Investment Company Act file number:                   811-07852

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

Security Description	Shares		Value
Common Stocks (99.2%)
Australia (0.8%):
Energy (0.1%):
Washington H Soul Pattinson & Co. Ltd. (a)		3,210	$	89
Financials (0.4%):
ASX Ltd.		4,306		249
Materials (0.3%):
Evolution Mining Ltd.		70,468		178
				516
Austria (0.1%):
Energy (0.1%):
OMV AG		1,357		82
Belgium (0.4%):
Communication Services (0.3%):
Telenet Group Holding NV		4,803		183
Consumer Staples (0.1%):
Etablissements Franz Colruyt NV		1,235		63
				246
Canada (5.5%):
Consumer Discretionary (0.6%):
Dollarama, Inc.		3,899		169
Magna International, Inc.		2,945		222
				391
Consumer Staples (0.1%):
Metro, Inc.		1,399		68
Energy (0.8%):
Canadian Natural Resources Ltd.		10,141		371
Parkland Corp.		4,259		119
				490
Financials (3.3%):
Bank of Montreal		5,065		506
Manulife Financial Corp.		13,254		255
Power Corp. of Canada		9,948		328
Sun Life Financial, Inc.		6,426		331
The Bank of Nova Scotia		4,500		277
The Toronto-Dominion Bank		5,611		371
				2,068
Industrials (0.2%):
Thomson Reuters Corp.		855		95

Security Description	Shares		Value
Information Technology (0.5%):
Constellation Software, Inc.		178	$	292
				3,404
Denmark (1.1%):
Health Care (0.9%):
Coloplast A/S Class B		1,254		196
Novo Nordisk A/S Class B		3,439		331
				527
Industrials (0.2%):
AP Moller — Maersk A/S Class B		55		149
				676
Finland (0.7%):
Communication Services (0.1%):
Elisa Oyj		1,132		70
Utilities (0.6%):
Fortum Oyj		11,424		347
				417
France (0.5%):
Consumer Staples (0.5%):
L'Oreal SA		780		323
Germany (1.5%):
Consumer Discretionary (0.2%):
Volkswagen AG Preference Shares		398		89
Financials (1.1%):
Allianz SE Registered Shares		2,734		613
Deutsche Boerse AG		366		59
				672
Industrials (0.1%):
Deutsche Post AG Registered Shares		1,063		67
Information Technology (0.1%):
SAP SE		603		81
				909
Hong Kong (0.9%):
Consumer Discretionary (0.1%):
Xinyi Glass Holdings Ltd.		26,000		77
Financials (0.3%):
Hong Kong Exchanges and Clearing Ltd.		2,600		160
Industrials (0.2%):
Jardine Matheson Holdings Ltd.		2,000		106
Utilities (0.3%):
Power Assets Holdings Ltd.		37,000		217
				560

Security Description	Shares		Value
Ireland (1.9%):
Health Care (0.1%):
STERIS PLC		353	$	72
Industrials (0.6%):
Eaton Corp. PLC		1,889		282
Trane Technologies PLC		728		126
				408
Information Technology (1.2%):
Seagate Technology Holdings PLC		8,852		730
				1,210
Italy (0.5%):
Utilities (0.5%):
Enel SpA		25,013		192
Terna — Rete Elettrica Nazionale		19,120		136
				328
Japan (7.7%):
Communication Services (2.2%):
Kakaku.com, Inc.		2,700		87
KDDI Corp.		14,700		484
Nintendo Co. Ltd.		800		382
Nippon Telegraph & Telephone Corp.		16,400		455
				1,408
Consumer Discretionary (1.6%):
Bridgestone Corp.		5,100		241
Iida Group Holdings Co. Ltd.		7,500		193
Sony Group Corp.		1,500		167
Toyota Motor Corp.		21,500		383
				984
Consumer Staples (0.5%):
Seven & i Holdings Co. Ltd.		6,400		291
Energy (0.5%):
ENEOS Holdings, Inc.		80,400		327
Financials (1.0%):
ORIX Corp.		9,100		170
Resona Holdings, Inc.		29,800		119
Sumitomo Mitsui Financial Group, Inc.		10,000		352
				641
Health Care (0.3%):
Hoya Corp.		1,100		172
Industrials (0.7%):
ITOCHU Corp.		10,600		309
Mitsubishi Corp.		4,100		129
				438

Security Description	Shares		Value
Information Technology (0.7%):
Fujitsu Ltd.		1,100	$	199
Nomura Research Institute Ltd.		3,100		114
Seiko Epson Corp.		5,100		103
				416
Materials (0.2%):
Asahi Kasei Corp.		13,300		142
				4,819
Netherlands (2.8%):
Communication Services (0.3%):
Koninklijke KPN NV		56,389		177
Consumer Staples (0.8%):
Koninklijke Ahold Delhaize NV		14,985		499
Industrials (0.5%):
Wolters Kluwer NV		3,057		324
Information Technology (0.8%):
ASML Holding NV		625		467
Materials (0.4%):
LyondellBasell Industries NV Class A		2,763		259
				1,726
Singapore (0.7%):
Financials (0.7%):
DBS Group Holdings Ltd.		3,400		76
Oversea-Chinese Banking Corp. Ltd.		7,000		59
Singapore Exchange Ltd.		26,400		193
United Overseas Bank Ltd.		6,400		121
				449
Spain (1.3%):
Energy (0.3%):
Enagas SA		6,585		146
Utilities (1.0%):
Endesa SA		9,299		188
Iberdrola SA		9,493		95
Red Electrica Corp. SA		17,395		349
				632
				778
Sweden (0.3%):
Consumer Discretionary (0.3%):
Husqvarna AB Class B		16,012		191
Switzerland (6.0%):
Consumer Discretionary (0.5%):
Garmin Ltd.		1,881		292
Consumer Staples (0.8%):
Nestle SA Registered Shares		4,121		497

Security Description	Shares		Value
Financials (0.8%):
Partners Group Holding AG		96	$	150
Zurich Insurance Group AG		843		345
				495
Health Care (1.8%):
Novartis AG Registered Shares		8,016		657
Roche Holding AG		1,375		502
				1,159
Industrials (1.4%):
ABB Ltd. Registered Shares		6,186		207
Geberit AG Registered Shares		660		485
SGS SA Registered Shares		58		169
				861
Materials (0.7%):
EMS-Chemie Holding AG		77		73
Givaudan SA Registered Shares		50		228
Holcim Ltd.		2,542		122
				423
				3,727
United Kingdom (2.8%):
Consumer Staples (1.0%):
British American Tobacco PLC		18,338		641
Financials (0.5%):
Admiral Group PLC		4,108		172
Aon PLC Class A		448		128
				300
Industrials (0.6%):
Ferguson PLC		626		87
Intertek Group PLC		1,012		68
RELX PLC		8,774		252
				407
Information Technology (0.2%):
The Sage Group PLC		13,234		126
Materials (0.5%):
Rio Tinto PLC		4,333		284
				1,758
United States (63.7%):
Communication Services (3.4%):
Activision Blizzard, Inc.		866		67
Comcast Corp. Class A		4,505		252
Omnicom Group, Inc.		10,072		730
The Interpublic Group of Cos., Inc.		5,500		202
Verizon Communications, Inc.		15,776		852
				2,103

Security Description	Shares		Value
Consumer Discretionary (5.7%):
Best Buy Co., Inc.		5,806	$	614
D.R. Horton, Inc.		1,235		104
Genuine Parts Co.		3,457		419
Lowe's Cos., Inc.		1,693		343
McDonald's Corp.		930		224
Starbucks Corp.		1,909		211
Target Corp.		3,227		738
The Home Depot, Inc.		2,478		813
Tractor Supply Co.		428		87
				3,553
Consumer Staples (5.5%):
Bunge Ltd.		1,054		86
Campbell Soup Co.		3,100		130
Colgate-Palmolive Co.		3,883		293
General Mills, Inc.		5,218		312
Kimberly-Clark Corp.		745		99
Philip Morris International, Inc.		7,934		752
The Clorox Co.		2,101		348
The Hershey Co.		1,176		199
The Kroger Co.		9,494		384
The Procter & Gamble Co.		2,262		316
Tyson Foods, Inc. Class A		3,679		290
Walgreens Boots Alliance, Inc.		3,693		174
Walmart, Inc.		459		64
				3,447
Energy (1.1%):
Cabot Oil & Gas Corp.		5,215		114
ConocoPhillips		3,135		212
EOG Resources, Inc.		4,204		337
				663
Financials (10.0%):
Aflac, Inc.		3,700		193
Ameriprise Financial, Inc.		1,893		500
Citizens Financial Group, Inc.		3,500		164
Comerica, Inc.		1,389		112
Erie Indemnity Co. Class A		884		158
Fifth Third Bancorp		5,000		212
Huntington Bancshares, Inc.		17,386		269
KeyCorp		26,225		567
M&T Bank Corp.		2,577		385
MetLife, Inc.		6,854		423
Morgan Stanley		1,774		172
MSCI, Inc.		554		337
Regions Financial Corp.		9,856		210
S&P Global, Inc.		868		369
T. Rowe Price Group, Inc.		4,032		793
The Allstate Corp.		3,932		500
The Goldman Sachs Group, Inc.		703		266
The PNC Financial Services Group, Inc.		1,394		273
The Progressive Corp.		2,287		207
The Travelers Cos., Inc.		1,000		152
				6,262

Security Description	Shares		Value
Health Care (8.2%):
Abbott Laboratories		2,500	$	295
AmerisourceBergen Corp.		550		66
Amgen, Inc.		3,112		662
Anthem, Inc.		784		292
Bristol-Myers Squibb Co.		3,256		193
Cardinal Health, Inc.		2,964		147
CVS Health Corp.		791		67
Danaher Corp.		534		163
Eli Lilly & Co.		2,095		484
Johnson & Johnson		4,762		769
Medtronic PLC		1,251		157
Pfizer, Inc.		12,305		529
Quest Diagnostics, Inc.		945		137
Stryker Corp.		460		121
Thermo Fisher Scientific, Inc.		258		147
UnitedHealth Group, Inc.		2,293		896
				5,125
Industrials (7.6%):
3M Co.		3,247		570
C.H. Robinson Worldwide, Inc.		858		75
Cummins, Inc.		1,955		439
Fastenal Co.		5,169		267
FedEx Corp.		326		72
Honeywell International, Inc.		956		203
Illinois Tool Works, Inc.		1,208		250
Lockheed Martin Corp.		1,372		473
Norfolk Southern Corp.		419		100
Northrop Grumman Corp.		334		120
PACCAR, Inc.		3,754		296
Parker-Hannifin Corp.		215		60
Republic Services, Inc.		668		80
Robert Half International, Inc.		4,014		403
Rockwell Automation, Inc.		1,409		414
Snap-on, Inc.		700		146
Union Pacific Corp.		824		162
United Parcel Service, Inc. Class B		1,961		357
W.W. Grainger, Inc.		384		151
Waste Management, Inc.		482		72
				4,710
Information Technology (16.2%):
Apple, Inc.		14,897		2,108
Applied Materials, Inc.		2,366		304
Broadcom, Inc.		804		390
Cisco Systems, Inc.		11,744		639
HP, Inc.		6,763		185
Intel Corp.		7,444		397
Intuit, Inc.		430		232
Juniper Networks, Inc.		4,700		129

Security Description	Shares		Value
Lam Research Corp.		147	$	84
Mastercard, Inc. Class A		412		143
Microsoft Corp.		8,222		2,318
NetApp, Inc.		9,071		814
NVIDIA Corp.		1,388		287
Oracle Corp.		5,220		455
Paychex, Inc.		2,331		262
QUALCOMM, Inc.		1,633		211
Texas Instruments, Inc.		5,160		992
Visa, Inc. Class A		758		169
				10,119
Materials (3.1%):
Air Products & Chemicals, Inc.		307		79
Celanese Corp.		1,096		165
International Paper Co.		6,618		370
Nucor Corp.		2,812		277
Packaging Corp. of America		3,352		461
PPG Industries, Inc.		1,600		229
RPM International, Inc.		1,083		84
Steel Dynamics, Inc.		1,455		85
The Sherwin-Williams Co.		747		209
				1,959
Utilities (2.9%):
American Electric Power Co., Inc.		1,400		114
Duke Energy Corp.		4,073		397
Exelon Corp.		4,236		205
NRG Energy, Inc.		8,439		345
OGE Energy Corp.		6,617		218
UGI Corp.		12,979		553
				1,832
				39,773
Total Common Stocks (Cost $47,052)				61,892
Collateral for Securities Loaned^ (0.2%)
United States (0.2%):
HSBC U.S. Government Money Market Fund I Shares, 0.03% (b)		93,467		93
Total Collateral for Securities Loaned (Cost $93)				93
Total Investments (Cost $47,145) — 99.4%				61,985
Other assets in excess of liabilities — 0.6%				405
NET ASSETS — 100.00%			$	62,390

^ Purchased with cash collateral from securities on loan.

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

(b) Rate disclosed is the daily yield on September 30, 2021.

PLC — Public Limited Company

	USAA Global Equity Income Fund
Assets:
Investments, at value (Cost $47,145)	$	61,985	(a)
Foreign currency, at value (Cost $9)		9
Cash		298
Receivables:
Interest and dividends		148
Capital shares issued		1
Reclaims		126
From Adviser		18
Prepaid expenses		13
Total Assets		62,598
Liabilities:
Payables:
Collateral received on loaned securities		93
Capital shares redeemed		18
Accrued expenses and other payables:
Investment advisory fees		28
Administration fees		8
Custodian fees		4
Transfer agent fees		12
Compliance fees		—	(b)
Trustees' fees		1
Other accrued expenses		44
Total Liabilities		208
Net Assets:
Capital		42,626
Total accumulated earnings/(loss)		19,764
Net Assets	$	62,390
Net Assets
Fund Shares	$	62,368
Institutional Shares		22
Total	$	62,390
Shares (unlimited number of shares authorized with no par value):
Fund Shares		4,987
Institutional Shares		2
Total		4,989
Net asset value, offering and redemption price per share: (c)
Fund Shares	$	12.51
Institutional Shares	$	12.21

(a) Includes $88 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Global Equity Income Fund
Investment Income:
Dividends	$	944
Securities lending (net of fees)		1
Foreign tax withholding		(48	)
Total Income		897
Expenses:
Investment advisory fees		181
Administration fees — Fund Shares		49
Administration fees — Institutional Shares		—	(a)
Sub-Administration fees		11
Custodian fees		12
Transfer agent fees — Fund Shares		44
Transfer agent fees — Institutional Shares		—	(a)
Trustees' fees		24
Compliance fees		—	(a)
Legal and audit fees		28
State registration and filing fees		14
Interfund lending fees		—	(a)
Interest fees		—	(a)
Other expenses		25
Total Expenses		388
Expenses waived/reimbursed by Adviser		(40	)
Net Expenses		348
Net Investment Income (Loss)		549
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities and foreign currency translations		5,529
Net change in unrealized appreciation/depreciation on investment securities and foreign currency transactions		(2,384	)
Net realized/unrealized gains (losses) on investments		3,145
Change in net assets resulting from operations	$	3,694

(a) Rounds to less than $1 thousand.

	USAA Global Equity Income Fund
	Six Months Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	549		$	1,215
Net realized gains (losses) from investments		5,529			(359	)
Net change in unrealized appreciation/depreciation on investments		(2,384	)		25,890
Change in net assets resulting from operations		3,694			26,746
Distributions to Shareholders:
Fund Shares		(669	)		(1,102	)
Institutional Shares		—			(89	)
Change in net assets resulting from distributions to shareholders		(669	)		(1,191	)
Change in net assets resulting from capital transactions		(16,347	)		(14,549	)
Change in net assets		(13,322	)		11,006
Net Assets:
Beginning of period		75,712			64,706
End of period	$	62,390		$	75,712
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	2,433		$	5,174
Distributions reinvested		667			921
Cost of shares redeemed		(13,206	)		(20,644	)
Total Fund Shares	$	(10,106	)	$	(14,549	)
Institutional Shares
Proceeds from shares issued	$	22		$	—
Cost of shares redeemed		(6,263	)		—
Total Institutional Shares	$	(6,241	)	$	—
Change in net assets resulting from capital transactions	$	(16,347	)	$	(14,549	)
Share Transactions:
Fund Shares
Issued		191			499
Reinvested		53			90
Redeemed		(1,049	)		(1,981	)
Total Fund Shares		(805	)		(1,392	)
Institutional Shares
Issued		2			—
Redeemed		(500	)		—
Total Institutional Shares		(498	)		—
Change in Shares		(1,303	)		(1,392	)

			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, 2021 (unaudited)	$	12.03		0.11	(d)		0.50			0.61			(0.13	)		—
Year Ended March 31: 2021	$	8.42		0.17	(d)		3.61			3.78			(0.17	)		—
2020	$	10.51		0.24	(d)		(1.57	)		(1.33	)		(0.22	)		(0.54	)
2019	$	10.88		0.27			0.06			0.33			(0.27	)		(0.43	)
2018	$	10.42		0.23			0.54			0.77			(0.23	)		(0.08	)
2017	$	9.39		0.21			1.03			1.24			(0.21	)		—
Institutional Shares
Six Months Ended September 30, 2021 (unaudited)	$	12.04		0.08	(d)		0.09			0.17			—			—
Year Ended March 31: 2021	$	8.43		0.18	(d)		3.61			3.79			(0.18	)		—
2020	$	10.52		0.25	(d)		(1.56	)		(1.31	)		(0.24	)		(0.54	)
2019	$	10.89		0.27			0.07			0.34			(0.28	)		(0.43	)
2018	$	10.43		0.23			0.54			0.77			(0.23	)		(0.08	)
2017	$	9.39		0.23			1.02			1.25			(0.21	)		—

									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, 2021 (unaudited)		(0.13	)	$	12.51		5.09	%		1.04	%		1.65	%		1.15	%	$	62,368		10	%
Year Ended March 31: 2021		(0.17	)	$	12.03		45.23	%		1.03	%		1.65	%		1.18	%	$	69,690		46	%(e)
2020		(0.76	)	$	8.42		(14.02	)%		1.00	%		2.30	%		1.14	%	$	60,491		109	%(f)
2019		(0.70	)	$	10.51		3.43	%		1.03	%(g)		2.56	%		1.10	%	$	75,086		15	%
2018		(0.31	)	$	10.88		7.41	%		1.05	%		2.17	%		1.05	%	$	96,101		22	%
2017		(0.21	)	$	10.42		13.33	%		1.20	%		2.28	%		1.26	%	$	85,830		22	%
Institutional Shares
Six Months Ended September 30, 2021 (unaudited)		—		$	12.21		1.41	%		1.05	%		1.34	%		2.47	%	$	22		10	%
Year Ended March 31: 2021		(0.18	)	$	12.04		45.32	%		0.93	%		1.74	%		1.25	%	$	6,022		46	%(e)
2020		(0.78	)	$	8.43		(13.90	)%		0.90	%		2.40	%		1.51	%	$	4,215		109	%(f)
2019		(0.71	)	$	10.52		3.47	%		0.97	%(h)		2.58	%		1.22	%	$	5,261		15	%
2018		(0.31	)	$	10.89		7.35	%		1.10	%		2.14	%		1.29	%	$	5,447		22	%
2017		(0.21	)	$	10.43		13.49	%		1.10	%		2.40	%		1.55	%	$	5,214		22	%

See notes to financial statements.

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 46 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 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.

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 risks associated with entering into those investments.

Victory Capital Management Inc. ("VCM" or 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.

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 their 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, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of 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. The valuations are considered as Level 2 in the fair value hierarchy.

A summary of the valuations as of September 30, 2021, 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	$	45,067	$	16,825	$	—	$	61,892
Collateral for Securities Loaned		93		—		—		93
Total	$	45,160	$	16,825	$	—	$	61,985

For the six months ended September 30, 2021, there were no transfers in or out of Level 3 in the 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:

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.

Foreign Exchange Currency Contracts:

The Fund may enter into foreign exchange currency contracts to convert U.S. dollars to and from various foreign currencies. A foreign exchange currency contract is an obligation by the Fund to

purchase or sell a specific currency at a future date at a price (in U.S. dollars) set at the time of the contract. The Fund does not engage in "cross-currency" foreign exchange contracts (i.e., contracts to purchase or sell one foreign currency in exchange for another foreign currency). The Fund's foreign exchange currency contracts might be considered spot contracts (typically a contract of one week or less) or forward contracts (typically a contract term over one week). A spot contract is entered into for purposes of hedging against foreign currency fluctuations relating to a specific portfolio transaction, such as the delay between a security transaction trade date and settlement date. Forward contracts are entered into for purposes of hedging portfolio holdings or concentrations of such holdings. Each foreign exchange currency contract is adjusted daily by the prevailing spot or forward rate of the underlying currency, and any appreciation or depreciation is recorded for financial statement purposes as unrealized until the contract settlement date, at which time the Fund records realized gains or losses equal to the difference between the value of a contract at the time it was opened and the value at the time it was closed. The Fund could be exposed to risk if a counterparty is unable to meet the terms of a foreign exchange currency contract or if the value of the foreign currency changes unfavorably. In addition, the use of foreign exchange currency contracts does not eliminate fluctuations in the underlying prices of the securities. As of September 30, 2021, the Fund had no open forward foreign exchange currency contracts.

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 or 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 discounts. Dividend income is recorded on the ex-dividend date. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Withholding taxes on interest, dividends and gains as a result of certain investments in ADRs by the Fund have 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 Securities and Exchange Commission ("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 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, 2021.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	88			$	—			$	93

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 investment securities 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 (losses) from investment securities 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:

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 an 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, 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:

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, 2021, were as follows for the Fund (amounts in thousands):

Excluding U.S. Government Securities
Purchases		Sales
$	6,648	$	23,228

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the SEC. The Adviser is an indirect wholly owned 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, 2021, are reflected on the Statement of Operations as Investment Advisory fees.

On November 6, 2018, United Services Automobile Association ("USAA"), the parent company of USAA Asset Management Company ("AMCO"), the prior investment adviser to the Fund announced that AMCO would be acquired by Victory Capital Holdings Inc. (the "Transaction"). A special shareholder meeting was held on April 18, 2019, at which shareholders of the Fund approved a new investment advisory agreement between the Trust, on behalf of the Fund, and VCM. The Transaction closed on July 1, 2019, and effective July 1, 2019, VCM replaced AMCO as the investment adviser to the Fund and no performance adjustments were made for the period 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 the largest funds within the Lipper Global Equity Income 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)
	+/- 100 to 400		+/- 4
	+/- 401 to 700		+/- 5
	+/- 701 and greater		+/- 6

^(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

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 Global Equity Income Funds Index over that period, even if the class has overall negative returns during the performance period.

For the period April 1, 2021, to September 30, 2021, performance adjustments were $14 and $1 for Fund Shares and Institutional Shares, in thousands, respectively. Performance adjustments were 0.04% and 0.15% for Fund Shares and Institutional Shares, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

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, 2021, 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 an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15% and 0.10%, which is based on the Fund's average daily net assets of the Fund Shares and Institutional Shares, respectively. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Administration 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 out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Sub-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, compensate the Adviser for these services. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA 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 the 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, 2021, 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, and receives no fee or other compensation for these services.

Other Fees:

Citibank serves as the Fund's custodian. The Fund pays Citibank a fee for providing these services. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Custodian fees.

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 June 30, 2023. 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. Acquired fund fees and expenses, 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, 2021, the expense limits (excluding voluntary waivers) were 1.00% and 0.90% for Fund Shares and Institutional Shares, respectively.

Under the terms of the expense limitation agreement, amended May 1, 2021, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty-six (36) months) after 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. Prior to May 1, 2021, the Fund was permitted to recoup fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

As of September 30, 2021, the following amounts are 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, 2021.

Expires 2023				Expires 2024				Expires 2025				Total
$	93			$	117			$	40			$	250

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, 2021.

Certain officers and/or interested trustees of the Fund are also officers and/or employees of the Adviser, administrator, fund accountant, sub-administrator, sub-fund accountant, custodian, and Distributor.

5. Risks:

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

Market Risk — 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.

Equity Risk — 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 Securities Risk — 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:

The Victory Funds Complex participates in a short-term demand note "Line of Credit" agreement with Citibank. The Line of Credit agreement with Citibank was renewed on June 29, 2021, with a termination date of June 27, 2022. 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, another series of the Victory Funds Complex, with Victory Floating Rate Fund paying the related commitment fees for that amount. The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended September 30, 2021, 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. Prior to June 29, 2021, the Victory Funds Complex paid an annual commitment fee of 0.15% and an upfront fee of 0.10%. Each Fund in the Victory Funds Complex paid 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, 2021.

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 that is permitted to participate in the Facility, 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, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. 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 presented on the Statement of Operations under Interfund lending.

The average borrowing or lending for the days outstanding and average interest rate for the Fund that utilized the Facility during the six months ended September 30, 2021, were as follows (amounts in thousands):

Borrower or Lender				Amount Outstanding at September 30, 2021				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower				$	—			$	3,888				1				0.57	%		$	3,888

* For the six months ended September 30, 2021, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

The Fund intends to 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.

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, 2022.

As of the tax year ended March 31, 2021, 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
$	697			$	—			$	697

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) 235-8396. 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. Form N-PORT is 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 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, 2021, through September 30, 2021.

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 4/1/21		Actual Ending Account Value 9/30/21		Hypothetical Ending Account Value 9/30/21		Actual Expenses Paid During Period 4/1/21- 9/30/21*		Hypothetical Expenses Paid During Period 4/1/21- 9/30/21*		Annualized Expense Ratio During Period 4/1/21- 9/30/21
Fund Shares	$	1,000.00	$	1,050.90	$	1,019.85	$	5.35	$	5.27		1.04	%
Institutional Shares		1,000.00		1,014.10		1,019.80		5.30		5.32		1.05	%

* 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).

Security Description	Principal Amount		Value
Municipal Bonds (99.1%)
California (96.0%):
Abag Finance Authority for Nonprofit Corp. Revenue, 5.00%, 7/1/42, Pre-refunded 7/1/22 @100	$	1,500	$	1,554
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		4,515
Adelanto Public Utility Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 7/1/39, Continuously Callable @100		2,000		2,417
Alameda Corridor Transportation Authority Revenue, Series B, 5.00%, 10/1/37, Continuously Callable @100		2,000		2,335
Albany Unified School District, GO Series B, 5.00%, 8/1/43, Continuously Callable @100		2,000		2,384
Series B, 4.00%, 8/1/46, Continuously Callable @100		1,500		1,680
Anaheim Public Financing Authority Revenue, Series A, 5.00%, 5/1/46, Continuously Callable @100		1,500		1,624
Bay Area Toll Authority Revenue 1.30% (MUNIPSA+125bps), 4/1/36, (Put Date 4/1/27) (a) (b)		15,000		15,328
Series H, 5.00%, 4/1/49, Continuously Callable @100		4,000		5,014
Burbank Unified School District, GO 8/1/33, Continuously Callable @100 (c)		3,085		3,477
8/1/34, Continuously Callable @100 (d)		3,000		3,380
California Community Housing Agency Revenue, Series A, 5.00%, 8/1/50, Continuously Callable @100 (e)		2,000		2,286
California County Tobacco Securitization Agency Revenue 1.38%, 6/1/30		20		20
4.00%, 6/1/49, Continuously Callable @100		500		576
Series A, 4.00%, 6/1/49, Continuously Callable @100		500		577
Series A, 4.00%, 6/1/49, Continuously Callable @100		1,000		1,152
California Educational Facilities Authority Revenue 5.00%, 10/1/43, Continuously Callable @100		2,000		2,444
5.00%, 10/1/48, Continuously Callable @100		2,000		2,425
5.00%, 10/1/49, Continuously Callable @100		3,100		3,605
Series A, 5.00%, 10/1/37, Continuously Callable @100		1,000		1,164
California Enterprise Development Authority Revenue 4.00%, 11/1/49, Continuously Callable @100		1,900		2,145
4.00%, 11/1/50, Continuously Callable @100		680		768
California Health Facilities Financing Authority Revenue 4.00%, 3/1/39, Continuously Callable @100		7,375		8,181
4.00%, 10/1/47, Continuously Callable @100		10,000		11,124
Series A, 5.00%, 7/1/33, Continuously Callable @100		5,000		5,394
Series A, 5.00%, 11/15/39, Continuously Callable @100		2,100		2,215
Series A, 5.00%, 8/15/42, Continuously Callable @100		1,000		1,180
Series A, 4.00%, 4/1/45, Continuously Callable @100		2,500		2,876
Series A, 4.00%, 4/1/49, Continuously Callable @100		1,000		1,150
Series A, 4.00%, 8/15/50, Continuously Callable @100		2,000		2,304
Series A-2, 5.00%, 11/1/47		10,000		14,756
Series B, 4.00%, 11/15/41, Continuously Callable @100		14,000		15,745

Security Description	Principal Amount		Value
California Health Facilities Financing Authority Revenue (NBGA — California Health Insurance Construction Loan Insurance Program) 5.00%, 7/1/39, Continuously Callable @100	$	1,050	$	1,196
5.00%, 6/1/42, Continuously Callable @100		7,805		8,035
5.00%, 7/1/44, Continuously Callable @100		2,300		2,608
California Infrastructure & Economic Development Bank Revenue 0.40% (MUNIPSA+35bps), 8/1/47, (Put Date 8/1/24) (a) (b)		2,250		2,253
4.00%, 7/1/50, Continuously Callable @100		4,000		4,550
California Municipal Finance Authority Revenue 4.00%, 1/1/38, Continuously Callable @100		250		294
4.00%, 1/1/39, Continuously Callable @100		450		529
4.00%, 5/15/39, Continuously Callable @100		500		596
4.00%, 1/1/40, Continuously Callable @100		440		516
4.00%, 5/15/40, Continuously Callable @100		550		653
4.00%, 1/1/41, Continuously Callable @100		400		468
4.00%, 5/15/41, Continuously Callable @100		550		653
5.00%, 6/1/43, Continuously Callable @100		2,500		3,082
4.00%, 5/15/46, Continuously Callable @100		1,000		1,174
4.00%, 10/1/49, Continuously Callable @100		2,500		2,882
4.00%, 10/1/51, Continuously Callable @100		1,150		1,335
Series A, 5.00%, 2/1/37, Continuously Callable @100		750		899
Series A, 5.00%, 2/1/42, Continuously Callable @100		1,000		1,190
Series A, 4.00%, 10/1/44, Continuously Callable @100		2,000		2,199
Series A, 5.00%, 2/1/47, Continuously Callable @100		1,000		1,186
Series A, 5.00%, 7/1/47, Continuously Callable @100		1,000		1,179
Series A, 5.00%, 6/1/50, Continuously Callable @100		1,000		1,131
California Municipal Finance Authority Revenue (NBGA — California Health Insurance Construction Loan Insurance Program) 4.13%, 5/15/39, Continuously Callable @100		1,900		2,103
4.13%, 5/15/46, Continuously Callable @100		2,100		2,275
Series B, 5.00%, 5/15/47, Continuously Callable @102		2,500		2,827
California Pollution Control Financing Authority Revenue 5.00%, 7/1/39, Continuously Callable @100 (e)		6,000		7,235
5.00%, 11/21/45, Continuously Callable @100 (e)		2,000		2,386
California Public Finance Authority Revenue 5.00%, 10/15/37, Continuously Callable @100		1,000		1,170
5.00%, 10/15/47, Continuously Callable @100		3,000		3,427
Series B, 4.00%, 10/15/51, (Put Date 10/15/31) (a) (b)		685		819
California School Finance Authority Revenue 5.00%, 8/1/41, Continuously Callable @100 (e)		1,600		1,824
5.00%, 8/1/41, Pre-refunded 8/1/25 @100 (e)		150		176
5.00%, 8/1/46, Pre-refunded 8/1/25 @100 (e)		200		235
5.00%, 8/1/46, Continuously Callable @100 (e)		2,050		2,302
Series A, 5.00%, 7/1/47, Continuously Callable @100 (e)		1,370		1,611
Series A, 5.00%, 7/1/49, Continuously Callable @100 (e)		1,000		1,202
Series A, 5.00%, 7/1/54, Continuously Callable @100 (e)		2,150		2,566
California State Public Works Board Revenue, Series B, 4.00%, 5/1/46, Continuously Callable @100		3,000		3,533

Security Description	Principal Amount		Value
California Statewide Communities Development Authority Revenue 5.00%, 5/15/24	$	1,300	$	1,450
5.00%, 5/15/40, Continuously Callable @100		2,750		3,204
5.00%, 5/15/42, Continuously Callable @100		1,500		1,538
5.00%, 11/1/43, Pre-refunded 11/1/24 @100		500		572
5.00%, 10/1/46, Continuously Callable @100		2,750		3,258
5.00%, 5/15/47, Continuously Callable @100		1,500		1,538
5.00%, 5/15/47, Continuously Callable @100		1,000		1,184
5.00%, 1/1/48, Continuously Callable @100		1,995		2,344
5.00%, 7/1/48, Continuously Callable @100		4,000		4,771
5.00%, 5/15/50, Continuously Callable @100		1,000		1,181
4.00%, 4/1/51, Continuously Callable @100		3,750		4,299
Series A, 5.00%, 5/15/25		2,180		2,516
Series A, 4.00%, 4/1/40, Continuously Callable @100		650		755
Series A, 4.00%, 4/1/45, Continuously Callable @100		1,500		1,718
Series A, 4.00%, 8/15/51, Continuously Callable @100		3,000		3,270
Series A, 5.00%, 12/1/53, Continuously Callable @100		1,000		1,220
Series A, 5.00%, 12/1/57, Continuously Callable @100		2,500		3,056
California Statewide Communities Development Authority Revenue (LIQ — Deutsche Bank A.G.) Series DBE-8052, 0.46%, 4/1/52, Callable 11/12/21 @100 (e) (f)		4,600		4,600
California Statewide Communities Development Authority Revenue (NBGA — California Health Insurance Construction Loan Insurance Program) 4.00%, 11/1/46, Continuously Callable @100		4,000		4,313
Series S, 5.00%, 8/1/44, Pre-refunded 8/1/22 @102		2,400		2,543
Centinela Valley Union High School District, GO, Series B, 4.00%, 8/1/50, Continuously Callable @100		9,500		10,556
Chino Valley Unified School District, GO, Series B, 4.00%, 8/1/45, Continuously Callable @100		1,000		1,172
City & County of San Francisco CA Community Facilities District Special Tax Series 2021, 4.00%, 9/1/41, Continuously Callable @103		850		956
Series 2021, 4.00%, 9/1/46, Continuously Callable @103		1,000		1,119
Series 2021, 4.00%, 9/1/51, Continuously Callable @103		1,000		1,117
City & County of San Francisco Revenue (LIQ — Deutsche Bank A.G.)
Series DBE-8059, 0.46%, 12/1/52, Callable 12/1/21 @100 (e) (f)		6,000		6,000
Series DBE-8072, 0.46%, 1/1/52, Callable 10/18/21 @100 (e) (f)		2,000		2,000
City of Atwater Wastewater Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 5/1/43, Continuously Callable @100		1,300		1,535
City of Fillmore Wastewater Revenue, 5.00%, 5/1/47, Continuously Callable @100		2,000		2,386
City of Tulare Sewer Revenue (INS — Assured Guaranty Municipal Corp.) 4.00%, 11/15/41, Continuously Callable @100		5,710		6,288
4.00%, 11/15/44, Continuously Callable @100		5,000		5,493
City of Upland Certificate of Participation 4.00%, 1/1/42, Continuously Callable @100		3,000		3,313
5.00%, 1/1/47, Continuously Callable @100		2,000		2,337
Corona-Norco Unified School District Special Tax, 5.00%, 9/1/32, Pre-refunded 9/1/23 @100		1,350		1,473
County of Sacramento Airport System Revenue 4.00%, 7/1/40, Continuously Callable @100		4,000		4,709
Series B, 5.00%, 7/1/41, Continuously Callable @100		1,100		1,301

Security Description	Principal Amount		Value
East Bay Municipal Utility District Wastewater System Revenue, Series A-2, 5.00%, 6/1/38	$	9,000	$	13,300
Elk Grove Finance Authority Special Tax (INS — Build America Mutual Assurance Co.), 5.00%, 9/1/38, Continuously Callable @100		1,500		1,736
Foothill-Eastern Transportation Corridor Agency Revenue, Series B-2, 3.50%, 1/15/53, Continuously Callable @100 (a)		1,500		1,617
Foothill-Eastern Transportation Corridor Agency Revenue (INS — Assured Guaranty Municipal Corp.) 1/15/34 (g)		15,000		11,504
1/15/35 (g)		7,500		5,593
Fresno Joint Powers Financing Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 4.00%, 4/1/46, Continuously Callable @100		1,225		1,423
Golden State Tobacco Securitization Corp. Revenue, Series A, 5.00%, 6/1/35, Continuously Callable @100		5,500		6,644
Grass Valley School District, GO (INS — Build America Mutual Assurance Co.), 5.00%, 8/1/45, Continuously Callable @100		2,400		2,839
Hanford Joint Union High School District Certificate of Participation (INS — Assured Guaranty Municipal Corp.), 4.00%, 6/1/40, Continuously Callable @100		2,640		2,939
Hayward Unified School District, GO (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 8/1/44, Continuously Callable @100		3,000		3,691
Indio Redevelopment Agency Successor Agency Tax Allocation, Series A, 5.25%, 8/15/31, Continuously Callable @100		2,940		2,951
Inglewood Unified School District, GO (INS — Build America Mutual Assurance Co.) Series B, 5.00%, 8/1/38, Continuously Callable @100		750		883
Series C, 4.00%, 8/1/36, Continuously Callable @100		220		250
Series C, 4.00%, 8/1/37, Continuously Callable @100		450		511
Series C, 4.00%, 8/1/39, Continuously Callable @100		450		510
Irvine Unified School District Special Tax 5.00%, 9/1/45, Continuously Callable @100		1,000		1,192
5.00%, 9/1/49, Continuously Callable @100		2,000		2,371
Series A, 4.00%, 9/1/39, Continuously Callable @100		1,020		1,205
Series A, 4.00%, 9/1/50, Continuously Callable @100		1,800		2,078
Series B, 5.00%, 9/1/42, Continuously Callable @100		1,000		1,195
Series B, 5.00%, 9/1/47, Continuously Callable @100		1,000		1,188
Series C, 5.00%, 9/1/42, Continuously Callable @100		1,000		1,195
Series C, 5.00%, 9/1/47, Continuously Callable @100		525		624
Series D, 5.00%, 9/1/49, Continuously Callable @100		1,000		1,186
Irvine Unified School District Special Tax (INS — Build America Mutual Assurance Co.), 5.00%, 9/1/56, Continuously Callable @100		6,000		7,166
Jurupa Public Financing Authority Special Tax, Series A, 5.00%, 9/1/42, Continuously Callable @100		1,000		1,110
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		1,677
Long Beach Bond Finance Authority Revenue, Series A, 5.00%, 11/15/35		3,875		5,293
Los Angeles County Facilities, Inc. Revenue, 5.00%, 12/1/51, Continuously Callable @100		4,000		4,880
Los Angeles County Public Works Financing Authority Revenue Series A, 5.00%, 12/1/44, Continuously Callable @100		2,000		2,247
Series D, 5.00%, 12/1/45, Continuously Callable @100		6,000		6,934

Security Description	Principal Amount		Value
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	$	6,461
Middle Fork Project Finance Authority Revenue 5.00%, 4/1/33, Continuously Callable @100		2,205		2,776
5.00%, 4/1/35, Continuously Callable @100		225		282
5.00%, 4/1/36, Continuously Callable @100		1,830		2,283
Monrovia Financing Authority Revenue, 5.00%, 12/1/45, Continuously Callable @100		3,435		3,994
Monrovia Financing Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 12/1/45, Continuously Callable @100		2,345		2,714
Moreno Valley Unified School District, GO (INS — Assured Guaranty Municipal Corp.), Series B, 5.00%, 8/1/47, Continuously Callable @100		6,500		8,000
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		3,902
Mountain View Shoreline Regional Park Community Tax Allocation, Series A, 5.63%, 8/1/35, Continuously Callable @100		2,000		2,008
Norwalk Redevelopment Agency Tax Allocation (INS — National Public Finance Guarantee Corp.) Series A, 5.00%, 10/1/30, Continuously Callable @100		5,000		5,018
Series A, 5.00%, 10/1/35, Continuously Callable @100		3,500		3,512
Norwalk-La Mirada Unified School District, GO (INS — Assured Guaranty Municipal Corp.), Series C, 8/1/30 (g)		7,500		6,558
Ontario International Airport Authority Revenue, Series A, 4.00%, 5/15/51, Continuously Callable @100		1,695		1,961
Palomar Health, GO (INS — Assured Guaranty Municipal Corp.), Series A, 8/1/31 (g)		12,230		10,236
Palomar Health, GO (INS — National Public Finance Guarantee Corp.), 8/1/26 (g)		5,500		5,163
Perris Union High School District, GO (INS — Assured Guaranty Corp.), Series A, 4.00%, 9/1/48, Continuously Callable @100		5,000		5,759
Pittsburg Successor Agency Redevelopment Agency Tax Allocation (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/29, Continuously Callable @100		2,000		2,397
Pomona Unified School District, GO (INS — Build America Mutual Assurance Co.), Series F, 5.00%, 8/1/39, Continuously Callable @100		1,500		1,679
Poway Unified School District Special Tax (INS — Assured Guaranty Municipal Corp.), 4.00%, 9/1/50, Continuously Callable @100		4,750		5,451
Regents of the University of California Medical Center Pooled Revenue, Series L, 4.00%, 5/15/44, Continuously Callable @100		2,000		2,212
Rio Elementary School District, GO (INS — Assured Guaranty Municipal Corp.), Series B, 4.00%, 8/1/45, Continuously Callable @100		2,800		3,129
Riverside County Public Financing Authority Tax Allocation (INS — Build America Mutual Assurance Co.) 4.00%, 10/1/36, Continuously Callable @100		1,250		1,387
4.00%, 10/1/37, Continuously Callable @100		1,625		1,798
Riverside County Redevelopment Successor Agency Tax Allocation (INS — Build America Mutual Assurance Co.), 4.00%, 10/1/37, Continuously Callable @100		2,000		2,219
Riverside County Transportation Commission Revenue, Series A, 5.25%, 6/1/39, Pre-refunded 6/1/23 @ 100		2,000		2,167
RNR School Financing Authority Special Tax (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 9/1/41, Continuously Callable @100		2,000		2,349

Security Description	Principal Amount		Value
Sacramento Area Flood Control Agency Special Assessment, 5.00%, 10/1/44, Continuously Callable @100	$	2,000	$	2,237
Sacramento City Unified School District, GO, 4.00%, 8/1/49, Continuously Callable @100		4,000		4,618
Sacramento City Unified School District, GO (INS — Build America Mutual Assurance Co.), Series S, 5.00%, 7/1/38, Continuously Callable @100		1,020		1,098
San Bruno Park Elementary School District, GO, Series A, 5.00%, 8/1/48, Continuously Callable @100		3,000		3,533
San Diego County Regional Airport Authority Revenue Series A, 4.00%, 7/1/38, Continuously Callable @100		2,000		2,348
Series A, 5.00%, 7/1/47, Continuously Callable @100		1,500		1,791
Series A, 5.00%, 7/1/49, Continuously Callable @100		2,000		2,457
San Diego Public Facilities Financing Authority Revenue Series A, 5.00%, 10/15/44, Continuously Callable @100		2,500		2,881
Series A, 4.00%, 10/15/50, Continuously Callable @100		3,000		3,489
San Jose Financing Authority Revenue, Series A, 5.00%, 6/1/39, Pre-refunded 6/1/23 @100		10,000		10,795
San Leandro Unified School District, GO (INS — Build America Mutual Assurance Co.), Series B, 5.00%, 8/1/43, Continuously Callable @100		2,750		3,401
San Luis & Delta Mendota Water Authority Revenue (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 3/1/38, Pre-refunded 3/1/23 @100		1,500		1,601
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		5,681
Santa Clarita Community College District, GO, 4.00%, 8/1/46, Continuously Callable @100		5,250		5,883
Santa Cruz County Redevelopment Agency Tax Allocation (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/35, Continuously Callable @100		6,000		6,961
Santa Rosa High School District, GO (INS — Assured Guaranty Municipal Corp.), Series C, 5.00%, 8/1/43, Continuously Callable @100		1,000		1,192
State of California, GO 5.25%, 2/1/30, Continuously Callable @100		4,000		4,065
5.00%, 2/1/43, Continuously Callable @100		3,000		3,177
4.00%, 10/1/44, Continuously Callable @100		1,000		1,162
5.00%, 9/1/45, Continuously Callable @100		2,500		2,943
5.00%, 8/1/46, Continuously Callable @100		9,500		11,181
5.00%, 11/1/47, Continuously Callable @100		7,000		8,620
Stockton Public Financing Authority Revenue 4.00%, 3/1/40, Continuously Callable @100		920		1,015
5.00%, 3/1/47, Continuously Callable @100		2,760		3,232
Tahoe-Truckee Unified School District Certificate of Participation (INS — Build America Mutual Assurance Co.), 4.00%, 6/1/43, Continuously Callable @100		1,000		1,111
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		1,787
Temecula Valley Unified School District, GO (INS — Assured Guaranty Municipal Corp.), Series B, 4.00%, 8/1/45, Continuously Callable @100		7,500		8,301
Tobacco Securitization Authority of Southern California Revenue 5.00%, 6/1/48, Continuously Callable @100		980		1,184
5.00%, 6/1/48, Continuously Callable @100		1,000		1,226

Security Description	Principal Amount		Value
Transbay Joint Powers Authority Tax Allocation Series A, 5.00%, 10/1/49, Continuously Callable @100	$	800	$	987
Series B, 2.40%, 10/1/49, Continuously Callable @100		1,365		1,401
Tulare Local Health Care District, GO (INS — Build America Mutual Assurance Co.) 4.00%, 8/1/35, Continuously Callable @100		650		765
4.00%, 8/1/39, Continuously Callable @100		1,900		2,209
Vacaville Unified School District, GO, Series D, 4.00%, 8/1/45, Continuously Callable @100		1,850		2,134
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		1,278
Series A, 5.00%, 8/1/35, Continuously Callable @100		1,530		1,767
Val Verde Unified School District, GO (INS — Assured Guaranty Municipal Corp.), Series C, 4.00%, 8/1/45, Continuously Callable @100		4,475		5,000
Val Verde Unified School District, GO (INS — Build America Mutual Assurance Co.), Series B, 5.00%, 8/1/44, Continuously Callable @100		4,000		4,602
Victor Valley Union High School District, GO (INS — Assured Guaranty Municipal Corp.), Series B, 4.00%, 8/1/37, Continuously Callable @100		5,000		5,678
Washington Township Health Care District Revenue Series A, 4.00%, 7/1/35, Continuously Callable @100		600		695
Series A, 5.00%, 7/1/42, Continuously Callable @100		1,000		1,174
Western Placer Unified School District Certificate of Participation (INS — Assured Guaranty Municipal Corp.), 4.00%, 8/1/41, Continuously Callable @100		6,000		6,677
				637,863
Guam (2.5%):
Guam Government Waterworks Authority Revenue 5.50%, 7/1/43, Pre-refunded 7/1/23 @100		4,000		4,367
5.00%, 1/1/46, Continuously Callable @100		7,000		7,829
Guam Power Authority Revenue Series A, 5.00%, 10/1/34, Continuously Callable @100		1,000		1,038
Series A, 5.00%, 10/1/40, Continuously Callable @100		2,800		3,218
				16,452
Virgin Islands (0.6%):
Virgin Islands Public Finance Authority Revenue 5.00%, 9/1/33, Continuously Callable @100 (e)		3,000		3,343
Series A, 4.00%, 10/1/22		625		623
				3,966
Total Municipal Bonds (Cost $608,016)				658,281
Total Investments (Cost $608,016) — 99.1%				658,281
Other assets in excess of liabilities — 0.9%				5,720
NET ASSETS — 100.00%			$	664,001

(a) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021.

(b) Put Bond.

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

	USAA California Bond Fund
Assets:
Investments, at value (Cost $608,016)	$	658,281
Cash		35
Receivables:
Interest		6,434
Capital shares issued		24
From Adviser		24
Prepaid expenses		2
Total Assets		664,800
Liabilities:
Payables:
Distributions		179
Capital shares redeemed		263
Accrued expenses and other payables:
Investment advisory fees		200
Administration fees		83
Transfer agent fees		17
Compliance fees		—	(a)
Trustees' fees		—	(a)
12b-1 fees		—	(a)
Other accrued expenses		57
Total Liabilities		799
Net Assets:
Capital		618,241
Total accumulated earnings/(loss)		45,760
Net Assets	$	664,001
Net Assets
Fund Shares	$	662,085
Institutional Shares		617
Class A		1,299
Total	$	664,001
Shares (unlimited number of shares authorized with no par value):
Fund Shares		57,294
Institutional Shares		53
Class A		113
Total		57,460
Net asset value, offering and redemption price per share: (b)
Fund Shares	$	11.56
Institutional Shares	$	11.55
Class A	$	11.54
Maximum Sales Charge — Class A		2.25	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	11.81

(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	$	9,717
Total Income		9,717
Expenses:
Investment advisory fees		1,128
Administration fees — Fund Shares		502
Administration fees — Institutional Shares		—	(a)
Administration fees — Class A		2
Sub-Administration fees		11
12b-1 fees — Class A		3
Custodian fees		6
Transfer agent fees — Fund Shares		64
Transfer agent fees — Institutional Shares		—	(a)
Transfer agent fees — Class A		1
Trustees' fees		24
Compliance fees		2
Legal and audit fees		27
State registration and filing fees		1
Other expenses		53
Total Expenses		1,824
Expenses waived/reimbursed by Adviser		(1	)
Net Expenses		1,823
Net Investment Income (Loss)		7,894
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		(37	)
Net change in unrealized appreciation/depreciation on investment securities		4,109
Net realized/unrealized gains (losses) on investments		4,072
Change in net assets resulting from operations	$	11,966

(a) Rounds to less than $1 thousand.

	USAA California Bond Fund
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	7,894		$	16,045
Net realized gains (losses) from investments		(37	)		(447	)
Net change in unrealized appreciation/depreciation on investments		4,109			19,043
Change in net assets resulting from operations		11,966			34,641
Distributions to Shareholders:
Fund Shares		(7,861	)		(15,912	)
Institutional Shares (a)		(9	)		(13	)
Class A		(22	)		(142	)
Change in net assets resulting from distributions to shareholders		(7,892	)		(16,067	)
Change in net assets resulting from capital transactions		(3,715	)		(39,098	)
Change in net assets		359			(20,524	)
Net Assets:
Beginning of period		663,642			684,166
End of period	$	664,001		$	663,642

(a) Institutional Shares commenced operations on June 29, 2020.

