0001104659-22-125067.txt : 20221207 0001104659-22-125067.hdr.sgml : 20221207 20221207090853 ACCESSION NUMBER: 0001104659-22-125067 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 23 CONFORMED PERIOD OF REPORT: 20220930 FILED AS OF DATE: 20221207 DATE AS OF CHANGE: 20221207 EFFECTIVENESS DATE: 20221207 FILER: COMPANY DATA: COMPANY CONFORMED NAME: USAA MUTUAL FUNDS TRUST CENTRAL INDEX KEY: 0000908695 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07852 FILM NUMBER: 221449255 BUSINESS ADDRESS: STREET 1: 15935 LA CANTERA PARKWAY STREET 2: BUILDING TWO CITY: SAN ANTONIO STATE: TX ZIP: 78256 BUSINESS PHONE: 210-697-3625 MAIL ADDRESS: STREET 1: 15935 LA CANTERA PARKWAY STREET 2: BUILDING TWO CITY: SAN ANTONIO STATE: TX ZIP: 78256 FORMER COMPANY: FORMER CONFORMED NAME: USAA STATE TAX FREE TRUST DATE OF NAME CHANGE: 19940325 FORMER COMPANY: FORMER CONFORMED NAME: USAA STATE TAX EXEMPT TRUST DATE OF NAME CHANGE: 19930707 0000908695 S000012901 Tax Exempt Intermediate-Term Fund C000034870 Tax Exempt Intermediate-Term Fund Shares USATX C000220611 Tax Exempt Intermediate-Term Fund Class A UTEIX C000220612 Tax Exempt Intermediate-Term Fund Institutional Shares UITIX 0000908695 S000012904 Tax Exempt Long-Term Fund C000034873 Tax Exempt Long-Term Fund Shares USTEX C000220616 Tax Exempt Long-Term Fund Class A UTELX C000220617 Tax Exempt Long-Term Fund Institutional Shares ULTIX 0000908695 S000012908 New York Bond Fund C000034877 New York Bond Fund Shares USNYX C000220621 New York Bond Fund Class A UNYBX C000220622 New York Bond Fund Institutional Shares UNYIX 0000908695 S000012912 Tax Exempt Short-Term Fund C000034881 Tax Exempt Short-Term Fund Shares USSTX C000220625 Tax Exempt Short-Term Fund Class A UTESX C000220626 Tax Exempt Short-Term Fund Institutional Shares USTIX 0000908695 S000012916 California Bond Fund C000034886 California Bond Fund Shares USCBX C000220628 California Bond Fund Class A UXABX C000220629 California Bond Fund Institutional Shares UCBIX 0000908695 S000012917 Tax Exempt Money Market Fund C000034887 Tax Exempt Money Market Fund USEXX 0000908695 S000012921 Virginia Bond Fund C000034891 Virginia Bond Fund Shares USVAX C000220631 Virginia Bond Fund Class A UVABX C000220632 Virginia Bond Fund Institutional Shares UVAIX 0000908695 S000050251 Target Managed Allocation Fund C000158651 Target Managed Allocation Fund UTMAX 0000908695 S000050252 Global Equity Income Fund C000158652 Global Equity Income Fund Shares UGIEX C000158653 Global Equity Income Fund Institutional Shares UIGEX N-CSRS 1 tm2226527d1_ncsrs.htm N-CSRS

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number:           811-07852

 

USAA Mutual Funds Trust

(Exact name of registrant as specified in charter)

 

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

 

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

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 800-235-8396

 

Date of fiscal year end: March 31

 

Date of reporting period: September 30, 2022

 

 

 

 

 

Item 1. Reports to Stockholders.

 

 

 

September 30, 2022

Semi Annual Report

USAA Global Equity Income Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

 

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.

 

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings

    

2

    

Schedule of Portfolio Investments

    

3

    

Financial Statements

  

Statement of Assets and Liabilities

    

11

    

Statement of Operations

    

12

    

Statements of Changes in Net Assets

    

13

    

Financial Highlights

    

14

    

Notes to Financial Statements

   

16

    

Supplemental Information

    

25

    

Proxy Voting and Portfolio Holdings Information

    

25

    

Expense Examples

    

25

    

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

 


1

 
USAA Mutual Funds Trust
USAA Global Equity Income Fund		  

September 30, 2022

  

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks total return with an emphasis on current income.

Sector Allocation*:

September 30, 2022

(% of Net Assets)

*  Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

Refer to the Schedule of Portfolio Investments for a complete list of securities.

 


2

 
USAA Mutual Funds Trust
USAA Global Equity Income Fund		   Schedule of Portfolio Investments
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

  

Shares

  

Value

  

Common Stocks (99.1%)

  

Australia (0.2%):

  

Consumer Discretionary (0.2%):

  

Domino's Pizza Enterprises Ltd.

    

3,554

    

$

117

    

Austria (0.6%):

  

Energy (0.3%):

  

OMV AG

    

4,748

      

172

    

Utilities (0.3%):

  

Verbund AG

    

1,433

      

122

    
     

294

    

Belgium (0.1%):

  

Communication Services (0.1%):

  

Telenet Group Holding NV

    

4,803

      

66

    

Canada (5.7%):

  

Consumer Discretionary (0.5%):

  

Dollarama, Inc.

    

3,899

      

224

    

Consumer Staples (0.1%):

  

Metro, Inc.

    

1,399

      

70

    

Energy (0.7%):

  

Canadian Natural Resources Ltd.

    

5,789

      

270

    

Parkland Corp.

    

4,259

      

91

    
     

361

    

Financials (4.2%):

  

Bank of Montreal

    

5,065

      

444

    

Great-West Lifeco, Inc.

    

10,063

      

217

    

IGM Financial, Inc. (a)

    

10,340

      

258

    

Manulife Financial Corp.

    

13,254

      

208

    

Power Corp. of Canada

    

4,887

      

110

    

Royal Bank of Canada

    

771

      

69

    

Sun Life Financial, Inc.

    

6,426

      

256

    

The Bank of Nova Scotia

    

4,500

      

214

    

The Toronto-Dominion Bank

    

5,611

      

344

    
     

2,120

    

Materials (0.2%):

  

West Fraser Timber Co. Ltd.

    

1,598

      

116

    
     

2,891

    

Denmark (1.1%):

  

Health Care (0.9%):

  

Coloplast A/S Class B

    

1,119

      

114

    

Novo Nordisk A/S Class B

    

3,439

      

342

    
     

456

    

See notes to financial statements.

 


3

 
USAA Mutual Funds Trust
USAA Global Equity Income Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

  

Shares

  

Value

  

Industrials (0.2%):

  

AP Moller — Maersk A/S Class B

    

52

    

$

95

    
     

551

    

Finland (0.6%):

  

Communication Services (0.1%):

  

Elisa Oyj

    

1,132

      

51

    

Utilities (0.5%):

  

Fortum Oyj

    

16,908

      

227

    
     

278

    

France (1.3%):

  

Consumer Staples (0.5%):

  

L'Oreal SA

    

780

      

249

    

Health Care (0.4%):

  

Sanofi

    

2,432

      

185

    

Industrials (0.4%):

  

Bouygues SA

    

8,738

      

229

    
     

663

    

Germany (1.9%):

  

Consumer Discretionary (0.2%):

  

Volkswagen AG Preference Shares

    

947

      

116

    

Financials (0.7%):

  

Allianz SE Registered Shares

    

2,330

      

367

    

Industrials (0.3%):

  

Deutsche Post AG Registered Shares

    

4,390

      

132

    

Utilities (0.7%):

  

E.ON SE

    

22,291

      

171

    

RWE AG

    

5,078

      

187

    
     

358

    
     

973

    

Hong Kong (0.8%):

  

Industrials (0.4%):

  

SITC International Holdings Co. Ltd.

    

66,000

      

121

    

Xinyi Glass Holdings Ltd.

    

74,000

      

107

    
     

228

    

Utilities (0.4%):

  

Power Assets Holdings Ltd.

    

37,000

      

186

    
     

414

    

Ireland (0.4%):

  

Health Care (0.1%):

  

STERIS PLC

    

353

      

59

    

See notes to financial statements.

 


4

 
USAA Mutual Funds Trust
USAA Global Equity Income Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

  

Shares

  

Value

  

Information Technology (0.3%):

  

Seagate Technology Holdings PLC

    

2,479

    

$

132

    
     

191

    

Italy (0.5%):

  

Utilities (0.5%):

  

Snam SpA

    

28,565

      

116

    

Terna — Rete Elettrica Nazionale

    

19,120

      

116

    
     

232

    

Japan (7.5%):

  

Communication Services (1.4%):

  

KDDI Corp.

    

11,200

      

327

    

Nippon Telegraph & Telephone Corp.

    

14,000

      

378

    
     

705

    

Consumer Discretionary (1.1%):

  

Iida Group Holdings Co. Ltd.

    

10,900

      

148

    

Toyota Motor Corp.

    

33,600

      

439

    
     

587

    

Consumer Staples (0.3%):

  

Seven & i Holdings Co. Ltd.

    

3,400

      

137

    

Energy (0.2%):

  

ENEOS Holdings, Inc.

    

38,200

      

123

    

Financials (1.3%):

  

Japan Post Holdings Co. Ltd.

    

24,600

      

163

    

ORIX Corp.

    

9,100

      

128

    

Resona Holdings, Inc.

    

29,800

      

109

    

Sumitomo Mitsui Financial Group, Inc.

    

10,000

      

277

    
     

677

    

Health Care (0.2%):

  

Hoya Corp.

    

1,100

      

106

    

Industrials (1.5%):

  

ITOCHU Corp.

    

8,200

      

198

    

Kajima Corp.

    

13,900

      

132

    

Mitsubishi Corp.

    

4,100

      

112

    

Mitsui & Co. Ltd.

    

6,700

      

142

    

Mitsui Osk Lines Ltd. (a)

    

9,000

      

161

    
     

745

    

Information Technology (0.9%):

  

FUJIFILM Holdings Corp.

    

2,200

      

100

    

Fujitsu Ltd.

    

1,100

      

121

    

Nomura Research Institute Ltd.

    

6,800

      

166

    

Seiko Epson Corp.

    

5,100

      

70

    
     

457

    

See notes to financial statements.

 


5

 
USAA Mutual Funds Trust
USAA Global Equity Income Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

  

Shares

  

Value

  

Materials (0.6%):

  

Asahi Kasei Corp.

    

13,300

    

$

88

    

Nissan Chemical Corp.

    

1,300

      

58

    

Sumitomo Metal Mining Co. Ltd.

    

5,700

      

164

    
     

310

    
     

3,847

    

Netherlands (2.3%):

  

Communication Services (0.3%):

  

Koninklijke KPN NV

    

56,389

      

152

    

Consumer Staples (0.7%):

  

Koninklijke Ahold Delhaize NV

    

13,938

      

355

    

Industrials (0.6%):

  

Wolters Kluwer NV

    

3,057

      

298

    

Information Technology (0.3%):

  
ASML Holding NV    

445

      

184

    

Materials (0.4%):

  

LyondellBasell Industries NV Class A

    

2,763

      

208

    
     

1,197

    

Norway (0.7%):

  

Materials (0.7%):

  

Yara International ASA

    

9,897

      

347

    

Singapore (0.3%):

  

Financials (0.3%):

  

Singapore Exchange Ltd.

    

26,400

      

173

    

Spain (0.2%):

  

Utilities (0.2%):

  

Enagas SA

    

6,585

      

102

    

Switzerland (5.6%):

  

Communication Services (0.2%):

  

Swisscom AG Registered Shares

    

281

      

132

    

Consumer Discretionary (0.3%):

  

Garmin Ltd.

    

1,881

      

151

    

Consumer Staples (0.9%):

  

Nestle SA Registered Shares

    

4,121

      

446

    

Financials (1.0%):

  

Partners Group Holding AG

    

207

      

167

    

Zurich Insurance Group AG

    

843

      

336

    
     

503

    

Health Care (2.2%):

  

Novartis AG Registered Shares

    

8,016

      

611

    

Roche Holding AG

    

1,619

      

527

    
     

1,138

    

See notes to financial statements.

 


6

 
USAA Mutual Funds Trust
USAA Global Equity Income Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

  

Shares

  

Value

  

Industrials (0.8%):

  

Geberit AG Registered Shares

    

660

    

$

283

    

SGS SA Registered Shares

    

58

      

124

    
     

407

    

Materials (0.2%):

  

Holcim AG

    

2,542

      

104

    
     

2,881

    

United Kingdom (2.1%):

  

Consumer Staples (1.1%):

  

British American Tobacco PLC

    

11,044

      

396

    

Reckitt Benckiser Group PLC

    

2,782

      

184

    
     

580

    

Financials (0.2%):

  

Admiral Group PLC

    

4,108

      

87

    

Health Care (0.2%):

  

GSK PLC

    

7,672

      

111

    

Industrials (0.4%):

  

RELX PLC

    

8,774

      

215

    

Information Technology (0.2%):

  

The Sage Group PLC

    

13,234

      

102

    
     

1,095

    

United States (67.2%):

  

Communication Services (3.2%):

  

AT&T, Inc.

    

18,431

      

283

    

Omnicom Group, Inc.

    

3,190

      

201

    

Sirius XM Holdings, Inc. (a)

    

38,139

      

218

    

The Interpublic Group of Cos., Inc.

    

11,233

      

287

    

Verizon Communications, Inc.

    

17,460

      

663

    
     

1,652

    

Consumer Discretionary (6.1%):

  

Best Buy Co., Inc.

    

5,568

      

353

    

D.R. Horton, Inc.

    

1,235

      

83

    

Genuine Parts Co.

    

3,457

      

516

    

Lowe's Cos., Inc.

    

2,334

      

438

    

McDonald's Corp.

