/40, Continuously Callable @100		1,800		2,027
Village of Bluffton Revenue 5.00%, 12/1/31, Continuously Callable @100		1,500		1,833
4.00%, 12/1/32, Continuously Callable @100		1,500		1,710

Security Description	Principal Amount		Value
4.00%, 12/1/33, Continuously Callable @100	$	1,600	$	1,810
4.00%, 12/1/34, Continuously Callable @100		1,795		2,016
				143,463
Oklahoma (0.5%):
Comanche County Hospital Authority Revenue, Series A, 5.00%, 7/1/21		710		726
Muskogee Industrial Trust Revenue, Series A, 0.32%, 6/1/27, Continuously Callable @100 (c)		15,000		15,000
Oklahoma Development Finance Authority Revenue, Series B, 5.00%, 8/15/33, Continuously Callable @100		4,100		4,804
Tulsa County Industrial Authority Revenue 5.00%, 11/15/28, Continuously Callable @102		940		1,029
5.00%, 11/15/30, Continuously Callable @102		1,780		1,920
				23,479
Oregon (0.1%):
Clackamas County Hospital Facility Authority Revenue 5.00%, 11/15/32, Continuously Callable @102		500		529
5.00%, 11/15/37, Continuously Callable @102		500		522
Oregon State Facilities Authority Revenue Series A, 5.00%, 10/1/35, Continuously Callable @100		275		340
Series A, 5.00%, 10/1/40, Continuously Callable @100		1,750		2,139
				3,530
Pennsylvania (7.8%):
Allegheny County Higher Education Building Authority Revenue, Series A, 5.13%, 3/1/25, Pre-refunded 3/1/21 @100		1,410		1,439
Allegheny County Hospital Development Authority Revenue 5.00%, 4/1/35, Continuously Callable @100		7,315		8,763
5.00%, 4/1/36, Continuously Callable @100		8,000		9,531
4.00%, 7/15/37, Continuously Callable @100		2,000		2,284
4.00%, 7/15/38, Continuously Callable @100		1,500		1,707
4.00%, 7/15/39, Continuously Callable @100		1,440		1,631
Allegheny County IDA Revenue, 4.88%, 11/1/24		3,150		3,020
Allegheny County Sanitary Authority Revenue (INS — Assured Guaranty Municipal Corp.) 4.00%, 12/1/33, Continuously Callable @100		1,500		1,709
4.00%, 12/1/34, Continuously Callable @100		1,475		1,670
Berks County IDA Revenue 4.00%, 11/1/33, Continuously Callable @100		1,300		1,337
5.00%, 11/1/34, Continuously Callable @100		2,000		2,191
5.00%, 11/1/35, Continuously Callable @100		3,000		3,272
Bethlehem Authority Revenue, 5.00%, 11/15/30, Continuously Callable @100		3,000		3,274
Bucks County IDA Revenue 5.00%, 10/1/30, Continuously Callable @103		325		353
5.00%, 10/1/31, Continuously Callable @103		450		487
5.00%, 10/1/37, Continuously Callable @103		2,260		2,406
Butler County Hospital Authority Revenue, 5.00%, 7/1/35, Continuously Callable @100		1,885		2,114
Chester County IDA Revenue 5.00%, 10/1/34, Continuously Callable @100		1,000		1,062
Series A, 5.13%, 10/15/37, Continuously Callable @100		2,750		2,899

Security Description	Principal Amount		Value
Commonwealth Financing Authority Revenue 5.00%, 6/1/33, Continuously Callable @100	$	1,250	$	1,555
5.00%, 6/1/34, Continuously Callable @100		2,000		2,475
Series A, 5.00%, 6/1/34, Continuously Callable @100		5,000		5,869
Commonwealth of Pennsylvania Certificate of Participation
Series A, 5.00%, 7/1/34, Continuously Callable @100		1,350		1,626
Series A, 5.00%, 7/1/35, Continuously Callable @100		750		899
Series A, 5.00%, 7/1/37, Continuously Callable @100		800		955
County of Beaver, GO 4.00%, 4/15/28		2,195		2,583
4.00%, 4/15/28		695		868
4.00%, 4/15/29, Pre-refunded 4/15/28 @100		600		751
4.00%, 4/15/29, Continuously Callable @100		1,900		2,221
4.00%, 4/15/30, Pre-refunded 4/15/28 @100		510		638
4.00%, 4/15/30, Continuously Callable @100		4,490		5,192
County of Lehigh Revenue 4.00%, 7/1/37, Continuously Callable @100		2,000		2,281
4.00%, 7/1/38, Continuously Callable @100		2,000		2,273
4.00%, 7/1/39, Continuously Callable @100		2,000		2,265
County of Luzerne, GO (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 11/15/29, Continuously Callable @100		5,000		5,992
Cumberland County Municipal Authority Revenue 4.00%, 11/1/36, Continuously Callable @100		1,250		1,439
4.00%, 11/1/37, Continuously Callable @100		2,130		2,449
Series C-6, 4.00%, 12/1/26, Continuously Callable @102		6,500		6,718
Dauphin County General Authority Revenue 4.00%, 6/1/30, Continuously Callable @100		2,000		2,280
4.00%, 6/1/31, Continuously Callable @100		1,000		1,114
Delaware County Authority Revenue, 5.00%, 10/1/25, Continuously Callable @100		1,000		1,003
Delaware River Joint Toll Bridge Commission Revenue, 5.00%, 7/1/34, Continuously Callable @100		3,000		3,725
Delaware River Port Authority Revenue, 5.00%, 1/1/25, Continuously Callable @100		2,720		2,902
Montgomery County Higher Education & Health Authority Revenue 5.00%, 9/1/34, Continuously Callable @100		1,750		2,127
5.00%, 9/1/35, Continuously Callable @100		1,850		2,236
4.00%, 9/1/36, Continuously Callable @100		1,100		1,246
4.00%, 9/1/37, Continuously Callable @100		1,000		1,130
5.00%, 9/1/37, Continuously Callable @100		1,750		2,102
4.00%, 9/1/38, Continuously Callable @100		900		1,013
4.00%, 9/1/39, Continuously Callable @100		1,000		1,122
Montgomery County IDA Revenue 5.00%, 11/15/23, Pre-refunded 5/15/22 @100		1,200		1,293
5.00%, 11/15/24, Pre-refunded 5/15/22 @100		2,750		2,964
Montour School District, GO (INS — Assured Guaranty Municipal Corp.) Series B, 5.00%, 4/1/33, Continuously Callable @100		1,000		1,188
Series B, 5.00%, 4/1/34, Continuously Callable @100		1,500		1,774
Series B, 5.00%, 4/1/35, Continuously Callable @100		1,500		1,767

Security Description	Principal Amount		Value
Northampton County General Purpose Authority Revenue, 1.15% (LIBOR01M+104bps), 8/15/48, (Put Date 8/15/24) (e) (f)	$	4,645	$	4,564
Northeastern Pennsylvania Hospital & Education Authority Revenue, Series A, 5.00%, 3/1/37, Continuously Callable @100		1,525		1,561
Pennsylvania Economic Development Financing Authority Revenue 4.00%, 10/1/23, Continuously Callable @100		13,000		13,001
3.00%, 4/1/39, Continuously Callable @100		30,000		31,966
Pennsylvania Higher Educational Facilities Authority Revenue 5.00%, 7/1/32, Pre-refunded 7/1/22 @100		1,625		1,761
Series A, 5.25%, 7/15/25, Continuously Callable @100		1,730		1,849
Series A, 5.25%, 7/15/26, Continuously Callable @100		2,020		2,158
Series A, 5.25%, 7/15/27, Continuously Callable @100		2,125		2,268
Series A, 5.25%, 7/15/28, Continuously Callable @100		2,245		2,394
Series A, 5.00%, 7/15/30, Continuously Callable @100		2,415		2,555
Series A, 5.25%, 7/15/33, Continuously Callable @100		1,965		2,065
Pennsylvania Turnpike Commission Revenue 5.00%, 6/1/35, Continuously Callable @100		10,655		12,331
5.00%, 6/1/36, Continuously Callable @100		8,255		9,538
Series A-1, 5.00%, 12/1/32, Continuously Callable @100		1,500		1,717
Series A-1, 5.00%, 12/1/33, Continuously Callable @100		4,345		4,964
Series A-1, 5.00%, 12/1/34, Continuously Callable @100		3,000		3,476
Series A-1, 5.00%, 12/1/35, Continuously Callable @100		3,320		3,838
Series A-1, 5.00%, 12/1/36, Continuously Callable @100		3,690		4,261
Series B, 5.00%, 12/1/32, Continuously Callable @100		3,500		4,075
Series B, 5.00%, 12/1/33, Continuously Callable @100		7,145		8,298
Series B, 4.00%, 6/1/34, Continuously Callable @100		20,000		22,143
Series B, 5.00%, 12/1/34, Continuously Callable @100		6,250		7,242
Series B, 5.00%, 12/1/34, Continuously Callable @100		2,000		2,366
Series B, 5.00%, 12/1/35, Continuously Callable @100		5,700		6,590
Series B, 5.00%, 12/1/35, Continuously Callable @100		2,000		2,356
Philadelphia IDA Revenue 5.00%, 5/1/35, Continuously Callable @100		750		906
5.00%, 5/1/36, Continuously Callable @100		1,500		1,806
5.00%, 5/1/38, Continuously Callable @100		1,000		1,201
Pittsburgh Water & Sewer Authority Revenue (INS — Assured Guaranty Municipal Corp.) Series B, 4.00%, 9/1/34, Continuously Callable @100		1,750		2,103
Series B, 4.00%, 9/1/35, Continuously Callable @100		300		358
Reading School District, GO (INS — Assured Guaranty Municipal Corp.) 5.00%, 3/1/36, Continuously Callable @100		2,000		2,437
5.00%, 3/1/37, Continuously Callable @100		1,500		1,824
School District of Philadelphia, GO Series A, 5.00%, 9/1/34, Continuously Callable @100		1,000		1,218
Series A, 5.00%, 9/1/35, Continuously Callable @100		1,000		1,212
Series A, 5.00%, 9/1/36, Continuously Callable @100		1,000		1,208
Series A, 5.00%, 9/1/37, Continuously Callable @100		1,000		1,206
Series A, 4.00%, 9/1/38, Continuously Callable @100		1,700		1,924
Series A, 4.00%, 9/1/39, Continuously Callable @100		1,600		1,809
Series F, 5.00%, 9/1/31, Continuously Callable @100		9,895		11,841
Series F, 5.00%, 9/1/32, Continuously Callable @100		5,000		5,992

Security Description	Principal Amount		Value
Series F, 5.00%, 9/1/33, Continuously Callable @100	$	4,000	$	4,726
Series F, 5.00%, 9/1/34, Continuously Callable @100		5,100		6,006
School District of the City of Erie, GO (INS — Assured Guaranty Municipal Corp.), Series A, 4.00%, 4/1/33, Continuously Callable @100		1,150		1,337
Scranton School District, GO (INS — Build America Mutual Assurance Co.)
Series E, 5.00%, 12/1/32, Continuously Callable @100		1,000		1,248
Series E, 5.00%, 12/1/33, Continuously Callable @100		1,600		1,992
Series E, 5.00%, 12/1/35, Continuously Callable @100		750		929
State Public School Building Authority Revenue 5.00%, 4/1/23, Pre-refunded 4/1/22 @100		1,250		1,340
5.00%, 6/1/29, Continuously Callable @100		10,000		12,277
State Public School Building Authority Revenue (INS — Assured Guaranty Municipal Corp.) 5.00%, 6/1/31, Continuously Callable @100		6,100		7,376
4.00%, 12/1/31, Continuously Callable @100		15,380		17,589
The Berks County Municipal Authority Revenue, Series B, 5.00%, 2/1/40, (Put Date 2/1/30) (e)		3,300		3,845
				386,231
Puerto Rico (0.0%): (n)
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Authority Revenue, 5.00%, 4/1/27, Continuously Callable @100		2,600		2,619
Rhode Island (0.3%):
Rhode Island Health & Educational Building Corp. Revenue, 6.00%, 9/1/33, Pre-refunded 9/1/23 @100		2,000		2,339
Rhode Island Turnpike & Bridge Authority Revenue Series A, 5.00%, 10/1/33, Continuously Callable @100		1,350		1,605
Series A, 5.00%, 10/1/35, Continuously Callable @100		4,345		5,128
Tobacco Settlement Financing Corp. Revenue Series A, 5.00%, 6/1/28, Continuously Callable @100		2,000		2,317
Series A, 5.00%, 6/1/29, Continuously Callable @100		2,000		2,313
Series A, 5.00%, 6/1/30, Continuously Callable @100		2,500		2,886
				16,588
South Carolina (1.1%):
Lexington County Health Services District, Inc. Revenue 4.00%, 11/1/31, Continuously Callable @100		1,000		1,154
4.00%, 11/1/32, Continuously Callable @100		1,000		1,145
Patriots Energy Group Financing Agency Revenue, Series B, 0.96% (LIBOR01M+86bps), 10/1/48, (Put Date 2/1/24) (e) (f)		20,000		20,028
Piedmont Municipal Power Agency Revenue (INS — Assured Guaranty Corp.) Series C, 5.00%, 1/1/28, Continuously Callable @100		7,200		7,447
Series D, 5.00%, 1/1/28, Continuously Callable @100		2,700		2,793
South Carolina Public Service Authority Revenue Series A, 5.00%, 12/1/34, Continuously Callable @100		9,835		11,668
Series A, 5.00%, 12/1/35, Continuously Callable @100		7,000		8,281
				52,516
Tennessee (0.5%):
Chattanooga Health Educational & Housing Facility Board Revenue, Series C, 0.27%, 5/1/39, Continuously Callable @100 (c) (d)		6,200		6,200

Security Description	Principal Amount		Value
Greeneville Health & Educational Facilities Board Revenue 5.00%, 7/1/35, Continuously Callable @100	$	2,710	$	3,174
5.00%, 7/1/36, Continuously Callable @100		3,000		3,500
5.00%, 7/1/37, Continuously Callable @100		3,500		4,075
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, 5.00%, 7/1/35, Continuously Callable @100		5,000		5,899
				22,848
Texas (11.3%):
Austin Convention Enterprises, Inc. Revenue 5.00%, 1/1/34, Continuously Callable @100		1,105		1,125
5.00%, 1/1/34, Continuously Callable @100		550		535
Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue 5.00%, 12/1/25		2,740		3,039
5.00%, 12/1/27, Continuously Callable @100		2,990		3,290
5.00%, 12/1/28, Continuously Callable @100		1,640		1,799
5.00%, 12/1/29, Continuously Callable @100		1,600		1,749
5.00%, 12/1/30, Continuously Callable @100		1,700		1,852
5.25%, 12/1/35, Continuously Callable @100		5,150		5,587
Central Texas Regional Mobility Authority Revenue 5.00%, 1/1/21		700		707
5.00%, 1/1/22		500		526
1/1/22 (h)		885		879
5.00%, 1/1/23		500		547
1/1/24 (h)		7,000		6,814
1/1/26 (h)		2,535		2,377
5.00%, 1/1/33, Pre-refunded 1/1/23 @100		3,500		3,877
Series A, 5.00%, 1/1/34, Continuously Callable @100		1,250		1,444
Series A, 5.00%, 1/1/35, Continuously Callable @100		1,100		1,266
Central Texas Turnpike System Revenue Series C, 5.00%, 8/15/33, Continuously Callable @100		10,000		11,434
Series C, 5.00%, 8/15/34, Continuously Callable @100		8,500		9,696
City of Arlington Special Tax (INS — Build America Mutual Assurance Co.)
Series C, 5.00%, 2/15/34, Continuously Callable @100		1,500		1,808
Series C, 5.00%, 2/15/35, Continuously Callable @100		1,500		1,801
Series C, 5.00%, 2/15/36, Continuously Callable @100		3,100		3,708
Series C, 5.00%, 2/15/37, Continuously Callable @100		3,305		3,943
Series C, 5.00%, 2/15/38, Continuously Callable @100		4,380		5,218
City of Corpus Christi Utility System Revenue 4.00%, 7/15/32, Continuously Callable @100		1,800		2,094
4.00%, 7/15/33, Continuously Callable @100		1,100		1,276
4.00%, 7/15/34, Continuously Callable @100		1,050		1,213
4.00%, 7/15/35, Continuously Callable @100		1,000		1,150
City of Houston Hotel Occupancy Tax & Special Revenue 5.00%, 9/1/29, Continuously Callable @100		2,300		2,451
5.00%, 9/1/30, Continuously Callable @100		1,000		1,061
5.00%, 9/1/32, Continuously Callable @100		5,615		5,905
5.00%, 9/1/33, Continuously Callable @100		5,345		5,618
5.00%, 9/1/34, Continuously Callable @100		2,150		2,254
5.00%, 9/1/35, Continuously Callable @100		1,575		1,648

Security Description	Principal Amount		Value
City of Laredo Waterworks & Sewer System Revenue 4.00%, 3/1/32, Continuously Callable @100	$	740	$	849
4.00%, 3/1/33, Continuously Callable @100		1,000		1,142
4.00%, 3/1/34, Continuously Callable @100		1,000		1,138
4.00%, 3/1/36, Continuously Callable @100		1,500		1,692
Clifton Higher Education Finance Corp. Revenue (NBGA — Texas Permanent School Fund)
4.00%, 8/15/33, Continuously Callable @100		2,130		2,563
4.00%, 8/15/34, Continuously Callable @100		2,275		2,724
4.00%, 8/15/35, Continuously Callable @100		2,375		2,830
4.00%, 8/15/36, Continuously Callable @100		3,710		4,407
4.00%, 8/15/37, Continuously Callable @100		3,860		4,583
4.00%, 8/15/38, Continuously Callable @100		4,015		4,759
4.00%, 8/15/39, Continuously Callable @100		4,305		5,095
Series A, 4.00%, 8/15/32, Continuously Callable @100		1,300		1,500
Dallas/Fort Worth International Airport Revenue Series D, 5.25%, 11/1/28, Continuously Callable @100		2,000		2,284
Series D, 5.25%, 11/1/29, Continuously Callable @100		7,500		8,552
Decatur Hospital Authority Revenue Series A, 5.25%, 9/1/29, Continuously Callable @100		1,000		1,126
Series A, 5.00%, 9/1/34, Continuously Callable @100		1,000		1,089
Harris County Cultural Education Facilities Finance Corp. Revenue 5.00%, 12/1/27, Pre-refunded 12/1/22 @100		4,710		5,199
5.00%, 6/1/28, Continuously Callable @100		1,400		1,450
0.69% (MUNIPSA+57bps), 12/1/49, (Put Date 12/4/24) (e) (f)		3,330		3,308
Harris County Health Facilities Development Corp. Revenue, Series A-2, 0.14%, 12/1/41, Continuously Callable @100 (c)		13,200		13,200
Harris County Municipal Utility District No. 165, GO (INS — Build America Mutual Assurance Co.)
5.00%, 3/1/30, Continuously Callable @100		750		885
5.00%, 3/1/31, Continuously Callable @100		2,030		2,392
5.00%, 3/1/32, Continuously Callable @100		2,500		2,942
Houston Higher Education Finance Corp. Revenue Series A, 5.25%, 9/1/31, Pre-refunded 9/1/22 @100		3,850		4,220
Series A, 5.25%, 9/1/32, Pre-refunded 9/1/22 @100		4,075		4,467
Karnes County Hospital District Revenue 5.00%, 2/1/29, Continuously Callable @100		4,000		4,534
5.00%, 2/1/34, Continuously Callable @100		4,000		4,500
Main Street Market Square Redevelopment Authority Tax Allocation (INS — Build America Mutual Assurance Co.)
5.00%, 9/1/29, Continuously Callable @100		1,215		1,439
5.00%, 9/1/30, Continuously Callable @100		1,380		1,631
5.00%, 9/1/31, Continuously Callable @100		2,000		2,355
5.00%, 9/1/32, Continuously Callable @100		1,500		1,758
5.00%, 9/1/33, Continuously Callable @100		2,680		3,129
Matagorda County Navigation District No. 1 Revenue 2.60%, 11/1/29		14,010		14,856
4.00%, 6/1/30, Continuously Callable @100		5,405		5,817
Mesquite Health Facilities Development Corp. Revenue 5.00%, 2/15/26		3,100		3,042
5.00%, 2/15/35, Continuously Callable @100		1,075		935

Security Description	Principal Amount		Value
New Hope Cultural Education Facilities Finance Corp. Revenue 5.00%, 11/1/31, Continuously Callable @102	$	1,000	$	1,078
4.00%, 11/1/36, Continuously Callable @102		1,475		1,476
Series A, 5.00%, 7/1/30, Continuously Callable @100		7,500		6,175
Series A, 5.00%, 7/1/35, Continuously Callable @100		9,000		7,411
Newark Higher Education Finance Corp. Revenue 4.00%, 4/1/32, Continuously Callable @100		1,635		1,830
4.00%, 4/1/33, Continuously Callable @100		2,000		2,226
4.00%, 4/1/34, Continuously Callable @100		4,470		4,943
4.00%, 4/1/35, Continuously Callable @100		1,650		1,812
4.00%, 4/1/36, Continuously Callable @100		2,150		2,347
North East Texas Regional Mobility Authority Revenue 5.00%, 1/1/36, Continuously Callable @100		7,000		7,977
Series B, 5.00%, 1/1/36, Continuously Callable @100		5,485		6,248
North Texas Tollway Authority Revenue Series A, 5.00%, 1/1/32, Continuously Callable @100		8,000		9,305
Series A, 5.00%, 1/1/34, Continuously Callable @100		1,515		1,797
Series A, 4.00%, 1/1/39, Continuously Callable @100		14,620		17,071
Series B, 5.00%, 1/1/31, Continuously Callable @100		1,500		1,694
Series B, 5.00%, 1/1/34, Continuously Callable @100		7,500		8,722
North Texas Tollway Authority Revenue (INS — Assured Guaranty Corp.), 1/1/29 (h)		20,000		17,753
North Texas Tollway Authority Revenue (INS — Assured Guaranty Municipal Corp.) Series B, 4.00%, 1/1/35, Continuously Callable @100		2,000		2,269
Series B, 4.00%, 1/1/36, Continuously Callable @100		1,695		1,915
Permanent University Fund — University of Texas System Revenue 5.00%, 7/1/32, Continuously Callable @100		2,230		2,684
5.00%, 7/1/33, Continuously Callable @100		3,250		3,850
5.00%, 7/1/34, Continuously Callable @100		2,500		2,996
Port of Port Arthur Navigation District Revenue 0.43%, 11/1/40, Continuously Callable @100 (c) (d)		55,000		55,000
0.40%, 11/1/40, Continuously Callable @100 (c)		1,600		1,600
Series A, 0.17%, 4/1/40, Continuously Callable @100 (c)		22,215		22,215
Series B, 0.17%, 4/1/40, Continuously Callable @100 (c)		1,000		1,000
Series C, 0.19%, 4/1/40, Continuously Callable @100 (c)		21,710		21,710
San Antonio Housing Trust Finance Corp. Revenue (NBGA — Federal Home Loan Mortgage Corp.), 3.50%, 4/1/43, (Put Date 10/1/28) (e)		14,935		15,984
Tarrant County Cultural Education Facilities Finance Corp. Revenue 5.00%, 11/15/30, Continuously Callable @100		2,145		2,529
5.00%, 11/15/31, Continuously Callable @100		2,250		2,638
5.00%, 11/15/32, Continuously Callable @100		2,365		2,760
6.63%, 11/15/37, Continuously Callable @100		5,000		5,241
5.00%, 11/15/37, Continuously Callable @100		2,175		2,493
Series B, 5.00%, 7/1/37, Continuously Callable @100		18,225		22,274
Series B, 5.00%, 7/1/38, Continuously Callable @100		19,115		23,313
Texas Private Activity Bond Surface Transportation Corp. Revenue 4.00%, 6/30/38, Continuously Callable @100		3,300		3,732
4.00%, 12/31/38, Continuously Callable @100		3,850		4,352
4.00%, 6/30/39, Continuously Callable @100		2,150		2,426

Security Description	Principal Amount		Value
Texas Transportation Commission State Highway Fund Revenue, 5.00%, 10/1/26	$	7,235	$	9,170
Trophy Club Public Improvement District No. 1 Special Assessment (INS — Assured Guaranty Municipal Corp.), 5.00%, 6/1/33, Continuously Callable @100		6,960		7,928
Tyler Health Facilities Development Corp. Revenue, 5.50%, 7/1/27, Pre-refunded 7/1/21 @100		10,000		10,398
				558,425
Utah (0.1%):
Jordanelle Special Service District Special Assessment
Series A, 12.00%, 8/1/30, Continuously Callable @100 (g) (o)		3,977		3,377
Series B, 12.00%, 8/1/30, Continuously Callable @100 (g) (o)		2,177		1,848
				5,225
Vermont (0.2%):
Vermont Economic Development Authority Revenue, 5.00%, 12/15/20		9,000		9,081
Vermont Educational & Health Buildings Financing Agency Revenue, Series A, 5.00%, 12/1/36, Continuously Callable @100		2,500		2,886
				11,967
Virgin Islands (0.1%):
Virgin Islands Public Finance Authority Revenue, 5.00%, 9/1/30, Continuously Callable @100 (g)		6,500		7,304
Virginia (0.8%):
Chesapeake Hospital Authority Revenue 4.00%, 7/1/36, Continuously Callable @100		1,175		1,328
4.00%, 7/1/37, Continuously Callable @100		1,205		1,358
Fairfax County Economic Development Authority Revenue, Series A, 5.00%, 10/1/36, Continuously Callable @102		2,150		2,287
Stafford County Economic Development Authority Revenue 5.00%, 6/15/33, Continuously Callable @100		750		878
5.00%, 6/15/34, Continuously Callable @100		2,620		3,055
5.00%, 6/15/35, Continuously Callable @100		1,930		2,239
Virginia College Building Authority Revenue 5.00%, 6/1/21, Continuously Callable @100		500		500
5.00%, 6/1/26, Continuously Callable @100		11,280		11,279
4.00%, 2/1/34, Continuously Callable @100		10,000		11,690
4.00%, 2/1/36, Continuously Callable @100		3,000		3,476
				38,090
Washington (0.4%):
Tobacco Settlement Authority Revenue, 5.25%, 6/1/31, Continuously Callable @100		2,710		2,717
Washington Health Care Facilities Authority Revenue 5.00%, 8/15/33, Continuously Callable @100		3,090		3,468
5.00%, 8/15/34, Continuously Callable @100		3,470		3,880
5.00%, 7/1/35, Continuously Callable @100		2,355		2,855
5.00%, 7/1/36, Continuously Callable @100		2,250		2,718
4.00%, 7/1/37, Continuously Callable @100		3,125		3,509
				19,147

Security Description	Principal Amount		Value
West Virginia (0.3%):
West Virginia Hospital Finance Authority Revenue 5.00%, 6/1/33, Continuously Callable @100	$	1,850	$	2,218
5.00%, 1/1/34, Continuously Callable @100		2,360		2,811
5.00%, 6/1/34, Continuously Callable @100		2,970		3,546
5.00%, 1/1/35, Continuously Callable @100		2,920		3,458
5.00%, 6/1/35, Continuously Callable @100		2,405		2,856
5.00%, 9/1/38, Continuously Callable @100		1,000		1,184
5.00%, 9/1/39, Continuously Callable @100		1,000		1,181
				17,254
Wisconsin (1.0%):
Public Finance Authority Revenue 3.00%, 4/1/25 (g)		425		420
4.00%, 6/15/29, Continuously Callable @100 (g)		325		337
4.00%, 9/1/29, Continuously Callable @103 (g)		1,250		1,415
5.25%, 5/15/37, Continuously Callable @102 (g)		1,000		1,047
5.00%, 6/15/39, Continuously Callable @100 (g)		410		424
5.00%, 9/1/39, Continuously Callable @103 (g)		2,230		2,555
5.00%, 4/1/40, Continuously Callable @100 (g)		1,175		1,256
Series A, 5.25%, 10/1/38, Continuously Callable @100		3,250		3,500
Series A, 5.00%, 11/15/41, Continuously Callable @103		4,480		5,272
Series D, 4.05%, 11/1/30, Continuously Callable @100		1,500		1,613
Wisconsin Health & Educational Facilities Authority Revenue 5.00%, 8/15/34, Continuously Callable @100		1,000		1,116
4.00%, 2/15/35, Continuously Callable @100		500		601
4.00%, 11/15/36, Continuously Callable @100		9,830		11,091
4.00%, 2/15/37, Continuously Callable @100		1,000		1,193
4.00%, 3/15/40, Continuously Callable @100		750		807
0.37%, 2/15/53, Callable 11/2/20 @100 (c)		6,500		6,500
Series A, 5.00%, 7/15/28, Pre-refunded 7/15/21 @100		2,000		2,076
Series A, 5.13%, 4/15/31, Pre-refunded 4/15/23 @100		5,000		5,623
Series C, 5.00%, 8/15/26, Pre-refunded 8/15/22 @100		1,500		1,634
Series C, 5.00%, 8/15/29, Pre-refunded 8/15/22 @100		1,935		2,108
				50,588
Total Municipal Bonds (Cost $4,625,438)				4,921,587
Total Investments (Cost $4,643,879) — 100.2%				4,938,938
Liabilities in excess of other assets — (0.2)%				(10,824	)
NET ASSETS — 100.00%			$	4,928,114

(a) Non-income producing security.

(b) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2020, illiquid securities were 0.4% of the Fund's net assets.

(d) All or a portion of this security has been segregated as collateral for securities purchased on a when-issued basis.