(continues on next page)

	USAA California Bond Fund
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	20,435		$	45,712
Distributions reinvested		6,763			13,309
Cost of shares redeemed		(25,059	)		(99,256	)
Total Fund Shares	$	2,139		$	(40,235	)
Institutional Shares (a)
Proceeds from shares issued	$	32		$	1,751
Distributions reinvested		8			11
Cost of shares redeemed		(342	)		(847	)
Total Institutional Shares	$	(302	)	$	915
Class A
Proceeds from shares issued	$	14		$	6,931
Distributions reinvested		19			17
Cost of shares redeemed		(5,585	)		(6,726	)
Total Class A	$	(5,552	)	$	222
Change in net assets resulting from capital transactions	$	(3,715	)	$	(39,098	)
Share Transactions:
Fund Shares
Issued		1,755			3,996
Reinvested		581			1,164
Redeemed		(2,151	)		(8,723	)
Total Fund Shares		185			(3,563	)
Institutional Shares (a)
Issued		3			152
Reinvested		1			1
Redeemed		(30	)		(74	)
Total Institutional Shares		(26	)		79
Class A
Issued		1			610
Reinvested		2			2
Redeemed		(481	)		(593	)
Total Class A		(478	)		19
Change in Shares		(319	)		(3,465	)

(a) Institutional Shares commenced operations on June 29, 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, 2021 (Unaudited)	$	11.49		0.14	(e)		0.07			0.21			(0.14	)		(0.14	)
Year Ended March 31:
2021	$	11.17		0.27	(e)		0.32			0.59			(0.27	)		(0.27	)
2020	$	11.07		0.30	(e)		0.10			0.40			(0.30	)		(0.30	)
2019	$	10.92		0.34			0.15			0.49			(0.34	)		(0.34	)
2018	$	10.92		0.37			—	(f)		0.37			(0.37	)		(0.37	)
2017	$	11.29		0.37			(0.37	)		—	(f)		(0.37	)		(0.37	)
Institutional Shares
Six Months Ended September 30, 2021 (Unaudited)	$	11.48		0.14	(e)		0.07			0.21			(0.14	)		(0.14	)
June 29, 2020 (g) through March 31, 2021	$	11.35		0.21	(e)		0.13			0.34			(0.21	)		(0.21	)
Class A
Six Months Ended September 30, 2021 (Unaudited)	$	11.47		0.12	(e)		0.07			0.19			(0.12	)		(0.12	)
Year Ended March 31:
2021	$	11.16		0.25	(e)		0.31			0.56			(0.25	)		(0.25	)
2020	$	11.06		0.27	(e)		0.10			0.37			(0.27	)		(0.27	)
2019	$	10.91		0.32			0.15			0.47			(0.32	)		(0.32	)
2018	$	10.91		0.34			—	(f)		0.34			(0.34	)		(0.34	)
2017	$	11.28		0.35			(0.37	)		(0.02	)		(0.35	)		(0.35	)

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Redemption Fees Added to Beneficial Interest			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(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, 2021 (Unaudited)		—		$	11.56		1.80	%		0.54	%		2.35	%		0.54	%	$	662,085		5	%
Year Ended March 31:
2021		—		$	11.49		5.36	%		0.56	%		2.40	%		0.56	%	$	655,948		32	%
2020		—		$	11.17		3.62	%		0.53	%		2.66	%		0.53	%	$	677,785		33	%
2019		—		$	11.07		4.61	%		0.52	%		3.15	%		0.52	%	$	691,391		18	%
2018		—		$	10.92		3.37	%		0.51	%		3.32	%		0.51	%	$	674,498		6	%
2017		—		$	10.92		0.01	%		0.51	%		3.34	%		0.51	%	$	669,435		26	%
Institutional Shares
Six Months Ended September 30, 2021 (Unaudited)		—		$	11.55		1.83	%		0.50	%		2.40	%		0.59	%	$	617		5	%
June 29, 2020 (g) through March 31, 2021		—		$	11.48		3.01	%		0.50	%		2.44	%		0.94	%	$	911		32	%
Class A
Six Months Ended September 30, 2021 (Unaudited)		—		$	11.54		1.69	%		0.78	%		2.13	%		0.85	%	$	1,299		5	%
Year Ended March 31:
2021		—		$	11.47		5.01	%		0.81	%		2.15	%		0.88	%	$	6,783		32	%
2020		—		$	11.16		3.36	%		0.78	%		2.41	%		0.78	%	$	6,381		33	%
2019		—		$	11.06		4.37	%		0.76	%		2.92	%		0.76	%	$	7,005		18	%
2018		—		$	10.91		3.12	%		0.75	%		3.08	%		0.75	%	$	6,985		6	%
2017		—	(f)	$	10.91		(0.24	)%		0.75	%		3.09	%		0.75	%	$	7,083		26	%

1. Organization:

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. The Fund is classified as diversified under the 1940 Act.

Each class of shares of the Fund has substantially identical rights and privileges, except with respect to sales charges, 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.

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)

Debt securities are valued each business day by a pricing service approved by the Board. The approved pricing service uses the evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at their amortized cost, provided that the amortized cost represents the fair value of such securities. 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, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of 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.

	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	658,281	$	—	$	658,281
Total	$	—	$	658,281	$	—	$	658,281

For the six months ended September 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

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. Payments 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 or 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 discounts. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Federal Income Taxes:

Allocations:

Income, expenses (other than class-specific expenses such as transfer agent fees, state registration fees, printing fees, and 12b-1 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, 2021, 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)
$	3,800			$	31,600			$	—

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
$	37,252	$	34,538

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Investment advisory services are provided to the Fund by the Adviser, which is a New York corporation registered as an investment adviser with the Securities and Exchange Commission ("SEC"). The Adviser is an indirect wholly owned 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 first $50 million of the Fund's average daily net assets, 0.40% of that portion of the Fund's 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, 2021, 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 California Municipal Debt Funds Index. The Lipper California Municipal Debt Funds Index tracks the total return performance of the largest funds within the Lipper California Municipal Debt Funds category.

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

^(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

Each class' annual performance adjustment rate is multiplied by the average daily net assets of each respective 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 April 1, 2021, to September 30, 2021, performance adjustments were $45, less than $1, and less than $(1) for Fund Shares, Institutional Shares, and Class A, in thousands, respectively. Performance adjustments were 0.01%, less than 0.01% and (0.02)% for Fund Shares, Institutional Shares, and Class A, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

Administration and Servicing Fees:

paid monthly at an annualized rate of 0.15%, 0.10%, and 0.15%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares, and Class A, respectively. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA 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 are paid monthly based on a fee accrued daily at an annualized rate of 0.10% and 0.10%, respectively, of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended September 30, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

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. 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. Amounts incurred and paid to the Distributor for the six months ended September 30, 2021, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions on sales of Class A. For the six months ended September 30, 2021, the Distributor received approximately less than $1 thousand from commissions earned on sales of Class A.

Other Fees:

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 June 30, 2023. 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. Acquired fund fees and expenses, 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, 2021, the expense limits (excluding voluntary waivers) were 0.54%, 0.50%, and 0.80% for Fund Shares, Institutional Shares, and Class A, respectively.

Under the terms of the expense limitation agreement, amended May 1, 2021, the Fund has agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty six (36) months) after 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. Prior to May 1, 2021, the Fund was permitted to recoup fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

Expires 2024				Expires 2025				Total
$	7			$	1			$	8

5. Risks:

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

State-Specific Risk — Because the Fund invests primarily in California tax-exempt securities, the Fund is more susceptible to adverse economic, political, and regulatory changes affecting tax-exempt securities issuers in California, such as changes to state laws and policies, economic issues that affect critical industries, large employers, or weakened real estate prices, and existing debt levels and state budget priorities. In addition, the economic affects regarding COVID-19 may exacerbate some or all of these risks. The Fund's performance will be affected by the fiscal and economic health of California and its municipalities and their ability to issue and repay debt. The Fund is more vulnerable to unfavorable developments in California than are funds that invest in municipal securities of multiple states.

Debt Securities 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 issuer's ability to timely meet its debt obligations as they come due.

Credit Risk — 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.

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.

LIBOR Discontinuation Risk — 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. 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. For U.S. dollar LIBOR, however, the relevant date may be deferred to June 30, 2023, for the most common tenors (overnight and one, three, six, and 12 months). As to those tenors, the LIBOR administrator has published a consultation regarding its intention to cease publication of U.S. dollar LIBOR as of June 30, 2023, (instead of December 31, 2021, as previously expected), apparently based on continued rate submissions from banks. It is expected that there will 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. Although the foregoing may provide some sense of timing, there is no assurance that LIBOR, or any particular currency and tenor, will continue to be published until any particular date, and it appears highly likely that LIBOR will be discontinued or modified after December 31, 2021, or June 30, 2023, depending on the currency and tenor. 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, 2021.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2021.

7. Federal Income Tax Information:

Distributions from the Fund's net investment income are accrued daily and distributed on the last business day of each month. Distributable net realized gains, if any, are declared and paid at least annually.

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, 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, 2021, through September 30, 2021.

	Beginning Account Value 4/1/21		Actual Ending Account Value 9/30/21		Hypothetical Ending Account Value 9/30/21		Actual Expenses Paid During Period 4/1/21- 9/30/21*		Hypothetical Expenses Paid During Period 4/1/21- 9/30/21*		Annualized Expense Ratio During Period 4/1/21- 9/30/21
Fund Shares	$	1,000.00	$	1,018.00	$	1,022.36	$	2.73	$	2.74		0.54	%
Institutional Shares		1,000.00		1,018.30		1,022.56		2.53		2.54		0.50	%
Class A		1,000.00		1,016.90		1,021.16		3.94		3.95		0.78	%

Security Description	Shares or Principal Amount		Value
Other Equity Interests (0.1%)
Utilities (0.1%):
CMS Liquidating Trust (a) (b) (h)		200	$	200
Total Other Equity Interests (Cost $499)				200
Municipal Bonds (98.7%)
New York (93.9%):
Albany Capital Resource Corp. Revenue, 5.00%, 6/1/49, Continuously Callable @100	$	1,500		1,679
Albany County Airport Authority Revenue, Series A, 5.00%, 12/15/48, Continuously Callable @100		1,000		1,209
Brookhaven Local Development Corp. Revenue 5.25%, 11/1/36, Continuously Callable @100		1,500		1,783
4.00%, 10/1/45, Continuously Callable @100		1,000		1,148
Series B, 4.00%, 11/1/55, Continuously Callable @102		1,000		1,076
Buffalo & Erie County Industrial Land Development Corp. Revenue 5.00%, 6/1/35, Continuously Callable @103		1,000		1,129
5.00%, 7/1/40, Continuously Callable @100		2,000		2,283
5.00%, 8/1/52, Continuously Callable @100		1,000		1,112
Build NYC Resource Corp. Revenue 5.00%, 6/1/40, Continuously Callable @100		700		790
5.00%, 8/1/40, Pre-refunded 8/1/25 @ 100		1,000		1,174
5.00%, 7/1/41, Continuously Callable @100		500		576
5.00%, 8/1/42, Pre-refunded 8/1/22 @ 100		1,500		1,560
4.00%, 8/1/42, Continuously Callable @100		1,000		1,117
5.50%, 4/1/43, Continuously Callable @100		1,000		1,066
5.00%, 7/1/45, Continuously Callable @100		2,000		2,218
5.00%, 11/1/47		2,000		2,969
5.00%, 6/1/48, Continuously Callable @102		2,000		2,262
4.00%, 7/1/49, Continuously Callable @100		500		566
City of Elmira, GO, 5.00%, 7/1/35, Continuously Callable @100		1,575		1,972
City of New York, GO 0.13%, 10/1/46, Continuously Callable @100 (c)		3,300		3,300
Series 3, 0.13%, 4/1/42, Continuously Callable @100 (c)		2,000		2,000
Series D-1, 4.00%, 12/1/43, Continuously Callable @100		4,000		4,539
City of New York, GO (LOC — Mizuho Corporate Bank Ltd.), Series A-3, 0.08%, 10/1/40, Continuously Callable @100 (c)		200		200
City of Newburgh, GO Series A, 5.00%, 6/15/23, Continuously Callable @100		825		852
Series A, 5.00%, 6/15/24, Continuously Callable @100		870		899
City of Poughkeepsie, GO 2.50%, 4/29/22		800		806
4.00%, 4/15/27		235		259
4.00%, 4/15/28		125		139
4.00%, 4/15/29		125		141
4.00%, 4/15/30		135		153
5.00%, 6/1/31, Continuously Callable @100		600		670

Security Description	Principal Amount		Value
City of Yonkers, GO (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 10/1/24, Continuously Callable @100	$	1,000	$	1,000
Series A, 3.00%, 7/1/25, Continuously Callable @100		665		696
County of Nassau, GO, Series A, 5.00%, 1/1/38, Continuously Callable @100		1,000		1,165
County of Nassau, GO (INS — Assured Guaranty Municipal Corp.), Series C, 5.00%, 4/1/38, Continuously Callable @100		1,000		1,066
County of Rockland, GO, Series B, 5.00%, 12/15/21		600		606
Dutchess County Local Development Corp. Revenue 5.00%, 7/1/46, Continuously Callable @100		600		682
Series A, 5.00%, 7/1/44, Pre-refunded 7/1/24 @ 100		1,000		1,129
Series A, 5.00%, 7/1/45, Continuously Callable @100		2,000		2,291
Series B, 4.00%, 7/1/41, Continuously Callable @100		2,000		2,198
Series B, 4.00%, 7/1/49, Continuously Callable @100		1,750		1,946
Hempstead Town Local Development Corp. Revenue 5.00%, 7/1/47, Continuously Callable @100		600		721
5.00%, 7/1/48, Continuously Callable @100		300		349
Hudson Yards Infrastructure Corp. Revenue, Series A, 4.00%, 2/15/44, Continuously Callable @100		2,000		2,215
Jefferson County Civic Facility Development Corp. Revenue, 4.00%, 11/1/47, Continuously Callable @100		1,000		1,042
Long Island Power Authority Revenue Series A, 5.00%, 9/1/44, Continuously Callable @100		2,000		2,239
Series B, 5.00%, 9/1/41, Continuously Callable @100		1,000		1,190
Metropolitan Transportation Authority Revenue 0.55% (MUNIPSA+50bps), 11/15/42, (Put Date 03/1/22) (d) (e)		1,000		998
Series A, 5.25%, 11/15/38, Pre-refunded 11/15/21 @ 100		1,500		1,508
Series A-1, 5.25%, 11/15/56, Continuously Callable @100		1,000		1,151
Series B, 4.00%, 11/15/50, Continuously Callable @100		1,000		1,093
Series D-1, 5.00%, 11/15/34, Continuously Callable @100		3,000		3,462
Series D-2, 0.50% (MUNIPSA+45bps), 11/15/44, (Put Date 11/15/22) (d) (e)		2,000		1,992
Metropolitan Transportation Authority Revenue Bonds, Series D-3, 4.00%, 11/15/49, Continuously Callable @100		2,000		2,235
Monroe County Industrial Development Corp. Revenue 5.25%, 10/1/31, Pre-refunded 10/1/21 @ 100		500		500
4.00%, 7/1/43, Continuously Callable @100		1,000		1,129
5.00%, 12/1/46, Continuously Callable @100		1,000		1,168
4.00%, 12/1/46, Continuously Callable @100		2,000		2,267
4.00%, 10/1/47, Continuously Callable @100		1,000		1,096
5.00%, 6/1/59, Continuously Callable @100 (f)		1,000		1,157
Series A, 5.00%, 12/1/37, Continuously Callable @100		1,000		1,054
Series A, 5.00%, 12/1/42, Continuously Callable @100		2,000		2,103
Monroe County Industrial Development Corp. Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 1/15/38, Continuously Callable @100		500		540
Nassau County Local Economic Assistance Corp. Revenue, 5.00%, 7/1/37, Pre-refunded 7/1/22 @ 100		1,000		1,036
New York City Housing Development Corp. Revenue, Series K, 4.20%, 11/1/58, Continuously Callable @100		3,000		3,199
New York City Industrial Development Agency Revenue, 4.00%, 3/1/45, Continuously Callable @100		1,005		1,120

Security Description	Principal Amount		Value
New York City Industrial Development Agency Revenue (INS — Assured Guaranty Municipal Corp.), 2.25%, 10/1/29	$	1,325	$	1,354
New York City Transitional Finance Authority Building Aid Revenue Series S, 5.00%, 7/15/43, Continuously Callable @100		1,250		1,416
Series S, 4.00%, 7/15/45, Continuously Callable @100		2,000		2,297
New York City Transitional Finance Authority Future Tax Secured Revenue 4.00%, 8/1/41, Continuously Callable @100		1,000		1,142
4.00%, 11/1/42, Continuously Callable @100		2,000		2,304
Series B, 4.00%, 8/1/41, Continuously Callable @100		1,000		1,110
Series B-1, 4.00%, 11/1/45, Continuously Callable @100		2,000		2,290
New York City Trust for Cultural Resources Revenue 5.00%, 8/1/43, Pre-refunded 8/1/23 @ 100		1,000		1,087
4.00%, 7/1/46, Continuously Callable @100		1,000		1,078
Series A, 4.00%, 12/1/35, Continuously Callable @100		1,000		1,191
New York Convention Center Development Corp. Revenue 5.00%, 11/15/45, Continuously Callable @100		500		572
Series S, 11/15/37 (g)		1,000		709
New York Convention Center Development Corp. Revenue (INS — Assured Guaranty Municipal Corp.), Series B, 2.76%, 11/15/48		2,000		952
New York Counties Tobacco Trust VI Revenue, 5.00%, 6/1/45, Continuously Callable @100		500		541
New York Liberty Development Corp. Revenue 5.25%, 10/1/35		2,500		3,514
5.50%, 10/1/37		560		824
5.00%, 11/15/44, Continuously Callable @100 (f)		1,000		1,096
2.80%, 9/15/69, Continuously Callable @100		3,000		3,063
Series A, 2.20%, 11/15/33, Continuously Callable @100		1,000		997
New York State Dormitory Authority Revenue 5.00%, 7/1/34, Continuously Callable @100		500		559
5.00%, 12/1/37, Continuously Callable @100 (f)		1,300		1,535
4.00%, 8/1/38, Continuously Callable @100		4,000		4,489
5.00%, 7/1/42, Continuously Callable @100		250		257
5.00%, 5/1/43, Continuously Callable @100		1,000		1,139
5.75%, 7/1/43, Continuously Callable @100		1,000		1,079
3.50%, 7/1/44, Continuously Callable @100		1,000		1,041
4.00%, 7/1/45, Continuously Callable @100		2,000		2,238
5.00%, 7/1/51, Continuously Callable @100		725		853
Series A, 5.00%, 5/1/38, Continuously Callable @100		500		529
Series A, 4.00%, 7/1/41, Continuously Callable @100		1,000		1,125
Series A, 3.00%, 7/1/41, Continuously Callable @100		2,000		2,183
Series A, 4.00%, 7/1/43, Continuously Callable @100		2,000		2,215
Series A, 5.00%, 7/1/44, Continuously Callable @100		1,500		1,603
Series A, 4.00%, 7/1/45, Continuously Callable @100		2,250		2,602
Series A, 4.00%, 3/15/47, Continuously Callable @100		4,000		4,619
Series A, 4.00%, 3/15/48, Continuously Callable @100		3,000		3,346
Series A, 5.00%, 7/1/48, Continuously Callable @100		1,000		1,217
Series A, 4.00%, 3/15/49, Continuously Callable @100		1,500		1,683
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		564
Series A, 4.00%, 7/1/53, Continuously Callable @100		500		570

Security Description	Principal Amount		Value
Series A-1, 4.00%, 7/1/45, Continuously Callable @100	$	3,000	$	3,351
Series C, 4.00%, 7/1/47, Continuously Callable @100		1,000		1,123
Series D, 5.00%, 5/1/39, Continuously Callable @100		500		513
New York State Dormitory Authority Revenue (INS — AMBAC Assurance Corp.) Series 1, 5.50%, 7/1/40		2,000		2,925
Series A, 5.50%, 5/15/30		3,275		4,381
New York State Dormitory Authority Revenue (NBGA — State of New York Mortgage Agency), 5.00%, 6/1/33, Continuously Callable @100		2,320		2,328
New York State Dormitory Authority Revenue Bonds, 6.00%, 7/1/40, Continuously Callable @100 (b) (f)		3,000		3,027
New York State Environmental Facilities Corp. Revenue, 4.00%, 8/15/46, Continuously Callable @100		1,000		1,124
New York State Housing Finance Agency Revenue (LIQ — Deutsche Bank A.G.), Series DBE-DBE-8073, 0.46%, 8/1/50, Continuously Callable @100 (c) (f)		991		991
New York State Thruway Authority Revenue Series A, 4.00%, 1/1/56, Continuously Callable @100		1,000		1,079
Series B, 4.00%, 1/1/53, Continuously Callable @100		1,000		1,137
New York State Urban Development Corp. Revenue, 5.00%, 3/15/42, Continuously Callable @100		3,000		3,687
Niagara Tobacco Asset Securitization Corp. Revenue, 5.25%, 5/15/40, Continuously Callable @100		750		818
Oneida County Local Development Corp. Revenue, 4.00%, 7/1/39, Continuously Callable @100		750		822
Onondaga Civic Development Corp. Revenue 4.00%, 7/1/40, Continuously Callable @100		300		338
5.00%, 10/1/40, Continuously Callable @100		1,000		1,081
5.00%, 7/1/42, Continuously Callable @100		1,000		1,029
5.00%, 1/1/43, Continuously Callable @100		740		866
Onondaga County Trust for Cultural Resources Revenue 5.00%, 12/1/36, Pre-refunded 12/1/21 @ 100		1,000		1,008
5.00%, 5/1/40, Continuously Callable @100		800		906
Southold Local Development Corp. Revenue, 5.00%, 12/1/45, Continuously Callable @100		1,000		1,101
St. Lawrence County Industrial Development Agency Revenue 4.00%, 7/1/43, Continuously Callable @100		500		553
5.00%, 9/1/47, Continuously Callable @100		1,770		2,060
State of New York Mortgage Agency Revenue, Series 211, 3.80%, 10/1/48, Continuously Callable @100		1,860		1,975
Suffolk County Economic Development Corp. Revenue, Series C, 5.00%, 7/1/33, Continuously Callable @100		250		279
Suffolk Tobacco Asset Securitization Corp. Revenue, Series B, 5.00%, 6/1/32, Pre-refunded 6/1/22 @ 100		1,450		1,491
Tompkins County Development Corp. Revenue, 5.00%, 7/1/44, Continuously Callable @100		1,375		1,489
Triborough Bridge & Tunnel Authority Revenue, Series B, 11/15/32 (g)		1,000		817
TSASC, Inc. Revenue Bonds, Series A, 5.00%, 6/1/41, Continuously Callable @100		1,000		1,164
Westchester County Healthcare Corp. Revenue, Series B, 6.00%, 11/1/30, Continuously Callable @100		130		130

Security Description	Principal Amount		Value
Westchester County Local Development Corp. Revenue 5.00%, 1/1/34, Continuously Callable @100	$	1,500	$	1,576
5.00%, 7/1/42, Continuously Callable @104		450		515
5.00%, 11/1/46, Continuously Callable @100		1,000		1,125
5.00%, 6/1/47, Continuously Callable @100		1,000		1,114
Westchester Tobacco Asset Securitization Revenue, Series B, 5.00%, 6/1/41, Continuously Callable @100		500		597
				203,624
Guam (4.1%):
Antonio B. Won Pat International Airport Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series B, 5.75%, 10/1/43, Pre-refunded 10/1/23 @ 100		1,000		1,110
Guam Government Waterworks Authority Revenue 5.50%, 7/1/43, Pre-refunded 7/1/23 @ 100		1,000		1,092
Series A, 5.00%, 7/1/29, Continuously Callable @100		1,000		1,098
Series A, 5.00%, 7/1/35, Continuously Callable @100		500		547
Guam Power Authority Revenue, Series A, 5.00%, 10/1/37, Continuously Callable @100		1,165		1,346
Guam Power Authority Revenue (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 10/1/30, Continuously Callable @100		1,000		1,045
Series A, 5.00%, 10/1/39, Continuously Callable @100		500		559
Territory of Guam Revenue Series A, 5.00%, 12/1/46, Continuously Callable @100		500		562
Series B, 5.00%, 1/1/37, Continuously Callable @100		500		506
Series D, 5.00%, 11/15/39, Continuously Callable @100		1,000		1,123
				8,988
Puerto Rico (0.7%):
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue, 5.13%, 4/1/32, Continuously Callable @100		1,390		1,411
Total Municipal Bonds (Cost $198,708)				214,023
Total Investments (Cost $199,207) — 98.8%				214,223
Other assets in excess of liabilities — 1.2%				2,620
NET ASSETS — 100.00%			$	216,843

(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, 2021, illiquid securities were 1.5% of net assets.

(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) Put Bond.

(e) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021.

	USAA New York Bond Fund
Assets:
Investments, at value (Cost $199,207)	$	214,223
Cash		362
Receivables:
Interest		2,363
Capital shares issued		191
From Adviser		10
Prepaid expenses		—	(a)
Total Assets		217,149
Liabilities:
Payables:
Distributions		72
Capital shares redeemed		88
Accrued expenses and other payables:
Investment advisory fees		66
Administration fees		27
Custodian fees		1
Transfer agent fees		8
Compliance fees		—	(a)
Trustees' fees		1
12b-1 fees		—	(a)
Other accrued expenses		43
Total Liabilities		306
Net Assets:
Capital		205,328
Total accumulated earnings/(loss)		11,515
Net Assets	$	216,843
Net Assets
Fund Shares	$	211,161
Institutional Shares		3,913
Class A		1,769
Total	$	216,843
Shares (unlimited number of shares authorized with no par value):
Fund Shares		17,302
Institutional Shares		321
Class A		145
Total		17,768
Net asset value, offering and redemption price per share: (b)
Fund Shares	$	12.20
Institutional Shares	$	12.20
Class A	$	12.17
Maximum Sales Charge — Class A		2.25	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	12.45

(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	$	3,598
Total Income		3,598
Expenses:
Investment advisory fees		403
Administration fees — Fund Shares		160
Administration fees — Institutional Shares		2
Administration fees — Class A		2
Sub-Administration fees		11
12b-1 fees — Class A		3
Custodian fees		5
Transfer agent fees — Fund Shares		27
Transfer agent fees — Institutional Shares		2
Transfer agent fees — Class A		1
Trustees' fees		24
Compliance fees		1
Legal and audit fees		27
State registration and filing fees		1
Other expenses		29
Total Expenses		698
Expenses waived/reimbursed by Adviser		(2	)
Net Expenses		696
Net Investment Income (Loss)		2,902
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		26
Net change in unrealized appreciation/depreciation on investment securities		1,702
Net realized/unrealized gains (losses) on investments		1,728
Change in net assets resulting from operations	$	4,630

	USAA New York Bond Fund
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	2,902		$	6,228
Net realized gains (losses) from investments		26			(460	)
Net change in unrealized appreciation/depreciation on investments		1,702			5,952
Change in net assets resulting from operations		4,630			11,720
Distributions to Shareholders:
Fund Shares		(2,831	)		(5,993	)
Institutional Shares (a)		(49	)		(55	)
Class A		(27	)		(172	)
Change in net assets resulting from distributions to shareholders		(2,907	)		(6,220	)
Change in net assets resulting from capital transactions		(1,298	)		(13,646	)
Change in net assets		425			(8,146	)
Net Assets:
Beginning of period		216,418			224,564
End of period	$	216,843		$	216,418

(a) Institutional Shares commenced operations on June 29, 2020.

(continues on next page)

	USAA New York Bond Fund
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	8,067		$	20,168
Distributions reinvested		2,396			4,938
Cost of shares redeemed		(8,020	)		(41,447	)
Total Fund Shares	$	2,443		$	(16,341	)
Institutional Shares (a)
Proceeds from shares issued	$	1,194		$	3,777
Distributions reinvested		49			55
Cost of shares redeemed		(303	)		(874	)
Total Institutional Shares	$	940		$	2,958
Class A
Proceeds from shares issued	$	467		$	6,686
Distributions reinvested		25			46
Cost of shares redeemed		(5,173	)		(6,995	)
Total Class A	$	(4,681	)	$	(263	)
Change in net assets resulting from capital transactions	$	(1,298	)	$	(13,646	)
Share Transactions:
Fund Shares
Issued		654			1,681
Reinvested		195			412
Redeemed		(650	)		(3,474	)
Total Fund Shares		199			(1,381	)
Institutional Shares (a)
Issued		98			312
Reinvested		4			5
Redeemed		(25	)		(73	)
Total Institutional Shares		77			244
Class A
Issued		37			561
Reinvested		2			4
Redeemed		(422	)		(587	)
Total Class A		(383	)		(22	)
Change in Shares		(107	)		(1,159	)

(a) Institutional Shares commenced operations on June 29, 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, 2021 (Unaudited)	$	12.11		0.16	(e)		0.09			0.25			(0.16	)		(0.16	)
Year Ended March 31:
2021	$	11.80		0.34	(e)		0.31			0.65			(0.34	)		(0.34	)
2020	$	11.87		0.38	(e)		(0.07	)		0.31			(0.38	)		(0.38	)
2019	$	11.76		0.40			0.11			0.51			(0.40	)		(0.40	)
2018	$	11.88		0.41			(0.12	)		0.29			(0.41	)		(0.41	)
2017	$	12.28		0.42			(0.41	)		0.01			(0.41	)		(0.41	)
Institutional Shares
Six Months Ended September 30, 2021 (Unaudited)	$	12.10		0.17	(e)		0.10			0.27			(0.17	)		(0.17	)
June 29, 2020 (f) through March 31, 2021	$	11.94		0.26	(e)		0.16			0.42			(0.26	)		(0.26	)
Class A
Six Months Ended September 30, 2021 (Unaudited)	$	12.08		0.15	(e)		0.09			0.24			(0.15	)		(0.15	)
Year Ended March 31:
2021	$	11.77		0.32	(e)		0.31			0.63			(0.32	)		(0.32	)
2020	$	11.84		0.35	(e)		(0.07	)		0.28			(0.35	)		(0.35	)
2019	$	11.73		0.37			0.11			0.48			(0.37	)		(0.37	)
2018	$	11.85		0.38			(0.12	)		0.26			(0.38	)		(0.38	)
2017	$	12.25		0.39			(0.40	)		(0.01	)		(0.39	)		(0.39	)

						Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(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, 2021 (Unaudited)	$	12.20		2.10	%		0.63	%		2.65	%		0.63	%	$	211,161		2	%
Year Ended March 31:
2021	$	12.11		5.61	%		0.66	%		2.87	%		0.66	%	$	207,085		19	%
2020	$	11.80		2.60	%		0.61	%		3.17	%		0.61	%	$	218,096		18	%
2019	$	11.87		4.41	%		0.60	%		3.39	%		0.60	%	$	226,973		15	%
2018	$	11.76		2.45	%		0.59	%		3.43	%		0.59	%	$	216,090		6	%
2017	$	11.88		0.10	%		0.61	%		3.41	%		0.61	%	$	208,513		10	%
Institutional Shares
Six Months Ended September 30, 2021 (Unaudited)	$	12.20		2.19	%		0.61	%		2.68	%		0.65	%	$	3,913		2	%
June 29, 2020 (f) through March 31, 2021	$	12.10		3.55	%		0.61	%		2.86	%		0.77	%	$	2,958		19	%
Class A
Six Months Ended September 30, 2021 (Unaudited)	$	12.17		1.99	%		0.86	%		2.51	%		0.94	%	$	1,769		2	%
Year Ended March 31:
2021	$	12.08		5.38	%		0.89	%		2.65	%		0.96	%	$	6,375		19	%
2020	$	11.77		2.36	%		0.85	%		2.93	%		0.85	%	$	6,468		18	%
2019	$	11.84		4.16	%		0.85	%		3.15	%		0.85	%	$	6,295		15	%
2018	$	11.73		2.19	%		0.84	%		3.18	%		0.84	%	$	5,971		6	%
2017	$	11.85		(0.13	)%		0.83	%		3.19	%		0.83	%	$	6,302		10	%

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

(f) Commencement of operations.

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. 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.

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of 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.

	Level 1		Level 2		Level 3		Total
Other Equity Interests	$	—	$	—	$	200	$	200
Municipal Bonds		—		214,023		—		214,023
Total	$	—	$	214,023	$	200	$	214,223

As of September 30, 2021, there were no significant Level 3 holdings in the fair value hierarchy. For the six months ended September 30, 2021, there were no transfers in or out of Level 3 in the fair value hierarchy.

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 or 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 discounts. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Purchases				Sales				Net Realized Gains (Losses)
$	5,300			$	3,300			$	—

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
$	3,233	$	7,851

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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 first $50 million of the Fund's average daily net assets, 0.40% of that portion of the Fund's 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, 2021, 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 New York Municipal Debt Funds Index. The Lipper New York Municipal Debt Funds Index tracks the total return performance of the largest funds within the Lipper New York Municipal Debt Funds category.

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

^(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

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 April 1, 2021, to September 30, 2021, performance adjustments were $0, less than $1, and less than $(1) for Fund Shares, Institutional Shares, and Class A, in thousands, respectively. Performance adjustments were 0.00%, less than 0.01% and (0.04)% for Fund Shares, Institutional Shares, and Class A, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

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 an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, and 0.15%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares, and Class A, respectively. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA 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 are paid monthly based on a fee accrued daily at an annualized rate of 0.10% and 0.10%, respectively, of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended September 30, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

In addition, the Distributor is entitled to receive commissions on sales of Class A. For the six months ended September 30, 2021, the Distributor did not receive any commissions.

Other Fees:

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 June 30, 2023. 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. Acquired fund fees and expenses, 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, 2021, the expense limits (excluding voluntary waivers) were 0.65%, 0.61%, and 0.90% for Fund Shares, Institutional Shares, and Class A, respectively.

Expires 2024				Expires 2025				Total
$	7			$	2			$	9

5. Risks:

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

State-Specific Risk — Because the Fund invests primarily in New York tax-exempt securities, the Fund is more susceptible to adverse economic, political, and regulatory changes affecting tax-exempt securities issuers in New York to pay interest or repay principal, which may impact the Fund's performance. The Fund is more vulnerable to unfavorable developments in New York than are funds that invest in municipal securities of many states. While New York State's economy is broad, it does have concentrations in the financial services industry and may be sensitive to economic problems affecting that industry. Certain issuers of New York municipal bonds have experienced serious financial difficulties in the past, and reoccurrence of these difficulties may impair the ability of certain New York issuers to pay principal or interest on their obligations. The financial health of New York City affects that of New York State; and when New York City experiences financial difficulty, it may have an adverse affect on New York municipal bonds held by the Fund. The growth rate of New York State has at times been somewhat slower than the nation overall. The economic and financial condition of New York State also may be affected by various financial, social, economic, and political factors. In addition, the economic affects regarding COVID-19 may exacerbate some or all of these risks.

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 issuer's ability to timely meet its debt obligations as they come due.

Credit Risk — 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.

Interest Rate Risk — 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.

tenor, will continue to be published until any particular date, and it appears highly likely that LIBOR will be discontinued or modified after December 31, 2021, or June 30, 2023, depending on the currency and tenor. 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, 2021.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2021.

7. Federal Income Tax Information:

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, 2021, through September 30, 2021.

	Beginning Account Value 4/1/21		Actual Ending Account Value 9/30/21		Hypothetical Ending Account Value 9/30/21		Actual Expenses Paid During Period 4/1/21- 9/30/21*		Hypothetical Expenses Paid During Period 4/1/21- 9/30/21*		Annualized Expense Ratio During Period 4/1/21- 9/30/21
Fund Shares	$	1,000.00	$	1,021.00	$	1,021.91	$	3.19	$	3.19		0.63	%
Institutional Shares		1,000.00		1,021.90		1,022.01		3.09		3.09		0.61	%
Class A		1,000.00		1,019.90		1,020.76		4.35		4.36		0.86	%

Security Description	Principal Amount		Value
Municipal Bonds (101.2%)
Virginia (92.2%):
Alexandria IDA Revenue, Series C, 4.00%, 1/1/46, Continuously Callable @ 100 (a)	$	2,400	$	2,757
Amherst IDA Revenue 5.00%, 9/1/26, Continuously Callable @ 100		1,345		1,345
4.75%, 9/1/30, Continuously Callable @ 100		2,000		1,961
Arlington County IDA Revenue 5.00%, 2/15/43, Continuously Callable @ 100		1,775		2,147
4.00%, 7/1/45, Continuously Callable @ 100		1,585		1,830
Campbell County IDA Revenue, 4.00%, 6/1/44, Continuously Callable @ 100		4,600		5,313
Capital Region Airport Commission Revenue Series A, 4.00%, 7/1/36, Continuously Callable @ 100		700		786
Series A, 4.00%, 7/1/38, Continuously Callable @ 100		750		838
Charles City County Economic Development Authority Revenue, Series A, 2.88%, 2/1/29, Continuously Callable @ 101		10,000		10,921
Chesapeake Bay Bridge & Tunnel District Revenue 5.50%, 7/1/25		5,000		5,679
5.00%, 7/1/51, Continuously Callable @ 100		9,240		10,727
Chesapeake Bay Bridge & Tunnel District Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 7/1/41, Continuously Callable @ 100		5,000		5,926
Chesapeake Hospital Authority Revenue 4.00%, 7/1/39, Continuously Callable @ 100		1,000		1,148
4.00%, 7/1/43, Continuously Callable @ 100		4,000		4,502
City of Chesapeake Expressway Toll Road Revenue 7/15/32, Continuously Callable @ 100 (b)		6,520		7,165
7/15/40, Continuously Callable @ 100 (i)		3,000		3,317
City of Lynchburg, GO, 4.00%, 6/1/44, Continuously Callable @ 100		5,000		5,411
City of Norfolk, GO Series A, 4.00%, 9/1/37, Continuously Callable @ 100		2,040		2,445
Series A, 4.00%, 9/1/39, Continuously Callable @ 100		1,535		1,832
City of Norfolk, GO (LIQ — Bank of America Corp.), 0.05%, 8/1/37, Continuously Callable @ 100 (c)		3,830		3,830
City of Portsmouth, GO 5.00%, 2/1/33, Pre-refunded 2/1/23 @ 100		880		936
5.00%, 2/1/33, Pre-refunded 2/1/23 @ 100		120		128
City of Richmond Public Utility Revenue 4.00%, 1/15/40, Continuously Callable @ 100		6,000		6,708
Series A, 5.00%, 1/15/38, Pre-refunded 1/15/23 @ 100		6,000		6,371
Series A, 4.00%, 1/15/50, Continuously Callable @ 100		1,730		2,002
City of Richmond, GO Series D, 5.00%, 3/1/32		800		1,098
Series D, 5.00%, 3/1/33		1,000		1,400
County of Fairfax VA Sewer Revenue Series A, 5.00%, 7/15/46, Continuously Callable @ 100 (d)		10,000		12,930
Series A, 4.00%, 7/15/51, Continuously Callable @ 100 (d)		10,000		11,855
Fairfax County Economic Development Authority Revenue 5.00%, 4/1/47, Continuously Callable @ 100		4,000		4,783
Series A, 5.00%, 10/1/29, Continuously Callable @ 100		2,000		2,269

Security Description	Principal Amount		Value
Series A, 5.00%, 10/1/30, Continuously Callable @ 100	$	2,000	$	2,268
Series A, 5.00%, 10/1/31, Continuously Callable @ 100		2,000		2,266
Series A, 5.00%, 10/1/32, Continuously Callable @ 100		1,500		1,698
Series A, 5.00%, 12/1/32, Pre-refunded 12/1/23 @ 100		1,500		1,655
Series A, 5.00%, 10/1/33, Continuously Callable @ 100		2,200		2,489
Series A, 5.00%, 10/1/34, Continuously Callable @ 100		2,000		2,261
Series A, 5.00%, 10/1/42, Continuously Callable @ 102		2,250		2,546
Series A, 4.00%, 10/1/42, Continuously Callable @ 102		2,750		2,954
Series A, 5.00%, 12/1/42, Pre-refunded 12/1/23 @ 100		2,800		3,089
Series B, 5.00%, 10/1/35, Continuously Callable @ 100		2,620		3,218
Series B, 5.00%, 10/1/36, Continuously Callable @ 100		2,000		2,448
Fairfax County Economic Development Authority Revenue (LIQ — Northern Trust Corp.), Series A, 0.05%, 12/1/33, Continuously Callable @ 100 (c)		4,475		4,475
Fairfax County Economic Development Authority Revenue (LOC — SunTrust Bank), 0.06%, 6/1/37, Continuously Callable @ 100 (c)		7,800		7,800
Fairfax County IDA Revenue 5.00%, 5/15/37, Continuously Callable @ 100		14,000		14,408
4.00%, 5/15/42, Continuously Callable @ 100		1,000		1,022
Series A, 4.00%, 5/15/44, Continuously Callable @ 100		6,900		7,407
Series S, 4.00%, 5/15/48, Continuously Callable @ 100		1,500		1,718
Front Royal & Warren County IDA Revenue, 4.00%, 1/1/50, Continuously Callable @ 103		7,000		7,640
Greater Richmond Convention Center Authority Revenue, 5.00%, 6/15/32, Pre-refunded 6/15/25 @ 100		1,500		1,721
Hampton Roads Sanitation District Revenue, Series A, 5.00%, 8/1/43, Pre-refunded 8/1/26 @ 100		4,700		5,700
Hampton Roads Transportation Accountability Commission Revenue Series A, 4.00%, 7/1/50, Continuously Callable @ 100		5,000		5,820
Series A, 5.00%, 7/1/52, Continuously Callable @ 100 (d)		15,000		17,863
Hanover County Economic Development Authority Revenue 5.00%, 7/1/51, Continuously Callable @ 103		1,200		1,302
Series A, 4.50%, 7/1/30, Continuously Callable @ 100		2,795		2,844
Series A, 4.50%, 7/1/32, Continuously Callable @ 100		1,100		1,119
Series A, 5.00%, 7/1/42, Continuously Callable @ 100		2,000		2,035
Henrico County Economic Development Authority Revenue 5.00%, 6/1/24, Continuously Callable @ 100		1,200		1,227
4.25%, 6/1/26, Continuously Callable @ 100		140		142
5.00%, 11/1/30, Pre-refunded 11/1/22 @ 100		2,105		2,214
5.00%, 10/1/37, Continuously Callable @ 103		2,500		2,813
4.00%, 10/1/40, Continuously Callable @ 103		500		562
4.00%, 10/1/45, Continuously Callable @ 103		725		804
4.00%, 10/1/50, Continuously Callable @ 103		1,500		1,653
James City County Economic Development Authority Revenue 4.00%, 6/1/47, Continuously Callable @ 103		1,000		1,081
Series A, 4.00%, 12/1/35, Continuously Callable @ 103 (a)		1,015		1,128
Series A, 4.00%, 12/1/40, Continuously Callable @ 103 (a)		1,155		1,268
Series A, 4.00%, 12/1/50, Continuously Callable @ 103 (a)		7,735		8,429
Lewistown Commerce Center Community Development Authority Tax Allocation 3.63%, 3/1/44, Continuously Callable @ 103 (e)		1,431		1,174

Security Description	Principal Amount		Value
6.05%, 3/1/44, Continuously Callable @ 103	$	680	$	561
Series C, 0.50%, 3/1/54, Continuously Callable @ 100 (e)		2,340		426
Lexington IDA Revenue 4.00%, 1/1/31, Continuously Callable @ 102		750		824
4.00%, 1/1/37, Continuously Callable @ 102		1,000		1,082
5.00%, 1/1/43, Pre-refunded 1/1/22 @ 100		2,000		2,023
5.00%, 1/1/48, Continuously Callable @ 100		1,000		1,214
Series A, 5.00%, 1/1/42, Continuously Callable @ 103		1,000		1,066
Series A, 5.00%, 1/1/48, Continuously Callable @ 103		1,250		1,330
Loudoun County Economic Development Authority Revenue 5.00%, 12/1/31, Continuously Callable @ 100		1,135		1,293
5.00%, 12/1/32, Continuously Callable @ 100		800		911
5.00%, 12/1/33, Continuously Callable @ 100		775		882
5.00%, 12/1/34, Continuously Callable @ 100		805		915
Series B, 0.04%, 2/15/38, Callable 11/1/21 @ 100 (c)		8,545		8,545
Series E, 0.06%, 2/15/38, Callable 11/1/21 @ 100 (c)		7,255		7,255
Series F, 0.06%, 2/15/38, Callable 11/1/21 @ 100 (c)		6,810		6,810
Lynchburg Economic Development Authority Revenue 5.00%, 9/1/43, Continuously Callable @ 100		3,000		3,223
Series A, 5.00%, 1/1/47, Continuously Callable @ 100		2,250		2,603
Lynchburg Economic Development Authority Revenue (LIQ — JPMorgan Chase & Co.), Series 2018-XL0075, 0.15%, 1/1/25 (c) (f)		5,400		5,400
Lynchburg Economic Development Authority Revenue (LOC — Branch Banking & Trust Co.) Series B, 0.08%, 1/1/47, Continuously Callable @ 100 (c)		6,400		6,400
Series C, 0.12%, 1/1/47, Continuously Callable @ 100 (c)		1,965		1,965
Manassas Park Economic Development Authority Revenue, 4.00%, 12/15/52, Continuously Callable @ 100		4,500		5,220
Marquis Community Development Authority of York County Virginia Tax Allocation, Series B, 1.13%, 9/1/41 (e) (j)		3,532		1,699
Marquis Community Development Authority Revenue, 1.50%, 9/1/45 (e) (f) (j)		1,093		526
Marquis Community Development Authority Tax Allocation, Series C, 9/1/41 (e) (g) (j)		5,389		248
Montgomery County Economic Development Authority Revenue Series A, 4.00%, 6/1/36, Continuously Callable @ 100		1,125		1,323
Series A, 4.00%, 6/1/39, Continuously Callable @ 100		1,750		2,042
Norfolk Airport Authority Revenue, 5.00%, 7/1/43, Continuously Callable @ 100		2,800		3,474
Norfolk Economic Development Authority Revenue 5.00%, 11/1/30, Pre-refunded 11/1/22 @ 100		1,000		1,052
Series A, 0.07%, 11/1/34, Continuously Callable @ 100 (c)		1,900		1,900
Series B, 5.00%, 11/1/43, Continuously Callable @ 100		3,500		3,663
Series B, 5.00%, 11/1/48, (Put Date 11/1/28) (h)		1,600		2,030
Series B, 4.00%, 11/1/48, Continuously Callable @ 100		1,100		1,230
Prince Edward County IDA Revenue 4.00%, 9/1/43, Continuously Callable @ 100		2,250		2,457
5.00%, 9/1/48, Continuously Callable @ 100		2,055		2,398
Prince William County IDA Revenue 5.00%, 1/1/37, Continuously Callable @ 102		1,000		1,055
5.00%, 1/1/46, Continuously Callable @ 102		4,000		4,176
5.00%, 11/1/46, Pre-refunded 11/1/22 @ 100		10,000		10,515

Security Description	Principal Amount		Value
Radford IDA Revenue (NBGA — Fannie Mae), 3.50%, 9/15/29, Continuously Callable @ 100	$	4,000	$	4,088
Rappahannock Regional Jail Authority Revenue 5.00%, 10/1/34, Pre-refunded 10/1/25 @ 100		2,340		2,764
5.00%, 10/1/35, Pre-refunded 10/1/25 @ 100		1,165		1,376
Roanoke Economic Development Authority Revenue 5.00%, 7/1/47		6,250		9,334
4.00%, 7/1/51, Continuously Callable @ 100		5,000		5,762
Series A, 5.00%, 9/1/36, Continuously Callable @ 100		1,640		1,979
Series A, 5.00%, 9/1/43, Continuously Callable @ 100		4,060		4,829
Rockingham County Economic Development Authority Revenue 4.00%, 12/1/33, Continuously Callable @ 100		1,000		1,165
5.00%, 12/1/39, Continuously Callable @ 100		4,180		5,123
Salem Economic Development Authority Revenue 4.00%, 4/1/38, Continuously Callable @ 100		250		285
4.00%, 4/1/39, Continuously Callable @ 100		225		256
4.00%, 4/1/40, Continuously Callable @ 100		250		284
4.00%, 4/1/45, Continuously Callable @ 100		750		839
5.00%, 4/1/49, Continuously Callable @ 100		910		1,087
Stafford County Economic Development Authority Revenue 5.00%, 6/15/36, Continuously Callable @ 100		5,900		6,970
4.00%, 6/15/37, Continuously Callable @ 100		6,495		7,228
Tobacco Settlement Financing Corp. Revenue, Series B-1, 5.00%, 6/1/47, Continuously Callable @ 100		10,000		10,174
University of Virginia Revenue Series A, 5.00%, 6/1/37, Pre-refunded 6/1/23 @ 100		4,405		4,756
Series A, 5.00%, 4/1/42, Continuously Callable @ 100		4,000		4,811
Series A, 5.00%, 4/1/47, Continuously Callable @ 100		5,000		5,998
Series A, 2.18%, 11/1/51, Continuously Callable @ 100		1,000		945
Series A-1, 4.00%, 4/1/45, Continuously Callable @ 100		5,000		5,472
Series B, 5.00%, 4/1/46, Continuously Callable @ 100		5,000		5,996
Upper Occoquan Sewage Authority Revenue, 4.00%, 7/1/39, Pre-refunded 7/1/25 @ 100		5,000		5,671
Virginia Beach Development Authority Revenue 5.00%, 9/1/40, Continuously Callable @ 103		3,250		3,722
5.00%, 9/1/44, Continuously Callable @ 103		4,865		5,515
4.00%, 9/1/48, Continuously Callable @ 103		3,755		4,037
Series A, 5.00%, 5/1/29, Continuously Callable @ 100		1,795		2,009
Virginia College Building Authority Revenue 5.00%, 6/1/22		125		129
5.00%, 6/1/23		125		134
5.00%, 6/1/24		225		250
5.00%, 6/1/25		250		287
5.00%, 6/1/26		250		295
5.00%, 6/1/27		275		332
5.00%, 6/1/28		295		363
5.00%, 6/1/29		300		376
5.00%, 6/1/30		325		414
5.00%, 2/1/31, Continuously Callable @ 100		10,000		12,492
5.00%, 6/1/31		300		388

Security Description	Principal Amount		Value
5.00%, 2/1/32, Continuously Callable @ 100	$	4,000	$	4,987
4.00%, 1/15/33, Continuously Callable @ 100		965		1,118
4.00%, 1/15/35, Continuously Callable @ 100		545		627
4.00%, 1/15/36, Continuously Callable @ 100		650		746
4.00%, 6/1/36, Continuously Callable @ 100		925		1,080
4.00%, 1/15/43, Continuously Callable @ 100		1,285		1,450
4.00%, 6/1/46, Continuously Callable @ 100		1,000		1,152
Series A, 5.00%, 9/1/31, Pre-refunded 9/1/24 @ 100		2,725		3,098
Series A, 5.00%, 9/1/32, Pre-refunded 9/1/24 @ 100		5,615		6,383
Series A, 5.00%, 9/1/33, Pre-refunded 9/1/24 @ 100		6,380		7,253
Series A, 4.00%, 2/1/35, Continuously Callable @ 100		8,000		8,890
Series A, 3.00%, 1/15/46, Continuously Callable @ 100		1,000		1,049
Series A, 3.00%, 1/15/51, Continuously Callable @ 100		1,175		1,232
Virginia College Building Authority Revenue (LIQ — U.S. Bancorp), 0.04%, 8/1/34, Callable 11/3/21 @ 100 (c)		2,200		2,200
Virginia College Building Authority Revenue (LIQ — Wells Fargo & Co.), 0.04%, 11/1/36, Continuously Callable @ 100 (c)		4,660		4,660
Virginia Commonwealth Transportation Board Regional Fuels Tax Revenue, 4.00%, 5/15/46, Continuously Callable @ 100		5,195		6,156
Virginia Commonwealth Transportation Board Revenue 5.00%, 3/15/32, Continuously Callable @ 100		3,350		4,154
5.00%, 9/15/32, Continuously Callable @ 100		9,190		11,390
4.00%, 5/15/42, Continuously Callable @ 100		10,000		11,391
Series A, 4.00%, 5/15/36, Continuously Callable @ 100		2,000		2,314
Virginia Commonwealth University Health System Authority Revenue, 5.00%, 7/1/46, Continuously Callable @ 100		5,500		6,601
Virginia Commonwealth University Revenue Series A, 4.00%, 11/1/37, Continuously Callable @ 100		750		871
Series A, 5.00%, 11/1/38, Continuously Callable @ 100		350		434
Series A, 4.00%, 5/1/48, Continuously Callable @ 100		2,475		2,798
Virginia Housing Development Authority Revenue Series B, 3.60%, 5/1/46, Continuously Callable @ 100		7,000		7,285
Series E, 2.65%, 7/1/50, Continuously Callable @ 100		1,640		1,642
Series I, 2.45%, 11/1/45, Continuously Callable @ 100		1,500		1,481
Virginia Public Building Authority Revenue, Series A, 4.00%, 8/1/30, Continuously Callable @ 100		4,000		4,704
Virginia Public School Authority Revenue, 5.00%, 8/1/24		10,000		11,322
Virginia Resources Authority Revenue 5.00%, 11/1/32, Continuously Callable @ 100		55		60
5.00%, 11/1/32, Pre-refunded 11/1/23 @ 100		975		1,072
4.00%, 11/1/41, Pre-refunded 11/1/22 @ 100		7,310		7,612
4.00%, 11/1/49, Continuously Callable @ 100		6,700		7,737
Series A, 4.00%, 11/1/43, Continuously Callable @ 100		1,445		1,741
Series A, 4.00%, 11/1/47, Continuously Callable @ 100		1,040		1,241
Virginia Small Business Financing Authority Revenue 4.00%, 11/1/39, Continuously Callable @ 100		2,550		2,975
4.00%, 12/1/49, Continuously Callable @ 100		6,000		6,870
4.00%, 12/1/51, Continuously Callable @ 103		4,000		4,409
Series A, 4.00%, 1/1/45, Continuously Callable @ 103		3,000		3,392
Series A, 4.00%, 1/1/51, Continuously Callable @ 103		13,265		14,862

Security Description	Principal Amount		Value
Virginia Small Business Financing Authority Revenue (LOC — Bank of America Corp.), 0.08%, 7/1/30 (c)	$	1,650	$	1,650
Virginia Small Business Financing Authority Revenue (LOC — PNC Financial Services Group), Series A, 0.05%, 7/1/42, Continuously Callable @ 100 (c)		9,025		9,025
Western Regional Jail Authority Revenue 5.00%, 12/1/35, Continuously Callable @ 100		1,540		1,844
5.00%, 12/1/35, Pre-refunded 12/1/26 @ 100		1,545		1,879
5.00%, 12/1/38, Continuously Callable @ 100		1,000		1,184
5.00%, 12/1/38, Pre-refunded 12/1/26 @ 100		1,000		1,217
Winchester Economic Development Authority Revenue 5.00%, 1/1/44, Continuously Callable @ 100		3,250		3,761
Series S, 5.00%, 1/1/44, Pre-refunded 1/1/24 @ 100		3,250		3,598
Wise County IDA Revenue, Series A, 0.75%, 10/1/40, (Put Date 9/2/25) (h)		2,500		2,513
				687,402
District of Columbia (2.8%):
Metropolitan Washington Airports Authority Dulles Toll Road Revenue 4.00%, 10/1/53, Continuously Callable @ 100		1,500		1,695
5.00%, 10/1/53, Continuously Callable @ 100		4,000		4,083
Series A, 5.00%, 10/1/44, Continuously Callable @ 100		1,500		1,842
Metropolitan Washington Airports Authority Dulles Toll Road Revenue (INS — Assured Guaranty Municipal Corp.), Series B, 10/1/30 (g)		5,500		4,701
Washington Metropolitan Area Transit Authority Revenue 5.00%, 7/1/43, Continuously Callable @ 100		5,000		6,003
Series A, 4.00%, 7/15/45, Continuously Callable @ 100		2,500		2,911
				21,235
Guam (6.2%):
Antonio B. Won Pat International Airport Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series B, 5.75%, 10/1/43, Pre-refunded 10/1/23 @ 100		1,255		1,393
Guam Government Waterworks Authority Revenue 5.00%, 7/1/37, Continuously Callable @ 100		1,000		1,152
5.00%, 7/1/40, Continuously Callable @ 100		3,250		3,734
5.50%, 7/1/43, Pre-refunded 7/1/23 @ 100		4,000		4,367
Series A, 5.00%, 7/1/35, Continuously Callable @ 100		2,850		3,118
Series A, 5.00%, 1/1/50, Continuously Callable @ 100		1,000		1,190
Guam Power Authority Revenue Series A, 5.00%, 10/1/31, Continuously Callable @ 100		500		555
Series A, 5.00%, 10/1/34, Continuously Callable @ 100		1,000		1,038
Series A, 5.00%, 10/1/40, Continuously Callable @ 100		4,000		4,597
Guam Power Authority Revenue (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 10/1/39, Continuously Callable @ 100		750		838
Series A, 5.00%, 10/1/44, Continuously Callable @ 100		1,000		1,095
Port Authority of Guam Revenue, Series A, 5.00%, 7/1/48, Continuously Callable @ 100		1,500		1,750
Territory of Guam Revenue Series A, 5.00%, 11/1/27		200		241
Series A, 5.00%, 11/1/28		250		307
Series A, 5.00%, 11/1/29		250		313
Series A, 5.00%, 11/1/30		250		319

Security Description	Principal Amount		Value
Series A, 5.00%, 11/1/35, Continuously Callable @ 100	$	1,000	$	1,262
Series A, 5.00%, 11/1/40, Continuously Callable @ 100		1,000		1,239
Series A, 5.00%, 12/1/46, Continuously Callable @ 100		1,250		1,405
Series B-1, 5.00%, 1/1/42, Continuously Callable @ 100		1,500		1,517
Series D, 5.00%, 11/15/39, Continuously Callable @ 100		2,000		2,247
Series F, 5.00%, 1/1/31 (a)		500		635
Series F, 4.00%, 1/1/42, Continuously Callable @ 100 (a)		1,000		1,119
Territory of Guam Revenue (LOC — Barclays Bank PLC), Series 2017-XF2510, 0.17%, 12/1/46, Callable 12/1/26 @ 100 (c) (f)		10,870		10,870
				46,301
Total Municipal Bonds (Cost $719,691)				754,938
Total Investments (Cost $719,691) — 101.2%				754,938
Liabilities in excess of other assets — (1.2)%				(9,078	)
NET ASSETS — 100.00%			$	745,860

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

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

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

(e) Currently the issuer is in default with respect to interest and/or principal payments.