    

1,375

      

317

    

Starbucks Corp.

    

1,909

      

161

    

Target Corp.

    

2,559

      

380

    

The Home Depot, Inc.

    

2,478

      

684

    

Tractor Supply Co.

    

1,085

      

202

    
     

3,134

    

Consumer Staples (5.5%):

  

Campbell Soup Co.

    

4,710

      

222

    

Colgate-Palmolive Co.

    

3,883

      

273

    

General Mills, Inc.

    

5,218

      

400

    

Kimberly-Clark Corp.

    

745

      

84

    

See notes to financial statements.

 


7

 
USAA Mutual Funds Trust
USAA Global Equity Income Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

  

Shares

  

Value

  

Philip Morris International, Inc.

    

5,392

    

$

448

    

The Coca-Cola Co.

    

4,366

      

244

    

The Hershey Co.

    

921

      

203

    

The Kroger Co.

    

4,347

      

190

    

The Procter & Gamble Co.

    

3,817

      

482

    

Tyson Foods, Inc. Class A

    

3,145

      

207

    

Walgreens Boots Alliance, Inc.

    

2,368

      

74

    
     

2,827

    

Energy (2.8%):

  

ConocoPhillips

    

3,019

      

309

    

Coterra Energy, Inc.

    

4,931

      

129

    

Devon Energy Corp.

    

4,799

      

288

    

EOG Resources, Inc.

    

3,640

      

407

    

Exxon Mobil Corp.

    

1,540

      

134

    

Valero Energy Corp.

    

1,282

      

137

    
     

1,404

    

Financials (8.5%):

  

Aflac, Inc.

    

3,700

      

208

    

Ameriprise Financial, Inc.

    

1,201

      

303

    

Comerica, Inc.

    

1,389

      

99

    

Erie Indemnity Co. Class A

    

1,217

      

270

    

Fifth Third Bancorp

    

3,438

      

110

    

Huntington Bancshares, Inc.

    

8,192

      

108

    

KeyCorp

    

13,000

      

208

    

M&T Bank Corp.

    

2,751

      

485

    

MetLife, Inc.

    

4,221

      

257

    

Morgan Stanley

    

3,816

      

301

    

MSCI, Inc.

    

554

      

234

    

Regions Financial Corp.

    

18,654

      

374

    

S&P Global, Inc.

    

310

      

95

    

Synchrony Financial

    

4,414

      

124

    

T. Rowe Price Group, Inc.

    

2,666

      

280

    

The Allstate Corp.

    

3,932

      

490

    

The Goldman Sachs Group, Inc.

    

866

      

254

    

The PNC Financial Services Group, Inc.

    

943

      

141

    
     

4,341

    

Health Care (11.2%):

  

Abbott Laboratories

    

1,054

      

102

    

AbbVie, Inc.

    

2,831

      

380

    

AmerisourceBergen Corp.

    

550

      

74

    

Amgen, Inc.

    

3,112

      

702

    

Bristol-Myers Squibb Co.

    

3,256

      

232

    

Cardinal Health, Inc.

    

4,393

      

293

    

CVS Health Corp.

    

2,028

      

193

    

Danaher Corp.

    

534

      

138

    

Elevance Health, Inc.

    

784

      

356

    

Eli Lilly & Co.

    

1,938

      

627

    

Johnson & Johnson

    

4,762

      

778

    

See notes to financial statements.

 


8

 
USAA Mutual Funds Trust
USAA Global Equity Income Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

  

Shares

  

Value

  

Medtronic PLC

    

1,251

    

$

101

    

Pfizer, Inc.

    

10,561

      

462

    

Quest Diagnostics, Inc.

    

1,916

      

235

    

Stryker Corp.

    

460

      

93

    

Thermo Fisher Scientific, Inc.

    

258

      

131

    

UnitedHealth Group, Inc.

    

1,573

      

794

    
     

5,691

    

Industrials (8.1%):

  

3M Co.

    

3,247

      

359

    

C.H. Robinson Worldwide, Inc.

    

858

      

83

    

Cummins, Inc.

    

1,636

      

333

    

Fastenal Co.

    

5,169

      

238

    

Honeywell International, Inc.

    

956

      

160

    

Illinois Tool Works, Inc.

    

1,208

      

218

    

Lockheed Martin Corp.

    

1,620

      

626

    

Northrop Grumman Corp.

    

452

      

213

    

PACCAR, Inc.

    

2,348

      

196

    

Republic Services, Inc.

    

668

      

91

    

Robert Half International, Inc.

    

4,616

      

353

    

Rockwell Automation, Inc.

    

922

      

198

    

Snap-on, Inc.

    

700

      

141

    

Union Pacific Corp.

    

547

      

107

    

United Parcel Service, Inc. Class B

    

2,937

      

474

    

W.W. Grainger, Inc.

    

566

      

277

    

Waste Management, Inc.

    

482

      

77

    
     

4,144

    

Information Technology (16.1%):

  

Apple, Inc.

    

16,307

      

2,254

    

Broadcom, Inc.

    

429

      

190

    

Cisco Systems, Inc.

    

15,213

      

608

    

Hewlett Packard Enterprise Co.

    

12,600

      

151

    

HP, Inc.

    

19,588

      

488

    

Intel Corp.

    

9,414

      

243

    

Intuit, Inc.

    

430

      

166

    

Juniper Networks, Inc.

    

4,700

      

123

    

Mastercard, Inc. Class A

    

1,277

      

363

    

Microsoft Corp.

    

7,101

      

1,654

    

NetApp, Inc.

    

3,825

      

236

    

NVIDIA Corp.

    

856

      

104

    

Oracle Corp.

    

2,079

      

127

    

Paychex, Inc.

    

3,287

      

369

    

QUALCOMM, Inc.

    

1,417

      

160

    

Texas Instruments, Inc.

    

4,024

      

623

    

The Western Union Co.

    

17,481

      

236

    

Visa, Inc. Class A

    

758

      

135

    
     

8,230

    

See notes to financial statements.

 


9

 
USAA Mutual Funds Trust
USAA Global Equity Income Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

  

Shares

  

Value

  

Materials (2.6%):

  

Air Products and Chemicals, Inc.

    

307

    

$

71

    

Celanese Corp.

    

707

      

64

    

CF Industries Holdings, Inc.

    

1,475

      

142

    

Nucor Corp.

    

3,999

      

428

    

Packaging Corp. of America

    

1,672

      

188

    

RPM International, Inc.

    

1,083

      

90

    

Steel Dynamics, Inc.

    

2,438

      

173

    

The Sherwin-Williams Co.

    

747

      

153

    
     

1,309

    

Utilities (3.1%):

  

American Electric Power Co., Inc.

    

3,126

      

270

    

Duke Energy Corp.

    

4,073

      

379

    

OGE Energy Corp.

    

6,617

      

241

    

Sempra Energy

    

885

      

133

    

The Southern Co.

    

3,361

      

228

    

UGI Corp.

    

10,472

      

339

    
     

1,590

    
     

34,322

    

Total Common Stocks (Cost $47,863)

    

50,634

    

Collateral for Securities Loaned (0.4%)^

  

United States (0.4%):

  

HSBC U.S. Government Money Market Fund, I Shares, 2.91% (b)

    

222,766

      

223

    

Total Collateral for Securities Loaned (Cost $223)

    

223

    

Total Investments (Cost $48,086) — 99.5%

    

50,857

    

Other assets in excess of liabilities — 0.5%

    

256

    

NET ASSETS — 100.00%

  

$

51,113

    

^  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, 2022.

PLC — Public Limited Company

See notes to financial statements.

 


10

 

USAA Mutual Funds Trust

   Statement of Assets and Liabilities
September 30, 2022		  

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

    USAA Global Equity
Income Fund		  

Assets:

  

Investments, at value (Cost $48,086)

  

$

50,857

(a)

  

Foreign currency, at value (Cost $11)

    

11

    

Cash

    

258

    

Receivables:

  

Interest and dividends

    

146

    

Capital shares issued

    

2

    

Reclaims

    

129

    

From Adviser

    

27

    

Prepaid expenses

    

18

    

Total Assets

    

51,448

    

Liabilities:

  

Payables:

  

Collateral received on loaned securities

    

223

    

Capital shares redeemed

    

21

    

Accrued expenses and other payables:

  

Investment advisory fees

    

24

    

Administration fees

    

6

    

Custodian fees

    

5

    

Transfer agent fees

    

8

    

Compliance fees

    

—

(b)

  

Trustees' fees

    

3

    

Other accrued expenses

    

45

    

Total Liabilities

    

335

    

Net Assets:

  

Capital

    

44,693

    

Total accumulated earnings/(loss)

    

6,420

    

Net Assets

  

$

51,113

    

Net Assets

  

Fund Shares

  

$

51,049

    

Institutional Shares

    

64

    

Total

  

$

51,113

    

Shares (unlimited number of shares authorized with no par value):

  

Fund Shares

    

5,108

    

Institutional Shares

    

7

    

Total

    

5,115

    

Net asset value, offering and redemption price per share: (c)

  

Fund Shares

  

$

9.99

    

Institutional Shares

  

$

9.57

    

(a)  Includes $628 thousand of securities on loan.

(b)  Rounds to less than $1 thousand.

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

See notes to financial statements.

 


11

 

USAA Mutual Funds Trust

   Statement of Operations
For the Six Months Ended September 30, 2022		  

(Amounts in Thousands)  (Unaudited)

    USAA Global Equity
Income Fund		  

Investment Income:

  

Dividends

  

$

1,010

    

Interest

    

—

(a)

  

Securities lending (net of fees)

    

9

    

Foreign tax withholding

    

(49

)

  

Total Income

    

970

    

Expenses:

  

Investment advisory fees

    

161

    

Administration fees — Fund Shares

    

44

    

Administration fees — Institutional Shares

    

—

(a)

  

Sub-Administration fees

    

12

    

Custodian fees

    

8

    

Transfer agent fees — Fund Shares

    

44

    

Transfer agent fees — Institutional Shares

    

—

(a)

  

Trustees' fees

    

25

    

Compliance fees

    

—

(a)

  

Legal and audit fees

    

41

    

State registration and filing fees

    

18

    

Other expenses

    

20

    

Total Expenses

    

373

    

Expenses waived/reimbursed by Adviser

    

(66

)

  

Net Expenses

    

307

    

Net Investment Income (Loss)

    

663

    

Realized/Unrealized Gains (Losses) from Investments:

  
Net realized gains (losses) from investment securities and foreign currency
transactions		    

289

    
Net change in unrealized appreciation/depreciation on investment securities and
foreign currency translations		    

(12,299

)

  

Net realized/unrealized gains (losses) on investments

    

(12,010

)

  

Change in net assets resulting from operations

  

$

(11,347

)

  

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

 


12

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)

   

USAA Global Equity Income Fund

  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

From Investments:

  

Operations:

  

Net Investment Income (Loss)

  

$

663

    

$

1,066

    

Net realized gains (losses)

    

289

      

9,064

    

Net change in unrealized appreciation/depreciation

    

(12,299

)

    

(2,170

)

  

Change in net assets resulting from operations

    

(11,347

)

    

7,960

    

Distributions to Shareholders:

  

Fund Shares

    

(766

)

    

(5,752

)

  

Institutional Shares

    

(1

)

    

(2

)

  

Change in net assets resulting from distributions to shareholders

    

(767

)

    

(5,754

)

  

Change in net assets resulting from capital transactions

    

(1,203

)

    

(13,488

)

  

Change in net assets

    

(13,317

)

    

(11,282

)

  

Net Assets:

  

Beginning of period

    

64,430

      

75,712

    

End of period

  

$

51,113

    

$

64,430

    

Capital Transactions:

  

Fund Shares

  

Proceeds from shares issued

  

$

1,789

    

$

5,342

    

Distributions reinvested

    

760

      

5,728

    

Cost of shares redeemed

    

(3,774

)

    

(18,352

)

  

Total Fund Shares

  

$

(1,225

)

  

$

(7,282

)

  

Institutional Shares

  

Proceeds from shares issued

  

$

21

    

$

60

    

Distributions reinvested

    

1

      

2

    

Cost of shares redeemed

    

—

      

(6,268

)

  

Total Institutional Shares

  

$

22

    

$

(6,206

)

  

Change in net assets resulting from capital transactions

  

$

(1,203

)

  

$

(13,488

)

  

Share Transactions:

  

Fund Shares

  

Issued

    

156

      

422

    

Reinvested

    

71

      

455

    

Redeemed

    

(331

)

    

(1,457

)

  

Total Fund Shares

    

(104

)

    

(580

)

  

Institutional Shares

  

Issued

    

2

      

5

    

Reinvested

    

—

(a)

    

—

(a)

  

Redeemed

    

—

      

(500

)

  

Total Institutional Shares

    

2

      

(495

)

  

Change in Shares

    

(102

)

    

(1,075

)

  

(a)  Rounds to less than 1 thousand shares.

See notes to financial statements.

 


13

 

USAA Mutual Funds Trust

  

Financial Highlights

  

For a Share Outstanding Throughout Each Period

 

      

Investment Activities

   Distributions to
Shareholders From		  
    Net Asset
Value,
Beginning of
Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gains (Losses)		   Total from
Investment
Activities		   Net
Investment
Income		   Net Realized
Gains from
Investments		  

USAA Global Equity Income Fund

      

Fund Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

12.35

      

0.13

(h)

    

(2.34

)

    

(2.21

)

    

(0.15

)

    

—

    
Year Ended March 31:
2022		  

$

12.03

      

0.21

(h)

    

1.27

      

1.48

      

(0.23

)

    

(0.93

)

  

2021

  

$

8.42

      

0.17

(h)

    

3.61

      

3.78

      

(0.17

)

    

—

    

2020

  

$

10.51

      

0.24

(h)

    

(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

)

  

Institutional Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

11.85

      

0.10

(h)

    

(2.24

)

    

(2.14

)

    

(0.14

)

    

—

    
Year Ended March 31:
2022		  

$

12.04

      

0.15

(h)

    

0.66

      

0.81

      

(0.07

)

    

(0.93

)

  

2021

  

$

8.43

      

0.18

(h)

    

3.61

      

3.79

      

(0.18

)

    

—

    

2020

  

$

10.52

      

0.25

(h)

    

(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

)

  

(a)  Not annualized for periods less than one year.