(e) Put Bond.

(f) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2020.

(g) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of September 30, 2020, the fair value of these securities was $92,531 (thousands) and amounted to 1.9% of net assets.

(h) Zero-coupon bond.

(i) Stepped-coupon security converts to coupon form on 11/1/25 with a rate of 4.00%.

(j) Stepped-coupon security converts to coupon form on 11/1/25 with a rate of 4.35%.

(k) Security or a portion of the security purchased on a delayed-delivery and/or when-issue basis.

(l) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of the Fund's net assets as of September 30, 2020. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

(m) Rounds to less than $1 thousand.

(n) Amount represents less than 0.05% of net assets.

(o) Defaulted security

(p) Up to 2.05% of the coupon may be paid in kind.

AMBAC — American Municipal Bond Assurance Corporation

bps — Basis points

Continuously Callable — Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity

GO — General Obligation

IDA — Industrial Development Authority

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of September 30, 2020, based on the last reset date of the security

LOC — Letter of Credit

MUNIPSA — Municipal Swap Index

PIK — Payment in-kind

LOC Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.

NBGA Principal and interest payments or, under certain circumstances, underlying mortgages, are guaranteed by a nonbank guarantee agreement from the name listed.

	USAA Tax Exempt Intermediate-Term Fund
Assets:
Investments, at value (Cost $4,643,879)	$	4,938,938
Receivables:
Interest and dividends		51,042
Capital shares issued		2,732
From Adviser		9
Prepaid expenses		106
Total Assets		4,992,827
Liabilities:
Payables:
Distributions		1,220
Payable to custodian		72
Investments purchased		57,654
Capital shares redeemed		3,540
Accrued expenses and other payables:
Investment advisory fees		1,293
Administration fees		604
Custodian fees		17
Transfer agent fees		276
Compliance fees		3
Trustee fees		1
12b-1 fees		2
Other accrued expenses		31
Total Liabilities		64,713
Net Assets:
Capital		4,728,306
Total distributable earnings/(loss)		199,808
Net Assets	$	4,928,114
Net Assets
Fund Shares	$	4,893,524
Institutional Shares		11,691
Class A shares		22,899
Total	$	4,928,114
Shares (unlimited number of shares authorized with no par value):
Fund Shares		357,017
Institutional Shares		853
Class A shares		1,671
Total		359,541
Net asset value, offering and redemption price per share: (a)
Fund Shares	$	13.71
Institutional Shares	$	13.70
Class A shares	$	13.71
Maximum Sales Charge — Class A shares		2.25	%
Maximum offering price
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A shares	$	14.03

(a) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

	USAA Tax Exempt Intermediate-Term Fund
Investment Income:
Interest	$	79,214
Total Income		79,214
*Expenses:**
Investment advisory fees		6,924
Administration fees — Fund Shares		3,605
Administration fees — Institutional Shares		1
Administration fees — Class A shares		17
Sub-Administration fees		12
12b-1 fees — Class A shares		29
Custodian fees		69
Transfer agent fees — Fund Shares		715
Transfer agent fees — Institutional Shares		1
Transfer agent fees — Class A shares		10
Trustees' fees		22
Compliance fees		16
Legal and audit fees		40
State registration and filing fees		83
Other expenses		139
Total Expenses		11,683
Expenses waived/reimbursed by Adviser		(20	)
Net Expenses		11,663
Net Investment Income (Loss)		67,551
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(7,599	)
Net change in unrealized appreciation/depreciation on investment securities		140,776
Net realized/unrealized gains (losses) on investments		133,177
Change in net assets resulting from operations	$	200,728

* Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

	USAA Tax Exempt Intermediate-Term Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	67,551		$	140,749
Net realized gains (losses) from investments		(7,599	)		(11,622	)
Net change in unrealized appreciation/depreciation on investments		140,776			(9,397	)
Change in net assets resulting from operations		200,728			119,730
Distributions to Shareholders:
Fund Shares		(67,398	)		(140,378	)
Institutional Shares (a)		(23	)		—
Class A shares		(294	)		(613	)
Change in net assets resulting from distributions to shareholders		(67,715	)		(140,991	)
Change in net assets resulting from capital transactions		(18,224	)		57,378
Change in net assets		114,789			36,117
Net Assets:
Beginning of period		4,813,325			4,777,208
End of period	$	4,928,114		$	4,813,325

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

(continues on next page)

	USAA Tax Exempt Intermediate-Term Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	365,083		$	821,794
Distributions reinvested		59,437			120,977
Cost of shares redeemed		(451,455	)		(887,865	)
Total Fund Shares	$	(26,935	)	$	54,906
Institutional Shares (a)
Proceeds from shares issued	$	11,715		$	—
Distributions reinvested		20			—
Cost of shares redeemed		(36	)		—
Total Institutional Shares	$	11,699		$	—
Class A shares
Proceeds from shares issued	$	24,063		$	6,875
Distributions reinvested		257			512
Cost of shares redeemed		(27,308	)		(4,915	)
Total Class A shares	$	(2,988	)	$	2,472
Change in net assets resulting from capital transactions	$	(18,224	)	$	57,378
Share Transactions:
Fund Shares
Issued		26,989			60,384
Reinvested		4,392			8,878
Redeemed		(33,583	)		(65,764	)
Total Fund Shares		(2,202	)		3,498
Institutional Shares (a)
Issued		855			—
Reinvested		1			—
Redeemed		(3	)		—
Total Institutional Shares		853			—
Class A shares
Issued		1,773			510
Reinvested		19			38
Redeemed		(2,017	)		(365	)
Total Class A shares		(225	)		183
Change in Shares		(1,574	)		3,681

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
USAA Tax Exempt Intermediate-Term Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)	$	13.33		0.19	(e)		0.38			0.57			(0.19	)		(0.19	)
Year Ended March 31, 2020	$	13.37		0.38	(e)		(0.03	)		0.35			(0.39	)		(0.39	)
Year Ended March 31, 2019	$	13.12		0.41			0.24			0.65			(0.40	)		(0.40	)
Year Ended March 31, 2018	$	13.08		0.41			0.04			0.45			(0.41	)		(0.41	)
Year Ended March 31, 2017	$	13.61		0.42			(0.53	)		(0.11	)		(0.42	)		(0.42	)
Year Ended March 31, 2016	$	13.59		0.44			0.02			0.46			(0.44	)		(0.44	)
Institutional Shares
June 29, 2020 (g) through September 30, 2020 (unaudited)	$	13.57		0.10	(e)		0.13			0.23			(0.10	)		(0.10	)
Class A shares
Six Months Ended September 30, 2020 (unaudited)	$	13.33		0.17	(e)		0.38			0.55			(0.17	)		(0.17	)
Year Ended March 31, 2020	$	13.36		0.35	(e)		(0.03	)		0.32			(0.35	)		(0.35	)
Year Ended March 31, 2019	$	13.12		0.38			0.23			0.61			(0.37	)		(0.37	)
Year Ended March 31, 2018	$	13.07		0.38			0.05			0.43			(0.38	)		(0.38	)
Year Ended March 31, 2017	$	13.61		0.38			(0.54	)		(0.16	)		(0.38	)		(0.38	)
Year Ended March 31, 2016	$	13.58		0.41			0.03			0.44			(0.41	)		(0.41	)

									Ratios to Average Net Assets									Supplemental Data
	Redemption Fees added to Beneficial interests			Net Asset Value, End of Period		Total *Return(a)**			Net Expenses^(b)**			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(d)
USAA Tax Exempt Intermediate-Term Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)		—		$	13.71		4.30	%		0.48	%		2.79	%		0.48	%	$	4,893,524		5	%
Year Ended March 31, 2020		—		$	13.33		2.56	%		0.49	%		2.82	%		0.49	%	$	4,788,060		26	%
Year Ended March 31, 2019		—		$	13.37		5.06	%		0.52	%		3.07	%		0.52	%	$	4,754,320		8	%
Year Ended March 31, 2018		—		$	13.12		3.47	%		0.51	%		3.09	%		0.51	%	$	4,605,543		11	%
Year Ended March 31, 2017		—	(f)	$	13.08		(0.84	)%		0.52	%		3.13	%		0.52	%	$	4,280,892		16	%
Year Ended March 31, 2016		—		$	13.61		3.48	%		0.54	%		3.28	%		0.54	%	$	4,332,360		10	%
Institutional Shares
June 29, 2020 (g) through September 30, 2020 (unaudited)		—		$	13.70		1.67	%		0.44	%		2.73	%		1.06	%	$	11,691		5	%
Class A shares
Six Months Ended September 30, 2020 (unaudited)		—		$	13.71		4.17	%		0.74	%		2.54	%		0.87	%	$	22,899		5	%
Year Ended March 31, 2020		—		$	13.33		2.37	%		0.75	%		2.57	%		0.87	%	$	25,265		26	%
Year Ended March 31, 2019		—		$	13.36		4.75	%		0.75	%		2.85	%		0.84	%	$	22,888		8	%
Year Ended March 31, 2018		—		$	13.12		3.28	%		0.77	%(h)		2.83	%		0.85	%	$	26,397		11	%
Year Ended March 31, 2017		—	(f)	$	13.07		(1.19	)%		0.80	%		2.84	%		0.83	%	$	37,351		16	%
Year Ended March 31, 2016		—	(f)	$	13.61		3.28	%		0.80	%		3.02	%		0.88	%	$	42,054		10	%

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e) Per share net investment income (loss) has been calculated using the average daily shares method.

(f) Amount is less than $0.005 per share.

(g) Commencement of operations.

(h) Effective August 1, 2017, USAA Asset Management Company ("AMCO") (previous Investment Adviser) voluntarily agreed to limit the annual expenses of the Class A shares to 0.75% of the Class A shares' average daily net assets. Prior to this date, the voluntary expense limit was 0.80%.

1. Organization:

The accompanying financial statements are those of the USAA Tax Exempt Intermediate-Term Fund (the "Fund"). The Fund offers three classes of shares: Fund Shares, Institutional shares, and Class A shares. The Fund is classified as diversified under the 1940 Act.

Effective June 29, 2020, the Fund's Institutional Shares commenced operations and the Adviser Shares were redesignated Class A shares and became subject to a front-end sales charge.

2. Significant Accounting Policies:

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

A summary of the valuations as of September 30, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3			Total
Common Stocks	$	17,351	$	—	$	—		$	17,351
Municipal Bonds		—		4,921,587		—	(a)		4,921,587
Total	$	17,351	$	4,921,587	$	—	(a)	$	4,938,938

(a) Amount is less than $1 thousand.

For the six months ended September 30, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

Municipal Obligations:

Investment Transactions and Related Income:

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in cross-trades, which are securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-advser. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. For the six months ended September 30, 2020, the Fund engaged in the following securities transactions with affiliated funds, which resulted in the following net realized gains (losses) (amounts in thousands):

Purchases				Sales				Net Realized Gains (Losses)
$	84,625			$	37,800			$	—

Fees Paid Indirectly:

Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, as applicable, as Fees paid indirectly.

3. Purchases and Sales:

Excluding U.S. Government Securities
Purchases		Sales
$	262,586	$	247,019

There were no purchases and sales of U.S. government securities during the six months ended September 30, 2020.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly-owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly-owned direct subsidiary of Victory Capital Operating, LLC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rate of 0.28% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended September 30, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing the each class' performance to that of the Lipper Intermediate Municipal Debt Funds Index. The Lipper Intermediate Municipal Debt Funds Index tracks the total return performance of funds within the Lipper Intermediate Municipal Debt Funds category.

Over/Under Performance Relative to Index (in basis points)(a)	Annual Adjustment Rate (in basis points)(a)
+/- 20 to 50		+/- 4
+/- 51 to 100		+/- 5
+/- 101 and greater		+/- 6

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper Intermediate Municipal Debt Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period July 1 2020, to September 30, 2020, performance adjustments for Fund Shares, Institutional Shares, and Class A shares were $162, less than $(1), and $(2) thousand, respectively. For the Fund Shares, Institutional Shares, and Class A shares, the performance adjustments were less than 0.01%, less than (0.01)%, and (0.01)% of average daily net assets, respectively.

Administration and Servicing Fees:

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensates the Adviser for these services. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Compliance fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub- Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for all of their reasonable out-of- pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds, under the Fund Administration, Servicing, and Accounting Agreement. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Distributor/Underwriting Services:

Victory Capital Services, Inc. (the "Distributor"), an affiliate of the Adviser, serves as distributor for the continuous offering of the shares of the Fund pursuant to a Distribution Agreement between the Distributor and the Trust. Effective June 30, 2020, the Distributor's name was changed from Victory Capital Advisers, Inc. Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% of the average daily net assets of Class A shares. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A shares. Amounts incurred and paid to the Distributor for the six months ended September 30, 2020, are reflected on the Statement of Operations as 12b-1 Fees.

In addition, the Distributor is entitled to receive commission on sales of the Class A shares of the Fund. For the six months ended September 30, 2020, the Distributor received approximately less than $1 thousand from commissions earned on sales of Class A shares of the Fund.

Other Fees:

Citibank serves as the Fund's custodian.

K&L Gates LLP provides legal services to the Trust.

The Adviser has entered into an expense limitation agreement with the Fund until at least July 31, 2021. Under the terms of the agreement, the Adviser has agreed to waive fees or reimburse certain expenses to the extent that ordinary operating expenses incurred by certain classes of the Fund in any fiscal year exceed the expense limit for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund's business are excluded from the expense limits. As of September 30, 2020, the expense limits (excluding voluntary waivers) are 0.48%, 0.44%, and 0.75% for the Fund Shares, Institutional Shares, and Class A shares, respectively. Under this expense limitation agreement, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the lesser of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount. As of September 30, 2020, the following amounts were available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at September 30, 2020.

Expires 3/31/2023				Expires 3/31/2024
$	16			$	20

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

Decisions by the U.S. Federal Reserve (also known as the "Fed") regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. As a result, the value of fixed- income securities may vary widely under certain market conditions.

Many debt securities, derivatives and other financial instruments, including some of the Fund's investments, use the London Interbank Offered Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. However, the use of LIBOR started to come under pressure following manipulation allegations in 2012. Despite increased regulation and other corrective actions since that time, concerns have arisen regarding its viability as a benchmark, due largely to reduced activity in

the financial markets that it measures. In June 2017, the Alternative Reference Rates Committee, a group of large U.S. banks working with the Federal Reserve, announced its selection of a new Secured Overnight Funding Rate ("SOFR"), which is intended to be a broad measure of secured overnight U.S. Treasury repo rates, as an appropriate replacement for LIBOR. The Federal Reserve Bank of New York began publishing the SOFR in 2018, expecting that it could be used on a voluntary basis in new instruments and transactions. Bank working groups and regulators in other countries have suggested other alternatives for their markets, including the Sterling Overnight Interbank Average Rate ("SONIA") in England. In July 2017, the Financial Conduct Authority (the "FCA"), the United Kingdom financial regulatory body, announced that after 2021 it will cease its active encouragement of UK banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published after that time. The roughly three-year period until the end of 2021 is expected to be enough time for market participants to transition to the use of a different benchmark for both new and existing securities and transactions. Various financial industry groups have begun planning for that transition, but there are obstacles to converting certain longer-term securities and transactions to a new benchmark. Transition planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets that currently rely on the LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur before the end of 2021.

6. Borrowing and Interfund Lending:

Line of Credit:

For the six months ended September 30, 2020, the Victory Funds Complex participated in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2020 with a termination date of June 28, 2021. Under the agreement with Citibank, the Victory Funds Complex may borrow up to $600 million, of which $300 million is committed and $300 million is uncommitted. $40 million of the Line of Credit is reserved for use by the Victory Floating Rate Fund, (herein, the "Fund"), another series of the Victory Funds Complex, with that Fund paying the related commitment fees for that amount. The purpose of the agreement is to meet temporary or emergency cash needs. For the six months ended September 30, 2020, Citibank received an annual commitment fee of 0.15% on $300 million for providing the Line of Credit. Each fund in the Victory Funds Complex pays a pro-rata portion of the commitment fees plus any interest (one month LIBOR plus one percent) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to each Fund during the period, if applicable, is reflected on the Statements of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2020.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2020.

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020, through September 30, 2020 (unless noted otherwise).

The Actual Expense figures in the table below provide information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Actual Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

	Beginning Account Value 4/1/20		Actual Ending Account Value 9/30/20		Hypothetical Ending Account Value 9/30/20		Actual Expenses Paid During Period 4/1/20- 9/30/20*		Hypothetical Expenses Paid During Period 4/1/20- 9/30/20*		Annualized Expense Ratio During Period 4/1/20- 9/30/20
Fund Shares	$	1,000.00	$	1,043.00	$	1,022.66	$	2.46	$	2.43		0.48	%
Institutional Shares**		1,000.00		1,016.70		1,022.86		1.13		2.23		0.44	%
Class A shares		1,000.00		1,041.70		1,021.36		3.79		3.75		0.74	%

Liquidity Risk Management Program

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					2
Financial Statements
Schedule of Portfolio Investments					4
Statement of Assets and Liabilities					25
Statement of Operations					26
Statements of Changes in Net Assets					27
Financial Highlights					30
Notes to Financial Statements					32
Supplemental Information (Unaudited)					41
Proxy Voting and Portfolio Holdings Information					41
Expense Examples					41
Liquidity Risk Management Program					42
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

Security Description	Shares or Principal Amount		Value
Common Stocks (0.2%)
Utilities (0.2%):
Energy Harbor Corp. (a)		193,456	$	4,527
Total Common Stocks (Cost $4,811)				4,527
Municipal Bonds (100.4%)
Alabama (1.0%):
Columbia Industrial Development Board Revenue (NBGA — Southern Co.), Series A, 0.14%, 12/1/37, Continuously Callable @100 (b)	$	900		900
Homewood Educational Building Authority Revenue, 5.00%, 12/1/47, Continuously Callable @100		4,500		5,179
Montgomery Medical Clinic Board Revenue, 5.00%, 3/1/36, Continuously Callable @100		1,750		1,935
The Lower Alabama Gas District Revenue, Series A, 5.00%, 9/1/46		11,500		16,062
				24,076
Arizona (4.3%):
Apache County IDA Revenue, Series A, 4.50%, 3/1/30, Continuously Callable @100		5,000		5,252
Arizona Health Facilities Authority Revenue
5.00%, 2/1/42, Continuously Callable @100		6,000		6,297
1.97% (MUNIPSA+185bps), 2/1/48, (Put Date 2/1/23) (c)		5,000		5,156
Arizona IDA Revenue, 5.00%, 7/1/52, Continuously Callable @100		1,725		1,983
Arizona Industrial Development Authority Revenue (LIQ — Deutsche Bank A.G.), 5.20%, 12/1/58, Callable 12/1/20 @ 100 (b) (d)		26,755		26,755
City of Phoenix Civic Improvement Corp. Revenue (INS — National Public Finance Guarantee Corp.)
Series B, 5.50%, 7/1/29 (b)		1,000		1,318
Series B, 5.50%, 7/1/30 (b)		1,500		2,012
Maricopa County IDA Revenue, 5.00%, 7/1/47, Continuously Callable @100		1,600		1,739
Maricopa County Pollution Control Corp. Revenue, Series A, 0.32%, 6/1/43, Callable 11/2/20 @ 100 (b)		19,300		19,300
Pinal County Electric District No. 3 Revenue, 4.00%, 7/1/41, Continuously Callable @100		10,000		11,067
The City of Phoenix IDA Revenue
5.00%, 7/1/41, Continuously Callable @100		1,200		1,295
5.00%, 7/1/42, Continuously Callable @100		1,250		1,319
5.00%, 7/1/44, Continuously Callable @100		6,000		6,363
The Pima County IDA Revenue
5.00%, 6/15/52, Continuously Callable @100 (d)		2,000		2,007
Series A, 5.25%, 10/1/40, Continuously Callable @100		3,000		3,000
The Pima County IDA Revenue, 4.00%, 9/1/29, Continuously Callable @100		3,000		3,215
The Prima County IDA Revenue, Series A, 4.50%, 6/1/30, Continuously Callable @100		2,685		2,848
The Yavapai County IDA Revenue, 4.00%, 8/1/43, Continuously Callable @100		1,725		1,937
				102,863

Security Description	Principal Amount		Value
Arkansas (0.2%):
Arkansas Development Finance Authority Revenue (INS — AMBAC Assurance Corp.)
7/1/28 (e)	$	1,000	$	874
7/1/29 (e)		1,165		991
7/1/30 (e)		1,150		951
7/1/36 (e)		2,500		1,650
				4,466
California (5.8%):
California Health Facilities Financing Authority Revenue, 5.00%, 11/15/56, Continuously Callable @100		1,000		1,172
California State Public Works Board Revenue
5.00%, 6/1/31, Continuously Callable @100		2,950		3,295
Series B, 5.00%, 10/1/30, Pre-refunded 10/1/21 @ 100		2,000		2,096
Series B, 5.00%, 10/1/31, Pre-refunded 10/1/21 @ 100		1,110		1,163
Series B, 5.00%, 10/1/39, Continuously Callable @100		3,500		4,023
Series D, 5.00%, 12/1/29, Continuously Callable @100		2,500		2,633
Series D, 5.00%, 12/1/31, Continuously Callable @100		2,000		2,105
California Statewide Communities Development Authority Revenue (LIQ — Deutsche Bank A.G.), 5.80%, 4/1/52, Callable 4/1/21 @ 100 (b) (d)		3,245		3,245
Cerritos Community College District, GO
Series D, 8/1/31 (e)		1,000		849
Series D, 8/1/32 (e)		2,500		2,060
Series D, 8/1/33 (e)		2,175		1,737
Series D, 8/1/34 (e)		1,000		773
Series D, 8/1/35 (e)		1,500		1,121
Series D, 8/1/36 (e)		2,200		1,593
Coachella Valley Unified School District, GO (INS — Assured Guaranty Municipal Corp.), Series D, 8/1/41 (e)		8,500		4,997
El Camino Community College District, GO
Series C, 8/1/34 (e)		3,000		2,310
Series C, 8/1/38 (e)		3,000		1,975
El Monte Union High School District, GO (INS — Assured Guaranty Municipal Corp.), 6/1/42 (e)		10,000		5,490
Golden State Tobacco Securitization Corp. Revenue, Series A, 5.00%, 6/1/30, Continuously Callable @100		2,000		2,222
Indio Redevelopment Agency Successor Agency Tax Allocation, Series A, 5.25%, 8/15/35, Continuously Callable @100		1,580		1,586
Los Alamitos Unified School District Certificate of Participation
8/1/34, Continuously Callable @100 (f)		1,200		1,379
8/1/42, Continuously Callable @100 (g)		4,500		4,865
Monterey Peninsula Unified School District, GO (INS-Assured Guaranty Municipal Corp.), Series A, 5.50%, 8/1/34, Pre-refunded 8/1/21 @ 100		3,000		3,133
Paramount Unified School District, GO
8/1/34 (e)		1,860		1,394
8/1/35 (e)		2,000		1,446
8/1/36 (e)		2,750		1,921
8/1/37 (e)		2,750		1,862

Security Description	Principal Amount		Value
Sacramento City Schools Joint Powers Financing Authority Revenue (INS — Build America Mutual Assurance Co.)
Series A, 5.00%, 3/1/36, Continuously Callable @100	$	2,560	$	2,888
Series A, 5.00%, 3/1/40, Continuously Callable @100		2,000		2,242
San Diego Public Facilities Financing Authority Revenue, Series A, 5.00%, 10/15/44, Continuously Callable @100		2,500		2,915
San Ysidro School District, GO (INS — Assured Guaranty Municipal Corp.)
Series G, 8/1/36 (e)		13,605		9,297
Series G, 8/1/37 (e)		14,285		9,453
Santa Ana Unified School District Certificate of Participation (INS — Assured Guaranty Municipal Corp.), 4/1/29 (e)		15,000		12,561
State of California, GO
5.25%, 4/1/35, Continuously Callable @100		8,000		8,558
5.00%, 2/1/38, Continuously Callable @100		6,750		7,400
5.00%, 10/1/47, Continuously Callable @100		5,000		5,918
Stockton Unified School District, GO (INS — Assured Guaranty Municipal Corp.), Series D, 8/1/34 (e)		8,885		6,686
Washington Township Health Care District Revenue
Series A, 5.25%, 7/1/30, Continuously Callable @100		5,180		5,199
Series A, 5.50%, 7/1/38, Continuously Callable @100		5,000		5,017
				140,579
Colorado (2.0%):
Colorado Educational & Cultural Facilities Authority Revenue
4.00%, 12/1/48, Continuously Callable @100		2,500		2,741
5.00%, 4/1/53, Continuously Callable @100		750		873
Series A, 5.25%, 4/1/43, Continuously Callable @100		2,500		2,596
Colorado Health Facilities Authority Revenue
5.00%, 12/1/42, Pre-refunded 6/1/22 @ 100		5,000		5,397
5.00%, 6/1/45, Pre-refunded 6/1/25 @ 100		6,000		7,300
5.00%, 6/1/47, Pre-refunded 6/1/27 @ 100		1,250		1,617
Series A, 4.00%, 8/1/49, Continuously Callable @100		2,500		2,735
Series A, 4.00%, 9/1/50, Continuously Callable @100		1,500		1,627
Denver Health & Hospital Authority Revenue, Series A, 4.00%, 12/1/40, Continuously Callable @100		750		794
E-470 Public Highway Authority Revenue (INS — National Public Finance Guarantee Corp.), Series B, 9/1/35, Continuously Callable @64 (e)		10,000		5,804
Park Creek Metropolitan District Revenue
5.00%, 12/1/45, Continuously Callable @100		1,000		1,144
5.00%, 12/1/46, Continuously Callable @100		2,500		2,850
5.00%, 12/1/51, Continuously Callable @100		2,000		2,257
Rampart Range Metropolitan District No. 1 Revenue (INS-Assured Guaranty Municipal Corp.), 5.00%, 12/1/47, Continuously Callable @100		4,000		4,761
Regional Transportation District Certificate of Participation, Series A, 5.00%, 6/1/44, Continuously Callable @100		5,000		5,499
Southlands Metropolitan District No. 1, GO, Series A-1, 5.00%, 12/1/47, Continuously Callable @100		1,000		1,047
				49,042
Connecticut (0.6%):
Connecticut State Health & Educational Facilities Authority Revenue, Series A, 4.00%, 7/1/49, Continuously Callable @100		3,000		3,213

Security Description	Principal Amount		Value
Mashantucket Western Pequot Tribe Revenue PIK, 2.05%, 7/1/31 (o)	$	60,196	$	2,107
State of Connecticut, GO
Series A, 5.00%, 4/15/38, Continuously Callable @100		5,500		6,698
Series A, 5.00%, 4/15/39, Continuously Callable @100		1,550		1,922
				13,940
District of Columbia (1.4%):
District of Columbia Revenue
5.00%, 7/1/36, Continuously Callable @100		1,305		1,389
5.00%, 7/1/42, Continuously Callable @100		1,500		1,589
6.00%, 7/1/43, Pre-refunded 7/1/23 @ 100		1,700		1,963
6.00%, 7/1/48, Pre-refunded 7/1/23 @ 100		1,450		1,675
5.00%, 7/1/49, Continuously Callable @100		1,275		1,399
5.00%, 7/1/54, Continuously Callable @100		1,140		1,246
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, 5.00%, 10/1/53, Continuously Callable @100		10,000		10,454
Metropolitan Washington Airports Authority Revenue, Series A, 5.00%, 10/1/39, Continuously Callable @100		5,000		5,001
Washington Convention & Sports Authority Tax Allocation, 5.00%, 10/1/40, Continuously Callable @100		10,000		10,008
				34,724
Florida (8.9%):
Alachua County Health Facilities Authority Revenue, 4.00%, 12/1/49, Continuously Callable @100		7,000		7,842
City of Atlantic Beach Revenue
Series A, 5.00%, 11/15/53, Continuously Callable @103		2,000		2,139
Series B, 5.63%, 11/15/43, Continuously Callable @100		7,000		7,413
City of Gainesville Utilities System Revenue, Series C, 5.25%, 10/1/34, Continuously Callable @100		3,950		3,951
City of Jacksonville Revenue
5.00%, 10/1/29, Continuously Callable @100		2,270		2,455
4.00%, 11/1/45, Continuously Callable @100		2,500		2,747
City of Lakeland Revenue
5.00%, 9/1/37, Continuously Callable @100		500		533
5.00%, 9/1/42, Continuously Callable @100		1,000		1,062
County of Miami-Dade Aviation Revenue
5.00%, 10/1/29, Pre-refunded 10/1/20 @ 100		6,350		6,350
5.00%, 10/1/29, Pre-refunded 10/1/20 @ 100		525		525
5.38%, 10/1/35, Pre-refunded 10/1/20 @ 100		18,330		18,330
5.38%, 10/1/35, Pre-refunded 10/1/20 @ 100		4,875		4,875
County of Miami-Dade Rickenbacker Causeway Revenue, 5.00%, 10/1/43, Continuously Callable @100		1,750		1,938
County of Miami-Dade Water & Sewer System Revenue
5.00%, 10/1/34, Pre-refunded 10/1/20 @ 100		3,950		3,950
Series B, 4.00%, 10/1/49, Continuously Callable @100		22,000		25,580
County of Polk Florida Utility System Revenue, 4.00%, 10/1/43, Continuously Callable @100		2,000		2,391
County of St. Lucie Revenue, 0.15%, 9/1/28, Continuously Callable @100 (b)		800		800
Escambia County Health Facilities Authority Revenue, 4.00%, 8/15/50, Continuously Callable @100		11,315		12,293