(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 (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $16,796 (thousands) and amounted to 2.3% of net assets.

(g) Zero-coupon bond.

(h) Put Bond.

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

(j) This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements).

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

	USAA Virginia Bond Fund
Assets:
Investments, at value (Cost $719,691)	$	754,938
Cash		14
Receivables:
Interest		7,477
Capital shares issued		151
From Adviser		13
Prepaid expenses		2
Total Assets		762,595
Liabilities:
Payables:
Distributions		205
Investments purchased		15,451
Capital shares redeemed		695
Accrued expenses and other payables:
Investment advisory fees		197
Administration fees		92
Custodian fees		5
Transfer agent fees		26
Compliance fees		—	(a)
Trustees' fees		—	(a)
12b-1 fees		2
Other accrued expenses		62
Total Liabilities		16,735
Net Assets:
Capital		719,855
Total accumulated earnings/(loss)		26,005
Net Assets	$	745,860
Net Assets
Fund Shares	$	713,549
Institutional Shares		13,215
Class A		19,096
Total	$	745,860
Shares (unlimited number of shares authorized with no par value):
Fund Shares		61,320
Institutional Shares		1,136
Class A		1,642
Total		64,098
Net asset value, offering and redemption price per share: (b)
Fund Shares	$	11.64
Institutional Shares	$	11.64
Class A	$	11.63
Maximum Sales Charge — Class A		2.25	%
Maximum offering price
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	11.90

(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 Virginia Bond Fund
Investment Income:
Interest	$	10,177
Total Income		10,177
Expenses:
Investment advisory fees		1,172
Administration fees — Fund Shares		538
Administration fees — Institutional Shares		6
Administration fees — Class A		14
Sub-Administration fees		11
12b-1 fees — Class A		24
Custodian fees		17
Transfer agent fees — Fund Shares		90
Transfer agent fees — Institutional Shares		6
Transfer agent fees — Class A		10
Trustees' fees		24
Compliance fees		2
Legal and audit fees		27
State registration and filing fees		1
Other expenses		59
Total Expenses		2,001
Expenses waived/reimbursed by Adviser		(9	)
Net Expenses		1,992
Net Investment Income (Loss)		8,185
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		124
Net change in unrealized appreciation/depreciation on investment securities		1,635
Net realized/unrealized gains (losses) on investments		1,759
Change in net assets resulting from operations	$	9,944

	USAA Virginia Bond Fund
	Six Months Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	8,185		$	16,875
Net realized gains (losses) from investments		124			137
Net change in unrealized appreciation/depreciation on investments		1,635			21,658
Change in net assets resulting from operations		9,944			38,670
Distributions to Shareholders:
Fund Shares		(7,843	)		(16,365	)
Institutional Shares (a)		(143	)		(132	)
Class A		(187	)		(388	)
Change in net assets resulting from distributions to shareholders		(8,173	)		(16,885	)
Change in net assets resulting from capital transactions		(123	)		17,248
Change in net assets		1,648			39,033
Net Assets:
Beginning of period		744,212			705,179
End of period	$	745,860		$	744,212

(a) Institutional Shares commenced operations on June 29, 2020.

(continues on next page)

	USAA Virginia Bond Fund
	Six Months Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	26,455		$	90,498
Distributions reinvested		6,733			13,707
Cost of shares redeemed		(34,420	)		(97,801	)
Total Fund Shares	$	(1,232	)	$	6,404
Institutional Shares (a)
Proceeds from shares issued	$	1,382		$	12,682
Distributions reinvested		48			53
Cost of shares redeemed		(341	)		(697	)
Total Institutional Shares	$	1,089		$	12,038
Class A
Proceeds from shares issued	$	1,153		$	22,363
Distributions reinvested		179			375
Cost of shares redeemed		(1,312	)		(23,932	)
Total Class A	$	20		$	(1,194	)
Change in net assets resulting from capital transactions	$	(123	)	$	17,248
Share Transactions:
Fund Shares
Issued		2,258			7,843
Reinvested		575			1,189
Redeemed		(2,941	)		(8,490	)
Total Fund Shares		(108	)		542
Institutional Shares (a)
Issued		118			1,098
Reinvested		4			5
Redeemed		(29	)		(60	)
Total Institutional Shares		93			1,043
Class A
Issued		99			1,949
Reinvested		15			33
Redeemed		(112	)		(2,090	)
Total Class A		2			(108	)
Change in Shares		(13	)		1,477

(a) Institutional Shares commenced operations on June 29, 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 Virginia Bond Fund
Fund Shares
Six Months Ended September 30, 2021 (unaudited)	$	11.61		0.13	(e)		0.03			0.16		(0.13	)		(0.13	)
Year Ended March 31:
2021	$	11.26		0.27	(e)		0.35			0.62		(0.27	)		(0.27	)
2020	$	11.30		0.31	(e)		(0.04	)		0.27		(0.31	)		(0.31	)
2019	$	11.16		0.34			0.14			0.48		(0.34	)		(0.34	)
2018	$	11.21		0.34			(0.05	)		0.29		(0.34	)		(0.34	)
2017	$	11.52		0.35			(0.31	)		0.04		(0.35	)		(0.35	)
Institutional Shares
Six Months Ended September 30, 2021 (unaudited)	$	11.61		0.13	(e)		0.03			0.16		(0.13	)		(0.13	)
June 29, 2020 (f) through March 31, 2021	$	11.46		0.20	(e)		0.15			0.35		(0.20	)		(0.20	)
Class A
Six Months Ended September 30, 2021 (unaudited)	$	11.60		0.12	(e)		0.02			0.14		(0.11	)		(0.11	)
Year Ended March 31:
2021	$	11.25		0.24	(e)		0.35			0.59		(0.24	)		(0.24	)
2020	$	11.29		0.28	(e)		(0.04	)		0.24		(0.28	)		(0.28	)
2019	$	11.16		0.32			0.12			0.44		(0.31	)		(0.31	)
2018	$	11.20		0.31			(0.04	)		0.27		(0.31	)		(0.31	)
2017	$	11.51		0.33			(0.31	)		0.02		(0.33	)		(0.33	)

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Redemption Fees Added to Beneficial Interests			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(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, 2021 (unaudited)	$	—		$	11.64		1.36	%		0.53	%		2.19	%		0.53	%	$	713,549		5	%
Year Ended March 31:
2021		—		$	11.61		5.53	%		0.50	%		2.32	%		0.50	%	$	713,075		28	%
2020		—		$	11.26		2.39	%		0.55	%		2.70	%		0.55	%	$	685,508		24	%
2019		—		$	11.30		4.36	%		0.59	%		3.03	%		0.59	%	$	672,191		9	%
2018		—		$	11.16		2.56	%		0.56	%		2.98	%		0.56	%	$	666,772		11	%
2017		—		$	11.21		0.36	%		0.58	%		3.10	%		0.58	%	$	658,452		13	%
Institutional Shares
Six Months Ended September 30, 2021 (unaudited)		—		$	11.64		1.38	%		0.50	%		2.21	%		0.56	%	$	13,215		5	%
June 29, 2020 (f) through March 31, 2021		—		$	11.61		3.04	%		0.49	%		2.26	%		0.58	%	$	12,105		28	%
Class A
Six Months Ended September 30, 2021 (unaudited)		—		$	11.63		1.25	%		0.76	%		1.96	%		0.82	%	$	19,096		5	%
Year Ended March 31:
2021		—		$	11.60		5.26	%		0.76	%		2.06	%		0.81	%	$	19,032		28	%
2020		—		$	11.25		2.14	%		0.80	%		2.46	%		0.82	%	$	19,671		24	%
2019		—		$	11.29		4.05	%		0.80	%		2.82	%		0.86	%	$	19,439		9	%
2018		—	(g)	$	11.16		2.42	%		0.79	%(h)		2.76	%		0.81	%	$	19,894		11	%
2017		—		$	11.20		0.12	%		0.81	%		2.85	%		0.81	%	$	25,496		13	%

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. 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)

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of 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.

	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	752,465	$	2,473	$	754,938
Total	$	—	$	752,465	$	2,473	$	754,938

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:

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 or 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 discounts. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Purchases				Sales				Net Realized Gains (Losses)
$	1,800			$	900			$	—

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
$	63,815	$	34,173

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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 first $50 million of the Fund's average daily net assets, 0.40% of that portion of the Fund's 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, 2021, 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 Virginia Municipal Debt Funds Index. The Lipper Virginia Municipal Debt Funds Index tracks the total return performance of the largest 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)
	+/- 20 to 50		+/- 4
	+/- 51 to 100		+/- 5
	+/- 101 and greater		+/- 6

^(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

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 April 1, 2021, to September 30, 2021, performance adjustments were $(24), less than $(1), and $(4) for Fund Shares, Institutional Shares, and Class A, in thousands, respectively. Performance adjustments were less than (0.01)%, less than (0.01)%, and (0.04)% for Fund Shares, Institutional Shares,

and Class A, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

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 an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, and 0.15%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares, and Class A, respectively. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA 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 are paid monthly based on a fee accrued daily at an annualized rate of 0.10% and 0.10%, respectively, of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended September 30, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

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. 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. Amounts incurred and paid to the Distributor for the six months ended September 30, 2021, are reflected on the Statement of Operations as 12b-1 fees.

Other Fees:

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 June 30, 2023. 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. Acquired fund fees and expenses, 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, 2021, the expense limits (excluding voluntary waivers) were 0.54%, 0.50%, and 0.80% for Fund Shares, Institutional Shares, and Class A, respectively.

Expires 2023				Expires 2024				Expires 2025				Total
$	1			$	15			$	9			$	25

5. Risks:

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

State-Specific Risk — Because the Fund invests primarily in Virginia tax-exempt securities, the Fund is more susceptible to adverse economic, political, and regulatory changes affecting tax-exempt securities issuers in Virginia, such as changes to state laws and policies, economic issues that affect critical industries, large employers, or weakened real estate prices, and existing debt levels and state

budget priorities. In addition, the economic affects regarding COVID-19 may exacerbate some or all of these risks. The Fund's performance will be affected by the fiscal and economic health of Virginia and its municipalities and their ability to issue and repay debt. The Fund is more vulnerable to unfavorable developments in Virginia than are funds that invest in municipal securities of multiple states.

Credit Risk — 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.

expected that there will 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. Although the foregoing may provide some sense of timing, there is no assurance that LIBOR, or any particular currency and tenor, will continue to be published until any particular date, and it appears highly likely that LIBOR will be discontinued or modified after December 31, 2021, or June 30, 2023, depending on the currency and tenor. 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, 2021.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2021.

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, 2021, through September 30, 2021.

	Beginning Account Value 4/1/21		Actual Ending Account Value 9/30/21		Hypothetical Ending Account Value 9/30/21		Actual Expenses Paid During Period 4/1/21- 9/30/21*		Hypothetical Expenses Paid During Period 4/1/21- 9/30/21*		Annualized Expense Ratio During Period 4/1/21- 9/30/21
Fund Shares	$	1,000.00	$	1,013.60	$	1,022.41	$	2.68	$	2.69		0.53	%
Institutional Shares		1,000.00		1,013.80		1,022.56		2.52		2.54		0.50	%
Class A		1,000.00		1,012.50		1,021.26		3.83		3.85		0.76	%

Security Description	Principal Amount		Value
Municipal Bonds (97.0%)
Alabama (5.8%):
Columbia Industrial Development Board Revenue, 0.11%, 12/1/37, Continuously Callable @100 (a)	$	10,000	$	10,000
Mobile County IDA Revenue (LOC — Swedbank AB), Series B, 0.09%, 7/1/40, Continuously Callable @100 (a)		15,000		15,000
West Jefferson Industrial Development Board Revenue, 0.13%, 6/1/28, Continuously Callable @100 (a)		5,190		5,190
				30,190
California (1.1%):
City of Los Angeles Certificate of Participation (LOC — U.S. Bancorp), Series A, 0.12%, 8/1/35, Continuously Callable @100 (a)		5,885		5,885
Florida (4.1%):
County of Escambia Revenue, 0.09%, 7/1/22 (a)		15,500		15,500
County of St. Lucie Revenue, 0.06%, 9/1/28, Continuously Callable @100 (a)		5,610		5,610
				21,110
Georgia (1.6%):
Appling County Development Authority Revenue 0.11%, 9/1/29, Continuously Callable @100 (a)		800		800
0.11%, 9/1/41, Continuously Callable @100 (a)		5,100		5,100
The Burke County Development Authority Revenue, Series 1, 0.11%, 7/1/49, Continuously Callable @100 (a)		2,175		2,175
				8,075
Illinois (5.6%):
Illinois Finance Authority Revenue (LOC — Huntington National Bank), 0.16%, 10/1/33, Continuously Callable @100 (a)		1,765		1,765
Illinois State Educational Facilities Revenue (LOC — Huntington National Bank), Series A, 0.14%, 10/1/32, Continuously Callable @100 (a)		14,165		14,165
Metropolitan Pier & Exposition Authority Revenue (LIQ — Barclays Bank PLC), Series 2015-XF1045, 0.09%, 6/15/52, Callable 6/15/22 @ 100 (a) (b)		13,155		13,155
				29,085
Indiana (2.5%):
City of Berne Revenue (LOC — Federal Home Loan Bank of Indianapolis), 0.11%, 10/1/33, Continuously Callable @100 (a)		4,505		4,505
City of Evansville Revenue (LOC — Fifth Third Bank), 0.07%, 1/1/25, Callable 10/15/21 @ 100 (a)		1,905		1,905
Indiana Finance Authority Revenue (LOC — Federal Home Loan Bank of Indianapolis), 0.13%, 7/1/29, Continuously Callable @100 (a)		6,210		6,210
				12,620
Iowa (3.8%):
Iowa Finance Authority Revenue 0.09%, 6/1/39, Continuously Callable @100 (a)		12,600		12,600
Series B, 0.09%, 9/1/36, Continuously Callable @100 (a)		6,763		6,763
				19,363

Security Description	Principal Amount		Value
Kansas (4.6%):
City of Burlington Revenue 0.12%, 9/1/35, Continuously Callable @100 (a)	$	8,250	$	8,250
Series B, 0.12%, 9/1/35, Continuously Callable @100 (a)		4,200		4,200
City of St. Marys Revenue, 0.09%, 4/15/32, Continuously Callable @100 (a)		11,500		11,500
				23,950
Kentucky (2.4%):
City of Georgetown Revenue (LOC — Fifth Third Bank), 0.07%, 11/15/29, Callable 10/15/21 @ 100 (a)		10,820		10,820
Lexington-Fayette Urban County Government Revenue (LOC — Federal Home Loan Bank of Cincinnati), 0.19%, 12/1/27, Callable 10/14/21 @ 100 (a)		1,635		1,635
				12,455
Louisiana (6.1%):
City of New Orleans Revenue (LOC — Capital One, N.A.), 0.23%, 8/1/24, Continuously Callable @100 (a)		2,475		2,475
Parish of St. James Revenue Series A-1, 0.09%, 11/1/40, Continuously Callable @100 (a)		1,485		1,485
Series B-1, 0.09%, 11/1/40, Continuously Callable @100 (a)		22,650		22,650
St. Tammany Corp. Revenue (LOC — Federal Home Loan Bank of Dallas), 0.08%, 3/1/33, Continuously Callable @100 (a)		4,900		4,900
				31,510
Maryland (1.6%):
Town of Williamsport Revenue (LOC — Manufacturers & Traders Trust Co.), 0.15%, 11/1/37 (a)		8,155		8,155
Michigan (0.4%):
Michigan State Strategic Fund Revenue (LOC — Fifth Third Bank), 0.11%, 3/1/37, Continuously Callable @100 (a)		2,100		2,100
Mississippi (0.7%):
Mississippi Business Finance Corp. Revenue (LOC — Federal Home Loan Bank of Dallas), 0.08%, 3/1/33, Continuously Callable @100 (a)		3,455		3,455
Missouri (3.9%):
Jackson County IDA Revenue (LOC — Commerce Bank, N.A.), 0.08%, 7/1/25, Continuously Callable @100 (a)		20,000		20,000
Nebraska (2.7%):
County of Custer Revenue (LOC — U.S. Bancorp), 0.09%, 12/1/36, Callable 12/2/21 @ 100 (a)		11,000		11,000
County of Washington Revenue, Series B, 0.08%, 12/1/40, Continuously Callable @100 (a)		3,000		3,000
				14,000
New Hampshire (3.9%):
New Hampshire Business Finance Authority Revenue (LOC — Landesbank Hessen-Thuringen), 0.09%, 9/1/30, Continuously Callable @100 (a)		19,990		19,990
New Mexico (1.0%):
New Mexico Hospital Equipment Loan Council Revenue (LOC — Fifth Third Bank), 0.11%, 7/1/25, Continuously Callable @100 (a)		5,000		5,000

Security Description	Principal Amount		Value
New York (20.9%):
Allegany-Limestone Central School District, GO, 1.00%, 6/23/22	$	5,000	$	5,027
Binghamton City School District, GO, 1.00%, 6/24/22		5,000		5,028
Build NYC Resource Corp. Revenue (LOC — Toronto-Dominion Bank), 0.22%, 12/1/45, Continuously Callable @100 (a)		5,355		5,355
Canandaigua City School District, GO, 1.00%, 6/23/22		6,000		6,036
County of Chautauqua Industrial Development Agency Revenue (LOC — Citizens Financial Group), Series A, 0.10%, 8/1/27, Continuously Callable @100 (a)		1,365		1,365
County of St. Lawrence, GO, 1.00%, 7/7/22		6,000		6,036
Coxsackie-Athens Central School District, GO, 1.00%, 6/17/22		6,000		6,033
DeRuyter Central School District, GO, Series A, 1.00%, 6/30/22		2,000		2,012
Fillmore Central School District, GO, 1.00%, 6/23/22		5,000		5,027
Greenport Union Free School District, GO, 2.00%, 6/28/22		5,000		5,066
Guilderland Industrial Development Agency Revenue (LOC — Key Bank, N.A.), Series A, 0.14%, 7/1/32, Continuously Callable @100 (a)		2,705		2,705
Lansing Central School District, GO, 1.00%, 6/28/22		4,817		4,846
Lewiston-Porter Central School District, GO, Series A, 1.00%, 7/13/22		4,850		4,879
Liverpool Central School District, GO, 1.00%, 9/23/22		4,048		4,081
New York City Capital Resources Corp. Revenue (LOC — Manufacturers & Traders Trust Co.), 0.27%, 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, 0.09%, 11/15/51 (a)(b)		13,000		13,000
Oneida County Industrial Development Agency Revenue (LOC — Citizens Financial Group), 0.15%, 7/1/37, Continuously Callable @100 (a)		1,570		1,570
Onondaga County Industrial Development Agency Revenue (LOC — Manufacturers & Traders Trust Co.), 0.15%, 12/1/31, Continuously Callable @100 (a)		5,210		5,210
Ramapo Housing Authority Revenue (LOC — Manufacturers & Traders Trust Co.), 0.15%, 12/1/29, Continuously Callable @100 (a)		8,285		8,285
St. Lawrence County Industrial Development Agency Revenue (LOC — Citizens Financial Group), 0.25%, 7/1/37 (a)		1,795		1,795
Walton Central School District, GO, 1.00%, 6/29/22		3,575		3,595
West Genesee Central School District, GO, Series B, 1.00%, 6/29/22		4,300		4,325
				108,776
Ohio (0.4%):
County of Hamilton Revenue (LOC — Fifth Third Bank), 0.07%, 12/1/24 (a)		2,000		2,000
Oklahoma (5.6%):
Edmond Economic Development Authority Revenue (LOC — Bank of Oklahoma, N.A.), Series A, 0.09%, 6/1/31, Callable 11/1/21 @ 100 (a)		4,900		4,900
Garfield County Industrial Authority Revenue, Series A, 0.13%, 1/1/25, Callable 11/3/21 @ 100 (a)		22,000		22,000
Muskogee Industrial Trust Revenue, Series A, 0.13%, 6/1/27, Continuously Callable @100 (a)		2,000		2,000
				28,900
Rhode Island (0.7%):
Rhode Island Commerce Corp. Revenue (LOC — Citizens Financial Group), 0.12%, 3/1/38, Callable 11/1/21 @ 100 (a)		3,405		3,405

Security Description	Principal Amount		Value
Tennessee (6.3%):
Chattanooga Health Educational & Housing Facility Board Revenue, Series C, 0.09%, 5/1/39, Continuously Callable @100 (a)	$	24,200	$	24,200
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue (LOC — Fifth Third Bank), 0.07%, 12/1/24, Callable 10/15/21 @ 100 (a)		8,500		8,500
				32,700
Texas (7.7%):
Port of Arthur Navigation District Industrial Development Corp. Revenue, Series A, 0.07%, 12/1/40, Callable 11/1/21 @ 100 (a)		16,000		16,000
Port of Port Arthur Navigation District Revenue Series A, 0.12%, 4/1/40, Continuously Callable @100 (a)		7,350		7,350
Series B, 0.12%, 4/1/40, Continuously Callable @100 (a)		16,200		16,200
				39,550
Utah (2.0%):
Utah Housing Corp. Revenue (LIQ — Deutsche Bank A.G.), Series 2019-XF1081, 0.30%, 3/1/62, Callable 2/1/31 @ 100 (a)(b)		10,000		10,000
Washington (1.6%):
Washington Higher Education Facilities Authority Revenue, 0.08%, 10/1/31, Callable 11/3/21 @ 100 (a)		8,025		8,025
Total Municipal Bonds (Cost $500,299)				500,299
Commercial Paper (2.9%)
University of Texas System, 0.08%, 12/9/21		15,000		15,000
Total Commercial Paper (Cost $15,000)				15,000
Total Investments (Cost $515,299) — 99.9%				515,299
Other assets in excess of liabilities — 0.1%				693
NET ASSETS — 100.00%			$	515,992

(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.

(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 (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $36,155 (thousands) and amounted to 7.0% of net assets.

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

	USAA Tax Exempt Money Market Fund
Assets:
Investments, at value (Cost $515,299)	$	515,299
Cash		309
Receivables:
Interest		181
Capital shares issued		246
From Adviser		434
Prepaid expenses		25
Total Assets		516,494
Liabilities:
Payables:
Distributions		—	(a)
Capital shares redeemed		214
Accrued expenses and other payables:
Investment advisory fees		120
Administration fees		43
Custodian fees		8
Transfer agent fees		64
Compliance fees		—	(a)
Trustees' fees		—	(a)
Other accrued expenses		53
Total Liabilities		502
Net Assets:
Capital		515,989
Total accumulated earnings/(loss)		3
Net Assets	$	515,992
Shares (unlimited number of shares authorized with no par value):		515,981
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, 2021 (Unaudited)			Year Ended March 31, 2021
From Investments:
Operations:
Net investment income	$	27		$	767
Net realized gains from investments		4			—
Change in net assets resulting from operations		31			767
Change in net assets resulting from distributions to shareholders		(27	)		(988	)
Change in net assets resulting from capital transactions		(46,027	)		(783,392	)
Change in net assets		(46,023	)		(783,613	)
Net Assets:
Beginning of period		562,015			1,345,628
End of period	$	515,992		$	562,015
Capital Transactions:
Proceeds from shares issued	$	56,664		$	268,164
Distributions reinvested		26			967
Cost of shares redeemed		(102,717	)		(1,052,523	)
Change in net assets resulting from capital transactions	$	(46,027	)	$	(783,392	)
Share Transactions:
Issued		56,664			268,164
Reinvested		26			967
Redeemed		(102,717	)		(1,052,523	)
Change in Shares		(46,027	)		(783,392	)

			Investment Activities									Distributions to Shareholders From
	Net Asset Value, Beginning of Period		Net Investment Income			Net Realized and Unrealized Gains on Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains From Investments
USAA Tax Exempt Money Market Fund
Six Months Ended September 30, 2021 (Unaudited)	$	1.00		—	(d)(e)		—	(e)		—	(e)		—	(e)		—
Year Ended March 31: 2021	$	1.00		—	(d)(e)		—			—	(e)		—	(e)		—	(e)
2020	$	1.00		0.01	(d)		—	(e)		0.01			(0.01	)		—
2019	$	1.00		0.01			—	(e)		0.01			(0.01	)		—
2018	$	1.00		0.01			—	(e)		0.01			(0.01	)		—
2017	$	1.00		—	(e)		—	(e)		—	(e)		—	(e)		—	(e)

USAA Mutual Funds Trust

Financial Highlights — continued

For a Share Outstanding Throughout Each Period

									Ratios to Average Net Assets									Supplemental Data
	Total Distributions			Net Asset Value, End of Period		Total Return*(a)			Net Expenses^(b)(c)			Net Investment Income(b)			Gross Expenses(b)(c)			Net Assets, End of Period (000's)
USAA Tax Exempt Money Market Fund
Six Months Ended September 30, 2021 (Unaudited)		—	(e)	$	1.00		0.01	%		0.14	%		0.01	%		0.58	%	$	515,992
Year Ended March 31: 2021		—	(e)	$	1.00		0.10	%		0.35	%		0.11	%		0.57	%	$	562,015
2020		(0.01	)	$	1.00		1.05	%		0.56	%		1.04	%		0.56	%	$	1,345,628
2019		(0.01	)	$	1.00		1.05	%		0.56	%		1.04	%		0.56	%	$	1,598,214
2018		(0.01	)	$	1.00		0.51	%(f)		0.56	%(f)		0.50	%		0.56	%	$	1,761,649
2017		—	(e)	$	1.00		0.23	%		0.54	%		0.11	%		0.58	%	$	2,007,091

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.

The Fund has adopted policies and procedures permitting the Board of Trustees (the "Board") of the Fund to impose a liquidity fee or to temporarily suspend redemptions from the Fund (a "redemption gate") if the Fund's weekly liquid assets fall below specific thresholds, such as during times of market stress. The imposition of a liquidity fee would reduce the amount you would receive upon redemption of your shares of the Fund. The imposition of a redemption gate would temporarily delay your ability to redeem your investments in the Fund.

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)

Victory Capital Management Inc. ("VCM" or the "Adviser") has established the Pricing and Liquidity Committee (the "Committee"), and subject to the Board's 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 for 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.

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 or 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 discounts. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

the six months ended September 30, 2021, 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)
$	43,250			$	31,700			$	—

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:

The Fund's Investment Adviser 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, 2021, 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 an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.10%, which is based on the Fund's average daily net assets of the Fund. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, 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, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

Other Fees:

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 June 30, 2023. 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 in any fiscal year exceed the expense limit for the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, 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, 2021, the expense limit (excluding voluntary waivers) was 0.56%.

In addition, the Adviser agreed to further reimburse fees in excess of the Fund's expense limit agreement of 0.56%. 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.

Expires 2023				Expires 2024				Expires 2025				Total
$	19			$	1,557			$	1,200			$	2,776

4. Risks:

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

Stable Net Asset Value Risk — 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 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.

Credit Risk — Credit risk is expected to be low for the Fund because it invests primarily in securities that are considered to be of high quality. However, there is the possibility that an issuer will fail to make timely interest and principal payments on its securities or that negative perceptions of the issuer's ability to make such payments will cause the price of that security to decline.

5. Borrowing:

Line of Credit:

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2021.

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:

The Fund makes available on VCM.com a complete list of portfolio holdings no sooner than 5 business days after the end of each month. Form N-MFP is available on the SEC's website at www.sec.gov.

Expense Example

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, 2021, through September 30, 2021.

Beginning Account Value 4/1/21				Actual Ending Account Value 9/30/21				Hypothetical Ending Account Value 9/30/21				Actual Expenses Paid During Period 4/1/21- 9/30/21*				Hypothetical Expenses Paid During Period 4/1/21- 9/30/21*				Annualized Expense Ratio During Period 4/1/21- 9/30/21
$	1,000.00			$	1,000.10			$	1,024.37			$	0.70			$	0.71				0.14	%

Security Description	Shares		Value
Exchange-Traded Funds (99.0%)
iShares Core U.S. REIT ETF (a) (b)		625,986	$	36,714
iShares MSCI Canada ETF		2,771,357		100,600
JPMorgan BetaBuilders Canada ETF (a)		360,675		22,705
JPMorgan BetaBuilders MSCI U.S. REIT ETF		108,649		10,448
U.S. Oil Fund LP (a) (c)		404,444		21,258
Vanguard FTSE All-World ex-U.S. ETF		96,063		5,856
Vanguard Real Estate ETF (a)		410,625		41,793
Vanguard S&P 500 ETF (b)		364,743		143,855
Vanguard Total Stock Market ETF (b)		620,260		137,735
Total Exchange-Traded Funds (Cost $505,488)				520,964
Collateral for Securities Loaned^ (6.3%)
Goldman Sachs Financial Square Government Fund Institutional Shares, 0.03% (d)		1,715,302		1,715
HSBC U.S. Government Money Market Fund I Shares, 0.03% (d)		23,695,166		23,695
State Street Institutional U.S. Government Money Market Fund Institutional Shares, 0.03% (d)		7,742,702		7,743
Total Collateral for Securities Loaned (Cost $33,153)				33,153
Total Investments (Cost $538,641) — 105.3%				554,117
Liabilities in excess of other assets — (5.3)%				(28,096	)
NET ASSETS — 100.00%			$	526,021

At September 30, 2021, the Fund's investments in foreign securities were 24.5% 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 derivative instruments.

(d) Rate disclosed is the daily yield on September 30, 2021.

ETF — Exchange-Traded Fund

LP — Limited Partnership

REIT — Real Estate Investment Trust

Futures Contracts Purchased
(Amounts not in thousands)
	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
E-Mini S&P 500 Futures		443	12/17/21	$	98,542,613	$	95,195,163	$	(3,347,450	)
S&P/Toronto Stock Exchange 60 Index Futures		205	12/16/21		39,716,275		38,724,021		(954,867	)
Swiss Market Index Futures		289	12/17/21		37,786,523		35,980,779		(1,430,004	)
								$	(5,732,321	)
Futures Contracts Sold
(Amounts not in thousands)
	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
E-Mini Russell 2000 Index Futures		466	12/17/21	$	51,786,422	$	51,278,640	$	507,782
Euro Stoxx 50 Futures		1,361	12/17/21		66,706,088		63,808,944		1,588,838
Tokyo Price Index Futures		314	12/09/21		58,520,899		57,294,842		713,598
								$	2,810,218
Total unrealized appreciation								$	2,810,218
Total unrealized depreciation									(5,732,321	)
Total net unrealized appreciation (depreciation)								$	(2,922,103	)

	USAA Target Managed Allocation Fund
Assets:
Investments, at value (Cost $538,641)	$	554,117	(a)
Cash		1,852
Deposit with brokers for futures contracts		3,375
Receivables:
Interest and dividends		669
Variation margin on open futures contracts		934
From Adviser		4
Prepaid expenses		1
Total Assets		560,952
Liabilities:
Payables:
Collateral received on loaned securities		33,153
Variation margin on open futures contracts		1,461
Accrued expenses and other payables:
Investment advisory fees		226
Administration fees		23
Custodian fees		3
Transfer agent fees		23
Compliance fees		—	(b)
Trustees' fees		—	(b)
Other accrued expenses		42
Total Liabilities		34,931
Net Assets:
Capital		390,958
Total accumulated earnings/(loss)		135,063
Net Assets	$	526,021
Shares (unlimited number of shares authorized with no par value):		41,315
Net asset value, offering and redemption price per share: (c)	$	12.73

(a) Includes $32,113 of securities on loan.

(b) Rounds to less than $1 thousand.

	USAA Target Managed Allocation Fund
Investment Income:
Dividends	$	4,678
Securities lending (net of fees)		117
Total Income		4,795
Expenses:
Investment advisory fees		1,377
Administration fees		138
Sub-Administration fees		10
Custodian fees		12
Transfer agent fees		138
Trustees' fees		24
Compliance fees		2
Legal and audit fees		22
State registration and filing fees		1
Interfund lending fees		2
Interest fees		36
Other expenses		34
Total Expenses		1,796
Net Investment Income (Loss)		2,999
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		66,054
Net realized gains (losses) from foreign currency transactions		85
Net realized gains (losses) from futures contracts		5,923
Net change in unrealized appreciation/depreciation on investment securities		(47,052	)
Net change in unrealized appreciation/depreciation on foreign currency translations		(234	)
Net change in unrealized appreciation/depreciation on futures contracts		(5,465	)
Net realized/unrealized gains (losses) on investments		19,311
Change in net assets resulting from operations	$	22,310

	USAA Target Managed Allocation Fund
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	2,999		$	4,877
Net realized gains (losses) from investments		72,062			81,493
Net change in unrealized appreciation/depreciation on investments		(52,751	)		96,986
Change in net assets resulting from operations		22,310			183,356
Change in net assets resulting from distributions to shareholders		—			(30,747	)
Change in net assets resulting from capital transactions		(25,902	)		(69,612	)
Change in net assets		(3,592	)		82,997
Net Assets:
Beginning of period		529,613			446,616
End of period	$	526,021		$	529,613
Capital Transactions:
Proceeds from shares issued	$	—		$	1,065
Distributions reinvested		—			30,747
Cost of shares redeemed		(25,902	)		(101,424	)
Change in net assets resulting from capital transactions	$	(25,902	)	$	(69,612	)
Share Transactions:
Issued		—			94
Reinvested		—			2,654
Redeemed		(1,995	)		(9,179	)
Change in Shares		(1,995	)		(6,431	)

			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, 2021 (Unaudited)	$	12.23		0.07	(c)		0.43			0.50			—			—
Year Ended March 31:
2021	$	8.98		0.11	(c)		3.84			3.95			(0.09	)		(0.61	)
2020	$	10.26		0.20	(c)		(0.96	)		(0.76	)		(0.22	)		(0.30	)
2019	$	11.22		0.17			(0.10	)		0.07			(0.15	)		(0.88	)
2018	$	10.46		0.16			0.73			0.89			(0.13	)		—	(f)
2017	$	9.49		0.14			0.97			1.11			(0.14	)		—

									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, 2021 (Unaudited)		—		$	12.73		4.09	%		0.65	%		1.09	%		0.65	%	$	526,021		95	%
Year Ended March 31:
2021		(0.70	)	$	12.23		44.39	%		0.64	%		0.96	%		0.64	%	$	529,613		202	%(d)
2020		(0.52	)	$	8.98		(8.20	)%		0.64	%		1.88	%		0.64	%	$	446,616		298	%(e)
2019		(1.03	)	$	10.26		1.32	%		0.65	%		1.83	%		0.65	%	$	512,207		195	%(e)
2018		(0.13	)	$	11.22		8.48	%		0.65	%		1.50	%		0.65	%	$	487,599		75	%(d)
2017		(0.14	)	$	10.46		11.72	%		0.64	%(g)		1.37	%		0.64	%	$	462,794		125	%

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:

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)

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 their 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.

	Level 1			Level 2		Level 3		Total
Exchange-Traded Funds	$	520,964		$	—	$	—	$	520,964
Collateral for Securities Loaned		33,153			—		—		33,153
Total	$	554,117		$	—	$	—	$	554,117
Other Financial Investments*
Assets:
Futures Contracts	$	2,810		$	—	$	—	$	2,810
Liabilities:
Futures Contracts	$	(5,732	)	$	—	$	—	$	(5,732	)
Total	$	(2,922	)	$	—	$	—	$	(2,922	)

* Futures contracts are valued at the unrealized appreciation (depreciation) on the investment.

For the six months ended September 30, 2021, there were no transfers in or out of Level 3 in the 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 often 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 against 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 brokers for futures contracts.

During the six months ended September 30, 2021, the Fund entered into futures contracts primarily for the strategy of hedging or other purposes, including but not limited to, providing liquidity and equitizing cash.

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, 2021 (amounts in thousands):

	Assets		Liabilities
	Variation Margin Receivable on Open Futures Contracts*		Variation Margin Payable on Open Futures Contracts*
Equity Risk Exposure	$	2,810	$	5,732

* Includes cumulative unrealized appreciation (depreciation) of futures contracts as reported on the Schedule of Portfolio Investments. Only current day's variation margin for futures contracts is 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, 2021 (amounts in thousands):

	Net Realized Gains (Losses) on Derivatives Recognized as a Result of 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	$	5,923	$	(5,465	)

All open derivative positions at period 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:

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 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, 2021.

Value of Securities on Loan				Non-Cash Collateral				Cash Collateral
$	32,113			$	—			$	33,153

Foreign Currency Translations:

Foreign Taxes:

Federal Income Taxes:

Allocations:

3. Purchases and Sales:

Excluding U.S. Government Securities
Purchases		Sales
$	510,528	$	533,874

4. 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, 2021, certain fund-of-funds owned total outstanding shares of the Fund as follows:

Affiliated USAA Funds	Ownership %
USAA Cornerstone Conservative Fund		1.2	%
USAA Cornerstone Equity Fund		2.8	%
USAA Target Retirement Income Fund		8.0	%
USAA Target Retirement 2030 Fund		24.2	%
USAA Target Retirement 2040 Fund		36.2	%
USAA Target Retirement 2050 Fund		24.2	%
USAA Target Retirement 2060 Fund		3.4	%

5. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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, 2021, 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 an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.05%, which is based on the Fund's average daily net assets of the Fund Shares. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Administration fees.

between VCM and Citi. VCM pays Citi a fee for providing these services. The Fund reimburses VCM and Citi for out-of-pocket expenses incurred in providing these services and certain other expenses specifically allocated to the Fund. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Sub-Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. Transfer agent's fees for the Fund Shares are paid monthly based on a fee accrued daily at an annualized rate of 0.05% of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended September 30, 2021, are reflected on the Statement of Operations as Transfer Agent 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 and receives no fee or other compensation for these services.

Other Fees:

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 June 30, 2023. 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 in any fiscal year exceed the expense limit for the Fund. Such excess amounts will be the liability of the Adviser. Acquired fund fees and expenses, 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, 2021, the expense limit (excluding voluntary waivers) was 0.65%.

6. Risks:

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

Portfolio Reallocation Risk — The frequent changes in the allocation of the Fund's portfolio holdings results 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.

ETF Risk — 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.

Market Risk — Overall 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.

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, 2021.

Interfund Lending:

The average borrowing or lending for the days outstanding and average interest rate for the Fund that utilized this Facility during the six months ended September 30, 2021, were as follows (amounts in thousands):

Borrower or Lender				Amount Outstanding at September 30, 2021				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower				$	—			$	23,411				6				0.56	%		$	29,682

* For the six months ended September 30, 2021, based on the number of days borrowings were outstanding.

8. Federal Income Tax Information:

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

As of the tax year ended March 31, 2021, the Fund had no capital loss carryforwards, for the 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 Example

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, 2021, through September 30, 2021.

Beginning Account Value 4/1/21				Actual Ending Account Value 9/30/21				Hypothetical Ending Account Value 9/30/21				Actual Expenses Paid During Period 4/1/21-9/30/21*				Hypothetical Expenses Paid During Period 4/1/21-9/30/21*				Annualized Expense Ratio During Period 4/1/21-9/30/21
$	1,000.00			$	1,040.90			$	1,021.81			$	3.33			$	3.29				0.65	%

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings					2
Schedule of Portfolio Investments					3
Financial Statements
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					41
Proxy Voting and Portfolio Holdings Information					41
Expense Examples					41
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, and form W-4P (OMB No. 1545-0074 withholding certificate for pension or annuity payments) will be electronically sent.

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.

• NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Security Description	Shares or Principal Amount		Value
Common Stocks (0.0%) (a)
Utilities (0.0%):
Energy Harbor Corp. (b)		2,456	$	98
Total Common Stocks (Cost $61)				98
Municipal Bonds (99.5%)
Alabama (1.0%):
Homewood Educational Building Authority Revenue, 5.00%, 12/1/47, Continuously Callable @100	$	4,500		5,290
Montgomery Medical Clinic Board Revenue, 5.00%, 3/1/36, Continuously Callable @100		1,750		2,009
The Lower Alabama Gas District Revenue, Series A, 5.00%, 9/1/46		11,500		16,604
				23,903
Alaska (0.0%): (a)
Northern Tobacco Securitization Corp. Revenue, Series A, 4.00%, 6/1/50, Continuously Callable @100		1,000		1,157
Arizona (2.6%):
Apache County IDA Revenue, Series A, 4.50%, 3/1/30, Continuously Callable @100		5,000		5,086
Arizona Health Facilities Authority Revenue 5.00%, 2/1/42, Continuously Callable @100		6,000		6,060
1.90% (MUNIPSA+185bps), 2/1/48, (Put Date 2/1/23) (c) (l)		5,000		5,102
Arizona IDA Revenue 5.00%, 7/1/52, Continuously Callable @100		1,725		2,028
Series A, 4.00%, 7/1/51, Continuously Callable @100		1,000		1,104
City of Phoenix Civic Improvement Corp. Revenue (INS — National Public Finance Guarantee Corp.) Series B, 5.50%, 7/1/29		1,000		1,294
Series B, 5.50%, 7/1/30		1,500		1,975
Maricopa County IDA Revenue 5.00%, 7/1/47, Continuously Callable @100		1,600		1,813
Series A, 4.00%, 7/1/56, Continuously Callable @100		1,000		1,138
Maricopa County Pollution Control Corp. Revenue, Series A, 0.11%, 6/1/43, Callable 11/1/21 @ 100 (d)		4,300		4,300
Pinal County Electric District No. 3 Revenue, 4.00%, 7/1/41, Continuously Callable @100		10,000		11,073
Tempe Industrial Development Authority, 4.00%, 12/1/46, Continuously Callable @102 (e)		2,500		2,725
The City of Phoenix IDA Revenue 5.00%, 7/1/41, Continuously Callable @100		1,200		1,352
5.00%, 7/1/42, Continuously Callable @100		1,250		1,479
5.00%, 7/1/44, Continuously Callable @100		6,000		6,574
The Pima County IDA Revenue 4.00%, 9/1/29, Continuously Callable @100		3,000		3,155
5.00%, 6/15/52, Continuously Callable @100 (f)		2,000		2,019
The Prima County IDA Revenue, Series A, 4.50%, 6/1/30, Continuously Callable @100		2,685		2,760

Security Description	Principal Amount		Value
The Yavapai County IDA Revenue, 4.00%, 8/1/43, Continuously Callable @100	$	1,725	$	1,956
				62,993
Arkansas (0.2%):
Arkansas Development Finance Authority Revenue (INS — AMBAC Assurance Corp.) 7/1/28 (g)		1,000		909
7/1/29 (g)		1,165		1,029
7/1/30 (g)		1,150		987
7/1/36 (g)		2,500		1,716
				4,641
California (6.6%):
California Health Facilities Financing Authority Revenue, 5.00%, 11/15/56, Continuously Callable @100		1,000		1,215
California Municipal Finance Authority Revenue (LIQ — Deutsche Bank A.G.) Series DBE-8061, 0.46%, 1/1/60, Callable 1/1/37 @ 100 (d) (f)		2,550		2,550
California State Public Works Board Revenue 5.00%, 6/1/31, Continuously Callable @100		2,950		3,180
Series B, 5.00%, 10/1/30, Pre-refunded 10/1/21 @ 100		2,000		2,000
Series B, 5.00%, 10/1/31, Pre-refunded 10/1/21 @ 100		1,110		1,110
Series B, 5.00%, 10/1/39, Continuously Callable @100		3,500		3,943
Series D, 5.00%, 12/1/29, Continuously Callable @100		2,500		2,519
Series D, 5.00%, 12/1/31, Continuously Callable @100		2,000		2,016
California Statewide Communities Development Authority Revenue (LIQ — Deutsche Bank A.G.) Series DBE-8052, 0.46%, 4/1/52, Callable 11/12/21 @ 100 (d) (f)		3,245		3,245
Series DBE-8065, 0.46%, 11/1/52, Callable 12/13/21 @ 100 (d) (f)		10,000		10,000
Cerritos Community College District, GO Series D, 8/1/31 (g)		1,000		856
Series D, 8/1/32 (g)		2,500		2,083
Series D, 8/1/33 (g)		2,175		1,766
Series D, 8/1/34 (g)		1,000		790
Series D, 8/1/35 (g)		1,500		1,156
Series D, 8/1/36 (g)		2,200		1,654
City & County of San Francisco Revenue (LIQ — Deutsche Bank A.G.) Series DBE-8059, 0.46%, 12/1/52, Callable 12/1/21 @ 100 (d) (f)		13,000		13,000
Series DBE-8072, 0.46%, 1/1/52, Callable 10/18/21 @ 100 (d) (f)		5,000		5,000
Coachella Valley Unified School District, GO (INS — Assured Guaranty Municipal Corp.), Series D, 8/1/41 (g)		8,500		5,209
El Camino Community College District, GO Series C, 8/1/34 (g)		3,000		2,349
Series C, 8/1/38 (g)		3,000		2,009
El Monte Union High School District, GO (INS — Assured Guaranty Municipal Corp.), 6/1/42 (g)		10,000		5,817
Golden State Tobacco Securitization Corp. Revenue, Series A, 5.00%, 6/1/30, Pre-refunded 6/1/23 @ 100		2,000		2,158
Indio Redevelopment Agency Successor Agency Tax Allocation, Series A, 5.25%, 8/15/35, Continuously Callable @100		1,580		1,586

Security Description	Principal Amount		Value
Los Alamitos Unified School District Certificate of Participation 8/1/34, Continuously Callable @100 (h)	$	1,200	$	1,388
8/1/42, Continuously Callable @100 (i)		4,500		4,994
Paramount Unified School District, GO 8/1/34 (g)		1,860		1,448
8/1/35 (g)		2,000		1,508
8/1/36 (g)		2,750		2,005
8/1/37 (g)		2,750		1,940
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		2,801
Series A, 5.00%, 3/1/40, Continuously Callable @100		2,000		2,178
San Diego Public Facilities Financing Authority Revenue, Series A, 5.00%, 10/15/44, Continuously Callable @100		2,500		2,881
San Ysidro School District, GO (INS — Assured Guaranty Municipal Corp.) Series G, 8/1/36 (g)		13,605		9,969
Series G, 8/1/37 (g)		14,285		10,180
Santa Ana Unified School District Certificate of Participation (INS — Assured Guaranty Municipal Corp.), 4/1/29 (g)		15,000		12,399
State of California, GO 5.25%, 4/1/35, Continuously Callable @100		8,000		8,197
5.00%, 2/1/38, Continuously Callable @100		6,750		7,160
5.00%, 10/1/47, Continuously Callable @100		5,000		5,824
Stockton Unified School District, GO (INS — Assured Guaranty Municipal Corp.), Series D, 8/1/34 (g)		8,885		6,887
				158,970
Colorado (2.3%):
Colorado Educational & Cultural Facilities Authority Revenue 4.00%, 12/1/48, Continuously Callable @100		2,500		2,756
5.00%, 4/1/53, Continuously Callable @100		750		881
Series A, 5.25%, 4/1/43, Pre-refunded 4/1/23 @ 100		2,500		2,689
Colorado Health Facilities Authority Revenue 5.00%, 12/1/42, Pre-refunded 6/1/22 @ 100		5,000		5,160
5.00%, 6/1/45, Pre-refunded 6/1/25 @ 100		6,000		7,007
5.00%, 6/1/47, Pre-refunded 6/1/27 @ 100		1,250		1,538
Series A, 4.00%, 8/1/49, Continuously Callable @100		2,500		2,821
Series A, 4.00%, 9/1/50, Continuously Callable @100		1,500		1,681
Colorado Health Facilities Authority Revenue Bonds, 4.00%, 12/1/50, Continuously Callable @103		7,250		8,106
Denver Health & Hospital Authority Revenue, Series A, 4.00%, 12/1/40, Continuously Callable @100		750		855
E-470 Public Highway Authority Revenue (INS — National Public Finance Guarantee Corp.), Series B, 9/1/35, Continuously Callable @64 (g)		10,000		5,858
Park Creek Metropolitan District Revenue 5.00%, 12/1/45, Continuously Callable @100		1,000		1,133
5.00%, 12/1/46, Continuously Callable @100		2,500		2,827
5.00%, 12/1/51, Continuously Callable @100		2,000		2,251
Rampart Range Metropolitan District No. 1 Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 12/1/47, Continuously Callable @100		4,000		4,772

Security Description	Principal Amount		Value
Regional Transportation District Certificate of Participation, Series A, 5.00%, 6/1/44, Continuously Callable @100	$	5,000	$	5,346
Southlands Metropolitan District No. 1, GO, Series A-1, 5.00%, 12/1/47, Continuously Callable @100		1,000		1,111
				56,792
Connecticut (0.9%):
Connecticut State Health & Educational Facilities Authority Revenue, Series A, 4.00%, 7/1/49, Continuously Callable @100		3,000		3,347
Mashantucket Western Pequot Tribe Revenue, 7/1/31 (j) (n)		59,890		8,984
State of Connecticut, GO Series A, 5.00%, 4/15/38, Continuously Callable @100		5,500		6,745
Series A, 5.00%, 4/15/39, Continuously Callable @100		1,550		1,934
				21,010
District of Columbia (1.1%):
District of Columbia Housing Finance Agency Revenue (LIQ — Deutsche Bank A.G.), Series DBE-8070, 0.46%, 8/1/40, Callable 1/1/32 @ 105 (d) (f)		7,500		7,500
District of Columbia Revenue 5.00%, 7/1/36, Pre-refunded 7/1/22 @ 100		1,305		1,351
5.00%, 7/1/42, Pre-refunded 7/1/22 @ 100		1,500		1,552
6.00%, 7/1/43, Pre-refunded 7/1/23 @ 100		1,700		1,868
6.00%, 7/1/48, Pre-refunded 7/1/23 @ 100		1,450		1,593
5.00%, 7/1/49, Continuously Callable @100		1,275		1,494
5.00%, 7/1/54, Continuously Callable @100		1,140		1,329
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, 5.00%, 10/1/53, Continuously Callable @100		10,000		10,206
				26,893
Florida (8.8%):
Alachua County Health Facilities Authority Revenue, 4.00%, 12/1/49, Continuously Callable @100		7,000		7,945
City of Atlantic Beach Revenue Series A, 5.00%, 11/15/53, Continuously Callable @103		2,000		2,284
Series B, 5.63%, 11/15/43, Continuously Callable @100		7,000		7,638
City of Jacksonville Revenue 5.00%, 10/1/29, Continuously Callable @100		2,270		2,377
4.00%, 11/1/45, Continuously Callable @100		2,500		2,810
City of Lakeland Revenue 5.00%, 9/1/37, Continuously Callable @100		500		519
5.00%, 9/1/42, Continuously Callable @100		1,000		1,038
City of Pompano Beach Revenue Bonds, 4.00%, 9/1/50, Continuously Callable @103		8,000		8,641
County of Miami-Dade Florida Water & Sewer System Revenue 4.00%, 10/1/51, Continuously Callable @100		2,500		2,924
4.00%, 10/1/51, Continuously Callable @100		15,430		18,067
Series B, 4.00%, 10/1/49, Continuously Callable @100		22,000		25,217
County of Miami-Dade Rickenbacker Causeway Revenue, 5.00%, 10/1/43, Continuously Callable @100		1,750		1,959
County of Miami-Dade Seaport Department Revenue, Series A-2, 4.00%, 10/1/49, Continuously Callable @100		4,000		4,626

Security Description	Principal Amount		Value
County of Polk Florida Utility System Revenue, 4.00%, 10/1/43, Continuously Callable @100	$	2,000	$	2,370
Escambia County Health Facilities Authority Revenue 4.00%, 8/15/45, Continuously Callable @100		5,050		5,715
4.00%, 8/15/50, Continuously Callable @100		6,265		6,978
Florida Development Finance Corp. Revenue 4.00%, 7/1/45, Continuously Callable @100		600		651
4.00%, 7/1/55, Continuously Callable @100		500		537
Florida Development Finance Corp. Revenue Bonds, Series A, 5.00%, 6/15/55, Continuously Callable @100 (f)		1,500		1,679
Florida Higher Educational Facilities Financial Authority Revenue 5.00%, 3/1/44, Continuously Callable @100		4,280		4,937
4.00%, 10/1/44, Continuously Callable @100		1,400		1,519
5.00%, 3/1/49, Continuously Callable @100		1,250		1,436
4.00%, 10/1/49, Continuously Callable @100		1,150		1,247
Series A, 5.00%, 4/1/32, Pre-refunded 4/1/22 @ 100		600		614
Series A, 5.25%, 4/1/42, Pre-refunded 4/1/22 @ 100		1,500		1,539
Florida Municipal Loan Council Revenue (INS — Assured Guaranty Municipal Corp.), Series D, 5.25%, 10/1/33, Continuously Callable @100		2,500		2,509
Halifax Hospital Medical Center Revenue, 5.00%, 6/1/46, Continuously Callable @100		3,000		3,412
Lee County IDA Revenue 5.75%, 10/1/42, Pre-refunded 10/1/22 @ 100		4,000		4,221
5.50%, 10/1/47, Pre-refunded 10/1/22 @ 102		5,000		5,364
5.00%, 11/15/49, Continuously Callable @103		12,350		14,355
Lee Memorial Health System Revenue, Series A-1, 4.00%, 4/1/49, Continuously Callable @100		4,500		5,020
Miami Beach Health Facilities Authority Revenue, 4.00%, 11/15/51, Continuously Callable @100		2,500		2,836
Miami-Dade County Expressway Authority Revenue Series A, 5.00%, 7/1/39, Continuously Callable @100		5,000		5,565
Series A, 5.00%, 7/1/40, Continuously Callable @100		5,000		5,017
Miami-Dade County Health Facilities Authority Revenue, 4.00%, 8/1/47, Continuously Callable @100		2,000		2,190
Orange County Health Facilities Authority Revenue, Series B, 4.00%, 10/1/45, Continuously Callable @100		1,500		1,640
Palm Beach County Educational Facilities Authority, 4.00%, 10/1/51, Continuously Callable @100 (e)		2,070		2,285
Palm Beach County Health Facilities Authority Revenue 5.00%, 11/15/45, Continuously Callable @103		150		175
5.00%, 5/15/47, Continuously Callable @100		5,000		5,656
Series B, 5.00%, 11/15/42, Continuously Callable @103		1,000		1,213
Palm Beach County Solid Waste Authority Revenue 5.00%, 10/1/31, Pre-refunded 10/1/21 @ 100		155		155
5.00%, 10/1/31, Continuously Callable @100		9,845		9,846
Pinellas County Educational Facilities Authority Revenue 5.00%, 10/1/27, Continuously Callable @100		1,000		1,044
5.25%, 10/1/30, Continuously Callable @100		1,000		1,046
6.00%, 10/1/41, Continuously Callable @100		3,650		3,664

Security Description	Principal Amount		Value
Polk County IDA Revenue 5.00%, 1/1/49, Continuously Callable @103	$	1,000	$	1,112
5.00%, 1/1/55, Continuously Callable @103		1,000		1,108
Sarasota County Health Facilities Authority Revenue, 5.00%, 5/15/48, Continuously Callable @103		1,835		2,061
St. Johns County IDA Revenue Bonds, 4.00%, 8/1/55, Continuously Callable @103		6,000		6,811
Tampa Housing Authority Revenue, 4.85%, 7/1/36, Callable 11/1/21 @ 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		3,158
Volusia County Educational Facility Authority Revenue, Series B, 5.00%, 10/15/45, Pre-refunded 4/15/25 @ 100		2,000		2,324
Volusia County Educational Facility Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 10/15/29, Pre-refunded 10/15/21 @ 100		2,350		2,353
				213,613
Georgia (1.9%):
Crisp County Hospital Authority Revenue, 4.00%, 7/1/51, Continuously Callable @100		3,000		3,465
Gainesville & Hall County Hospital Authority Revenue, 4.00%, 2/15/45, Continuously Callable @100		15,000		17,015
Glynn-Brunswick Memorial Hospital Authority Revenue, 5.00%, 8/1/47, Continuously Callable @100		1,500		1,756
Main Street Natural Gas, Inc. Revenue, Series A, 5.00%, 5/15/49		3,000		4,507
Municipal Electric Authority of Georgia Revenue, 4.00%, 1/1/51, Continuously Callable @100		1,100		1,238
Private Colleges & Universities Authority Revenue 4.00%, 6/1/45, Continuously Callable @100		1,700		1,942
Series A, 5.00%, 10/1/32, Continuously Callable @100		1,600		1,600
The Burke County Development Authority Revenue, Series 1, 0.11%, 7/1/49, Continuously Callable @100 (d)		200		200
The Burke County Development Authority Revenue Bonds (NBGA — Southern Co.), 0.11%, 11/1/52, Continuously Callable @100 (d)		1,000		1,000
The Development Authority of Monroe County Revenue Bonds, 0.11%, 11/1/48, Continuously Callable @100 (d)		700		700
Valdosta Housing Authority Revenue (LIQ — Deutsche Bank A.G.), Series 2020-XF1089, 0.30%, 4/1/60, Callable 4/1/35 @ 100 (d) (f)		13,325		13,325
				46,748
Illinois (12.4%):
Bureau County Township High School District No. 502, GO (INS — Build America Mutual Assurance Co.) Series A, 5.00%, 12/1/38, Pre-refunded 12/1/27 @ 100		1,555		1,989
Series A, 5.00%, 12/1/39, Pre-refunded 12/1/27 @ 100		1,400		1,791
Bureau County Township High School District No. 502, GO (INS-Build America Mutual Assurance Co.), Series A, 5.00%, 12/1/37, Pre-refunded 12/1/27 @ 100		1,530		1,957
Chicago Board of Education, GO, Series H, 5.00%, 12/1/36, Continuously Callable @100		5,000		5,920
Chicago Board of Education, GO (LIQ — Deutsche Bank A.G.), Series 2017-XM0188, 0.14%, 12/1/39, Callable 12/1/21 @ 100 (d) (f)		4,000		4,000
Chicago Midway International Airport Revenue Series B, 5.00%, 1/1/41, Continuously Callable @100		2,500		2,936
Series B, 5.00%, 1/1/46, Continuously Callable @100		3,500		4,070

Security Description	Principal Amount		Value
Chicago O'Hare International Airport Revenue 5.75%, 1/1/43, Continuously Callable @100	$	5,000	$	5,279
Series C, 4.00%, 1/1/38, Continuously Callable @100		1,000		1,170
Series C, 5.00%, 1/1/41, Continuously Callable @100		5,000		5,913
Chicago Park District, GO Series A, 5.00%, 1/1/40, Continuously Callable @100		3,000		3,421
Series F-2, 5.00%, 1/1/40, Continuously Callable @100		1,125		1,391
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		4,371
Series C, 5.00%, 1/1/39, Continuously Callable @100		3,000		3,368
City of Chicago Wastewater Transmission Revenue Bonds, Series A, 5.00%, 1/1/47, Continuously Callable @100		3,000		3,519
City of Chicago Waterworks Revenue, 5.00%, 11/1/44, Continuously Callable @100		3,000		3,350
City of Springfield Electric Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 3/1/40, Continuously Callable @100		3,000		3,394
Cook County Community College District No. 508, GO (INS-Build America Mutual Assurance Co.), 5.00%, 12/1/47, Continuously Callable @100		9,500		11,310
County of Cook Sales Tax Revenue, 5.00%, 11/15/38, Continuously Callable @100		7,750		9,339
County of Will, GO, 4.00%, 11/15/47, Continuously Callable @100		2,000		2,296
Illinois Finance Authority Revenue 3.90%, 3/1/30, Continuously Callable @100		14,000		15,160
5.50%, 4/1/32, Continuously Callable @100		7,065		7,081
4.00%, 2/1/33, Continuously Callable @100		6,000		6,290
5.00%, 5/15/37, Continuously Callable @100		700		796
4.00%, 3/1/38, Continuously Callable @100		2,000		2,228
4.00%, 2/15/41, Pre-refunded 2/15/27 @ 100		20		24
5.00%, 8/1/42, Continuously Callable @100		750		867
6.00%, 7/1/43, Continuously Callable @100		5,000		5,448
5.00%, 1/1/44, Continuously Callable @100		10,000		12,007
5.00%, 8/15/44, Continuously Callable @100		2,000		2,292
4.00%, 12/1/46, Continuously Callable @100		4,500		4,937
5.00%, 2/15/47, Continuously Callable @100		1,000		1,131
5.00%, 5/15/47, Continuously Callable @100		1,155		1,304
5.00%, 8/1/47, Continuously Callable @100		750		859
5.00%, 12/1/47, Continuously Callable @100		2,000		2,301
5.00%, 10/1/49, Continuously Callable @100		1,250		1,507
5.00%, 2/15/50, Continuously Callable @100		500		563
5.00%, 10/1/51, Continuously Callable @100		1,000		1,203
4.00%, 10/1/55, Continuously Callable @100		2,000		2,229
Series A, 4.00%, 7/1/38, Continuously Callable @100		5,000		5,586
Series A, 4.00%, 10/1/40, Continuously Callable @100		12,395		13,891
Series C, 4.00%, 2/15/41, Pre-refunded 2/15/27 @ 100		485		579
Series C, 4.00%, 2/15/41, Continuously Callable @100		10,495		11,871
Illinois State Toll Highway Authority Revenue, Series A, 4.00%, 1/1/44, Continuously Callable @100		4,000		4,568
Metropolitan Pier & Exposition Authority Revenue, 5.00%, 6/15/42, Continuously Callable @100		2,000		2,456

Security Description	Principal Amount		Value
Northern Illinois Municipal Power Agency Revenue, Series A, 4.00%, 12/1/41, Continuously Callable @100	$	9,000	$	10,029
Northern Illinois University Revenue (INS — Build America Mutual Assurance Co.), Series B, 4.00%, 4/1/41, Continuously Callable @100		600		684
Regional Transportation Authority Revenue (INS — National Public Finance Guarantee Corp.), 6.50%, 7/1/30 (k)		37,550		50,687
Sangamon County Water Reclamation District, GO Series A, 4.00%, 1/1/49, Continuously Callable @100		15,000		16,783
Series A, 5.75%, 1/1/53, Continuously Callable @100		2,000		2,362
State of Illinois, GO 5.50%, 5/1/39, Continuously Callable @100		2,275		2,879
Series A, 5.00%, 10/1/33, Continuously Callable @100		2,000		2,403
State of Illinois, GO (INS — Assured Guaranty Municipal Corp.) 4.00%, 2/1/31, Continuously Callable @100		1,000		1,118
4.00%, 2/1/32, Continuously Callable @100		1,000		1,110
Series A, 5.00%, 4/1/29, Continuously Callable @100		8,000		8,503
Village of Rosemont, GO (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 12/1/46, Continuously Callable @100		10,000		11,998
				300,452
Indiana (1.7%):
Evansville Redevelopment Authority Revenue (INS — Build America Mutual Assurance Co.) 4.00%, 2/1/38, Continuously Callable @100		5,540		6,166
4.00%, 2/1/39, Continuously Callable @100		3,605		4,005
Indiana Finance Authority Revenue 5.00%, 2/1/40, Continuously Callable @100		1,495		1,635
5.00%, 11/15/43, Continuously Callable @103		1,970		2,302
5.00%, 10/1/44, Pre-refunded 10/1/23 @ 100		4,000		4,386
5.00%, 11/15/48, Continuously Callable @103		3,895		4,515
Series A, 5.00%, 6/1/39, Continuously Callable @100		5,000		5,053
Series A, 5.50%, 4/1/46, Continuously Callable @100		5,000		5,562
Richmond Hospital Authority Revenue, 5.00%, 1/1/39, Continuously Callable @100		7,000		7,909
				41,533
Iowa (0.6%):
Iowa Finance Authority Revenue 2.88%, 5/15/49, Continuously Callable @100		1,180		1,180
Series A, 5.00%, 5/15/43, Continuously Callable @100		6,235		7,221
Series B, 5.00%, 2/15/48, Continuously Callable @100		4,000		4,892
Iowa Tobacco Settlement Authority Revenue, Series A-2, 4.00%, 6/1/49, Continuously Callable @100		1,000		1,152
				14,445
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 (f)		2,500		2,920
City of Lawrence Revenue, 5.00%, 7/1/48, Continuously Callable @100		5,000		5,996

Security Description	Principal Amount		Value
Wyandotte County-Kansas City Unified Government Utility System Revenue, Series A, 5.00%, 9/1/45, Continuously Callable @100	$	2,000	$	2,315
				11,231
Kentucky (0.8%):
City of Ashland Revenue, 5.00%, 2/1/40, Continuously Callable @100		1,000		1,149
City of Hazard Revenue, 4.00%, 7/1/51, Continuously Callable @100		3,000		3,453
Kentucky Bond Development Corp. Revenue, 4.00%, 6/1/51, Continuously Callable @100		1,070		1,224
Kentucky Economic Development Finance Authority Revenue 5.00%, 5/15/46, Continuously Callable @100		5,500		5,766
Series B, 5.00%, 8/15/41, Continuously Callable @100		3,000		3,605
Kentucky Economic Development Finance Authority Revenue (INS — Assured Guaranty Municipal Corp.) 4.00%, 12/1/41, Continuously Callable @100		500		572
Series A, 5.00%, 12/1/45, Continuously Callable @100		2,000		2,430
				18,199
Louisiana (3.9%):
City of Shreveport Water & Sewer Revenue 5.00%, 12/1/40, Continuously Callable @100		1,000		1,150
Series B, 5.00%, 12/1/41, Continuously Callable @100		5,500		6,430
Series B, 4.00%, 12/1/49, Continuously Callable @100		1,000		1,120
City of Shreveport Water & Sewer Revenue (INS — Assured Guaranty Municipal Corp.), Series B, 5.00%, 12/1/41, Continuously Callable @100		2,100		2,530
City of Shreveport Water & Sewer Revenue (INS — Build America Mutual Assurance Co.), Series B, 4.00%, 12/1/37, Continuously Callable @100		1,100		1,246
Jefferson Sales Tax District Revenue, Series B, 4.00%, 12/1/42, Continuously Callable @100		7,000		8,137
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, 3.50%, 11/1/32, Continuously Callable @100		6,250		6,889
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue (INS — Assured Guaranty Municipal Corp.) 5.00%, 10/1/39, Continuously Callable @100		1,685		2,035
4.00%, 10/1/46, Continuously Callable @100		8,210		9,110
5.00%, 10/1/48, Continuously Callable @100		5,000		5,966
Louisiana Public Facilities Authority Revenue 4.00%, 5/15/41, Continuously Callable @100		1,235		1,362
4.00%, 5/15/41, Pre-refunded 5/15/26 @ 100		15		17
5.00%, 11/1/45, Pre-refunded 11/1/25 @ 100		6,000		7,113
5.00%, 5/15/46, Continuously Callable @100		5,000		5,919
4.00%, 12/15/50, Continuously Callable @100		1,000		1,104
5.00%, 7/1/52, Continuously Callable @100		400		468
4.00%, 1/1/56, Continuously Callable @100		9,000		9,636
5.00%, 7/1/57, Continuously Callable @100		2,000		2,332
Louisiana Public Facilities Authority Revenue (INS — Build America Mutual Assurance Co.), 5.25%, 6/1/51, Continuously Callable @100		5,000		5,655
Parish of St. Charles Revenue, 4.00%, 12/1/40, (Put Date 6/1/22) (c)		6,750		6,906
State of Louisiana Gasoline & Fuels Tax Revenue, Series C, 5.00%, 5/1/45, Continuously Callable @100		6,000		7,266

Security Description	Principal Amount		Value
Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 5/15/35, Continuously Callable @100	$	1,500	$	1,608
				93,999
Maine (0.4%):
Maine Health & Higher Educational Facilities Authority Revenue, Series A, 4.00%, 7/1/46, Continuously Callable @100		9,000		9,555
Massachusetts (1.5%):
Massachusetts Development Finance Agency Revenue 5.00%, 4/15/40, Continuously Callable @100		1,000		1,102
5.00%, 7/1/46, Continuously Callable @100		4,000		4,599
5.00%, 7/1/47, Continuously Callable @100		2,280		2,586
4.00%, 7/1/51, Continuously Callable @100		1,000		1,131
Series A, 5.50%, 7/1/44, Continuously Callable @100		2,000		2,032
Series A, 4.00%, 10/1/46, Continuously Callable @100		3,370		3,648
Series A, 4.00%, 6/1/49, Continuously Callable @100		1,000		1,118
Series B, 4.00%, 7/1/50, Continuously Callable @100		975		1,111
Series C, 4.00%, 10/1/45, Continuously Callable @100		1,250		1,443
Series D, 5.00%, 7/1/44, Continuously Callable @100		3,000		3,350
Series E, 4.00%, 7/1/38, Continuously Callable @100		1,000		1,094
Series J2, 5.00%, 7/1/53, Continuously Callable @100		10,000		12,017
				35,231
Michigan (2.2%):
County of Genesee, GO, Series B, 4.00%, 2/1/41, Continuously Callable @100		2,000		2,207
County of Genesee, GO (INS — Build America Mutual Assurance Co.), Series B, 5.00%, 2/1/46, Continuously Callable @100		2,900		3,360
Downriver Utility Wastewater Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 4/1/43, Continuously Callable @100		2,500		2,964
Flint Hospital Building Authority Revenue, 4.00%, 7/1/38, Continuously Callable @100		2,500		2,777
Jackson Public Schools, GO (NBGA — Michigan School Bond Qualification and Loan Program) 5.00%, 5/1/45, Continuously Callable @100		6,000		7,312
5.00%, 5/1/48, Continuously Callable @100		3,000		3,655
Karegnondi Water Authority Revenue, 5.00%, 11/1/45, Continuously Callable @100		2,750		3,333
Livonia Public Schools, GO (INS — Assured Guaranty Municipal Corp.), 5.00%, 5/1/45, Continuously Callable @100		4,000		4,671
Michigan Finance Authority Revenue 5.00%, 11/1/43, Continuously Callable @100		1,000		1,223
4.00%, 2/15/47, Continuously Callable @100		8,000		9,161
4.00%, 9/1/50, Continuously Callable @100		1,000		1,103
4.00%, 11/1/55, Continuously Callable @100		4,000		4,576
Series A, 4.00%, 11/15/50, Continuously Callable @100		3,000		3,448
Michigan State Building Authority Revenue, 4.00%, 4/15/54, Continuously Callable @100		2,000		2,288
				52,078
Mississippi (0.1%):
County of Warren Revenue, 5.38%, 12/1/35, Continuously Callable @100		3,000		3,023

Security Description	Principal Amount		Value
Missouri (3.0%):
Cape Girardeau County IDA Revenue 5.00%, 3/1/36, Continuously Callable @100	$	750	$	854
Series A, 6.00%, 3/1/33, Continuously Callable @103		2,210		2,393
Hannibal IDA Revenue, 5.00%, 10/1/47, Continuously Callable @100		3,000		3,534
Health & Educational Facilities Authority of the State of Missouri Revenue 4.00%, 8/1/36, Continuously Callable @100		440		508
5.00%, 5/15/40, Continuously Callable @103		5,510		6,314
4.00%, 8/1/41, Continuously Callable @100		410		466
5.00%, 2/1/42, Continuously Callable @104		3,500		3,941
4.00%, 2/1/48, Continuously Callable @100		10,000		10,988
4.00%, 2/15/51, Continuously Callable @100		1,000		1,147
Series A, 5.00%, 11/15/43, Continuously Callable @100		1,000		1,212
Series A, 4.00%, 2/15/54, Continuously Callable @100		2,500		2,827
Missouri Development Finance Board Revenue 4.00%, 6/1/46, Continuously Callable @100		17,775		19,687
4.00%, 3/1/51, Continuously Callable @100		2,000		2,221
St. Louis County IDA Revenue 5.88%, 9/1/43, Continuously Callable @100		5,000		5,294
5.00%, 9/1/48, Continuously Callable @100		2,000		2,220
St. Louis Municipal Finance Corp. Revenue (INS — Assured Guaranty Municipal Corp.) 5.00%, 10/1/38, Continuously Callable @100		3,065		3,621
5.00%, 10/1/49, Continuously Callable @100		3,000		3,631
Stoddard County IDA Revenue, Series B, 6.00%, 3/1/37, Continuously Callable @103		1,940		2,095
				72,953
Montana (0.2%):
City of Forsyth Revenue, 3.90%, 3/1/31, Callable 3/1/23 @ 100		4,000		4,199
Montana Facility Finance Authority Revenue, Series A, 4.00%, 6/1/45, Continuously Callable @100		1,000		1,160
				5,359
Nebraska (0.6%):
Central Plains Energy Project Revenue, Series A, 5.00%, 9/1/42		2,000		2,882
Douglas County Hospital Authority No. 3 Revenue, 5.00%, 11/1/48, Continuously Callable @100		3,400		3,883
Nebraska Educational Health Cultural & Social Services Finance Authority Revenue, 4.00%, 1/1/49, Continuously Callable @102		7,500		8,101
				14,866
Nevada (0.9%):
City of Carson City Revenue, 5.00%, 9/1/47, Continuously Callable @100		2,775		3,297
Las Vegas Convention & Visitors Authority Revenue Series C, 4.00%, 7/1/41, Continuously Callable @100		4,400		4,853
Series C, 4.00%, 7/1/46, Continuously Callable @100		12,140		13,300
				21,450
New Hampshire (0.1%):
New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/51, Continuously Callable @103		2,500		2,701

Security Description	Principal Amount		Value
New Jersey (4.8%):
New Jersey Economic Development Authority Revenue 1.65% (MUNIPSA+160bps), 3/1/28, Callable 3/1/23 @ 100 (l)	$	20,000	$	20,355
5.00%, 6/15/28, Continuously Callable @100		2,000		2,049
5.00%, 6/15/40, Continuously Callable @100		8,125		8,941
5.00%, 6/15/40, Pre-refunded 6/15/24 @ 100		1,875		2,111
4.00%, 11/1/44, Continuously Callable @100		3,000		3,370
4.00%, 6/15/49, Continuously Callable @100		4,000		4,508
Series A, 5.00%, 6/15/47, Continuously Callable @100		3,000		3,575
Series AAA, 5.00%, 6/15/41, Continuously Callable @100		4,000		4,728
Series B, 5.00%, 6/15/43, Continuously Callable @100		3,500		4,249
Series WW, 5.25%, 6/15/40, Continuously Callable @100		2,835		3,247
Series WW, 5.25%, 6/15/40, Pre-refunded 6/15/25 @ 100		165		194
New Jersey Economic Development Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 6/1/42, Continuously Callable @100		1,200		1,421
New Jersey Educational Facilities Authority Revenue Series B, 5.00%, 9/1/36, Continuously Callable @100		5,000		5,934
Series F, 5.00%, 7/1/47, Continuously Callable @100		3,000		3,357
New Jersey Health Care Facilities Financing Authority Revenue, 5.00%, 10/1/38, Continuously Callable @100		2,250		2,669
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		1,383
New Jersey Transportation Trust Fund Authority Revenue 5.25%, 6/15/43, Continuously Callable @100		4,000		4,981
Series A, 5.00%, 12/15/36, Continuously Callable @100		2,125		2,607
Series AA, 5.25%, 6/15/41, Continuously Callable @100		2,000		2,304
Series AA, 4.00%, 6/15/50, Continuously Callable @100		3,000		3,426
Series BB, 4.00%, 6/15/50, Continuously Callable @100		15,000		16,802
New Jersey Turnpike Authority Revenue, Series A, 4.00%, 1/1/51, Continuously Callable @100		1,000		1,160
South Jersey Transportation Authority Revenue, Series A, 4.00%, 11/1/50, Continuously Callable @100		7,000		7,945
Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 6/1/46, Continuously Callable @100		3,000		3,611
				114,927
New Mexico (0.4%):
New Mexico Hospital Equipment Loan Council Revenue, Series LA, 5.00%, 7/1/49, Continuously Callable @102		8,625		9,679
New York (2.3%):
Metropolitan Transportation Authority Revenue Series A, 11/15/32 (g)		5,000		4,076
Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (c)		5,490		6,985
New York Liberty Development Corp. Revenue 5.25%, 10/1/35		16,130		22,672
2.80%, 9/15/69, Continuously Callable @100		1,500		1,532
New York State Dormitory Authority Revenue Series A, 4.00%, 3/15/47, Continuously Callable @100		5,000		5,773
Series A, 4.00%, 9/1/50, Continuously Callable @100		3,000		3,386

Security Description	Principal Amount		Value
New York State Thruway Authority Revenue, Series A, 5.00%, 1/1/51, Continuously Callable @100	$	2,000	$	2,304
Triborough Bridge & Tunnel Authority Revenue Series A, 11/15/31 (g)		5,000		4,152
Series A, 11/15/32 (g)		3,000		2,412
Series B, 11/15/32 (g)		2,500		2,042
TSASC, Inc. Revenue Bonds, Series A, 5.00%, 6/1/41, Continuously Callable @100		1,000		1,165
				56,499
North Carolina (0.2%):
North Carolina Medical Care Commission Revenue, 5.00%, 1/1/49, Continuously Callable @104		2,725		3,050
North Carolina Medical Care Commission Revenue Bonds, Series A, 4.00%, 10/1/50, Continuously Callable @103		1,000		1,107
				4,157
North Dakota (0.7%):
City of Fargo Revenue, 6.25%, 11/1/31, Pre-refunded 11/1/21 @ 100		4,685		4,706
City of Grand Forks Nd Revenue, 4.00%, 12/1/51, Continuously Callable @100		1,000		1,134
County of Ward Revenue, Series C, 5.00%, 6/1/43, Continuously Callable @100		7,500		8,893
University of North Dakota Cerificate Participation, Series A, 4.00%, 6/1/51, Continuously Callable @100		1,500		1,700
				16,433
Ohio (2.5%):
City of Centerville Revenue, 5.25%, 11/1/47, Continuously Callable @100		2,700		3,031
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		1,012
City of Middleburg Heights Revenue, Series A, 4.00%, 8/1/47, Continuously Callable @100		2,000		2,263
County of Cuyahoga Revenue, 4.75%, 2/15/47, Continuously Callable @100		9,000		10,388
County of Franklin Revenue Bonds, Series B, 5.00%, 7/1/45, Continuously Callable @103		5,000		5,830
County of Hamilton Revenue, 5.00%, 1/1/51, Continuously Callable @100		2,500		2,702
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		7,202
County of Montgomery Revenue 4.00%, 11/15/42, Continuously Callable @100		2,500		2,819
4.00%, 11/15/45, Continuously Callable @100		2,000		2,241
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		7,260
Ohio Air Quality Development Authority Revenue, 8/1/30 (j) (m)		6,000		—
Ohio Higher Educational Facility Commission Revenue, 5.25%, 1/1/48, Continuously Callable @104		1,000		1,032
Ohio Turnpike & Infrastructure Commission Revenue, 5.25%, 2/15/33, Continuously Callable @100		2,000		2,131
State of Ohio Revenue 4.00%, 11/15/40, Continuously Callable @100		655		751
Series A, 4.00%, 1/15/50, Continuously Callable @100		7,000		7,733
				60,528

Security Description	Principal Amount		Value
Oklahoma (1.2%):
Comanche County Hospital Authority Revenue, Series A, 5.00%, 7/1/32, Continuously Callable @100	$	4,200	$	4,292
Garfield County Industrial Authority Revenue, Series A, 0.13%, 1/1/25, Callable 11/3/21 @ 100 (d) (k)		1,000		1,000
Norman Regional Hospital Authority Revenue, 4.00%, 9/1/45, Continuously Callable @100		4,250		4,765
Oklahoma Development Finance Authority Revenue, Series B, 5.50%, 8/15/57, Continuously Callable @100		4,250		5,182
Oklahoma Municipal Power Authority Revenue Series A, 4.00%, 1/1/47, Continuously Callable @100		1,000		1,170
Series A, 4.00%, 1/1/47, Continuously Callable @100		10,000		11,008
Tulsa County Industrial Authority Revenue, 5.25%, 11/15/45, Continuously Callable @102		2,000		2,267
				29,684
Oregon (0.5%):
City of Keizer Special Assessment, 5.20%, 6/1/31, Continuously Callable @100		810		813
Deschutes County Hospital Facilities Authority Revenue, 4.00%, 1/1/46, Continuously Callable @100		2,000		2,163
Medford Hospital Facilities Authority Revenue, Series A, 4.00%, 8/15/50, Continuously Callable @100		3,800		4,381
Oregon State Facilities Authority Revenue, 4.00%, 10/1/51, Continuously Callable @100		1,000		1,137
Salem Hospital Facility Authority Revenue, 5.00%, 5/15/53, Continuously Callable @102		1,000		1,140
Yamhill County Hospital Authority Revenue 5.00%, 11/15/51, Continuously Callable @102		1,180		1,257
Series B-2, 2.13%, 11/15/27, Continuously Callable @100		1,000		978
Series B-3, 1.75%, 11/15/26, Continuously Callable @100		1,000		985
				12,854
Pennsylvania (8.8%):
Adams County General Authority Revenue, 4.00%, 8/15/45, Continuously Callable @100		7,400		8,489
Allegheny County Hospital Development Authority Revenue, 5.00%, 4/1/47, Continuously Callable @100		6,500		7,800
Allegheny County Sanitary Authority Revenue, 5.00%, 6/1/43, Continuously Callable @100		3,170		3,855
Allentown Commercial & IDA Revenue, 6.25%, 7/1/47, Continuously Callable @100 (f)		5,000		5,242
Altoona Area School District, GO (INS — Build America Mutual Assurance Co.), 5.00%, 12/1/45, Pre-refunded 12/1/25 @ 100		1,000		1,185
Altoona Area School District, GO (INS-Build America Mutual Assurance Co.), 5.00%, 12/1/48, Pre-refunded 12/1/25 @ 100		300		355
Armstrong School District, GO Series A, 4.00%, 3/15/38, Continuously Callable @100		1,000		1,158
Series A, 4.00%, 3/15/41, Continuously Callable @100		2,250		2,595
Berks County IDA Revenue 5.00%, 5/15/48, Continuously Callable @102		1,000		1,114
5.00%, 11/1/50, Continuously Callable @100		8,500		9,333

Security Description	Principal Amount		Value
Bucks County IDA Revenue, 4.00%, 8/15/50, Continuously Callable @100	$	3,000	$	3,289
Canon Mcmillan School District, GO 4.00%, 6/1/48, Continuously Callable @100		4,605		5,138
4.00%, 6/1/50, Continuously Callable @100		6,065		6,698
Chester County IDA Revenue, Series A, 5.25%, 10/15/47, Continuously Callable @100		3,250		3,637
Commonwealth Financing Authority Revenue, 5.00%, 6/1/35, Continuously Callable @100		500		607
Commonwealth of Pennsylvania Certificate of Participation, Series A, 5.00%, 7/1/43, Continuously Callable @100		1,000		1,211
County of Lehigh Revenue, 4.00%, 7/1/49, Continuously Callable @100		15,000		17,041
Delaware County Authority Revenue, 5.00%, 10/1/39, Continuously Callable @100		2,250		2,691
Delaware River Joint Toll Bridge Commission Revenue, 5.00%, 7/1/47, Continuously Callable @100		5,000		6,005
Lancaster IDA Revenue, 4.00%, 7/1/51, Continuously Callable @103		1,000		1,077
Montgomery County Higher Education & Health Authority Revenue 4.00%, 9/1/49, Continuously Callable @100		2,500		2,828
4.00%, 9/1/51, Continuously Callable @100		3,500		3,957
Montgomery County IDA Revenue 5.00%, 12/1/48, Continuously Callable @102		2,000		2,270
5.00%, 12/1/49, Continuously Callable @103		2,000		2,295
Northampton County General Purpose Authority Revenue 4.00%, 8/15/40, Continuously Callable @100		4,000		4,374
5.00%, 8/15/48, Continuously Callable @100		2,440		2,891
Northeastern Pennsylvania Hospital & Education Authority Revenue 5.00%, 5/1/44, Continuously Callable @100		1,000		1,178
5.00%, 5/1/49, Continuously Callable @100		1,350		1,564
Pennsylvania Economic Development Financing Authority Revenue 4.00%, 7/1/46, Continuously Callable @103		1,000		1,108
Series A, 4.00%, 10/15/51, Continuously Callable @100		2,320		2,688
Pennsylvania Higher Educational Facilities Authority Revenue Series A, 5.25%, 7/15/33, Pre-refunded 7/15/23 @ 100		1,970		2,147
Series A, 5.50%, 7/15/38, Pre-refunded 7/15/23 @ 100		2,750		3,009
Series A, 4.00%, 7/15/51, Continuously Callable @100		2,250		2,564
Pennsylvania Turnpike Commission Revenue 5.00%, 12/1/37, Continuously Callable @100		1,000		1,214
Series A, 4.00%, 12/1/49, Continuously Callable @100		5,000		5,630
Series A-1, 5.00%, 12/1/46, Continuously Callable @100		3,000		3,453
Series A-1, 5.00%, 12/1/47, Continuously Callable @100		4,000		4,824
Series A-2, 5.00%, 12/1/33, Continuously Callable @100		1,250		1,555
Series B, 5.00%, 6/1/39, Continuously Callable @100		8,000		9,432
Series B, 5.00%, 12/1/43, Continuously Callable @100		5,000		6,124
Series B, 5.25%, 12/1/44, Continuously Callable @100		10,000		11,324
Series B, 4.00%, 12/1/51, Continuously Callable @100		1,500		1,731
Series B, 4.00%, 12/1/51, Continuously Callable @100		9,000		10,438
Series B-1, 5.00%, 6/1/42, Continuously Callable @100		4,000		4,775
Philadelphia School District, General Obligation Bonds, Series A, 5.00%, 9/1/44, Continuously Callable @100		10,000		12,303
Pittsburgh Water & Sewer Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 9/1/44, Continuously Callable @100		5,000		6,291

Security Description	Principal Amount		Value
Reading School District, GO (INS — Build America Mutual Assurance Co.), Series A, 4.00%, 4/1/44, Continuously Callable @100	$	1,055	$	1,227
School District of Philadelphia, GO Series B, 5.00%, 9/1/43, Continuously Callable @100		2,500		3,044
Series F, 5.00%, 9/1/37, Continuously Callable @100		1,000		1,188
Series F, 5.00%, 9/1/38, Continuously Callable @100		2,000		2,359
Scranton School District, GO (INS — Build America Mutual Assurance Co.), Series E, 4.00%, 12/1/37, Continuously Callable @100		1,025		1,163
Wilkes-Barre Area School District, GO (INS — Build America Mutual Assurance Co.) 4.00%, 4/15/49, Continuously Callable @100		750		847
5.00%, 4/15/59, Continuously Callable @100		3,000		3,629
				213,944
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		2,028
Rhode Island (0.1%):
Rhode Island Health & Educational Building Corp. Revenue, 6.00%, 9/1/33, Pre-refunded 9/1/23 @ 100		2,000		2,220
Rhode Island Housing & Mortgage Finance Corp. Revenue, Series 15-A, 6.85%, 10/1/24, Continuously Callable @100		180		181
				2,401
South Carolina (0.7%):
City of Rock Hill Combined Utility System Revenue, Series A, 4.00%, 1/1/49, Continuously Callable @100		2,500		2,796
Patriots Energy Group Revenue Series A, 4.00%, 6/1/46, Continuously Callable @100		1,000		1,149
Series A, 4.00%, 6/1/51, Continuously Callable @100		1,000		1,147
South Carolina Jobs-Economic Development Authority Revenue 5.00%, 11/15/47, Continuously Callable @103		1,850		2,149
5.00%, 4/1/54, Continuously Callable @103		1,000		1,132
4.00%, 4/1/54, Continuously Callable @103		1,165		1,259
South Carolina Public Service Authority Revenue, Series E, 5.25%, 12/1/55, Continuously Callable @100		7,000		8,179
				17,811
South Dakota (0.0%): (a)
Educational Enhancement Funding Corp. Revenue, Series B, 5.00%, 6/1/27, Pre-refunded 6/1/23 @ 100		500		539
Tennessee (0.6%):
Greeneville Health & Educational Facilities Board Revenue, 5.00%, 7/1/44, Continuously Callable @100		2,000		2,417
Johnson City Health & Educational Facilities Board Revenue, 5.00%, 8/15/42, Continuously Callable @100		2,000		2,075
Metropolitan Government Nashville & Davidson Country Health & Educational Facilities Board Revenue, 4.00%, 10/1/51, Continuously Callable @100		1,000		1,093
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue 5.00%, 10/1/45, Continuously Callable @100		1,500		1,719
5.00%, 7/1/46, Continuously Callable @100		4,000		4,680

Security Description	Principal Amount		Value
Metropolitan Nashville Airport Authority Revenue, Series A, 4.00%, 7/1/54, Continuously Callable @100	$	2,000	$	2,302
				14,286
Texas (17.4%):
Arlington Higher Education Finance Corp. Revenue (NBGA — Texas Permanent School Fund) 4.00%, 8/15/43, Continuously Callable @100		10,000		11,448
Series A, 5.00%, 2/15/41, Continuously Callable @100		3,000		3,492
Series A, 5.00%, 12/1/53, Continuously Callable @100		7,200		8,349
Arlington Higher Education Finance Corp. Revenue (NBGA — Texas Permanent School Fund), 4.00%, 8/15/44, Continuously Callable @100		2,170		2,473
Bexar County Health Facilities Development Corp. Revenue 5.00%, 7/15/42, Continuously Callable @105		600		666
4.00%, 7/15/45, Continuously Callable @100		8,450		9,004
Central Texas Regional Mobility Authority Revenue 4.00%, 1/1/41, Continuously Callable @100		5,000		5,487
5.00%, 1/1/42, Pre-refunded 1/1/23 @ 100		2,500		2,648
Series A, 5.00%, 1/1/45, Continuously Callable @100		3,500		3,999
Central Texas Turnpike System Revenue Series A, 5.00%, 8/15/41, Pre-refunded 8/15/22 @ 100		3,850		4,009
Series C, 5.00%, 8/15/42, Continuously Callable @100		6,500		7,260
Central Texas Turnpike System Revenue (INS — AMBAC Assurance Corp.), Series A, 8/15/30 (g)		18,530		15,966
City of Arlington Special Tax (INS-Assured Guaranty Municipal Corp.), Series A, 5.00%, 2/15/48, Continuously Callable @100		7,500		9,033
City of Corpus Christi Utility System Revenue, 4.00%, 7/15/39, Continuously Callable @100		5,900		6,625
City of Garland Texas Electric Utility System Revenue, Series A, 4.00%, 3/1/51, Continuously Callable @100		1,000		1,153
City of Houston Hotel Occupancy Tax & Special Revenue, 5.00%, 9/1/40, Continuously Callable @100		3,715		4,137
City of Laredo Waterworks & Sewer System Revenue, 4.00%, 3/1/41, Continuously Callable @100		700		772
City of Lubbock Texas Electric Light & Power System Revenue, 4.00%, 4/15/51, Continuously Callable @100		11,000		12,552
Clifton Higher Education Finance Corp. Revenue 6.00%, 8/15/33, Continuously Callable @100		1,000		1,098
6.00%, 8/15/43, Continuously Callable @100		2,750		3,003
Clifton Higher Education Finance Corp. Revenue (NBGA — Texas Permanent School Fund) 5.00%, 8/15/39, Continuously Callable @100		4,250		4,758
4.00%, 8/15/44, Continuously Callable @100		11,000		12,583
5.00%, 8/15/48, Continuously Callable @100		10,000		12,203
County of Bexar Revenue 4.00%, 8/15/44, Continuously Callable @100		500		564
4.00%, 8/15/49, Continuously Callable @100		1,700		1,888
Del Mar College District, GO, Series A, 5.00%, 8/15/48, Continuously Callable @100		6,500		7,619
Everman Independent School District, GO (NBGA — Texas Permanent School Fund), 4.00%, 2/15/50, Continuously Callable @100		4,500		5,214

Security Description	Principal Amount		Value
Grand Parkway Transportation Corp. Revenue, 4.00%, 10/1/49, Continuously Callable @100	$	2,000	$	2,288
Greater Texas Cultural Education Facilities Finance Corp. Revenue, 4.00%, 3/1/50, Continuously Callable @100		2,000		2,300
Harris County Cultural Education Facilities Finance Corp. Revenue, 5.00%, 6/1/38, Continuously Callable @100		6,100		6,375
Harris County Hospital District Revenue, 4.00%, 2/15/42, Continuously Callable @100		15,000		16,442
Houston Higher Education Finance Corp. Revenue, Series A, 5.00%, 9/1/42, Pre-refunded 9/1/22 @ 100		10,000		10,436
Karnes County Hospital District Revenue, 5.00%, 2/1/44, Continuously Callable @100		6,000		6,557
Kerrville Health Facilities Development Corp. Revenue, 5.00%, 8/15/35, Continuously Callable @100		1,900		2,194
Matagorda County Navigation District No. 1 Revenue 4.00%, 6/1/30, Continuously Callable @100		6,000		6,315
4.00%, 6/1/30, Continuously Callable @100		9,615		10,120
Midlothian Independent School District, GO (NBGA — Texas Permanent School Fund), 5.00%, 2/15/47, Continuously Callable @100		15,000		17,835
New Hope Cultural Education Facilities Finance Corp. Revenue 5.00%, 4/1/48, Pre-refunded 4/1/26 @ 100		1,250		1,492
4.00%, 11/1/55, Continuously Callable @103		1,250		1,401
Series A, 2.25%, 7/1/47, Continuously Callable @100 (n)		6,000		5,129
New Hope Cultural Education Facilities Finance Corp. Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 7/1/48, Continuously Callable @100		1,000		1,197
North Fort Bend Water Authority Revenue, 5.00%, 12/15/36, Continuously Callable @100		5,000		5,047
North Texas Tollway Authority Revenue 5.00%, 1/1/48, Continuously Callable @100		2,000		2,410
5.00%, 1/1/50, Continuously Callable @100		1,750		2,102
Series B, 9/1/37, Pre-refunded 9/1/31 @ 64.1040 (g)		3,000		1,601
Series B, 5.00%, 1/1/45, Continuously Callable @100		5,000		5,641
North Texas Tollway Authority Revenue (INS — National Public Finance Guarantee Corp.), Series B, 5.00%, 1/1/48, Continuously Callable @100		5,000		5,894
Port of Port Arthur Navigation District, Series A, 0.12%, 4/1/40, Continuously Callable @100 (d)		1,115		1,115
Port of Port Arthur Navigation District Revenue, 0.11%, 11/1/40, Continuously Callable @100 (d) (k)		21,000		21,000
Port of Port Arthur Navigation District Revenue Bonds Series B, 0.12%, 4/1/40, Continuously Callable @100 (d)		3,060		3,060
Series C, 0.13%, 4/1/40, Continuously Callable @100 (d)		18,370		18,370
Princeton Independent School District, GO (NBGA — Texas Permanent School Fund), 5.00%, 2/15/48, Continuously Callable @100		7,000		8,563
Prosper Independent School District, GO (NBGA — Texas Permanent School Fund), 5.00%, 2/15/48, Continuously Callable @100		15,000		18,317
Red River Education Finance Corp. Revenue 4.00%, 6/1/41, Continuously Callable @100		2,000		2,177
5.50%, 10/1/46, Continuously Callable @100		3,000		3,483
San Antonio Education Facilities Corp. Revenue, 4.00%, 4/1/54, Continuously Callable @100		1,000		1,111

Security Description	Principal Amount		Value
Tarrant County Cultural Education Facilities Finance Corp. Revenue 11/15/27, Continuously Callable @100 (n) (o)	$	6,315	$	3,093
11/15/37, Continuously Callable @100 (n) (o)		4,000		1,983
5.00%, 11/15/46, Continuously Callable @100		1,000		1,148
Series A, 11/15/45, Continuously Callable @100 (n)		4,500		3,596
Series B, 11/15/36, Continuously Callable @100 (n)		3,600		3,125
Series B, 5.00%, 11/15/46, Continuously Callable @100		7,000		7,905
Series B, 5.00%, 7/1/48, Continuously Callable @100		10,000		12,149
Texas Municipal Gas Acquisition & Supply Corp. III Revenue, 5.00%, 12/15/32		2,000		2,696
Texas Transportation Commission Revenue, 5.00%, 8/1/57, Continuously Callable @100		5,000		5,736
Uptown Development Authority Tax Allocation 5.00%, 9/1/37, Continuously Callable @100		4,365		4,958
5.00%, 9/1/40, Continuously Callable @100		2,490		2,821
Series A, 5.00%, 9/1/39, Continuously Callable @100		1,645		1,901
Waco Educational Finance Corp. Revenue, 4.00%, 3/1/51, Continuously Callable @100		4,000		4,620
West Harris County Regional Water Authority Revenue 4.00%, 12/15/45, Continuously Callable @100		1,600		1,835
4.00%, 12/15/49, Continuously Callable @100		3,945		4,502
Wood County Central Hospital District Revenue, 6.00%, 11/1/41, Pre-refunded 11/1/21 @ 100		4,770		4,791
Ysleta Independent School District, GO (NBGA — Texas Permanent School Fund), 4.00%, 8/15/52, Continuously Callable @100		5,000		5,744
				420,578
Utah (0.1%):
Military Installation Development Authority Revenue Bonds, Series A-1, 4.00%, 6/1/52, Continuously Callable @103		1,000		1,014
Utah Charter School Finance Authority Revenue, Series A, 4.00%, 10/15/51, Continuously Callable @100		1,550		1,787
				2,801
Vermont (0.2%):
Vermont Economic Development Authority Revenue Bonds, 4.00%, 5/1/45, Continuously Callable @103 (e)		1,350		1,447
Vermont Educational & Health Buildings Financing Agency Revenue, 5.00%, 10/15/46, Continuously Callable @100		3,000		3,378
				4,825
Virginia (0.5%):
Alexandria IDA Revenue 5.00%, 10/1/45, Continuously Callable @100		2,600		2,920
5.00%, 10/1/50, Continuously Callable @100		2,400		2,700
Lewistown Commerce Center Community Development Authority Tax Allocation 3.63%, 3/1/44, Continuously Callable @103 (n)		3,486		2,858
6.05%, 3/1/44, Continuously Callable @103		1,657		1,369
Series C, 0.50%, 3/1/54, Continuously Callable @100 (n)		5,697		1,037
				10,884

Security Description	Principal Amount		Value
Washington (1.2%):
King County Public Hospital District No. 1, GO, 5.00%, 12/1/43, Continuously Callable @100	$	9,000	$	11,042
King County Public Hospital District No. 2, GO, Series A, 4.00%, 12/1/45, Continuously Callable @100		4,000		4,560
Washington Health Care Facilities Authority Revenue, 4.00%, 7/1/42, Continuously Callable @100		5,500		6,157
Washington Higher Education Facilities Authority Revenue, 4.00%, 5/1/50, Continuously Callable @100		1,250		1,414
Washington State Housing Finance Commission Revenue 5.00%, 1/1/43, Continuously Callable @102 (f)		3,055		3,547
Series A-1, 3.50%, 12/20/35		995		1,144
				27,864
West Virginia (0.1%):
West Virginia Hospital Finance Authority Revenue, 5.00%, 1/1/43, Continuously Callable @100		2,000		2,402
Wisconsin (2.8%):
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		8,252
Public Finance Authority Revenue 5.25%, 5/15/42, Continuously Callable @102 (f)		2,200		2,409
5.00%, 7/1/44, Continuously Callable @100		6,000		7,254
5.00%, 11/15/44, Continuously Callable @103		460		538
4.00%, 1/1/45, Continuously Callable @100		1,500		1,703
5.00%, 7/1/47, Continuously Callable @100		1,000		1,094
5.00%, 6/15/49, Continuously Callable @100		1,480		1,721
5.00%, 6/15/49, Continuously Callable @100 (f)		520		564
5.00%, 11/15/49, Continuously Callable @103		2,400		2,787
4.00%, 2/1/51, Continuously Callable @100		1,500		1,691
4.00%, 7/1/51, Continuously Callable @100		1,000		1,099
5.00%, 7/1/52, Continuously Callable @100		1,000		1,087
5.00%, 6/15/53, Continuously Callable @100		1,000		1,157
5.00%, 6/15/54, Continuously Callable @100 (f)		455		493
Series A, 5.25%, 10/1/43, Continuously Callable @100		3,090		3,602
Series A, 4.00%, 10/1/47, Continuously Callable @100		4,740		5,378
Series A, 4.00%, 10/1/49, Continuously Callable @100		11,000		12,221
Series A, 4.00%, 7/1/56, Continuously Callable @100		2,250		2,538
Public Finance Authority Revenue (INS — Assured Guaranty Municipal Corp.) 5.00%, 7/1/54, Continuously Callable @100		1,285		1,523
5.00%, 7/1/58, Continuously Callable @100		1,500		1,778
Wisconsin Health & Educational Facilities Authority Revenue 5.00%, 7/1/49, Continuously Callable @100		1,000		1,158
5.00%, 3/15/50, Continuously Callable @100		1,175		1,352
Series A, 5.00%, 9/15/50, Continuously Callable @100		5,000		5,261
Series B, 5.00%, 9/15/45, Continuously Callable @100		1,000		1,033
				67,693
Total Municipal Bonds (Cost $2,250,394)				2,406,612
Total Investments (Cost $2,250,455) — 99.5%				2,406,710
Other assets in excess of liabilities — 0.5%				12,254
NET ASSETS — 100.00%			$	2,418,964

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

(b) Non-income producing security.