(b)  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c)  Annualized for periods less than one year.

(d)  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019 and in effect through July 31, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(e)  For the period beginning July 1, 2019, the amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund's management fee.

(f)  Does not include acquired fund fees and expenses, if any.

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

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

(i)  Reflects a return to normal trading levels after a prior year transition or asset allocation shift.

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

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

(l)  Includes impact of Interfund lending fees and Interest fees. Without these fees, the net expense ratio would have been lower by 0.01%.

(m)  Prior to August 1, 2018, AMCO voluntarily agreed to limit the annual expenses of the Institutional Shares to 1.10% of the Institutional Shares' average daily net assets.

See notes to financial statements.

 


14

 

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)(b)		   Net
Expenses(c)(d)(e)(f)		   Net
Investment
Income
(Loss)(c)		   Gross
Expenses(c)(f)		   Net Assets,
End of
Period
(000's)		   Portfolio
Turnover(a)(g)		  

USAA Global Equity Income Fund

  

Fund Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		    

(0.15

)

  

$

9.99

      

(17.98

)%

    

1.05

%

    

2.26

%

    

1.24

%

  

$

51,049

      

13

%

  
Year Ended March 31:
2022		    

(1.16

)

  

$

12.35

      

12.28

%

    

1.04

%

    

1.63

%

    

1.15

%

  

$

64,374

      

31

%

  

2021

    

(0.17

)

  

$

12.03

      

45.23

%

    

1.03

%

    

1.65

%

    

1.18

%

  

$

69,690

      

46

%(i)

  

2020

    

(0.76

)

  

$

8.42

      

(14.02

)%

    

1.00

%

    

2.30

%

    

1.14

%

  

$

60,491

      

109

%(j)

  

2019

    

(0.70

)

  

$

10.51

      

3.43

%

    

1.03

%(k)

    

2.56

%

    

1.10

%

  

$

75,086

      

15

%

  

2018

    

(0.31

)

  

$

10.88

      

7.41

%

    

1.05

%

    

2.17

%

    

1.05

%

  

$

96,101

      

22

%

  

Institutional Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		    

(0.14

)

  

$

9.57

      

(18.15

)%

    

1.48

%

    

1.77

%

    

28.56

%

  

$

64

      

13

%

  
Year Ended March 31:
2022		    

(1.00

)

  

$

11.85

      

6.64

%

    

1.13

%(l)

    

1.25

%

    

3.95

%

  

$

56

      

31

%

  

2021

    

(0.18

)

  

$

12.04

      

45.32

%

    

0.93

%

    

1.74

%

    

1.25

%

  

$

6,022

      

46

%(i)

  

2020

    

(0.78

)

  

$

8.43

      

(13.90

)%

    

0.90

%

    

2.40

%

    

1.51

%

  

$

4,215

      

109

%(j)

  

2019

    

(0.71

)

  

$

10.52

      

3.47

%

    

0.97

%(m)

    

2.58

%

    

1.22

%

  

$

5,261

      

15

%

  

2018

    

(0.31

)

  

$

10.89

      

7.35

%

    

1.10

%

    

2.14

%

    

1.29

%

  

$

5,447

      

22

%

  

See notes to financial statements.

 


15

 

USAA Mutual Funds Trust

   Notes to Financial Statements
September 30, 2022		  

  (Unaudited)

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 45 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 U.S. Generally Accepted Accounting Principles ("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"), acting as the valuation designee 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 designee as described in the Fund's valuation policies and procedures, which are approved by the Board.

 


16

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs"), and American Depositary Receipts ("ADRs"), 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, other than ETFs, 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 categorized as Level 2 in the fair value hierarchy.

A summary of the valuations as of September 30, 2022, 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

  

$

37,763

    

$

12,871

    

$

—

    

$

50,634

    

Collateral for Securities Loaned

    

223

      

—

      

—

      

223

    

Total

  

$

37,986

    

$

12,871

    

$

—

    

$

50,857

    

For the six months ended September 30, 2022, there were no transfers into/out of Level 3.

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.

 


17

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

Derivative Instruments:

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, 2022, 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 and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially 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 generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. 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

 


18

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk 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 repledged, except to satisfy borrower default.

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of September 30, 2022.

Value of
Securities on Loan		   Non-Cash
Collateral		   Cash
Collateral		  
$

628

    

$

444

    

$

223

    

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 are disclosed as Net realized gains (losses) from investment securities and foreign currency transactions 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:

The Fund intends 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.

For the six months ended September 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

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

 


19

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended September 30, 2022, were as follows for the Fund (amounts in thousands):

  Excluding
U.S. Government Securities

  

Purchases

  

Sales

  

$

7,372

    

$

8,478

    

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, 2022, are reflected on the Statement of Operations as Investment advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing the respective 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. 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.

Each class' annual performance adjustment rate is multiplied by the average daily net assets of the 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 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, 2022, to September 30, 2022, performance adjustments were $14 and less than $1 for Fund Shares and Institutional Shares, in thousands, respectively. Performance adjustments were 0.05% and 0.58% for Fund Shares and Institutional Shares, respectively. The performance adjustment

 


20

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 2022, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM also 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, 2022, 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, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, 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. The 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, 2022, 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 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, 2022, 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.

 


21

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 2022, 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 July 31, 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 limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Performance adjustments, 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, 2022, 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, as amended June 29, 2022, 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.

As of September 30, 2022, 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 repayments are not probable at September 30, 2022.

Expires
2023		   Expires
2024		   Expires
2025		   Expires
2026		  

Total

  
$

70

    

$

117

    

$

81

    

$

66

    

$

334

    

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, 2022.

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 market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

Equity Risk — The values of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general market, economic and political conditions and other factors. 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

 


22

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

confrontations, war, terrorism, public health crises, or other events, conditions, and factors. Price changes may be temporary or may 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. Global markets, or those in a particular region, may all react in similar fashion to important political, economic, or other developments. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable and make such investments riskier and more volatile.

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 27, 2022, with a termination date of June 26, 2023. 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, 2022, 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 paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from April 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through September 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the 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, 2022.

Interfund Lending:

The Trust and the 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 reflected on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2022.

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.

 


23

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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 (loss) will be determined at the end of the current tax year ending March 31, 2023.

At the tax year ended March 31, 2022, the Fund had no capital loss carryforwards for federal income tax purposes.

8. Subsequent Event:

On September 20, 2022, the Board of Trustees of USAA Mutual Funds Trust ("Trust"), upon the recommendation of Victory Capital Management Inc., the Trust's investment adviser, approved a Plan of Liquidation ("Plan") for the USAA Global Equity Income Fund Institutional Shares (the "Share Class"). It is anticipated that the Share Class will liquidate on or about November 29, 2022. On the liquidation date, the Share Class will redeem all its outstanding shares at the net asset value of such shares.

Effective October 3, 2022, the Share Class will be closed to new investors and shareholder accounts. Through the NAV on November 18, 2022, the Share Class will continue to accept additional investments (including through the reinvestment of dividends and capital gains) from existing shareholders. Please note that no other classes of the Fund are affected.

 


24

 

USAA Mutual Funds Trust

   Supplemental Information
September 30, 2022		  

  (Unaudited)

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, 2022, through September 30, 2022.

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. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

    Beginning
Account
Value
4/1/22		   Actual
Ending
Account
Value
9/30/22		   Hypothetical
Ending
Account
Value
9/30/22		   Actual
Expenses Paid
During Period
4/1/22-
9/30/22*		   Hypothetical
Expenses Paid
During Period
4/1/22-
9/30/22*		   Annualized
Expense Ratio
During Period
4/1/22-
9/30/22		  

Fund Shares

  

$

1,000.00

    

$

820.20

    

$

1,019.80

    

$

4.79

    

$

5.32

      

1.05

%

  

Institutional Shares

    

1,000.00

      

818.50

      

1,017.65

      

6.75

      

7.49

      

1.48

%

  

*  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).

 


25

 

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

  

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:

   

Call

   

www.vcm.com

    (800) 235-8396   

98352-1122

  

September 30, 2022

Semi Annual Report

USAA California Bond Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

 

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.

 

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings

    

2

    

Schedule of Portfolio Investments

    

3

    

Financial Statements

  

Statement of Assets and Liabilities

    

11

    

Statement of Operations

    

12

    

Statements of Changes in Net Assets

    

13

    

Financial Highlights

    

16

    

Notes to Financial Statements

    

18

    

Supplemental Information

    

26

    

Proxy Voting and Portfolio Holdings Information

     26    

Expense Examples

     26    

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

 


1

 
USAA Mutual Funds Trust
USAA California Bond Fund		  

September 30, 2022

  

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund provides California investors with a high level of current interest income that is exempt from federal and California state income taxes.

Top 10 Industries:

September 30, 2022

(% of Net Assets)

School District

    

17.8

%

  

General

    

16.8

%

  

Medical

    

14.0

%

  

General Obligation

    

8.5

%

  

Education

    

8.0

%

  

Transportation

    

7.7

%

  

Water

    

7.4

%

  

Nursing Homes

    

5.0

%

  

Higher Education

    

2.6

%

  

Mello-Roos

    

2.0

%

  

Refer to the Schedule of Portfolio Investments for a complete list of securities.

 


2

 
USAA Mutual Funds Trust
USAA California Bond Fund		   Schedule of Portfolio Investments
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Municipal Bonds (98.9%)

  

California (94.5%):

  
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

    

$

4,298

    
Adelanto Public Utility Authority Revenue (INS — Assured Guaranty Municipal
Corp.), Series A, 5.00%, 7/1/39, Continuously Callable @100		    

2,000

      

2,072

    
Alameda Corridor Transportation Authority Revenue, 10/1/50, Continuously
Callable @100 (a)		    

1,250

      

519

    
Albany Unified School District, GO
Series B, 5.00%, 8/1/43, Continuously Callable @100		    

2,000

      

2,059

    

Series B, 4.00%, 8/1/46, Continuously Callable @100

    

1,500

      

1,368

    
Anaheim Public Financing Authority Revenue, Series A, 5.00%, 5/1/46, Pre-refunded
5/1/24 @100		    

1,500

      

1,544

    
Bay Area Toll Authority Revenue
3.70% (MUNIPSA+125bps), 4/1/36, (Put Date 4/1/27) (b) (c)		    

15,000

      

14,901

    

Series H, 5.00%, 4/1/49, Pre-refunded 4/1/29 @100

    

4,000

      

4,420

    
Burbank Unified School District, GO
8/1/33, Continuously Callable @100 (d)		    

3,085

      

3,059

    

8/1/34, Continuously Callable @100 (e)

    

3,000

      

2,963

    
California Community Housing Agency Revenue, Series A, 5.00%, 8/1/50,
Continuously Callable @100 (f)		    

2,000

      

1,689

    
California County Tobacco Securitization Agency Revenue
4.00%, 6/1/49, Continuously Callable @100		    

500

      

415

    

Series A, 4.00%, 6/1/49, Continuously Callable @100

    

500

      

411

    

Series A, 4.00%, 6/1/49, Continuously Callable @100

    

1,000

      

811

    
California Educational Facilities Authority Revenue
5.00%, 10/1/43, Continuously Callable @100		    

2,000

      

2,048

    

5.00%, 10/1/48, Continuously Callable @100

    

2,000

      

2,031

    

Series A, 5.00%, 10/1/37, Continuously Callable @100

    

1,000

      

1,001

    

Series A, 5.00%, 10/1/52, Continuously Callable @100

    

5,500

      

5,218

    
California Enterprise Development Authority Revenue
4.00%, 11/1/49, Continuously Callable @100		    

1,900

      

1,611

    

4.00%, 11/1/50, Continuously Callable @100

    

680

      

575

    
California Health Facilities Financing Authority Revenue
Series A, 5.00%, 7/1/33, Pre-refunded 7/1/23 @100		    

5,000

      

5,072

    

Series A, 4.00%, 3/1/39, Continuously Callable @100

    

7,375

      

6,585

    

Series A, 5.00%, 11/15/39, Continuously Callable @100

    

2,100

      

2,103

    

Series A, 5.00%, 8/15/42, Continuously Callable @100

    

1,000

      

983

    

Series A, 4.00%, 4/1/45, Continuously Callable @100

    

1,800

      

1,510

    

Series A, 4.00%, 10/1/47, Continuously Callable @100

    

10,000

      

8,172

    

Series A, 4.00%, 4/1/49, Continuously Callable @100

    

1,700

      

1,389

    

Series A, 4.00%, 8/15/50, Continuously Callable @100

    

2,000

      

1,754

    

Series B, 4.00%, 11/15/41, Continuously Callable @100

    

14,000

      

12,101

    
California Health Facilities Financing Authority Revenue (NBGA — California Health
Insurance Construction Loan Insurance Program)
5.00%, 7/1/39, Continuously Callable @100		    

1,050

      

1,070

    

5.00%, 7/1/44, Continuously Callable @100

    

2,300

      

2,333

    

See notes to financial statements.