Security Description	Principal Amount		Value
Florida Department of Children & Families Certificate of Participation, 5.00%, 10/1/25, Continuously Callable @100	$	5,675	$	5,697
Florida Higher Educational Facilities Financial Authority Revenue
5.00%, 3/1/44, Continuously Callable @100		4,280		4,553
4.00%, 10/1/44, Continuously Callable @100		1,400		1,324
5.00%, 3/1/49, Continuously Callable @100		1,250		1,327
4.00%, 10/1/49, Continuously Callable @100		1,150		1,061
Series A, 5.00%, 4/1/32, Pre-refunded 4/1/22 @ 100		600		643
Series A, 5.25%, 4/1/42, Pre-refunded 4/1/22 @ 100		1,500		1,614
Florida Municipal Loan Council Revenue (INS — Assured Guaranty Municipal Corp.), Series D, 5.25%, 10/1/33, Continuously Callable @100		2,500		2,618
Halifax Hospital Medical Center Revenue, 5.00%, 6/1/46, Continuously Callable @100		3,000		3,339
Lee County IDA Revenue
5.75%, 10/1/42, Continuously Callable @100		4,000		4,038
5.50%, 10/1/47, Continuously Callable @102		5,000		5,047
5.00%, 11/15/49, Continuously Callable @103		12,350		13,328
Lee Memorial Health System Revenue, Series A-1, 4.00%, 4/1/49, Continuously Callable @100		4,500		4,991
Miami-Dade County Expressway Authority Revenue
Series A, 5.00%, 7/1/39, Continuously Callable @100		5,000		5,647
Series A, 5.00%, 7/1/40, Continuously Callable @100		5,000		5,015
Miami-Dade County Health Facilities Authority Revenue, 4.00%, 8/1/47, Continuously Callable @100		2,000		2,192
Orange County Health Facilities Authority Revenue, Series B, 4.00%, 10/1/45, Continuously Callable @100		1,500		1,621
Palm Beach County Health Facilities Authority Revenue
5.00%, 11/15/45, Continuously Callable @103		150		170
5.00%, 5/15/47, Continuously Callable @100		5,000		5,217
Series B, 5.00%, 11/15/42, Continuously Callable @103		1,000		1,174
Palm Beach County Solid Waste Authority Revenue
5.00%, 10/1/31, Continuously Callable @100		9,845		10,303
5.00%, 10/1/31, Pre-refunded 10/1/21 @ 100		155		162
Pinellas County Educational Facilities Authority Revenue
5.00%, 10/1/27, Continuously Callable @100		1,000		1,056
5.25%, 10/1/30, Continuously Callable @100		1,000		1,055
6.00%, 10/1/41, Continuously Callable @100		3,650		3,770
Polk County IDA Revenue
5.00%, 1/1/49, Continuously Callable @103		1,000		1,031
5.00%, 1/1/55, Continuously Callable @103		1,000		1,028
Sarasota County Health Facilities Authority Revenue, 5.00%, 5/15/48, Continuously Callable @103		1,835		1,932
St. Johns County IDA Revenue, 4.00%, 8/1/55, Continuously Callable @103		6,000		6,394
Tampa Housing Authority Revenue, 4.85%, 7/1/36, Callable 11/1/20 @ 100		2,200		2,206
Tampa-Hillsborough County Expressway Authority Revenue, Series B, 5.00%, 7/1/42, Pre-refunded 7/1/22 @ 100		3,050		3,305
Volusia County Educational Facility Authority Revenue, Series B, 5.00%, 10/15/45, Pre-refunded 4/15/25 @ 100		2,000		2,425

Security Description	Principal Amount		Value
Volusia County Educational Facility Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 10/15/29, Pre-refunded 10/15/21 @ 100	$	2,350	$	2,468
				212,925
Georgia (2.1%):
Appling County Development Authority Revenue (NBGA — Southern Co.), 0.17%, 9/1/41, Continuously Callable @100 (b)		1,100		1,100
Gainesville & Hall County Hospital Authority Revenue, 4.00%, 2/15/45, Continuously Callable @100		15,000		16,881
Glynn-Brunswick Memorial Hospital Authority Revenue, 5.00%, 8/1/47, Continuously Callable @100		1,500		1,695
Heard County Development Authority Revenue, 0.20%, 9/1/26, Continuously Callable @100 (b)		200		200
Main Street Natural Gas, Inc. Revenue, Series A, 5.00%, 5/15/49		3,000		4,243
Private Colleges & Universities Authority Revenue, Series A, 5.00%, 10/1/32, Continuously Callable @100		1,600		1,650
The Burke County Development Authority Revenue (NBGA — Southern Co.), 0.16%, 11/1/52, Continuously Callable @100 (b)		8,875		8,875
The Monroe County Development Authority Revenue, 0.17%, 4/1/32, Continuously Callable @100 (b)		900		900
Thomasville Hospital Authority Revenue
5.25%, 11/1/35, Pre-refunded 11/2/20 @ 100		1,000		1,004
5.38%, 11/1/40, Pre-refunded 11/2/20 @ 100		1,250		1,256
Valdosta Housing Authority Revenue (LIQ — Deutsche Bank A.G.), Series 2020-XF1089, 0.52%, 4/1/60, Callable 4/1/35 @ 100 (b) (d)		13,325		13,325
				51,129
Illinois (13.3%):
Bureau County Township High School District No. 502, GO (INS — Build America Mutual Assurance Co.)
Series A, 5.00%, 12/1/38, Continuously Callable @100		1,555		1,871
Series A, 5.00%, 12/1/39, Continuously Callable @100		1,400		1,681
Bureau County Township High School District No. 502, GO (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 12/1/37, Continuously Callable @100		1,530		1,844
Chicago Board of Education, GO, Series H, 5.00%, 12/1/36, Continuously Callable @100		5,000		5,406
Chicago Board of Education, GO (LIQ — Deutsche Bank A.G.), Series 2017-XM0188, 0.52%, 12/1/39, Callable 12/1/21 @ 100 (b) (d)		4,000		4,000
Chicago Midway International Airport Revenue
Series B, 5.00%, 1/1/41, Continuously Callable @100		2,500		2,867
Series B, 5.00%, 1/1/46, Continuously Callable @100		3,500		3,993
Chicago O'Hare International Airport Revenue
5.75%, 1/1/39, Pre-refunded 1/1/21 @ 100		800		809
5.75%, 1/1/39, Pre-refunded 1/1/21 @ 100		4,200		4,258
5.75%, 1/1/43, Continuously Callable @100		5,000		5,254
Series C, 4.00%, 1/1/38, Continuously Callable @100 (h)		1,000		1,129
Series C, 5.00%, 1/1/41, Continuously Callable @100		5,000		5,762
Chicago Park District, GO
Series A, 5.00%, 1/1/40, Continuously Callable @100		3,000		3,311
Series F-2, 5.00%, 1/1/40, Continuously Callable @100 (h)		1,125		1,319

Security Description	Principal Amount		Value
City of Chicago Special Assessment, 6.75%, 12/1/32, Continuously Callable @100	$	3,924	$	3,934
City of Chicago Wastewater Transmission Revenue
5.00%, 1/1/44, Continuously Callable @100		4,000		4,326
Series A, 5.00%, 1/1/47, Continuously Callable @100		3,000		3,375
Series C, 5.00%, 1/1/39, Continuously Callable @100		3,000		3,314
City of Chicago Waterworks Revenue, 5.00%, 11/1/44, Continuously Callable @100		3,000		3,400
City of Springfield Electric Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 3/1/40, Continuously Callable @100		3,000		3,472
Cook County Community College District No. 508, GO (INS — Build America Mutual Assurance Co.), 5.00%, 12/1/47, Continuously Callable @100		9,500		11,044
County of Cook Sales Tax Revenue, 5.00%, 11/15/38, Continuously Callable @100		7,750		9,151
County of Will, GO, 4.00%, 11/15/47, Continuously Callable @100		2,000		2,279
Illinois Finance Authority Revenue
3.90%, 3/1/30, Continuously Callable @100		14,000		15,565
5.50%, 4/1/32, Continuously Callable @100		7,065		7,066
4.00%, 2/1/33, Continuously Callable @100		6,000		6,458
5.00%, 5/15/37, Continuously Callable @100		700		731
4.00%, 3/1/38, Continuously Callable @100		2,000		2,251
4.00%, 2/15/41, Pre-refunded 2/15/27 @ 100		20		24
5.00%, 8/1/42, Continuously Callable @100		750		848
6.00%, 7/1/43, Continuously Callable @100		5,000		5,581
5.00%, 1/1/44, Continuously Callable @100		10,000		11,632
5.00%, 8/15/44, Continuously Callable @100		2,000		2,229
4.00%, 12/1/46, Continuously Callable @100		4,500		4,760
5.00%, 2/15/47, Continuously Callable @100		1,000		975
5.00%, 5/15/47, Continuously Callable @100		1,155		1,186
5.00%, 8/1/47, Continuously Callable @100		750		842
5.00%, 12/1/47, Continuously Callable @100		2,000		2,139
5.00%, 10/1/49, Continuously Callable @100		1,250		1,465
5.00%, 2/15/50, Continuously Callable @100		500		483
5.00%, 10/1/51, Continuously Callable @100		1,000		1,171
4.00%, 10/1/55, Continuously Callable @100		500		535
Series A, 6.00%, 10/1/32, Pre-refunded 4/1/21 @ 100		8,000		8,232
Series A, 4.00%, 7/1/38, Continuously Callable @100		5,000		5,473
Series A, 4.00%, 10/1/40, Continuously Callable @100		12,395		13,333
Series C, 4.00%, 2/15/41, Pre-refunded 2/15/27 @ 100		485		592
Series C, 4.00%, 2/15/41, Continuously Callable @100		10,495		11,619
Illinois State Toll Highway Authority Revenue, Series A, 4.00%, 1/1/44, Continuously Callable @100		4,000		4,555
Metropolitan Pier & Exposition Authority Revenue, 5.00%, 6/15/42, Continuously Callable @100		2,000		2,280
Northern Illinois Municipal Power Agency Revenue, Series A, 4.00%, 12/1/41 , Continuously Callable @100		9,000		9,837
Northern Illinois University Revenue (INS — Build America Mutual Assurance Co.), Series B, 4.00%, 4/1/41, Continuously Callable @100		600		638
Railsplitter Tobacco Settlement Authority Revenue, 5.50%, 6/1/23, Pre-refunded 6/1/21 @ 100		10,000		10,353

Security Description	Principal Amount		Value
Regional Transportation Authority Revenue (INS — National Public Finance Guarantee Corp.), 6.50%, 7/1/30 (i)	$	37,550	$	50,917
Sangamon County Water Reclamation District, GO
Series A, 4.00%, 1/1/49, Continuously Callable @100		15,000		16,969
Series A, 5.75%, 1/1/53, Continuously Callable @100		2,000		2,412
State of Illinois, GO
5.50%, 5/1/39, Continuously Callable @100		2,275		2,518
Series A, 5.00%, 10/1/33, Continuously Callable @100		2,000		2,147
State of Illinois, GO (INS — Assured Guaranty Municipal Corp.)
4.00%, 2/1/31, Continuously Callable @100		1,000		1,087
4.00%, 2/1/32, Continuously Callable @100		1,000		1,081
Series A, 5.00%, 4/1/29, Continuously Callable @100		8,000		8,610
University of Illinois Revenue, Series A, 5.13%, 4/1/36, Continuously Callable @100		1,000		1,019
Village of Rosemont, GO (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 12/1/46, Continuously Callable @100		10,000		11,742
				319,154
Indiana (1.7%):
Evansville Redevelopment Authority Revenue (INS — Build America Mutual Assurance Co.), 4.00%, 2/1/38, Continuously Callable @100		5,540		6,136
Evansville Redevelopment Authority Revenue (INS — Build America Mutual Assurance Co.), 4.00%, 2/1/39, Continuously Callable @100		3,605		3,985
Indiana Finance Authority Revenue
5.00%, 2/1/40, Continuously Callable @100		1,495		1,618
5.00%, 11/15/43, Continuously Callable @103		1,970		2,090
5.00%, 10/1/44, Continuously Callable @100		4,000		4,227
5.00%, 11/15/48, Continuously Callable @103		3,895		4,105
Series A, 5.00%, 6/1/39, Continuously Callable @100		5,000		5,115
Series A, 5.50%, 4/1/46, Continuously Callable @100		5,000		5,475
Richmond Hospital Authority Revenue, 5.00%, 1/1/39, Continuously Callable @100		7,000		7,870
				40,621
Iowa (0.5%):
Iowa Finance Authority Revenue
2.88%, 5/15/49, Continuously Callable @100		1,500		1,502
Series A, 5.00%, 5/15/43, Continuously Callable @100		6,235		6,594
Series B, 5.00%, 2/15/48, Continuously Callable @100		4,000		4,810
				12,906
Kansas (0.5%):
City of Coffeyville Electric System Revenue (INS — National Public Finance Guarantee Corp.), Series B, 5.00%, 6/1/42, Pre-refunded 6/1/25 @ 100 (d)		2,500		3,041
City of Lawrence Revenue, 5.00%, 7/1/48, Continuously Callable @100		5,000		5,897
Wyandotte County-Kansas City Unified Government Utility System Revenue, Series A, 5.00%, 9/1/45, Continuously Callable @100		2,000		2,308
				11,246
Kentucky (0.5%):
City of Ashland Revenue, 5.00%, 2/1/40, Continuously Callable @100		1,000		1,097
Kentucky Economic Development Finance Authority Revenue
5.00%, 5/15/46, Continuously Callable @100		5,500		5,420

Security Description	Principal Amount		Value
Series B, 5.00%, 8/15/41, Continuously Callable @100	$	3,000	$	3,396
Kentucky Economic Development Finance Authority Revenue (INS — Assured Guaranty Municipal Corp.), 4.00%, 12/1/41, Continuously Callable @100		500		552
Kentucky Economic Development Finance Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 12/1/45, Continuously Callable @100		2,000		2,344
				12,809
Louisiana (3.9%):
City of Shreveport Water & Sewer Revenue
5.00%, 12/1/40, Continuously Callable @100		1,000		1,151
Series B, 5.00%, 12/1/41, Continuously Callable @100		5,500		6,392
Series B, 4.00%, 12/1/49, Continuously Callable @100		1,000		1,119
City of Shreveport Water & Sewer Revenue (INS — Assured Guaranty Municipal Corp.)
Series B, 4.00%, 12/1/37, Continuously Callable @100		1,100		1,238
Series B, 5.00%, 12/1/41, Continuously Callable @100		2,100		2,507
Jefferson Sales Tax District Revenue, Series B, 4.00%, 12/1/42, Continuously Callable @100		7,000		8,058
Lafayette Public Trust Financing Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.50%, 10/1/35, Pre-refunded 10/1/20 @ 100		2,500		2,500
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, 3.50%, 11/1/32, Continuously Callable @100		6,250		6,571
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 10/1/48, Continuously Callable @100		5,000		5,654
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue (INS — Assured Guaranty Municipal Corp.)
5.00%, 10/1/39, Continuously Callable @100		1,685		1,984
4.00%, 10/1/46, Continuously Callable @100		8,210		8,854
Louisiana Public Facilities Authority Revenue
4.00%, 5/15/41, Pre-refunded 5/15/26 @ 100		15		18
4.00%, 5/15/41, Continuously Callable @100		1,235		1,339
5.00%, 11/1/45, Continuously Callable @100		6,000		6,612
5.00%, 5/15/46, Continuously Callable @100		5,000		5,822
4.00%, 12/15/50, Continuously Callable @100		1,000		1,098
5.00%, 7/1/52, Continuously Callable @100		400		445
4.00%, 1/1/56, Continuously Callable @100		9,000		9,307
5.00%, 7/1/57, Continuously Callable @100		2,000		2,215
Louisiana Public Facilities Authority Revenue (INS — Build America Mutual Assurance Co.), 5.25%, 6/1/51, Continuously Callable @100		5,000		5,583
Parish of St. Charles Revenue, 4.00%, 12/1/40, (Put Date 6/1/22) (c)		6,750		7,097
State of Louisiana Gasoline & Fuels Tax Revenue, Series C, 5.00%, 5/1/45, Continuously Callable @100		6,000		7,143
Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 5/15/35, Continuously Callable @100		1,500		1,602
				94,309
Maine (0.4%):
Maine Health & Higher Educational Facilities Authority Revenue, Series A, 4.00%, 7/1/46, Continuously Callable @100		9,000		9,109

Security Description	Principal Amount		Value
Massachusetts (1.6%):
Massachusetts Development Finance Agency Revenue
5.00%, 4/15/40, Continuously Callable @100	$	1,000	$	1,077
5.00%, 7/1/46, Continuously Callable @100		4,000		4,530
5.00%, 7/1/47, Continuously Callable @100		2,280		2,396
Series A, 5.50%, 7/1/44, Continuously Callable @100		4,000		3,753
Series A, 4.00%, 10/1/46, Continuously Callable @100		3,370		3,495
Series A, 4.00%, 6/1/49, Continuously Callable @100		1,000		1,073
Series C, 4.00%, 10/1/45, Continuously Callable @100		1,250		1,415
Series D, 5.00%, 7/1/44, Continuously Callable @100		3,000		3,279
Series E, 4.00%, 7/1/38, Continuously Callable @100		1,000		1,064
Series J2, 5.00%, 7/1/53, Continuously Callable @100		10,000		11,837
Massachusetts Health & Educational Facilities Authority Revenue
Series E, 5.00%, 7/15/32, Continuously Callable @100		3,500		3,502
Series E, 5.00%, 7/15/37, Continuously Callable @100		500		500
				37,921
Michigan (2.2%):
County of Genesee, GO, Series B, 4.00%, 2/1/41, Continuously Callable @100		2,000		2,214
County of Genesee, GO (INS — Build America Mutual Assurance Co.), Series B, 5.00%, 2/1/46, Continuously Callable @100		2,900		3,391
Downriver Utility Wastewater Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 4/1/43, Continuously Callable @100		2,500		2,992
Flint Hospital Building Authority Revenue, 4.00%, 7/1/38, Continuously Callable @100		2,500		2,641
Jackson Public Schools, GO (NBGA — Michigan School Bond Qualification and Loan Program)
5.00%, 5/1/45, Continuously Callable @100		6,000		7,283
5.00%, 5/1/48, Continuously Callable @100		3,000		3,619
Karegnondi Water Authority Revenue, 5.00%, 11/1/45, Continuously Callable @100		2,750		3,269
Lansing Board of Water & Light Revenue, Series A, 5.00%, 7/1/37, Pre-refunded 7/1/21 @ 100		4,500		4,663
Livonia Public Schools, GO (INS — Assured Guaranty Municipal Corp.), 5.00%, 5/1/45, Continuously Callable @100		4,000		4,736
Michigan Finance Authority Revenue
5.00%, 11/1/43, Continuously Callable @100		1,000		1,228
4.00%, 2/15/47, Continuously Callable @100		8,000		8,968
4.00%, 9/1/50, Continuously Callable @100		1,000		1,065
Series A, 4.00%, 11/15/50, Continuously Callable @100		3,000		3,363
Michigan State Building Authority Revenue, 4.00%, 4/15/54, Continuously Callable @100		2,000		2,283
				51,715
Mississippi (0.1%):
County of Warren Revenue, 5.38%, 12/1/35, Continuously Callable @100		3,000		3,146
Missouri (2.6%):
Cape Girardeau County IDA Revenue
5.00%, 3/1/36, Continuously Callable @100		750		817
Series A, 6.00%, 3/1/33, Continuously Callable @103		2,340		2,554
Hannibal IDA Revenue, 5.00%, 10/1/47, Continuously Callable @100		3,000		3,399

Security Description	Principal Amount		Value
Health & Educational Facilities Authority of the State of Missouri Revenue
5.00%, 5/15/40, Continuously Callable @103	$	5,510	$	5,776
5.00%, 2/1/42, Continuously Callable @104		3,500		3,815
4.00%, 2/1/48, Continuously Callable @100		10,000		10,285
Series A, 5.00%, 11/15/43, Continuously Callable @100		1,000		1,205
Series A, 4.00%, 2/15/54, Continuously Callable @100		2,500		2,777
Missouri Development Finance Board Revenue, 4.00%, 6/1/46, Continuously Callable @100		17,775		19,066
St. Louis County IDA Revenue
5.88%, 9/1/43, Continuously Callable @100		5,000		5,250
5.00%, 9/1/48, Continuously Callable @100		2,000		2,076
St. Louis Municipal Finance Corp. Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 10/1/38, Continuously Callable @100		3,065		3,681
Stoddard County IDA Revenue, Series B, 6.00%, 3/1/37, Continuously Callable @103		2,000		2,169
				62,870
Montana (0.2%):
City of Forsyth Revenue, 3.90%, 3/1/31, Callable 3/1/23 @ 100 (b)		4,000		4,280
Nebraska (0.6%):
Central Plains Energy Project Revenue, Series A, 5.00%, 9/1/42		2,000		2,773
Douglas County Hospital Authority No. 3 Revenue, 5.00%, 11/1/48, Continuously Callable @100		3,400		3,819
Nebraska Educational Health Cultural & Social Services Finance Authority Revenue, 4.00%, 1/1/49, Continuously Callable @102		7,500		8,205
				14,797
Nevada (0.9%):
City of Carson City Revenue, 5.00%, 9/1/47, Continuously Callable @100		2,775		3,196
Las Vegas Convention & Visitors Authority Revenue
Series C, 4.00%, 7/1/41, Continuously Callable @100		4,400		4,635
Series C, 4.00%, 7/1/46, Continuously Callable @100		12,140		12,740
				20,571
New Jersey (4.9%):
New Jersey Economic Development Authority Revenue
1.72% (MUNIPSA+160bps), 3/1/28, Callable 3/1/23 @ 100 (j)		20,000		19,688
5.00%, 6/15/28, Continuously Callable @100		2,000		2,090
5.00%, 6/15/40, Continuously Callable @100		8,125		8,760
5.00%, 6/15/40, Pre-refunded 6/15/24 @ 100		1,875		2,205
4.00%, 11/1/44, Continuously Callable @100		3,000		3,093
4.00%, 6/15/49, Continuously Callable @100		4,000		4,205
Series A, 5.00%, 6/15/47, Continuously Callable @100		3,000		3,347
Series AAA, 5.00%, 6/15/41, Continuously Callable @100		4,000		4,432
Series B, 5.00%, 6/15/43, Continuously Callable @100		3,500		3,975
Series GG, 5.00%, 9/1/24, Continuously Callable @100		6,000		6,100
Series WW, 5.25%, 6/15/40, Continuously Callable @100		2,835		3,127
Series WW, 5.25%, 6/15/40, Pre-refunded 6/15/25 @ 100		165		203
New Jersey Economic Development Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 6/1/42, Continuously Callable @100		1,200		1,381

Security Description	Principal Amount		Value
New Jersey Educational Facilities Authority Revenue
Series B, 5.00%, 9/1/36, Continuously Callable @100	$	5,000	$	5,585
Series F, 5.00%, 7/1/47, Continuously Callable @100		3,000		2,722
New Jersey Health Care Facilities Financing Authority Revenue
5.00%, 10/1/38, Continuously Callable @100		2,250		2,491
Series A, 5.63%, 7/1/32, Pre-refunded 7/1/21 @ 100		15,000		15,604
New Jersey Health Care Facilities Financing Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 7/1/46, Continuously Callable @100		1,250		1,401
New Jersey Transportation Trust Fund Authority Revenue
5.25%, 6/15/43, Continuously Callable @100		4,000		4,648
Series A, 5.00%, 12/15/36, Continuously Callable @100		2,125		2,457
Series AA, 5.25%, 6/15/41, Continuously Callable @100		2,000		2,196
Series BB, 4.00%, 6/15/50, Continuously Callable @100		15,000		15,700
Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 6/1/46, Continuously Callable @100		3,000		3,541
				118,951
New Mexico (0.2%):
New Mexico Hospital Equipment Loan Council Revenue, Series LA, 5.00%, 7/1/49, Continuously Callable @102		5,750		5,916
New York (2.6%):
Buffalo & Erie County Industrial Land Development Corp. Revenue, 5.38%, 10/1/41, Pre-refunded 4/1/21 @ 100		2,040		2,093
County of Suffolk, GO, Series A, 5.00%, 11/13/20		10,000		10,023
Metropolitan Transportation Authority Revenue
Series A, 11/15/32 (e)		5,000		3,407
Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (c)		5,490		5,894
Series B-2A, 5.00%, 5/15/21		1,000		1,013
New York Liberty Development Corp. Revenue
5.25%, 10/1/35		16,130		22,275
2.80%, 9/15/69, Continuously Callable @100		1,500		1,442
New York State Dormitory Authority Revenue
5.25%, 7/1/29, Continuously Callable @100		2,250		2,255
Series A, 4.00%, 9/1/50, Continuously Callable @100		3,000		3,237
New York State Thruway Authority Revenue, Series A, 5.00%, 1/1/51, Continuously Callable @100		2,000		2,254
Triborough Bridge & Tunnel Authority Revenue
Series A, 11/15/31 (e)		5,000		3,920
Series A, 11/15/32 (e)		3,000		2,264
Series B, 11/15/32 (e)		2,500		1,939
TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100		1,000		1,117
				63,133
North Carolina (0.6%):
North Carolina Capital Facilities Finance Agency Revenue, 4.63%, 11/1/40, Continuously Callable @100		10,000		10,032
North Carolina Medical Care Commission Revenue
5.00%, 1/1/49, Continuously Callable @104		2,725		2,852
Series A, 4.00%, 10/1/50, Continuously Callable @103 (h)		1,000		1,054
				13,938

Security Description	Principal Amount		Value
North Dakota (0.6%):
City of Fargo Revenue, 6.25%, 11/1/31, Pre-refunded 11/1/21 @ 100	$	4,685	$	4,992
County of Ward Revenue, Series C, 5.00%, 6/1/43, Continuously Callable @100		7,500		8,394
				13,386
Ohio (2.5%):
City of Centerville Revenue, 5.25%, 11/1/47, Continuously Callable @100		2,700		2,677
City of Cleveland Airport System Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 1/1/31, Pre-refunded 1/1/22 @ 100		1,000		1,060
City of Middleburg Heights Revenue, Series A, 4.00%, 8/1/47, Continuously Callable @100		2,000		2,242
County of Cuyahoga Revenue, 4.75%, 2/15/47, Continuously Callable @100		9,000		10,046
County of Franklin Revenue, Series B, 5.00%, 7/1/45, Continuously Callable @103 (h)		5,000		5,623
County of Hamilton Revenue, 5.00%, 1/1/51, Continuously Callable @100		2,500		2,558
County of Lake Revenue, 5.63%, 8/15/29, Continuously Callable @100		320		321
County of Lucas Revenue, 5.25%, 11/15/48, Continuously Callable @100		6,000		6,832
County of Montgomery Revenue
4.00%, 11/15/42, Continuously Callable @100		2,500		2,679
4.00%, 11/15/45, Continuously Callable @100		2,000		2,130
County of Ross Revenue
5.00%, 12/1/44, Continuously Callable @100		3,100		3,812
5.00%, 12/1/49, Continuously Callable @100		6,000		7,323
Ohio Air Quality Development Authority Revenue, 8/1/30 (k) (l)		6,000		—	(m)
Ohio Higher Educational Facility Commission Revenue, 5.25%, 1/1/48, Continuously Callable @104		1,000		907
Ohio Turnpike & Infrastructure Commission Revenue, 5.25%, 2/15/33, Continuously Callable @100		2,000		2,226
State of Ohio Revenue
4.00%, 11/15/40, Continuously Callable @100		655		713
Series A, 4.00%, 1/15/50, Continuously Callable @100		7,000		7,714
				58,863
Oklahoma (1.1%):
Comanche County Hospital Authority Revenue, Series A, 5.00%, 7/1/32, Continuously Callable @100		4,200		4,345
Norman Regional Hospital Authority Revenue, 4.00%, 9/1/45, Continuously Callable @100		3,000		3,248
Oklahoma Development Finance Authority Revenue, Series B, 5.50%, 8/15/57 , Continuously Callable @100		4,250		4,981
Oklahoma Municipal Power Authority Revenue, Series A, 4.00%, 1/1/47, Continuously Callable @100		10,000		10,855
Tulsa County Industrial Authority Revenue, 5.25%, 11/15/45, Continuously Callable @102		2,000		2,106
				25,535
Oregon (0.4%):
City of Keizer Special Assessment, 5.20%, 6/1/31, Continuously Callable @100		890		893
Deschutes County Hospital Facilities Authority Revenue, 4.00%, 1/1/46, Continuously Callable @100		2,000		2,145