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

(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 (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $77,493 (thousands) and amounted to 3.2% of net assets.

(g) Zero-coupon bond.

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

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

(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, 2021, illiquid securities were 0.4% of net assets.

(k) All or a portion of this security has been segregated as collateral for securities purchased on a delayed-delivery and/or when-issued basis.

(l) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021.

(m) Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.0% of net assets as of September 30, 2021. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements).

(n) Currently the issuer is in default with respect to interest and/or principal payments.

(o) Security is in bankruptcy.

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

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.

	USAA Tax Exempt Long-Term Fund
Assets:
Investments, at value (Cost $2,250,455)	$	2,406,710
Cash		94
Receivables:
Interest and dividends		24,802
Capital shares issued		135
Prepaid expenses		23
Total Assets		2,431,764
Liabilities:
Payables:
Distributions		746
Investments purchased		6,470
Capital shares redeemed		4,507
Accrued expenses and other payables:
Investment advisory fees		574
Administration fees		301
Custodian fees		16
Transfer agent fees		81
Compliance fees		1
Trustees' fees		—	(a)
12b-1 fees		—	(a)
Other accrued expenses		104
Total Liabilities		12,800
Net Assets:
Capital		2,324,748
Total accumulated earnings/(loss)		94,216
Net Assets	$	2,418,964
Net Assets
Fund Shares	$	2,409,515
Institutional Shares		6,080
Class A		3,369
Total	$	2,418,964
Shares (unlimited number of shares authorized with no par value):
Fund Shares		174,071
Institutional Shares		439
Class A		244
Total		174,754
Net asset value, offering and redemption price per share: (b)
Fund Shares	$	13.84
Institutional Shares	$	13.84
Class A	$	13.82
Maximum Sales Charge — Class A		2.25	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	14.14

(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 Long-Term Fund
Investment Income:
Interest	$	38,587
Total Income		38,587
Expenses:
Investment advisory fees		3,519
Administration fees — Fund Shares		1,834
Administration fees — Institutional Shares		3
Administration fees — Class A		3
Sub-Administration fees		14
12b-1 fees — Class A		5
Custodian fees		48
Transfer agent fees — Fund Shares		314
Transfer agent fees — Institutional Shares		3
Transfer agent fees — Class A		2
Trustees' fees		24
Compliance fees		8
Legal and audit fees		29
State registration and filing fees		36
Interfund lending fees		—	(a)
Other expenses		155
Recoupment of prior expenses waived/reimbursed by Adviser		15
Total Expenses		6,012
Expenses waived/reimbursed by Adviser		(22	)
Net Expenses		5,990
Net Investment Income (Loss)		32,597
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		296
Net change in unrealized appreciation/depreciation on investment securities		23,005
Net realized/unrealized gains (losses) on investments		23,301
Change in net assets resulting from operations	$	55,898

(a) Rounds to less than $1 thousand.

	USAA Tax Exempt Long-Term Fund
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	32,597		$	75,115
Net realized gains (losses) from investments		296			(731	)
Net change in unrealized appreciation/depreciation on investments		23,005			87,771
Change in net assets resulting from operations		55,898			162,155
Distributions to Shareholders:
Fund Shares		(32,446	)		(74,812	)
Institutional Shares (a)		(78	)		(88	)
Class A		(52	)		(232	)
Change in net assets resulting from distributions to shareholders		(32,576	)		(75,132	)
Change in net assets resulting from capital transactions		(22,535	)		(79,868	)
Change in net assets		787			7,155
Net Assets:
Beginning of period		2,418,177			2,411,022
End of period	$	2,418,964		$	2,418,177

(a) Institutional Shares commenced operations on June 29, 2020.

(continues on next page)

	USAA Tax Exempt Long-Term Fund
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	74,979		$	184,740
Distributions reinvested		27,432			62,179
Cost of shares redeemed		(120,257	)		(332,780	)
Total Fund Shares	$	(17,846	)	$	(85,861	)
Institutional Shares (a)
Proceeds from shares issued	$	767		$	6,625
Distributions reinvested		62			75
Cost of shares redeemed		(327	)		(1,210	)
Total Institutional Shares	$	502		$	5,490
Class A
Proceeds from shares issued	$	107		$	8,389
Distributions reinvested		45			79
Cost of shares redeemed		(5,343	)		(7,965	)
Total Class A	$	(5,191	)	$	503
Change in net assets resulting from capital transactions	$	(22,535	)	$	(79,868	)
Share Transactions:
Fund Shares
Issued		5,374			13,640
Reinvested		1,968			4,599
Redeemed		(8,624	)		(24,772	)
Total Fund Shares		(1,282	)		(6,533	)
Institutional Shares (a)
Issued		55			487
Reinvested		4			5
Redeemed		(24	)		(88	)
Total Institutional Shares		35			404
Class A
Issued		9			625
Reinvested		3			6
Redeemed		(386	)		(595	)
Total Class A		(374	)		36
Change in Shares		(1,621	)		(6,093	)

(a) Institutional Shares commenced operations on June 29, 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 Long-Term Fund
Fund Shares
Six Months Ended September 30, 2021 (Unaudited)	$	13.71		0.19	(e)		0.13			0.32		(0.19	)		(0.19	)
Year Ended March 31:
2021	$	13.21		0.42	(e)		0.50			0.92		(0.42	)		(0.42	)
2020	$	13.28		0.45	(e)		(0.07	)		0.38		(0.45	)		(0.45	)
2019	$	13.21		0.49			0.07			0.56		(0.49	)		(0.49	)
2018	$	13.25		0.51			(0.03	)		0.48		(0.52	)		(0.52	)
2017	$	13.73		0.54			(0.48	)		0.06		(0.54	)		(0.54	)
Institutional Shares
Six Months Ended September 30, 2021 (Unaudited)	$	13.71		0.19	(e)		0.13			0.32		(0.19	)		(0.19	)
June 29, 2020 (f) through March 31, 2021	$	13.40		0.31	(e)		0.32			0.63		(0.32	)		(0.32	)
Class A
Six Months Ended September 30, 2021 (Unaudited)	$	13.69		0.17	(e)		0.13			0.30		(0.17	)		(0.17	)
Year Ended March 31:
2021	$	13.19		0.40	(e)		0.50			0.90		(0.40	)		(0.40	)
2020	$	13.26		0.43	(e)		(0.08	)		0.35		(0.42	)		(0.42	)
2019	$	13.19		0.46			0.08			0.54		(0.47	)		(0.47	)
2018	$	13.23		0.48			(0.04	)		0.44		(0.48	)		(0.48	)
2017	$	13.71		0.49			(0.48	)		0.01		(0.49	)		(0.49	)

						Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(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 Tax Exempt Long-Term Fund
Fund Shares
Six Months Ended September 30, 2021 (Unaudited)	$	13.84		2.30	%		0.49	%		2.66	%		0.49	%	$	2,409,515		4	%
Year Ended March 31:
2021	$	13.71		7.00	%		0.47	%		3.13	%		0.48	%	$	2,404,178		21	%
2020	$	13.21		2.74	%		0.48	%		3.36	%		0.48	%	$	2,403,342		24	%
2019	$	13.28		4.39	%		0.48	%		3.73	%		0.48	%	$	2,362,819		13	%
2018	$	13.21		3.62	%		0.47	%		3.83	%		0.47	%	$	2,358,955		14	%
2017	$	13.25		0.41	%		0.48	%		3.97	%		0.48	%	$	2,343,165		15	%
Institutional Shares
Six Months Ended September 30, 2021 (Unaudited)	$	13.84		2.33	%		0.44	%		2.70	%		0.81	%	$	6,080		4	%
June 29, 2020 (f) through March 31, 2021	$	13.71		4.71	%		0.44	%		3.03	%		0.98	%	$	5,533		21	%
Class A
Six Months Ended September 30, 2021 (Unaudited)	$	13.82		2.20	%		0.68	%		2.50	%		1.35	%	$	3,369		4	%
Year Ended March 31:
2021	$	13.69		6.80	%		0.67	%		2.94	%		1.08	%	$	8,466		21	%
2020	$	13.19		2.53	%		0.70	%		3.15	%		1.01	%	$	7,680		24	%
2019	$	13.26		4.16	%		0.70	%		3.51	%		0.94	%	$	7,745		13	%
2018	$	13.19		3.36	%		0.74	%(g)		3.57	%		0.92	%	$	8,577		14	%
2017	$	13.23		0.07	%		0.80	%		3.64	%		0.87	%	$	10,976		15	%

(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) had voluntarily agreed to limit the annual expenses of Class A to 0.80% of Class A 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. The Fund is classified as diversified under the 1940 Act.

The Board of Trustees of USAA Mutual Funds Trust approved the addition of Class Z for the Fund. This new share class became effective February 5, 2021, but has not yet been funded. Class Z is only available to participants in certain eligible separately managed accounts (also referred to as wrap fee programs) and other advisory clients of the Fund's Adviser or its affiliates that are subject to a separate contractual fee for investment management services. The Adviser has contractually agreed to waive its management fee and/or reimburse expenses so that the total annual operating expenses (excluding acquired fund fees and expenses, interest, taxes, brokerage commissions, capitalized expenses, and other extraordinary expenses) do not exceed 0.00% of the Fund's Class Z for an indefinite term.

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)

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of 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.

	Level 1		Level 2		Level 3		Total
Common Stocks	$	98	$	—	$	—	$	98
Municipal Bonds		—		2,406,612		—		2,406,612
Total	$	98	$	2,406,612	$	—	$	2,406,710

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

Municipal Obligations:

Below-Investment-Grade Securities:

The Fund may invest in below-investment-grade securities (i.e. lower-quality, "junk" debt), which are subject to various risks. Lower-quality debt is considered to be speculative because it is less certain that the issuer will be able to pay interest or repay the principal than in the case of investment grade debt. These securities can involve a substantially greater risk of default than higher-rated securities, and their values can decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about their issuers, the market and the economy in general, than higher-quality debt securities. The market for these securities can be less liquid, especially during periods of recession or general market decline.

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 or 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 discounts. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

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, 2021, the Fund engaged in the following securities transactions with affiliated funds, which resulted in the following net realized gains (losses) (amounts in thousands):3

Purchases				Sales				Net Realized Gains (Losses)
$	32,300			$	62,350			$	—

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
$	133,050	$	82,201

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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, 2021, 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 the largest 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)
	+/- 20 to 50		+/- 4
	+/- 51 to 100		+/- 5
	+/- 101 and greater		+/- 6

^(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

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 April 1, 2021, to September 30, 2021, performance adjustments were $83, less than $1 and less than $(1) for Fund Shares, Institutional Shares and Class A, in thousands, respectively. Performance adjustments were less than 0.01%, less than 0.01%, and (0.01)% for Fund Shares, Institutional Shares, and Class A, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

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 an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, and 0.15%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares and Class A, respectively. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Administration fees.

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, compensate the Adviser for these services. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA 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 are paid monthly based on a fee accrued daily at an annualized rate of 0.10% and 0.10%, respectively, of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended September 30, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

In addition, the Distributor is entitled to receive commissions on sales of Class A. For the six months ended September 30, 2021, the Distributor received less than $1 thousand from commissions earned on sales of Class A.

Other Fees:

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 June 30, 2023. 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. Acquired fund fees and expenses, 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, 2021, the expense limits (excluding voluntary waivers) were 0.48%, 0.44%, and 0.70% for Fund Shares, Institutional Shares, and Class A, respectively.

Expires 2023				Expires 2024				Expires 2025				Total
$	14			$	70			$	22			$	106

5. Risks:

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

Credit Risk — 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.

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, 2021.

Interfund Lending:

				Borrower or Lender				Amount Outstanding at September 30, 2021				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
				Borrower				$	—			$	3,998				1				0.57	%		$	3,998

* For the six months ended September 30, 2021, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

Short-Term Amount				Long-Term Amount				Total
$	12,896			$	49,384			$	62,280

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, 2021, through September 30, 2021.

	Beginning Account Value 4/1/21		Actual Ending Account Value 9/30/21		Hypothetical Ending Account Value 9/30/21		Actual Expenses Paid During Period 4/1/21- 9/30/21*		Hypothetical Expenses Paid During Period 4/1/21- 9/30/21*		Annualized Expense Ratio During Period 4/1/21- 9/30/21
Fund Shares	$	1,000.00	$	1,023.00	$	1,022.61	$	2.48	$	2.48		0.49	%
Institutional Shares		1,000.00		1,023.30		1,022.86		2.23		2.23		0.44	%
Class A		1,000.00		1,022.00		1,021.66		3.45		3.45		0.68	%

Security Description	Shares or Principal Amount		Value
Common Stocks (0.0%) (a)
Utilities (0.0%):
Energy Harbor Corp. (b)		8,001	$	320
Total Common Stocks (Cost $199)				320
Municipal Bonds (99.6%)
Alabama (2.3%):
Columbia Industrial Development Board Revenue, Series C, 0.10%, 12/1/37, Continuously Callable @100 (c)	$	11,600		11,600
Infirmary Health System Special Care Facilities Financing Authority of Mobile Revenue, 5.00%, 2/1/36, Continuously Callable @100		8,000		9,320
Lower Alabama Gas District Revenue
Series A, 5.00%, 9/1/27		5,000		6,074
Series A, 5.00%, 9/1/28		7,000		8,661
Series A, 5.00%, 9/1/34 (d)		35,000		46,450
Montgomery Medical Clinic Board Revenue
5.00%, 3/1/33, Continuously Callable @100		5,955		6,880
5.00%, 3/1/36, Continuously Callable @100		1,750		2,009
Southeast Energy Authority A Cooperative District Revenue, Series B, 4.00%, 12/1/51, (Put Date 12/1/31) (e)		18,000		21,800
The Health Care Authority of the City of Huntsville Revenue
Series B1, 4.00%, 6/1/39, Continuously Callable @100		2,000		2,336
Series B1, 4.00%, 6/1/40, Continuously Callable @100		2,555		2,977
				118,107
Arizona (2.1%):
Apache County IDA Revenue, Series A, 4.50%, 3/1/30, Continuously Callable @100		20,310		20,661
Arizona Health Facilities Authority Revenue
5.00%, 2/1/27, Continuously Callable @100		6,000		6,092
1.90% (MUNIPSA+185bps), 2/1/48, (Put Date 2/1/23) (e) (k)		30,000		30,608
Arizona IDA Revenue
4.00%, 12/15/41, Continuously Callable @100 (f)		500		543
Series A, 4.00%, 7/1/41, Continuously Callable @100		750		857
Series B, 4.00%, 7/1/41, Continuously Callable @100		600		656
City of Phoenix Civic Improvement Corp. Revenue (INS — National Public Finance Guarantee Corp.)
5.50%, 7/1/24		3,270		3,698
5.50%, 7/1/25		2,115		2,478
Maricopa County IDA Revenue
0.62% (MUNIPSA+57bps), 1/1/35, (Put Date 10/18/24) (e) (k)		2,360		2,388
5.00%, 7/1/39, Continuously Callable @100 (f)		2,000		2,362
Tempe IDA Revenue, Series A, 4.00%, 12/1/38, Continuously Callable @102 (g)		2,690		2,955
The City of Phoenix IDA Revenue
3.75%, 7/1/24		3,465		3,642
5.00%, 7/1/34, Continuously Callable @100		11,100		12,238
5.00%, 7/1/36, Continuously Callable @100		1,675		1,896
5.00%, 10/1/36, Continuously Callable @100		4,250		5,021

Security Description	Principal Amount		Value
The Pima County IDA Revenue
4.13%, 6/15/29, Continuously Callable @100 (f)	$	4,900	$	4,948
4.00%, 4/1/40, Continuously Callable @100		1,350		1,581
4.00%, 4/1/41, Continuously Callable @100		1,690		1,972
The Prima County IDA Revenue
4.00%, 6/15/22 (f)		250		254
Series A, 4.50%, 6/1/30, Continuously Callable @100		2,680		2,754
The Yavapai County IDA Revenue, 4.00%, 8/1/38, Continuously Callable @100		1,000		1,162
				108,766
Arkansas (0.8%):
Arkansas Development Finance Authority Revenue
5.00%, 9/1/37, Continuously Callable @100		1,000		1,241
5.00%, 9/1/38, Continuously Callable @100		1,000		1,239
5.00%, 9/1/39, Continuously Callable @100		1,000		1,236
5.00%, 9/1/40, Continuously Callable @100		1,045		1,288
1.60% (MUNIPSA+155bps), 9/1/44, (Put Date 9/1/22) (e) (k)		29,000		29,367
University of Arkansas — Pulaski Technical College Revenue (INS — Build America Mutual Assurance Co.), 5.00%, 9/1/30, Continuously Callable @100		4,290		5,002
				39,373
California (5.6%):
Anaheim Public Financing Authority Revenue
Series A, 5.00%, 5/1/28, Continuously Callable @100		500		550
Series A, 5.00%, 5/1/29, Continuously Callable @100		500		550
Series A, 5.00%, 5/1/30, Continuously Callable @100		1,000		1,099
Bay Area Toll Authority Revenue
1.15% (MUNIPSA+110bps), 4/1/45, (Put Date 4/1/24) (e) (k)		17,000		17,292
0.95% (MUNIPSA+90bps), 4/1/45, (Put Date 5/1/23) (e) (k)		10,000		10,117
California Health Facilities Financing Authority Revenue, 2.00%, 10/1/36, (Put Date 10/1/25) (e)		8,500		8,989
California Municipal Finance Authority Revenue (LIQ — Deutsche Bank A.G.) Series DBE-8061, 0.46%, 1/1/60, Callable 1/1/37 @ 100 (c) (f)		5,125		5,125
California School Finance Authority Revenue
5.00%, 8/1/31, Pre-refunded 8/1/25 @ 100 (f)		50		59
5.00%, 8/1/31, Continuously Callable @100 (f)		450		517
5.00%, 8/1/36, Continuously Callable @100 (f)		1,450		1,659
5.00%, 8/1/36, Pre-refunded 8/1/25 @ 100 (f)		150		176
California State Public Works Board Revenue
Series A, 5.00%, 3/1/25, Continuously Callable @100		1,250		1,334
Series A, 5.00%, 3/1/26, Continuously Callable @100		1,365		1,457
Series A, 5.00%, 4/1/28, Continuously Callable @100		10,000		10,237
Series A, 5.00%, 4/1/29, Continuously Callable @100		5,000		5,119
Series B, 5.00%, 10/1/31, Continuously Callable @100		11,465		13,006
Series G, 5.00%, 11/1/23, Continuously Callable @100		1,185		1,246
Series G, 5.00%, 11/1/24, Continuously Callable @100		2,000		2,104
Series G, 5.00%, 11/1/28, Continuously Callable @100		7,000		7,362
California State University Revenue
5.00%, 11/1/29, Pre-refunded 11/1/24 @ 100		9,835		11,247
5.00%, 11/1/29, Pre-refunded 11/1/24 @ 100		165		188
Series A, 5.00%, 11/1/33, Continuously Callable @100		10,000		11,769

Security Description	Principal Amount		Value
California Statewide Communities Development Authority Revenue
5.13%, 5/15/31, Continuously Callable @100	$	1,000	$	1,003
5.00%, 5/15/32, Continuously Callable @100		1,250		1,477
5.00%, 5/15/33, Continuously Callable @100		2,000		2,360
5.00%, 5/15/34, Continuously Callable @100		1,250		1,474
5.00%, 5/15/35, Continuously Callable @100		2,000		2,356
California Statewide Communities Development Authority Revenue (LIQ — Deutsche Bank A.G.) Series DBE-8052, 0.46%, 4/1/52, Callable 11/12/21 @ 100 (c) (f)		20,400		20,400
Cerritos Community College District, GO
Series D, 8/1/25 (h)		1,510		1,475
Series D, 8/1/27 (h)		1,000		944
Series D, 8/1/28 (h)		1,000		925
Chula Vista Municipal Financing Authority Special Tax
Series B, 5.00%, 9/1/27, Continuously Callable @100		1,520		1,758
Series B, 5.00%, 9/1/28, Continuously Callable @100		1,700		1,964
Series B, 5.00%, 9/1/29, Continuously Callable @100		1,785		2,060
Series B, 5.00%, 9/1/30, Continuously Callable @100		2,635		3,037
Series B, 5.00%, 9/1/31, Continuously Callable @100		2,095		2,411
City & County of San Francisco Revenue (LIQ — Deutsche Bank A.G.)
Series DBE-8059, 0.46%, 12/1/52, Callable 12/1/21 @ 100 (c) (f)		20,000		20,000
Series DBE-8072, 0.46%, 1/1/52, Callable 10/18/21 @ 100 (c) (f)		3,000		3,000
City of Irvine Special Assessment, 5.00%, 9/2/29, Callable 9/2/23 @ 100		1,000		1,084
City of Los Angeles Revenue (LIQ — Deutsche Bank A.G.), Series DBE-8067, 0.46%, 10/1/58, Callable 10/18/21 @ 100 (c) (f)		10,500		10,500
City of San Diego Tobacco Settlement Revenue Funding Corp. Revenue, Series C, 4.00%, 6/1/32, Continuously Callable @100		720		779
City of Tulare Sewer Revenue (INS — Assured Guaranty Municipal Corp.)
5.00%, 11/15/32, Continuously Callable @100		1,605		1,874
5.00%, 11/15/33, Continuously Callable @100		1,570		1,832
5.00%, 11/15/34, Continuously Callable @100		3,655		4,260
5.00%, 11/15/35, Continuously Callable @100		2,340		2,725
County of Los Angeles Certificate of Participation, 5.00%, 3/1/23		1,300		1,388
El Camino Community College District, GO
Series C, 8/1/26 (h)		6,810		6,539
Series C, 8/1/27 (h)		7,665		7,223
Series C, 8/1/28 (h)		5,500		5,076
Foothill-Eastern Transportation Corridor Agency Revenue (INS — Assured Guaranty Municipal Corp.), 1/15/35 (h)		5,500		4,102
Fresno Joint Powers Financing Authority Revenue (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 4/1/32, Continuously Callable @100		1,000		1,215
Series A, 5.00%, 4/1/35, Continuously Callable @100		1,000		1,212
Series A, 5.00%, 4/1/36, Continuously Callable @100		420		509
Golden State Tobacco Securitization Corp. Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 6/1/25 (h)		46,605		45,292
Pittsburg Successor Agency Redevelopment Agency Tax Allocation (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 9/1/27, Continuously Callable @100		3,500		4,206
Series A, 5.00%, 9/1/28, Continuously Callable @100		2,640		3,168

Security Description	Principal Amount		Value
Sacramento City Financing Authority Revenue (LIQ — Deutsche Bank A.G.), Series XG0100, 0.12%, 12/1/33 (c) (f)	$	4,400	$	4,400
San Diego Public Facilities Financing Authority Revenue
Series A, 5.00%, 10/15/33, Continuously Callable @100		1,635		1,902
Series A, 5.00%, 10/15/34, Continuously Callable @100		1,000		1,162
Series A, 5.00%, 10/15/35, Continuously Callable @100		1,250		1,452
Series B, 5.00%, 10/15/30, Continuously Callable @100		775		904
Series B, 5.00%, 10/15/31, Continuously Callable @100		1,000		1,166
Series B, 5.00%, 10/15/32, Continuously Callable @100		1,000		1,165
				292,981
Colorado (2.1%):
Adams & Arapahoe Joint School District 28J Aurora, GO, 12/1/22 (h)		5,000		4,988
Colorado Health Facilities Authority Revenue
5.00%, 6/1/28, Pre-refunded 6/1/23 @ 100		2,750		2,969
5.00%, 12/1/28, Continuously Callable @100		1,000		1,148
5.00%, 12/1/29, Continuously Callable @100		1,500		1,721
5.00%, 6/1/31, Pre-refunded 6/1/25 @ 100		2,310		2,698
5.00%, 6/1/32, Pre-refunded 6/1/25 @ 100		2,000		2,336
5.00%, 6/1/33, Pre-refunded 6/1/25 @ 100		2,470		2,885
5.00%, 6/1/34, Pre-refunded 6/1/25 @ 100		6,385		7,457
5.00%, 6/1/34, Pre-refunded 6/1/27 @ 100		4,455		5,479
5.00%, 6/1/35, Pre-refunded 6/1/25 @ 100		3,385		3,953
5.00%, 6/1/35, Pre-refunded 6/1/27 @ 100		2,000		2,460
5.00%, 12/1/35, Continuously Callable @100		4,000		4,565
5.00%, 6/1/36, Pre-refunded 6/1/27 @ 100		4,000		4,920
Series A, 4.00%, 8/1/38, Continuously Callable @100		1,000		1,158
Series A, 4.00%, 8/1/39, Continuously Callable @100		1,250		1,451
Series A, 4.00%, 11/1/39, Continuously Callable @100		3,500		4,063
Series A, 4.00%, 12/1/40, Continuously Callable @103		2,000		2,277
Denver Health & Hospital Authority Revenue
Series A, 5.00%, 12/1/34, Continuously Callable @100 (f)		7,355		8,916
Series A, 4.00%, 12/1/37, Continuously Callable @100		1,250		1,440
Series A, 4.00%, 12/1/38, Continuously Callable @100		1,250		1,436
Series A, 4.00%, 12/1/39, Continuously Callable @100		1,000		1,145
Park Creek Metropolitan District Revenue
5.00%, 12/1/32, Continuously Callable @100		1,250		1,442
5.00%, 12/1/34, Continuously Callable @100		1,000		1,152
Regional Transportation District Certificate of Participation
Series A, 5.00%, 6/1/29, Continuously Callable @100		7,585		8,164
Series A, 5.00%, 6/1/30, Continuously Callable @100		14,175		15,253
Series A, 5.00%, 6/1/31, Continuously Callable @100		15,005		16,143
				111,619
Connecticut (3.9%):
City of Bridgeport, GO
Series B, 5.00%, 8/15/27		335		416
Series B, 5.00%, 8/15/27		4,485		5,476
Series B, 5.00%, 8/15/27		180		223

Security Description	Principal Amount		Value
City of New Haven, GO
Series A, 5.00%, 8/1/28	$	1,000	$	1,236
Series A, 5.50%, 8/1/30, Continuously Callable @100		1,000		1,264
Series A, 5.50%, 8/1/32, Continuously Callable @100		1,200		1,507
Series A, 5.50%, 8/1/36, Continuously Callable @100		1,810		2,251
City of New Haven, GO (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 8/15/30, Continuously Callable @100		1,000		1,193
Series A, 5.00%, 8/15/32, Continuously Callable @100		1,000		1,190
Series A, 5.00%, 8/15/33, Continuously Callable @100		1,000		1,188
Series A, 5.00%, 8/15/34, Continuously Callable @100		1,350		1,602
City of West Haven, GO
4.00%, 9/15/36, Continuously Callable @100		1,500		1,731
Series B, 5.00%, 11/1/32, Continuously Callable @100		400		476
Series B, 5.00%, 11/1/37, Continuously Callable @100		350		413
Connecticut State Health & Educational Facilities Authority Revenue
5.00%, 7/1/32, Continuously Callable @100		1,950		2,327
5.00%, 7/1/34, Continuously Callable @100		725		860
5.00%, 7/1/35, Continuously Callable @100		1,170		1,384
5.00%, 7/1/36, Continuously Callable @100		1,125		1,327
5.00%, 7/1/37, Continuously Callable @100		1,275		1,501
Series A, 5.00%, 7/1/33, Continuously Callable @100		2,000		2,455
Series A, 4.00%, 7/1/38, Continuously Callable @100		7,000		7,961
Series A, 4.00%, 7/1/38, Continuously Callable @100		2,000		2,309
Series A, 4.00%, 7/1/39, Continuously Callable @100		2,000		2,296
Series E, 5.00%, 7/1/34, Continuously Callable @100		10,000		11,201
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/30, Continuously Callable @100 (f)		10,000		11,719
Mashantucket Western Pequot Tribe Revenue, 7/1/31 (i) (m)		8,475		1,271
Metropolitan District, GO
5.00%, 7/15/33, Continuously Callable @100		750		933
5.00%, 7/15/34, Continuously Callable @100		1,000		1,239
5.00%, 7/15/35, Continuously Callable @100		750		927
5.00%, 7/15/36, Continuously Callable @100		1,000		1,236
4.00%, 7/15/37, Continuously Callable @100		1,000		1,160
State of Connecticut Special Tax Revenue
5.00%, 1/1/34, Continuously Callable @100		20,000		24,714
5.00%, 1/1/35, Continuously Callable @100		20,000		24,559
Series B, 5.00%, 10/1/37, Continuously Callable @100		6,000		7,455
Series B, 5.00%, 10/1/38, Continuously Callable @100		4,000		4,966
State of Connecticut, GO
Series A, 5.00%, 4/15/33, Continuously Callable @100		5,000		6,209
Series A, 5.00%, 4/15/34, Continuously Callable @100		5,575		6,901
Series A, 5.00%, 4/15/35, Continuously Callable @100		5,000		6,172
Series A, 4.00%, 4/15/37, Continuously Callable @100		1,825		2,137
Series C, 5.00%, 6/15/33, Continuously Callable @100		1,100		1,368
Series C, 5.00%, 6/15/34, Continuously Callable @100		2,625		3,255
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		2,488
Series E, 5.00%, 9/15/37, Continuously Callable @100		2,000		2,474
Series G, 5.00%, 11/15/35, Continuously Callable @100		5,000		5,860

Security Description	Principal Amount		Value
Town of Hamden, GO (INS — Build America Mutual Assurance Co.), Series A, 5.00%, 8/15/30, Continuously Callable @100	$	1,200	$	1,486
University of Connecticut Revenue
Series A, 5.00%, 4/15/34, Continuously Callable @100		6,805		8,388
Series A, 5.00%, 4/15/35, Continuously Callable @100		6,500		7,989
Series A, 5.00%, 4/15/36, Continuously Callable @100		11,175		13,698
				205,478
District of Columbia (0.4%):
District of Columbia Housing Finance Agency Revenue (LIQ — Deutsche Bank A.G.), Series DBE-8069, 0.46%, 6/1/39, Callable 6/1/38 @ 101 (c) (f)		10,000		10,000
District of Columbia Revenue
5.00%, 7/1/23		200		212
6.00%, 7/1/33, Pre-refunded 7/1/23 @ 100		1,280		1,406
5.00%, 7/1/39, Continuously Callable @100		800		970
4.00%, 7/1/39, Continuously Callable @100		1,000		1,120
Metropolitan Washington Airports Authority Dulles Toll Road Revenue
4.00%, 10/1/35, Continuously Callable @100		1,000		1,165
4.00%, 10/1/36, Continuously Callable @100		1,250		1,451
4.00%, 10/1/37, Continuously Callable @100		1,500		1,735
4.00%, 10/1/38, Continuously Callable @100		1,000		1,154
Washington Convention & Sports Authority Revenue
Series A, 4.00%, 10/1/38, Continuously Callable @100		1,250		1,479
Series A, 4.00%, 10/1/39, Continuously Callable @100		500		591
Series A, 4.00%, 10/1/40, Continuously Callable @100		750		883
				22,166
Florida (5.7%):
City of Cape Coral Water & Sewer Revenue
4.00%, 10/1/35, Continuously Callable @100		1,485		1,701
4.00%, 10/1/36, Continuously Callable @100		1,400		1,602
4.00%, 10/1/37, Continuously Callable @100		3,000		3,428
City of Jacksonville Revenue, 5.00%, 10/1/28, Continuously Callable @100		3,500		3,665
City of Pompano Beach Revenue
3.50%, 9/1/35, Continuously Callable @103		3,345		3,625
4.00%, 9/1/40, Continuously Callable @103		2,500		2,755
City of Port St. Lucie Special Assessment
4.00%, 7/1/31, Continuously Callable @100		3,195		3,650
4.00%, 7/1/32, Continuously Callable @100		2,000		2,273
4.00%, 7/1/33, Continuously Callable @100		2,785		3,136
City of Port St. Lucie Utility System Revenue, 4.00%, 9/1/31, Continuously Callable @100		1,000		1,152
City of Tampa Revenue
Series A, 3.07%, 9/1/36, Continuously Callable @80		700		444
Series A, 3.09%, 9/1/37, Continuously Callable @77		700		430
Series A, 3.21%, 9/1/38, Continuously Callable @74		850		496
Series A, 3.28%, 9/1/39, Continuously Callable @71		700		391
Series A, 3.34%, 9/1/40, Continuously Callable @67		850		454
Series B, 4.00%, 7/1/38, Continuously Callable @100		350		408
Series B, 4.00%, 7/1/39, Continuously Callable @100		700		814

Security Description	Principal Amount		Value
Cityplace Community Development District Special Assessment (INS — Assured Guaranty Municipal Corp.)
5/1/33 (j)	$	3,470	$	3,609
5/1/38, Continuously Callable @100 (n)		7,900		8,679
County of Escambia Revenue, 0.09%, 7/1/22 (c) (d)		1,600		1,600
County of Jackson Revenue, 0.09%, 7/1/22, Continuously Callable @100 (c)		2,500		2,500
County of Lee Airport Revenue, 5.00%, 10/1/33, Continuously Callable @100		4,000		4,659
County of Lee Revenue
5.00%, 10/1/23		2,500		2,736
5.00%, 10/1/24		2,700		3,074
County of Lee Tourist Development Tax Revenue
Series B, 4.00%, 10/1/36, Continuously Callable @100		4,685		5,501
Series B, 4.00%, 10/1/37, Continuously Callable @100		4,970		5,811
Series B, 4.00%, 10/1/38, Continuously Callable @100		5,230		6,097
County of Miami-Dade Florida Water & Sewer System Revenue
4.00%, 10/1/41, Continuously Callable @100		1,500		1,785
4.00%, 10/1/42, Continuously Callable @100		2,000		2,374
County of Miami-Dade Revenue, Series A, 5.00%, 10/1/25, Pre-refunded 10/1/22 @ 100		2,000		2,096
County of Miami-Dade Seaport Department Revenue
Series B-2, 4.00%, 10/1/41, Continuously Callable @100		10,000		11,790
Series B-2, 4.00%, 10/1/43, Continuously Callable @100		15,340		18,051
County of St Lucie Sales Tax Revenue (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 10/1/28, Continuously Callable @100		7,370		8,043
Escambia County Health Facilities Authority Revenue
5.00%, 8/15/33, Continuously Callable @100		1,400		1,758
5.00%, 8/15/35, Continuously Callable @100		1,290		1,610
5.00%, 8/15/40, Continuously Callable @100		2,900		3,576
Florida Development Finance Corp. Revenue
4.00%, 11/15/37, Continuously Callable @100		2,000		2,392
4.00%, 11/15/38, Continuously Callable @100		1,800		2,148
4.00%, 11/15/39, Continuously Callable @100		1,500		1,781
Series A, 5.00%, 6/15/35, Continuously Callable @100 (f)		1,000		1,170
Series A, 5.00%, 6/15/40, Continuously Callable @100 (f)		1,650		1,910
Florida Higher Educational Facilities Financial Authority Revenue
5.00%, 10/1/35, Continuously Callable @100		1,250		1,473
5.00%, 10/1/36, Continuously Callable @100		1,000		1,176
4.00%, 10/1/37, Continuously Callable @100		1,000		1,090
4.00%, 10/1/38, Continuously Callable @100		750		817
5.00%, 3/1/39, Continuously Callable @100		7,055		8,158
4.00%, 10/1/39, Continuously Callable @100		800		871
Halifax Hospital Medical Center Revenue
5.00%, 6/1/35, Continuously Callable @100		2,325		2,668
5.00%, 6/1/36, Continuously Callable @100		2,750		3,244
Lake County School Board Certificate of Participation (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 6/1/29, Pre-refunded 6/1/24 @ 100		1,250		1,406
Series A, 5.00%, 6/1/30, Pre-refunded 6/1/24 @ 100		2,225		2,504

Security Description	Principal Amount		Value
Lee County IDA Revenue
5.00%, 10/1/28, Pre-refunded 10/1/22 @ 100	$	7,245	$	7,592
5.00%, 11/15/39, Continuously Callable @103		1,500		1,789
Lee County School Board Certificate of Participation, Series A, 5.00%, 8/1/28, Continuously Callable @100		3,750		4,228
Lee Memorial Health System Revenue, Series A-1, 4.00%, 4/1/37, Continuously Callable @100		5,000		5,808
Miami Beach Health Facilities Authority Revenue, 5.00%, 11/15/29, Pre-refunded 11/15/22 @ 100		6,560		6,913
Miami-Dade County Expressway Authority Revenue
Series A, 5.00%, 7/1/28, Continuously Callable @100		10,000		10,349
Series A, 5.00%, 7/1/29, Continuously Callable @100		7,000		7,245
Series A, 5.00%, 7/1/29, Continuously Callable @100		1,000		1,122
Series A, 5.00%, 7/1/30, Continuously Callable @100		1,610		1,804
Series A, 5.00%, 7/1/31, Continuously Callable @100		1,255		1,405
Series A, 5.00%, 7/1/32, Continuously Callable @100		2,000		2,238
Series A, 5.00%, 7/1/33, Continuously Callable @100		2,000		2,236
Series A, 5.00%, 7/1/34, Continuously Callable @100		2,000		2,234
Series B, 5.00%, 7/1/30, Continuously Callable @100		2,000		2,241
Series B, 5.00%, 7/1/31, Continuously Callable @100		2,000		2,240
Miami-Dade County Health Facilities Authority Revenue
5.00%, 8/1/27, Continuously Callable @100		4,750		5,155
5.00%, 8/1/28, Continuously Callable @100		4,950		5,371
5.00%, 8/1/29, Continuously Callable @100		5,250		5,695
5.00%, 8/1/30, Continuously Callable @100		3,500		3,795
5.00%, 8/1/31, Continuously Callable @100		5,780		6,264
Orange County Health Facilities Authority Revenue, Series A, 5.00%, 10/1/35, Continuously Callable @100		4,000		4,772
Osceola County School Board Certificate of Participation, Series A, 5.00%, 6/1/28, Continuously Callable @100		3,055		3,285
Palm Beach County Educational Facilities Authority Revenue, 4.00%, 10/1/41, Continuously Callable @100 (g)		3,695		4,181
Palm Beach County Health Facilities Authority Revenue
5.00%, 11/15/23, Continuously Callable @100		7,595		7,801
Series B, 4.00%, 11/15/41, Continuously Callable @103		250		285
Pinellas County Educational Facilities Authority Revenue
5.00%, 10/1/21		1,995		1,995
4.00%, 10/1/22		1,080		1,117
4.00%, 10/1/23, Continuously Callable @100		1,415		1,464
5.38%, 10/1/26, Continuously Callable @100		2,045		2,052
5.00%, 10/1/27, Continuously Callable @100		1,895		1,978
6.50%, 10/1/31, Continuously Callable @100		2,615		2,627
Pinellas County IDA Revenue, 5.00%, 7/1/29		900		1,035
School District of Broward County Certificate of Participation
Series A, 5.00%, 7/1/29, Continuously Callable @100		2,000		2,322
Series A, 5.00%, 7/1/30, Continuously Callable @100		2,000		2,320
Southeast Overtown Park West Community Redevelopment Agency Tax Allocation, Series A-1, 5.00%, 3/1/30, Continuously Callable @100 (f)		3,195		3,526
St. Lucie County School Board Certificate of Participation
Series A, 5.00%, 7/1/25, Continuously Callable @100		2,045		2,208
Series A, 5.00%, 7/1/26, Continuously Callable @100		1,500		1,619

Security Description	Principal Amount		Value
Volusia County Educational Facility Authority Revenue
Series B, 5.00%, 10/15/28, Continuously Callable @100	$	1,000	$	1,152
Series B, 5.00%, 10/15/29, Continuously Callable @100		1,000		1,151
Series B, 5.00%, 10/15/30, Continuously Callable @100		1,500		1,726
Series B, 5.00%, 10/15/32, Continuously Callable @100		1,560		1,792
				294,713
Georgia (2.2%):
Appling County Development Authority Revenue, 0.11%, 9/1/29, Continuously Callable @100 (c)		5,000		5,000
Appling County Development Authority Revenue Bonds, 0.11%, 9/1/41, Continuously Callable @100 (c)		3,805		3,805
Cobb County Development Authority Revenue, Series A, 2.25%, 4/1/33, (Put Date 10/1/29) (e)		4,975		5,324
Cobb County Housing Authority Revenue (LIQ — Deutsche Bank A.G.), Series DBE-8068, 0.46%, 10/1/59, Callable 10/1/35 @ 100 (c) (f)		3,055		3,055
George L Smith II Congress Center Authority Revenue, 4.00%, 1/1/36, Continuously Callable @100		1,000		1,160
Glynn-Brunswick Memorial Hospital Authority Revenue
4.00%, 8/1/36, Continuously Callable @100		1,840		2,133
4.00%, 8/1/37, Continuously Callable @100		1,500		1,727
Main Street Natural Gas, Inc. Revenue
4.00%, 8/1/48, (Put Date 12/1/23) (e)		15,000		16,064
Series A, 5.00%, 5/15/36		2,000		2,788
Series A, 5.00%, 5/15/37		1,500		2,113
Series A, 5.00%, 5/15/38		2,500		3,560
Series C, 4.00%, 3/1/50, (Put Date 9/1/26) (e)		27,500		31,534
Series C, 4.00%, 5/1/52, (Put Date 12/1/28) (e)		10,000		11,822
Private Colleges & Universities Authority Revenue
Series A, 5.25%, 10/1/27, Continuously Callable @100		3,000		3,000
Series C, 5.25%, 10/1/27, Continuously Callable @100		2,000		2,097
Savannah Hospital Authority Revenue, 4.00%, 7/1/39, Continuously Callable @100		2,500		2,879
The Burke County Development Authority Revenue, Series A, 1.50%, 1/1/40, (Put Date 2/3/25) (e)		6,500		6,638
The Development Authority of Monroe County Revenue
0.11%, 4/1/32, Continuously Callable @100 (c)		8,600		8,600
0.09%, 6/1/49 (c)		1,525		1,525
The Development Authority of Monroe County Revenue Bonds, 0.11%, 11/1/48, Continuously Callable @100 (c)		1,400		1,400
				116,224
Guam (0.4%):
Guam Government Waterworks Authority Revenue
5.00%, 7/1/28, Continuously Callable @100		1,000		1,065
5.25%, 7/1/33, Pre-refunded 7/1/23 @ 100		3,000		3,262
5.00%, 7/1/36, Continuously Callable @100		1,250		1,426
5.00%, 7/1/36, Continuously Callable @100		1,000		1,151
Series A, 5.00%, 7/1/23		750		799
Series A, 5.00%, 7/1/24		600		661
Series A, 5.00%, 7/1/25, Continuously Callable @100		750		826
Series A, 5.00%, 7/1/29, Continuously Callable @100		1,000		1,098

Security Description	Principal Amount		Value
Guam Power Authority Revenue
Series A, 5.00%, 10/1/29, Continuously Callable @100	$	1,000	$	1,111
Series A, 5.00%, 10/1/30, Continuously Callable @100		1,000		1,111
Series A, 5.00%, 10/1/31, Continuously Callable @100		695		771
Guam Power Authority Revenue (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 10/1/27, Continuously Callable @100		1,000		1,046
Series A, 5.00%, 10/1/30, Continuously Callable @100		1,000		1,045
Series A, 5.00%, 10/1/32, Continuously Callable @100		1,000		1,125
Territory of Guam Revenue
Series A, 5.00%, 12/1/30, Continuously Callable @100		1,500		1,747
Series A, 5.00%, 12/1/31, Continuously Callable @100		2,000		2,322
				20,566
Idaho (0.4%):
Idaho Health Facilities Authority Revenue
5.00%, 3/1/35, Continuously Callable @100		5,805		7,104
5.00%, 3/1/36, Continuously Callable @100		4,085		4,988
5.00%, 3/1/37, Continuously Callable @100		3,000		3,656
Idaho Housing & Finance Association Revenue
Series A, 4.00%, 7/15/38, Continuously Callable @100		1,750		2,085
Series A, 4.00%, 7/15/39, Continuously Callable @100		1,750		2,080
				19,913
Illinois (13.8%):
Champaign County Community Unit School District No. 4 Champaign, GO
4.00%, 6/1/34, Continuously Callable @100		1,000		1,174
4.00%, 6/1/35, Continuously Callable @100		1,290		1,509
4.00%, 6/1/36, Continuously Callable @100		1,575		1,838
Chicago Board of Education, GO
Series A, 12/1/25 (h)		1,600		1,523
Series A, 12/1/26 (h)		3,700		3,459
Series A, 5.00%, 12/1/36, Continuously Callable @100		2,110		2,629
Series A, 5.00%, 12/1/40, Continuously Callable @100		1,700		2,095
Series B, 5.00%, 12/1/36, Continuously Callable @100		1,250		1,557
Chicago Midway International Airport Revenue
Series B, 5.00%, 1/1/27, Continuously Callable @100		6,525		6,923
Series B, 5.00%, 1/1/29, Continuously Callable @100		11,750		13,004
Series B, 5.00%, 1/1/30, Continuously Callable @100		5,175		5,724
Series B, 5.00%, 1/1/31, Continuously Callable @100		8,910		9,848
Series B, 5.00%, 1/1/32, Continuously Callable @100		6,000		6,627
Series B, 5.25%, 1/1/33, Continuously Callable @100		1,635		1,738
Series B, 4.00%, 1/1/34, Continuously Callable @100		3,500		3,988
Series B, 4.00%, 1/1/35, Continuously Callable @100		3,000		3,415
Chicago O'Hare International Airport Revenue
5.00%, 1/1/33, Continuously Callable @100		11,560		13,151
5.00%, 1/1/34, Continuously Callable @100		5,675		6,450
Series A, 4.00%, 1/1/37, Continuously Callable @100		2,000		2,347
Series A, 4.00%, 1/1/38, Continuously Callable @100		1,000		1,170
Series B, 5.25%, 1/1/29, Continuously Callable @100		13,480		14,296

Security Description	Principal Amount		Value
Chicago O'Hare International Airport Revenue (INS — Assured Guaranty Municipal Corp.)
5.00%, 1/1/28, Continuously Callable @100	$	3,620	$	3,827
5.00%, 1/1/29, Continuously Callable @100		1,500		1,586
5.13%, 1/1/30, Continuously Callable @100		2,150		2,275
Chicago Park District, GO
Series F-2, 4.00%, 1/1/34, Continuously Callable @100		1,200		1,407
Series F-2, 4.00%, 1/1/36, Continuously Callable @100		1,300		1,512
Series F-2, 5.00%, 1/1/37, Continuously Callable @100		2,000		2,489
Series F-2, 4.00%, 1/1/38, Continuously Callable @100		1,750		2,015
Series F-2, 5.00%, 1/1/39, Continuously Callable @100		1,500		1,857
Series F-2, 5.00%, 1/1/40, Continuously Callable @100		1,125		1,391
Chicago Transit Authority Sales Tax Receipts Fund Revenue, Series A, 5.00%, 12/1/45, Continuously Callable @100		5,000		6,146
City of Chicago Special Assessment, 6.63%, 12/1/22, Continuously Callable @100		1,241		1,245
City of Chicago Wastewater Transmission Revenue
5.00%, 1/1/31, Continuously Callable @100		1,000		1,088
5.00%, 1/1/32, Continuously Callable @100		1,000		1,088
Series B, 5.00%, 1/1/35, Continuously Callable @100		8,000		9,598
Series C, 5.00%, 1/1/33, Continuously Callable @100		3,500		3,976
Series C, 5.00%, 1/1/35, Continuously Callable @100		1,250		1,418
City of Chicago Wastewater Transmission Revenue Bonds, Series C, 5.00%, 1/1/34, Continuously Callable @100		1,000		1,135
City of Chicago Waterworks Revenue
5.00%, 11/1/28, Continuously Callable @100		1,500		1,795
5.00%, 11/1/29, Continuously Callable @100		725		867
5.00%, 11/1/30, Continuously Callable @100		2,000		2,389
5.00%, 11/1/31, Continuously Callable @100		2,000		2,254
5.00%, 11/1/33, Continuously Callable @100		2,000		2,250
5.00%, 11/1/36, Continuously Callable @100		2,665		3,209
Series A-1, 5.00%, 11/1/29, Continuously Callable @100		1,000		1,195
Series A-1, 5.00%, 11/1/31, Continuously Callable @100		1,000		1,193
City of Chicago Waterworks Revenue (INS — Assured Guaranty Municipal Corp.)
5.25%, 11/1/34, Continuously Callable @100		2,105		2,633
5.25%, 11/1/35, Continuously Callable @100		1,635		2,024
Series 2017-2, 5.00%, 11/1/36, Continuously Callable @100		3,145		3,818
Series 2017-2, 5.00%, 11/1/37, Continuously Callable @100		2,500		3,021
City of Chicago, GO (INS — National Public Finance Guarantee Corp.), 1/1/23 (h)		30,000		29,575
City of Springfield Electric Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 3/1/34, Continuously Callable @100		3,000		3,410
City of Springfield, GO, 5.00%, 12/1/30, Continuously Callable @100		8,500		9,970
County of Cook Sales Tax Revenue
4.00%, 11/15/34, Continuously Callable @100		3,750		4,279
5.00%, 11/15/35, Continuously Callable @100		7,000		8,491
5.00%, 11/15/36, Continuously Callable @100		5,000		6,045
County of Cook, GO
5.00%, 11/15/34, Continuously Callable @100		2,000		2,391
5.00%, 11/15/35, Continuously Callable @100		2,000		2,365
Series A, 5.00%, 11/15/31, Continuously Callable @100		2,500		3,007