 


3

 
USAA Mutual Funds Trust
USAA California Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
California Infrastructure & Economic Development Bank Revenue
2.80% (MUNIPSA+35bps), 8/1/47, (Put Date 8/1/24) (b) (c)		  

$

2,250

    

$

2,204

    

4.00%, 7/1/50, Continuously Callable @100

    

4,000

      

3,469

    

4.00%, 11/1/56, Continuously Callable @100

    

1,200

      

962

    

Series B, 5.00%, 11/1/57, Continuously Callable @100

    

1,300

      

1,318

    
California Municipal Finance Authority Revenue
5.00%, 6/1/43, Continuously Callable @100		    

2,500

      

2,582

    

4.00%, 10/1/46, Continuously Callable @100

    

965

      

792

    

4.00%, 10/1/46, Continuously Callable @100

    

6,500

      

5,407

    

Series A, 5.00%, 2/1/37, Continuously Callable @100

    

750

      

765

    

Series A, 5.00%, 2/1/42, Continuously Callable @100

    

1,000

      

1,009

    

Series A, 4.00%, 10/1/44, Continuously Callable @100

    

2,000

      

1,777

    

Series A, 5.00%, 2/1/47, Continuously Callable @100

    

1,000

      

1,003

    

Series A, 5.00%, 7/1/47, Continuously Callable @100

    

1,000

      

987

    

Series A, 5.00%, 6/1/50, Continuously Callable @100

    

1,000

      

941

    

Series A, 4.00%, 11/15/52, Continuously Callable @103

    

750

      

576

    

Series A, 4.00%, 11/15/56, Continuously Callable @103

    

1,100

      

821

    
California Municipal Finance Authority Revenue (NBGA — California Health
Insurance Construction Loan Insurance Program)
4.13%, 5/15/39, Continuously Callable @100		    

1,900

      

1,804

    

4.13%, 5/15/46, Continuously Callable @100

    

2,100

      

1,891

    

Series B, 5.00%, 5/15/47, Continuously Callable @102

    

2,500

      

2,553

    
California Pollution Control Financing Authority Revenue
5.00%, 7/1/39, Continuously Callable @100 (f)		    

6,000

      

5,660

    

5.00%, 11/21/45, Continuously Callable @100 (f)

    

2,000

      

1,819

    
California Public Finance Authority Revenue
5.00%, 10/15/37, Continuously Callable @100		    

1,000

      

1,005

    

5.00%, 10/15/47, Continuously Callable @100

    

3,000

      

3,002

    
California School Finance Authority Revenue
5.00%, 8/1/41, Continuously Callable @100 (f)		    

1,600

      

1,605

    

5.00%, 8/1/41, Pre-refunded 8/1/25 @100 (f)

    

150

      

157

    

5.00%, 8/1/42, Continuously Callable @100 (f)

    

1,000

      

1,006

    

5.00%, 8/1/46, Continuously Callable @100 (f)

    

2,050

      

2,048

    

5.00%, 8/1/46, Pre-refunded 8/1/25 @100 (f)

    

200

      

210

    

5.00%, 8/1/52, Continuously Callable @100 (f)

    

1,000

      

984

    

Series A, 5.00%, 7/1/47, Continuously Callable @100 (f)

    

1,370

      

1,308

    

Series A, 5.00%, 7/1/49, Continuously Callable @100 (f)

    

1,000

      

944

    

Series A, 5.00%, 7/1/54, Continuously Callable @100 (f)

    

2,150

      

2,007

    
California Statewide Communities Development Authority Revenue
5.00%, 5/15/24		    

1,300

      

1,312

    

5.00%, 5/15/40, Continuously Callable @100

    

2,750

      

2,750

    

5.00%, 10/1/46, Continuously Callable @100

    

2,750

      

2,707

    

5.00%, 1/1/48, Continuously Callable @100

    

1,995

      

1,971

    

5.00%, 7/1/48, Continuously Callable @100

    

4,000

      

4,102

    

Series A, 5.00%, 5/15/25

    

2,180

      

2,212

    

Series A, 4.00%, 4/1/40, Continuously Callable @100

    

650

      

569

    

Series A, 4.00%, 4/1/45, Continuously Callable @100

    

1,500

      

1,242

    

Series A, 4.00%, 6/1/46, Continuously Callable @100

    

2,000

      

1,799

    

Series A, 5.00%, 5/15/47, Continuously Callable @100

    

2,000

      

1,947

    

Series A, 4.00%, 8/15/51, Continuously Callable @100

    

3,000

      

2,494

    

See notes to financial statements.

 


4

 
USAA Mutual Funds Trust
USAA California Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Series A, 5.00%, 12/1/53, Continuously Callable @100

  

$

1,000

    

$

1,007

    

Series A, 5.00%, 12/1/57, Continuously Callable @100

    

2,500

      

2,517

    
California Statewide Communities Development Authority Revenue (NBGA —
California Health Insurance Construction Loan Insurance Program), 4.00%,
11/1/46, Continuously Callable @100		    

4,000

      

3,539

    
Centinela Valley Union High School District, GO, Series B, 4.00%, 8/1/50,
Continuously Callable @100		    

9,500

      

8,041

    
Chino Valley Unified School District, GO, Series B, 4.00%, 8/1/45, Continuously
Callable @100		    

1,000

      

913

    
City & County of San Francisco CA Community Facilities District Special Tax, 4.00%,
9/1/52, Callable 9/1/28 @103 (f)		    

1,750

      

1,393

    
City & County of San Francisco CA Infrastructure & Revitalization Fing Dist No 1
Tax Allocation
Series A, 5.00%, 9/1/52, Continuously Callable @100 (f)		    

1,250

      

1,129

    

Series B, 5.00%, 9/1/52, Continuously Callable @100 (f)

    

640

      

578

    
City of Atwater Wastewater Revenue (INS — Assured Guaranty Municipal Corp.),
Series A, 5.00%, 5/1/43, Continuously Callable @100		    

1,300

      

1,346

    

City of Fillmore Wastewater Revenue, 5.00%, 5/1/47, Continuously Callable @100

    

2,000

      

2,060

    

City of Sacramento CA Special Tax, 5.38%, 9/1/52, Continuously Callable @103 (f)

    

2,000

      

1,875

    
City of San Mateo CA Special Tax (INS — Build America Mutual Assurance Co.),
5.25%, 9/1/44, Continuously Callable @100		    

4,000

      

4,104

    
City of Tulare Sewer Revenue (INS — Assured Guaranty Municipal Corp.)
4.00%, 11/15/41, Continuously Callable @100		    

5,710

      

5,326

    

4.00%, 11/15/44, Continuously Callable @100

    

5,000

      

4,571

    
City of Upland Certificate of Participation
4.00%, 1/1/42, Continuously Callable @100		    

3,000

      

2,530

    

5.00%, 1/1/47, Continuously Callable @100

    

2,000

      

1,927

    
City of Vernon CA Electric System Revenue
Series 2022-A, 5.00%, 8/1/39, Continuously Callable @100		    

450

      

459

    

Series 2022-A, 5.00%, 8/1/40, Continuously Callable @100

    

375

      

382

    

Series 2022-A, 5.00%, 8/1/41, Continuously Callable @100

    

420

      

426

    
Corona-Norco Unified School District Special Tax, 5.00%, 9/1/32, Pre-refunded
9/1/23 @100		    

1,350

      

1,374

    
County of Sacramento Airport System Revenue, Series B, 5.00%, 7/1/41, Continuously
Callable @100		    

1,100

      

1,130

    
East Bay Municipal Utility District Wastewater System Revenue, Series A-2, 5.00%,
6/1/38		    

9,000

      

10,009

    
Elk Grove Finance Authority Special Tax (INS — Build America Mutual
Assurance Co.), 5.00%, 9/1/38, Continuously Callable @100		    

1,500

      

1,527

    
Foothill-Eastern Transportation Corridor Agency Revenue, Series B-2, 3.50%,
1/15/53, Continuously Callable @100		    

1,500

      

1,085

    
Foothill-Eastern Transportation Corridor Agency Revenue (INS — Assured
Guaranty Municipal Corp.)
1/15/34 (g)		    

15,000

      

9,027

    

1/15/35 (g)

    

7,500

      

4,277

    
Fresno Joint Powers Financing Authority Revenue (INS — Assured Guaranty
Municipal Corp.), Series A, 4.00%, 4/1/46, Continuously Callable @100		    

1,225

      

1,088

    
Grass Valley School District, GO (INS — Build America Mutual Assurance Co.),
5.00%, 8/1/45, Continuously Callable @100		    

2,400

      

2,452

    

See notes to financial statements.

 


5

 
USAA Mutual Funds Trust
USAA California Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Hayward Unified School District, GO (INS — Build America Mutual Assurance Co.),
Series A, 5.00%, 8/1/44, Continuously Callable @100		  

$

3,000

    

$

3,084

    
Indio Redevelopment Agency Successor Agency Tax Allocation, Series A, 5.25%,
8/15/31, Continuously Callable @100		    

2,940

      

2,944

    
Inglewood Unified School District, GO (INS — Build America Mutual Assurance Co.)
Series B, 5.00%, 8/1/38, Continuously Callable @100		    

750

      

772

    

Series C, 4.00%, 8/1/36, Continuously Callable @100

    

220

      

213

    

Series C, 4.00%, 8/1/37, Continuously Callable @100

    

450

      

431

    

Series C, 4.00%, 8/1/39, Continuously Callable @100

    

450

      

419

    
Inglewood Unified School District, GO (INS — Assured Guaranty Municipal Corp.),
Series A, 4.00%, 8/1/46, Continuously Callable @100		    

3,550

      

3,168

    
Irvine Unified School District Special Tax
5.00%, 9/1/45, Continuously Callable @100		    

1,000

      

982

    

Series A, 4.00%, 9/1/39, Continuously Callable @100

    

1,020

      

879

    

Series A, 5.00%, 9/1/49, Continuously Callable @100

    

2,000

      

1,933

    

Series B, 5.00%, 9/1/42, Continuously Callable @100

    

1,000

      

1,000

    

Series B, 5.00%, 9/1/47, Continuously Callable @100

    

1,000

      

974

    

Series C, 5.00%, 9/1/42, Continuously Callable @100

    

1,000

      

1,000

    

Series C, 5.00%, 9/1/47, Continuously Callable @100

    

525

      

512

    

Series D, 5.00%, 9/1/49, Continuously Callable @100

    

1,000

      

967

    
Irvine Unified School District Special Tax (INS — Build America Mutual
Assurance Co.), 5.00%, 9/1/56, Continuously Callable @100		    

6,000

      

6,146

    
Irvine Unified School District Special Tax (INS — Build America Mutual
Assurance Co.), Series A, 4.00%, 9/1/50, Continuously Callable @100		    

1,800

      

1,572

    
Jurupa Public Financing Authority Special Tax, Series A, 5.00%, 9/1/42, Continuously
Callable @100		    

1,000

      

1,008

    
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

      

1,263

    

Long Beach Bond Finance Authority Revenue, Series A, 5.00%, 11/15/35

    

3,875

      

3,885

    
Los Angeles County Facilities, Inc. Revenue
Series A, 5.00%, 12/1/51, Continuously Callable @100		    

2,440

      

2,508

    

Series A, 5.00%, 12/1/51, Pre-refunded 12/1/28 @100

    

1,560

      

1,708

    
Los Angeles County Public Works Financing Authority Revenue
Series A, 5.00%, 12/1/44, Continuously Callable @100		    

2,000

      

2,045

    

Series D, 5.00%, 12/1/45, Continuously Callable @100

    

6,000

      

6,138

    
March Joint Powers Redevelopment Agency Successor Agency Tax Allocation
(INS — Build America Mutual Assurance Co.), Series A, 4.00%, 8/1/41,
Continuously Callable @100		    

5,790

      

5,316

    
Middle Fork Project Finance Authority Revenue, 5.00%, 4/1/33, Continuously
Callable @100		    

2,205

      

2,298

    
Monrovia Financing Authority Revenue, 5.00%, 12/1/45, Continuously
Callable @100		    

3,435

      

3,484

    
Monrovia Financing Authority Revenue (INS — Assured Guaranty Municipal
Corp.), 5.00%, 12/1/45, Continuously Callable @100		    

2,345

      

2,396

    
Moreno Valley Unified School District, GO (INS — Assured Guaranty Municipal
Corp.), Series B, 5.00%, 8/1/47, Continuously Callable @100		    

6,500

      

6,736

    
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

      

3,362

    

See notes to financial statements.