Security Description	Principal Amount		Value
Medford Hospital Facilities Authority Revenue, Series A, 4.00%, 8/15/50, Continuously Callable @100	$	3,800	$	4,290
Salem Hospital Facility Authority Revenue, 5.00%, 5/15/53, Continuously Callable @102		1,000		1,049
Yamhill County Hospital Authority Revenue, 5.00%, 11/15/51, Continuously Callable @102		1,180		1,193
				9,570
Pennsylvania (8.3%):
Adams County General Authority Revenue, 4.00%, 8/15/45, Continuously Callable @100		7,400		8,307
Allegheny County Higher Education Building Authority Revenue, Series A, 5.50%, 3/1/31, Pre-refunded 3/1/21 @ 100		750		766
Allegheny County Hospital Development Authority Revenue, 5.00%, 4/1/47, Continuously Callable @100		6,500		7,516
Allegheny County Sanitary Authority Revenue, 5.00%, 6/1/43, Continuously Callable @100		3,170		3,842
Allegheny County Sanitary Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 6/1/40, Continuously Callable @100		4,000		4,031
Allentown Commercial & IDA Revenue, 6.25%, 7/1/47, Continuously Callable @100 (d)		5,000		5,176
Altoona Area School District, GO (INS — Build America Mutual Assurance Co.), 5.00%, 12/1/45, Continuously Callable @100		1,000		1,170
Altoona Area School District, GO (INS — Build America Mutual Assurance Co.), 5.00%, 12/1/48, Continuously Callable @100		300		350
Armstrong School District, GO
Series A, 4.00%, 3/15/38, Continuously Callable @100		1,000		1,175
Series A, 4.00%, 3/15/41, Continuously Callable @100		2,250		2,626
Berks County IDA Revenue
5.00%, 5/15/48, Continuously Callable @102		1,000		1,047
5.00%, 11/1/50, Continuously Callable @100		8,500		9,078
Bucks County IDA Revenue, 4.00%, 8/15/50, Continuously Callable @100		3,000		3,272
Canon Mcmillan School District, GO
4.00%, 6/1/48, Continuously Callable @100		4,605		5,089
4.00%, 6/1/50, Continuously Callable @100		6,065		6,694
Chester County IDA Revenue, Series A, 5.25%, 10/15/47, Continuously Callable @100		3,250		3,357
Commonwealth Financing Authority Revenue, 5.00%, 6/1/35, Continuously Callable @100		500		615
Commonwealth of Pennsylvania Certificate of Participation, Series A, 5.00%, 7/1/43, Continuously Callable @100		1,000		1,185
County of Lehigh Revenue, 4.00%, 7/1/49, Continuously Callable @100		15,000		16,597
Delaware River Joint Toll Bridge Commission Revenue, 5.00%, 7/1/47, Continuously Callable @100		5,000		5,982
Montgomery County Higher Education & Health Authority Revenue
4.00%, 9/1/49, Continuously Callable @100		2,500		2,733
4.00%, 9/1/51, Continuously Callable @100		3,500		3,801
Montgomery County IDA Revenue
5.00%, 12/1/48, Continuously Callable @102		2,000		2,100
5.00%, 12/1/49, Continuously Callable @103		2,000		2,187

Security Description	Principal Amount		Value
Northampton County General Purpose Authority Revenue
4.00%, 8/15/40, Continuously Callable @100	$	4,000	$	4,333
5.00%, 8/15/48, Continuously Callable @100		2,440		2,870
Northeastern Pennsylvania Hospital & Education Authority Revenue
5.00%, 5/1/44, Continuously Callable @100		1,000		1,094
5.00%, 5/1/49, Continuously Callable @100		1,350		1,477
Pennsylvania Economic Development Financing Authority Revenue, 4.00%, 10/1/23, Continuously Callable @100		7,000		7,001
Pennsylvania Higher Educational Facilities Authority Revenue
Series A, 5.25%, 7/15/33, Continuously Callable @100		1,970		2,070
Series A, 5.50%, 7/15/38, Continuously Callable @100		2,750		2,866
Pennsylvania Turnpike Commission Revenue
5.00%, 12/1/37, Continuously Callable @100		1,000		1,192
Series A, 4.00%, 12/1/49, Continuously Callable @100		5,000		5,526
Series A-1, 5.00%, 12/1/46, Continuously Callable @100		3,000		3,388
Series A-1, 5.00%, 12/1/47, Continuously Callable @100		4,000		4,750
Series A-2, 5.00%, 12/1/33, Continuously Callable @100 (b)		1,250		1,538
Series B, 5.00%, 6/1/39, Continuously Callable @100		8,000		9,267
Series B, 5.00%, 12/1/43, Continuously Callable @100		5,000		6,023
Series B, 5.25%, 12/1/44, Continuously Callable @100		10,000		11,330
Series B-1, 5.00%, 6/1/42, Continuously Callable @100		4,000		4,672
Philadelphia School District General Obligation Bonds, GO, Series A, 5.00%, 9/1/44, Continuously Callable @100		10,000		12,069
Pittsburgh Water & Sewer Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/44, Continuously Callable @100		5,000		6,316
Reading School District, GO (INS — Build America Mutual Assurance Co.), Series A, 4.00%, 4/1/44, Continuously Callable @100		1,055		1,229
School District of Philadelphia, GO
Series B, 5.00%, 9/1/43, Continuously Callable @100		2,500		2,972
Series F, 5.00%, 9/1/37, Continuously Callable @100		1,000		1,166
Series F, 5.00%, 9/1/38, Continuously Callable @100		2,000		2,325
Scranton School District, GO (INS — Build America Mutual Assurance Co.), Series E, 4.00%, 12/1/37, Continuously Callable @100		1,025		1,189
Wilkes-Barre Area School District, GO (INS — Build America Mutual Assurance Co.), 5.00%, 4/15/59, Continuously Callable @100		3,000		3,603
Wilkes-Barre Area School District, GO (INS-Build America Mutual Assurance Co.), 4.00%, 4/15/49, Continuously Callable @100		750		848
				199,810
Puerto Rico (0.1%):
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Authority Revenue, 5.38%, 4/1/42, Continuously Callable @100		2,000		2,001
Rhode Island (0.1%):
Rhode Island Health & Educational Building Corp. Revenue, 6.00%, 9/1/33, Pre-refunded 9/1/23 @ 100		2,000		2,339
Rhode Island Housing & Mortgage Finance Corp. Revenue, Series 15-A, 6.85%, 10/1/24, Continuously Callable @100		180		181
				2,520

Security Description	Principal Amount		Value
South Carolina (0.6%):
City of Rock Hill Combined Utility System Revenue, Series A, 4.00%, 1/1/49, Continuously Callable @100	$	2,500	$	2,801
South Carolina Jobs-Economic Development Authority Revenue
5.00%, 11/15/47, Continuously Callable @103		1,850		2,089
5.00%, 4/1/54, Continuously Callable @103		1,000		1,070
4.00%, 4/1/54, Continuously Callable @103		1,165		1,130
South Carolina Public Service Authority Revenue, Series E, 5.25%, 12/1/55, Continuously Callable @100		7,000		8,085
				15,175
South Dakota (0.2%):
Educational Enhancement Funding Corp. Revenue, Series B, 5.00%, 6/1/27, Continuously Callable @100		500		558
South Dakota Health & Educational Facilities Authority Revenue, Series A, 5.00%, 7/1/42, Pre-refunded 7/1/21 @ 100		4,000		4,144
				4,702
Tennessee (0.5%):
Greeneville Health & Educational Facilities Board Revenue, 5.00%, 7/1/44, Continuously Callable @100		2,000		2,300
Johnson City Health & Educational Facilities Board Revenue, 5.00%, 8/15/42, Continuously Callable @100		2,000		2,112
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue
5.00%, 10/1/45, Continuously Callable @100		1,500		1,576
5.00%, 7/1/46, Continuously Callable @100		4,000		4,590
Metropolitan Nashville Airport Authority Revenue, Series A, 4.00%, 7/1/54, Continuously Callable @100		2,000		2,209
				12,787
Texas (17.6%):
Arlington Higher Education Finance Corp. Revenue (NBGA — Texas Permanent School Fund)
4.00%, 8/15/43, Continuously Callable @100		10,000		11,565
Series A, 5.00%, 2/15/41, Continuously Callable @100		3,000		3,549
Series A, 5.00%, 12/1/53, Continuously Callable @100		7,200		8,420
Arlington Higher Education Finance Corp. Revenue (NBGA — Texas Permanent School Fund), 4.00%, 8/15/44, Continuously Callable @100		2,170		2,510
Bexar County Health Facilities Development Corp. Revenue
5.00%, 7/15/42, Continuously Callable @105		600		627
4.00%, 7/15/45, Continuously Callable @100		8,450		7,746
Central Texas Regional Mobility Authority Revenue
5.75%, 1/1/31, Pre-refunded 1/1/21 @ 100		6,000		6,083
4.00%, 1/1/41, Continuously Callable @100		5,000		5,344
5.00%, 1/1/42, Pre-refunded 1/1/23 @ 100		2,500		2,769
Series A, 5.00%, 1/1/45, Continuously Callable @100		3,500		3,947
Central Texas Turnpike System Revenue
Series A, 5.00%, 8/15/41, Pre-refunded 8/15/22 @ 100		3,850		4,196
Series C, 5.00%, 8/15/42, Continuously Callable @100		6,500		7,248
Central Texas Turnpike System Revenue (INS — AMBAC Assurance Corp.), Series A, 8/15/30 (e)		18,530		15,732

Security Description	Principal Amount		Value
City of Arlington Special Tax (INS-Assured Guaranty Municipal Corp.), Series A, 5.00%, 2/15/48, Continuously Callable @100	$	7,500	$	8,648
City of Corpus Christi Utility System Revenue, 4.00%, 7/15/39, Continuously Callable @100		5,900		6,713
City of Houston Hotel Occupancy Tax & Special Revenue, 5.00%, 9/1/40, Continuously Callable @100		3,715		3,868
City of Laredo Waterworks & Sewer System Revenue, 4.00%, 3/1/41, Continuously Callable @100		700		780
Clifton Higher Education Finance Corp. Revenue
6.00%, 8/15/33, Continuously Callable @100		1,000		1,115
6.00%, 8/15/43, Continuously Callable @100		2,750		3,028
Clifton Higher Education Finance Corp. Revenue (NBGA — Texas Permanent School Fund), 5.00%, 8/15/48, Continuously Callable @100		10,000		12,336
Clifton Higher Education Finance Corp. Revenue (NBGA — Texas Permanent School Fund)
5.00%, 8/15/39, Continuously Callable @100		4,250		4,874
4.00%, 8/15/44, Continuously Callable @100		11,000		12,883
County of Bexar Revenue
4.00%, 8/15/44, Continuously Callable @100		500		518
4.00%, 8/15/49, Continuously Callable @100		1,700		1,746
Dallas/Fort Worth International Airport Revenue, Series G, 5.00%, 11/1/34, Continuously Callable @100		4,000		4,015
Del Mar College District, GO, Series A, 5.00%, 8/15/48, Continuously Callable @100		6,500		7,581
Everman Independent School District, GO (NBGA — Texas Permanent School Fund), 4.00%, 2/15/50, Continuously Callable @100		4,500		5,323
Grand Parkway Transportation Corp. Revenue, 4.00%, 10/1/49, Continuously Callable @100		2,000		2,307
Harris County Cultural Education Facilities Finance Corp. Revenue, 5.00%, 6/1/38, Continuously Callable @100		6,100		6,153
Harris County Hospital District Revenue, 4.00%, 2/15/42, Continuously Callable @100		15,000		16,339
Houston Higher Education Finance Corp. Revenue, Series A, 5.00%, 9/1/42, Pre-refunded 9/1/22 @ 100		10,000		10,913
Karnes County Hospital District Revenue, 5.00%, 2/1/44, Continuously Callable @100		6,000		6,657
Kerrville Health Facilities Development Corp. Revenue, 5.00%, 8/15/35, Continuously Callable @100		1,900		2,173
Matagorda County Navigation District No. 1 Revenue
4.00%, 6/1/30, Continuously Callable @100		6,000		6,457
4.00%, 6/1/30, Continuously Callable @100		9,615		10,328
Midlothian Independent School District, GO (NBGA — Texas Permanent School Fund), 5.00%, 2/15/47, Continuously Callable @100		15,000		18,147
New Hope Cultural Education Facilities Finance Corp. Revenue
5.00%, 7/1/47, Continuously Callable @102		1,000		657
5.00%, 7/1/47, Continuously Callable @102		1,000		862
5.00%, 4/1/48, Continuously Callable @100		1,250		1,096
Series A, 5.00%, 7/1/47, Continuously Callable @100		6,000		4,941

Security Description	Principal Amount		Value
New Hope Cultural Education Facilities Finance Corp. Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 7/1/48, Continuously Callable @100	$	1,000	$	1,134
North Fort Bend Water Authority Revenue, 5.00%, 12/15/36, Continuously Callable @100		5,000		5,252
North Texas Tollway Authority Revenue
5.00%, 1/1/48, Continuously Callable @100		2,000		2,380
5.00%, 1/1/50, Continuously Callable @100		1,750		2,079
Series B, 9/1/37, Pre-refunded 9/1/31 @ 64.1040 (e)		3,000		1,616
Series B, 5.00%, 1/1/45, Continuously Callable @100		5,000		5,730
North Texas Tollway Authority Revenue (INS — National Public Finance Guarantee Corp.), Series B, 5.00%, 1/1/48, Continuously Callable @100		5,000		5,827
Port of Port Arthur Navigation District Revenue
0.43%, 11/1/40, Continuously Callable @100 (b) (i)		17,000		17,000
0.40%, 11/1/40, Continuously Callable @100 (b)		900		900
Series A, 0.17%, 4/1/40, Continuously Callable @100 (b)		9,900		9,900
Series C, 0.19%, 4/1/40, Continuously Callable @100 (b)		25,370		25,370
Princeton Independent School District, GO (NBGA — Texas Permanent School Fund), 5.00%, 2/15/48, Continuously Callable @100		7,000		8,610
Prosper Independent School District, GO (NBGA — Texas Permanent School Fund), 5.00%, 2/15/48, Continuously Callable @100		15,000		18,419
Red River Education Finance Corp. Revenue
4.00%, 6/1/41, Continuously Callable @100		2,000		2,038
5.50%, 10/1/46, Continuously Callable @100		3,000		3,257
Tarrant County Cultural Education Facilities Finance Corp. Revenue
5.63%, 11/15/27, Continuously Callable @100 (n)		6,315		4,105
5.75%, 11/15/37, Continuously Callable @100 (n)		4,000		2,600
5.00%, 11/15/46, Continuously Callable @100		1,000		1,126
6.75%, 11/15/47, Continuously Callable @100		2,500		2,589
6.75%, 11/15/52, Continuously Callable @100		4,000		4,125
Series A, 5.00%, 11/15/45, Continuously Callable @100		4,500		3,587
Series B, 5.00%, 11/15/36, Continuously Callable @100		3,600		3,117
Series B, 5.00%, 11/15/46, Continuously Callable @100		7,000		7,768
Series B, 5.00%, 7/1/48, Continuously Callable @100		10,000		11,996
Texas Transportation Commission Revenue, 5.00%, 8/1/57, Continuously Callable @100		5,000		5,803
Uptown Development Authority Tax Allocation
5.00%, 9/1/37, Continuously Callable @100		4,365		4,802
5.00%, 9/1/40, Continuously Callable @100		2,490		2,717
Series A, 5.00%, 9/1/39, Continuously Callable @100		1,645		1,825
West Harris County Regional Water Authority Revenue
4.00%, 12/15/45, Continuously Callable @100		1,600		1,851
4.00%, 12/15/49, Continuously Callable @100		3,945		4,535
Wood County Central Hospital District Revenue, 6.00%, 11/1/41, Pre-refunded 11/1/21 @ 100		4,770		5,070
Ysleta Independent School District, GO (NBGA — Texas Permanent School Fund), 4.00%, 8/15/52, Continuously Callable @100		5,000		5,891
				423,213

Security Description	Principal Amount		Value
Vermont (0.1%):
Vermont Educational & Health Buildings Financing Agency Revenue, 5.00%, 10/15/46, Continuously Callable @100	$	3,000	$	3,190
Virginia (1.1%):
Alexandria IDA Revenue
5.00%, 10/1/45, Continuously Callable @100		2,600		2,712
5.00%, 10/1/50, Continuously Callable @100		2,400		2,496
Lewistown Commerce Center Community Development Authority Tax Allocation
3.63%, 3/1/44, Continuously Callable @103		3,575		2,789
6.05%, 3/1/44, Continuously Callable @103		1,695		1,322
Series C, 6.05%, 3/1/54, Continuously Callable @100		5,697		1,037
Virginia College Building Authority Revenue
5.00%, 6/1/26, Continuously Callable @100		11,280		11,279
5.00%, 6/1/29, Continuously Callable @100		5,000		4,944
				26,579
Washington (1.1%):
King County Public Hospital District No. 1, GO, 5.00%, 12/1/43, Continuously Callable @100		9,000		10,633
King County Public Hospital District No. 2, GO, Series A, 4.00%, 12/1/45, Continuously Callable @100		4,000		4,494
Washington Health Care Facilities Authority Revenue, 4.00%, 7/1/42, Continuously Callable @100		5,500		6,091
Washington Higher Education Facilities Authority Revenue, 4.00%, 5/1/50, Continuously Callable @100		1,250		1,361
Washington State Housing Finance Commission Revenue, 5.00%, 1/1/43, Continuously Callable @102 (d)		3,055		3,226
				25,805
West Virginia (0.2%):
West Virginia Economic Development Authority Revenue, Series A, 5.38%, 12/1/38, Continuously Callable @100		2,000		2,014
West Virginia Hospital Finance Authority Revenue, 5.00%, 1/1/43, Continuously Callable @100		2,000		2,325
				4,339
Wisconsin (2.3%):
City of Kaukauna Electric System Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 12/15/35, Pre-refunded 12/15/22 @ 100		7,800		8,620
Public Finance Authority Revenue
5.25%, 5/15/42, Continuously Callable @102 (d)		2,200		2,274
5.00%, 7/1/44, Continuously Callable @100		6,000		7,073
5.00%, 11/15/44, Continuously Callable @103		1,460		1,558
4.00%, 1/1/45, Continuously Callable @100		1,500		1,663
5.00%, 7/1/47, Continuously Callable @100		1,000		1,058
5.00%, 6/15/49, Continuously Callable @100 (d)		520		527
5.00%, 6/15/49, Continuously Callable @100		1,480		1,665
5.00%, 11/15/49, Continuously Callable @103		1,400		1,484
5.00%, 7/1/52, Continuously Callable @100		1,000		1,057
5.00%, 6/15/53, Continuously Callable @100		1,000		1,123
5.00%, 6/15/54, Continuously Callable @100 (d)		455		459

Security Description	Principal Amount		Value
Series A, 5.25%, 10/1/43, Continuously Callable @100	$	3,090	$	3,272
Series A, 4.00%, 10/1/49, Continuously Callable @100		11,000		12,012
Public Finance Authority Revenue (INS — Assured Guaranty Municipal Corp.)
5.00%, 7/1/54, Continuously Callable @100		1,285		1,484
5.00%, 7/1/58, Continuously Callable @100		1,500		1,729
Wisconsin Health & Educational Facilities Authority Revenue
5.00%, 7/1/49, Continuously Callable @100		1,000		1,137
5.00%, 3/15/50, Continuously Callable @100		1,175		1,360
Series A, 5.00%, 9/15/50, Continuously Callable @100		5,000		5,069
Series B, 5.00%, 9/15/45, Continuously Callable @100		1,000		1,011
				55,635
Total Municipal Bonds (Cost $2,308,130)				2,414,246
Total Investments (Cost $2,312,941) — 100.6%				2,418,773
Liabilities in excess of other assets — (0.6)%				(14,720	)
NET ASSETS — 100.00%			$	2,404,053

(a) Non-income producing security.

(b) Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

(d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of September 30, 2020, the fair value of these securities was $64,035 (thousands) and amounted to 2.7% of net assets.

(e) Zero-coupon bond.

(f) Stepped-coupon security converts to coupon form on 8/1/24 with a rate of 5.95%.

(g) Stepped-coupon security converts to coupon form on 8/1/24 with a rate of 6.05%.

(h) Security or a portion of the security purchased on a delayed-delivery and/or when-issue basis.

(i) All or a portion of this security has been segregated as collateral for securities purchased on a when-issued basis.

(j) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2020.

(k) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of the Fund's net assets as of September 30, 2020. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

(l) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2020, illiquid securities were less than 0.05% of the Fund's net assets.

(m) Rounds to less than $1 thousand.

(n) Defaulted security

(o) Up to 2.05% of the coupon may be paid in kind.

	USAA Tax Exempt Long-Term Fund
Assets:
Investments, at value (Cost $2,312,941)	$	2,418,773
Receivables:
Interest and dividends		27,540
Capital shares issued		517
From Adviser		8
Prepaid expenses		29
Total assets		2,446,867
Liabilities:
Payables:
Distributions		1,082
Payable to custodian		543
Investments purchased		39,101
Capital shares redeemed		1,172
Accrued expenses and other payables:
Investment advisory fees		551
Administration fees		295
Transfer agent fees		66
Compliance fees		1
12b-1 fees		1
Other accrued expenses		2
Total Liabilities		42,814
Net Assets:
Capital		2,362,008
Total accumulated earnings/(loss)		42,045
Net Assets	$	2,404,053
Net Assets
Fund Shares	$	2,392,217
Institutional Shares		4,085
Class A Shares		7,751
Total	$	2,404,053
Shares (unlimited number of shares authorized with no par value):
Fund Shares		176,594
Institutional Shares		302
Class A shares		573
Total		177,469
Net asset value, offering and redemption price per share: (a)
Fund Shares	$	13.55
Institutional Shares	$	13.55
Class A shares	$	13.53
Maximum Sales Charge — Class A shares		2.25	%
Maximum offering price
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A shares	$	13.84

(a) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

	USAA Tax Exempt Long-Term Fund
Investment Income:
Interest	$	45,019
Total Income		45,019
*Expenses:**
Investment advisory fees		3,251
Administration fees — Fund Shares		1,780
Administration fees — Institutional Shares		—	(a)
Administration fees — Class A shares		6
Sub-Administration fees		12
12b-1 fees — Class A shares		10
Custodian fees		6
Transfer agent fees — Fund Shares		350
Transfer agent fees — Institutional Shares		—	(a)
Transfer agent fees — Class A shares		3
Trustees' fees		24
Compliance fees		8
Legal and audit fees		53
State registration and filing fees		47
Interfund lending fees		—	(a)
Other expenses		72
Total Expenses		5,622
Expenses waived/reimbursed by Adviser		(20	)
Net Expenses		5,602
Net Investment Income (Loss)		39,417
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(2,105	)
Net change in unrealized appreciation/depreciation on investment securities		60,353
Net realized/unrealized gains (losses) on investments		58,248
Change in net assets resulting from operations	$	97,665

* Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

(a) Rounds to less than $1 thousand.

	USAA Tax Exempt Long-Term Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	39,417		$	83,172
Net realized gains (losses) from investments		(2,105	)		(937	)
Net change in unrealized appreciation/depreciation on investments		60,353			(16,375	)
Change in net assets resulting from operations		97,665			65,860
Distributions to Shareholders:
Fund Shares		(39,356	)		(82,112	)
Institutional Shares (a)		(15	)		—
Class A shares		(120	)		(249	)
Change in net assets resulting from distributions to shareholders		(39,491	)		(82,361	)
Change in net assets resulting from capital transactions		(65,143	)		56,959
Change in net assets		(6,969	)		40,458
Net Assets:
Beginning of period		2,411,022			2,370,564
End of period	$	2,404,053		$	2,411,022

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

(continues on next page)

	USAA Tax Exempt Long-Term Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	89,633		$	291,358
Distributions reinvested		32,519			66,585
Cost of shares redeemed		(191,267	)		(300,957	)
Total Fund Shares	$	(69,115	)	$	56,986
Institutional Shares (a)
Proceeds from shares issued	$	4,082		$	—
Distributions reinvested		13			—
Cost of shares redeemed		(1	)		—
Total Institutional Shares	$	4,094		$	—
Class A shares
Proceeds from shares issued	$	7,708		$	325
Distributions reinvested		46			69
Cost of shares redeemed		(7,876	)		(421	)
Total Class A shares	$	(122	)	$	(27	)
Change in net assets resulting from capital transactions	$	(65,143	)	$	56,959
Share Transactions:
Fund Shares
Issued		6,707			21,540
Reinvested		2,435			4,911
Redeemed		(14,434	)		(22,454	)
Total Fund Shares		(5,292	)		3,997
Institutional Shares (a)
Issued		301			—
Reinvested		1			—
Redeemed		—	(b)		—
Total Institutional Shares		302			—
Class A shares
Issued		577			23
Reinvested		3			5
Redeemed		(589	)		(30	)
Total Class A shares		(9	)		(2	)
Change in Shares		(4,999	)		3,995

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

(b) Rounds to less than 1 thousand.

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities		Net Investment Income			Total Distributions
USAA Tax Exempt Long-Term Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)	$	13.21		0.22	(e)		0.34			0.56		(0.22	)		(0.22	)
Year Ended March 31, 2020	$	13.28		0.45	(e)		(0.07	)		0.38		(0.45	)		(0.45	)
Year Ended March 31, 2019	$	13.21		0.49			0.07			0.56		(0.49	)		(0.49	)
Year Ended March 31, 2018	$	13.25		0.51			(0.03	)		0.48		(0.52	)		(0.52	)
Year Ended March 31, 2017	$	13.73		0.54			(0.48	)		0.06		(0.54	)		(0.54	)
Year Ended March 31, 2016	$	13.78		0.58			(0.05	)		0.53		(0.58	)		(0.58	)
Institutional Shares
June 29, 2020 (f) through September 30, 2020 (unaudited)	$	13.40		0.06	(e)		0.20			0.26		(0.11	)		(0.11	)
Class A shares
Six Months Ended September 30, 2020 (unaudited)	$	13.19		0.21	(e)		0.34			0.55		(0.21	)		(0.21	)
Year Ended March 31, 2020	$	13.26		0.43	(e)		(0.08	)		0.35		(0.42	)		(0.42	)
Year Ended March 31, 2019	$	13.19		0.46			0.08			0.54		(0.47	)		(0.47	)
Year Ended March 31, 2018	$	13.23		0.48			(0.04	)		0.44		(0.48	)		(0.48	)
Year Ended March 31, 2017	$	13.71		0.49			(0.48	)		0.01		(0.49	)		(0.49	)
Year Ended March 31, 2016	$	13.76		0.54			(0.05	)		0.49		(0.54	)		(0.54	)

						Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, End of Period		Total *Return(a)**			Net Expenses^(b)**			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(d)
USAA Tax Exempt Long-Term Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)	$	13.55		4.21	%		0.47	%		3.30	%		0.47	%	$	2,392,217		4	%
Year Ended March 31, 2020	$	13.21		2.74	%		0.48	%		3.36	%		0.48	%	$	2,403,342		24	%
Year Ended March 31, 2019	$	13.28		4.39	%		0.48	%		3.73	%		0.48	%	$	2,362,819		13	%
Year Ended March 31, 2018	$	13.21		3.62	%		0.47	%		3.83	%		0.47	%	$	2,358,955		14	%
Year Ended March 31, 2017	$	13.25		0.41	%		0.48	%		3.97	%		0.48	%	$	2,343,165		15	%
Year Ended March 31, 2016	$	13.73		3.94	%		0.51	%		4.23	%		0.51	%	$	2,421,551		6	%
Institutional Shares
June 29, 2020 (f) through September 30, 2020 (unaudited)	$	13.55		1.95	%		0.43	%		3.18	%		1.52	%	$	4,085		4	%
Class A shares
Six Months Ended September 30, 2020 (unaudited)	$	13.53		4.10	%		0.68	%		3.10	%		1.06	%	$	7,751		4	%
Year Ended March 31, 2020	$	13.19		2.53	%		0.70	%		3.15	%		1.01	%	$	7,680		24	%
Year Ended March 31, 2019	$	13.26		4.16	%		0.70	%		3.51	%		0.94	%	$	7,745		13	%
Year Ended March 31, 2018	$	13.19		3.36	%		0.74	%(g)		3.57	%		0.92	%	$	8,577		14	%
Year Ended March 31, 2017	$	13.23		0.07	%		0.80	%		3.64	%		0.87	%	$	10,976		15	%
Year Ended March 31, 2016	$	13.71		3.65	%		0.80	%		3.94	%		0.90	%	$	11,249		6	%

(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

(e) Per share net investment income (loss) has been calculated using the average daily shares method.

(f) Commencement of operations.

(g) Prior to August 1, 2017, USAA Asset Management Company ("AMCO") (previous Investment Adviser) voluntarily agreed to reimburse the Class A shares for expenses in excess of 0.80% of their annual average daily net assets.

1. Organization:

The accompanying financial statements are those of the USAA Tax Exempt Long-Term Fund (the "Fund"). The Fund offers three classes of shares: Fund Shares, Institutional Shares, and Class A shares. The Fund is classified as diversified under the 1940 Act.

Effective June 29, 2020, the Fund's Institutional Shares commenced operations and the Adviser Shares were redesignated Class A shares and became subject to a front-end sales charge.

2. Significant Accounting Policies:

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

A summary of the valuations as of September 30, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3			Total
Common Stocks	$	4,527	$	—	$	—		$	4,527
Municipal Bonds		—		2,414,246		—	(a)		2,414,246
Total	$	4,527	$	2,414,246	$	—	(a)	$	2,418,773

(a) Amount is less than $1 thousand.

For the six months ended September 30, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

The Fund may purchase securities on a delayed-delivery or when-issued basis. Delivery and payment for securities that have been purchased by the Fund on a delayed-delivery, or when-issued basis or for delayed draws on loans can take place a month or more after the trade date. At the time the Fund makes the commitment to purchase a security on a delayed-delivery or when-issued basis, the Fund records the transaction and reflects the value of the security in determining NAV. No interest accrues to the Fund until the transaction settles and payment takes place. A segregated account is established and the Fund maintains cash and/or marketable securities at least equal in value to commitments for delayed-delivery or when-issued securities. If the Fund owns delayed-delivery or when-issued securities, these values are included in Payable for investments purchased on the accompanying Statement of Assets and Liabilities and the segregated assets are identified on the Schedule of Portfolio Investments.

Municipal Obligations:

Investment Transactions and Related Income:

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Purchases				Sales				Net Realized Gains (Losses)
$	49,350			$	68,025			$	—

Fees Paid Indirectly:

Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, as applicable, as Fees paid indirectly.