Security Description	Principal Amount		Value
Illinois Educational Facilities Authority Revenue
4.00%, 11/1/36, Continuously Callable @102	$	9,750	$	11,134
4.45%, 11/1/36, Continuously Callable @102		4,500		5,218
3.90%, 11/1/36, Continuously Callable @102		2,220		2,538
Illinois Finance Authority Revenue
3.25%, 5/15/22		570		576
5.00%, 2/15/27 (i)		7,650		5,087
5.40%, 4/1/27, Continuously Callable @100		1,435		1,437
4.00%, 5/15/27		3,065		3,314
5.50%, 7/1/28, Continuously Callable @100		8,250		8,981
3.90%, 3/1/30, Continuously Callable @100		20,000		21,658
5.00%, 5/15/30, Continuously Callable @100		1,000		1,136
5.00%, 5/15/31, Continuously Callable @100		1,875		2,166
5.00%, 8/15/32, Pre-refunded 8/15/26 @ 100		1,500		1,800
5.00%, 8/15/33, Pre-refunded 8/15/26 @ 100		1,155		1,386
5.00%, 8/15/34, Pre-refunded 8/15/26 @ 100		1,000		1,200
5.00%, 12/1/34, Continuously Callable @100		3,500		4,145
5.00%, 5/15/35, Continuously Callable @100		1,100		1,244
5.00%, 8/15/35, Continuously Callable @100		4,000		4,648
5.00%, 10/1/35, Continuously Callable @100		600		751
4.00%, 12/1/35, Continuously Callable @100		5,000		5,553
5.00%, 5/15/36, Continuously Callable @100		1,400		1,613
4.00%, 12/1/36, Continuously Callable @100		3,000		3,332
5.00%, 2/15/37, Continuously Callable @100		1,000		1,153
5.00%, 10/1/37, Continuously Callable @100		700		871
2.45%, 10/1/39, (Put Date 10/1/29) (e)		14,000		15,029
5.00%, 10/1/39, Continuously Callable @100		700		867
4.00%, 10/1/40, Continuously Callable @100		1,000		1,143
Series A, 4.50%, 5/15/25, Pre-refunded 5/15/22 @ 100		8,210		8,426
Series A, 4.00%, 10/1/31, Continuously Callable @100		1,000		1,151
Series A, 4.00%, 10/1/32, Continuously Callable @100		1,000		1,144
Series A, 5.00%, 9/1/34, Pre-refunded 9/1/24 @ 100		3,385		3,847
Series A, 4.00%, 10/1/34, Continuously Callable @100		1,000		1,134
Series A, 5.00%, 11/15/34, Continuously Callable @100		3,700		4,311
Series A, 5.00%, 11/15/35, Continuously Callable @100		3,000		3,492
Series C, 4.00%, 2/15/36, Continuously Callable @100		18,000		20,529
Illinois Municipal Electric Agency Revenue, Series A, 4.00%, 2/1/33, Continuously Callable @100		14,650		16,446
Illinois Sports Facilities Authority Revenue
5.00%, 6/15/30, Continuously Callable @100		1,025		1,263
5.25%, 6/15/30, Continuously Callable @100		3,000		3,296
5.25%, 6/15/31, Continuously Callable @100		5,000		5,477
5.25%, 6/15/32, Continuously Callable @100		5,000		5,461
Illinois State Toll Highway Authority Revenue
Series A, 5.00%, 12/1/32, Continuously Callable @100		5,000		5,878
Series A, 5.00%, 1/1/34, Continuously Callable @100		5,870		6,791
Series A, 5.00%, 1/1/35, Continuously Callable @100		5,600		6,473
Series A, 5.00%, 1/1/36, Continuously Callable @100		7,000		8,086
Kane Cook & DuPage Counties School District No. U-46 Elgin, GO
Series D, 5.00%, 1/1/32, Continuously Callable @100		2,800		3,080
Series D, 5.00%, 1/1/33, Continuously Callable @100		4,000		4,396

Security Description	Principal Amount		Value
Kendall Kane & Will Counties Community Unit School District No. 308, GO
5.00%, 2/1/35, Continuously Callable @100	$	5,000	$	5,846
5.00%, 2/1/36, Continuously Callable @100		6,000		7,006
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		1,415
5.00%, 12/1/29, Continuously Callable @100		1,250		1,461
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		1,184
Series A, 5.00%, 11/1/32, Continuously Callable @100		2,000		2,365
Series A, 5.00%, 11/1/33, Continuously Callable @100		750		886
Metropolitan Pier & Exposition Authority Revenue, 5.00%, 6/15/42, Continuously Callable @100		2,000		2,456
Metropolitan Pier & Exposition Authority Revenue (INS — Assured Guaranty Municipal Corp.), 6/15/26 (h)		5,000		4,652
Northern Illinois Municipal Power Agency Revenue
Series A, 4.00%, 12/1/31, Continuously Callable @100		1,800		2,081
Series A, 4.00%, 12/1/32, Continuously Callable @100		2,100		2,416
Series A, 4.00%, 12/1/33, Continuously Callable @100		4,000		4,578
Series A, 4.00%, 12/1/35, Continuously Callable @100		5,000		5,680
Northern Illinois University Revenue
4.00%, 10/1/38, Continuously Callable @100		650		758
4.00%, 10/1/40, Continuously Callable @100		400		465
4.00%, 10/1/41, Continuously Callable @100		400		462
4.00%, 10/1/43, Continuously Callable @100		700		809
Northern Illinois University Revenue (INS — Build America Mutual Assurance Co.), Series B, 4.00%, 4/1/39, Continuously Callable @100		1,375		1,581
Regional Transportation Authority Revenue
Series A, 4.00%, 7/1/34, Continuously Callable @100		23,160		26,751
Series A, 4.00%, 7/1/35, Continuously Callable @100		11,650		13,423
Sales Tax Securitization Corp. Revenue
Series A, 4.00%, 1/1/38, Continuously Callable @100		6,310		7,356
Series A, 4.00%, 1/1/39, Continuously Callable @100		500		582
Sangamon County School District No. 186 Springfield, GO
Series B, 5.00%, 2/1/24		2,660		2,948
Series B, 5.00%, 2/1/24		1,040		1,152
Series B, 5.00%, 2/1/25, Continuously Callable @100		5,765		6,383
Series B, 5.00%, 2/1/25, Pre-refunded 2/1/24 @ 100		1,435		1,592
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		4,666
State of Illinois, GO
5.25%, 2/1/31, Continuously Callable @100		9,000		9,893
Series A, 5.00%, 11/1/25		11,000		12,833
Series B, 5.00%, 10/1/28		3,000		3,707
Series B, 5.00%, 11/1/32, Continuously Callable @100		10,000		12,317
Series C, 5.00%, 11/1/29, Continuously Callable @100		6,705		8,129
Series D, 5.00%, 11/1/28, Continuously Callable @100		5,795		7,037
State of Illinois, GO (INS — Assured Guaranty Municipal Corp.)
4.00%, 2/1/30, Continuously Callable @100		7,000		7,892
Series A, 5.00%, 4/1/29, Continuously Callable @100		10,000		10,628

Security Description	Principal Amount		Value
State of Illinois, GO (INS — Build America Mutual Assurance Co.), Series D, 5.00%, 11/1/25 (d)	$	10,000	$	11,582
University of Illinois Revenue, Series A, 4.00%, 4/1/33, Continuously Callable @100		12,475		14,135
Village of Bolingbrook, GO (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 1/1/29, Continuously Callable @100		1,750		2,167
Series A, 5.00%, 1/1/30, Continuously Callable @100		1,500		1,855
Series A, 5.00%, 1/1/31, Continuously Callable @100		2,400		2,963
Series A, 5.00%, 1/1/32, Continuously Callable @100		2,350		2,895
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		1,820
Village of Gilberts Special Tax (INS — Build America Mutual Assurance Co.), 5.00%, 3/1/30, Continuously Callable @100		5,221		5,944
Village of Rosemont, GO (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 12/1/25		2,010		2,359
Series A, 5.00%, 12/1/26		2,110		2,543
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		3,393
4.00%, 3/1/36, Continuously Callable @100		1,250		1,335
Will County Community High School District No. 210 Lincoln-Way, GO, 4.00%, 1/1/34, Continuously Callable @100		650		737
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		2,130
5.00%, 12/1/29, Continuously Callable @100		1,925		2,232
5.00%, 12/1/30, Continuously Callable @100		2,025		2,345
5.00%, 12/1/34, Continuously Callable @100		6,000		6,916
				715,881
Indiana (1.5%):
City of Rockport Revenue, Series A, 3.05%, 6/1/25		5,750		6,184
Hammond Multi-School Building Corp. Revenue
5.00%, 7/15/33, Continuously Callable @100		1,165		1,423
5.00%, 7/15/34, Continuously Callable @100		1,000		1,222
5.00%, 7/15/35, Continuously Callable @100		1,250		1,525
5.00%, 7/15/38, Continuously Callable @100		3,000		3,644
Indiana Bond Bank Revenue
1/15/30, Continuously Callable @97 (h)		740		642
7/15/30, Continuously Callable @96 (h)		750		643
7/15/31, Continuously Callable @93 (h)		1,490		1,238
7/15/32, Continuously Callable @91 (h)		1,400		1,120
Indiana Finance Authority Revenue
3.13%, 12/1/24		6,000		6,508
1.40%, 8/1/29, Continuously Callable @100		7,000		6,874
5.00%, 9/1/30, Continuously Callable @100		1,250		1,496
5.00%, 9/1/31, Continuously Callable @100		1,500		1,794
5.00%, 11/15/33, Continuously Callable @103		2,000		2,376
4.00%, 7/1/36, Continuously Callable @100		3,660		4,152
4.00%, 7/1/38, Continuously Callable @100		4,030		4,534
5.00%, 11/15/38, Continuously Callable @103		3,000		3,548

Security Description	Principal Amount		Value
4.00%, 7/1/39, Continuously Callable @100	$	3,605	$	4,038
Series A, 5.00%, 5/1/24, Pre-refunded 5/1/23 @ 100		1,470		1,583
Series A, 5.00%, 5/1/27, Pre-refunded 5/1/23 @ 100		1,200		1,292
Series A, 5.00%, 6/1/32, Continuously Callable @100		10,500		10,648
Series A, 4.00%, 11/15/41, Continuously Callable @103		4,000		4,605
Richmond Hospital Authority Revenue, 5.00%, 1/1/35, Continuously Callable @100		6,500		7,368
				78,457
Iowa (0.5%):
City of Waverly Revenue, 2.50%, 12/31/22, Continuously Callable @100		2,000		2,033
Iowa Finance Authority Revenue
Series E, 4.00%, 8/15/35, Continuously Callable @100		5,425		6,044
Series E, 4.00%, 8/15/36, Continuously Callable @100		15,105		16,757
Iowa Tobacco Settlement Authority Revenue
Series A-2, 4.00%, 6/1/38, Continuously Callable @100		270		320
Series A-2, 4.00%, 6/1/39, Continuously Callable @100		300		355
Series A-2, 4.00%, 6/1/40, Continuously Callable @100		200		236
				25,745
Kansas (0.3%):
City of St. Marys Revenue, 0.09%, 4/15/32, Continuously Callable @100 (c)		800		800
City of Wichita Revenue
4.20%, 9/1/27, Continuously Callable @100		2,025		2,044
4.63%, 9/1/33, Continuously Callable @100		10,000		10,093
				12,937
Kentucky (3.4%):
City of Ashland Revenue
4.00%, 2/1/35, Continuously Callable @100		470		538
4.00%, 2/1/36, Continuously Callable @100		2,410		2,621
4.00%, 2/1/37, Continuously Callable @100		1,115		1,263
County of Trimble Revenue, 3.75%, 6/1/33, Continuously Callable @100		15,000		16,852
Kentucky Economic Development Finance Authority Revenue
5.00%, 5/15/26		6,750		7,151
5.00%, 5/15/31, Continuously Callable @100		7,205		7,723
5.00%, 5/15/36, Continuously Callable @100		2,500		2,669
Series B, 10/1/24 (h)		6,130		5,929
Series B-3, 1.45% (MUNIPSA+140bps), 2/1/46, (Put Date 2/1/25) (e) (k)		20,000		20,320
Kentucky Municipal Power Agency Revenue, Series A, 3.45%, 9/1/42, (Put Date 3/1/26) (e)		7,000		7,426
Kentucky Public Energy Authority Revenue
Series B, 4.00%, 1/1/49, (Put Date 1/1/25) (e)		14,285		15,779
Series C-1, 4.00%, 12/1/49, (Put Date 6/1/25) (e)		20,000		22,315
Series C-3, 1.10% (MUNIPSA+105bps), 12/1/49, (Put Date 6/1/25) (e) (k)		20,000		20,537
Kentucky State Property & Building Commission Revenue
5.00%, 5/1/35, Continuously Callable @100		1,000		1,215
5.00%, 5/1/36, Continuously Callable @100		1,000		1,215
5.00%, 5/1/37, Continuously Callable @100		3,000		3,643
Series A, 5.00%, 2/1/32, Continuously Callable @100		2,000		2,344
Series A, 5.00%, 2/1/33, Continuously Callable @100		2,250		2,634

Security Description	Principal Amount		Value
Series A, 4.00%, 11/1/35, Continuously Callable @100	$	565	$	653
Series A, 4.00%, 11/1/36, Continuously Callable @100		750		865
Series A, 4.00%, 11/1/37, Continuously Callable @100		750		862
Series A, 4.00%, 11/1/38, Continuously Callable @100		500		574
Louisville/Jefferson County Metropolitan Government Revenue
5.00%, 12/1/22, Pre-refunded 6/1/22 @ 100		3,830		3,951
5.00%, 12/1/23, Pre-refunded 6/1/22 @ 100		2,760		2,847
5.00%, 12/1/24, Pre-refunded 6/1/22 @ 100		7,160		7,386
0.05%, 6/1/33, Callable 10/12/21 @ 100 (c)		11,500		11,500
1.75%, 2/1/35, (Put Date 7/1/26) (e)		5,000		5,238
				176,050
Louisiana (3.6%):
City of New Orleans Sewerage Service Revenue
5.00%, 6/1/31, Pre-refunded 6/1/25 @ 100		700		818
5.00%, 6/1/32, Pre-refunded 6/1/25 @ 100		1,150		1,344
5.00%, 6/1/34, Pre-refunded 6/1/25 @ 100		1,500		1,754
City of New Orleans Water System Revenue
5.00%, 12/1/33, Pre-refunded 12/1/25 @ 100		1,500		1,784
5.00%, 12/1/35, Pre-refunded 12/1/25 @ 100		1,500		1,783
City of Shreveport Water & Sewer Revenue
Series B, 5.00%, 12/1/31, Continuously Callable @100		5,330		6,048
Series B, 5.00%, 12/1/32, Continuously Callable @100		5,125		5,810
City of Shreveport Water & Sewer Revenue (INS — Assured Guaranty Municipal Corp.)
5.00%, 12/1/33, Continuously Callable @100		1,515		1,769
5.00%, 12/1/34, Continuously Callable @100		1,500		1,749
5.00%, 12/1/35, Continuously Callable @100		1,510		1,760
City of Shreveport Water & Sewer Revenue (INS — Build America Mutual Assurance Co.)
Series C, 5.00%, 12/1/30, Continuously Callable @100		1,000		1,253
Series C, 5.00%, 12/1/31, Continuously Callable @100		2,000		2,497
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, 3.50%, 11/1/32, Continuously Callable @100		18,750		20,668
Louisiana Public Facilities Authority Revenue
5.00%, 7/1/33, Continuously Callable @100		8,940		10,339
5.00%, 7/1/33, Pre-refunded 7/1/25 @ 100		55		64
5.00%, 5/15/34, Continuously Callable @100		2,225		2,627
5.00%, 5/15/34, Pre-refunded 5/15/26 @ 100		25		30
5.00%, 5/15/34, Continuously Callable @100		2,975		3,607
5.00%, 7/1/34, Continuously Callable @100		13,465		15,558
5.00%, 7/1/34, Pre-refunded 7/1/25 @ 100		85		100
4.00%, 5/15/35, Continuously Callable @100		3,465		3,877
4.00%, 5/15/35, Pre-refunded 5/15/26 @ 100		35		41
5.00%, 5/15/35, Continuously Callable @100		2,000		2,420
4.00%, 5/15/36, Continuously Callable @100		1,485		1,655
4.00%, 5/15/36, Pre-refunded 5/15/26 @ 100		15		17
5.00%, 5/15/36, Continuously Callable @100		1,560		1,881
4.00%, 10/1/36, Continuously Callable @100		1,625		1,945
4.00%, 10/1/39, Continuously Callable @100		1,625		1,929
4.00%, 10/1/40, Continuously Callable @100		1,400		1,656

Security Description	Principal Amount		Value
Series A, 4.00%, 12/15/32, Continuously Callable @100	$	2,735	$	3,131
Series A, 4.00%, 12/15/33, Continuously Callable @100		3,095		3,523
Louisiana Public Facilities Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 6/1/36, Continuously Callable @100		2,000		2,286
Louisiana State University & Agricultural & Mechanical College Revenue
Series A, 4.00%, 7/1/31, Continuously Callable @100		1,000		1,146
Series A, 4.00%, 7/1/32, Continuously Callable @100		1,000		1,142
Series A, 4.00%, 7/1/33, Continuously Callable @100		1,000		1,135
New Orleans Aviation Board Revenue (INS — Assured Guaranty Municipal Corp.)
5.00%, 1/1/35, Continuously Callable @100		1,840		2,222
5.00%, 1/1/36, Continuously Callable @100		1,250		1,510
5.00%, 1/1/37, Continuously Callable @100		1,500		1,808
5.00%, 10/1/37, Continuously Callable @100		2,000		2,483
5.00%, 1/1/38, Continuously Callable @100		1,300		1,565
Parish of St. Charles Revenue, 4.00%, 12/1/40, (Put Date 6/1/22) (e)		16,750		17,136
Parish of St. James Revenue
Series A-1, 0.09%, 11/1/40, Continuously Callable @100 (c)		22,500		22,500
Series B-1, 0.09%, 11/1/40, Continuously Callable @100 (c) (d)		6,400		6,400
Parish of St. John the Baptist Revenue, 2.20%, 6/1/37, (Put Date 7/1/26) (e)		6,750		7,053
Tangipahoa Parish Hospital Service District No. 1 Revenue
4.00%, 2/1/38, Continuously Callable @100 (g)		2,375		2,733
4.00%, 2/1/39, Continuously Callable @100 (g)		2,330		2,675
4.00%, 2/1/41, Continuously Callable @100 (g)		1,500		1,718
4.00%, 2/1/42, Continuously Callable @100 (g)		1,500		1,717
Tobacco Settlement Financing Corp. Revenue
Series A, 5.00%, 5/15/23		5,000		5,376
Series A, 5.25%, 5/15/31, Continuously Callable @100		3,615		3,623
				189,665
Maine (0.1%):
Maine Health & Higher Educational Facilities Authority Revenue
5.00%, 7/1/24, Pre-refunded 7/1/23 @ 100		1,635		1,771
5.00%, 7/1/26, Pre-refunded 7/1/23 @ 100		1,000		1,084
5.00%, 7/1/27, Pre-refunded 7/1/23 @ 100		1,000		1,083
				3,938
Maryland (1.1%):
City of Gaithersburg Revenue
5.00%, 1/1/33, Continuously Callable @104		3,000		3,382
5.00%, 1/1/36, Continuously Callable @104		1,000		1,125
Howard County Housing Commission Revenue, Series A, 1.60%, 6/1/29, Continuously Callable @100		3,000		2,991
Maryland Economic Development Corp. Revenue
Series A, 5.00%, 6/1/30, Continuously Callable @100		1,250		1,531
Series A, 5.00%, 6/1/31, Continuously Callable @100		1,000		1,219
Series A, 5.00%, 6/1/32, Continuously Callable @100		1,000		1,214
Series A, 5.00%, 6/1/35, Continuously Callable @100		2,000		2,401
Maryland Health & Higher Educational Facilities Authority Revenue
5.50%, 1/1/29, Continuously Callable @100		1,415		1,732
5.50%, 1/1/30, Continuously Callable @100		1,750		2,139
5.50%, 1/1/31, Continuously Callable @100		1,585		1,935

Security Description	Principal Amount		Value
5.00%, 7/1/31, Continuously Callable @100	$	3,190	$	3,736
5.00%, 7/1/32, Continuously Callable @100		6,505		7,570
5.00%, 7/1/33, Continuously Callable @100		1,000		1,148
5.00%, 7/1/33, Continuously Callable @100		3,600		4,161
5.00%, 7/1/34, Continuously Callable @100		2,500		2,870
5.00%, 7/1/34, Continuously Callable @100		2,200		2,527
5.50%, 1/1/36, Continuously Callable @100		5,000		6,063
4.00%, 1/1/38, Continuously Callable @100		865		986
4.00%, 7/1/38, Continuously Callable @100		1,500		1,746
4.00%, 7/1/39, Continuously Callable @100		1,585		1,841
4.00%, 7/1/40, Continuously Callable @100		1,645		1,905
Series A, 5.00%, 7/1/33, Continuously Callable @100		1,000		1,179
Series A, 5.00%, 7/1/34, Continuously Callable @100		1,000		1,177
Series A, 5.00%, 7/1/35, Continuously Callable @100		1,310		1,540
Series A, 5.00%, 7/1/36, Continuously Callable @100		1,000		1,174
				59,292
Massachusetts (1.3%):
Massachusetts Clean Water Trust Revenue, Series 11, 4.75%, 8/1/25, Continuously Callable @100		110		110
Massachusetts Development Finance Agency Revenue
5.00%, 7/1/30, Continuously Callable @100		2,000		2,370
5.00%, 7/1/31, Continuously Callable @100		1,675		1,982
5.00%, 7/1/32, Continuously Callable @100		1,250		1,496
4.00%, 10/1/32, Continuously Callable @105 (f)		3,600		3,882
5.00%, 4/15/33, Continuously Callable @100		2,155		2,433
5.00%, 7/1/33, Continuously Callable @100		1,250		1,477
5.00%, 7/1/34, Continuously Callable @100		1,000		1,186
5.00%, 7/1/36, Continuously Callable @100		2,000		2,351
5.00%, 7/1/36, Continuously Callable @100		1,000		1,250
5.00%, 7/1/36, Continuously Callable @100		895		1,086
5.00%, 7/1/37, Continuously Callable @100		800		998
5.00%, 7/1/37, Continuously Callable @100		1,215		1,472
5.00%, 10/1/37, Continuously Callable @105 (f)		1,000		1,088
5.00%, 7/1/38, Continuously Callable @100		600		747
5.00%, 7/1/38, Continuously Callable @100		335		405
4.00%, 7/1/46, Continuously Callable @100		1,000		1,144
Series A, 5.00%, 7/1/22		1,480		1,532
Series A, 5.00%, 7/1/27, Pre-refunded 7/1/22 @ 100		1,720		1,782
Series A, 5.00%, 1/1/31, Continuously Callable @100		450		541
Series A, 5.00%, 1/1/32, Continuously Callable @100		645		774
Series A, 5.00%, 1/1/33, Continuously Callable @100		535		641
Series A, 5.00%, 1/1/34, Continuously Callable @100		700		838
Series A, 5.00%, 1/1/35, Continuously Callable @100		735		879
Series A, 5.00%, 1/1/36, Continuously Callable @100		1,000		1,195
Series A, 5.00%, 7/1/36, Continuously Callable @100		2,000		2,443
Series A, 5.00%, 7/1/38, Continuously Callable @100		1,000		1,220
Series A, 5.00%, 7/1/39, Continuously Callable @100		2,250		2,743
Series E, 5.00%, 7/1/35, Continuously Callable @100		1,500		1,761
Series E, 5.00%, 7/1/36, Continuously Callable @100		1,000		1,173

Security Description	Principal Amount		Value
Series G, 5.00%, 7/1/35, Continuously Callable @100	$	200	$	260
Series G, 5.00%, 7/1/36, Continuously Callable @100		200		259
Series G, 5.00%, 7/1/37, Continuously Callable @100		400		517
Series G, 5.00%, 7/1/38, Continuously Callable @100		300		387
Series G, 5.00%, 7/1/39, Continuously Callable @100		350		451
Series J2, 5.00%, 7/1/35, Continuously Callable @100		5,375		6,627
Series J2, 5.00%, 7/1/36, Continuously Callable @100		4,415		5,431
Series J2, 5.00%, 7/1/37, Continuously Callable @100		5,285		6,492
Series J2, 5.00%, 7/1/38, Continuously Callable @100		5,000		6,135
				69,558
Michigan (1.9%):
Detroit Downtown Development Authority Tax Allocation (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 7/1/36, Continuously Callable @100		1,000		1,114
Series A, 5.00%, 7/1/37, Continuously Callable @100		2,000		2,227
Flint Hospital Building Authority Revenue
4.00%, 7/1/32, Continuously Callable @100		2,525		2,864
4.00%, 7/1/33, Continuously Callable @100		2,620		2,961
4.00%, 7/1/34, Continuously Callable @100		2,730		3,074
4.00%, 7/1/35, Continuously Callable @100		1,635		1,834
4.00%, 7/1/38, Continuously Callable @100		1,855		2,061
Great Lakes Water Authority Water Supply System Revenue, Series D, 4.00%, 7/1/32, Continuously Callable @100		13,560		15,533
Kent Hospital Finance Authority Revenue, Series A, 5.00%, 11/15/29, Pre-refunded 11/15/21 @ 100		12,000		12,066
Livonia Public Schools, GO (INS — Assured Guaranty Municipal Corp.)
5.00%, 5/1/32, Continuously Callable @100		2,775		3,287
5.00%, 5/1/33, Continuously Callable @100		2,875		3,401
5.00%, 5/1/34, Continuously Callable @100		2,965		3,504
5.00%, 5/1/35, Continuously Callable @100		3,065		3,617
5.00%, 5/1/36, Continuously Callable @100		2,770		3,266
Michigan Finance Authority Revenue
5.00%, 11/1/34, Continuously Callable @100		1,000		1,237
5.00%, 11/1/35, Continuously Callable @100		1,000		1,235
4.00%, 11/15/35, Continuously Callable @100		6,000		6,798
5.00%, 11/1/36, Continuously Callable @100		1,000		1,232
4.00%, 11/15/36, Continuously Callable @100		1,000		1,129
5.00%, 11/1/37, Continuously Callable @100		1,250		1,539
Series 2016, 5.00%, 12/1/34, Continuously Callable @100		8,200		9,778
Series 2016, 5.00%, 12/1/35, Continuously Callable @100		4,600		5,480
Michigan Finance Authority Revenue (NBGA — Michigan School Bond Qualification and Loan Program)
Series A, 5.00%, 5/1/24		2,000		2,240
Series A, 5.00%, 5/1/25		1,700		1,974
Michigan State Building Authority Revenue, Series I-A, 5.00%, 10/15/29, Continuously Callable @100		3,000		3,286
Summit Academy North Revenue, 4.00%, 11/1/41, Continuously Callable @103		2,870		3,072
				99,809

Security Description	Principal Amount		Value
Minnesota (0.2%):
City of Minneapolis Revenue, Series A, 5.00%, 11/15/36, Continuously Callable @100	$	5,000	$	6,151
Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue
5.00%, 11/15/29, Pre-refunded 11/15/25 @ 100		1,750		2,070
5.00%, 11/15/30, Pre-refunded 11/15/25 @ 100		1,275		1,509
				9,730
Mississippi (0.5%):
Mississippi Business Finance Corp. Revenue, 3.20%, 9/1/28, Continuously Callable @100		6,000		6,313
Mississippi Development Bank Revenue
Series A, 5.00%, 4/1/28, Continuously Callable @100		575		614
Series A, 5.00%, 4/1/28, Pre-refunded 4/1/23 @ 100		920		986
Mississippi Development Bank Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 9/1/30, Continuously Callable @100		6,410		6,648
Mississippi Hospital Equipment & Facilities Authority Revenue
4.00%, 1/1/36, Continuously Callable @100		2,240		2,626
4.00%, 1/1/37, Continuously Callable @100		2,260		2,634
4.00%, 1/1/39, Continuously Callable @100		1,850		2,134
4.00%, 1/1/40, Continuously Callable @100		2,675		3,068
				25,023
Missouri (1.2%):
Cape Girardeau County IDA Revenue
5.00%, 3/1/32, Continuously Callable @100		500		575
5.00%, 3/1/36, Continuously Callable @100		750		855
4.00%, 3/1/41, Continuously Callable @100		750		845
Series A, 5.00%, 6/1/25, Continuously Callable @100		1,780		1,837
Series A, 5.00%, 6/1/27, Continuously Callable @100		2,555		2,636
Series A, 6.00%, 3/1/33, Continuously Callable @103		2,215		2,398
Health & Educational Facilities Authority of the State of Missouri Revenue
5.00%, 2/1/29, Continuously Callable @104		1,000		1,135
5.00%, 5/1/30, Continuously Callable @100		2,310		2,449
5.00%, 5/15/32, Continuously Callable @103		1,555		1,793
5.25%, 5/1/33, Continuously Callable @100		2,350		2,498
5.00%, 2/1/34, Continuously Callable @104		2,000		2,263
5.00%, 5/15/36, Continuously Callable @103		4,565		5,253
Missouri Development Finance Board Revenue
Series A, 5.00%, 6/1/30, Continuously Callable @100		1,000		1,073
Series A, 5.00%, 6/1/31, Continuously Callable @100		4,215		4,522
Missouri State Environmental Improvement & Energy Resources Authority Revenue, Series A-R, 2.90%, 9/1/33, Continuously Callable @102		25,000		27,025
St. Louis County IDA Revenue
5.00%, 9/1/23		595		622
5.50%, 9/1/33, Continuously Callable @100		2,750		2,913
Stoddard County IDA Revenue, Series B, 6.00%, 3/1/37, Continuously Callable @103		1,935		2,090
				62,782
Montana (0.2%):
City of Forsyth Revenue, 3.90%, 3/1/31, Callable 3/1/23 @ 100		8,500		8,923

Security Description	Principal Amount		Value
Nebraska (0.3%):
Central Plains Energy Project Revenue, Series A, 5.00%, 9/1/36	$	3,550	$	4,883
Douglas County Hospital Authority No. 3 Revenue
5.00%, 11/1/28, Continuously Callable @100		1,250		1,467
5.00%, 11/1/30, Continuously Callable @100		1,600		1,874
Nebraska Educational Health Cultural & Social Services Finance Authority Revenue
4.00%, 1/1/35, Continuously Callable @102		795		883
4.00%, 1/1/36, Continuously Callable @102		1,240		1,374
4.00%, 1/1/37, Continuously Callable @102		1,000		1,104
4.00%, 1/1/38, Continuously Callable @102		1,295		1,430
4.00%, 1/1/39, Continuously Callable @102		1,800		1,984
Public Power Generation Agency Revenue, 5.00%, 1/1/37, Continuously Callable @100		2,400		2,835
				17,834
Nevada (1.6%):
City of Carson City Revenue
5.00%, 9/1/29, Continuously Callable @100		620		760
5.00%, 9/1/31, Continuously Callable @100		1,000		1,225
5.00%, 9/1/33, Continuously Callable @100		1,000		1,219
5.00%, 9/1/37, Continuously Callable @100		1,950		2,350
City of North Las Vegas, GO (INS — Assured Guaranty Municipal Corp.)
4.00%, 6/1/35, Continuously Callable @100		1,870		2,164
4.00%, 6/1/37, Continuously Callable @100		7,345		8,458
4.00%, 6/1/38, Continuously Callable @100		6,135		7,056
City of Sparks Revenue
Series A, 2.50%, 6/15/24 (f)		700		710
Series A, 2.75%, 6/15/28 (f)		1,500		1,556
County of Clark Department of Aviation Revenue
5.00%, 7/1/26		3,660		4,400
5.00%, 7/1/27		2,220		2,739
Series A-2, 5.00%, 7/1/32, Continuously Callable @100		20,470		22,933
Series A-2, 5.00%, 7/1/33, Continuously Callable @100		10,845		12,141
Las Vegas Convention & Visitors Authority Revenue
Series C, 4.00%, 7/1/33, Continuously Callable @100		2,000		2,251
Series C, 4.00%, 7/1/34, Continuously Callable @100		4,560		5,107
Series C, 4.00%, 7/1/35, Continuously Callable @100		5,075		5,660
				80,729
New Hampshire (0.3%):
New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/41, Continuously Callable @103		2,250		2,464
New Hampshire Health and Education Facilities Authority Act Revenue
5.00%, 8/1/34, Continuously Callable @100		2,880		3,539
5.00%, 8/1/35, Continuously Callable @100		2,700		3,307
5.00%, 8/1/36, Continuously Callable @100		2,000		2,442
5.00%, 8/1/37, Continuously Callable @100		1,500		1,829
				13,581

Security Description	Principal Amount		Value
New Jersey (5.9%):
Casino Reinvestment Development Authority Revenue (INS — Assured Guaranty Municipal Corp.)
5.00%, 11/1/29, Continuously Callable @100	$	1,000	$	1,111
5.00%, 11/1/30, Continuously Callable @100		1,000		1,110
City of Atlantic City, GO (INS — Assured Guaranty Municipal Corp.)
Series B, 5.00%, 3/1/32, Continuously Callable @100		1,660		2,002
Series B, 5.00%, 3/1/37, Continuously Callable @100		1,250		1,480
City of Atlantic City, GO (INS — Build America Mutual Assurance Co.)
Series A, 5.00%, 3/1/32, Continuously Callable @100		630		760
Series A, 5.00%, 3/1/37, Continuously Callable @100		750		895
City of Bayonne, GO (INS — Build America Mutual Assurance Co.)
5.00%, 7/1/34, Pre-refunded 7/1/26 @ 100		1,135		1,369
5.00%, 7/1/35, Pre-refunded 7/1/26 @ 100		1,000		1,207
Essex County Improvement Authority Revenue, 4.00%, 6/15/38, Continuously Callable @100		550		635
New Brunswick Parking Authority Revenue (INS — Build America Mutual Assurance Co.)
Series A, 5.00%, 9/1/35, Continuously Callable @100		1,455		1,744
Series A, 5.00%, 9/1/36, Continuously Callable @100		2,000		2,395
New Jersey Building Authority Revenue
Series A, 4.00%, 6/15/30, Pre-refunded 6/15/26 @ 100		400		464
Series A, 4.00%, 6/15/30, Continuously Callable @100		600		685
New Jersey Economic Development Authority Revenue
5.00%, 3/1/25, Continuously Callable @100		18,410		19,617
5.00%, 6/15/26, Continuously Callable @100		2,500		2,573
1.60% (MUNIPSA+155bps), 9/1/27, Callable 3/1/23 @ 100 (k)		10,000		10,540
1.65% (MUNIPSA+160bps), 3/1/28, Callable 3/1/23 @ 100 (k)		10,000		10,177
5.00%, 11/1/36, Continuously Callable @100		2,000		2,497
4.00%, 11/1/38, Continuously Callable @100		1,500		1,719
4.00%, 11/1/39, Continuously Callable @100		2,000		2,282
Series A, 5.00%, 6/15/25		5,125		5,950
Series A, 3.13%, 7/1/29, Continuously Callable @100		665		679
Series A, 3.38%, 7/1/30, Continuously Callable @100		1,000		1,055
Series B, 5.00%, 6/15/36, Continuously Callable @100		16,455		20,238
Series B, 5.00%, 6/15/37, Continuously Callable @100		16,280		20,009
Series WW, 5.25%, 6/15/33, Continuously Callable @100		9,000		10,439
New Jersey Economic Development Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 6/15/25, Continuously Callable @100		10,000		11,250
New Jersey Educational Facilities Authority Revenue
Series B, 5.50%, 9/1/28, Continuously Callable @100		5,740		7,009
Series B, 5.50%, 9/1/29, Continuously Callable @100		4,000		4,879
Series B, 5.50%, 9/1/30, Continuously Callable @100		3,000		3,655
Series B, 5.50%, 9/1/31, Continuously Callable @100		4,590		5,585
Series B, 5.50%, 9/1/32, Continuously Callable @100		8,075		9,814
Series F, 4.00%, 7/1/33, Continuously Callable @100		150		170
Series F, 4.00%, 7/1/33, Pre-refunded 7/1/26 @ 100		350		406
Series F, 4.00%, 7/1/34, Continuously Callable @100		260		293
Series F, 4.00%, 7/1/34, Pre-refunded 7/1/26 @ 100		490		568

Security Description	Principal Amount		Value
Series F, 4.00%, 7/1/35, Continuously Callable @100	$	975	$	1,096
Series F, 4.00%, 7/1/35, Pre-refunded 7/1/26 @ 100		275		319
New Jersey Educational Facilities Authority Revenue (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 7/1/34, Continuously Callable @100		3,000		3,653
Series A, 5.00%, 7/1/35, Continuously Callable @100		3,350		4,069
Series A, 4.00%, 7/1/36, Continuously Callable @100		1,800		2,005
New Jersey Health Care Facilities Financing Authority Revenue
5.00%, 10/1/33, Continuously Callable @100		2,000		2,410
5.00%, 10/1/34, Continuously Callable @100		2,000		2,401
5.00%, 10/1/35, Continuously Callable @100		2,620		3,138
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		2,278
Series A, 5.00%, 7/1/30, Continuously Callable @100		1,500		1,695
New Jersey Transportation Trust Fund Authority Revenue
5.00%, 6/15/30, Continuously Callable @100		3,000		3,560
5.00%, 6/15/31, Continuously Callable @100		3,000		3,556
Series A, 12/15/25 (h)		20,000		18,908
Series A, 5.00%, 12/15/33, Continuously Callable @100		2,000		2,472
Series A, 4.00%, 6/15/35, Continuously Callable @100		2,500		2,981
Series A, 5.00%, 12/15/35, Continuously Callable @100		1,050		1,292
Series A, 4.00%, 6/15/36, Continuously Callable @100		2,500		2,953
Series AA, 5.25%, 6/15/33, Continuously Callable @100		2,000		2,320
Series AA, 5.25%, 6/15/34, Continuously Callable @100		3,000		3,476
Series BB, 5.00%, 6/15/31, Continuously Callable @100		2,500		3,120
Series BB, 5.00%, 6/15/34, Continuously Callable @100		10,000		12,351
New Jersey Transportation Trust Fund Authority Revenue (INS — AMBAC Assurance Corp.), Series B, 5.25%, 12/15/22		5,000		5,293
New Jersey Turnpike Authority Revenue
Series A, 5.00%, 1/1/34, Continuously Callable @100		10,000		11,231
Series A, 5.00%, 1/1/34, Continuously Callable @100		7,675		9,052
Series A, 5.00%, 1/1/35, Continuously Callable @100		4,725		5,568
Series A, 4.00%, 1/1/42, Continuously Callable @100		3,000		3,535
Series B, 4.00%, 1/1/35, Continuously Callable @100		3,500		4,073
Newark Housing Authority Revenue (INS — Assured Guaranty Municipal Corp.)
4.00%, 12/1/29, Continuously Callable @100		500		569
4.00%, 12/1/30, Continuously Callable @100		750		848
4.00%, 12/1/31, Continuously Callable @100		500		563
South Jersey Transportation Authority Revenue
Series A, 5.00%, 11/1/30, Continuously Callable @100		500		562
Series A, 5.00%, 11/1/31, Continuously Callable @100		750		843
Series A, 5.00%, 11/1/34, Continuously Callable @100		1,085		1,216
Series A, 4.00%, 11/1/40, Continuously Callable @100		4,300		4,946
State of New Jersey, GO, Series A, 4.00%, 6/1/32		3,000		3,730
Tobacco Settlement Financing Corp. Revenue, Series A, 5.00%, 6/1/36, Continuously Callable @100		5,000		6,087
				305,430

Security Description	Principal Amount		Value
New Mexico (0.9%):
City of Farmington Revenue
1.88%, 4/1/33, (Put Date 10/1/21) (e)	$	12,000	$	12,000
Series A, 0.11%, 6/1/40 (c)		17,000		17,000
Series B, 2.15%, 4/1/33, Continuously Callable @101 (g)		10,000		9,848
City of Santa Revenue
2.25%, 5/15/24, Continuously Callable @100		600		600
2.63%, 5/15/25, Continuously Callable @100		1,000		1,000
5.00%, 5/15/34, Continuously Callable @103		625		705
5.00%, 5/15/39, Continuously Callable @103		480		537
New Mexico Hospital Equipment Loan Council Revenue, 5.00%, 7/1/39, Continuously Callable @102		1,075		1,220
Village of Los Ranchos de Albuquerque Revenue
4.00%, 9/1/35, Continuously Callable @100		300		348
4.00%, 9/1/40, Continuously Callable @100		1,200		1,371
				44,629
New York (5.9%):
Chautauqua Tobacco Asset Securitization Corp. Revenue, 5.00%, 6/1/34, Continuously Callable @100		3,700		3,876
City of Long Beach, GO, Series A, 0.63%, 2/22/22, Continuously Callable @100		9,300		9,300
City of New York, GO, Series 3, 0.13%, 4/1/42, Continuously Callable @100 (c)		7,000		7,000
City of Newburgh, GO, Series B, 5.00%, 6/15/23, Continuously Callable @100		575		594
City of Yonkers, GO (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 10/1/23, Continuously Callable @100		2,600		2,600
County of Nassau, GO, Series A, 5.00%, 1/1/36, Continuously Callable @100		1,150		1,340
Erie County Industrial Development Agency Revenue, 5.00%, 5/1/28, Continuously Callable @100		2,000		2,148
Hudson Yards Infrastructure Corp. Revenue, Series A, 5.00%, 2/15/37, Continuously Callable @100		2,500		3,003
Metropolitan Transportation Authority Revenue
4.00%, 11/15/35, Continuously Callable @100		9,040		10,264
Series 2, 0.83% (SOFR+80bps), 11/1/32, (Put Date 4/1/26) (e) (k)		3,000		2,996
Series A, 11/15/32 (h)		10,000		8,152
Series A-1, 5.00%, 2/1/23		4,000		4,244
Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (e)		7,315		9,307
Series B-1, 5.00%, 5/15/22		1,000		1,029
Series C-1, 5.00%, 11/15/29, Continuously Callable @100		7,030		8,628
Series C-1, 4.00%, 11/15/32, Continuously Callable @100		9,300		10,630
Series C-1, 5.00%, 11/15/34, Continuously Callable @100		6,295		7,264
Series C-1, 5.00%, 11/15/36, Continuously Callable @100		3,705		4,360
Series D-1, 5.00%, 11/15/34, Continuously Callable @100		2,000		2,308
Series F, 5.00%, 11/15/34, Continuously Callable @100		2,000		2,307
Series F, 5.00%, 11/15/35, Continuously Callable @100		3,000		3,456
Metropolitan Transportation Authority Revenue (INS — Assured Guaranty Municipal Corp.), Series A-1, 4.00%, 11/15/41, Continuously Callable @100		9,820		11,438
Monroe County Industrial Development Corp. Revenue
4.00%, 12/1/38, Continuously Callable @100		1,200		1,397
4.00%, 12/1/39, Continuously Callable @100		1,200		1,391

Security Description	Principal Amount		Value
New York City Transitional Finance Authority Future Tax Secured Revenue, 4.00%, 11/1/38, Continuously Callable @100	$	1,250	$	1,477
New York City Trust for Cultural Resources Revenue, Series A, 4.00%, 12/1/34, Continuously Callable @100		2,000		2,393
New York Liberty Development Corp. Revenue
2.63%, 9/15/69, Continuously Callable @100		3,350		3,396
2.80%, 9/15/69, Continuously Callable @100		20,500		20,931
Series A, 2.10%, 11/15/32, Continuously Callable @100		6,730		6,711
Series A, 2.20%, 11/15/33, Continuously Callable @100		9,000		8,973
New York State Dormitory Authority Revenue
5.00%, 12/1/35, Continuously Callable @100 (f)		600		713
Series A, 5.00%, 5/1/23		15		16
Series A, 5.00%, 5/1/23		735		782
Series A, 5.00%, 5/1/24, Continuously Callable @100		735		781
Series A, 5.00%, 5/1/24, Pre-refunded 5/1/23 @ 100		15		16
Series A, 5.00%, 5/1/25, Continuously Callable @100		1,175		1,249
Series A, 5.00%, 5/1/25, Pre-refunded 5/1/23 @ 100		25		27
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		1,042
Series A, 4.00%, 9/1/36, Continuously Callable @100		500		571
Series A, 4.00%, 9/1/37, Continuously Callable @100		350		398
Series A, 4.00%, 9/1/38, Continuously Callable @100		1,250		1,421
Series A, 4.00%, 9/1/40, Continuously Callable @100		750		850
Series A, 4.00%, 3/15/41, Continuously Callable @100		20,000		23,467
Series A, 4.00%, 3/15/43, Continuously Callable @100		20,000		23,341
Series A-1, 4.00%, 7/1/40, Continuously Callable @100		4,535		5,106
Series B, 5.00%, 2/15/32, Pre-refunded 2/15/25 @ 100		5		6
Series B, 5.00%, 2/15/32, Continuously Callable @100		19,995		22,950
New York State Dormitory Authority Revenue (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 10/1/27, Continuously Callable @100		1,000		1,135
Series A, 5.00%, 10/1/28, Continuously Callable @100		1,000		1,134
Series A, 5.00%, 10/1/29, Continuously Callable @100		1,300		1,473
New York State Dormitory Authority Revenue Bonds, 6.00%, 7/1/40, Continuously Callable @100 (f) (i)		3,600		3,633
New York State Housing Finance Agency Revenue (LIQ — Deutsche Bank A.G.), Series DBE-DBE-8073, 0.46%, 8/1/50, Continuously Callable @100 (c) (f)		5,055		5,055
New York State Urban Development Corp. Revenue, Series E, 4.00%, 3/15/38, Continuously Callable @100		20,000		23,281
Niagara Falls City School District Certificate of Participation (INS — Assured Guaranty Municipal Corp.)
5.00%, 6/15/23		1,670		1,798
5.00%, 6/15/24		1,450		1,622
5.00%, 6/15/25, Continuously Callable @100		1,670		1,867
Saratoga County Capital Resource Corp. Revenue, Series A, 5.00%, 12/1/28, Continuously Callable @100		790		868
Town of Oyster Bay, GO
4.00%, 2/15/24		5,415		5,871
4.00%, 2/15/25		9,750		10,878
4.00%, 2/15/26		3,000		3,427

Security Description	Principal Amount		Value
Westchester County Local Development Corp. Revenue, 5.00%, 1/1/28, Continuously Callable @100	$	1,350	$	1,420
				309,133
North Carolina (0.3%):
North Carolina Capital Facilities Finance Agency Revenue, Series A, 0.15%, 7/1/34, (Put Date 9/1/21) (e)		2,000		2,000
North Carolina Medical Care Commission Revenue
5.00%, 10/1/25		1,500		1,617
5.00%, 10/1/30, Continuously Callable @100		1,850		1,993
5.00%, 10/1/40, Continuously Callable @103		1,050		1,205
5.00%, 10/1/45, Continuously Callable @103		1,000		1,138
Series A, 4.00%, 9/1/40, Continuously Callable @100		3,050		3,316
Series A, 4.00%, 10/1/40, Continuously Callable @103		600		671
Series A, 5.00%, 10/1/40, Continuously Callable @103		1,800		2,182
Series A, 5.00%, 10/1/45, Continuously Callable @103		1,800		2,168
Series A, 4.00%, 10/1/45, Continuously Callable @103		1,000		1,108
				17,398
North Dakota (0.5%):
City of Grand Forks Revenue
5.00%, 12/1/29, Continuously Callable @100		11,085		11,167
4.00%, 12/1/36, Continuously Callable @100		1,100		1,283
4.00%, 12/1/37, Continuously Callable @100		1,250		1,452
4.00%, 12/1/38, Continuously Callable @100		1,100		1,278
4.00%, 12/1/40, Continuously Callable @100		1,700		1,958
4.00%, 12/1/41, Continuously Callable @100		1,750		2,008
County of Ward Revenue, Series C, 5.00%, 6/1/43, Continuously Callable @100		4,500		5,336
				24,482
Ohio (2.7%):
Akron Bath Copley Joint Township Hospital District Revenue
4.00%, 11/15/36, Continuously Callable @100		1,000		1,160
4.00%, 11/15/37, Continuously Callable @100		800		926
4.00%, 11/15/38, Continuously Callable @100		500		578
City of Centerville Revenue, 5.25%, 11/1/37, Continuously Callable @100		2,250		2,570
City of Cleveland Airport System Revenue
Series A, 5.00%, 1/1/30, Pre-refunded 1/1/22 @ 100		2,000		2,023
Series A, 5.00%, 1/1/31, Pre-refunded 1/1/22 @ 100		1,000		1,012
County of Allen Hospital Facilities Revenue
4.00%, 12/1/40, Continuously Callable @100		7,500		8,789
Series A, 4.00%, 8/1/36, Continuously Callable @100		5,000		5,755
Series A, 4.00%, 8/1/37, Continuously Callable @100		10,800		12,415
County of Cuyahoga Revenue
4.00%, 2/15/29, Continuously Callable @100		7,430		8,663
5.00%, 2/15/37, Continuously Callable @100		4,000		4,782
County of Hamilton Revenue
5.00%, 1/1/31, Continuously Callable @100		1,350		1,511
5.00%, 1/1/36, Continuously Callable @100		1,400		1,557
5.00%, 9/15/39, Continuously Callable @100		1,375		1,717
5.00%, 9/15/40, Continuously Callable @100		1,100		1,370

Security Description	Principal Amount		Value
County of Hamilton Sales Tax Revenue (INS — AMBAC Assurance Corp.), Series B, 12/1/25 (h)	$	4,365	$	4,222
County of Hardi Revenue, 5.25%, 5/1/40, Continuously Callable @103		2,000		2,157
County of Montgomery Revenue
3.00%, 11/15/36, Continuously Callable @100		7,000		7,493
5.00%, 11/15/37, Continuously Callable @100		2,200		2,698
County of Ross Revenue, 5.00%, 12/1/39, Continuously Callable @100		2,405		2,986
Dayton City School District, GO
5.00%, 11/1/28		2,805		3,585
5.00%, 11/1/29		3,655		4,768
5.00%, 11/1/30		3,160		4,206
5.00%, 11/1/31		2,000		2,717
Ohio Higher Educational Facility Commission Revenue
5.00%, 5/1/31, Continuously Callable @100		1,000		1,146
5.00%, 5/1/33, Continuously Callable @100		500		572
Ohio Turnpike & Infrastructure Commission Revenue, 5.25%, 2/15/29, Continuously Callable @100		2,000		2,133
Ohio Water Development Authority Revenue, 12/1/33 (i) (l)		26,000		—
Port of Greater Cincinnati Development Authority Revenue, Series A, 3.00%, 5/1/23, Continuously Callable @100		9,535		9,545
Southeastern Ohio Port Authority Revenue
5.50%, 12/1/29, Continuously Callable @100		750		823
5.00%, 12/1/35, Continuously Callable @100		750		807
State of Ohio Revenue
5.00%, 1/15/34, Continuously Callable @100		7,210		8,433
5.00%, 1/15/35, Continuously Callable @100		6,000		7,011
5.00%, 1/15/36, Continuously Callable @100		3,070		3,584
4.00%, 11/15/36, Continuously Callable @100		1,260		1,455
4.00%, 11/15/38, Continuously Callable @100		1,270		1,462
4.00%, 11/15/40, Continuously Callable @100		655		750
Series A, 4.00%, 1/15/38, Continuously Callable @100		1,000		1,150
Series A, 4.00%, 1/15/40, Continuously Callable @100		1,800		2,052
Village of Bluffton Revenue
5.00%, 12/1/31, Continuously Callable @100		1,500		1,843
4.00%, 12/1/32, Continuously Callable @100		1,500		1,724
4.00%, 12/1/33, Continuously Callable @100		1,600		1,831
4.00%, 12/1/34, Continuously Callable @100		1,795		2,047
				138,028
Oklahoma (0.4%):
Muskogee Industrial Trust Revenue, Series A, 0.13%, 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		4,941
Tulsa County Industrial Authority Revenue
5.00%, 11/15/28, Continuously Callable @102		940		1,087
5.00%, 11/15/30, Continuously Callable @102		1,780		2,057
				23,085