 


6

 
USAA Mutual Funds Trust
USAA California Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Mountain View Shoreline Regional Park Community Tax Allocation, Series A,
5.63%, 8/1/35, Continuously Callable @100		  

$

2,000

    

$

2,003

    
Norwalk Redevelopment Agency Tax Allocation (INS — National Public Finance
Guarantee Corp.)
Series A, 5.00%, 10/1/30, Continuously Callable @100		    

5,000

      

5,005

    

Series A, 5.00%, 10/1/35, Continuously Callable @100

    

3,500

      

3,504

    
Norwalk-La Mirada Unified School District, GO (INS — Assured Guaranty Municipal
Corp.), Series C, 8/1/30 (g)		    

7,500

      

5,576

    
Palomar Health, GO (INS — Assured Guaranty Municipal Corp.), Series A,
8/1/31 (g)		    

12,230

      

8,236

    
Palomar Health, GO (INS — National Public Finance Guarantee Corp.), Series A,
8/1/26 (g)		    

5,500

      

4,727

    
Perris Union High School District, GO (INS — Assured Guaranty Corp.), Series A,
4.00%, 9/1/48, Continuously Callable @100		    

5,000

      

4,545

    
Pittsburg Successor Agency Redevelopment Agency Tax Allocation (INS — Assured
Guaranty Municipal Corp.), Series A, 5.00%, 9/1/29, Continuously Callable @100		    

2,000

      

2,108

    
Pomona Unified School District, GO (INS — Build America Mutual Assurance Co.),
Series F, 5.00%, 8/1/39, Continuously Callable @100		    

1,500

      

1,529

    
Poway Unified School District Special Tax (INS — Assured Guaranty Municipal
Corp.), 4.00%, 9/1/50, Continuously Callable @100		    

4,750

      

4,187

    
Regents of The University of California Medical Ce (NBGA — University of California
Medical Center), 2.00%, 5/15/45, Callable 11/1/22 @100 (h)		    

3,800

      

3,800

    
Regents of the University of California Medical Center Pooled Revenue, Series L,
4.00%, 5/15/44, Continuously Callable @100		    

2,000

      

1,846

    
Rio Elementary School District, GO (INS — Assured Guaranty Municipal Corp.),
Series B, 4.00%, 8/1/45, Continuously Callable @100		    

2,800

      

2,474

    
River Islands Public Financing Authority (INS — Assured Guaranty Corp.),
Series A-1, 5.25%, 9/1/52, Continuously Callable @103		    

1,500

      

1,544

    
Riverside County Public Financing Authority Tax Allocation (INS — Build America
Mutual Assurance Co.)
Series A, 4.00%, 10/1/36, Continuously Callable @100		    

1,250

      

1,199

    

Series A, 4.00%, 10/1/37, Continuously Callable @100

    

1,625

      

1,542

    
Riverside County Redevelopment Successor Agency Tax Allocation (INS — Build
America Mutual Assurance Co.), Series B, 4.00%, 10/1/37, Continuously
Callable @100		    

2,000

      

1,891

    
Riverside County Transportation Commission Revenue
Series A, 5.25%, 6/1/39, Pre-refunded 6/1/23 @100		    

2,000

      

2,029

    

Series B1, 4.00%, 6/1/46, Continuously Callable @100

    

3,000

      

2,541

    
RNR School Financing Authority Special Tax (INS — Build America Mutual
Assurance Co.), Series A, 5.00%, 9/1/41, Continuously Callable @100		    

2,000

      

2,034

    
Sacramento Area Flood Control Agency Special Assessment, 5.00%, 10/1/44,
Continuously Callable @100		    

2,000

      

2,019

    
Sacramento City Unified School District CA, GO (INS — Build America Mutual
Assurance Co.), Series A, 5.50%, 8/1/52, Continuously Callable @100		    

1,500

      

1,610

    
Sacramento City Unified School District, GO (INS — Build America Mutual
Assurance Co.), Series S, 5.00%, 7/1/38, Continuously Callable @100		    

1,020

      

1,029

    
San Bruno Park Elementary School District, GO, Series A, 5.00%, 8/1/48, Continuously
Callable @100		    

3,000

      

3,063

    
San Diego County Regional Airport Authority Revenue
Series A, 4.00%, 7/1/38, Continuously Callable @100		    

2,000

      

1,865

    

See notes to financial statements.

 


7

 
USAA Mutual Funds Trust
USAA California Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Series A, 5.00%, 7/1/47, Continuously Callable @100

  

$

1,500

    

$

1,521

    

Series A, 5.00%, 7/1/49, Continuously Callable @100

    

2,000

      

2,032

    
San Diego Public Facilities Financing Authority Revenue, Series A, 5.00%, 10/15/44,
Continuously Callable @100		    

2,500

      

2,552

    
San Francisco City & County Airport Comm-San Francisco International Airport
Revenue, Series B, 4.00%, 5/1/52, Continuously Callable @100		    

3,100

      

2,762

    
San Leandro Unified School District, GO (INS — Build America Mutual
Assurance Co.), Series B, 5.00%, 8/1/43, Continuously Callable @100		    

2,750

      

2,835

    
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

      

1,512

    
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

      

5,072

    
Santa Clarita Community College District, GO, 4.00%, 8/1/46, Continuously
Callable @100		    

5,250

      

4,738

    
Santa Cruz County Redevelopment Agency Tax Allocation (INS — Assured Guaranty
Municipal Corp.), Series A, 5.00%, 9/1/35, Continuously Callable @100		    

6,000

      

6,149

    
Santa Rosa High School District, GO (INS — Assured Guaranty Municipal Corp.),
Series C, 5.00%, 8/1/43, Continuously Callable @100		    

1,000

      

1,029

    
State of California, GO
5.00%, 2/1/43, Continuously Callable @100		    

3,000

      

3,011

    

5.00%, 8/1/46, Continuously Callable @100

    

9,500

      

9,780

    

5.00%, 10/1/47, Continuously Callable @100

    

9,500

      

9,738

    

5.00%, 9/1/52, Continuously Callable @100

    

1,000

      

1,061

    
Stockton Public Financing Authority Revenue
4.00%, 3/1/40, Continuously Callable @100		    

920

      

794

    

5.00%, 3/1/47, Continuously Callable @100

    

2,760

      

2,719

    
Sweetwater Union High School District, GO, Series A1, 5.00%, 8/1/52, Continuously
Callable @100 (i)		    

1,000

      

1,012

    
Tahoe-Truckee Unified School District Certificate of Participation (INS — Build
America Mutual Assurance Co.), 4.00%, 6/1/43, Continuously Callable @100		    

1,000

      

906

    
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

      

1,607

    
Temecula Valley Unified School District, GO (INS — Assured Guaranty Municipal
Corp.), Series B, 4.00%, 8/1/45, Continuously Callable @100		    

7,500

      

6,963

    
Tobacco Securitization Authority of Southern California Revenue
5.00%, 6/1/48, Continuously Callable @100		    

880

      

829

    

5.00%, 6/1/48, Continuously Callable @100

    

2,175

      

2,129

    
Transbay Joint Powers Authority Tax Allocation
Series A, 5.00%, 10/1/49, Continuously Callable @100		    

800

      

800

    

Series B, 2.40%, 10/1/49, Continuously Callable @100

    

820

      

776

    

University of California Revenue, 5.00%, 5/15/52, Continuously Callable @100

    

2,500

      

2,625

    
Vacaville Unified School District, GO, Series D, 4.00%, 8/1/45, Continuously
Callable @100		    

1,850

      

1,676

    
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

      

1,149

    

Series A, 5.00%, 8/1/35, Continuously Callable @100

    

1,530

      

1,585

    

See notes to financial statements.

 


8

 
USAA Mutual Funds Trust
USAA California Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Val Verde Unified School District, GO (INS — Assured Guaranty Municipal Corp.),
Series C, 4.00%, 8/1/45, Continuously Callable @100		  

$

4,475

    

$

3,984

    
Val Verde Unified School District, GO (INS — Build America Mutual Assurance Co.),
Series B, 5.00%, 8/1/44, Pre-refunded 8/1/25 @100		    

4,000

      

4,201

    
Victor Valley Union High School District, GO (INS — Assured Guaranty Municipal
Corp.), Series B, 4.00%, 8/1/37, Continuously Callable @100		    

5,000

      

4,848

    
Washington Township Health Care District Revenue
Series A, 5.00%, 7/1/42, Continuously Callable @100		    

1,000

      

983

    

Series A, 4.00%, 8/1/51, Continuously Callable @100

    

3,280

      

2,793

    
Western Placer Unified School District Certificate of Participation (INS — Assured
Guaranty Municipal Corp.), 4.00%, 8/1/41, Continuously Callable @100		    

6,000

      

5,473

    
     

490,591

    

Guam (3.8%):

  
Guam Government Waterworks Authority Revenue
5.50%, 7/1/43, Pre-refunded 7/1/23 @100		    

4,000

      

4,059

    

5.00%, 1/1/46, Continuously Callable @100

    

7,000

      

7,016

    
Guam Power Authority Revenue
Series A, 5.00%, 10/1/34, Continuously Callable @100		    

1,000

      

1,000

    

Series A, 5.00%, 10/1/38, Continuously Callable @100

    

635

      

636

    

Series A, 5.00%, 10/1/40, Continuously Callable @100

    

2,800

      

2,781

    

Series A, 5.00%, 10/1/43, Continuously Callable @100

    

2,000

      

1,958

    
Territory of Guam Revenue (LOC — Barclays Bank PLC), Series 2017-XF2510,
2.57%, 12/1/46, Callable 12/1/26 @100 (f) (h)		    

2,200

      

2,200

    
     

19,650

    

Virgin Islands (0.6%):

  
Virgin Islands Public Finance Authority Revenue, 5.00%, 9/1/33, Continuously
Callable @100 (f)		    

3,000

      

3,067

    

Total Municipal Bonds (Cost $553,242)

    

513,308

    

Total Investments (Cost $553,242) — 98.9%

    

513,308

    

Other assets in excess of liabilities — 1.1%

    

5,722

    

NET ASSETS — 100.00%

  

$

519,030

    

(a)  Stepped-coupon security converts to coupon form on 10/1/37 with a rate of 5.40%

(b)  Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022.

(c)  Put Bond.

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

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

(f)  Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $29,679 thousands and amounted to 5.7% of net assets.

(g)  Zero-coupon bond.

See notes to financial statements.

 


9

 
USAA Mutual Funds Trust
USAA California Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

  (Unaudited)

(h)  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.

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

bps — Basis points

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

GO — General Obligation

LOC — Letter of Credit

MUNIPSA — Municipal Swap Index

PLC — Public Limited Company

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

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

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

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

See notes to financial statements.

 


10

 

USAA Mutual Funds Trust

   Statement of Assets and Liabilities
September 30, 2022		  

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

    USAA California
Bond Fund		  

Assets:

  

Investments, at value (Cost $553,242)

  

$

513,308

    

Cash

    

4

    

Receivables:

  

Interest

    

5,772

    

Capital shares issued

    

5

    

Investments sold

    

3,968

    

From Adviser

    

7

    

Prepaid expenses

    

2

    

Total Assets

    

523,066

    

Liabilities:

  

Payables:

  

Distributions

    

181

    

Investments purchased

    

3,130

    

Capital shares redeemed

    

420

    

Accrued expenses and other payables:

  

Investment advisory fees

    

166

    

Administration fees

    

66

    

Custodian fees

    

5

    

Transfer agent fees

    

11

    

Compliance fees

    

—

(a)

  

Trustees' fees

    

3

    
12b-1 fees    

—

(a)

  

Other accrued expenses

    

54

    

Total Liabilities

    

4,036

    

Net Assets:

  

Capital

    

572,244

    

Total accumulated earnings/(loss)

    

(53,214

)

  

Net Assets

  

$

519,030

    

Net Assets

  

Fund Shares

  

$

517,397

    

Institutional Shares

    

1,178

    

Class A

    

455

    

Total

  

$

519,030

    

Shares (unlimited number of shares authorized with no par value):

  

Fund Shares

    

52,953

    

Institutional Shares

    

121

    

Class A

    

47

    

Total

    

53,121

    

Net asset value, offering and redemption price per share: (b)

  

Fund Shares

  

$

9.77

    

Institutional Shares

    

9.77

    

Class A

    

9.76

    

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		  

$

9.98

    

(a)  Rounds to less than $1 thousand.

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

See notes to financial statements.

 


11

 

USAA Mutual Funds Trust

   Statement of Operations
For the Six Months Ended September 30, 2022		  

(Amounts in Thousands)  (Unaudited)

    USAA California
Bond Fund		  

Investment Income:

  

Interest

  

$

9,589

    

Total Income

    

9,589

    

Expenses:

  

Investment advisory fees

    

1,065

    

Administration fees — Fund Shares

    

424

    

Administration fees — Institutional Shares

    

1

    

Administration fees — Class A

    

—

(a)

  

Sub-Administration fees

    

12

    
12b-1 fees — Class A    

1

    

Custodian fees

    

11

    

Transfer agent fees — Fund Shares

    

60

    

Transfer agent fees — Institutional Shares

    

1

    

Transfer agent fees — Class A

    

—

(a)

  

Trustees' fees

    

25

    

Compliance fees

    

2

    

Legal and audit fees

    

36

    

State registration and filing fees

    

—

(a)

  

Other expenses

    

39

    

Total Expenses

    

1,677

    

Expenses waived/reimbursed by Adviser

    

(7

)

  

Net Expenses

    

1,670

    

Net Investment Income (Loss)

    

7,919

    

Realized/Unrealized Gains (Losses) from Investments:

  

Net realized gains (losses) from investment securities

    

(8,338

)

  

Net change in unrealized appreciation/depreciation on investment securities

    

(48,212

)

  

Net realized/unrealized gains (losses) on investments

    

(56,550

)

  

Change in net assets resulting from operations

  

$

(48,631

)

  

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

 


12

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)  

   

USAA California Bond Fund

  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

From Investments:

  

Operations:

  

Net Investment Income (Loss)

  

$

7,919

    

$

15,733

    

Net realized gains (losses)

    

(8,338

)

    

(469

)

  

Net change in unrealized appreciation/depreciation

    

(48,212

)

    

(37,878

)

  

Change in net assets resulting from operations

    

(48,631

)

    

(22,614

)

  

Distributions to Shareholders:

  

Fund Shares

    

(7,893

)

    

(15,686

)

  

Institutional Shares

    

(16

)

    

(16

)

  

Class A

    

(8

)

    

(36

)

  

Change in net assets resulting from distributions to shareholders

    

(7,917

)

    

(15,738

)

  

Change in net assets resulting from capital transactions

    

(32,586

)

    

(17,126

)

  

Change in net assets

    

(89,134

)

    

(55,478

)

  

Net Assets:

  

Beginning of period

    

608,164

      

663,642

    

End of period

  

$

519,030

    

$

608,164

    

(continues on next page)

See notes to financial statements.