3. Purchases and Sales:

Excluding U.S. Government Securities
Purchases		Sales
$	88,032	$	174,481

There were no purchases and sales of U.S. government securities during the six months ended September 30, 2020.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly-owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly-owned direct subsidiary of Victory Capital Operating, LLC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rate of 0.28% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended September 30, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing each class' performance to that of the Lipper General & Insured Municipal Debt Funds Index. The Lipper General & Insured Municipal Debt Funds Index tracks the total return performance of funds within the Lipper General & Insured Municipal Debt Funds category.

Over/Under Performance Relative to Index (in basis points)(a)	Annual Adjustment Rate (in basis points)(a)
+/- 20 to 50		+/- 4
+/- 51 to 100		+/- 5
+/- 101 and greater		+/- 6

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper General & Insured Municipal Debt Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period July 1, 2020, to September 30, 2020, performance adjustments for Fund Shares, Institutional Shares and Class A shares were $(83), less than $(1), and $(1) thousand, respectively. For the Fund Shares, Institutional Shares, and Class A shares, the performance adjustments were less than (0.01)%, less than (0.01)%, and (0.02)% of average daily net assets, respectively.

Administration and Servicing Fees:

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensates the Adviser for these services. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Compliance fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub- Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for all of their reasonable out-of- pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds, under the Fund Administration, Servicing, and Accounting Agreement. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Distributor/Underwriting Services:

In addition, the Distributor is entitled to receive commission on sales of the Class A shares of the Fund. For the six months ended September 30, 2020, the Distributor didn't receive any commissions.

Other Fees:

Citibank serves as the Fund's custodian.

K&L Gates LLP provides legal services to the Trust.

Expires 3/31/2023				Expires 3/31/2024
$	14			$	20

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

economies of many countries in unpredictable ways. Epidemics and/or pandemics, such as the coronavirus (or COVID-19), may result in, among other things, closing borders, disruptions to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and consumer activity, as well as general concern and uncertainty. The impact may be short-term or may last for extended periods.

Decisions by the U.S. Federal Reserve (also known as the "Fed") regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. As a result, the value of fixed- income securities may vary widely under certain market conditions.

group of large U.S. banks working with the Federal Reserve, announced its selection of a new Secured Overnight Funding Rate ("SOFR"), which is intended to be a broad measure of secured overnight U.S. Treasury repo rates, as an appropriate replacement for LIBOR. The Federal Reserve Bank of New York began publishing the SOFR in 2018, expecting that it could be used on a voluntary basis in new instruments and transactions. Bank working groups and regulators in other countries have suggested other alternatives for their markets, including the Sterling Overnight Interbank Average Rate ("SONIA") in England. In July 2017, the Financial Conduct Authority (the "FCA"), the United Kingdom financial regulatory body, announced that after 2021 it will cease its active encouragement of UK banks to provide the quotations needed to sustain LIBOR. That announcement suggests that LIBOR may cease to be published after that time. The roughly three-year period until the end of 2021 is expected to be enough time for market participants to transition to the use of a different benchmark for both new and existing securities and transactions. Various financial industry groups have begun planning for that transition, but there are obstacles to converting certain longer-term securities and transactions to a new benchmark. Transition planning is at an early stage, and neither the effect of the transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets that currently rely on the LIBOR to determine interest rates. It could also lead to a reduction in the value of some LIBOR-based investments and reduce the effectiveness of new hedges placed against existing LIBOR-based instruments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur before the end of 2021.

6. Borrowing and Interfund Lending:

Line of Credit:

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2020.

Interfund Lending:

The average borrowing or lending for the days outstanding and average interest rate for the Fund during the six months ended September 30, 2020, were as follows (amounts in thousands):

				Borrower or Lender				Amount Outstanding at September 30, 2020				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
				Borrower				$	—			$	1,650				10				0.65	%		$	3,288

* For the six months ended September 30, 2020, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

The Fund intends to declare daily and distribute any net investment income monthly. Distributable net realized gains, if any, are declared and paid at least annually.

Short-Term Amount				Long-Term Amount				Total
$	12,400			$	49,149			$	61,549

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020, through September 30, 2020 (unless noted otherwise).

	Beginning Account Value 4/1/20		Actual Ending Account Value 9/30/20		Hypothetical Ending Account Value 9/30/20		Actual Expenses Paid During Period 4/1/20- 9/30/20*		Hypothetical Expenses Paid During Period 4/1/20- 9/30/20*		Annualized Expense Ratio During Period 4/1/20- 9/30/20
Fund Shares	$	1,000.00	$	1,042.10	$	1,022.71	$	2.41	$	2.38		0.47	%
Institutional Shares**		1,000.00		1,019.50		1,022.91		1.11		2.18		0.43	%
Class A Shares		1,000.00		1,041.00		1,021.66		3.48		3.45		0.68	%

Liquidity Risk Management Program

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					2
Financial Statements
Schedule of Portfolio Investments					3
Statement of Assets and Liabilities					8
Statement of Operations					9
Statements of Changes in Net Assets					10
Financial Highlights					12
Notes to Financial Statements					14
Supplemental Information (Unaudited)					20
Proxy Voting and Portfolio Holdings Information					20
Expense Examples					20
Liquidity Risk Management Program
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

Security Description	Principal Amount		Value
Municipal Bonds (90.1%)
Alabama (4.9%):
Columbia Industrial Development Board Revenue, 0.22%, 12/1/37, Continuously Callable @100 (a)	$	10,000	$	10,000
Huntsville-Oakwood College Educational Building Authority Revenue (LOC — BB&T Corp.), 2.80%, 12/1/22, Continuously Callable @100 (a)		535		535
Mobile County IDA Revenue (LOC — Swedbank AB), Series B, 0.16%, 7/1/40, Continuously Callable @100 (a)		15,000		15,000
West Jefferson Industrial Development Board Revenue, 0.19%, 6/1/28, Continuously Callable @100 (a)		5,190		5,190
				30,725
Arkansas (0.8%):
City of Texarkana Revenue (LOC — PNC Financial Services Group), 0.30%, 3/1/21, Continuously Callable @100 (a)		5,175		5,175
California (0.7%):
City of Los Angeles Certificate of Participation (LOC — U.S. Bancorp), Series A, 0.23%, 8/1/35, Continuously Callable @100 (a)		4,385		4,385
Colorado (0.3%):
Colorado Educational & Cultural Facilities Authority Revenue (LOC — Fifth Third Bank), 0.15%, 1/1/29, Continuously Callable @100 (a)		1,650		1,650
Florida (1.5%):
County of Escambia Revenue, 0.17%, 4/1/39, Continuously Callable @100 (a)		500		500
County of St. Lucie Revenue, 0.15%, 9/1/28, Continuously Callable @100 (a)		8,700		8,700
				9,200
Georgia (1.7%):
Appling County Development Authority Revenue (NBGA — Southern Co.), 0.17%, 9/1/41, Continuously Callable @100 (a)		7,700		7,700
The Burke County Development Authority Revenue (NBGA — Southern Co.), 0.16%, 11/1/52, Continuously Callable @100 (a)		2,980		2,980
				10,680
Illinois (5.7%):
Illinois Finance Authority Revenue (LOC — Huntington National Bank), 0.21%, 10/1/33, Continuously Callable @100 (a)		3,805		3,805
Illinois Finance Authority Revenue (LOC — Northern Trust Corp.), 0.16%, 4/1/33, Continuously Callable @100 (a)		3,300		3,300
Illinois State Educational Facilities Revenue (LOC — Fifth Third Bank), 0.19%, 7/1/24, Continuously Callable @100 (a)		970		970
Illinois State Educational Facilities Revenue (LOC — Huntington National Bank), Series A, 0.19%, 10/1/32, Continuously Callable @100 (a)		14,165		14,165
Metropolitan Pier & Exposition Authority Revenue (LIQ — Barclays Bank PLC), Series 2015-XF1045, 0.27%, 6/15/52, Callable 6/15/22 @ 100 (a) (b)		13,155		13,155
				35,395

Security Description	Principal Amount		Value
Indiana (2.9%):
City of Berne Revenue (LOC — Federal Home Loan Bank of Indianapolis), 0.22%, 10/1/33, Continuously Callable @100 (a)	$	4,755	$	4,755
City of Evansville Revenue (LOC — Fifth Third Bank), 0.19%, 1/1/25, Callable 10/9/20 @ 100 (a)		2,330		2,330
Indiana Finance Authority Revenue (LOC — Federal Home Loan Bank of Indianapolis), 0.24%, 7/1/29, Continuously Callable @100 (a)		6,845		6,845
Indiana Finance Authority Revenue (LOC — Fifth Third Bank), 0.21%, 9/1/31, Callable 10/9/20 @ 100 (a)		3,500		3,500
				17,430
Iowa (2.6%):
Iowa Finance Authority Revenue 0.16%, 6/1/39, Continuously Callable @100 (a)		9,600		9,600
Series B, 0.16%, 9/1/36, Continuously Callable @100 (a)		6,763		6,763
				16,363
Kansas (4.7%):
City of Burlington Revenue 0.24%, 9/1/35, Continuously Callable @100 (a)		8,250		8,250
Series B, 0.24%, 9/1/35, Continuously Callable @100 (a)		6,000		6,000
City of St. Marys Revenue, 0.20%, 4/15/32, Continuously Callable @100 (a)		15,000		15,000
				29,250
Kentucky (2.0%):
City of Georgetown Revenue (LOC — Fifth Third Bank), 0.19%, 11/15/29, Callable 10/15/20 @ 100 (a)		10,820		10,820
Lexington-Fayette Urban County Government Revenue (LOC — Federal Home Loan Bank of Cincinnati), 0.43%, 12/1/27, Callable 10/8/20 @ 100 (a)		1,865		1,865
				12,685
Louisiana (6.0%):
City of New Orleans Revenue (LOC — Capital One, N.A.), 0.32%, 8/1/24, Continuously Callable @100 (a)		3,225		3,225
Hammond Area Economic & Industrial Development District Revenue (LOC — Federal Home Loan Bank of Dallas), 0.16%, 3/1/33, Continuously Callable @100 (a)		1,270		1,270
Parish of St. James Revenue, Series A-1, 0.20%, 11/1/40, Continuously Callable @100 (a)		3,485		3,485
Parish of St. James Revenue (NBGA — Nucor Corp.), Series B-1, 0.20%, 11/1/40, Continuously Callable @100 (a)		24,150		24,150
St. Tammany Corp. Revenue (LOC — Federal Home Loan Bank of Dallas), 0.16%, 3/1/33, Continuously Callable @100 (a)		5,200		5,200
				37,330
Maryland (1.4%):
Town of Williamsport Revenue (LOC — Manufacturers & Traders Trust Co.), 0.18%, 11/1/37 (a)		8,490		8,490

Security Description	Principal Amount		Value
Michigan (0.9%):
Michigan Finance Authority Revenue (LOC — Fifth Third Bank), 0.17%, 12/1/32, Callable 11/4/20 @ 100 (a)	$	3,400	$	3,400
Michigan State Strategic Fund Revenue (LOC — Fifth Third Bank), 0.21%, 3/1/37, Continuously Callable @100 (a)		2,400		2,400
				5,800
Mississippi (0.6%):
Mississippi Business Finance Corp. Revenue (LOC — Federal Home Loan Bank of Dallas), 0.16%, 3/1/33, Continuously Callable @100 (a)		3,675		3,675
Missouri (3.4%):
Health & Educational Facilities Authority of the State of Missouri Revenue (LOC — Fifth Third Bank), 0.18%, 11/1/20, Continuously Callable @100 (a)		1,300		1,300
Jackson County IDA Revenue (LOC — Commerce Bank, N.A.), 0.18%, 7/1/25, Continuously Callable @100 (a)		20,000		20,000
				21,300
Nebraska (1.8%):
County of Custer Revenue (LOC — U.S. Bancorp), 0.18%, 12/1/36, Callable 12/3/20 @ 100 (a)		11,000		11,000
New Hampshire (3.2%):
New Hampshire Business Finance Authority Revenue (LOC — Landesbank Hessen-Thuringen), 0.18%, 9/1/30, Continuously Callable @100 (a)		19,990		19,990
New Mexico (0.8%):
New Mexico Hospital Equipment Loan Council Revenue (LOC — Fifth Third Bank), 0.20%, 7/1/25, Continuously Callable @100 (a)		5,000		5,000
New York (20.9%):
Adirondack Central School District, GO, 1.25%, 7/16/21		5,390		5,417
Akron Central School District, GO, 1.25%, 7/22/21		6,000		6,032
Broadalbin-Perth Central School District, GO, 1.25%, 6/24/21		5,000		5,025
Build NYC Resource Corp. Revenue (LOC — Toronto-Dominion Bank), 0.29%, 12/1/45, Continuously Callable @100 (a)		5,520		5,520
Chenango Forks Central School District, GO, 1.25%, 8/5/21		5,000		5,026
City of Tonawanda, GO, 2.00%, 6/3/21		6,824		6,878
County of Chautauqua Industrial Development Agency Revenue (LOC — Citizens Financial Group), Series A, 0.20%, 8/1/27, Continuously Callable @100 (a)		1,560		1,560
County of Washington, GO, Series A, 2.75%, 3/26/21		7,875		7,903
Gowanda Central School District, GO, 1.25%, 6/22/21		5,000		5,023
Guilderland Industrial Development Agency Revenue (LOC — Key Bank, N.A.), Series A, 0.27%, 7/1/32, Continuously Callable @100 (a)		2,875		2,875
Highland Central School District, GO, 1.00%, 6/30/21, Continuously Callable @100		6,310		6,316
Holland Patent Central School District, GO, 1.25%, 6/25/21		4,000		4,018
Minisink Valley Central School District, GO, 1.25%, 6/25/21		5,000		5,016
New York City Capital Resources Corp. Revenue (LOC — Manufacturers & Traders Trust Co.), 0.34%, 12/1/40, Continuously Callable @100 (a)		7,500		7,500
New York Liberty Development Corp. Revenue (LIQ — Royal Bank of Canada), Series 2016-ZF0464, 0.18%, 5/15/21 (a) (b)		15,000		15,000
Oneida County Industrial Development Agency Revenue (LOC — Citizens Financial Group), 0.22%, 7/1/37, Continuously Callable @100 (a)		3,670		3,670

Security Description	Principal Amount		Value
Onondaga County Industrial Development Agency Revenue (LOC — Manufacturers & Traders Trust Co.), 0.18%, 12/1/31, Continuously Callable @100 (a)	$	5,520	$	5,520
Ramapo Housing Authority Revenue (LOC — Manufacturers & Traders Trust Co.), 0.18%, 12/1/29, Continuously Callable @100 (a)		8,285		8,285
Sandy Creek Central School District, GO, 1.25%, 6/25/21		6,400		6,426
Schuylerville Central School District, GO, 1.50%, 6/25/21		5,000		5,018
St. Lawrence County Industrial Development Agency Revenue (LOC — Citizens Financial Group), 0.32%, 7/1/37 (a)		1,865		1,865
Stillwater Central School District, GO, 1.50%, 6/25/21		5,000		5,020
Wappingers Central School District, GO, Series A, 1.25%, 7/14/21		6,275		6,307
				131,220
Ohio (0.8%):
Cincinnati & Hamilton County Port Authority Revenue (LOC — Fifth Third Bank), 0.15%, 9/1/25 (a)		1,600		1,600
County of Hamilton Revenue (LOC — Fifth Third Bank), 0.19%, 12/1/24 (a)		2,450		2,450
Highland County Joint Township Hospital District Revenue (LOC — Fifth Third Bank), 0.21%, 8/1/24 (a)		785		785
				4,835
Oklahoma (5.1%):
Edmond Economic Development Authority Revenue (LOC — Bank of Oklahoma, N.A.), Series A, 0.19%, 6/1/31, Callable 11/1/20 @ 100 (a)		5,260		5,260
Garfield County Industrial Authority Revenue, Series A, 0.32%, 1/1/25, Callable 11/4/20 @ 100 (a)		25,100		25,100
Muskogee Industrial Trust Revenue, Series A, 0.32%, 6/1/27, Continuously Callable @100 (a)		2,000		2,000
				32,360
Rhode Island (0.6%):
Rhode Island Commerce Corp. Revenue (LOC — Citizens Financial Group), 0.18%, 3/1/38, Callable 11/1/20 @ 100 (a)		3,595		3,595
Tennessee (6.3%):
Chattanooga Health Educational & Housing Facility Board Revenue, Series C, 0.27%, 5/1/39, Continuously Callable @100 (a)		28,800		28,800
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue (LOC — Fifth Third Bank), 0.19%, 12/1/24, Callable 10/9/20 @ 100 (a)		10,375		10,375
				39,175
Texas (8.0%):
Brazos Harbor Industrial Development Corp. Revenue, 0.30%, 7/1/22, Callable 11/2/20 @ 100 (a)		26,500		26,500
Port of Arthur Navigation District Industrial Development Corp. Revenue 0.18%, 3/1/42, Callable 12/1/20 @ 100 (a)		7,000		7,000
Series A, 0.18%, 12/1/40, Callable 11/2/20 @ 100 (a)		16,000		16,000
				49,500
Virginia (1.1%):
Loudoun County Economic Development Authority Revenue (LOC — Northern Trust Corp.), 0.17%, 6/1/34, Callable 11/2/20 @ 100(a)		7,000		7,000

Security Description	Principal Amount		Value
Washington (1.4%):
Washington Higher Education Facilities Authority Revenue, 0.19%, 10/1/31, Callable 11/4/20 @ 100 (a)	$	8,535	$	8,535
Total Municipal Bonds (Cost $561,743)				561,743
Commercial Paper (9.8%)
Texas (8.2%):
Houston Texas (LOC — Barclays Bank PLC), 0.24%, 10/7/20		15,000		15,000
Houston Texas (LOC — Citigroup, Inc.) 0.21%, 10/6/20		1,000		1,000
0.20%, 12/9/20		10,000		10,000
University of Texas System, 0.17%, 10/20/20		25,000		25,000
				51,000
Virginia (1.6%):
Stafford County & Staunton (LOC — Bank of America Corp.), 0.16%, 10/5/20		10,000		10,000
Total Commercial Paper (Cost $61,000)				61,000
Total Investments (Cost $622,743) — 99.9%				622,743
Other assets in excess of liabilities — 0.1%				929
NET ASSETS — 100.00%			$	623,672

(a) Variable Rate Demand Notes that provide the rights to sell the security at face value on either that day or within the rate-reset period. The interest rate is reset on the put date at a stipulated daily, weekly, monthly, quarterly, or other specified time interval to reflect current market conditions. These securities do not indicate a reference rate and spread in their description.

Continuously Callable — Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity

GO — General Obligation

IDA — Industrial Development Authority

LOC — Letter of Credit

PLC — Public Limited Company

LIQ Liquidity enhancement that may, under certain circumstances, provide for repayment of principal and interest upon demand from the name listed.

LOC Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.

NBGA Principal and interest payments or, under certain circumstances, underlying mortgages, are guaranteed by a nonbank guarantee agreement from the name listed.

	USAA Tax Exempt Money Market Fund
Assets:
Investments, at value (Cost $622,743)	$	622,743
Cash and cash equivalents		133
Receivables:
Interest and dividends		469
Capital shares issued		1,338
From Adviser		286
Prepaid expenses		13
Total assets		624,982
Liabilities:
Payables:
Distributions		—	(a)
Capital shares redeemed		1,037
Accrued expenses and other payables:
Investment advisory fees		144
Administration fees		51
Transfer agent fees		77
Trustees' fees		1
Total liabilities		1,310
Net Assets:
Capital		623,497
Total accumulated earnings/(loss)		175
Net assets	$	623,672
Shares (unlimited number of shares authorized with no par value):		623,488
Net asset value, offering and redemption price per share: (b)	$	1.00

(a) Rounds to less than $1 thousand.

(b) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

	USAA Tax Exempt Money Market Fund
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020
From Investments:
Operations:
Net investment income	$	737		$	15,054
Net realized gains from investments		—			251
Change in net assets resulting from operations		737			15,305
Change in net assets resulting from distributions to shareholders		(782	)		(15,244	)
Change in net assets resulting from capital transactions		(721,911	)		(252,647	)
Change in net assets		(721,956	)		(252,586	)
Net Assets:
Beginning of period		1,345,628			1,598,214
End of period	$	623,672		$	1,345,628
Capital Transactions:
Proceeds from shares issued	$	198,121		$	1,014,473
Distributions reinvested		765			15,087
Cost of shares redeemed		(920,797	)		(1,282,207	)
Change in net assets resulting from capital transactions	$	(721,911	)	$	(252,647	)
Share Transactions:
Issued		198,120			1,014,473
Reinvested		765			15,087
Redeemed		(920,797	)		(1,282,207	)
Change in Shares		(721,912	)		(252,647	)

			Investment Activities									Distributions to Shareholders From														Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized Gains on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains From Investments			Total Distributions			Net Asset Value, End of Period		Total *Return(a)**			Net Expenses^(b)			Net Investment Income (Loss)(b)			Gross Expenses(b)			Net Assets, End of Period (000's)
USAA Tax Exempt Money Market Fund
Six Months Ended September 30, 2020 (Unaudited)	$	1.00		—	(c)(d)		—			—	(d)		—	(d)		—			—	(d)	$	1.00		0.06	%		0.43	%		0.17	%		0.56	%	$	623,672
Year Ended March 31, 2020	$	1.00		0.01	(c)		—	(d)		0.01			(0.01	)		—	(d)		(0.01	)	$	1.00		1.05	%		0.56	%		1.04	%		0.56	%	$	1,345,628
Year Ended March 31, 2019	$	1.00		0.01			—	(d)		0.01			(0.01	)		—			(0.01	)	$	1.00		1.05	%		0.56	%		1.04	%		0.56	%	$	1,598,214
Year Ended March 31, 2018	$	1.00		0.01			—	(d)		0.01			(0.01	)		—			(0.01	)	$	1.00		0.51	%(e)		0.56	%(e)		0.50	%		0.56	%	$	1,761,649
Year Ended March 31, 2017	$	1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)	$	1.00		0.23	%		0.54	%		0.11	%		0.58	%	$	2,007,091
Year Ended March 31, 2016	$	1.00		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)	$	1.00		0.02	%		0.17	%		0.01	%		0.58	%	$	2,634,454

1. Organization:

The accompanying financial statements are those of the USAA Tax Exempt Money Market Fund (the "Fund"). The Fund is classified as diversified under the 1940 Act.

The Fund operates as a retail money market fund in compliance with the requirements of Rule 2a-7 under the 1940 Act; and as a retail money market fund, shares of the Fund are available for sale only to accounts that are beneficially owned by natural persons.

2. Significant Accounting Policies:

Investment Valuation:

The inputs or methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

The Adviser has established the Pricing and Liquidity Committee (the "Committee"), and subject to Trust's Board of Trustees (the "Board") oversight, the Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

All securities held in the Fund are short-term debt securities, which are valued pursuant to Rule 2a-7 under the 1940 Act. This method values a security at its purchase price, and thereafter, assumes a constant amortization to maturity of any premiums or discounts. Securities for which amortized cost

valuations are considered unreliable or whose values have been materially affected by a significant event are valued in good faith, at fair value, using methods determined by the Committee, under procedures to stabilize net assets and valuation procedures approved by the Board.

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

The Fund may purchase securities on a delayed-delivery or when-issued basis. Delivery and payment for securities that have been purchased by the Fund on a delayed-delivery, or when-issued basis or for delayed draws on loans can take place a month or more after the trade date. At the time the Fund makes the commitment to purchase a security on a delayed-delivery or when-issued basis, the Fund records the transaction and reflects the value of the security in determining net asset value ("NAV"). No interest accrues to the Fund until the transaction settles and payment takes place. A segregated account is established and the Fund maintains cash and/or marketable securities at least equal in value to commitments for delayed-delivery or when-issued securities. If the Fund owns delayed-delivery or when-issued securities, these values are included in Payable for investments purchased on the accompanying Statement of Assets and Liabilities and the segregated assets are identified on the Schedule of Portfolio Investments.

Municipal Obligations:

Investment Transactions and Related Income:

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in cross-trades which are securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and

any applicable sub-adviser. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is either the security's last sale price on an exchange or, if there are no transactions in the security that day, at the average of the highest bid and lowest asked price. For the six months ended September 30, 2020, the Fund engaged in the following securities transactions with affiliated funds, which resulted in the following net realized gains (losses) (amounts in thousands):

Purchases				Sales				Net Realized Gains (Losses)
$	128,155			$	157,850			$	—

Fees Paid Indirectly:

Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, as applicable, as Fees paid indirectly.

3. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.10% of average daily net assets of the Fund. Amounts incurred from for the six months ended September 30, 2020, are reflected on the Statement of Operations as Administration fees.

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensates the Adviser for these services. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Compliance fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub-Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for all of their reasonable out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds, under the Fund Administration, Servicing, and

Accounting Agreement. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), provides transfer agency services to the Fund. Transfer agent's fees for the Fund are paid monthly based on a fee accrued daily at an annualized rate of 0.15% of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended September 30, 2020, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

Other Fees:

Citibank serves as the Fund's custodian.

K&L Gates LLP provides legal services to the Trust.

Amendment #1 to the expense limitation agreement was effective March 23, 2020. Under this amendment, the Adviser agreed to further reimburse fees in excess of the Fund's expense limit agreement of 0.56% dated July 1, 2019. These voluntary reductions, to the extent necessary, are to maintain a certain minimum net yield of the Fund. Under this agreement to reimburse additional fees, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period up to three years after the fiscal year in which the waiver or reimbursement took place, to the extent any repayments would not cause the Fund's net yield to fall below the Fund's minimum yield at the time of: (a) the original waiver or expense reimbursement; or (b) the expense limit in effect at the time of the extra waiver. As of September 30, 2020, the following amounts were available to be repaid to the Adviser (amounts in thousands). The Fund has not recorded any amounts available to be repaid as a liability due to an assessment that such repayment is not probable at September 30, 2020.

Expires 3/31/2023				Expires 3/31/2024
$	19			$	571

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

4. Risks:

The Fund may be subject to other risks in addition to these identified risks.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below required minimums because of certain market conditions or other factors. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

The Fund also is subject to the possibility that the value of its investments will fluctuate because of changes in interest rates, changes in supply of and demand for tax-exempt securities, or other market factors.

Decisions by the U.S. Federal Reserve (also known as the "Fed") regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. As a result, the value of fixed- income-securities may vary widely under certain market conditions.

5. Borrowing and Interfund Lending:

Line of Credit:

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2020.

6. Federal Income Tax Information:

The Fund intends to declare daily and distribute any net investment income monthly. Distributable net realized gains, if any, are declared and paid at least annually.

The amounts of dividends from net investment income and distributions from net realized gains (collectively distributions to shareholders) are determined in accordance with federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (e.g., net operating loss and distribution reclassification), such amounts are reclassified within the components of net assets based on their federal tax-basis treatment; temporary differences (e.g., wash sales) do not require reclassification. To the extent dividends and distributions exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. Net investment losses incurred by the Fund may be reclassified as an offset to capital on the accompanying Statement of Assets and Liabilities.

During the most recent tax year ended March 31, 2020, the Fund had no capital loss carryforwards, for federal income tax purposes.

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020, through September 30, 2020.