Security Description	Principal Amount		Value
Oregon (0.1%):
Clackamas County Hospital Facility Authority Revenue
5.00%, 11/15/32, Continuously Callable @102	$	500	$	558
5.00%, 11/15/37, Continuously Callable @102		500		554
Oregon State Facilities Authority Revenue
Series A, 5.00%, 10/1/35, Continuously Callable @100		275		345
Series A, 5.00%, 10/1/40, Continuously Callable @100		1,750		2,165
				3,622
Pennsylvania (7.9%):
Allegheny County Hospital Development Authority Revenue
5.00%, 4/1/35, Continuously Callable @100		7,315		8,967
5.00%, 4/1/36, Continuously Callable @100		8,000		9,778
4.00%, 7/15/37, Continuously Callable @100		2,000		2,337
4.00%, 7/15/38, Continuously Callable @100		1,500		1,744
4.00%, 7/15/39, Continuously Callable @100		1,440		1,671
Allegheny County Sanitary Authority Revenue (INS — Assured Guaranty Municipal Corp.)
4.00%, 12/1/33, Continuously Callable @100		1,500		1,705
4.00%, 12/1/34, Continuously Callable @100		1,475		1,671
Berks County IDA Revenue
4.00%, 11/1/33, Continuously Callable @100		1,300		1,371
5.00%, 11/1/34, Continuously Callable @100		2,000		2,229
5.00%, 11/1/35, Continuously Callable @100		3,000		3,339
Bethlehem Authority Revenue, 5.00%, 11/15/30, Continuously Callable @100		3,000		3,153
Bucks County IDA Revenue
5.00%, 10/1/30, Continuously Callable @103		325		375
5.00%, 10/1/31, Continuously Callable @103		450		518
5.00%, 10/1/37, Continuously Callable @103		2,260		2,540
Butler County Hospital Authority Revenue, 5.00%, 7/1/35, Continuously Callable @100		1,885		2,157
Chester County IDA Revenue
5.00%, 10/1/34, Continuously Callable @100		1,000		1,111
Series A, 5.13%, 10/15/37, Continuously Callable @100		2,750		3,106
City of Philadelphia Airport Revenue, Series A, 4.00%, 7/1/33, Continuously Callable @100		11,420		13,687
City of Philadelphia, GO
Series A, 4.00%, 5/1/40, Continuously Callable @100		3,500		4,130
Series A, 4.00%, 5/1/41, Continuously Callable @100		4,000		4,713
Series A, 4.00%, 5/1/42, Continuously Callable @100		2,250		2,651
Commonwealth Financing Authority Revenue
5.00%, 6/1/33, Continuously Callable @100		1,250		1,523
5.00%, 6/1/34, Continuously Callable @100		2,000		2,432
Series A, 5.00%, 6/1/34, Continuously Callable @100		5,000		5,775
Commonwealth of Pennsylvania Certificate of Participation
Series A, 5.00%, 7/1/34, Continuously Callable @100		1,350		1,656
Series A, 5.00%, 7/1/35, Continuously Callable @100		750		917
Series A, 5.00%, 7/1/37, Continuously Callable @100		800		975
County of Beaver, GO
4.00%, 4/15/28		2,195		2,556
4.00%, 4/15/28		695		832

Security Description	Principal Amount		Value
4.00%, 4/15/29, Continuously Callable @100	$	1,900	$	2,207
4.00%, 4/15/29, Pre-refunded 4/15/28 @ 100		600		723
4.00%, 4/15/30, Continuously Callable @100		4,490		5,174
4.00%, 4/15/30, Pre-refunded 4/15/28 @ 100		510		615
County of Lehigh Revenue
4.00%, 7/1/37, Continuously Callable @100		2,000		2,321
4.00%, 7/1/38, Continuously Callable @100		2,000		2,317
4.00%, 7/1/39, Continuously Callable @100		2,000		2,316
County of Luzerne, GO (INS — Assured Guaranty Municipal Corp.), Series A, 5.00%, 11/15/29, Continuously Callable @100		5,000		5,856
Cumberland County Municipal Authority Revenue
4.00%, 11/1/36, Continuously Callable @100		1,250		1,465
4.00%, 11/1/37, Continuously Callable @100		2,130		2,486
Dauphin County General Authority Revenue
4.00%, 6/1/30, Continuously Callable @100		2,000		2,290
4.00%, 6/1/31, Continuously Callable @100		1,000		1,113
Delaware County Authority Revenue
5.00%, 10/1/30		1,200		1,436
5.00%, 10/1/35, Continuously Callable @100		2,220		2,669
5.00%, 10/1/39, Continuously Callable @100		2,250		2,691
Delaware River Joint Toll Bridge Commission Revenue, 5.00%, 7/1/34, Continuously Callable @100		3,000		3,668
Delaware River Port Authority Revenue, 5.00%, 1/1/25, Continuously Callable @100		2,720		2,880
Latrobe IDA Revenue
4.00%, 3/1/40, Continuously Callable @100		250		272
4.00%, 3/1/41, Continuously Callable @100		250		271
4.00%, 3/1/46, Continuously Callable @100		750		811
Montgomery County Higher Education & Health Authority Revenue
5.00%, 9/1/34, Continuously Callable @100		1,750		2,165
5.00%, 9/1/35, Continuously Callable @100		1,850		2,284
4.00%, 9/1/36, Continuously Callable @100		1,100		1,287
4.00%, 9/1/37, Continuously Callable @100		1,000		1,168
5.00%, 9/1/37, Continuously Callable @100		1,750		2,153
4.00%, 9/1/38, Continuously Callable @100		900		1,048
4.00%, 9/1/39, Continuously Callable @100		1,000		1,160
Montgomery County IDA Revenue
5.00%, 11/15/23, Pre-refunded 5/15/22 @ 100		1,200		1,236
5.00%, 11/15/24, Pre-refunded 5/15/22 @ 100		2,750		2,832
Montour School District, GO (INS — Assured Guaranty Municipal Corp.)
Series B, 5.00%, 4/1/33, Continuously Callable @100		1,000		1,159
Series B, 5.00%, 4/1/34, Continuously Callable @100		1,500		1,736
Series B, 5.00%, 4/1/35, Continuously Callable @100		1,500		1,735
Northampton County General Purpose Authority Revenue, 1.10% (LIBOR01M+104bps), 8/15/48, (Put Date 8/15/24) (e) (k)		4,645		4,627
Northeastern Pennsylvania Hospital & Education Authority Revenue, Series A, 5.00%, 3/1/37, Continuously Callable @100		1,525		1,691
Pennsylvania Economic Development Financing Authority Revenue
4.00%, 7/1/33, Continuously Callable @103		1,750		1,982
3.00%, 4/1/39, Continuously Callable @100		30,000		32,185
4.00%, 7/1/41, Continuously Callable @103		1,050		1,174

Security Description	Principal Amount		Value
Pennsylvania Higher Educational Facilities Authority Revenue
5.00%, 7/1/32, Pre-refunded 7/1/22 @ 100	$	1,625	$	1,683
Series A, 5.25%, 7/15/25, Continuously Callable @100		1,730		1,870
Series A, 5.25%, 7/15/26, Pre-refunded 7/15/23 @ 100		2,020		2,201
Series A, 5.25%, 7/15/27, Pre-refunded 7/15/23 @ 100		2,125		2,316
Series A, 5.25%, 7/15/28, Pre-refunded 7/15/23 @ 100		2,245		2,447
Series A, 5.00%, 7/15/30, Pre-refunded 7/15/23 @ 100		2,415		2,621
Series A, 5.25%, 7/15/33, Pre-refunded 7/15/23 @ 100		1,965		2,142
Pennsylvania Turnpike Commission Revenue
5.00%, 6/1/35, Continuously Callable @100		10,655		12,435
5.00%, 6/1/36, Continuously Callable @100		8,255		9,624
Series A-1, 5.00%, 12/1/32, Continuously Callable @100		1,500		1,702
Series A-1, 5.00%, 12/1/33, Continuously Callable @100		4,345		4,927
Series A-1, 5.00%, 12/1/34, Continuously Callable @100		3,000		3,504
Series A-1, 5.00%, 12/1/35, Continuously Callable @100		3,320		3,874
Series A-1, 5.00%, 12/1/36, Continuously Callable @100		3,690		4,302
Series B, 5.00%, 12/1/32, Continuously Callable @100		3,500		4,096
Series B, 5.00%, 12/1/33, Continuously Callable @100		7,145		8,354
Series B, 4.00%, 6/1/34, Continuously Callable @100		20,000		22,575
Series B, 5.00%, 12/1/34, Continuously Callable @100		2,000		2,349
Series B, 5.00%, 12/1/34, Continuously Callable @100		6,250		7,300
Series B, 5.00%, 12/1/35, Continuously Callable @100		5,700		6,652
Series B, 5.00%, 12/1/35, Continuously Callable @100		2,000		2,347
Series B, 4.00%, 12/1/40, Continuously Callable @100		2,000		2,366
Series B, 4.00%, 12/1/40, Continuously Callable @100		1,500		1,766
Series B, 4.00%, 12/1/41, Continuously Callable @100		1,750		2,054
Series B, 4.00%, 12/1/41, Continuously Callable @100		1,500		1,771
Series B, 4.00%, 12/1/42, Continuously Callable @100		1,500		1,758
Philadelphia IDA Revenue
5.00%, 5/1/35, Continuously Callable @100		750		919
5.00%, 5/1/36, Continuously Callable @100		1,500		1,838
5.00%, 5/1/38, Continuously Callable @100		1,000		1,223
5.00%, 6/15/40, Continuously Callable @100 (f)		900		1,050
Pittsburgh Water & Sewer Authority Revenue (INS — Assured Guaranty Municipal Corp.)
Series B, 4.00%, 9/1/34, Continuously Callable @100		1,750		2,084
Series B, 4.00%, 9/1/35, Continuously Callable @100		300		357
Reading School District, GO (INS — Assured Guaranty Municipal Corp.)
5.00%, 3/1/36, Continuously Callable @100		2,000		2,390
5.00%, 3/1/37, Continuously Callable @100		1,500		1,792
School District of Philadelphia, GO
Series A, 5.00%, 9/1/34, Continuously Callable @100		1,000		1,233
Series A, 5.00%, 9/1/35, Continuously Callable @100		1,000		1,230
Series A, 5.00%, 9/1/36, Continuously Callable @100		1,000		1,228
Series A, 5.00%, 9/1/37, Continuously Callable @100		1,000		1,226
Series A, 4.00%, 9/1/38, Continuously Callable @100		1,700		1,972
Series A, 4.00%, 9/1/39, Continuously Callable @100		1,600		1,847
Series F, 5.00%, 9/1/31, Continuously Callable @100		9,895		11,825
Series F, 5.00%, 9/1/32, Continuously Callable @100		5,000		5,969

Security Description	Principal Amount		Value
Series F, 5.00%, 9/1/33, Continuously Callable @100	$	4,000	$	4,770
Series F, 5.00%, 9/1/34, Continuously Callable @100		5,100		6,075
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		1,303
Scranton School District, GO (INS — Build America Mutual Assurance Co.)
Series E, 5.00%, 12/1/32, Continuously Callable @100		1,000		1,216
Series E, 5.00%, 12/1/33, Continuously Callable @100		1,600		1,938
Series E, 5.00%, 12/1/35, Continuously Callable @100		750		905
State Public School Building Authority Revenue
5.00%, 4/1/23, Pre-refunded 4/1/22 @ 100		1,250		1,280
5.00%, 6/1/29, Continuously Callable @100		10,000		11,981
State Public School Building Authority Revenue (INS — Assured Guaranty Municipal Corp.)
5.00%, 6/1/31, Continuously Callable @100		6,100		7,309
4.00%, 12/1/31, Continuously Callable @100		13,085		14,898
4.00%, 12/1/31, Pre-refunded 12/1/26 @ 100		2,295		2,691
The Berks County Municipal Authority Revenue, Series B, 5.00%, 2/1/40, (Put Date 2/1/30) (e)		3,300		3,825
Westmoreland County IDA Revenue, Series A, 4.00%, 7/1/37, Continuously Callable @100		1,400		1,616
				411,848
Puerto Rico (0.1%):
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Authority Revenue, 5.00%, 4/1/27, Continuously Callable @100		2,600		2,642
Rhode Island (0.3%):
Rhode Island Health & Educational Building Corp. Revenue, 6.00%, 9/1/33, Pre-refunded 9/1/23 @ 100		2,000		2,220
Rhode Island Turnpike & Bridge Authority Revenue
Series A, 5.00%, 10/1/33, Continuously Callable @100		1,350		1,595
Series A, 5.00%, 10/1/35, Continuously Callable @100		4,345		5,123
Tobacco Settlement Financing Corp. Revenue
Series A, 5.00%, 6/1/28, Continuously Callable @100		2,000		2,270
Series A, 5.00%, 6/1/29, Continuously Callable @100		2,000		2,268
Series A, 5.00%, 6/1/30, Continuously Callable @100		2,500		2,832
				16,308
South Carolina (1.0%):
Lexington County Health Services District, Inc. Revenue
4.00%, 11/1/31, Continuously Callable @100		1,000		1,156
4.00%, 11/1/32, Continuously Callable @100		1,000		1,151
Patriots Energy Group Financing Agency Revenue, Series B, 0.92% (LIBOR01M+86bps), 10/1/48, (Put Date 2/1/24) (e) (k)		20,000		20,345
Piedmont Municipal Power Agency Revenue (INS — Assured Guaranty Corp.)
Series C, 5.00%, 1/1/28, Continuously Callable @100		7,200		7,224
Series D, 5.00%, 1/1/28, Continuously Callable @100		2,700		2,709
South Carolina Public Service Authority Revenue
Series A, 5.00%, 12/1/34, Continuously Callable @100		9,835		11,780
Series A, 5.00%, 12/1/35, Continuously Callable @100		7,000		8,351
				52,716

Security Description	Principal Amount		Value
Tennessee (0.8%):
Chattanooga Health Educational & Housing Facility Board Revenue, Series C, 0.09%, 5/1/39, Continuously Callable @100 (c) (d)	$	14,500	$	14,500
Greeneville Health & Educational Facilities Board Revenue
5.00%, 7/1/35, Continuously Callable @100		2,710		3,315
5.00%, 7/1/36, Continuously Callable @100		3,000		3,660
5.00%, 7/1/37, Continuously Callable @100		3,500		4,264
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, 5.00%, 7/1/35, Continuously Callable @100		5,000		5,977
New Memphis Arena Public Building Authority Revenue
1.97%, 4/1/32, Continuously Callable @98		875		712
2.07%, 4/1/33, Continuously Callable @96		875		691
2.15%, 4/1/34, Continuously Callable @94		875		669
2.21%, 4/1/35, Continuously Callable @92		875		650
Tennessee Energy Acquisition Corp. Revenue, Series A, 5.00%, 5/1/52, (Put Date 11/1/31) (e)		6,500		8,481
				42,919
Texas (11.9%):
Austin Affordable PFC, Inc. Revenue (LIQ — Deutsche Bank A.G.), Series 2021-XF1102, 0.30%, 7/1/61, Callable 7/1/33 @ 104 (c) (f)		2,000		2,000
Austin Convention Enterprises, Inc. Revenue, 5.00%, 1/1/34, Continuously Callable @100		1,105		1,241
Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue
5.00%, 12/1/25		2,740		3,058
5.00%, 12/1/27, Continuously Callable @100		2,990		3,315
5.00%, 12/1/28, Continuously Callable @100		1,640		1,813
5.00%, 12/1/29, Continuously Callable @100		1,600		1,764
5.00%, 12/1/30, Continuously Callable @100		1,700		1,870
5.25%, 12/1/35, Continuously Callable @100		5,150		5,662
Central Texas Regional Mobility Authority Revenue
1/1/22 (h)		885		884
5.00%, 1/1/22		500		506
5.00%, 1/1/23		500		528
1/1/24 (h)		7,000		6,923
1/1/26 (h)		2,535		2,433
5.00%, 1/1/33, Pre-refunded 1/1/23 @ 100		3,500		3,707
Series A, 5.00%, 1/1/34, Continuously Callable @100		1,250		1,441
Series A, 5.00%, 1/1/35, Continuously Callable @100		1,100		1,267
Central Texas Turnpike System Revenue
Series C, 5.00%, 8/15/33, Continuously Callable @100		10,000		11,231
Series C, 5.00%, 8/15/34, Continuously Callable @100		8,500		9,541
City of Arlington Special Tax (INS — Build America Mutual Assurance Co.)
Series C, 5.00%, 2/15/34, Continuously Callable @100		1,500		1,802
Series C, 5.00%, 2/15/35, Continuously Callable @100		1,500		1,798
Series C, 5.00%, 2/15/36, Continuously Callable @100		3,100		3,710
Series C, 5.00%, 2/15/37, Continuously Callable @100		3,305		3,949
Series C, 5.00%, 2/15/38, Continuously Callable @100		4,380		5,228
City of Corpus Christi Utility System Revenue
4.00%, 7/15/32, Continuously Callable @100		1,800		2,066
4.00%, 7/15/33, Continuously Callable @100		1,100		1,257

Security Description	Principal Amount		Value
4.00%, 7/15/34, Continuously Callable @100	$	1,050	$	1,194
4.00%, 7/15/35, Continuously Callable @100		1,000		1,133
City of Dallas Housing Finance Corp. Revenue (LOC — Deutsche Bank A.G.), Series 2021-XF1109, 0.30%, 7/1/61, Callable 8/1/33 @ 103 (c) (f)		4,000		4,000
City of Houston Hotel Occupancy Tax & Special Revenue
5.00%, 9/1/29, Continuously Callable @100		2,300		2,586
5.00%, 9/1/30, Continuously Callable @100		1,000		1,124
5.00%, 9/1/32, Continuously Callable @100		5,615		6,297
5.00%, 9/1/33, Continuously Callable @100		5,345		5,988
5.00%, 9/1/34, Continuously Callable @100		2,150		2,407
5.00%, 9/1/35, Continuously Callable @100		1,575		1,761
City of Laredo Waterworks & Sewer System Revenue
4.00%, 3/1/32, Continuously Callable @100		740		841
4.00%, 3/1/33, Continuously Callable @100		1,000		1,131
4.00%, 3/1/34, Continuously Callable @100		1,000		1,125
4.00%, 3/1/36, Continuously Callable @100		1,500		1,671
City of Lubbock Electric Light & Power System Revenue
4.00%, 4/15/38, Continuously Callable @100		2,875		3,350
4.00%, 4/15/39, Continuously Callable @100		2,250		2,622
4.00%, 4/15/41, Continuously Callable @100		3,410		3,947
Clifton Higher Education Finance Corp. Revenue (NBGA — Texas Permanent School Fund)
4.00%, 8/15/33, Continuously Callable @100		2,130		2,536
4.00%, 8/15/34, Continuously Callable @100		2,275		2,700
4.00%, 8/15/35, Continuously Callable @100		2,375		2,808
4.00%, 8/15/36, Continuously Callable @100		3,710		4,371
4.00%, 8/15/37, Continuously Callable @100		3,860		4,533
4.00%, 8/15/38, Continuously Callable @100		4,015		4,703
4.00%, 8/15/39, Continuously Callable @100		4,305		5,026
Series A, 4.00%, 8/15/32, Continuously Callable @100		1,300		1,492
Dallas/Fort Worth International Airport Revenue
Series D, 5.25%, 11/1/28, Continuously Callable @100		2,000		2,201
Series D, 5.25%, 11/1/29, Continuously Callable @100		7,500		8,248
Decatur Hospital Authority Revenue
Series A, 5.25%, 9/1/29, Continuously Callable @100		1,000		1,131
Series A, 5.00%, 9/1/34, Continuously Callable @100		1,000		1,119
Harris County Cultural Education Facilities Finance Corp. Revenue
5.00%, 12/1/27, Pre-refunded 12/1/22 @ 100		4,710		4,970
5.00%, 6/1/28, Continuously Callable @100		1,400		1,488
4.00%, 10/1/41, Continuously Callable @100		1,300		1,549
4.00%, 10/1/42, Continuously Callable @100		3,000		3,564
0.62% (MUNIPSA+57bps), 12/1/49, (Put Date 12/4/24) (e) (k)		3,330		3,337
Harris County Municipal Utility District No. 165, GO (INS — Build America Mutual Assurance Co.)
5.00%, 3/1/30, Continuously Callable @100		750		860
5.00%, 3/1/31, Continuously Callable @100		2,030		2,326
5.00%, 3/1/32, Continuously Callable @100		2,500		2,862
Houston Higher Education Finance Corp. Revenue
Series A, 5.25%, 9/1/31, Pre-refunded 9/1/22 @ 100		3,850		4,027
Series A, 5.25%, 9/1/32, Pre-refunded 9/1/22 @ 100		4,075		4,262

Security Description	Principal Amount		Value
Karnes County Hospital District Revenue
5.00%, 2/1/29, Continuously Callable @100	$	4,000	$	4,425
5.00%, 2/1/34, Continuously Callable @100		4,000		4,411
Main Street Market Square Redevelopment Authority Tax Allocation (INS — Build America Mutual Assurance Co.)
5.00%, 9/1/29, Continuously Callable @100		1,215		1,411
5.00%, 9/1/30, Continuously Callable @100		1,380		1,601
5.00%, 9/1/31, Continuously Callable @100		2,000		2,317
5.00%, 9/1/32, Continuously Callable @100		1,500		1,736
5.00%, 9/1/33, Continuously Callable @100		2,680		3,098
Matagorda County Navigation District No. 1 Revenue
2.60%, 11/1/29		14,010		14,979
4.00%, 6/1/30, Continuously Callable @100		5,405		5,689
Mesquite Health Facilities Development Corp. Revenue
2/15/26 (m)		3,100		2,458
2/15/35, Continuously Callable @100 (m)		1,075		852
New Hope Cultural Education Facilities Finance Corp. Revenue
5.00%, 11/1/31, Continuously Callable @102		1,000		1,137
4.00%, 11/1/36, Continuously Callable @102		1,475		1,593
Series A, 2.25%, 7/1/30 (m)		7,500		6,411
Series A, 2.25%, 7/1/35 (m)		9,000		7,694
Newark Higher Education Finance Corp. Revenue
4.00%, 4/1/32, Continuously Callable @100		1,635		1,839
4.00%, 4/1/33, Continuously Callable @100		2,000		2,237
4.00%, 4/1/34, Continuously Callable @100		4,470		4,974
4.00%, 4/1/35, Continuously Callable @100		1,650		1,829
4.00%, 4/1/36, Continuously Callable @100		2,150		2,375
North East Texas Regional Mobility Authority Revenue
5.00%, 1/1/36, Continuously Callable @100		7,000		8,116
Series B, 5.00%, 1/1/36, Continuously Callable @100		5,485		6,291
North Texas Tollway Authority Revenue
Series A, 5.00%, 1/1/32, Continuously Callable @100		8,000		9,123
Series A, 5.00%, 1/1/34, Continuously Callable @100		1,515		1,776
Series A, 4.00%, 1/1/39, Continuously Callable @100		14,620		17,036
Series B, 5.00%, 1/1/31, Continuously Callable @100		1,500		1,652
Series B, 5.00%, 1/1/34, Continuously Callable @100		7,500		8,526
Series B, 4.00%, 1/1/38, Continuously Callable @100		2,000		2,377
Series B, 4.00%, 1/1/39, Continuously Callable @100		2,500		2,960
Series B, 4.00%, 1/1/40, Continuously Callable @100		1,625		1,916
North Texas Tollway Authority Revenue (INS — Assured Guaranty Corp.), 1/1/29 (h)		20,000		18,142
North Texas Tollway Authority Revenue (INS — Assured Guaranty Municipal Corp.)
Series B, 4.00%, 1/1/35, Continuously Callable @100		2,000		2,274
Series B, 4.00%, 1/1/36, Continuously Callable @100		1,695		1,921
Permanent University Fund — University of Texas System Revenue
5.00%, 7/1/32, Continuously Callable @100		2,230		2,587
5.00%, 7/1/33, Continuously Callable @100		3,250		3,768
5.00%, 7/1/34, Continuously Callable @100		2,500		2,896

Security Description	Principal Amount		Value
Port of Port Arthur Navigation District Revenue
0.11%, 11/1/40, Continuously Callable @100 (c) (d)	$	65,000	$	65,000
0.09%, 11/1/40, Continuously Callable @100 (c)		9,800		9,800
Series A, 0.12%, 4/1/40, Continuously Callable @100 (c)		28,570		28,570
Port of Port Arthur Navigation District Revenue Bonds
Series B, 0.12%, 4/1/40, Continuously Callable @100 (c)		16,850		16,850
Series C, 0.13%, 4/1/40, Continuously Callable @100 (c)		21,710		21,710
San Antonio Education Facilities Corp. Revenue
4.00%, 4/1/38, Continuously Callable @100		850		982
4.00%, 4/1/39, Continuously Callable @100		1,000		1,152
4.00%, 4/1/40, Continuously Callable @100		1,000		1,147
4.00%, 4/1/41, Continuously Callable @100		895		1,023
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		15,780
Tarrant County Cultural Education Facilities Finance Corp. Revenue
5.00%, 11/15/30, Continuously Callable @100		2,145		2,570
5.00%, 11/15/31, Continuously Callable @100		2,250		2,685
5.00%, 11/15/32, Continuously Callable @100		2,365		2,805
5.00%, 11/15/37, Continuously Callable @100		2,175		2,537
Series B, 5.00%, 7/1/37, Continuously Callable @100		18,225		22,443
Series B, 5.00%, 7/1/38, Continuously Callable @100		19,115		23,505
Texas Municipal Gas Acquisition & Supply Corp. III Revenue, 5.00%, 12/15/32		9,835		13,259
Texas Private Activity Bond Surface Transportation Corp. Revenue
4.00%, 6/30/38, Continuously Callable @100		3,300		3,853
4.00%, 12/31/38, Continuously Callable @100		3,850		4,494
4.00%, 6/30/39, Continuously Callable @100		2,150		2,505
Texas Transportation Commission State Highway Fund Revenue, 5.00%, 10/1/26		7,235		8,797
Trophy Club Public Improvement District No. 1 Special Assessment (INS — Assured Guaranty Municipal Corp.), 5.00%, 6/1/33, Continuously Callable @100		6,960		7,936
Waco Educational Finance Corp. Revenue
4.00%, 3/1/39, Continuously Callable @100		1,250		1,482
4.00%, 3/1/40, Continuously Callable @100		1,000		1,181
4.00%, 3/1/41, Continuously Callable @100		1,000		1,178
				617,955
Utah (0.1%):
Jordanelle Special Service District Special Assessment
Series A, 12.00%, 8/1/30, Continuously Callable @100 (f)		3,273		3,285
Series B, 12.00%, 8/1/30, Continuously Callable @100 (f)		1,792		1,798
Military Installation Development Authority Revenue
Series A-1, 4.00%, 6/1/36, Continuously Callable @103		1,045		1,082
Series A-1, 4.00%, 6/1/41, Continuously Callable @103		1,000		1,026
				7,191
Vermont (0.4%):
Vermont Economic Development Authority Revenue, 4.00%, 5/1/37, Continuously Callable @103 (g)		4,190		4,590
Vermont Educational & Health Buildings Financing Agency Revenue, Series A, 5.00%, 12/1/36, Continuously Callable @100		2,500		2,945
Winooski School District, GO, 1.25%, 10/15/21		12,500		12,504
				20,039

Security Description	Principal Amount		Value
Virgin Islands (0.1%):
Virgin Islands Public Finance Authority Revenue, 5.00%, 9/1/30, Continuously Callable @100 (f)	$	6,500	$	7,264
Virginia (0.8%):
Chesapeake Hospital Authority Revenue
4.00%, 7/1/36, Continuously Callable @100		1,175		1,368
4.00%, 7/1/37, Continuously Callable @100		1,205		1,396
Fairfax County Economic Development Authority Revenue, Series A, 5.00%, 10/1/36, Continuously Callable @102		2,150		2,411
Stafford County Economic Development Authority Revenue
5.00%, 6/15/33, Continuously Callable @100		750		888
5.00%, 6/15/34, Continuously Callable @100		2,620		3,101
5.00%, 6/15/35, Continuously Callable @100		1,930		2,282
Virginia College Building Authority Revenue
4.00%, 2/1/34, Continuously Callable @100		10,000		11,491
4.00%, 2/1/36, Continuously Callable @100		3,000		3,424
Virginia Small Business Financing Authority Revenue
Series A, 4.00%, 1/1/37, Continuously Callable @103		2,750		3,161
Series A, 4.00%, 1/1/38, Continuously Callable @103		3,000		3,442
Series A, 4.00%, 1/1/39, Continuously Callable @103		3,500		4,002
Series A, 4.00%, 1/1/40, Continuously Callable @103		4,000		4,573
				41,539
Washington (0.4%):
Washington Health Care Facilities Authority Revenue
5.00%, 8/15/33, Continuously Callable @100		3,090		3,701
5.00%, 8/15/34, Continuously Callable @100		3,470		4,137
5.00%, 7/1/35, Continuously Callable @100		2,355		2,877
5.00%, 7/1/36, Continuously Callable @100		2,250		2,739
4.00%, 7/1/37, Continuously Callable @100		3,125		3,547
Washington State Housing Finance Commission Revenue, Series A-1, 3.50%, 12/20/35		2,687		3,090
				20,091
West Virginia (0.3%):
West Virginia Hospital Finance Authority Revenue
5.00%, 6/1/33, Continuously Callable @100		1,850		2,257
5.00%, 1/1/34, Continuously Callable @100		2,360		2,882
5.00%, 6/1/34, Continuously Callable @100		2,970		3,620
5.00%, 1/1/35, Continuously Callable @100		2,920		3,557
5.00%, 6/1/35, Continuously Callable @100		2,405		2,924
5.00%, 9/1/38, Continuously Callable @100		1,000		1,224
5.00%, 9/1/39, Continuously Callable @100		1,000		1,222
				17,686
Wisconsin (1.1%):
Public Finance Authority Revenue
3.00%, 4/1/25 (f)		330		340
4.00%, 6/15/29, Continuously Callable @100 (f)		295		321
4.00%, 9/1/29, Continuously Callable @103 (f)		1,250		1,376
5.25%, 5/15/37, Continuously Callable @102 (f)		1,000		1,101

Security Description	Principal Amount		Value
5.00%, 6/15/39, Continuously Callable @100 (f)	$	410	$	450
5.00%, 9/1/39, Continuously Callable @103 (f)		2,230		2,495
5.00%, 1/1/40, Continuously Callable @100		3,500		4,178
5.00%, 4/1/40, Continuously Callable @100 (f)		1,175		1,416
5.00%, 1/1/45, Continuously Callable @100		3,275		3,856
Series A, 5.25%, 10/1/38, Continuously Callable @100		3,250		3,826
Series A, 4.00%, 7/1/41, Continuously Callable @100		770		864
Series A, 5.00%, 11/15/41, Continuously Callable @103		4,480		5,436
Series A, 4.00%, 7/1/46, Continuously Callable @100		1,100		1,250
Series D, 4.05%, 11/1/30, Continuously Callable @100		1,500		1,640
Wisconsin Health & Educational Facilities Authority Revenue
5.00%, 8/15/34, Continuously Callable @100		1,000		1,117
4.00%, 2/15/35, Continuously Callable @100		500		589
4.00%, 11/15/36, Continuously Callable @100		9,830		11,040
4.00%, 2/15/37, Continuously Callable @100		1,000		1,169
4.00%, 3/15/40, Continuously Callable @100		750		820
0.15%, 2/15/53, Callable 11/1/21 @ 100 (c)		6,500		6,500
Series A, 5.13%, 4/15/31, Pre-refunded 4/15/23 @ 100		5,000		5,370
Series C, 5.00%, 8/15/26, Pre-refunded 8/15/22 @ 100		1,500		1,563
Series C, 5.00%, 8/15/29, Pre-refunded 8/15/22 @ 100		1,935		2,016
				58,733
Total Municipal Bonds (Cost $4,831,910)				5,182,578
Total Investments (Cost $4,832,109) — 99.6%				5,182,898
Other assets in excess of liabilities — 0.4%				22,335
NET ASSETS — 100.00%			$	5,205,233

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

(b) Non-income producing security.

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

(e) Put Bond.

(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 (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $157,772 (thousands) and amounted to 3.0% of net assets.

(g) Security or portion of security purchased on a delayed-delivery and/or when-issued basis.

(h) Zero-coupon bond.

(i) The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. As of September 30, 2021, illiquid securities were 0.2% of net assets.

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

(k) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021.

(l) Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.0% of net assets as of September 30, 2021. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements).

(m) Currently the issuer is in default with respect to interest and/or principal payments.

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

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, 2021, based on the last reset date of the security

LOC — Letter of Credit

MUNIPSA — Municipal Swap Index

SOFR — Secured Overnight Financing Rate

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 Intermediate-Term Fund
Assets:
Investments, at value (Cost $4,832,109)	$	5,182,898
Receivables:
Interest and dividends		48,700
Capital shares issued		1,597
Investments sold		11,400
From Adviser		155
Prepaid expenses		211
Total Assets		5,244,961
Liabilities:
Payables:
Distributions		955
To custodian		1,258
Investments purchased		30,707
Capital shares redeemed		4,297
Accrued expenses and other payables:
Investment advisory fees		1,401
Administration fees		600
Custodian fees		34
Transfer agent fees		273
Compliance fees		3
12b-1 fees		3
Other accrued expenses		197
Total Liabilities		39,728
Net Assets:
Capital		4,946,547
Total accumulated earnings/(loss)		258,686
Net Assets	$	5,205,233
Net Assets
Fund Shares	$	4,084,930
Institutional Shares		1,090,773
Class A		29,511
Class Z		19
Total	$	5,205,233
Shares (unlimited number of shares authorized with no par value):
Fund Shares		294,496
Institutional Shares		78,659
Class A		2,128
Class Z		1
Total		375,284
Net asset value, offering and redemption price per share: (a)
Fund Shares	$	13.87
Institutional Shares	$	13.87
Class A	$	13.87
Class Z	$	13.87
Maximum Sales Charge — Class A		2.25	%
Maximum offering price (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	14.19

(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	$	74,874
Total Income		74,874
Expenses:
Investment advisory fees		8,481
Administration fees — Fund Shares		3,074
Administration fees — Institutional Shares		536
Administration fees — Class A		20
Sub-Administration fees		14
12b-1 fees — Class A		34
Custodian fees		104
Transfer agent fees — Fund Shares		537
Transfer agent fees — Institutional Shares		536
Transfer agent fees — Class A		13
Trustees' fees		24
Compliance fees		17
Legal and audit fees		30
State registration and filing fees		231
Interfund lending fees		—	(a)
Other expenses		292
Total Expenses		13,943
Expenses waived/reimbursed by Adviser		(482	)
Net Expenses		13,461
Net Investment Income (Loss)		61,413
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		1,858
Net change in unrealized appreciation/depreciation on investment securities		4,733
Net realized/unrealized gains (losses) on investments		6,591
Change in net assets resulting from operations	$	68,004

(a) Rounds to less than $1 thousand.

	USAA Tax Exempt Intermediate-Term Fund
	Six Months Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	61,413		$	132,115
Net realized gains (losses) from investments		1,858			(6,469	)
Net change in unrealized appreciation/depreciation on investments		4,733			191,773
Change in net assets resulting from operations		68,004			317,419
Distributions to Shareholders:
Fund Shares		(48,055	)		(125,814	)
Institutional Shares (a)		(13,076	)		(5,737	)
Class A		(283	)		(567	)
Class Z (b)		—	(c)		—	(c)
Change in net assets resulting from distributions to shareholders		(61,414	)		(132,118	)
Change in net assets resulting from capital transactions		118,309			81,708
Change in net assets		124,899			267,009
Net Assets:
Beginning of period		5,080,334			4,813,325
End of period	$	5,205,233		$	5,080,334

(a) Institutional Shares commenced operations on June 29, 2020.

(b) Class Z commenced operations on March 4, 2021.

(continues on next page)

	USAA Tax Exempt Intermediate-Term Fund
	Six Months Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	255,278		$	696,196
Distributions reinvested		42,293			111,273
Cost of shares redeemed		(278,090	)		(1,722,488	)
Total Fund Shares	$	19,481		$	(915,019	)
Institutional Shares (a)
Proceeds from shares issued	$	151,395		$	1,027,555
Distributions reinvested		12,620			5,305
Cost of shares redeemed		(70,776	)		(33,953	)
Total Institutional Shares	$	93,239		$	998,907
Class A
Proceeds from shares issued	$	6,659		$	26,772
Distributions reinvested		251			498
Cost of shares redeemed		(1,321	)		(29,469	)
Total Class A	$	5,589		$	(2,199	)
Class Z (b)
Proceeds from shares issued	$	—		$	19
Distributions reinvested		—	(c)		—	(c)
Cost of shares redeemed		—			—
Total Class Z	$	—	(c)	$	19
Change in net assets resulting from capital transactions	$	118,309		$	81,708
Share Transactions:
Fund Shares
Issued		18,269			50,950
Reinvested		3,030			8,143
Redeemed		(19,917	)		(125,198	)
Total Fund Shares		1,382			(66,105	)
Institutional Shares (a)
Issued		10,850			74,035
Reinvested		904			383
Redeemed		(5,068	)		(2,445	)
Total Institutional Shares		6,686			71,973
Class A
Issued		477			1,969
Reinvested		18			36
Redeemed		(95	)		(2,173	)
Total Class A		400			(168	)
Class Z (b)
Issued		—			1
Reinvested		—	(d)		—	(d)
Redeemed		—			—
Total Class Z		—	(d)		1
Change in Shares		8,468			5,701

(a) Institutional Shares commenced operations on June 29, 2020.

(b) Class Z commenced operations on March 4, 2021.

(d) Rounds to less than 1 thousand shares.

			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, 2021 (unaudited)	$	13.85		0.16	(e)		0.02			0.18			(0.16	)		(0.16	)
Year Ended March 31:
2021	$	13.33		0.37	(e)		0.52			0.89			(0.37	)		(0.37	)
2020	$	13.37		0.38	(e)		(0.03	)		0.35			(0.39	)		(0.39	)
2019	$	13.12		0.41			0.24			0.65			(0.40	)		(0.40	)
2018	$	13.08		0.41			0.04			0.45			(0.41	)		(0.41	)
2017	$	13.61		0.42			(0.53	)		(0.11	)		(0.42	)		(0.42	)
Institutional Shares
Six Months Ended September 30, 2021 (unaudited)	$	13.85		0.17	(e)		0.02			0.19			(0.17	)		(0.17	)
June 29, 2020(g) through March 31, 2021	$	13.57		0.27	(e)		0.29			0.56			(0.28	)		(0.28	)
Class A
Six Months Ended September 30, 2021 (unaudited)	$	13.85		0.15	(e)		0.02			0.17			(0.15	)		(0.15	)
Year Ended March 31:
2021	$	13.33		0.33	(e)		0.52			0.85			(0.33	)		(0.33	)
2020	$	13.36		0.35	(e)		(0.03	)		0.32			(0.35	)		(0.35	)
2019	$	13.12		0.38			0.23			0.61			(0.37	)		(0.37	)
2018	$	13.07		0.38			0.05			0.43			(0.38	)		(0.38	)
2017	$	13.61		0.38			(0.54	)		(0.16	)		(0.38	)		(0.38	)
Class Z
Six Months Ended September 30, 2021 (unaudited)	$	13.85		0.20	(e)		0.02			0.22			(0.20	)		(0.20	)
March 4, 2021(g) through March 31, 2021	$	13.81		0.03	(e)		0.04			0.07			(0.03	)		(0.03	)

									Ratios to Average Net Assets									Supplemental Data
	Redemption Fees Added to Beneficial Interests			Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(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 Tax Exempt Intermediate-Term Fund
Fund Shares
Six Months Ended September 30, 2021 (unaudited)		—		$	13.87		1.33	%		0.54	%		2.34	%		0.54	%	$	4,084,930		3	%
Year Ended March 31:
2021				$	13.85		6.72	%		0.50	%		2.69	%		0.50	%	$	4,059,780		23	%
2020		—		$	13.33		2.56	%		0.49	%		2.82	%		0.49	%	$	4,788,060		26	%
2019		—		$	13.37		5.06	%		0.52	%		3.07	%		0.52	%	$	4,754,320		8	%
2018		—		$	13.12		3.47	%		0.51	%		3.09	%		0.51	%	$	4,605,543		11	%
2017		—	(f)	$	13.08		(0.84	)%		0.52	%		3.13	%		0.52	%	$	4,280,892		16	%
Institutional Shares
Six Months Ended September 30, 2021 (unaudited)		—		$	13.87		1.38	%		0.44	%		2.44	%		0.53	%	$	1,090,773		3	%
June 29, 2020(g) through March 31, 2021				$	13.85		4.15	%		0.44	%		2.61	%		0.51	%	$	996,601		23	%
Class A
Six Months Ended September 30, 2021 (unaudited)		—		$	13.87		1.20	%		0.78	%		2.09	%		0.88	%	$	29,511		3	%
Year Ended March 31:
2021				$	13.85		6.46	%		0.75	%		2.43	%		0.86	%	$	23,934		23	%
2020		—		$	13.33		2.37	%		0.75	%		2.57	%		0.87	%	$	25,265		26	%
2019		—		$	13.36		4.75	%		0.75	%		2.85	%		0.84	%	$	22,888		8	%
2018		—		$	13.12		3.28	%		0.77	%(h)		2.83	%		0.85	%	$	26,397		11	%
2017		—	(f)	$	13.07		(1.19	)%		0.80	%		2.84	%		0.83	%	$	37,351		16	%
Class Z
Six Months Ended September 30, 2021 (unaudited)		—		$	13.87		1.62	%		0.00	%		2.88	%		23.72	%	$	19		3	%
March 4, 2021(g) through March 31, 2021				$	13.85		0.51	%		0.00	%		3.02	%		92.34	%	$	19		23	%

(b) Annualized for periods less than one year.

(c) Reflects total annual operating expenses for reductions of expenses paid indirectly for the March 31 fiscal year ended 2017. Expenses paid indirectly decreased the expense ratio 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) 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 Class A to 0.75% of Class A 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 four classes of shares: Fund Shares, Institutional Shares, Class A, and Class Z. The Fund is classified as diversified under the 1940 Act. Class Z is only available to participants in certain eligible separately managed accounts (also referred to as wrap fee programs) and other advisory clients of the Fund's Adviser or its affiliates that are subject to a separate contractual fee for investment management services.

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)

Committee administers and oversees the Fund's valuation policies and procedures, which are approved by the Board.

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of 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.

	Level 1		Level 2		Level 3		Total
Common Stocks	$	320	$	—	$	—	$	320
Municipal Bonds		—		5,182,578		—		5,182,578
Total	$	320	$	5,182,578	$	—	$	5,182,898

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

Municipal Obligations:

Below-Investment-Grade Securities:

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 or 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 discounts. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

Purchases				Sales				Net Realized Gains (Losses)
$	79,200			$	18,700			$	—

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
$	292, 223	$	163,558

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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, 2021, 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 Intermediate Municipal Debt Funds Index. The Lipper Intermediate Municipal Debt Funds Index tracks the total return performance of the largest 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)
	+/- 20 to 50		+/- 4
	+/- 51 to 100		+/- 5
	+/- 101 and greater		+/- 6

^(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

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 April 1, 2021, to September 30, 2021, performance adjustments were $1,183, $15, $5, and less than $1 for Fund Shares, Institutional Shares, Class A, and Class Z, in thousands, respectively. Performance adjustments were 0.06%, less than 0.01%, 0.04%, and less than 0.01% for Fund Shares, Institutional Shares, Class A, and Class Z, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

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 an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, and 0.15%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares, and Class A, respectively. VCM does not receive any fees from Class Z for these services. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Administration fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA 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 are paid monthly based on a fee accrued daily at an annualized rate of 0.10% and 0.10%, respectively, of average daily net assets, plus out-of-pocket expenses. VCTA does not receive any fees from Class Z for these services. Amounts

incurred and paid to VCTA for the six months ended September 30, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

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. 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. Amounts incurred and paid to the Distributor for the period ended September 30, 2021, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions on sales of Class A. For the six months ended September 30, 2021, the Distributor received approximately $2 thousand from commissions earned on sales of Class A.

Other Fees:

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 June 30, 2023, except for Class Z, which remains in effect indefinitely, unless the Board approves otherwise.

Under the terms of the expense limitation agreement for Fund Shares, Institutional Shares, and Class A, 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. Acquired fund fees and expenses, 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.

Under the terms of the expense limitation agreement for Class Z, the Adviser has agreed to waive fees or reimburse aggregate expenses to the extent that ordinary operating expenses incurred by Class Z in any fiscal year exceed the expense limit for such class of the Fund. Such excess amounts will be the liability of the Adviser. Including but not limited to investment management fees of the Investment Adviser inclusive of the impact of any performance fee adjustment as provided in the Advisory Agreement but excluding acquired fund fees and expenses, 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, 2021, the expense limits (excluding voluntary waivers) were 0.48%, 0.44%, 0.75%, and 0.0% for Fund Shares, Institutional Shares, Class A, and Class Z, respectively.

Under the terms of the expense limitation agreement, amended May 1, 2021, the Fund Shares, Institutional Shares, and Class A have agreed to repay fees and expenses that were waived or reimbursed by the Adviser for a period of up to three years (thirty six (36) months) after 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. Prior to May 1, 2021, the Fund was permitted to recoup fees waived and expenses

reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

Expires 2023				Expires 2024				Expires 2025				Total
$	16			$	172			$	482			$	670

5. Risks:

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

Credit Risk — 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.

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, 2021.

Interfund Lending:

Borrower or Lender				Amount Outstanding at September 30, 2021				Average Borrowing*				Days Borrowing Outstanding				Average Interest Rate*				Maximum Borrowing During the Period
Borrower				$	—			$	5,799				1				0.57	%		$	5,799

* For the six months ended September 30, 2021, based on the number of days borrowings were outstanding.

7. Federal Income Tax Information:

Short-Term Amount				Long-Term Amount				Total
$	32,966			$	61,529			$	94,495

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, 2021, through September 30, 2021.