 


13

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)  (continued)

   

USAA California Bond Fund

  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

Capital Transactions:

  

Fund Shares

  

Proceeds from shares issued

  

$

14,769

    

$

32,637

    

Distributions reinvested

    

6,803

      

13,547

    

Cost of shares redeemed

    

(54,267

)

    

(57,349

)

  

Total Fund Shares

  

$

(32,695

)

  

$

(11,165

)

  

Institutional Shares

  

Proceeds from shares issued

  

$

758

    

$

58

    

Distributions reinvested

    

15

      

15

    

Cost of shares redeemed

    

(96

)

    

(358

)

  

Total Institutional Shares

  

$

677

    

$

(285

)

  

Class A

  

Proceeds from shares issued

  

$

1

    

$

25

    

Distributions reinvested

    

4

      

28

    

Cost of shares redeemed

    

(573

)

    

(5,729

)

  

Total Class A

  

$

(568

)

  

$

(5,676

)

  

Change in net assets resulting from capital transactions

  

$

(32,586

)

  

$

(17,126

)

  

Share Transactions:

  

Fund Shares

  

Issued

    

1,419

      

2,826

    

Reinvested

    

660

      

1,180

    

Redeemed

    

(5,230

)

    

(5,011

)

  

Total Fund Shares

    

(3,151

)

    

(1,005

)

  

Institutional Shares

  

Issued

    

74

      

5

    

Reinvested

    

1

      

1

    

Redeemed

    

(9

)

    

(30

)

  

Total Institutional Shares

    

66

      

(24

)

  

Class A

  

Issued

    

—

(a)

    

2

    

Reinvested

    

—

(a)

    

2

    

Redeemed

    

(55

)

    

(493

)

  

Total Class A

    

(55

)

    

(489

)

  

Change in Shares

    

(3,140

)

    

(1,518

)

  

(a)  Rounds to less than 1 thousand shares.

See notes to financial statements.

 


14

 

This page is intentionally left blank.

 


15

 

USAA Mutual Funds Trust

  

Financial Highlights

  

For a Share Outstanding Throughout Each Period

      

      

Investment Activities

   Distributions to
Shareholders From		  
    Net Asset
Value,
Beginning of
Period		   Net
Investment
Income
(Loss)		   Net Realized
and Unrealized
Gains (Losses) 		  Total from
Investment
Activities		   Net
Investment
Income		   Total
Distributions		  

USAA California Bond Fund

      

Fund Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.81

      

0.15

(h)

    

(1.04

)

    

(0.89

)

    

(0.15

)

    

(0.15

)

  
Year Ended March 31:
2022		  

$

11.49

      

0.27

(h)

    

(0.68

)

    

(0.41

)

    

(0.27

)

    

(0.27

)

  

2021

  

$

11.17

      

0.27

(h)

    

0.32

      

0.59

      

(0.27

)

    

(0.27

)

  

2020

  

$

11.07

      

0.30

(h)

    

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

      

—

(i)

    

0.37

      

(0.37

)

    

(0.37

)

  

Institutional Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.81

      

0.15

(h)

    

(1.04

)

    

(0.89

)

    

(0.15

)

    

(0.15

)

  
Year Ended March 31:
2022		  

$

11.48

      

0.28

(h)

    

(0.67

)

    

(0.39

)

    

(0.28

)

    

(0.28

)

  
June 29, 2020 (j)
through
March 31, 2021		  

$

11.35

      

0.21

(h)

    

0.13

      

0.34

      

(0.21

)

    

(0.21

)

  

Class A

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.80

      

0.13

(h)

    

(1.04

)

    

(0.91

)

    

(0.13

)

    

(0.13

)

  
Year Ended March 31:
2022		  

$

11.47

      

0.25

(h)

    

(0.67

)

    

(0.42

)

    

(0.25

)

    

(0.25

)

  

2021

  

$

11.16

      

0.25

(h)

    

0.31

      

0.56

      

(0.25

)

    

(0.25

)

  

2020

  

$

11.06

      

0.27

(h)

    

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

      

—

(i)

    

0.34

      

(0.34

)

    

(0.34

)

  

(a)  Not annualized for periods less than one year.

(b)  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c)  Annualized for periods less than once year.

(d)  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019, for Fund Shares and Class A, and June 29, 2020, for Institutional Shares, and in effect through July 31, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

See notes to financial statements.

 


16

 

USAA Mutual Funds Trust

   Financial Highlights — continued  

For a Share Outstanding Throughout Each Period

      

      

Ratios to Average Net Assets

  

Supplemental Data

  
    Net Asset
Value,
End of
Period		   Total
Return
(Excludes
Sales
Charge)(a)(b)		   Net
Expenses(c)(d)(e)(f)		   Net
Investment
Income
(Loss)(c)		   Gross
Expenses(c)(f)		   Net Assets,
End of
Period
(000's)		   Portfolio
Turnover(a)(g)		  

USAA California Bond Fund

  

Fund Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

9.77

      

(8.34

)%

    

0.59

%

    

2.79

%

    

0.59

%

  

$

517,397

      

14

%

  
Year Ended March 31:
2022		  

$

10.81

      

(3.64

)%

    

0.55

%

    

2.39

%

    

0.55

%

  

$

606,474

      

11

%

  

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

%

  

Institutional Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

9.77

      

(8.30

)%

    

0.51

%

    

2.88

%

    

0.59

%

  

$

1,178

      

14

%

  
Year Ended March 31:
2022		  

$

10.81

      

(3.50

)%

    

0.51

%

    

2.43

%

    

0.58

%

  

$

592

      

11

%

  
June 29, 2020 (j)
through
March 31, 2021		  

$

11.48

      

3.01

%

    

0.50

%

    

2.44

%

    

0.94

%

  

$

911

      

32

%

  

Class A

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

9.76

      

(8.46

)%

    

0.85

%

    

2.52

%

    

0.93

%

  

$

455

      

14

%

  
Year Ended March 31:
2022		  

$

10.80

      

(3.78

)%

    

0.79

%

    

2.15

%

    

0.85

%

  

$

1,098

      

11

%

  

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

%

  

(e)  For the period beginning July 1, 2019, the amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund's management fee.

(f)  Does not include acquired fund fees and expenses, if any.

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

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

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

(j)  Commencement of operations.

See notes to financial statements.

 


17

 

USAA Mutual Funds Trust

   Notes to Financial Statements
September 30, 2022		  

  (Unaudited)

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 45 funds and is authorized to issue an unlimited number of shares, which are units of beneficial interest with no par value.

The accompanying financial statements are those of the USAA California Bond Fund (the "Fund"). The Fund offers three classes of shares: Fund Shares, Institutional Shares, and Class A. 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.

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 U.S. Generally Accepted Accounting Principles ("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"), acting as the valuation designee 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 designee as described in the Fund's valuation policies and procedures, which are approved by the Board.

 


18

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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 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.

A summary of the valuations as of September 30, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

   

Level 1

  

Level 2

  

Level 3

  

Total

  

Municipal Bonds

  

$

—

    

$

513,308

    

$

—

    

$

513,308

    

Total

  

$

—

    

$

513,308

    

$

—

    

$

513,308

    

For the six months ended September 30, 2022, there were no transfers into/out of Level 3.

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 generally take place within 35 days a month or more after the trade date. Securities that require more than 35 days to settle are considered a senior security and subject to Rule 18F-4. 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 Payables for Investments purchased on the accompanying Statement of Assets and Liabilities and the segregated assets are identified on the Schedule of Portfolio Investments.

Municipal Obligations:

The values of municipal obligations can fluctuate and may be affected by adverse tax, legislative, or political changes, and by financial developments affecting municipal issuers. 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 and recorded daily using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Interest income is recorded daily on the accrual basis. Gains or losses realized on sales of securities are recorded on the identified cost basis.

 


19

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

Federal Income Taxes:

The Fund intends 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.

For the six months ended September 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

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, 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 the security's last sale price on an exchange. For the six months ended September 30, 2022, 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)		  
$

37,600

    

$

41,600

    

$

—

    

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 Custodian fees.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended September 30, 2022, were as follows for the Fund (amounts in thousands):

  Excluding
U.S. Government Securities

  

Purchases

  

Sales

  

$

76,296

    

$

115,463

    
 


20

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 2022, are reflected on the Statement of Operations as Investment advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing the respective 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.

The performance period for each share class consists of the current month plus the previous 35 months. 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)		  
  +/- 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 the 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, 2022, to September 30, 2022, performance adjustments were $138, less than $1, and less than $1 for Fund Shares, Institutional Shares, and Class A, in thousands, respectively. Performance adjustments were 0.05%, 0.01%, and 0.05% 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.

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, 2022, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM also 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

 


21

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 2022, 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, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, 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. The 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, 2022, 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 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, 2022, 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.

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, 2022, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions in connection with sales of Class A. For the six months ended September 30, 2022, the Distributor received less than $1 thousand from commissions earned in connection with sales of Class A.

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, 2022, are reflected on the Statement of Operations as Custodian fees.

 


22

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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

The Adviser has entered into an expense limitation agreement with the Fund until at least July 31, 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 limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Performance adjustments, 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, 2022, 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, as amended June 29, 2022, 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.

As of September 30, 2022, 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 repayments are not probable at September 30, 2022.

Expires
2024		   Expires
2025		   Expires
2026		  

Total

  
$

7

    

$

2

    

$

7

    

$

16

    

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, 2022.

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.

State-Specific Risk — Because the Fund invests 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 and elevated global inflation 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

 


23

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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.

Decisions by the U.S. Federal Reserve 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.

Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

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 27, 2022, with a termination date of June 26, 2023. 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, 2022, 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 paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from April 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through September 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the 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, 2022.

Interfund Lending:

The Trust and the 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

 


24

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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 reflected on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2022.

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.

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 (loss) will be determined at the end of the current tax year ending March 31, 2023.

At the tax year ended March 31, 2022, the Fund had net capital loss carryforwards as summarized 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

  
$

874

    

$

4,028

    

$

4,902

    
 


25

 

USAA Mutual Funds Trust

   Supplemental Information
September 30, 2022		  

  (Unaudited)

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, 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, 2022, through September 30, 2022.

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. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

    Beginning
Account
Value
4/1/22		   Actual
Ending
Account
Value
9/30/22		   Hypothetical
Ending
Account
Value
9/30/22		   Actual
Expenses Paid
During Period
4/1/22-
9/30/22*		   Hypothetical
Expenses Paid
During Period
4/1/22-
9/30/22*		   Annualized
Expense Ratio
During Period
4/1/22-
9/30/22		  

Fund Shares

  

$

1,000.00

    

$

916.60

    

$

1,022.11

    

$

2.83

    

$

2.99

      

0.59

%

  

Institutional Shares

    

1,000.00

      

917.00

      

1,022.51

      

2.45

      

2.59

      

0.51

%

  

Class A

    

1,000.00

      

915.40

      

1,020.81

      

4.08

      

4.31

      

0.85

%

  

*  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).

 


26

 

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

  

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:

  

Call

  

www.vcm.com

   (800) 235-8396  

39600-1122

 

September 30, 2022

Semi Annual Report

USAA New York Bond Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

 

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.

 

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings

    

2

    

Schedule of Portfolio Investments

    

3

    

Financial Statements

  

Statement of Assets and Liabilities

    

9

    

Statement of Operations

    

10

    

Statements of Changes in Net Assets

    

11

    

Financial Highlights

    

14

    

Notes to Financial Statements

    

16

    

Supplemental Information

    

24

    

Proxy Voting and Portfolio Holdings Information

     24    

Expense Examples

     24    

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

 


1

 
USAA Mutual Funds Trust
USAA New York Bond Fund		  

September 30, 2022

  

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund provides New York investors with a high level of current interest income that is exempt from federal income tax and New York State and New York City personal income taxes.

Top 10 Industries:

September 30, 2022

(% of Net Assets)

General

    

18.7

%

  

Medical

    

15.2

%

  

Higher Education

    

13.8

%

  

General Obligation

    

9.8

%

  

Education

    

8.9

%

  

Transportation

    

8.3

%

  

Development

    

5.7

%

  

Nursing Homes

    

4.9

%

  

Utilities

    

2.5

%

  

Power

    

2.4

%

  

Refer to the Schedule of Portfolio Investments for a complete list of securities.