Beginning Account Value 4/1/20				Actual Ending Account Value 9/30/20				Hypothetical Ending Account Value 9/30/20				Actual Expenses Paid During Period 4/1/20- 9/30/20*				Hypothetical Expenses Paid During Period 4/1/20- 9/30/20*				Annualized Expense Ratio During Period 4/1/20- 9/30/20
$	1,000.00			$	1,000.60			$	1,022.91			$	2.16			$	2.18				0.43	%

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings (Unaudited)					2
Financial Statements
Schedule of Portfolio Investments					4
Statement of Assets and Liabilities					18
Statement of Operations					19
Statements of Changes in Net Assets					20
Financial Highlights					22
Notes to Financial Statements					24
Supplemental Information (Unaudited)					33
Proxy Voting and Portfolio Holdings Information					33
Expense Examples					33
Liquidity Risk Management Program					34
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

Security Description	Shares or Principal Amount		Value
Common Stocks (0.2%)
Utilities (0.2%):
Energy Harbor Corp. (a)		111,823	$	2,616
Total Common Stocks (Cost $2,781)				2,616
Municipal Bonds (100.9%)
Alabama (2.5%):
Birmingham Airport Authority Revenue, 5.00%, 7/1/30		1,200		1,593
Black Belt Energy Gas District Revenue, Series B-1, 1.00% (LIBOR01M+90bps), 12/1/48, (Put Date 12/1/23) (b) (e)		10,000		9,979
Chatom Industrial Development Board Revenue 5.00%, 8/1/21		280		290
5.00%, 8/1/30		1,275		1,650
Columbia Industrial Development Board Revenue (NBGA — Southern Co.), Series A, 0.14%, 12/1/37, Continuously Callable @100 (c)		3,700		3,700
Prattville Industrial Development Board Revenue 2.00%, 11/1/33, (Put Date 10/1/24) (b)		450		469
2.00%, 11/1/33, (Put Date 10/1/24) (b)		425		443
Selma Industrial Development Board Revenue 2.00%, 11/1/33, (Put Date 10/1/24) (b)		3,650		3,805
1.37%, 5/1/34, (Put Date 6/16/25) (b)		5,875		5,984
The Lower Alabama Gas District Revenue (LOC — Goldman Sachs Bank USA), 4.00%, 12/1/50, (Put Date 12/1/25) (b)		3,000		3,452
				31,365
Arizona (4.7%):
Arizona Health Facilities Authority Revenue, 1.97% (MUNIPSA+185bps), 2/1/48, (Put Date 2/1/23) (b) (e)		25,000		25,779
Arizona Industrial Development Authority Revenue (LIQ — Deutsche Bank A.G.), 5.20%, 12/1/58, Callable 12/1/20 @ 100 (c) (d)		15,000		15,000
Maricopa County IDA Revenue 4.00%, 7/1/29 (d)		750		784
0.69% (MUNIPSA+57bps), 1/1/35, Callable 10/18/23 @ 100 (e)		2,435		2,433
Series C, 0.92% (MUNIPSA+80bps), 9/1/48, (Put Date 9/1/24) (b)		7,735		7,664
Maricopa County Pollution Control Corp. Revenue, Series B, 0.32%, 6/1/43, Callable 11/2/20 @ 100 (c)		6,000		6,000
				57,660
Arkansas (0.6%):
Arkansas Development Finance Authority Revenue 5.00%, 9/1/30		1,180		1,489
5.00%, 9/1/31, Continuously Callable @100		1,200		1,507
5.00%, 9/1/44, (Put Date 9/1/27) (b)		4,000		4,833
				7,829

Security Description	Principal Amount		Value
California (1.7%):
Anaheim Public Financing Authority Revenue Series A, 5.00%, 5/1/22	$	500	$	535
Series A, 5.00%, 5/1/24		250		289
California County Tobacco Securitization Agency Revenue Series A, 5.00%, 6/1/30		200		263
Series B-1, 1.75%, 6/1/30		250		254
California Infrastructure & Economic Development Bank Revenue, Series B, 1.32% (MUNIPSA+120bps), 8/1/37, (Put Date 6/1/22) (b) (e)		8,000		8,031
California State Public Works Board Revenue, Series A, 5.00%, 4/1/21		1,500		1,536
City of Irvine Special Assessment, 5.00%, 9/2/21		1,125		1,167
County of Los Angeles Certificate of Participation 5.00%, 3/1/21		500		510
5.00%, 9/1/21		1,000		1,044
Sierra View Local Health Care District Revenue 5.00%, 7/1/27		315		381
5.00%, 7/1/28		330		404
5.00%, 7/1/29		315		389
5.00%, 7/1/30		310		386
Tobacco Securitization Authority of Southern California Revenue, 2.25%, 6/1/29		290		310
Western Placer Unified School District Special Tax, 2.00%, 6/1/25, Continuously Callable @100		4,750		4,908
				20,407
Colorado (0.8%):
Colorado Health Facilities Authority Revenue Series A, 5.00%, 8/1/29		500		637
Series A, 5.00%, 11/1/29		3,225		4,183
Series A, 5.00%, 11/1/30, Continuously Callable @100		2,215		2,856
Series B-2, 5.00%, 8/1/49, Callable 2/1/26 @ 100 (c)		1,000		1,188
Southlands Metropolitan District No. 1, GO Series A-1, 3.00%, 12/1/22		208		208
Series A-1, 3.50%, 12/1/27		1,000		1,016
				10,088
Connecticut (2.5%):
City of Bridgeport, GO, Series B, 5.00%, 8/15/26		3,450		4,046
City of New Haven, GO Series A, 5.00%, 8/1/22		1,190		1,250
Series A, 5.00%, 8/1/24		1,000		1,099
Series A, 5.00%, 8/1/25		580		649
Series A, 5.00%, 8/1/26		580		659
Series A, 5.00%, 8/1/27		1,000		1,149
City of New Haven, GO (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 8/1/27		2,500		3,058
Series A, 5.00%, 8/1/28		1,000		1,247
Series B, 5.00%, 2/1/27		600		726
Series B, 5.00%, 2/1/28		525		649
Series B, 5.00%, 2/1/29		550		692

Security Description	Principal Amount		Value
City of West Haven, GO Series A, 4.00%, 11/1/21	$	800	$	820
Series A, 5.00%, 11/1/23		800		889
Series A, 5.00%, 11/1/24		815		932
Series A, 5.00%, 11/1/27		650		783
Connecticut State Health & Educational Facilities Authority Revenue Series A, 5.00%, 7/1/30, Continuously Callable @100		2,000		2,638
Series B-2, 5.00%, 7/1/53, (Put Date 1/1/27) (b)		3,000		3,741
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/22 (d)		3,045		3,123
State of Connecticut Special Tax Revenue, Series A, 5.00%, 5/1/31, Continuously Callable @100		2,500		3,295
				31,445
District of Columbia (1.6%):
District of Columbia Revenue (LIQ — Deutsche Bank A.G.), Series 2016-XG0094, 0.35%, 10/1/41, Callable 4/1/21 @ 100 (c) (d)		20,000		20,000
Florida (2.1%):
Alachua County Health Facilities Authority Revenue 4.00%, 12/1/23		1,100		1,219
5.00%, 12/1/37, (Put Date 12/1/26) (b)		3,000		3,670
Capital Trust Agency, Inc. Revenue, 4.00%, 8/1/30		200		224
City of Atlantic Beach Revenue, Series B-2, 3.00%, 11/15/23, Continuously Callable @100		2,750		2,752
City of Gulf Breeze Revenue, 3.10%, 12/1/20		4,500		4,521
City of Jacksonville Revenue, 5.00%, 10/1/20		4,580		4,580
County of Escambia Revenue, 2.00%, 11/1/33, (Put Date 10/1/24) (b)		775		807
Florida Higher Educational Facilities Financial Authority Revenue 5.00%, 10/1/22		500		522
5.00%, 10/1/24		500		541
5.00%, 10/1/25		445		489
Series A, 5.00%, 4/1/21		1,385		1,418
Lee County IDA Revenue, 4.75%, 10/1/22		1,980		1,991
Miami Beach Health Facilities Authority Revenue, 5.00%, 11/15/20		1,250		1,256
Pinellas County Educational Facilities Authority Revenue, 4.00%, 10/1/20		975		975
Southeast Overtown Park West Community Redevelopment Agency Tax Allocation, Series A-1, 5.00%, 3/1/23 (d)		1,000		1,083
				26,048
Georgia (4.0%):
Appling County Development Authority Revenue 0.17%, 9/1/29, Continuously Callable @100 (c)		1,800		1,800
Series A, 1.50%, 1/1/38, (Put Date 2/3/25) (b)		2,000		2,010
Burke County Development Authority Revenue, 1.70%, 12/1/49 (c)		7,500		7,712
Cobb County Development Authority Revenue, Series A, 2.25%, 4/1/33, (Put Date 10/1/29) (b)		5,000		5,366
Heard County Development Authority Revenue, 0.20%, 9/1/26, Continuously Callable @100 (c)		1,200		1,200

Security Description	Principal Amount		Value
Main Street Natural Gas, Inc. Revenue 4.00%, 8/1/48, (Put Date 12/1/23) (b)	$	5,000	$	5,512
Series A, 5.00%, 5/15/28		1,000		1,229
Series A, 5.00%, 5/15/29		1,775		2,216
Series C, 4.00%, 3/1/50, (Put Date 9/1/26) (b)		10,000		11,605
Private Colleges & Universities Authority Revenue, Series A, 5.00%, 10/1/20		3,770		3,770
Savannah Economic Development Authority Revenue, 2.00%, 11/1/33, (Put Date 10/1/24) (b)		815		849
The Burke County Development Authority Revenue (NBGA — Southern Co.), 0.16%, 11/1/52, Continuously Callable @100 (c)		3,100		3,100
The Monroe County Development Authority Revenue, Series A, 1.50%, 1/1/39, (Put Date 2/3/25) (b)		3,500		3,517
				49,886
Guam (0.4%):
Guam Power Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 10/1/20		1,500		1,500
Territory of Guam Revenue Series A, 5.00%, 12/1/23		1,500		1,625
Series A, 5.00%, 12/1/24		2,000		2,209
				5,334
Idaho (0.4%):
County of Nez Perce Revenue, 2.75%, 10/1/24		5,000		5,114
Illinois (11.5%):
Chicago Board of Education, GO Series A, 4.00%, 12/1/27		1,400		1,489
Series B, 5.00%, 12/1/22		1,500		1,576
Chicago Board of Education, GO (LIQ — Deutsche Bank A.G.) Series 2016-XG0073, 0.41%, 12/1/39, Callable 12/1/21 @ 100 (c) (d)		11,000		11,000
Series 2017-XM0188, 0.52%, 12/1/39, Callable 12/1/21 @ 100 (c) (d)		5,000		5,000
Chicago Park District, GO Series A, 4.00%, 1/1/31, Continuously Callable @100		750		851
Series F-2, 5.00%, 1/1/27 (f)		600		714
Series F-2, 5.00%, 1/1/28 (f)		1,000		1,204
Series F-2, 5.00%, 1/1/29 (f)		1,000		1,214
Series F-2, 5.00%, 1/1/30 (f)		1,305		1,597
Series F-2, 5.00%, 1/1/31, Continuously Callable @100 (f)		2,115		2,572
Series F-2, 5.00%, 1/1/32, Continuously Callable @100 (f)		1,750		2,116
Chicago Park District, GO (LIQ — Citigroup, Inc.) (INS — Build America Mutual Assurance Co), Series 2015-XF2111, 0.32%, 1/1/22 (c) (d)		10,200		10,200
Chicago Transit Authority Revenue 5.00%, 6/1/25		1,720		2,052
5.00%, 6/1/26		1,000		1,225
City of Chicago Waterworks Revenue 5.00%, 11/1/25		4,000		4,780
5.00%, 11/1/26		1,000		1,221
Series A-1, 5.00%, 11/1/25		2,000		2,390
Series A-1, 4.00%, 11/1/26		2,500		2,908
County of Cook, GO (LIQ-JPMorgan Chase & Co.), Series 2015-XF0124, 0.35%, 11/15/20 (c) (d)		11,160		11,160

Security Description	Principal Amount		Value
Illinois Finance Authority Revenue 5.00%, 10/1/29	$	500	$	628
5.00%, 10/1/30		250		318
0.87% (MUNIPSA+75bps), 1/1/46, (Put Date 7/1/23) (b) (e)		9,000		8,998
Series C, 4.00%, 2/15/25		10,000		11,470
Illinois Sports Facilities Authority Revenue, 5.00%, 6/15/28		1,000		1,117
Madison County Community Unit School District No. 7 Edwardsville, GO (INS — Build America Mutual Assurance Co.), 4.00%, 12/1/20		2,085		2,097
Northern Illinois University Revenue (INS — Build America Mutual Assurance Co.), Series B, 5.00%, 4/1/30		250		312
Railsplitter Tobacco Settlement Authority Revenue, 5.25%, 6/1/21		1,090		1,125
Sales Tax Securitization Corp. Revenue Series A, 5.00%, 1/1/28		1,000		1,215
Series A, 5.00%, 1/1/29		2,500		3,076
Series A, 5.00%, 1/1/30		2,000		2,492
State of Illinois, GO Series A, 5.00%, 10/1/23		3,000		3,203
Series A, 5.00%, 11/1/25		5,000		5,441
Series C, 5.00%, 11/1/29, Continuously Callable @100		8,985		9,545
State of Illinois, GO (INS — Build America Mutual Assurance Co.), Series D, 5.00%, 11/1/25 (g)		15,000		17,210
Village of Rosemont, GO (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 12/1/22		1,735		1,914
Series A, 5.00%, 12/1/23		1,825		2,095
Series A, 5.00%, 12/1/24		1,915		2,272
Western Illinois University Revenue (INS — Build America Mutual Assurance Co.) 4.00%, 4/1/29		750		874
4.00%, 4/1/30		750		881
Will County Community High School District No 210 Lincoln-Way, GO, 4.00%, 1/1/22		975		1,007
				142,559
Indiana (1.5%):
Hammond Local Public Improvement Bond Bank Revenue, 2.38%, 12/31/20		3,375		3,386
Indiana Bond Bank Revenue 1/15/27 (h)		1,280		1,189
1/15/28 (h)		1,100		998
1/15/29 (h)		565		499
7/15/29, Continuously Callable @99 (h)		730		623
Indiana Finance Authority Revenue, 2.95%, 10/1/22, Continuously Callable @100		5,000		5,238
Indianapolis Local Public Improvement Bond Bank Revenue Series B, 1.45%, 6/1/21, Continuously Callable @100		4,000		4,003
Series C, 1.40%, 6/1/21, Continuously Callable @100		2,750		2,758
				18,694
Iowa (0.2%):
City of Waverly Revenue, 2.50%, 12/31/22, Continuously Callable @100		2,000		2,060

Security Description	Principal Amount		Value
Kansas (0.2%):
City of Burlington Revenue, Series B, 0.24%, 9/1/35, Continuously Callable @100 (c)	$	2,250	$	2,250
City of Wichita Revenue, 3.00%, 9/1/23, Continuously Callable @100		265		264
				2,514
Kentucky (6.3%):
City of Ashland Revenue 5.00%, 2/1/28		1,775		2,110
5.00%, 2/1/30		740		892
County of Carroll Revenue, 1.55%, 9/1/42 (c)		5,000		5,046
County of Owen Revenue 2.45%, 6/1/39, (Put Date 10/1/29) (b)		10,000		10,859
2.45%, 9/1/39, (Put Date 10/1/29) (b)		5,000		5,342
Kentucky Economic Development Finance Authority Revenue, Series B-3, 1.52% (MUNIPSA+140bps), 2/1/46, (Put Date 2/1/25) (b) (e)		10,000		9,774
Kentucky Public Energy Authority Revenue Series B, 4.00%, 1/1/49, (Put Date 1/1/25) (b)		5,715		6,413
Series C, 4.00%, 2/1/50, (Put Date 2/1/28) (b)		10,000		11,767
Series C-1, 4.00%, 12/1/49, (Put Date 6/1/25) (b)		10,000		11,316
Series C-3, 1.17% (MUNIPSA+105bps), 12/1/49, (Put Date 6/1/25) (b) (e)		10,000		9,985
Louisville/Jefferson County Metropolitan Government Revenue, 5.00%, 10/1/47, (Put Date 10/1/29) (b)		4,000		4,889
				78,393
Louisiana (5.4%):
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, Series B, 0.30%, 12/1/30, Callable 11/2/20 @ 100 (c)		15,000		15,000
Louisiana Public Facilities Authority Revenue, 0.77% (MUNIPSA+65bps), 9/1/57, (Put Date 9/1/23) (b) (e)		10,000		10,063
Parish of St. Charles Revenue, 4.00%, 12/1/40, (Put Date 6/1/22) (b)		4,000		4,206
Parish of St. James Revenue, Series A-1, 0.20%, 11/1/40, Continuously Callable @100 (c)		6,000		6,000
Parish of St. James Revenue (NBGA — Nucor Corp.), Series B-1, 0.20%, 11/1/40, Continuously Callable @100 (c) (g)		17,300		17,300
Parish of St. John the Baptist Revenue 2.10%, 6/1/37 (c)		2,000		2,011
2.20%, 6/1/37 (c)		6,750		6,771
Tobacco Settlement Financing Corp. Revenue, Series A, 5.00%, 5/15/22		5,000		5,362
				66,713
Maryland (0.9%):
Maryland Economic Development Corp. Revenue Series A, 5.00%, 6/1/25		1,500		1,676
Series A, 5.00%, 6/1/26		2,000		2,270
Series A, 5.00%, 6/1/27		1,340		1,542
Maryland Health & Higher Educational Facilities Authority Revenue 5.00%, 7/1/28		1,910		2,406
5.00%, 7/1/29		1,130		1,442
5.00%, 7/1/30		1,000		1,293
				10,629

Security Description	Principal Amount		Value
Massachusetts (0.7%):
Massachusetts Development Finance Agency Revenue 5.00%, 7/15/21 (d)	$	225	$	230
5.00%, 7/1/25		1,250		1,435
5.00%, 7/1/26		1,500		1,756
5.00%, 7/15/26 (d)		310		354
5.00%, 7/15/28 (d)		340		397
5.00%, 7/15/30 (d)		640		758
Series A, 5.00%, 7/1/29, Continuously Callable @100		1,425		1,754
Series C, 5.00%, 10/1/30		975		1,288
				7,972
Michigan (0.8%):
Flint Hospital Building Authority Revenue 5.00%, 7/1/29		1,995		2,348
5.00%, 7/1/30		2,290		2,717
Michigan Finance Authority Revenue, Series D-2, 0.62% (MUNIPSA+50bps), 10/15/38, (Put Date 8/9/21) (b) (e)		4,360		4,359
				9,424
Minnesota (0.4%):
Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue 5.00%, 11/15/20		1,250		1,257
5.00%, 11/15/21		1,575		1,663
Sanford Canby Community Hospital District No. 1 Revenue, 0.50%, 11/1/26, Continuously Callable @100 (c)		1,475		1,475
				4,395
Mississippi (1.9%):
County of Warren Revenue, 2.90%, 9/1/32, (Put Date 9/1/23) (b)		2,000		2,118
Mississippi Business Finance Corp. Revenue, 3.20%, 9/1/28, Continuously Callable @100		4,000		4,215
Mississippi Hospital Equipment & Facilities Authority Revenue 5.00%, 9/1/24		10,000		11,562
Series A-2, 0.65%, 9/1/36, (Put Date 9/1/20) (b)		5,760		5,752
				23,647
Montana (0.8%):
City of Forsyth Revenue, 2.00%, 8/1/23		6,000		6,226
Montana State Board of Regents Revenue, Series F, 0.57% (MUNIPSA+45bps), 11/15/35, (Put Date 9/1/23) (b) (e)		3,170		3,143
				9,369
Nevada (0.4%):
County of Washoe Revenue, Series B, 3.00%, 3/1/36, (Put Date 6/1/22) (b)		4,400		4,579
New Jersey (10.3%):
Borough of Oceanport, GO, 1.25%, 2/25/21		9,877		9,902
Casino Reinvestment Development Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 11/1/24		1,000		1,153

Security Description	Principal Amount		Value
City of Newark, GO 3.50%, 7/27/21	$	3,532	$	3,613
Series B, 2.00%, 10/5/21 (f)		1,160		1,175
Series C, 2.00%, 10/5/21 (f)		4,200		4,254
City of Orange Township, GO, 2.00%, 12/18/20		7,000		7,007
New Jersey Building Authority Revenue Series A, 3.00%, 6/15/23		400		429
Series A, 3.00%, 6/15/23		600		629
Series A, 5.00%, 6/15/24		1,595		1,869
Series A, 5.00%, 6/15/24		2,405		2,719
New Jersey Economic Development Authority Revenue 5.00%, 6/15/21		7,000		7,165
Series BBB, 5.00%, 6/15/23		7,000		7,710
Series XX, 5.00%, 6/15/22 (g)		20,000		21,327
New Jersey Economic Development Authority Revenue (LOC — Valley National Bank), 0.42%, 3/1/31, Continuously Callable @100 (c)		1,490		1,490
New Jersey Educational Facilities Authority Revenue Series B, 5.00%, 9/1/22		4,735		5,086
Series B, 5.00%, 9/1/23		4,000		4,408
Series B, 4.00%, 9/1/24		4,730		5,125
New Jersey Transportation Trust Fund Authority Revenue 5.00%, 6/15/24		5,095		5,749
1.32% (MUNIPSA+120bps), 6/15/34, (Put Date 12/15/21) (b) (e)		10,000		10,104
Series AA, 5.00%, 6/15/22		1,500		1,600
Series AA, 5.00%, 6/15/23		3,835		4,224
New Jersey Transportation Trust Fund Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.25%, 12/15/20		5,000		5,041
New Jersey Transportation Trust Fund Authority Revenue (INS — National Public Finance Guarantee Corp.), Series B, 5.50%, 12/15/20		3,160		3,189
Tobacco Settlement Financing Corp. Revenue, Series B, 3.20%, 6/1/27		1,145		1,149
Town of Kearny, GO, 2.50%, 1/15/21		11,495		11,526
				127,643
New Mexico (1.5%):
City of Farmington Revenue 1.88%, 4/1/33, (Put Date 10/1/21) (b)		6,000		6,061
2.13%, 6/1/40, (Put Date 6/1/22) (b)		2,000		2,041
Series A, 0.32%, 6/1/40, Callable 11/2/20 @ 100 (c)		4,000		4,000
New Mexico Hospital Equipment Loan Council Revenue 5.00%, 6/1/21		225		231
5.00%, 6/1/22		445		472
5.00%, 6/1/27		770		924
5.00%, 6/1/28		780		946
5.00%, 6/1/29		835		1,022
5.00%, 6/1/30		525		648
5.00%, 6/1/31, Continuously Callable @100		690		848
Village of Los Ranchos de Albuquerque Revenue 5.00%, 9/1/28		840		1,014
5.00%, 9/1/31, Continuously Callable @100		300		368
				18,575

Security Description	Principal Amount		Value
New York (11.7%):
City of Elmira, GO, 4.00%, 5/27/21	$	790	$	794
City of New York, GO, 0.36%, 10/1/46, Continuously Callable @100 (c)		8,700		8,700
County of Rockland, GO, 3.50%, 10/1/20		1,575		1,575
County of Rockland, GO (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 3/1/23		2,500		2,777
Series A, 5.00%, 3/1/24		1,600		1,850
County of Suffolk, GO, 5.00%, 3/19/21		20,000		20,182
Hempstead Union Free School District, GO, 1.75%, 12/15/20, Continuously Callable @100		1,625		1,626
Long Island Power Authority Revenue Series B, 1.65%, 9/1/49, (Put Date 9/1/24) (b)		4,500		4,690
Series C, 0.86% (LIBOR01M+75bps), 5/1/33, (Put Date 10/1/23) (b) (e)		4,000		3,999
Series C, 0.86% (LIBOR01M+75bps), 5/1/33, (Put Date 10/1/23) (b) (e)		5,000		4,966
Metropolitan Transportation Authority Revenue 0.62% (MUNIPSA+50bps), 11/15/42, (Put Date 3/1/22) (b) (e)		10,000		9,417
Series A-1, 5.00%, 2/1/23		3,300		3,424
Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (b)		1,830		1,965
Series B-1, 5.00%, 5/15/22		7,905		8,134
Series D-2, 0.57% (MUNIPSA+45bps), 11/15/44, (Put Date 11/15/22) (b) (e)		8,000		7,562
New York Liberty Development Corp. Revenue 2.80%, 9/15/69, Continuously Callable @100		14,950		14,373
2.63%, 9/15/69, Continuously Callable @100		1,650		1,658
New York State Dormitory Authority Revenue 5.00%, 12/1/24 (d)		1,200		1,371
5.00%, 12/1/25 (d)		1,200		1,402
Series B, 5.00%, 3/31/21		5,000		5,119
Niagara Area Development Corp. Revenue, Series B, 3.50%, 11/1/24, Continuously Callable @100 (d)		500		485
Town of Oyster Bay, GO, Series B, 1.25%, 3/12/21		20,000		20,080
Town of Watertown, GO, 3.50%, 4/15/21		3,170		3,197
Troy Capital Resource Corp. Revenue 5.00%, 8/1/26, Continuously Callable @100		1,050		1,249
5.00%, 9/1/27		1,250		1,536
Village of Johnson City, GO, Series B, 2.25%, 10/2/20		12,484		12,483
				144,614
North Carolina (0.7%):
Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue 2.00%, 11/1/33, (Put Date 10/1/24) (b)		825		860
2.00%, 11/1/33, (Put Date 10/1/24) (b)		825		860
Series A, 1.37%, 5/1/34, (Put Date 6/16/25) (b)		2,000		2,036
North Carolina Medical Care Commission Revenue 2.50%, 10/1/24, Continuously Callable @100		745		739
2.30%, 9/1/25, Continuously Callable @100 (f)		1,250		1,249
2.88%, 10/1/26, Continuously Callable @100		650		649
Series A, 4.00%, 10/1/27 (f)		600		692
Series B-1, 2.55%, 9/1/26, Continuously Callable @100 (f)		1,575		1,573
				8,658

Security Description	Principal Amount		Value
Ohio (3.2%):
Akron Bath Copley Joint Township Hospital District Revenue 5.00%, 11/15/29 (f)	$	275	$	346
5.00%, 11/15/30 (f)		350		445
5.00%, 11/15/31, Continuously Callable @100 (f)		300		379
American Municipal Power, Inc. Revenue, Series A, 2.25%, 2/15/48, (Put Date 8/15/21) (b)		5,000		5,038
County of Allen Hospital Facilities Revenue, 5.00%, 12/1/30, Continuously Callable @100		2,000		2,659
County of Hamilton Revenue, 5.00%, 9/15/29		1,345		1,746
Ohio Air Quality Development Authority Revenue 1.90%, 5/1/26, (Put Date 10/1/24) (b)		3,500		3,631
2.40%, 12/1/38, Callable 10/1/24 @ 100 (c)		3,250		3,349
Ohio Higher Educational Facility Commission Revenue 5.00%, 5/1/21		1,000		1,026
5.00%, 5/1/22		500		535
5.00%, 5/1/23		550		612
5.00%, 5/1/24		1,000		1,152
Ohio Water Development Authority Revenue 1.55%, 7/1/21 (c)		1,800		1,807
6/1/33 (i) (j)		5,000		—	(k)
Port of Greater Cincinnati Development Authority Revenue, Series A, 3.00%, 5/1/23, Continuously Callable @100		4,765		4,762
Southeastern Ohio Port Authority Revenue 5.00%, 12/1/21		1,150		1,176
5.00%, 12/1/25, Continuously Callable @100		1,000		1,071
State of Ohio Revenue 5.00%, 11/15/27		425		514
5.00%, 11/15/30		710		883
5.00%, 11/15/31, Continuously Callable @100		465		576
0.25%, 11/1/35, (Put Date 12/1/20) (b)		6,000		5,999
Series A, 5.00%, 1/15/30		1,000		1,288
				38,994
Oklahoma (3.0%):
Garfield County Industrial Authority Revenue, Series A, 0.32%, 1/1/25, Callable 11/4/20 @ 100 (c) (g)		2,100		2,100
Muskogee Industrial Trust Revenue 4.00%, 9/1/28		2,500		2,937
4.00%, 9/1/29		3,010		3,559
Series A, 0.32%, 6/1/27, Continuously Callable @100 (c)		21,400		21,400
Oklahoma Development Finance Authority Revenue Series B, 5.00%, 8/15/23		500		550
Series B, 5.00%, 8/15/24		600		679
Series B, 5.00%, 8/15/25		550		637
Oklahoma Municipal Power Authority Revenue, Series A, 0.51% (MUNIPSA+39bps), 1/1/23 (e)		4,570		4,574
				36,436

Security Description	Principal Amount		Value
Oregon (0.2%):
County of Yamhill Revenue 4.00%, 10/1/21 (f)	$	330	$	337
4.00%, 10/1/22 (f)		555		576
4.00%, 10/1/23 (f)		425		448
4.00%, 10/1/24 (f)		425		455
Oregon State Facilities Authority Revenue Series A, 5.00%, 10/1/28		150		187
Series A, 5.00%, 10/1/29		300		379
Series A, 5.00%, 10/1/30		300		383
				2,765
Pennsylvania (6.2%):
Allentown City School District, GO, 2.38%, 3/31/21, Continuously Callable @100		3,000		2,979
Bethlehem Authority Revenue (INS — Build America Mutual Assurance Co.), 5.00%, 11/15/20		1,000		1,005
Chester County IDA Revenue, 3.75%, 10/1/24		595		612
Coatesville School District, GO (INS — Assured Guaranty Municipal Corp.) 5.00%, 8/1/24		1,000		1,159
5.00%, 8/1/25		800		958
Commonwealth Financing Authority Revenue, 5.00%, 6/1/26		2,000		2,469
County of Lehigh Revenue 5.00%, 7/1/28		1,750		2,241
5.00%, 7/1/29		2,000		2,601
Geisinger Authority Revenue 1.17% (LIBOR01M+107bps), 6/1/28, (Put Date 6/1/24) (b) (e)		7,000		7,021
5.00%, 4/1/43, (Put Date 4/1/30) (b)		4,250		5,527
General Authority of Southcentral Pennsylvania Revenue, 0.72% (MUNIPSA+60bps), 6/1/49, Callable 6/1/23 @ 100 (e)		6,000		5,978
Hospitals & Higher Education Facilities Authority of Philadelphia Revenue, 5.00%, 7/1/22		1,595		1,696
Luzerne County IDA Revenue (INS — Assured Guaranty Municipal Corp.) 5.00%, 12/15/25		550		656
5.00%, 12/15/26, Continuously Callable @100		500		595
5.00%, 12/15/27, Continuously Callable @100		1,000		1,187
Montgomery County Higher Education & Health Authority Revenue, 0.84% (MUNIPSA+72bps), 9/1/51, (Put Date 9/1/23) (b)		6,250		6,250
Northampton County General Purpose Authority Revenue, 1.15% (LIBOR01M+104bps), 8/15/48, (Put Date 8/15/24) (b)		1,855		1,823
Pennsylvania Higher Educational Facilities Authority Revenue, Series A, 5.00%, 7/15/21		1,090		1,110
Pennsylvania Turnpike Commission Revenue, Series B-1, 1.10% (MUNIPSA+98bps), 12/1/21, Callable 6/1/21 @ 100 (e)		6,500		6,530
School District of Philadelphia, GO Series D, 5.00%, 9/1/21		5,000		5,202
Series D, 5.00%, 9/1/22		5,500		5,959
Scranton School District, GO 0.96% (LIBOR01M+85bps), 4/1/31, (Put Date 4/1/21) (b)		6,395		6,409
Series A, 5.00%, 6/1/23		2,435		2,718