	Beginning Account Value 4/1/21		Actual Ending Account Value 9/30/21		Hypothetical Ending Account Value 9/30/21		Actual Expenses Paid During Period 4/1/21- 9/30/21*		Hypothetical Expenses Paid During Period 4/1/21- 9/30/21*		Annualized Expense Ratio During Period 4/1/21- 9/30/21
Fund Shares	$	1,000.00	$	1,013.30	$	1,022.36	$	2.73	$	2.74		0.54	%
Institutional Shares		1,000.00		1,013.80		1,022.86		2.22		2.23		0.44	%
Class A		1,000.00		1,012.00		1,021.16		3.93		3.95		0.78	%
Class Z		1,000.00		1,016.20		1,025.07		—		—		0.00	%

Security Description	Shares or Principal Amount		Value
Common Stocks (0.0%) (a)
Utilities (0.0%):
Energy Harbor Corp. (b)		1,323	$	53
Total Common Stocks (Cost $33)				53
Municipal Bonds (100.3%)
Alabama (2.4%):
Birmingham Airport Authority Revenue, 5.00%, 7/1/30	$	1,200		1,560
Black Belt Energy Gas District Revenue, Series B-1, 0.96% (LIBOR01M+90bps), 12/1/48, (Put Date 12/1/23) (c) (k)		10,000		10,091
Chatom Industrial Development Board Revenue, 5.00%, 8/1/30		1,275		1,649
Prattville Industrial Development Board Revenue 2.00%, 11/1/33, (Put Date 10/1/24) (c)		450		469
2.00%, 11/1/33, (Put Date 10/1/24) (c)		425		442
Selma Industrial Development Board Revenue 2.00%, 11/1/33, (Put Date 10/1/24) (c)		3,650		3,799
1.37%, 5/1/34, (Put Date 6/16/25) (c)		5,875		6,008
The Lower Alabama Gas District Revenue (LOC — Goldman Sachs Bank USA), 4.00%, 12/1/50, (Put Date 12/1/25) (c)		3,000		3,379
				27,397
Arizona (4.6%):
Arizona Health Facilities Authority Revenue, 1.90% (MUNIPSA+185bps), 2/1/48, (Put Date 2/1/23) (c) (k)		25,000		25,507
Arizona IDA Revenue 3.00%, 12/15/31, Continuously Callable @100 (d)		525		553
Series B, 4.00%, 7/1/31		315		361
Maricopa County IDA Revenue 4.00%, 7/1/29 (d)		750		848
0.62% (MUNIPSA+57bps), 1/1/35, (Put Date 10/18/24) (c) (k)		2,365		2,393
Series C, 0.85% (MUNIPSA+80bps), 9/1/48, (Put Date 9/1/24) (c) (k)		7,735		7,849
Maricopa County Pollution Control Corp. Revenue, Series B, 0.11%, 6/1/43 (e)		6,000		6,000
Pinal County IDA Revenue 4.00%, 10/1/21		650		650
4.00%, 10/1/22		3,600		3,710
Tempe IDA Revenue Series A, 4.00%, 12/1/26 (f)		240		266
Series A, 4.00%, 12/1/27 (f)		355		398
Series A, 4.00%, 12/1/28 (f)		365		413
Series A, 4.00%, 12/1/29 (f)		380		434
Series A, 4.00%, 12/1/30, Continuously Callable @102 (f)		495		559
Series A, 4.00%, 12/1/31, Continuously Callable @102 (f)		465		533
Series C-1, 1.50%, 12/1/27, Continuously Callable @100 (f)		1,965		1,948
				52,422

Security Description	Principal Amount		Value
Arkansas (0.7%):
Arkansas Development Finance Authority Revenue 5.00%, 9/1/30	$	1,180	$	1,511
5.00%, 9/1/31, Continuously Callable @100		1,200		1,532
5.00%, 9/1/44, (Put Date 9/1/27) (c)		4,000		4,814
				7,857
California (3.5%):
Anaheim Public Financing Authority Revenue Series A, 5.00%, 5/1/22		500		512
Series A, 5.00%, 5/1/24		250		275
California County Tobacco Securitization Agency Revenue Series A, 5.00%, 6/1/30		200		262
Series B-1, 1.75%, 6/1/30		40		40
California Infrastructure & Economic Development Bank Revenue 0.40% (MUNIPSA+35bps), 8/1/47, (Put Date 8/1/24) (c) (k)		2,000		2,003
Series B, 1.25% (MUNIPSA+120bps), 8/1/37, (Put Date 6/1/22) (c) (k)		8,000		8,053
California Public Finance Authority Revenue Series A, 4.00%, 10/15/21		215		216
Series A, 4.00%, 10/15/22		245		254
California Statewide Communities Development Authority Revenue (LIQ — Deutsche Bank A.G.), Series DBE-8066, 0.46%, 4/1/60, Callable 10/1/32 @ 100 (d) (e)		5,000		5,000
Contra Costa County Schools Pooled Notes Revenue, Series A, 2.00%, 12/1/21		4,500		4,511
Deutsche Bank Spears/Lifers Trust Revenue (LIQ — Deutsche Bank A.G.) Series DBE-8059, 0.46%, 12/1/52, Callable 12/1/21 @ 100 (d) (e)		10,000		10,000
Series DBE-8061, 0.46%, 1/1/60, Callable 1/1/37 @ 100 (d) (e)		2,550		2,550
Sierra View Local Health Care District Revenue 5.00%, 7/1/27		315		388
5.00%, 7/1/28		330		416
5.00%, 7/1/29		315		404
5.00%, 7/1/30		310		405
Western Placer Unified School District Special Tax, 2.00%, 6/1/25, Continuously Callable @100		4,750		4,891
				40,180
Colorado (1.2%):
Colorado Health Facilities Authority Revenue Series A, 5.00%, 8/1/29		500		640
Series A, 5.00%, 11/1/29		3,225		4,136
Series A, 5.00%, 11/1/30, Continuously Callable @100		2,215		2,833
Series B-2, 5.00%, 8/1/49, (Put Date 8/1/26) (c)		1,000		1,178
E-470 Public Highway Authority Revenue, Series B, 0.38% (SOFR+35bps), 9/1/39, (Put Date 9/1/24) (c) (k)		4,000		3,996
Southlands Metropolitan District No. 1, GO Series A-1, 3.00%, 12/1/22		197		199
Series A-1, 3.50%, 12/1/27		1,000		1,065
				14,047
Connecticut (2.6%):
City of Bridgeport, GO, Series B, 5.00%, 8/15/26		3,450		4,119

Security Description	Principal Amount		Value
City of New Haven, GO Series A, 5.00%, 8/1/22	$	1,190	$	1,232
Series A, 5.00%, 8/1/24		1,000		1,117
Series A, 5.00%, 8/1/25		580		669
Series A, 5.00%, 8/1/26		580		686
Series A, 5.00%, 8/1/27		1,000		1,211
City of New Haven, GO (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 8/1/27		2,500		3,067
Series A, 5.00%, 8/1/28		1,000		1,253
Series B, 5.00%, 2/1/27		600		727
Series B, 5.00%, 2/1/28		525		651
Series B, 5.00%, 2/1/29		550		696
City of West Haven, GO Series A, 4.00%, 11/1/21		800		802
Series A, 5.00%, 11/1/23		800		874
Series A, 5.00%, 11/1/24		815		923
Series A, 5.00%, 11/1/27		650		795
Connecticut State Health & Educational Facilities Authority Revenue Series A, 5.00%, 7/1/30, Continuously Callable @100		2,000		2,583
Series B-2, 5.00%, 7/1/53, (Put Date 1/1/27) (c)		3,000		3,649
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/22 (d)		1,920		1,956
State of Connecticut Special Tax Revenue, Series A, 5.00%, 5/1/31, Continuously Callable @100		2,500		3,264
				30,274
Florida (1.6%):
Alachua County Health Facilities Authority Revenue 4.00%, 12/1/23		1,100		1,186
5.00%, 12/1/37, (Put Date 12/1/26) (c)		3,000		3,569
Capital Trust Agency, Inc. Revenue, 4.00%, 8/1/30		200		228
City of Atlantic Beach Revenue, Series B-2, 3.00%, 11/15/23, Continuously Callable @100		2,750		2,755
City of Pompano Beach Revenue, 3.50%, 9/1/30, Continuously Callable @103		3,590		3,968
County of Escambia Revenue, 2.00%, 11/1/33, (Put Date 10/1/24) (c)		775		807
Florida Development Finance Corp. Revenue Series A, 5.00%, 6/15/26 (d)		370		432
Series A, 5.00%, 6/15/27 (d)		390		465
Series A, 5.00%, 6/15/28, Continuously Callable @100 (d)		410		488
Series A, 5.00%, 6/15/29, Continuously Callable @100 (d)		360		428
Series A, 5.00%, 6/15/30, Continuously Callable @100 (d)		475		565
Florida Higher Educational Facilities Financial Authority Revenue 5.00%, 10/1/22		500		519
5.00%, 10/1/24		500		554
5.00%, 10/1/25		445		505
Lee County IDA Revenue, 4.75%, 10/1/22		1,350		1,410
Southeast Overtown Park West Community Redevelopment Agency Tax Allocation, Series A-1, 5.00%, 3/1/23 (d)		1,000		1,063
				18,942

Security Description	Principal Amount		Value
Georgia (5.5%):
Appling County Development Authority Revenue, Series A, 1.50%, 1/1/38, (Put Date 2/3/25) (c)	$	2,000	$	2,040
Appling County Development Authority Revenue Bonds, 0.11%, 9/1/41, Continuously Callable @100 (e)		6,900		6,900
Burke County Development Authority Revenue, 1.70%, 12/1/49, (Put Date 8/22/24) (c)		7,500		7,767
Cobb County Development Authority Revenue, Series A, 2.25%, 4/1/33, (Put Date 10/1/29) (c)		5,000		5,350
Cobb County Housing Authority Revenue (LIQ — Deutsche Bank A.G.), Series DBE-8068, 0.46%, 10/1/59, Callable 10/1/35 @ 100 (d) (e)		3,055		3,055
Development Authority of Heard County Revenue, 0.12%, 9/1/26, Continuously Callable @100 (e)		1,200		1,200
George L Smith II Congress Center Authority Revenue, 2.38%, 1/1/31		1,000		1,054
Main Street Natural Gas, Inc. Revenue 4.00%, 8/1/48, (Put Date 12/1/23) (c)		5,000		5,355
Series A, 5.00%, 5/15/28		1,000		1,240
Series A, 5.00%, 5/15/29		1,775		2,240
Series C, 4.00%, 3/1/50, (Put Date 9/1/26) (c)		10,000		11,467
Savannah Economic Development Authority Revenue, 2.00%, 11/1/33, (Put Date 10/1/24) (c)		815		848
The Burke County Development Authority Revenue, Series 1, 0.11%, 7/1/49, Continuously Callable @100 (e)		390		390
The Burke County Development Authority Revenue Bonds (NBGA — Southern Co.), 0.11%, 11/1/52, Continuously Callable @100 (e)		3,550		3,550
The Development Authority of Monroe County Revenue, 0.11%, 4/1/32, Continuously Callable @100 (e)		500		500
The Development Authority of Monroe County Revenue Bonds, 0.11%, 11/1/48, Continuously Callable @100 (e)		6,220		6,220
The Monroe County Development Authority Revenue, Series A, 1.50%, 1/1/39, (Put Date 2/3/25) (c)		3,500		3,571
				62,747
Guam (0.3%):
Territory of Guam Revenue Series A, 5.00%, 12/1/23		1,500		1,626
Series A, 5.00%, 12/1/24		2,000		2,239
				3,865
Idaho (0.5%):
County of Nez Perce Revenue, 2.75%, 10/1/24		5,000		5,303
Illinois (13.3%):
Chicago Board of Education, GO Series A, 4.00%, 12/1/27		1,400		1,630
Series B, 5.00%, 12/1/21		400		403
Series B, 5.00%, 12/1/22		400		421
Series B, 5.00%, 12/1/22		1,500		1,577
Series B, 5.00%, 12/1/31, Continuously Callable @100		1,000		1,277
Chicago Board of Education, GO (LIQ — Deutsche Bank A.G.) Series 2016-XG0073, 0.14%, 12/1/39, Callable 12/1/21 @ 100 (d) (e)		11,000		11,000
Series 2017-XM0188, 0.14%, 12/1/39, Callable 12/1/21 @ 100 (d) (e)		5,000		5,000

Security Description	Principal Amount		Value
Chicago Park District, GO Series A, 4.00%, 1/1/31, Continuously Callable @100	$	750	$	903
Series F-2, 5.00%, 1/1/27		600		722
Series F-2, 5.00%, 1/1/28		1,000		1,231
Series F-2, 5.00%, 1/1/29		1,000		1,256
Series F-2, 5.00%, 1/1/30		1,305		1,666
Series F-2, 5.00%, 1/1/31, Continuously Callable @100		2,115		2,693
Series F-2, 5.00%, 1/1/32, Continuously Callable @100		1,750		2,210
Chicago Park District, GO (INS — Build America Mutual Assurance Co.), (LIQ — Citigroup, Inc.), Series 2015-XF2111, 0.12%, 1/1/22 (d) (e)		10,200		10,200
Chicago Transit Authority Revenue 5.00%, 6/1/25		1,720		1,992
5.00%, 6/1/26		1,000		1,192
City of Chicago Waterworks Revenue 5.00%, 11/1/25		4,000		4,674
5.00%, 11/1/26		1,000		1,199
Series A-1, 5.00%, 11/1/25		2,000		2,337
Series A-1, 4.00%, 11/1/26		2,500		2,874
County of Cook, GO (LIQ — JPMorgan Chase & Co.), Series 2015-XF0124, 0.15%, 5/15/22 (d) (e)		11,160		11,160
Illinois Finance Authority Revenue 5.00%, 10/1/29		500		632
5.00%, 10/1/30		250		320
0.80% (MUNIPSA+75bps), 1/1/46, (Put Date 7/1/23) (c) (k)		9,000		9,133
Series B, 0.75% (MUNIPSA+70bps), 5/1/42, (Put Date 5/1/26) (c) (k)		2,250		2,262
Series C, 4.00%, 2/15/25		10,000		11,207
Illinois Sports Facilities Authority Revenue, 5.00%, 6/15/28		1,000		1,213
Northern Illinois University Revenue 5.00%, 10/1/30		325		418
5.00%, 10/1/31, Continuously Callable @100		450		581
4.00%, 10/1/32, Continuously Callable @100		500		599
Northern Illinois University Revenue (INS — Build America Mutual Assurance Co.), Series B, 5.00%, 4/1/30		250		322
Sales Tax Securitization Corp. Revenue Series A, 5.00%, 1/1/28		1,000		1,239
Series A, 5.00%, 1/1/29		2,500		3,160
Series A, 5.00%, 1/1/30		2,000		2,571
State of Illinois, GO Series A, 5.00%, 3/1/22		1,500		1,529
Series A, 5.00%, 10/1/23		3,000		3,268
Series A, 5.00%, 11/1/25		5,000		5,833
Series C, 5.00%, 11/1/29, Continuously Callable @100		8,985		10,893
State of Illinois, GO (INS — Build America Mutual Assurance Co.), Series D, 5.00%, 11/1/25 (g)		15,000		17,373
The Illinois Sports Facilities Authority Revenue 5.00%, 6/15/30		1,500		1,889
5.00%, 6/15/31		575		736
5.00%, 6/15/32, Continuously Callable @100		480		612
Village of Rosemont, GO (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 12/1/22		1,735		1,826

Security Description	Principal Amount		Value
Series A, 5.00%, 12/1/23	$	1,825	$	2,002
Series A, 5.00%, 12/1/24		1,915		2,179
Western Illinois University Revenue (INS — Build America Mutual Assurance Co.) 4.00%, 4/1/29		750		892
4.00%, 4/1/30		750		905
Will County Community High School District No. 210 Lincoln-Way, GO, 4.00%, 1/1/22		975		983
				152,194
Indiana (1.0%):
Brownsburg 1999 School Building Corp. Revenue, 1.50%, 5/13/22, Continuously Callable @100 (d)		2,000		2,002
Hammond Local Public Improvement Bond Bank Revenue, 2.00%, 12/31/21		1,170		1,173
Indiana Bond Bank Revenue 1/15/27 (h)		1,280		1,214
1/15/28 (h)		1,100		1,024
1/15/29 (h)		565		516
7/15/29, Continuously Callable @99 (h)		730		641
Indiana Finance Authority Revenue, 2.95%, 10/1/22, Continuously Callable @100		5,000		5,093
				11,663
Iowa (0.3%):
City of Waverly Revenue, 2.50%, 12/31/22, Continuously Callable @100		2,000		2,033
Iowa Higher Education Loan Authority Revenue, 2.00%, 5/19/22		2,000		2,022
				4,055
Kansas (0.5%):
City of Burlington Revenue, Series B, 0.12%, 9/1/35, Continuously Callable @100 (e)		4,050		4,050
City of St. Marys Revenue, 0.09%, 4/15/32, Continuously Callable @100 (e)		1,700		1,700
				5,750
Kentucky (6.9%):
City of Ashland Revenue 5.00%, 2/1/28		1,775		2,172
5.00%, 2/1/30		740		933
County of Carroll Revenue, 1.55%, 9/1/42, (Put Date 9/1/26) (c)		5,000		5,100
County of Owen Revenue 2.45%, 6/1/39, (Put Date 10/1/29) (c)		10,000		10,735
2.45%, 9/1/39, (Put Date 10/1/29) (c)		5,000		5,290
Kentucky Economic Development Finance Authority Revenue, Series B-3, 1.45% (MUNIPSA+140bps), 2/1/46, (Put Date 2/1/25) (c) (k)		10,000		10,160
Kentucky Public Energy Authority Revenue Series B, 4.00%, 1/1/49, (Put Date 1/1/25) (c)		5,715		6,313
Series C, 4.00%, 2/1/50, (Put Date 2/1/28) (c)		10,000		11,685
Series C-1, 4.00%, 12/1/49, (Put Date 6/1/25) (c)		10,000		11,157
Series C-3, 1.10% (MUNIPSA+105bps), 12/1/49, (Put Date 6/1/25) (c) (k)		10,000		10,269

Security Description	Principal Amount		Value
Louisville/Jefferson County Metropolitan Government Revenue, 5.00%, 10/1/47, (Put Date 10/1/29) (c)	$	4,000	$	5,122
				78,936
Louisiana (3.6%):
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, Series A, 2.00%, 6/1/30, Continuously Callable @100		1,000		1,016
Louisiana Public Facilities Authority Revenue, 0.70% (MUNIPSA+65bps), 9/1/57, (Put Date 9/1/23) (c) (k)		10,000		10,124
Parish of St. Charles Revenue, 4.00%, 12/1/40, (Put Date 6/1/22) (c)		4,000		4,092
Parish of St. James Revenue, Series B-1, 0.09%, 11/1/40, Continuously Callable @100 (e) (g)		8,800		8,800
Parish of St. John the Baptist Revenue 2.10%, 6/1/37, (Put Date 7/1/24) (c)		2,000		2,069
2.20%, 6/1/37, (Put Date 7/1/26) (c)		1,750		1,829
Tobacco Settlement Financing Corp. Revenue, Series A, 5.00%, 5/15/22		5,000		5,144
Louisiana Stadium & Exposition District Revenue, 4.00%, 7/3/23, Continuously Callable @100		3,325		3,506
Tangipahoa Parish Hospital Service District No. 1 Revenue, 5.00%, 2/1/32, Continuously Callable @100 (f)		3,470		4,433
				41,013
Maryland (0.9%):
Maryland Economic Development Corp. Revenue Series A, 5.00%, 6/1/25		1,500		1,725
Series A, 5.00%, 6/1/26		2,000		2,364
Series A, 5.00%, 6/1/27		1,340		1,620
Maryland Health & Higher Educational Facilities Authority Revenue 5.00%, 7/1/28		1,910		2,393
5.00%, 7/1/29		1,130		1,443
5.00%, 7/1/30		1,000		1,299
				10,844
Massachusetts (0.7%):
Massachusetts Development Finance Agency Revenue 5.00%, 7/1/25		1,250		1,437
5.00%, 7/1/26		1,500		1,769
5.00%, 7/15/26 (d)		310		357
5.00%, 7/15/28 (d)		340		407
5.00%, 7/15/30 (d)		640		795
Series A, 5.00%, 7/1/29, Continuously Callable @100		1,425		1,779
Series C, 5.00%, 10/1/30		975		1,271
				7,815
Michigan (0.7%):
Flint Hospital Building Authority Revenue 5.00%, 7/1/29		1,995		2,401
5.00%, 7/1/30		2,290		2,800

Security Description	Principal Amount		Value
Summit Academy North Revenue 2.25%, 11/1/26	$	1,335	$	1,329
4.00%, 11/1/31, Continuously Callable @103		1,565		1,714
				8,244
Minnesota (0.2%):
Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue, 5.00%, 11/15/21		1,575		1,584
Sanford Canby Community Hospital District No. 1 Revenue, 0.40%, 11/1/26, Continuously Callable @100 (e)		1,295		1,295
				2,879
Mississippi (1.5%):
County of Warren Revenue, 2.90%, 9/1/32, (Put Date 9/1/23) (c)		2,000		2,089
Mississippi Business Finance Corp. Revenue, 3.20%, 9/1/28, Continuously Callable @100		4,000		4,209
Mississippi Hospital Equipment & Facilities Authority Revenue, 5.00%, 9/1/24		10,000		11,315
				17,613
Missouri (0.2%):
Health & Educational Facilities Authority of The State of Missouri Revenue 3.00%, 8/1/22		135		137
4.00%, 8/1/24		155		169
4.00%, 8/1/26		205		232
4.00%, 8/1/28		415		482
4.00%, 8/1/30		295		349
Missouri Development Finance Board Revenue 5.00%, 3/1/22		350		356
5.00%, 3/1/23		200		211
5.00%, 3/1/24		300		329
				2,265
Montana (0.8%):
City of Forsyth Revenue, 2.00%, 8/1/23		6,000		6,189
Montana State Board of Regents Revenue, Series F, 0.50% (MUNIPSA+45bps), 11/15/35, (Put Date 9/1/23) (c) (k)		3,075		3,075
				9,264
Nevada (0.4%):
County of Washoe Revenue, Series B, 3.00%, 3/1/36, (Put Date 6/1/22) (c)		4,400		4,480
New Hampshire (0.1%):
New Hampshire Business Finance Authority Revenue 4.00%, 1/1/30, Continuously Callable @103		280		316
4.00%, 1/1/31, Continuously Callable @103		295		331
				647
New Jersey (6.5%):
Casino Reinvestment Development Authority Revenue (INS — Assured Guaranty Municipal Corp.), 5.00%, 11/1/24		1,000		1,115
City of Newark, GO Series B, 2.00%, 10/5/21		1,160		1,160
Series C, 2.00%, 10/5/21		4,200		4,200

Security Description	Principal Amount		Value
New Jersey Building Authority Revenue Series A, 3.00%, 6/15/23	$	400	$	418
Series A, 3.00%, 6/15/23		600		627
Series A, 5.00%, 6/15/24		1,595		1,795
Series A, 5.00%, 6/15/24		2,405		2,699
New Jersey Economic Development Authority Revenue Series BBB, 5.00%, 6/15/23		7,000		7,550
Series XX, 5.00%, 6/15/22 (g)		20,000		20,652
New Jersey Economic Development Authority Revenue (LOC — Valley National Bank), 0.35%, 3/1/31, Continuously Callable @100 (e)		1,290		1,290
New Jersey Educational Facilities Authority Revenue Series B, 5.00%, 9/1/22		4,735		4,935
Series B, 5.00%, 9/1/23		4,000		4,353
Series B, 4.00%, 9/1/24		4,730		5,214
New Jersey Transportation Trust Fund Authority Revenue 5.00%, 6/15/24		5,095		5,718
Series AA, 5.00%, 6/15/22		1,500		1,549
Series AA, 5.00%, 6/15/23		3,835		4,136
State of New Jersey, GO, Series A, 4.00%, 6/1/31		3,000		3,698
Tobacco Settlement Financing Corp. Revenue, Series B, 3.20%, 6/1/27		560		569
Township of Weehawken, GO, 1.25%, 12/30/21		2,412		2,415
				74,093
New Mexico (2.0%):
City of Farmington Revenue 1.88%, 4/1/33, (Put Date 10/1/21) (c)		6,000		6,000
2.13%, 6/1/40, (Put Date 6/1/22) (c)		2,000		2,020
Series A, 2.15%, 4/1/33, Continuously Callable @101 (f)		5,000		4,888
Series A, 0.11%, 6/1/40 (e)		4,000		4,000
New Mexico Hospital Equipment Loan Council Revenue 5.00%, 6/1/22		445		459
5.00%, 6/1/27		770		936
5.00%, 6/1/28		780		966
5.00%, 6/1/29		835		1,050
5.00%, 6/1/30		525		670
5.00%, 6/1/31, Continuously Callable @100		690		877
Village of Los Ranchos de Albuquerque Revenue 5.00%, 9/1/28		840		1,039
5.00%, 9/1/31, Continuously Callable @100		300		382
				23,287
New York (10.7%):
City of Amsterdam, GO, 1.00%, 6/23/22		6,061		6,022
City of Long Beach, GO, Series A, 0.63%, 2/22/22, Continuously Callable @100		9,335		9,335
City of New York, GO 0.13%, 10/1/46, Continuously Callable @100 (e)		8,700		8,700
Series 2, 0.13%, 4/1/42, Continuously Callable @100 (e)		4,000		4,000
Series 3, 0.13%, 4/1/42, Continuously Callable @100 (e)		2,000		2,000
City of Ogdensburg, GO, 2.38%, 4/22/22		1,160		1,170

Security Description	Principal Amount		Value
City of Poughkeepsie, GO 4.00%, 10/15/21	$	100	$	100
4.00%, 4/15/22		130		132
4.00%, 4/15/23		135		140
4.00%, 4/15/24		140		148
4.00%, 4/15/25		215		231
4.00%, 4/15/26		230		251
County of Rockland, GO (INS — Assured Guaranty Municipal Corp.) Series A, 5.00%, 3/1/23		2,500		2,663
Series A, 5.00%, 3/1/24		1,600		1,776
Long Island Power Authority Revenue Series B, 1.65%, 9/1/49, (Put Date 9/1/24) (c)		4,500		4,644
Series C, 0.81% (LIBOR01M+75bps), 5/1/33, (Put Date 10/1/23) (c) (k)		4,000		4,011
Series C, 0.81% (LIBOR01M+75bps), 5/1/33, (Put Date 10/1/23) (c) (k)		5,000		5,001
Metropolitan Transportation Authority Revenue 0.55% (MUNIPSA+50bps), 11/15/42, (Put Date 3/1/22) (c) (k)		10,000		9,978
Series 2, 0.83% (SOFR+80bps), 11/1/32, (Put Date 4/1/26) (c) (k)		2,000		1,998
Series A-1, 5.00%, 2/1/23		8,050		8,540
Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (c)		1,830		2,328
Series B-1, 5.00%, 5/15/22		3,155		3,248
Series D-2, 0.50% (MUNIPSA+45bps), 11/15/44, (Put Date 11/15/22) (c) (k)		8,000		7,968
Monroe County Industrial Development Corp. Revenue, 5.00%, 12/1/21		525		529
New York Liberty Development Corp. Revenue 2.63%, 9/15/69, Continuously Callable @100		1,650		1,672
2.80%, 9/15/69, Continuously Callable @100		14,950		15,265
Series A, 1.90%, 11/15/31, Continuously Callable @100		2,000		2,004
New York State Dormitory Authority Revenue 5.00%, 12/1/24 (d)		1,200		1,369
5.00%, 12/1/25 (d)		1,200		1,410
New York State Housing Finance Agency Revenue (LIQ — Deutsche Bank A.G.), Series DBE-DBE-8073, 0.46%, 8/1/50, Continuously Callable @100 (d) (e)		4,958		4,958
Niagara Area Development Corp. Revenue, Series B, 3.50%, 11/1/24, Continuously Callable @100 (d)		500		520
Troy Capital Resource Corp. Revenue 5.00%, 8/1/26, Continuously Callable @100		1,050		1,235
5.00%, 9/1/27		1,250		1,527
Village of Valley Stream, GO, Series A, 2.00%, 5/12/22		7,590		7,649
				122,522
North Carolina (0.8%):
Columbus County Industrial Facilities & Pollution Control Financing Authority Revenue 2.00%, 11/1/33, (Put Date 10/1/24) (c)		825		859
2.00%, 11/1/33, (Put Date 10/1/24) (c)		825		859
Series A, 1.37%, 5/1/34, (Put Date 6/16/25) (c)		2,000		2,045
North Carolina Medical Care Commission Revenue 2.50%, 10/1/24, Continuously Callable @100		745		747
2.30%, 9/1/25, Continuously Callable @100		1,250		1,248
2.88%, 10/1/26, Continuously Callable @100		650		653

Security Description	Principal Amount		Value
Series A, 4.00%, 10/1/27	$	600	$	699
Series B-1, 2.55%, 9/1/26, Continuously Callable @100		1,575		1,574
				8,684
North Dakota (0.3%):
City of Grand Forks Revenue 5.00%, 12/1/31		1,200		1,560
5.00%, 12/1/32, Continuously Callable @100		1,300		1,684
				3,244
Ohio (2.2%):
Akron Bath Copley Joint Township Hospital District Revenue 5.00%, 11/15/29		275		348
5.00%, 11/15/30		350		450
5.00%, 11/15/31, Continuously Callable @100		300		385
County of Allen Hospital Facilities Revenue, 5.00%, 12/1/30, Continuously Callable @100		2,000		2,600
County of Hamilton Revenue, 5.00%, 9/15/29		1,345		1,723
Ohio Air Quality Development Authority Revenue 1.90%, 5/1/26, (Put Date 10/1/24) (c)		3,500		3,640
2.40%, 12/1/38, (Put Date 10/1/29) (c)		3,250		3,368
Ohio Higher Educational Facility Commission Revenue 5.00%, 5/1/22		500		513
5.00%, 5/1/23		550		590
5.00%, 5/1/24		1,000		1,116
Ohio Water Development Authority Revenue, 6/1/33 (i) (j)		5,000		—
Port of Greater Cincinnati Development Authority Revenue, Series A, 3.00%, 5/1/23, Continuously Callable @100		4,765		4,770
Southeastern Ohio Port Authority Revenue 5.00%, 12/1/21		1,150		1,155
5.00%, 12/1/25, Continuously Callable @100		1,000		1,087
State of Ohio Revenue 5.00%, 11/15/27		425		520
5.00%, 11/15/30		710		908
5.00%, 11/15/31, Continuously Callable @100		465		594
Series A, 5.00%, 1/15/30		1,000		1,286
				25,053
Oklahoma (3.2%):
Garfield County Industrial Authority Revenue, Series A, 0.13%, 1/1/25, Callable 11/3/21 @ 100 (e) (g)		4,200		4,200
Muskogee Industrial Trust Revenue 4.00%, 9/1/28		2,500		2,902
4.00%, 9/1/29		3,010		3,524
Series A, 0.13%, 6/1/27, Continuously Callable @100 (e)		21,590		21,590
Oklahoma Development Finance Authority Revenue Series B, 5.00%, 8/15/23		500		541
Series B, 5.00%, 8/15/24		600		673
Series B, 5.00%, 8/15/25		550		635

Security Description	Principal Amount		Value
Oklahoma Municipal Power Authority Revenue, Series A, 0.44% (MUNIPSA+39bps), 1/1/23 (k)	$	3,135	$	3,140
				37,205
Oregon (0.2%):
County of Yamhill Revenue 4.00%, 10/1/21		330		330
4.00%, 10/1/22		555		574
4.00%, 10/1/23		425		454
4.00%, 10/1/24		425		467
Oregon State Facilities Authority Revenue Series A, 5.00%, 10/1/28		150		187
Series A, 5.00%, 10/1/29		300		380
Series A, 5.00%, 10/1/30		300		385
				2,777
Pennsylvania (6.7%):
Allentown City School District, GO, 1.00%, 3/31/22, Continuously Callable @100		2,000		2,006
Chester County IDA Revenue, 3.75%, 10/1/24		485		513
Coatesville School District, GO, 2.00%, 11/15/21		3,000		3,003
Coatesville School District, GO (INS — Assured Guaranty Municipal Corp.) 5.00%, 8/1/24		1,000		1,124
5.00%, 8/1/25		800		929
Commonwealth Financing Authority Revenue, 5.00%, 6/1/26		2,000		2,392
County of Lehigh Revenue 5.00%, 7/1/28		1,750		2,204
5.00%, 7/1/29		2,000		2,565
Delaware County Authority Revenue 4.00%, 10/1/21		180		180
4.00%, 10/1/22		200		206
5.00%, 10/1/23		235		253
5.00%, 10/1/24		505		560
5.00%, 10/1/25		525		598
5.00%, 10/1/30		1,200		1,436
Geisinger Authority Revenue 1.12% (LIBOR01M+107bps), 6/1/28, (Put Date 6/1/24) (c) (k)		7,000		7,140
5.00%, 4/1/43, (Put Date 4/1/30) (c)		4,250		5,447
General Authority of Southcentral Pennsylvania Revenue, 0.65% (MUNIPSA+60bps), 6/1/49, (Put Date 6/1/24) (c) (k)		6,000		6,084
Hospitals & Higher Education Facilities Authority of Philadelphia Revenue, 5.00%, 7/1/22		1,595		1,640
Latrobe IDA Revenue 5.00%, 3/1/28		135		159
5.00%, 3/1/29		175		209
5.00%, 3/1/30		150		181
5.00%, 3/1/31		175		213
Luzerne County IDA Revenue (INS — Assured Guaranty Municipal Corp.) 5.00%, 12/15/25		550		644
5.00%, 12/15/26, Continuously Callable @100		500		585
5.00%, 12/15/27, Continuously Callable @100		1,000		1,169

Security Description	Principal Amount		Value
Montgomery County Higher Education & Health Authority Revenue, 0.77% (MUNIPSA+72bps), 9/1/51, (Put Date 9/1/23) (c) (k)	$	6,250	$	6,250
Northampton County General Purpose Authority Revenue, 1.10% (LIBOR01M+104bps), 8/15/48, (Put Date 8/15/24) (c) (k)		1,855		1,848
Philadelphia IDA Revenue 5.00%, 6/15/28 (d)		210		254
5.00%, 6/15/29, Continuously Callable @100 (d)		220		264
5.00%, 6/15/30, Continuously Callable @100 (d)		145		174
Pittsburgh Water & Sewer Authority Revenue, Series C, 0.70% (MUNIPSA+65bps), 9/1/40, (Put Date 12/1/23) (c) (k)		7,500		7,555
School District of Philadelphia, GO, Series D, 5.00%, 9/1/22		5,500		5,733
Scranton School District, GO 0.91% (LIBOR01M+85bps), 4/1/31, (Put Date 12/1/22) (c) (k)		6,590		6,673
Series A, 5.00%, 6/1/23		2,435		2,626
The Berks County Municipal Authority Revenue, Series B, 5.00%, 2/1/40, (Put Date 2/1/30) (c)		1,700		1,971
West Mifflin School District, GO (INS — Assured Guaranty Municipal Corp.), 5.00%, 10/1/21		1,570		1,570
Westmoreland County IDA Revenue, Series A, 4.00%, 7/1/22		300		308
				76,666
South Carolina (0.9%):
Patriots Energy Group Financing Agency Revenue, Series B, 0.92% (LIBOR01M+86bps), 10/1/48, (Put Date 2/1/24) (c) (k)		10,000		10,172
South Dakota (0.4%):
South Dakota Health & Educational Facilities Authority Revenue 0.40%, 11/1/25, Continuously Callable @100 (e)		1,505		1,505
0.40%, 11/1/27, Continuously Callable @100 (e)		2,975		2,975
				4,480
Tennessee (0.4%):
Chattanooga Health Educational & Housing Facility Board Revenue, Series C, 0.09%, 5/1/39, Continuously Callable @100 (e) (g)		4,200		4,200
Texas (6.1%):
Austin Affordable PFC, Inc. Revenue (LIQ — Deutsche Bank A.G.), Series 2021-XF1102, 0.30%, 7/1/61, Callable 7/1/33 @ 104 (d) (e)		1,750		1,750
City of Dallas Housing Finance Corp. Revenue (LOC — Deutsche Bank A.G.), Series 2021-XF1109, 0.30%, 7/1/61, Callable 8/1/33 @ 103 (d) (e)		4,000		4,000
County of Wise Revenue 5.00%, 8/15/22		525		544
5.00%, 8/15/23		500		539
5.00%, 8/15/29		880		1,086
5.00%, 8/15/31		680		859
5.00%, 8/15/32, Continuously Callable @100		450		567
5.00%, 8/15/33, Continuously Callable @100		930		1,165
Decatur Hospital Authority Revenue, Series A, 5.00%, 9/1/24		780		881
Harris County Cultural Education Facilities Finance Corp. Revenue 5.00%, 7/1/49, (Put Date 12/1/26) (c)		1,400		1,694
0.62% (MUNIPSA+57bps), 12/1/49, (Put Date 12/4/24) (c) (k)		1,670		1,673

Security Description	Principal Amount		Value
Harris County Municipal Utility District No. 165, GO (INS — Build America Mutual Assurance Co.) 3.00%, 3/1/22	$	650	$	657
3.00%, 3/1/23		520		539
Irving Hospital Authority Revenue, 1.15% (MUNIPSA+110bps), 10/15/44, (Put Date 10/15/23) (c) (k)		1,665		1,665
Karnes County Hospital District Revenue, 5.00%, 2/1/24		1,885		2,006
Martin County Hospital District, GO 4.00%, 4/1/23		250		261
4.00%, 4/1/27		300		340
4.00%, 4/1/29		405		469
4.00%, 4/1/32, Continuously Callable @100		350		403
Matagorda County Navigation District No. 1 Revenue, 2.60%, 11/1/29		4,000		4,277
New Hope Cultural Education Facilities Finance Corp. Revenue
Series A, 2.25%, 7/1/23 (m)		1,250		1,069
Series A, 2.25%, 7/1/24 (m)		2,300		1,966
Series A, 2.25%, 7/1/25 (m)		2,135		1,825
Port of Port Arthur Navigation District Revenue, 0.11%, 11/1/40, Continuously Callable @100 (e) (g)		24,675		24,675
Port of Port Arthur Navigation District Revenue Bonds Series B, 0.12%, 4/1/40, Continuously Callable @100 (e)		4,000		4,000
Series C, 0.13%, 4/1/40, Continuously Callable @100 (e)		5,100		5,100
Texas Municipal Gas Acquisition & Supply Corp. III Revenue 5.00%, 12/15/21		2,000		2,018
5.00%, 12/15/32		1,000		1,348
Texas Private Activity Bond Surface Transportation Corp. Revenue, 4.00%, 6/30/31, Continuously Callable @100		2,355		2,831
				70,207
Utah (0.6%):
Utah Housing Corp. Revenue (LIQ — Deutsche Bank A.G.), Series 2019-XF1081, 0.30%, 3/1/62, Callable 2/1/31 @ 100 (d) (e)		6,565		6,565
Vermont (1.2%):
Vermont Economic Development Authority Revenue 4.00%, 5/1/29, Continuously Callable @103 (f)		445		498
4.00%, 5/1/30, Continuously Callable @103 (f)		230		258
Winooski School District, GO, 1.25%, 10/15/21		12,500		12,504
				13,260
Virginia (1.1%):
Chesapeake Bay Bridge & Tunnel District Revenue, 5.00%, 11/1/23		5,140		5,632
James City County Economic Development Authority Revenue 4.00%, 12/1/29, Continuously Callable @103 (f)		230		262
4.00%, 12/1/30, Continuously Callable @103 (f)		220		249
Marquis Community Development Authority Revenue, 1.50%, 9/1/45 (d) (l) (m)		1,074		517
Marquis Community Development Authority Tax Allocation Series A, 1.02%, 9/1/36 (l) (m)		3,506		1,686
Series C, 9/1/41 (h) (l) (m)		5,111		236
Prince William County IDA Revenue, 5.00%, 1/1/31, Continuously Callable @102		1,700		1,807

Security Description	Principal Amount		Value
Virginia Small Business Financing Authority Revenue Series A, 5.00%, 1/1/22	$	370	$	374
Series A, 5.00%, 1/1/31, Continuously Callable @103		1,250		1,562
				12,325
Washington (1.3%):
Washington Health Care Facilities Authority Revenue 5.00%, 8/15/26		2,000		2,384
5.00%, 8/15/27		2,175		2,648
Series B-2, 1.45% (MUNIPSA+140bps), 1/1/35, (Put Date 1/1/25) (c) (k)		10,000		10,414
				15,446
Wisconsin (1.7%):
Public Finance Authority Revenue 4.00%, 9/1/24 (d)		930		965
3.25%, 1/1/30		1,795		1,986
5.00%, 4/1/30 (d)		500		597
Wisconsin Health & Educational Facilities Authority Revenue 2.25%, 11/1/26, Continuously Callable @100		3,000		3,003
2.55%, 11/1/27, Continuously Callable @100		1,500		1,502
4.00%, 3/15/30		400		451
0.15%, 2/15/53, Callable 11/1/21 @ 100 (e)		6,500		6,500
0.70% (MUNIPSA+65bps), 8/15/54, (Put Date 7/31/24) (c) (k)		1,700		1,736
Series B-2, 5.00%, 2/15/51, (Put Date 2/15/27) (c)		2,000		2,386
				19,126
Total Municipal Bonds (Cost $1,120,204)				1,150,008
Total Investments (Cost $1,120,237) — 100.3%				1,150,061
Liabilities in excess of other assets — (0.3)%				(3,630	)
NET ASSETS — 100.00%			$	1,146,431

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

(b) Non-income producing security.

(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 (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2021, the fair value of these securities was $91,667 (thousands) and amounted to 8.0% of net assets.

(e) 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.

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

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

(h) Zero-coupon bond.

(i) Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.0% of net assets as of September 30, 2021. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements).

(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, 2021, illiquid securities were 0.0% of net assets.

(k) Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2021.

(l) This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements).

(m) Currently the issuer is in default with respect to interest and/or principal payments.

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, 2021, based on the last reset date of the security

LOC — Letter of Credit

MUNIPSA — Municipal Swap Index

SOFR — Secured Overnight Financing Rate

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 $1,120,237)	$	1,150,061
Cash		66
Receivables:
Interest and dividends		7,578
Capital shares issued		221
Investments sold		5,000
Prepaid expenses		52
Total Assets		1,162,978
Liabilities:
Payables:
Distributions		150
Investments purchased		15,341
Capital shares redeemed		425
Accrued expenses and other payables:
Investment advisory fees		321
Administration fees		141
Custodian fees		8
Transfer agent fees		80
Compliance fees		1
Trustees' fees		—	(a)
12b-1 fees		1
Other accrued expenses		79
Total Liabilities		16,547
Net Assets:
Capital		1,142,862
Total accumulated earnings/(loss)		3,569
Net Assets	$	1,146,431
Net Assets
Fund Shares	$	1,093,438
Institutional Shares		40,227
Class A		12,766
Total	$	1,146,431
Shares (unlimited number of shares authorized with no par value):
Fund Shares		102,696
Institutional Shares		3,776
Class A		1,197
Total		107,669
Net asset value, offering and redemption price per share: (b)
Fund Shares	$	10.65
Institutional Shares	$	10.65
Class A	$	10.66
Maximum Sales Charge — Class A		2.25	%
Maximum offering price
(100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share — Class A	$	10.91

(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 Short-Term Fund
Investment Income:
Interest	$	9,996
Total Income		9,996
Expenses:
Investment advisory fees		1,978
Administration fees — Fund Shares		851
Administration fees — Institutional Shares		17
Administration fees — Class A		10
Sub-Administration fees		11
12b-1 fees — Class A		17
Custodian fees		25
Transfer agent fees — Fund Shares		223
Transfer agent fees — Institutional Shares		17
Transfer agent fees — Class A		7
Trustees' fees		24
Compliance fees		4
Legal and audit fees		27
State registration and filing fees		50
Other expenses		89
Recoupment of prior expenses waived/reimbursed by Adviser		19
Total Expenses		3,369
Expenses waived/reimbursed by Adviser		(26	)
Net Expenses		3,343
Net Investment Income (Loss)		6,653
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment securities		188
Net change in unrealized appreciation/depreciation on investment securities		1,778
Net realized/unrealized gains (losses) on investments		1,966
Change in net assets resulting from operations	$	8,619

	USAA Tax Exempt Short-Term Fund
	Six Months Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
From Investments:
Operations:
Net investment income (loss)	$	6,653		$	16,879
Net realized gains (losses) from investments		188			(332	)
Net change in unrealized appreciation/depreciation on investments		1,778			36,891
Change in net assets resulting from operations		8,619			53,438
Distributions to Shareholders:
Fund Shares		(6,383	)		(16,599	)
Institutional Shares (a)		(205	)		(106	)
Class A		(61	)		(181	)
Change in net assets resulting from distributions to shareholders		(6,649	)		(16,886	)
Change in net assets resulting from capital transactions		(78,178	)		(95,956	)
Change in net assets		(76,208	)		(59,404	)
Net Assets:
Beginning of period		1,222,639			1,282,043
End of period	$	1,146,431		$	1,222,639

(a) Institutional Shares commenced operations on June 29, 2020.

(continues on next page)

	USAA Tax Exempt Short-Term Fund
	Six Months Ended September 30, 2021 (unaudited)			Year Ended March 31, 2021
Capital Transactions:
Fund Shares
Proceeds from shares issued	$	77,389		$	163,202
Distributions reinvested		5,555			13,673
Cost of shares redeemed		(172,458	)		(303,776	)
Total Fund Shares	$	(89,514	)	$	(126,901	)
Institutional Shares (a)
Proceeds from shares issued	$	25,277		$	30,936
Distributions reinvested		117			52
Cost of shares redeemed		(10,204	)		(6,031	)
Total Institutional Shares	$	15,190		$	24,957
Class A
Proceeds from shares issued	$	1,744		$	31,132
Distributions reinvested		48			163
Cost of shares redeemed		(5,646	)		(25,307	)
Total Class A	$	(3,854	)	$	5,988
Change in net assets resulting from capital transactions	$	(78,178	)	$	(95,956	)
Share Transactions:
Fund Shares
Issued		7,245			15,479
Reinvested		520			1,298
Redeemed		(16,154	)		(28,894	)
Total Fund Shares		(8,389	)		(12,117	)
Institutional Shares (a)
Issued		2,365			2,918
Reinvested		11			5
Redeemed		(954	)		(569	)
Total Institutional Shares		1,422			2,354
Class A
Issued		163			2,966
Reinvested		4			15
Redeemed		(529	)		(2,403	)
Total Class A		(362	)		578
Change in Shares		(7,329	)		(9,185	)

(a) Institutional Shares commenced operations on June 29, 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, 2021 (Unaudited)	$	10.63		0.06	(e)		0.02			0.08			(0.06	)		(0.06	)
Year Ended March 31:
2021	$	10.32		0.14	(e)		0.31			0.45			(0.14	)		(0.14	)
2020	$	10.48		0.19	(e)		(0.16	)		0.03			(0.19	)		(0.19	)
2019	$	10.41		0.19			0.07			0.26			(0.19	)		(0.19	)
2018	$	10.45		0.16			(0.03	)		0.13			(0.17	)		(0.17	)
2017	$	10.59		0.15			(0.14	)		0.01			(0.15	)		(0.15	)
Institutional Shares
Six Months Ended September 30, 2021 (Unaudited)	$	10.64		0.07	(e)		0.01			0.08			(0.07	)		(0.07	)
June 29, 2020 (f) through March 31, 2021	$	10.50		0.11	(e)		0.14			0.25			(0.11	)		(0.11	)
Class A
Six Months Ended September 30, 2021 (Unaudited)	$	10.64		0.05	(e)		0.02			0.07			(0.05	)		(0.05	)
Year Ended March 31:
2021	$	10.34		0.12	(e)		0.30			0.42			(0.12	)		(0.12	)
2020	$	10.49		0.16	(e)		(0.15	)		0.01			(0.16	)		(0.16	)
2019	$	10.42		0.17			0.06			0.23			(0.16	)		(0.16	)
2018	$	10.46		0.13			(0.03	)		0.10			(0.14	)		(0.14	)
2017	$	10.59		0.12			(0.13	)		(0.01	)		(0.12	)		(0.12	)

						Ratios to Average Net Assets									Supplemental Data
	Net Asset Value, End of Period		Total Return (Excludes Sales Charge)*(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 Tax Exempt Short-Term Fund
Fund Shares
Six Months Ended September 30, 2021 (Unaudited)	$	10.65		0.76	%		0.57	%		1.13	%		0.57	%	$	1,093,438		7	%
Year Ended March 31:
2021	$	10.63		4.42	%		0.53	%		1.37	%		0.54	%	$	1,181,011		66	%
2020	$	10.32		0.23	%		0.51	%		1.77	%		0.51	%	$	1,271,899		54	%
2019	$	10.48		2.52	%		0.52	%		1.84	%		0.52	%	$	1,489,789		31	%
2018	$	10.41		1.21	%		0.51	%		1.57	%		0.51	%	$	1,550,994		25	%
2017	$	10.45		0.09	%		0.54	%		1.43	%		0.54	%	$	1,669,691		34	%
Institutional Shares
Six Months Ended September 30, 2021 (Unaudited)	$	10.65		0.71	%		0.47	%		1.22	%		0.56	%	$	40,227		7	%
June 29, 2020 (f) through March 31, 2021	$	10.64		2.39	%		0.47	%		1.33	%		0.69	%	$	25,038		66	%
Class A
Six Months Ended September 30, 2021 (Unaudited)	$	10.66		0.64	%		0.79	%		0.90	%		0.95	%	$	12,766		7	%
Year Ended March 31:
2021	$	10.64		4.07	%		0.76	%		1.12	%		0.88	%	$	16,590		66	%
2020	$	10.34		0.09	%		0.75	%		1.54	%		0.93	%	$	10,144		54	%
2019	$	10.49		2.27	%		0.77	%(g)		1.56	%		0.92	%	$	10,707		31	%
2018	$	10.42		0.91	%		0.80	%		1.27	%		0.83	%	$	11,349		25	%
2017	$	10.46		(0.08	)%		0.80	%		1.16	%		0.81	%	$	32,191		34	%

(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, 2018, USAA Asset Management Company ("AMCO") (previous Investment Adviser) had voluntarily agreed to limit the annual expenses of Class A to 0.80% of Class A average daily net assets.

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. 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)

In the event that price quotations or valuations are not readily available, investments are valued at fair value in accordance with procedures established by and under the general supervision and responsibility of 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.

	Level 1		Level 2		Level 3		Total
Common Stocks	$	53	$	—	$	—	$	53
Municipal Bonds		—		1,147,569		2,439		1,150,008
Total	$	53	$	1,147,569	$	2,439	$	1,150,061

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

Municipal Obligations:

Below-Investment-Grade Securities:

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 or 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 discounts. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Federal Income Taxes:

Allocations:

Cross-Trade Transactions:

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, 2021, 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)
$	35,150			$	40,100			$	—

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
$	66,941	$	66,881

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

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, 2021, 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 Short Municipal Debt Funds Index. The Lipper Short Municipal Debt Funds Index tracks the total return performance of the largest 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)
	+/- 20 to 50		+/- 4
	+/- 51 to 100		+/- 5
	+/- 101 and greater		+/- 6

^(a) Based on the difference between the average annual performance of the relevant share class of the Fund and its relevant Lipper index, rounded to the nearest basis point.

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 April 1, 2021, to September 30, 2021, performance adjustments were $319, $1, and $3 for Fund Shares, Institutional Shares, and Class A, in thousands, respectively. Performance adjustments were 0.06%, less than 0.01%, and 0.04% for Fund Shares, Institutional Shares, and Class A, respectively. The performance adjustment rate included in the investment advisory fee may differ from the maximum over/under Annual Adjustment Rate due to differences in average net assets for the reporting period and rolling 36 month performance periods.

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 an administration and servicing fee that is accrued daily and paid monthly at an annualized rate of 0.15%, 0.10%, and 0.15%, which is based on the Fund's average daily net assets of the Fund Shares, Institutional Shares, and Class A, respectively. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Administration fees.

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, compensate the Adviser for these services. Amounts incurred for the six months ended September 30, 2021, are reflected on the Statement of Operations as Compliance fees.

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. VCTA 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 are paid monthly based on a fee accrued daily at an annualized rate of 0.10% and 0.10%, respectively, of average daily net assets, plus out-of-pocket expenses. Amounts incurred and paid to VCTA for the six months ended September 30, 2021, are reflected on the Statement of Operations as Transfer Agent fees.

Distributor/Underwriting Services:

Other Fees:

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 June 30, 2023. 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. Acquired fund fees and expenses, 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, 2021, the expense limits (excluding voluntary waivers) were 0.51%, 0.47%, and 0.75% for Fund Shares, Institutional Shares, and Class A, respectively.

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. Prior to May 1, 2021, the Fund was permitted to recoup fees waived and expenses reimbursed for up to three years after the fiscal year in which the waiver or reimbursement took place, subject to the limitations above. This change did not have any effect on the amounts previously reported for recoupment.

Expires 2023				Expires 2024				Expires 2025				Total
$	10			$	88			$	26			$	124

5. Risks:

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

Credit Risk — 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.

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, 2021.

Interfund Lending:

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2021.

7. Federal Income Tax Information:

Short-Term Amount				Long-Term Amount				Total
$	2,151			$	24,270			$	26,421

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, 2021, through September 30, 2021.

	Beginning Account Value 4/1/21		Actual Ending Account Value 9/30/21		Hypothetical Ending Account Value 9/30/21		Actual Expenses Paid During Period 4/1/21- 9/30/21*		Hypothetical Expenses Paid During Period 4/1/21- 9/30/21*		Annualized Expense Ratio During Period 4/1/21- 9/30/21
Fund Shares	$	1,000.00	$	1,007.60	$	1,022.21	$	2.87	$	2.89		0.57	%
Institutional Shares		1,000.00		1,007.10		1,022.71		2.36		2.38		0.47	%
Class A		1,000.00		1,006.40		1,021.11		3.97		4.00		0.79	%

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, San Antonio, Texas		78256
(Address of principal executive offices)		(Zip code)

General Obligation	23.2	%
Hospital	17.0	%
Special Assessment/Tax/Fee	10.4	%
Water/Sewer Utility	8.7	%
Appropriated Debt	8.0	%
Toll Road	5.9	%
Nursing/CCRC	4.4	%
Real Estate Tax/Fee	4.3	%
Education	4.1	%
Multifamily Housing	3.8	%

Education	24.2	%
Special Assessment/Tax/Fee	19.9	%
Hospital	13.6	%
General Obligation	8.6	%
Buildings	5.4	%
Escrowed Bonds	4.5	%
Multifamily Housing	3.9	%
Nursing/CCRC	3.5	%
Electric/Gas Utility	2.9	%
Health Miscellaneous	2.0	%

Hospital	18.4	%
Education	15.5	%
Appropriated Debt	10.2	%
Nursing/CCRC	9.7	%
Escrowed Bonds	5.4	%
Toll Road	5.3	%
Special Assessment/Tax/Fee	4.7	%
Water/Sewer Utility	3.7	%
General Obligation	3.7	%
Water	3.3	%

Education	24.6	%
Electric Utilities	17.9	%
Steel	7.6	%
Hospital	7.2	%
Nursing/CCRC	6.8	%
Community Service	5.8	%
Buildings	5.2	%
Oil & Gas Refining & Marketing	4.6	%
Pharmaceuticals	3.9	%
Agricultural Products	3.8	%

Hospital	18.1	%
General Obligation	13.2	%
Education	12.1	%
Nursing/CCRC	9.3	%
Toll Road	6.7	%
Special Assessment/Tax/Fee	6.7	%
Water/Sewer Utility	4.1	%
Multifamily Housing	3.7	%
Electric/Gas Utility	3.3	%
Appropriated Debt	3.0	%

Hospital	18.5	%
General Obligation	12.0	%
Special Assessment/Tax/Fee	11.6	%
Education	8.0	%
Toll Road	7.0	%
Appropriated Debt	5.9	%
Electric/Gas Utility	5.5	%
Nursing/CCRC	3.9	%
OIL & GAS REFINING & MARKETING	3.1	%
Airport/Port	2.9	%

Hospital	21.4	%
General Obligation	18.8	%
Electric/Gas Utility	10.1	%
Electric Utilities	8.1	%
Education	7.5	%
Special Assessment/Tax/Fee	6.2	%
Oil & Gas Refining & Marketing	3.3	%
Appropriated Debt	3.3	%
Multifamily Housing	2.8	%
Nursing/CCRC	2.5	%

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