 


2

 
USAA Mutual Funds Trust
USAA New York Bond Fund		   Schedule of Portfolio Investments
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Shares or
Security Description		   Principal
Amount		  

Value

  

Other Equity Interests (0.0%) (a)

  

Utilities (0.0%):

  

CMS Liquidating Trust (b) (c) (d)

    

200

    

$

10

    

Total Other Equity Interests (Cost $499)

    

10

    

Municipal Bonds (100.2%)

  

New York (94.1%):

  
Albany Capital Resource Corp. Revenue
5.00%, 6/1/49, Continuously Callable @100		  

$

1,500

      

1,254

    

4.00%, 11/1/51, Continuously Callable @100

    

850

      

674

    
Albany County Airport Authority Revenue, Series A, 5.00%, 12/15/48, Continuously
Callable @100		    

1,000

      

1,031

    
Allegany County Capital Resource Corp. Revenue, Series A, 5.00%, 12/1/52,
Continuously Callable @100		    

1,000

      

912

    
Brookhaven Local Development Corp. Revenue
5.25%, 11/1/36, Continuously Callable @100		    

1,500

      

1,506

    

4.00%, 10/1/45, Continuously Callable @100

    

1,000

      

846

    

Series B, 4.00%, 11/1/55, Continuously Callable @102

    

1,000

      

739

    
Broome County Local Development Corp. Revenue, 4.00%, 1/1/47, Continuously
Callable @103		    

500

      

379

    
Buffalo & Erie County Industrial Land Development Corp. Revenue
5.00%, 7/1/40, Continuously Callable @100		    

2,000

      

1,774

    

5.00%, 8/1/52, Continuously Callable @100

    

1,000

      

920

    

Series A, 5.00%, 6/1/35, Continuously Callable @103

    

1,000

      

1,004

    
Build NYC Resource Corp. Revenue
5.00%, 6/1/40, Continuously Callable @100		    

700

      

706

    

5.00%, 8/1/40, Pre-refunded 8/1/25 @100

    

1,000

      

1,049

    

5.00%, 7/1/41, Continuously Callable @100

    

500

      

476

    

4.00%, 8/1/42, Continuously Callable @100

    

1,000

      

851

    

5.50%, 4/1/43, Continuously Callable @100

    

1,000

      

1,000

    

5.00%, 7/1/45, Continuously Callable @100

    

2,000

      

2,013

    

5.00%, 11/1/47

    

2,000

      

2,054

    

5.00%, 6/1/48, Continuously Callable @102

    

2,000

      

1,853

    

4.00%, 7/1/49, Continuously Callable @100

    

500

      

399

    

5.00%, 7/1/56, Continuously Callable @100

    

500

      

447

    

Bushnell's Basin Fire Association, Inc. Revenue, 3.00%, 11/1/30

    

2,445

      

2,033

    

City of Elmira, GO, 5.00%, 7/1/35, Continuously Callable @100

    

1,575

      

1,660

    
City of Long Beach NY, GO (INS — Build America Mutual Assurance Co.), Series B,
4.63%, 7/15/52, Continuously Callable @100		    

2,000

      

1,798

    
City of New York, GO
Series B, 2.85%, 10/1/46, Continuously Callable @100 (e)		    

4,600

      

4,600

    

Series D-1, 4.00%, 12/1/43, Continuously Callable @100

    

4,000

      

3,525

    

City of Newburgh, GO, Series A, 5.00%, 6/15/23, Continuously Callable @100

    

825

      

826

    
City of Poughkeepsie, GO
4.00%, 4/15/27		    

235

      

236

    

4.00%, 4/15/28

    

125

      

125

    

4.00%, 4/15/29

    

125

      

124

    

4.00%, 4/15/30

    

135

      

134

    

See notes to financial statements.

 


3

 
USAA Mutual Funds Trust
USAA New York Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
City of Yonkers, GO (INS — Assured Guaranty Municipal Corp.), Series A,
3.00%, 7/1/25, Continuously Callable @100		  

$

665

    

$

654

    

County of Nassau, GO, Series A, 5.00%, 1/1/38, Continuously Callable @100

    

1,000

      

1,031

    
County of Nassau, GO (INS — Assured Guaranty Municipal Corp.), Series C,
5.00%, 4/1/38, Continuously Callable @100		    

1,000

      

1,008

    
Dutchess County Local Development Corp. Revenue
5.00%, 7/1/46, Continuously Callable @100		    

600

      

601

    

Series A, 5.00%, 7/1/44, Pre-refunded 7/1/24 @100

    

1,000

      

1,031

    

Series A, 5.00%, 7/1/45, Continuously Callable @100

    

2,000

      

2,021

    

Series B, 4.00%, 7/1/41, Continuously Callable @100

    

2,000

      

1,617

    

Series B, 4.00%, 7/1/49, Continuously Callable @100

    

1,750

      

1,409

    
Genesee County Funding Corp. The Revenue, Series A, 5.25%, 12/1/52, Continuously
Callable @100		    

750

      

752

    
Hempstead Town Local Development Corp. Revenue
5.00%, 7/1/47, Continuously Callable @100		    

600

      

617

    

5.00%, 7/1/48, Continuously Callable @100

    

300

      

285

    
Hudson Yards Infrastructure Corp. Revenue, Series A, 4.00%, 2/15/44, Continuously
Callable @100		    

2,000

      

1,781

    
Jefferson County Civic Facility Development Corp. Revenue, 4.00%, 11/1/47,
Continuously Callable @100		    

1,000

      

780

    
Long Island Power Authority Revenue
Series A, 5.00%, 9/1/44, Continuously Callable @100		    

2,000

      

2,024

    

Series B, 5.00%, 9/1/41, Continuously Callable @100

    

1,000

      

1,025

    
Metropolitan Transportation Authority Revenue
Series A-1, 5.25%, 11/15/56, Continuously Callable @100		    

1,000

      

986

    

Series B, 4.00%, 11/15/50, Continuously Callable @100

    

1,000

      

795

    

Series D-1, 5.00%, 11/15/34, Continuously Callable @100

    

3,000

      

3,005

    

Series D-2, 2.90% (MUNIPSA+45bps), 11/15/44, (Put Date 11/15/22) (f) (g)

    

2,000

      

1,991

    

Series D-3, 4.00%, 11/15/49, Continuously Callable @100

    

2,000

      

1,601

    
Monroe County Industrial Development Corp. Revenue
5.00%, 12/1/46, Continuously Callable @100		    

1,000

      

974

    

4.00%, 12/1/46, Continuously Callable @100

    

2,000

      

1,579

    

4.00%, 10/1/47, Continuously Callable @100

    

1,000

      

813

    

5.00%, 6/1/59, Continuously Callable @100 (h)

    

1,000

      

884

    

Series A, 5.00%, 12/1/37, Continuously Callable @100

    

1,000

      

1,000

    

Series A, 5.00%, 12/1/42, Continuously Callable @100

    

2,000

      

1,979

    

Series C, 4.00%, 7/1/43, Continuously Callable @100

    

1,000

      

925

    
Monroe County Industrial Development Corp. Revenue (INS — Assured Guaranty
Municipal Corp.), 5.00%, 1/15/38, Continuously Callable @100		    

500

      

506

    
New York City Housing Development Corp. Revenue, Series K, 4.20%, 11/1/58,
Continuously Callable @100		    

2,990

      

2,520

    
New York City Industrial Development Agency Revenue, 4.00%, 3/1/45,
Continuously Callable @100		    

1,005

      

848

    
New York City Industrial Development Agency Revenue (INS — Assured Guaranty
Municipal Corp.), 2.25%, 10/1/29		    

1,225

      

1,125

    
New York City Transitional Finance Authority Building Aid Revenue
Series S, 5.00%, 7/15/43, Continuously Callable @100		    

1,250

      

1,270

    

Series S, 4.00%, 7/15/45, Continuously Callable @100

    

2,000

      

1,790

    

See notes to financial statements.

 


4

 
USAA Mutual Funds Trust
USAA New York Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
New York City Transitional Finance Authority Future Tax Secured Revenue
4.00%, 8/1/41, Continuously Callable @100		  

$

1,000

    

$

901

    

4.00%, 11/1/42, Continuously Callable @100

    

2,000

      

1,778

    

Series B, 4.00%, 8/1/41, Continuously Callable @100

    

1,000

      

902

    
New York City Trust for Cultural Resources Revenue
5.00%, 8/1/43, Pre-refunded 8/1/23 @100		    

1,000

      

1,016

    

4.00%, 7/1/46, Continuously Callable @100

    

1,000

      

862

    
New York Convention Center Development Corp. Revenue
5.00%, 11/15/45, Continuously Callable @100		    

500

      

497

    

Series S, 11/15/37 (i)

    

1,000

      

469

    
New York Convention Center Development Corp. Revenue (INS — Assured Guaranty
Municipal Corp.), Series B, 11/15/48 (i)		    

2,000

      

463

    
New York Liberty Development Corp. Revenue
5.25%, 10/1/35		    

2,500

      

2,590

    

5.50%, 10/1/37

    

560

      

594

    

5.00%, 11/15/44, Continuously Callable @100 (h)

    

1,000

      

894

    

2.80%, 9/15/69, Continuously Callable @100

    

1,500

      

1,223

    
New York State Dormitory Authority Revenue
5.00%, 7/1/34, Continuously Callable @100		    

500

      

506

    

5.00%, 12/1/37, Continuously Callable @100 (h)

    

1,300

      

1,220

    

4.00%, 8/1/38, Continuously Callable @100

    

2,000

      

1,704

    

6.00%, 7/1/40, Continuously Callable @100 (d) (h)

    

3,000

      

2,449

    

5.00%, 5/1/43, Continuously Callable @100

    

1,000

      

1,000

    

5.75%, 7/1/43, Continuously Callable @100

    

1,000

      

1,003

    

3.50%, 7/1/44, Continuously Callable @100

    

1,000

      

786

    

4.00%, 2/15/47, Continuously Callable @100

    

4,000

      

3,437

    

5.00%, 7/1/48, Pre-refunded 7/1/28 @100

    

430

      

468

    

5.00%, 7/1/48, Continuously Callable @100

    

570

      

586

    

4.00%, 3/15/49, Continuously Callable @100

    

750

      

655

    

5.00%, 7/1/51, Continuously Callable @100

    

725

      

696

    

5.00%, 7/1/57, Continuously Callable @100

    

1,000

      

900

    

Series A, 5.00%, 5/1/38, Continuously Callable @100

    

500

      

500

    

Series A, 4.00%, 7/1/43, Continuously Callable @100

    

2,000

      

1,672

    

Series A, 5.00%, 7/1/44, Continuously Callable @100

    

1,500

      

1,500

    

Series A, 4.00%, 7/1/45, Continuously Callable @100

    

2,250

      

1,990

    

Series A, 4.00%, 3/15/48, Continuously Callable @100

    

3,000

      

2,566

    

Series A, 4.00%, 3/15/49, Continuously Callable @100

    

1,500

      

1,274

    

Series A, 4.00%, 9/1/50, Continuously Callable @100

    

500

      

368

    

Series A-1, 4.00%, 7/1/45, Continuously Callable @100

    

3,000

      

2,654

    

Series C, 4.00%, 7/1/47, Continuously Callable @100

    

1,000

      

861

    
New York State Dormitory Authority Revenue (INS — AMBAC Assurance Corp.)
Series 1, 5.50%, 7/1/40		    

2,000

      

2,258

    

Series A, 5.50%, 5/15/30

    

3,275

      

3,670

    
New York State Dormitory Authority Revenue (NBGA — State of New York
Mortgage Agency), 5.00%, 6/1/33, Continuously Callable @100		    

1,990

      

1,992

    
New York State Thruway Authority Revenue
Series A, 4.00%, 1/1/56, Continuously Callable @100		    

1,000

      

827

    

Series B, 4.00%, 1/1/50, Continuously Callable @100

    

1,000

      

859

    
New York State Urban Development Corp. Revenue, 5.00%, 3/15/42, Continuously
Callable @100		    

3,000

      

3,090

    

See notes to financial statements.

 


5

 
USAA Mutual Funds Trust
USAA New York Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Oneida County Local Development Corp. Revenue, 4.00%, 7/1/39, Continuously
Callable @100		  

$

750

    

$

638

    
Oneida County Local Development Corp. Revenue (INS — Assured Guaranty Corp.),
4.00%, 12/1/51, Continuously Callable @100		    

500

      

408

    
Onondaga Civic Development Corp. Revenue
5.00%, 10/1/40, Continuously Callable @100		    

1,000

      

892

    

5.00%, 1/1/43, Continuously Callable @100

    

740

      

733

    
Onondaga County Trust for Cultural Resources Revenue, 5.00%, 5/1/40,
Continuously Callable @100		    

800

      

820

    
Southold Local Development Corp. Revenue, 5.00%, 12/1/45, Continuously
Callable @100		    

1,000

      

997

    
St. Lawrence County Industrial Development Agency Revenue
4.00%, 7/1/43, Continuously Callable @100		    

500

      

454

    

5.00%, 9/1/47, Continuously Callable @100

    

1,770

      

1,785

    
State of New York Mortgage Agency Revenue, Series 211, 3.80%, 10/1/48,
Continuously Callable @100		    

1,370

      

1,238

    
Suffolk County Economic Development Corp. Revenue, Series C, 5.00%, 7/1/33,
Continuously Callable @100		    

250

      

254

    
Tompkins County Development Corp. Revenue, 5.00%, 7/1/44, Continuously
Callable @100		    

1,375

      

1,296

    
Triborough Bridge & Tunnel Authority Revenue
Series A, 4.00%, 11/15/52, Continuously Callable @100		    

3,000

      

2,549

    

Series B, 11/15/32 (i)

    

1,000

      

662

    

TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100

    

1,000

      

1,006

    
Westchester County Healthcare Corp. Revenue, Series B, 6.00%, 11/1/30,
Continuously Callable @100		    

125

      

125

    
Westchester County Local Development Corp., 5.00%, 1/1/51, Continuously
Callable @103 (j)		    

1,000

      

934

    
Westchester County Local Development Corp. Revenue
5.00%, 1/1/34, Continuously Callable @100		    

1,500

      

1,507

    

5.00%, 7/1/42, Continuously Callable @104

    

450

      

458

    

5.00%, 11/1/46, Continuously Callable @100

    

1,000

      

937

    

5.00%, 6/1/47, Continuously Callable @100

    

1,000

      

942

    
Westchester Tobacco Asset Securitization Revenue, Series B, 5.00%, 6/1/41,
Continuously Callable @100		    

500

      

504

    
     

150,994

    

Guam (6.1%):

  
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

      

1,022

    
Guam Government Waterworks Authority Revenue
5.50%, 7/1/43, Pre-refunded 7/1/23 @100		    

1,000

      

1,015

    

Series A, 5.00%, 7/1/29, Continuously Callable @100

    

1,000

      

1,016

    

Series A, 5.00%, 7/1/35, Continuously Callable @100

    

500

      

505

    
Guam Power Authority Revenue
Series A, 5.00%, 10/1/37, Continuously Callable @100		    

1,165

      

1,168

    

Series A, 5.00%, 10/1/38, Continuously Callable @100

    

500

      

501

    

Series A, 5.00%, 10/1/44, Continuously Callable @100

    

750

      

729

    

See notes to financial statements.