Security Description	Principal Amount		Value
The Berks County Municipal Authority Revenue, Series B, 5.00%, 2/1/40, (Put Date 2/1/30) (b)	$	1,700	$	1,981
West Mifflin School District, GO (INS — Assured Guaranty Municipal Corp.), 5.00%, 10/1/21		1,570		1,640
				76,306
South Carolina (0.8%):
Patriots Energy Group Financing Agency Revenue, Series B, 0.96% (LIBOR01M+86bps), 10/1/48, (Put Date 2/1/24) (b) (e)		10,000		10,014
South Dakota (0.8%):
South Dakota Health & Educational Facilities Authority Revenue 0.50%, 11/1/25, Continuously Callable @100 (c)		1,765		1,765
0.50%, 11/1/27, Continuously Callable @100 (c)		3,550		3,550
Series B, 0.50%, 11/1/20, Continuously Callable @100 (c)		4,220		4,220
				9,535
Tennessee (0.1%):
Chattanooga Health Educational & Housing Facility Board Revenue, Series C, 0.27%, 5/1/39, Continuously Callable @100 (c) (g)		1,000		1,000
Texas (5.3%):
Austin Convention Enterprises, Inc. Revenue 5.00%, 1/1/25		400		384
5.00%, 1/1/27		400		384
Decatur Hospital Authority Revenue Series A, 5.00%, 9/1/21		700		722
Series A, 5.00%, 9/1/24		780		878
Harris County Cultural Education Facilities Finance Corp. Revenue 5.00%, 7/1/49, (Put Date 12/1/26) (b)		1,400		1,748
0.69% (MUNIPSA+57bps), 12/1/49, (Put Date 12/4/24) (b) (e)		1,670		1,659
Harris County Municipal Utility District No. 165, GO (INS — Build America Mutual Assurance Co.)
3.00%, 3/1/21		565		571
3.00%, 3/1/22		650		673
3.00%, 3/1/23		520		550
Irving Hospital Authority Revenue, 1.22% (MUNIPSA+110bps), 10/15/44, (Put Date 10/15/23) (b)		1,750		1,750
Karnes County Hospital District Revenue, 5.00%, 2/1/24		2,455		2,657
Matagorda County Navigation District No. 1 Revenue, 2.60%, 11/1/29		4,000		4,242
New Hope Cultural Education Facilities Finance Corp. Revenue Series A, 5.00%, 7/1/23		1,250		1,029
Series A, 5.00%, 7/1/24		2,300		1,894
Series A, 5.00%, 7/1/25		2,135		1,758
Port of Port Arthur Navigation District Revenue 0.43%, 11/1/40, Continuously Callable @100 (c) (g)		38,675		38,675
Series B, 0.17%, 4/1/40, Continuously Callable @100 (c)		2,900		2,900
Series C, 0.19%, 4/1/40, Continuously Callable @100 (c)		700		700
Texas Private Activity Bond Surface Transportation Corp. Revenue, 4.00%, 6/30/31, Continuously Callable @100		2,355		2,781
				65,955

Security Description	Principal Amount		Value
Utah (1.3%):
Utah Housing Corp. Revenue (LIQ — Deutsche Bank A.G.), Series 2019-XF1081, 0.52%, 3/1/62, Callable 2/1/31 @ 100 (c) (d)	$	16,565	$	16,565
Virginia (0.8%):
Chesapeake Bay Bridge & Tunnel District Revenue, 5.00%, 11/1/23		5,140		5,768
Marquis Community Development Authority Revenue, 9/1/45 (d) (l) (m)		1,074		643
Marquis Community Development Authority Tax Allocation Series A, 2.81%, 9/1/36 (m)		3,506		1,543
Series C, 9/1/41 (h) (m)		5,111		235
Prince William County IDA Revenue, 5.00%, 1/1/31, Continuously Callable @102		1,700		1,784
				9,973
Washington (1.2%):
Washington Health Care Facilities Authority Revenue 5.00%, 8/15/26		2,000		2,313
5.00%, 8/15/27		2,175		2,543
Series B-2, 1.52% (MUNIPSA+140bps), 1/1/35, (Put Date 1/1/25) (b) (e)		10,000		9,975
				14,831
Wisconsin (1.5%):
Public Finance Authority Revenue 4.00%, 9/1/24 (d)		1,140		1,212
5.00%, 4/1/30 (d)		500		544
Wisconsin Health & Educational Facilities Authority Revenue 2.25%, 11/1/26, Continuously Callable @100		3,000		3,000
2.55%, 11/1/27, Continuously Callable @100		1,500		1,500
4.00%, 3/15/30		400		448
0.37%, 2/15/53, Callable 11/2/20 @ 100 (c)		6,500		6,500
0.77% (MUNIPSA+65bps), 8/15/54, (Put Date 7/31/24) (b) (e)		1,700		1,702
Series B-2, 5.00%, 2/15/51, (Put Date 2/15/27) (b)		2,000		2,415
Series C, 5.00%, 8/15/21		1,200		1,249
				18,570
Total Municipal Bonds (Cost $1,227,054)				1,246,558
Total Investments (Cost $1,229,835) — 101.1%				1,249,174
Liabilities in excess of other assets — (1.1)%				(13,493	)
NET ASSETS — 100.00%			$	1,235,681

(a) Non-income producing security.

(b) Put Bond.

(d) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of September 30, 2020, the fair value of these securities was $101,311 (thousands) and amounted to 8.2% of net assets.

(e) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2020.

(f) Security or a portion of the security purchased on a delayed-delivery and/or when-issue basis.

(g) All or a portion of this security has been segregated as collateral for securities purchased on a when-issued basis.

(h) Zero-coupon bond.

(i) Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of the Fund's net assets as of September 30, 2020. This security is classified as Level 3 within the fair value hierarchy. (See Note 2)

(j) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2020, illiquid securities were less than 0.05% of the Fund's net assets.

(k) Rounds to less than $1 thousand.

(l) Stepped-coupon security converts to coupon form on 9/21/21 with a rate of 7.50%.

(m) This security is classified as Level 3 and represents 0.2% of the Fund's net assets as of September 30, 2020. (See Note 2)

bps — Basis points

Continuously Callable — Investment is continuously callable or will be continuously callable on any date after the first call date until its maturity

GO — General Obligation

IDA — Industrial Development Authority

LIBOR — London InterBank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of September 30, 2020, based on the last reset date of the security

LOC — Letter of Credit

MUNIPSA — Municipal Swap Index

LIQ Liquidity enhancement that may, under certain circumstances, provide for repayment of principal and interest upon demand from the name listed.

LOC Principal and interest payments are guaranteed by a bank letter of credit or other bank credit agreement.

NBGA Principal and interest payments or, under certain circumstances, underlying mortgages, are guaranteed by a nonbank guarantee agreement from the name listed.

	USAA Tax Exempt Short-Term Fund
Assets:
Investments, at value (Cost $1,229,835)	$	1,249,174
Cash and cash equivalents		15,096
Receivables:
Interest and dividends		8,768
Capital shares issued		656
From Adviser		19
Prepaid expenses		25
Total Assets		1,273,738
Liabilities:
Payables:
Distributions		292
Investments purchased		36,380
Capital shares redeemed		822
Accrued expenses and other payables:
Investment advisory fees		284
Administration fees		152
Transfer agent fees		113
Compliance fees		1
Trustees' fees		1
12b-1 fees		2
Other accrued expenses		10
Total Liabilities		38,057
Net Assets:
Capital		1,243,000
Total accumulated earnings/(loss)		(7,319	)
Net Assets	$	1,235,681
Net Assets
Fund Shares	$	1,215,433
Institutional Shares		3,017
Class A shares		17,231
Total	$	1,235,681
Shares (unlimited number of shares authorized with no par value):
Fund Shares		115,156
Institutional Shares		286
Class A shares		1,631
Total	$	117,073
Net asset value, offering and redemption price per share: (a)
Fund Shares	$	10.55
Institutional Shares	$	10.56
Class A shares	$	10.57
Maximum Sales Charge — Class A shares		2.25	%
Maximum offering price
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A shares	$	10.81

(a) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

	USAA Tax Exempt Short-Term Fund
Investment Income:
Interest	$	12,382
Total Income		12,382
*Expenses:**
Investment advisory fees		1,795
Administration fees — Fund Shares		925
Administration fees — Institutional Shares		—	(a)
Administration fees — Class A shares		12
Sub-Administration fees		10
12b-1 fees — Class A shares		19
Custodian fees		2
Transfer agent fees — Fund Shares		377
Transfer agent fees — Institutional Shares		—	(a)
Transfer agent fees — Class A shares		5
Trustees' fees		24
Compliance fees		4
Legal and audit fees		40
State registration and filing fees		33
Interfund lending fees		—	(a)
Other expenses		52
Total Expenses		3,298
Expenses waived/reimbursed by Adviser		(59	)
Net Expenses		3,239
Net Investment Income (Loss)		9,143
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities transactions		(554	)
Net change in unrealized appreciation/depreciation on investment securities		28,184
Net realized/unrealized gains (losses) on investments		27,630
Change in net assets resulting from operations	$	36,773

* Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

(a) Rounds to less than $1 thousand.

	USAA Tax Exempt Short-Term Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	9,143		$	25,176
Net realized gains (losses) from investments		(554	)		(2,484	)
Net change in unrealized appreciation/depreciation on investments		28,184			(17,785	)
Change in net assets resulting from operations		36,773			4,907
Distributions to Shareholders:
Fund Shares		(9,038	)		(24,970	)
Institutional Shares (a)		(7	)		—
Class A shares		(94	)		(167	)
Change in net assets resulting from distributions to shareholders		(9,139	)		(25,137	)
Change in net assets resulting from capital transactions		(73,996	)		(198,223	)
Change in net assets		(46,362	)		(218,453	)
Net Assets:
Beginning of period		1,282,043			1,500,496
End of period	$	1,235,681		$	1,282,043
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	74,088		$	175,721
Distributions reinvested		7,168			19,688
Cost of shares redeemed		(165,012	)		(393,239	)
Total Fund Shares	$	(83,756	)	$	(197,830	)
Institutional Shares (a)
Proceeds from shares issued	$	5,056		$	—
Distributions reinvested		7			—
Cost of shares redeemed		(2,054	)		—
Total Institutional Shares	$	3,009		$	—
Class A shares
Proceeds from shares issued	$	27,296		$	15,776
Distributions reinvested		85			127
Cost of shares redeemed		(20,630	)		(16,296	)
Total Class A shares	$	6,751		$	(393	)
Change in net assets resulting from capital transactions	$	(73,996	)	$	(198,223	)

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

(continues on next page)

	USAA Tax Exempt Short-Term Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
Share Transactions:
Fund Shares
Issued		7,077			16,721
Reinvested		684			1,874
Redeemed		(15,807	)		(37,505	)
Total Fund Shares		(8,046	)		(18,910	)
Institutional Shares (a)
Issued		479			—
Reinvested		1			—
Redeemed		(194	)		—
Total Institutional Shares		286			—
Class A shares
Issued		2,605			1,497
Reinvested		8			12
Redeemed		(1,963	)		(1,548	)
Total Class A shares		650			(39	)
Change in Shares		(7,110	)		(18,949	)

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities			Net Investment Income			Total Distributions
USAA Tax Exempt Short-Term Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)	$	10.32		0.08	(d)		0.23			0.31			(0.08	)		(0.08	)
Year Ended March 31, 2020	$	10.48		0.19	(d)		(0.16	)		0.03			(0.19	)		(0.19	)
Year Ended March 31, 2019	$	10.41		0.19			0.07			0.26			(0.19	)		(0.19	)
Year Ended March 31, 2018	$	10.45		0.16			(0.03	)		0.13			(0.17	)		(0.17	)
Year Ended March 31, 2017	$	10.59		0.15			(0.14	)		0.01			(0.15	)		(0.15	)
Year Ended March 31, 2016	$	10.68		0.16			(0.09	)		0.07			(0.16	)		(0.16	)
Institutional Shares
June 29, 2020(e) through September 30, 2020 (unaudited)	$	10.50		0.04	(d)		0.06			0.10			(0.04	)		(0.04	)
Class A shares
Six Months Ended September 30, 2020 (unaudited)	$	10.34		0.06	(d)		0.23			0.29			(0.06	)		(0.06	)
Year Ended March 31, 2020	$	10.49		0.16	(d)		(0.15	)		0.01			(0.16	)		(0.16	)
Year Ended March 31, 2019	$	10.42		0.17			0.06			0.23			(0.16	)		(0.16	)
Year Ended March 31, 2018	$	10.46		0.13			(0.03	)		0.10			(0.14	)		(0.14	)
Year Ended March 31, 2017	$	10.59		0.12			(0.13	)		(0.01	)		(0.12	)		(0.12	)
Year Ended March 31, 2016	$	10.67		0.13			(0.08	)		0.05			(0.13	)		(0.13	)

USAA Mutual Funds Trust

Financial Highlights — continued

									Ratios to Average Net Assets									Supplemental Data
	Redemption Fees Added to Beneficial Interest			Net Asset Value, End of Period		Total Return (Excludes Sales *Charges)(a)**			Net Expenses^(b)(c)**			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)
USAA Tax Exempt Short-Term Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)		—		$	10.55		2.98	%		0.51	%		1.46	%		0.52	%	$	1,215,433		22	%
Year Ended March 31, 2020		—		$	10.32		0.23	%		0.51	%		1.77	%		0.51	%	$	1,271,899		54	%
Year Ended March 31, 2019		—		$	10.48		2.52	%		0.52	%		1.84	%		0.52	%	$	1,489,789		31	%
Year Ended March 31, 2018		—		$	10.41		1.21	%		0.51	%		1.57	%		0.51	%	$	1,550,994		25	%
Year Ended March 31, 2017		—		$	10.45		0.09	%		0.54	%		1.43	%		0.54	%	$	1,669,691		34	%
Year Ended March 31, 2016		—		$	10.59		0.62	%		0.55	%		1.47	%		0.55	%	$	1,760,074		25	%
Institutional Shares
June 29, 2020(e) through September 30, 2020 (unaudited)		—		$	10.56		0.94	%		0.47	%		1.42	%		1.46	%	$	3,017		22	%
Class A shares
Six Months Ended September 30, 2020 (unaudited)		—		$	10.57		2.85	%		0.75	%		1.21	%		0.90	%	$	17,231		22	%
Year Ended March 31, 2020		—		$	10.34		0.09	%		0.75	%		1.54	%		0.93	%	$	10,144		54	%
Year Ended March 31, 2019		—		$	10.49		2.27	%		0.77	%(f)		1.56	%		0.92	%	$	10,707		31	%
Year Ended March 31, 2018		—		$	10.42		0.91	%		0.80	%		1.27	%		0.83	%	$	11,349		25	%
Year Ended March 31, 2017		—		$	10.46		(0.08	)%		0.80	%		1.16	%		0.81	%	$	32,191		34	%
Year Ended March 31, 2016		—	(g)	$	10.59		0.46	%		0.80	%		1.17	%		0.83	%	$	31,017		25	%

For a Share Outstanding Throughout Each Period

1. Organization:

The accompanying financial statements are those of the USAA Tax Exempt Short-Term Fund (the "Fund"). The Fund offers three classes of shares: Fund Shares, Institutional Shares, and Class A shares. The Fund is classified as diversified under the 1940 Act.

Effective June 29, 2020, the Fund's Institutional Shares commenced operations and the Adviser Shares were redesignated Class A shares and became subject to a front-end sales charge.

2. Significant Accounting Policies:

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

A summary of the valuations as of September 30, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,616	$	—	$	—	$	2,616
Municipal Bonds		—		1,244,137		2421		1,246,558
Total	$	2,616	$	1,244,137	$	2,421	$	1,249,174

For the six months ended September 30, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

The Fund may purchase securities on a delayed-delivery or when-issued basis. Delivery and payment for securities that have been purchased by the Fund on a delayed-delivery, or when-issued basis or for delayed draws on loans can take place a month or more after the trade date. At the time the Fund makes the commitment to purchase a security on a delayed-delivery or when-issued basis, the Fund records the transaction and reflects the value of the security in determining NAV. No interest accrues to the Fund until the transaction settles and payment takes place. A segregated account is established and the Fund maintains cash and/or marketable securities at least equal in value to commitments for delayed-delivery or when-issued securities. If the Fund owns delayed-delivery or when-issued securities, these values are included in Payable for investments purchased on the accompanying Statement of Assets and Liabilities and the segregated assets are identified on the Schedule of Portfolio Investments.

Municipal Obligations:

Investment Transactions and Related Income:

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Purchases				Sales				Net Realized Gains (Losses)
$	168,215			$	95,375			$	—

Fees Paid Indirectly:

Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, as applicable, as Fees paid indirectly.

3. Purchases and Sales:

Excluding U.S. Government Securities
Purchases		Sales
$	199,282	$	214,666

There were no purchases and sales of U.S. government securities during the six months ended September 30, 2020.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by Victory Capital Management Inc. ("VCM" or the "Adviser"), a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is a wholly-owned indirect subsidiary of Victory Capital Holdings, Inc., a publicly traded Delaware corporation, and a wholly-owned direct subsidiary of Victory Capital Operating, LLC. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rate of 0.28% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the six months ended September 30, 2020, are reflected on the Statement of Operations as Investment Advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing the each class' performance to that of the Lipper Short Municipal Debt Funds Index. The Lipper Short Municipal Debt Funds Index tracks the total return performance of funds within the Lipper Short Municipal Debt Funds category.

Over/Under Performance Relative to Index (in basis points)(a)		Annual Adjustment Rate (in basis points)(a)
	+/- 20 to 50		+/- 4
	+/- 51 to 100		+/- 5
	+/- 101 and greater		+/- 6

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper Short Municipal Debt Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period July 1, 2020, to September 30, 2020, performance adjustments for Fund Shares and Institutional Shares were $46, and less than $1 thousand, respectively. There were no performance adjustments for Class A shares for the period July 1, 2020, through September 30, 2020. For both Fund Shares and Institutional Shares, the performance adjustment were less than 0.01% of average daily net assets.

Administration and Servicing Fees:

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensates the Adviser for these services. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Compliance fees.

Citi Fund Services Ohio, Inc. ("Citi"), an affiliate of Citibank, acts as sub-administrator and sub-fund accountant to the Fund pursuant to a Sub- Administration and Sub-Fund Accounting Services Agreement between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for all of their reasonable out-of- pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Funds, under the Fund Administration, Servicing, and Accounting Agreement. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Distributor/Underwriting Services:

In addition, the Distributor is entitled to receive commission on sales of the Class A shares of the Fund. For the six months ended September 30, 2020, the Distributor didn't receive any commissions.

Other Fees:

Citibank serves as the Fund's custodian.

K&L Gates LLP provides legal services to the Trust.

Expires 3/31/2023				Expires 3/31/2024
$	10			$	59

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

Decisions by the U.S. Federal Reserve (also known as the "Fed") regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. As a result, the value of fixed- income securities may vary widely under certain market conditions.

Many debt securities, derivatives and other financial instruments, including some of the Fund's investment, use the London Interbank Offered Rate ("LIBOR") as the reference or benchmark rate for variable interest rate calculations. However, the use of LIBOR started to come under pressure following manipulation allegations in 2012. Despite increased regulation and other corrective actions since that time, concerns have arisen regarding its viability as a benchmark, due largely to reduced activity in

6. Borrowing and Interfund Lending:

Line of Credit:

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2020.

Interfund Lending:

The average borrowing or lending for the days outstanding and average interest rate for the Fund during the six months ended September 30, 2020, were as follows (amounts in thousands):

Borrower or Lender		Amount Outstanding at September 30, 2020				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower		$	—			$	1,577				1				0.64	%		$	1,577

*For the six months ended September 30, 2020, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

The Fund intends to declare daily and distribute any net investment income monthly. Distributable net realized gains, if any, are declared and paid at least annually.

Short-Term Amount				Long-Term Amount				Total
$	2,113			$	23,975			$	26,088

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020, through September 30, 2020 (unless noted otherwise).

	Beginning Account Value 4/1/20		Actual Ending Account Value 9/30/20		Hypothetical Ending Account Value 9/30/20		Actual Expenses Paid During Period 4/1/20- 9/30/20*		Hypothetical Expenses Paid During Period 4/1/20- 9/30/20*		Annualized Expense Ratio During Period 4/1/20- 9/30/20
Fund Shares	$	1,000.00	$	1,029.80	$	1,022.51	$	2.60	$	2.59		0.51	%
Institutional Shares**		1,000.00		1,009.40		1,022.71		1.20		2.38		0.47	%
Class A shares		1,000.00		1,028.50		1,021.31		3.81		3.80		0.75	%

Liquidity Risk Management Program

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					2
Financial Statements
Schedule of Portfolio Investments					4
Statement of Assets and Liabilities					11
Statement of Operations					12
Statements of Changes in Net Assets					13
Financial Highlights					16
Notes to Financial Statements					18
Supplemental Information (Unaudited)
Proxy Voting and Portfolio Holdings Information					26
Expense Examples					26
Liquidity Risk Management Program					27
Privacy Policy (inside back cover)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

Municipal Bonds (99.2%)
Virginia (90.5%):
Albermarle County Economic Development Authority Revenue, Series B, 0.12%, 10/1/48, Continuously Callable @100 (a)	$	7,600	$	7,600
Amherst IDA Revenue 5.00%, 9/1/26, Continuously Callable @100		1,575		1,557
4.75%, 9/1/30, Continuously Callable @100		2,000		1,893
Arlington County IDA Revenue 5.00%, 2/15/43, Continuously Callable @100		1,775		2,165
4.00%, 7/1/45, Continuously Callable @100		1,585		1,827
Campbell County IDA Revenue, 4.00%, 6/1/44, Continuously Callable @100		4,600		5,340
Capital Region Airport Commission Revenue Series A, 4.00%, 7/1/36, Continuously Callable @100		700		774
Series A, 4.00%, 7/1/38, Continuously Callable @100		750		823
Charles City County Economic Development Authority Revenue, Series A, 2.88%, 2/1/29, Continuously Callable @101		10,000		10,527
Chesapeake Bay Bridge & Tunnel District Revenue 5.50%, 7/1/25		5,000		6,020
5.00%, 7/1/51, Continuously Callable @100		9,240		10,428
Chesapeake Bay Bridge & Tunnel District Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 7/1/41, Continuously Callable @100		5,000		5,870
Chesapeake Hospital Authority Revenue 4.00%, 7/1/39, Continuously Callable @100		1,000		1,121
4.00%, 7/1/43, Continuously Callable @100		4,000		4,432
City of Chesapeake Expressway Toll Road Revenue 7/15/32, Continuously Callable @100 (b)		6,520		6,802
7/15/40, Continuously Callable @100 (g)		3,000		3,115
City of Lynchburg, GO, 4.00%, 6/1/44, Continuously Callable @100		5,000		5,419
City of Norfolk, GO Series A, 4.00%, 9/1/37, Continuously Callable @100		2,040		2,509
Series A, 4.00%, 9/1/39, Continuously Callable @100		1,535		1,880
City of Norfolk, GO (LIQ — Bank of America Corp.), 0.12%, 8/1/37, Continuously Callable @100 (a)		3,830		3,830
City of Portsmouth, GO 5.00%, 2/1/33, Pre-refunded 2/1/23 @100		880		978
5.00%, 2/1/33, Continuously Callable @100		120		133
City of Richmond Public Utility Revenue 4.00%, 1/15/40, Continuously Callable @100		6,000		6,820
Series A, 5.00%, 1/15/38, Pre-refunded 1/15/23 @100		6,000		6,658
Series A, 4.00%, 1/15/50, Continuously Callable @100		1,730		2,039
City of Richmond, GO Series D, 5.00%, 3/1/32		800		1,141
Series D, 5.00%, 3/1/33		1,000		1,452
Fairfax County Economic Development Authority Revenue 5.00%, 4/1/47, Continuously Callable @100		4,000		4,709
Series A, 5.00%, 10/1/29, Continuously Callable @100		2,000		2,359
Series A, 5.00%, 10/1/30, Continuously Callable @100		2,000		2,355
Series A, 5.00%, 10/1/31, Continuously Callable @100		2,000		2,351
Series A, 5.00%, 10/1/32, Continuously Callable @100		1,500		1,760

Security Description	Principal Amount		Value
Series A, 5.00%, 12/1/32, Continuously Callable @100	$	1,500	$	1,569
Series A, 5.00%, 10/1/33, Continuously Callable @100		2,200		2,576
Series A, 5.00%, 10/1/34, Continuously Callable @100		2,000		2,337
Series A, 5.00%, 10/1/42, Continuously Callable @102		2,250		2,376
Series A, 4.00%, 10/1/42, Continuously Callable @102		2,750		2,736
Series A, 5.00%, 12/1/42, Continuously Callable @100		2,800		2,874
Series B, 5.00%, 10/1/35, Continuously Callable @100		2,620		3,276
Series B, 5.00%, 10/1/36, Continuously Callable @100		2,000		2,495
Fairfax County Economic Development Authority Revenue (LIQ — Northern Trust Corp.), Series A, 0.12%, 12/1/33, Continuously Callable @100 (a)		4,475		4,475
Fairfax County Economic Development Authority Revenue (LOC — SunTrust Bank), 0.13%, 6/1/37, Continuously Callable @100 (a)		1,400		1,400
Fairfax County IDA Revenue 5.00%, 5/15/37, Continuously Callable @100		14,000		14,933
4.00%, 5/15/42, Continuously Callable @100		1,000		1,047
Series A, 4.00%, 5/15/44, Continuously Callable @100		6,900		7,455
Series S, 4.00%, 5/15/48, Continuously Callable @100		1,500		1,701
Front Royal & Warren County IDA Revenue, 4.00%, 1/1/50, Continuously Callable @103		7,000		7,670
Greater Richmond Convention Center Authority Revenue, 5.00%, 6/15/32, Continuously Callable @100		1,500		1,687
Hampton Roads Sanitation District Revenue, Series A, 5.00%, 8/1/43, Pre-refunded 8/1/26 @100		4,700		5,948
Hampton Roads Transportation Accountability Commission Revenue, Series A, 5.00%, 7/1/52, Continuously Callable @100		15,000		18,212
Hanover County Economic Development Authority Revenue 5.00%, 7/1/51, Continuously Callable @103		1,200		1,204
Series A, 4.50%, 7/1/30, Continuously Callable @100		2,795		2,806
Series A, 4.50%, 7/1/32, Continuously Callable @100		1,100		1,102
Series A, 5.00%, 7/1/42, Continuously Callable @100		2,000		2,008
Henrico County Economic Development Authority Revenue 5.00%, 6/1/24, Continuously Callable @100		1,200		1,238
4.25%, 6/1/26, Continuously Callable @100		140		143
5.00%, 11/1/30, Pre-refunded 11/1/22 @100		2,105		2,315
4.00%, 10/1/35, Continuously Callable @100		2,500		2,501
5.00%, 10/1/37, Continuously Callable @103		2,500		2,726
Lewistown Commerce Center Community Development Authority Tax Allocation 3.63%, 3/1/44, Continuously Callable @103		1,468		1,145
6.05%, 3/1/44, Continuously Callable @103		691		539
Series C, 6.05%, 3/1/54, Continuously Callable @100		2,340		426
Lexington IDA Revenue 4.00%, 1/1/31, Continuously Callable @102		750		756
4.00%, 1/1/37, Continuously Callable @102		1,000		965
5.00%, 1/1/43, Pre-refunded 1/1/22 @100		2,000		2,120
5.00%, 1/1/48, Continuously Callable @100		1,000		1,201
Series A, 5.00%, 1/1/42, Continuously Callable @103		1,000		1,033
Series A, 5.00%, 1/1/48, Continuously Callable @103		1,250		1,281
Loudoun County Economic Development Authority Revenue 5.00%, 12/1/31, Continuously Callable @100		1,135		1,341

Security Description	Principal Amount		Value
5.00%, 12/1/32, Continuously Callable @100	$	800	$	944
5.00%, 12/1/33, Continuously Callable @100		775		912
5.00%, 12/1/34, Continuously Callable @100		805		946
Series B, 0.10%, 2/15/38, Callable 11/2/20 @100 (a)		8,545		8,545
Series E, 0.14%, 2/15/38, Callable 11/2/20 @100 (a)		6,175		6,175
Series F, 0.14%, 2/15/38, Callable 11/2/20 @100 (a)		12,810		12,810
Lynchburg Economic Development Authority Revenue 5.00%, 9/1/43, Continuously Callable @100		3,000		3,134
Series A, 5.00%, 1/1/47, Continuously Callable @100		2,250		2,522
Lynchburg Economic Development Authority Revenue (LIQ — JPMorgan Chase & Co.), Series 2018-XL0075, 0.27%, 1/1/25 (a) (c)		5,400		5,400
Lynchburg Economic Development Authority Revenue (LOC — Branch Banking & Trust Co.), Series B, 0.12%, 1/1/47, Continuously Callable @100 (a)		8,900		8,900
Lynchburg Economic Development Authority Revenue (LOC — Branch Banking & Trust Co.), Series C, 0.15%, 1/1/47, Continuously Callable @100 (a)		1,965		1,965
Marquis Community Development Authority of York County Virginia Tax Allocation, Series B, 3.09%, 9/1/41 (d)		3,532		1,554
Marquis Community Development Authority Revenue 9/1/45 (c) (d) (h)		1,093		654
Marquis Community Development Authority Tax Allocation, Series C 9/1/41 (d) (e)		5,389		248
Montgomery County Economic Development Authority Revenue Series A, 4.00%, 6/1/36, Continuously Callable @100		1,125		1,314
Series A, 4.00%, 6/1/39, Continuously Callable @100		1,750		2,029
Norfolk Airport Authority Revenue, 5.00%, 7/1/43, Continuously Callable @100		2,800		3,324
Norfolk Economic Development Authority Revenue 5.00%, 11/1/30, Pre-refunded 11/1/22 @100		1,000		1,100
Series A, 0.13%, 11/1/34, Continuously Callable @100 (a)		2,000		2,000
Series B, 5.00%, 11/1/43, Continuously Callable @100		3,500		3,747
Series B, 5.00%, 11/1/48, (Put Date 11/1/28) (f)		1,600		2,043
Series B, 4.00%, 11/1/48, Continuously Callable @100		1,100		1,227
Prince Edward County IDA Revenue 4.00%, 9/1/43, Continuously Callable @100		2,250		2,499
5.00%, 9/1/48, Continuously Callable @100		2,055		2,436
Prince William County IDA Revenue 5.50%, 9/1/31, Pre-refunded 9/1/21 @100		1,705		1,788
5.50%, 9/1/31, Pre-refunded 9/1/21 @100		2,000		2,097
5.50%, 9/1/34, Pre-refunded 9/1/21 @100		1,000		1,049
5.00%, 1/1/37, Continuously Callable @102		1,000		1,027
5.00%, 1/1/46, Continuously Callable @102		4,000		4,028
5.00%, 11/1/46, Continuously Callable @100		10,000		10,729
Radford IDA Revenue (NBGA — Fannie Mae), 3.50%, 9/15/29, Continuously Callable @100		4,000		4,150
Rappahannock Regional Jail Authority Revenue 5.00%, 10/1/34, Continuously Callable @100		2,340		2,770
5.00%, 10/1/35, Continuously Callable @100		1,165		1,375
Roanoke Economic Development Authority Revenue 5.00%, 7/1/47		6,250		9,735
4.00%, 7/1/51, Continuously Callable @100		5,000		5,697
Series A, 5.00%, 9/1/36, Continuously Callable @100		1,640		1,822
Series A, 5.00%, 9/1/43, Continuously Callable @100		4,060		4,450

Security Description	Principal Amount		Value
Rockingham County Economic Development Authority Revenue 4.00%, 12/1/33, Continuously Callable @100	$	1,000	$	1,014
5.00%, 12/1/39, Continuously Callable @100		2,000		2,154
Salem Economic Development Authority Revenue 4.00%, 4/1/38, Continuously Callable @100		250		266
4.00%, 4/1/39, Continuously Callable @100		225		239
4.00%, 4/1/40, Continuously Callable @100		250		265
4.00%, 4/1/45, Continuously Callable @100		750		787
5.00%, 4/1/49, Continuously Callable @100		910		1,035
Stafford County Economic Development Authority Revenue 5.00%, 6/15/36, Continuously Callable @100		5,900		6,817
4.00%, 6/15/37, Continuously Callable @100		6,495		7,024
Suffolk Redevelopment & Housing Authority Revenue (LIQ — Deutsche Bank A.G.), Series 2019-XF1086, 0.47%, 10/1/59, Callable 1/1/35 @101 (a) (c)		30,000		30,000
Tobacco Settlement Financing Corp. Revenue, Series B-1, 5.00%, 6/1/47, Continuously Callable @100		10,000		10,000
University of Virginia Revenue Series A, 5.00%, 6/1/37, Pre-refunded 6/1/23 @100		4,405		4,968
Series A, 5.00%, 4/1/42, Continuously Callable @100		4,000		4,912
Series A, 5.00%, 4/1/47, Continuously Callable @100		5,000		6,092
Series A-1, 4.00%, 4/1/45, Continuously Callable @100		5,000		5,530
Series B, 5.00%, 4/1/46, Continuously Callable @100		5,000		6,113
Upper Occoquan Sewage Authority Revenue, 4.00%, 7/1/39, Continuously Callable @100		5,000		5,638
Virginia Beach Development Authority Revenue 5.00%, 9/1/40, Continuously Callable @103		3,250		3,597
5.00%, 9/1/44, Continuously Callable @103		4,865		5,350
Series A, 5.00%, 5/1/29, Continuously Callable @100		1,795		2,089
Virginia College Building Authority Revenue 5.00%, 6/1/29, Continuously Callable @100		5,000		4,944
5.00%, 2/1/31, Continuously Callable @100		10,000		12,831
5.00%, 2/1/32, Continuously Callable @100		4,000		5,110
4.00%, 1/15/33, Continuously Callable @100		965		1,096
4.00%, 1/15/35, Continuously Callable @100		545		610
4.00%, 1/15/36, Continuously Callable @100		650		724
5.00%, 6/1/36, Continuously Callable @100		11,710		11,166
4.00%, 1/15/43, Continuously Callable @100		1,285		1,409
Series A, 5.00%, 9/1/31, Continuously Callable @100		2,725		3,191
Series A, 5.00%, 9/1/32, Continuously Callable @100		5,615		6,562
Series A, 5.00%, 9/1/33, Continuously Callable @100		6,380		7,441
Series A, 4.00%, 2/1/35, Continuously Callable @100		8,000		9,007
Virginia College Building Authority Revenue (LIQ — U.S. Bancorp), 0.10%, 8/1/34, Callable 11/4/20 @100 (a)		2,200		2,200
Virginia Commonwealth Transportation Board Revenue 5.00%, 3/15/32, Continuously Callable @100		3,350		4,213
5.00%, 9/15/32, Continuously Callable @100		9,190		11,534
4.00%, 5/15/42, Continuously Callable @100		10,000		11,437
Series A, 4.00%, 5/15/36, Continuously Callable @100		2,000		2,327
Virginia Commonwealth University Health System Authority Revenue 4.75%, 7/1/36, Pre-refunded 7/1/21 @100		6,315		6,531
4.75%, 7/1/41, Pre-refunded 7/1/21 @100		3,000		3,103
5.00%, 7/1/46, Continuously Callable @100		5,500		6,463

Security Description	Principal Amount		Value
Virginia Commonwealth University Revenue Series A, 4.00%, 11/1/37, Continuously Callable @100	$	750	$	864
Series A, 5.00%, 11/1/38, Continuously Callable @100		350		433
Series A, 4.00%, 5/1/48, Continuously Callable @100		2,475		2,785
Virginia Housing Development Authority Revenue Series B, 4.50%, 10/1/36, Continuously Callable @100		3,175		3,227
Series B, 3.60%, 5/1/46, Continuously Callable @100		7,000		7,353
Series E, 2.65%, 7/1/50, Continuously Callable @100		1,640		1,651
Virginia Public Building Authority Revenue, Series A, 4.00%, 8/1/30, Continuously Callable @100		4,000		4,800
Virginia Public School Authority Revenue, 5.00%, 8/1/24		10,000		11,796
Virginia Resources Authority Revenue 5.00%, 11/1/32, Continuously Callable @100		330		377
5.00%, 11/1/32, Pre-refunded 11/1/23 @100		700		803
5.00%, 11/1/40, Pre-refunded 11/1/20 @100		1,270		1,275
5.00%, 11/1/40, Continuously Callable @100		165		166
4.00%, 11/1/41, Pre-refunded 11/1/22 @100		7,310		7,888
4.00%, 11/1/49, Continuously Callable @100		6,700		7,861
Virginia Resources Authority Revenue (LIQ — JPMorgan Chase & Co.), Series 2016-XF0453, 0.16%, 5/1/21 (a) (c)		5,000		5,000
Virginia Small Business Financing Authority Revenue 4.00%, 11/1/39, Continuously Callable @100		2,550		2,919
4.00%, 12/1/49, Continuously Callable @100		6,000		6,713
Virginia Small Business Financing Authority Revenue (LOC — Bank of America Corp.), 0.14%, 7/1/30 (a)		1,545		1,545
Virginia Small Business Financing Authority Revenue (LOC — PNC Financial Services Group), Series A, 0.13%, 7/1/42, Continuously Callable @100 (a)		12,975		12,975
Western Regional Jail Authority Revenue 5.00%, 12/1/35, Continuously Callable @100		1,540		1,882
5.00%, 12/1/35, Pre-refunded 12/1/26 @100		1,545		1,968
5.00%, 12/1/38, Continuously Callable @100		1,000		1,218
5.00%, 12/1/38, Pre-refunded 12/1/26 @100		1,000		1,274
Winchester Economic Development Authority Revenue 5.00%, 1/1/44, Continuously Callable @100		3,250		3,760
Series S, 5.00%, 1/1/44, Pre-refunded 1/1/24 @100		3,250		3,754
Wise County IDA Revenue, Series A, 0.75%, 10/1/40, (Put Date 9/2/25) (f)		2,500		2,508
				668,033
District of Columbia (3.1%):
Metropolitan Washington Airports Authority Dulles Toll Road Revenue 4.00%, 10/1/53, Continuously Callable @100		1,500		1,639
5.00%, 10/1/53, Continuously Callable @100		4,000		4,182
Series A, 5.00%, 10/1/44, Continuously Callable @100		1,500		1,808
Metropolitan Washington Airports Authority Dulles Toll Road Revenue (INS — Assured Guaranty Municipal Corp.), Series B 10/1/30 (e)		5,500		4,339
Metropolitan Washington Airports Authority Revenue (LOC — TD Bank N.A.), Series D-2, 0.12%, 10/1/39, Continuously Callable @100 (a)		1,650		1,650
Washington Metropolitan Area Transit Authority Revenue 5.00%, 7/1/43, Continuously Callable @100		5,000		6,014
Series A, 4.00%, 7/15/45, Continuously Callable @100		2,500		2,920
				22,552

Security Description	Principal Amount		Value
Guam (5.6%):
Antonio B. Won Pat International Airport Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series B, 5.75%, 10/1/43, Continuously Callable @100	$	1,255	$	1,401
Guam Government Waterworks Authority Revenue 5.00%, 7/1/37, Continuously Callable @100		1,000		1,168
5.00%, 7/1/40, Continuously Callable @100		3,250		3,766
5.50%, 7/1/43, Pre-refunded 7/1/23 @100		4,000		4,565
Series A, 5.00%, 7/1/35, Continuously Callable @100		2,850		3,196
Series A, 5.00%, 1/1/50, Continuously Callable @100		1,000		1,198
Guam Power Authority Revenue Series A, 5.00%, 10/1/31, Continuously Callable @100		500		561
Series A, 5.00%, 10/1/34, Continuously Callable @100		1,000		1,063
Series A, 5.00%, 10/1/40, Continuously Callable @100		4,000		4,499
Guam Power Authority Revenue (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 10/1/39, Continuously Callable @100		750		835
Series A, 5.00%, 10/1/44, Continuously Callable @100		1,000		1,093
Port Authority of Guam Revenue, Series A, 5.00%, 7/1/48, Continuously Callable @100		1,500		1,702
Territory of Guam Revenue Series A, 5.00%, 12/1/46, Continuously Callable @100		1,250		1,336
Series B-1, 5.00%, 1/1/42, Continuously Callable @100		1,500		1,531
Series D, 5.00%, 11/15/39, Continuously Callable @100		2,000		2,167
Territory of Guam Revenue (LOC — Barclays Bank PLC), Series 2017-XF2510, 0.32%, 12/1/46, Callable 12/1/26 @100 (a) (c)		10,870		10,870
				40,951
Total Municipal Bonds (Cost $700,635)				731,536
Total Investments (Cost $700,635) — 99.2%				731,536
Other assets in excess of liabilities — 0.8%				6,220
NET ASSETS — 100.00%			$	737,756

(b) Stepped-coupon security converts to coupon form on 7/15/23 with a rate of 4.75%.

(c) Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid based upon procedures approved by the Board of Trustees. As of September 30, 2020, the fair value of these securities was $51,924 (thousands) and amounted to 7.0% of net assets.

(d) This security is classified as Level 3 within the fair value hierarchy and represents 0.3% of the Fund's net assets as of September 30, 2020. (See Note 2)

(e) Zero-coupon bond.

(f) Put Bond.

(g) Stepped-coupon security converts to coupon form on 7/15/23 with a rate of 4.88%.

	USAA Virginia Bond Fund
Assets:
Investments, at value (Cost $700,635)	$	731,536
Cash		276
Receivables:
Interest		7,113
Capital shares issued		136
From Adviser		2
Prepaid expenses		6
Total Assets		739,069
Liabilities:
Payables:
Distributions		220
Capital shares redeemed		760
Accrued expenses and other payables:
Investment advisory fees		169
Administration fees		90
Transfer agent fees		28
Trustees' fees		4
12b-1 fees		2
Other accrued expenses		40
Total Liabilities		1,313
Net Assets:
Capital		716,279
Total accumulated earnings/(loss)		21,477
Net Assets	$	737,756
Net Assets
Fund Shares	$	715,793
Institutional Shares		3,556
Class A shares		18,407
Total	$	737,756
Shares (unlimited number of shares authorized with no par value):
Fund Shares		61,892
Institutional Shares		307
Class A shares		1,592
Total		63,791
Net asset value, offering and redemption price per share: (a)
Fund Shares	$	11.57
Institutional Shares	$	11.57
Class A shares	$	11.56
Maximum Sales Charge — Class A shares		2.25	%
Maximum offering price
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A shares	$	11.83

(a) Per share amount may not recalculate due to rounding of net assets and/or shares outstanding.

	USAA Virginia Bond Fund
Investment Income:
Interest	$	10,376
Total Income		10,376
*Expenses:**
Investment advisory fees		1,072
Administration fees — Fund Shares		523
Administration fees — Institutional Shares		1
Administration fees — Class A shares		14
Sub-Administration fees		10
12b-1 fees — Class A shares		24
Custodian fees		1
Transfer agent fees — Fund Shares		95
Transfer agent fees — Institutional Shares		1
Transfer agent fees — Class A shares		7
Trustees' fees		21
Compliance fees		2
Legal and audit fees		33
State registration and filing fees		2
Other expenses		23
Total Expenses		1,829
Expenses waived/reimbursed by Adviser		(5	)
Net Expenses		1,824
Net Investment Income (Loss)		8,552
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		83
Net change in unrealized appreciation/depreciation on investment securities		18,947
Net realized/unrealized gains (losses) on investments		19,030
Change in net assets resulting from operations	$	27,582

* Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

	USAA Virginia Bond Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
From Investments:
Operations:
Net investment income (loss)	$	8,552		$	19,474
Net realized gains (losses) from investments		83			380
Net change in unrealized appreciation/depreciation on investments		18,947			(4,249	)
Change in net assets resulting from operations		27,582			15,605
Distributions to Shareholders:
Fund Shares		(8,342	)		(19,127	)
Institutional Shares (a)		(12	)		—
Class A shares		(200	)		(493	)
Change in net assets resulting from distributions to shareholders		(8,554	)		(19,620	)
Change in net assets resulting from capital transactions		13,549			17,564
Change in net assets		32,577			13,549
Net Assets:
Beginning of period		705,179			691,630
End of period	$	737,756		$	705,179

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

(continues on next page)

	USAA Virginia Bond Fund
	Six Months Ended September 30, 2020 (unaudited)			Year Ended March 31, 2020
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	55,696		$	92,819
Distributions reinvested		6,898			15,757
Cost of shares redeemed		(50,848	)		(91,351	)
Total Fund Shares	$	11,746		$	17,225
Institutional Shares (a)
Proceeds from shares issued	$	3,577		$	—
Distributions reinvested		11			—
Cost of shares redeemed		(27	)		—
Total Institutional Shares	$	3,561		$	—
Class A shares
Proceeds from shares issued	$	20,265		$	3,929
Distributions reinvested		195			482
Cost of shares redeemed		(22,218	)		(4,072	)
Total Class A shares	$	(1,758	)	$	339
Change in net assets resulting from capital transactions	$	13,549		$	17,564
Share Transactions:
Fund Shares
Issued		4,854			8,111
Reinvested		604			1,374
Redeemed		(4,452	)		(8,081	)
Total Fund Shares		1,006			1,404
Institutional Shares (a)
Issued		308			—
Reinvested		1			—
Redeemed		(2	)		—
Total Institutional Shares		307			—
Class A shares
Issued		1,770			343
Reinvested		17			42
Redeemed		(1,943	)		(358	)
Total Class A shares		(156	)		27
Change in Shares		1,157			1,431

(a) Institutional Shares activity is for the period June 29, 2020 (commencement of operations) to September 30, 2020.

			Investment Activities								Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) on Investments			Total from Investment Activities		Net Investment Income			Redemption fees added to beneficial interest
USAA Virginia Bond Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)	$	11.26		0.14	(f)		0.31			0.45		(0.14	)		—
Year Ended March 31, 2020	$	11.30		0.31	(f)		(0.04	)		0.27		(0.31	)		—
Year Ended March 31, 2019	$	11.16		0.34			0.14			0.48		(0.34	)		—
Year Ended March 31, 2018	$	11.21		0.34			(0.05	)		0.29		(0.34	)		—
Year Ended March 31, 2017	$	11.52		0.35			(0.31	)		0.04		(0.35	)		—
Year Ended March 31, 2016	$	11.53		0.41			(0.01	)		0.40		(0.41	)		—
Institutional Shares
June 29, 2020 (e) through September 30, 2020 (unaudited)	$	11.46		0.07	(f)		0.11			0.18		(0.07	)		—
Class A shares
Six Months Ended September 30, 2020 (unaudited)	$	11.25		0.12	(f)		0.31			0.43		(0.12	)		—
Year Ended March 31, 2020	$	11.29		0.28	(f)		(0.04	)		0.24		(0.28	)		—
Year Ended March 31, 2019	$	11.16		0.32			0.12			0.44		(0.31	)		—
Year Ended March 31, 2018	$	11.20		0.31			(0.04	)		0.27		(0.31	)		—	(g)
Year Ended March 31, 2017	$	11.51		0.33			(0.31	)		0.02		(0.33	)		—
Year Ended March 31, 2016	$	11.53		0.38			(0.02	)		0.36		(0.38	)		—	(g)

USAA Mutual Funds Trust

Financial Highlights — continued

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return (Excludes Sales *Charges)(a)**			Net Expenses^(b)(c)**			Net Investment Income (Loss)(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)		Portfolio Turnover(a)(d)
USAA Virginia Bond Fund
Fund Shares
Six Months Ended September 30, 2020 (unaudited)		(0.14	)	$	11.57		3.99	%		0.50	%		2.38	%		0.50	%	$	715,793		5	%
Year Ended March 31, 2020		(0.31	)	$	11.26		2.39	%		0.55	%		2.70	%		0.55	%	$	685,508		24	%
Year Ended March 31, 2019		(0.34	)	$	11.30		4.36	%		0.59	%		3.03	%		0.59	%	$	672,191		9	%
Year Ended March 31, 2018		(0.34	)	$	11.16		2.56	%		0.56	%		2.98	%		0.56	%	$	666,772		11	%
Year Ended March 31, 2017		(0.35	)	$	11.21		0.36	%		0.58	%		3.10	%		0.58	%	$	658,452		13	%
Year Ended March 31, 2016		(0.41	)	$	11.52		3.58	%		0.60	%		3.57	%		0.60	%	$	648,913		3	%
Institutional Shares
June 29, 2020 (e) through September 30, 2020 (unaudited)		(0.07	)	$	11.57		1.53	%		0.49	%		2.22	%		0.83	%	$	3,556		5	%
Class A shares
Six Months Ended September 30, 2020 (unaudited)		(0.12	)	$	11.56		3.85	%		0.77	%		2.12	%		0.80	%	$	18,407		5	%
Year Ended March 31, 2020		(0.28	)	$	11.25		2.14	%		0.80	%		2.46	%		0.82	%	$	19,671		24	%
Year Ended March 31, 2019		(0.31	)	$	11.29		4.05	%		0.80	%		2.82	%		0.86	%	$	19,439		9	%
Year Ended March 31, 2018		(0.31	)	$	11.16		2.42	%		0.79	%(h)		2.76	%		0.81	%	$	19,894		11	%
Year Ended March 31, 2017		(0.33	)	$	11.20		0.12	%		0.81	%		2.85	%		0.81	%	$	25,496		13	%
Year Ended March 31, 2016		(0.38	)	$	11.51		3.24	%		0.84	%		3.34	%		0.84	%	$	22,951		3	%

For a Share Outstanding Throughout Each Period

1. Organization:

The accompanying financial statements are those of the USAA Virginia Bond Fund (the "Fund"). The Fund offers three classes of shares: Fund Shares, Institutional Shares, and Class A shares. The Fund is classified as diversified under the 1940 Act.

Effective June 29, 2020, the Fund's Institutional Shares commenced operations and the Adviser Shares were redesignated Class A shares and became subject to a front-end sales charge.

2. Significant Accounting Policies:

Investment Valuation:

• Level 1 — quoted prices in active markets for identical securities

• Level 2 — other significant observable inputs (including quoted prices for similar securities or interest rates applicable to those securities, etc.)

• Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

A summary of the valuations as of September 30, 2020, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	729,079	$	2,457	$	731,536
Total	$	—	$	729,079	$	2,457	$	731,536

For the six months ended September 30, 2020, there were no transfers in or out of the Level 3 fair value hierarchy.

Securities Purchased on a Delayed-Delivery or When-Issued Basis:

Municipal Obligations:

Investment Transactions and Related Income:

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Purchases				Sales				Net Realized Gains (Losses)
$	16,300			$	11,050			$	—

Fees Paid Indirectly:

Expense offsets to custody fees that arise from credits on cash balances maintained on deposit are reflected on the Statement of Operations, as applicable, as Fees paid indirectly.

3. Purchases and Sales:

Excluding U.S. Government Securities
Purchases		Sales
$	30,583	$	51,850

There were no purchases and sales of U.S. government securities during the six months ended September 30, 2020.

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

The performance adjustment for each share class is accrued daily and calculated monthly by comparing each class' performance to that of the Lipper Virginia Municipal Debt Funds Index. The Lipper Virginia Municipal Debt Funds Index tracks the total return performance of funds within the Lipper Virginia Municipal Debt Funds category.

Over/Under Performance Relative to Index (in basis points)(a)		Annual Adjustment Rate (in basis points)(a)
	+/- 20 to 50		+/- 4
	+/- 51 to 100		+/- 5
	+/- 101 and greater		+/- 6

Under the performance fee arrangement, each class pays a positive performance fee adjustment for a performance period whenever the class outperforms the Lipper Virginia Municipal Debt Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period July 1, 2020, to September 30, 2020, performance adjustments for Fund Shares, Institutional Shares, and Class A shares were $(77), less than $(1), and $(2) thousand, respectively. For the Fund Shares, Institutional Shares, and Class A shares, the performance adjustments were (0.02)%, Less than (0.01)%, and (0.02)% of average daily net assets, respectively.

shareholder approval) one or more subadvisers to manage the day-to-day investment of a fund's assets. For the six months ended September 30, 2020, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM serves as the Fund's administrator and fund accountant. Under the Fund Administration, Servicing and Accounting Agreement, VCM is paid for its services an annual fee at a rate of 0.15% of average daily net assets for the Fund Shares, and Class A shares, 0.10% of average daily net assets of the Institutional Shares, respectively. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Administration fees.

The Fund (as part of the Trust) has entered into an agreement to provide compliance services with the Adviser, pursuant to which the Adviser furnishes its compliance personnel, including the services of the Chief Compliance Officer ("CCO"), and other resources reasonably necessary to provide the Trust with compliance oversight services related to the design, administration and oversight of a compliance program for the Trust in accordance with Rule 38a-1 under the 1940 Act. The CCO is an employee of the Adviser, which pays the compensation of the CCO and support staff. Funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios and Victory Portfolios II (collectively, the "Victory Funds Complex") in the aggregate, compensates the Adviser for these services. Amounts incurred for the six months ended September 30, 2020, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Distributor/Underwriting Services:

Other Fees:

Citibank serves as the Fund's custodian.

K&L Gates LLP provides legal services to the Trust.

Expires 3/31/2023				Expires 3/31/2024
$	1			$	5

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, Administrator, Sub-Administrator, Sub-Fund Accountant, and Legal.

5. Risks:

The Fund may be subject to other risks in addition to these identified risks.

to result in, among other things (1) government imposition of various forms of "stay at home" orders and the closing of "non-essential" businesses, resulting in significant disruption to the businesses of many issuers as well as lay-offs of employees: (2) increased requests by issuers of debt instruments for amendments and waivers of agreements to avoid default and increased defaults: (3) volatility and disruption of markets, including greater volatility in pricing and spreads; and (4) rapidly evolving proposals and/or actions by state and federal governments to address problems being experienced by the markets and by businesses and the economy in general.

Decisions by the U.S. Federal Reserve (also known as the "Fed") regarding interest rate and monetary policy, which can be difficult to predict and sometimes change direction suddenly in response to economic and market events, can have a significant effect on the value of fixed-income securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. As a result, the value of fixed- income securities may vary widely under certain market conditions.

6. Borrowing and Interfund Lending:

Line of Credit:

plus one percent) on amounts borrowed. Effective June 29, 2020, under an amended Line of Credit agreement, Citibank will also receive an annual upfront fee of 0.10% on the $300 million committed line of credit. Each fund in the Victory Funds Complex will pay a pro-rata portion of the upfront fee. Interest charged to each Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2020.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2020.

7. Federal Income Tax Information:

The Fund intends to declare daily and distribute any net investment income monthly. Distributable net realized gains, if any, are declared and paid at least annually.

At March 31, 2020, the Fund had net capital loss carryforwards as shown in the table below (amounts in thousands). It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used.

Short-Term Amount				Long-Term Amount				Total
$	1,006			$	8,686			$	9,692

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

Information relating to how the Fund voted proxies relating to portfolio securities held during the most recent 12 months ended June 30 is available on the SEC's website at www.sec.gov.

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020, through September 30, 2020 (unless noted otherwise).

	Beginning Account Value 4/1/20		Actual Ending Account Value 9/30/20		Hypothetical Ending Account Value 9/30/20		Actual Expenses Paid During Period 4/1/20- 9/30/20*		Hypothetical Expenses Paid During Period 4/1/20- 9/30/20*		Annualized Expense Ratio During Period 4/1/20- 9/30/20
Fund Shares	$	1,000.00	$	1,039.90	$	1,022.56	$	2.56	$	2.54		0.50	%
Institutional Shares**		1,000.00		1,015.30		1,022.61		1.26		2.48		0.49	%
Class A shares		1,000.00		1,038.50		1,021.21		3.93		3.90		0.77	%

Liquidity Risk Management Program

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

(a)The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


15935 La Cantera Pkwy, Building Two, San Antonio, Texas	78256
(Address of principal executive offices)	(Zip code)

General Obligation	22.8	%
Hospital	16.1	%
Special Assessment/Tax/Fee	10.2	%
Appropriated Debt	9.8	%
Water/Sewer Utility	9.3	%
Multifamily Housing	7.7	%
Toll Road	5.6	%
Nursing/CCRC	4.4	%
Real Estate Tax/Fee	4.4	%
Education	3.1	%

Apple, Inc.	5.2	%
Microsoft Corp.	1.9	%
The Home Depot, Inc.	1.6	%
The Procter & Gamble Co.	1.6	%
Intel Corp.	1.5	%
UnitedHealth Group, Inc.	1.5	%
Roche Holding AG	1.4	%
NVIDIA Corp.	1.4	%
Johnson & Johnson	1.2	%
Amgen, Inc.	1.2	%

Education	22.3	%
Special Assessment/Tax/Fee	17.6	%
Hospital	14.4	%
Escrowed Bonds	9.5	%
General Obligation	8.7	%
Buildings	3.8	%
Multifamily Housing	3.4	%
Electric/Gas Utility	3.0	%
Nursing/CCRC	2.8	%
Appropriated Debt	2.3	%

Hospital	20.2	%
Special Assessment/Tax/Fee	11.7	%
General Obligation	10.6	%
Education	8.4	%
Toll Road	7.2	%
Appropriated Debt	5.9	%
Electric/Gas Utility	5.8	%
Electric Utilities	5.1	%
Escrowed Bonds	4.4	%
Nursing/CCRC	3.4	%

Hospital	18.3	%
General Obligation	13.1	%
Education	11.8	%
Nursing/CCRC	8.3	%
Escrowed Bonds	6.9	%
Special Assessment/Tax/Fee	6.8	%
Toll Road	6.4	%
Water/Sewer Utility	4.4	%
Electric/Gas Utility	3.8	%
Electric Utilities	3.7	%

Electric Utilities	14.7	%
General Obligation	14.5	%
Education	9.3	%
Hospital	7.4	%
Steel	6.8	%
Community Service	6.8	%
Nursing/CCRC	5.8	%
Buildings	5.2	%
Diversified Chemicals	4.2	%
Integrated Oil & Gas	3.7	%

Hospital	20.9	%
General Obligation	20.5	%
Electric/Gas Utility	9.5	%
Special Assessment/Tax/Fee	8.4	%
Education	6.9	%
Electric Utilities	6.9	%
Oil & Gas Refining & Marketing	3.8	%
Appropriated Debt	3.6	%
Multifamily Housing	2.9	%
Steel	1.9	%

Hospital	20.6	%
Education	15.5	%
Appropriated Debt	10.5	%
Escrowed Bonds	7.8	%
Multifamily Housing	6.3	%
Nursing/CCRC	6.0	%
Toll Road	5.2	%
Special Assessment/Tax/Fee	4.2	%
Health Miscellaneous	4.0	%
Water/Sewer Utility	3.8	%

By (Signature and Title)*	/s/ James K. De Vries
	James K. De Vries, Principal Financial Officer

By (Signature and Title)*	/s/ Christopher K. Dyer
	Christopher K. Dyer, Principal Executive Officer