 


6

 
USAA Mutual Funds Trust
USAA New York Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Guam Power Authority Revenue (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 10/1/30, Continuously Callable @100		  

$

1,000

    

$

1,000

    

Series A, 5.00%, 10/1/39, Continuously Callable @100

    

500

      

507

    
Territory of Guam Revenue
Series A, 5.00%, 12/1/46, Continuously Callable @100		    

500

      

457

    

Series D, 5.00%, 11/15/39, Continuously Callable @100

    

1,000

      

930

    
Territory of Guam Revenue (LOC — Barclays Bank PLC), Series 2017-XF2510,
2.57%, 12/1/46, Callable 12/1/26 @100 (e) (h)		    

1,000

      

1,000

    
     

9,850

    

Total Municipal Bonds (Cost $178,516)

    

160,844

    

Total Investments (Cost $179,015) — 100.2%

    

160,854

    

Liabilities in excess of other assets — (0.2)%

    

(294

)

  

NET ASSETS — 100.00%

  

$

160,560

    

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

(b)  Non-income producing security.

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

(d)  The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At September 30, 2022, illiquid securities were 1.5% of the Fund's 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)  Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022.

(g)  Put Bond.

(h)  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, 2022, the fair value of these securities was $6,447 thousands and amounted to 4.0% of net assets.

(i)  Zero-coupon bond.

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

AMBAC — American Municipal Bond Assurance Corporation

bps — Basis points

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

GO — General Obligation

LOC — Letter of Credit

MUNIPSA — Municipal Swap Index

See notes to financial statements.

 


7

 
USAA Mutual Funds Trust
USAA New York Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

  (Unaudited)

PLC — Public Limited Company

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

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

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

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

See notes to financial statements.

 


8

 

USAA Mutual Funds Trust

   Statement of Assets and Liabilities
September 30, 2022		  

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

    USAA New York
Bond Fund		  

Assets:

  

Investments, at value (Cost $179,015)

  

$

160,854

    

Cash

    

234

    

Receivables:

  

Interest

    

2,157

    

Capital shares issued

    

3

    

From Adviser

    

15

    

Prepaid expenses

    

2

    

Total Assets

    

163,265

    

Liabilities:

  

Payables:

  

Distributions

    

72

    

Investments purchased

    

2,032

    

Capital shares redeemed

    

471

    

Accrued expenses and other payables:

  

Investment advisory fees

    

53

    

Administration fees

    

20

    

Custodian fees

    

2

    

Transfer agent fees

    

7

    

Compliance fees

    

—

(a)

  

Trustees' fees

    

3

    
12b-1 fees    

—

(a)

  

Other accrued expenses

    

45

    

Total Liabilities

    

2,705

    

Net Assets:

  

Capital

    

183,558

    

Total accumulated earnings/(loss)

    

(22,998

)

  

Net Assets

  

$

160,560

    

Net Assets

  

Fund Shares

  

$

138,209

    

Institutional Shares

    

21,198

    

Class A

    

1,153

    

Total

  

$

160,560

    

Shares (unlimited number of shares authorized with no par value):

  

Fund Shares

    

13,632

    

Institutional Shares

    

2,092

    

Class A

    

114

    

Total

    

15,838

    

Net asset value, offering and redemption price per share: (b)

  

Fund Shares

  

$

10.14

    

Institutional Shares

    

10.13

    

Class A

    

10.12

    

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		  

$

10.35

    

(a)  Rounds to less than $1 thousand.

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

See notes to financial statements.

 


9

 

USAA Mutual Funds Trust

   Statement of Operations
For the Six Months Ended September 30, 2022		  

(Amounts in Thousands)  (Unaudited)

    USAA New York
Bond Fund		  

Investment Income:

  

Interest

  

$

3,352

    

Total Income

    

3,352

    

Expenses:

  

Investment advisory fees

    

376

    

Administration fees — Fund Shares

    

115

    

Administration fees — Institutional Shares

    

11

    

Administration fees — Class A

    

1

    

Sub-Administration fees

    

12

    
12b-1 fees — Class A    

2

    

Custodian fees

    

3

    

Transfer agent fees — Fund Shares

    

25

    

Transfer agent fees — Institutional Shares

    

11

    

Transfer agent fees — Class A

    

1

    

Trustees' fees

    

25

    

Compliance fees

    

1

    

Legal and audit fees

    

36

    

State registration and filing fees

    

—

(a)

  

Other expenses

    

22

    

Total Expenses

    

641

    

Expenses waived/reimbursed by Adviser

    

(34

)

  

Net Expenses

    

607

    

Net Investment Income (Loss)

    

2,745

    

Realized/Unrealized Gains (Losses) from Investments:

  

Net realized gains (losses) from investment securities

    

(987

)

  

Net change in unrealized appreciation/depreciation on investment securities

    

(19,413

)

  

Net realized/unrealized gains (losses) on investments

    

(20,400

)

  

Change in net assets resulting from operations

  

$

(17,655

)

  

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

 


10

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)

   

USAA New York Bond Fund

  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

From Investments:

  

Operations:

  

Net Investment Income (Loss)

  

$

2,745

    

$

5,688

    

Net realized gains (losses)

    

(987

)

    

(316

)

  

Net change in unrealized appreciation/depreciation

    

(19,413

)

    

(12,062

)

  

Change in net assets resulting from operations

    

(17,655

)

    

(6,690

)

  

Distributions to Shareholders:

  

Fund Shares

    

(2,365

)

    

(5,434

)

  

Institutional Shares

    

(352

)

    

(228

)

  

Class A

    

(18

)

    

(48

)

  

Change in net assets resulting from distributions to shareholders

    

(2,735

)

    

(5,710

)

  

Change in net assets resulting from capital transactions

    

(12,506

)

    

(10,562

)

  

Change in net assets

    

(32,896

)

    

(22,962

)

  

Net Assets:

  

Beginning of period

    

193,456

      

216,418

    

End of period

  

$

160,560

    

$

193,456

    

(continues on next page)

See notes to financial statements.

 


11

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)  (continued)

   

USAA New York Bond Fund

  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

Capital Transactions:

  

Fund Shares

  

Proceeds from shares issued

  

$

4,799

    

$

12,790

    

Distributions reinvested

    

1,930

      

4,576

    

Cost of shares redeemed

    

(21,101

)

    

(43,318

)

  

Total Fund Shares

  

$

(14,372

)

  

$

(25,952

)

  

Institutional Shares

  

Proceeds from shares issued

  

$

7,121

    

$

20,383

    

Distributions reinvested

    

351

      

227

    

Cost of shares redeemed

    

(5,200

)

    

(601

)

  

Total Institutional Shares

  

$

2,272

    

$

20,009

    

Class A

  

Proceeds from shares issued

  

$

53

    

$

543

    

Distributions reinvested

    

17

      

45

    

Cost of shares redeemed

    

(476

)

    

(5,207

)

  

Total Class A

  

$

(406

)

  

$

(4,619

)

  

Change in net assets resulting from capital transactions

  

$

(12,506

)

  

$

(10,562

)

  

Share Transactions:

  

Fund Shares

  

Issued

    

443

      

1,044

    

Reinvested

    

179

      

377

    

Redeemed

    

(1,941

)

    

(3,573

)

  

Total Fund Shares

    

(1,319

)

    

(2,152

)

  

Institutional Shares

  

Issued

    

654

      

1,667

    

Reinvested

    

32

      

19

    

Redeemed

    

(475

)

    

(49

)

  

Total Institutional Shares

    

211

      

1,637

    

Class A

  

Issued

    

5

      

44

    

Reinvested

    

2

      

4

    

Redeemed

    

(43

)

    

(426

)

  

Total Class A

    

(36

)

    

(378

)

  

Change in Shares

    

(1,144

)

    

(893

)

  

See notes to financial statements.

 


12

 

This page is intentionally left blank.

 


13

 

USAA Mutual Funds Trust

  

Financial Highlights

  

For a Share Outstanding Throughout Each Period

       

Investment Activities

   Distributions to
Shareholders From		  
    Net Asset
Value,
Beginning of
Period		   Net
Investment
Income
(Loss)		   Net Realized
and Unrealized
Gains (Losses)		   Total from
Investment
Activities		   Net
Investment
Income		   Total
Distributions		  

USAA New York Bond Fund

      

Fund Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

11.39

      

0.17

(h)

    

(1.25

)

    

(1.08

)

    

(0.17

)

    

(0.17

)

  
Year Ended March 31:
2022		  

$

12.11

      

0.32

(h)

    

(0.72

)

    

(0.40

)

    

(0.32

)

    

(0.32

)

  

2021

  

$

11.80

      

0.34

(h)

    

0.31

      

0.65

      

(0.34

)

    

(0.34

)

  

2020

  

$

11.87

      

0.38

(h)

    

(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

)

  

Institutional Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

11.38

      

0.17

(h)

    

(1.25

)

    

(1.08

)

    

(0.17

)

    

(0.17

)

  
Year Ended March 31:
2022		  

$

12.10

      

0.33

(h)

    

(0.72

)

    

(0.39

)

    

(0.33

)

    

(0.33

)

  
June 29, 2020 (i)
through
March 31, 2021		  

$

11.94

      

0.26

(h)

    

0.16

      

0.42

      

(0.26

)

    

(0.26

)

  

Class A

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

11.37

      

0.16

(h)

    

(1.25

)

    

(1.09

)

    

(0.16

)

    

(0.16

)

  
Year Ended March 31:
2022		  

$

12.08

      

0.30

(h)

    

(0.72

)

    

(0.42

)

    

(0.29

)

    

(0.29

)

  

2021

  

$

11.77

      

0.32

(h)

    

0.31

      

0.63

      

(0.32

)

    

(0.32

)

  

2020

  

$

11.84

      

0.35

(h)

    

(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

)

  

(a)  Not annualized for periods less than one year.

(b)  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c)  Annualized for periods less than one year.

(d)  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019, for Fund Shares and Class A, and June 29, 2020, for Institutional Shares, and in effect through July 31, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

See notes to financial statements.

 


14

 

USAA Mutual Funds Trust

   Financial Highlights — continued  

For a Share Outstanding Throughout Each Period

       

Ratios to Average Net Assets

  

Supplemental Data

  
    Net Asset
Value,
End of
Period		   Total
Return
(Excludes
Sales
Charge)(a)(b)		   Net
Expenses(c)(d)(e)(f)		   Net
Investment
Income
(Loss)(c)		   Gross
Expenses(c)(f)		   Net Assets,
End of
Period
(000's)		   Portfolio
Turnover(a)(g)		  

USAA New York Bond Fund

  

Fund Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.14

      

(9.58

)%

    

0.69

%

    

3.09

%

    

0.73

%

  

$

138,209

      

10

%

  
Year Ended March 31:
2022		  

$

11.39

      

(3.40

)%

    

0.64

%

    

2.65

%

    

0.64

%

  

$

170,335

      

10

%

  

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

%

  

Institutional Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.13

      

(9.55

)%

    

0.61

%

    

3.18

%

    

0.69

%

  

$

21,198

      

10

%

  
Year Ended March 31:
2022		  

$

11.38

      

(3.39

)%

    

0.61

%

    

2.72

%

    

0.65

%

  

$

21,414

      

10

%

  
June 29, 2020 (i)
through
March 31, 2021		  

$

12.10

      

3.55

%

    

0.61

%

    

2.86

%

    

0.77

%

  

$

2,958

      

19

%

  

Class A

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.12

      

(9.69

)%

    

0.88

%

    

2.91

%

    

0.99

%

  

$

1,153

      

10

%

  
Year Ended March 31:
2022		  

$

11.37

      

(3.56

)%

    

0.85

%

    

2.46

%

    

0.92

%

  

$

1,707

      

10

%

  

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

%

  

(e)  From the period beginning July 1, 2019, the amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund's management fee.

(f)  Does not include acquired fund fees and expenses, if any.

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

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

(i)  Commencement of operations.

See notes to financial statements.

 


15

 

USAA Mutual Funds Trust

   Notes to Financial Statements
September 30, 2022		  

  (Unaudited)

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 45 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 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.

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.

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 U.S. Generally Accepted Accounting Principles ("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"), acting as the valuation designee 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 designee as described in the Fund's valuation policies and procedures, which are approved by the Board.

 


16

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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 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.

A summary of the valuations as of September 30, 2022, 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

  

Other Equity Interests

  

$

—

    

$

—

    

$

10

    

$

10

    

Municipal Bonds

    

—

      

160,844

      

—

      

160,844

    

Total

  

$

—

    

$

160,844

    

$

10

    

$

160,854

    

For the six months ended September 30, 2022, there were no transfers into/out of Level 3.

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 generally take place within 35 days a month or more after the trade date. Securities that require more than 35 days to settle are considered a senior security and subject to Rule 18F-4. 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 Payables for Investments purchased on the accompanying Statement of Assets and Liabilities and the segregated assets are identified on the Schedule of Portfolio Investments.

Municipal Obligations:

The values of municipal obligations can fluctuate and may be affected by adverse tax, legislative, or political changes, and by financial developments affecting municipal issuers. 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 and recorded daily using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Interest income is recorded daily on the accrual basis. Gains or losses realized on sales of securities are recorded on the identified cost basis.

 


17

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

Federal Income Taxes:

The Fund intends 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.

For the six months ended September 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

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, 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 the security's last sale price on an exchange. For the six months ended September 30, 2022, 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)		  
$

12,800

    

$

16,629

    

$

—

    

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 Custodian fees.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended September 30, 2022, were as follows for the Fund (amounts in thousands):

  Excluding
U.S. Government Securities

  

Purchases

  

Sales

  

$

16,815

    

$

30,282

    
 


18

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 2022, are reflected on the Statement of Operations as Investment advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing the respective 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.

The performance period for each share class consists of the current month plus the previous 35 months. 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)		  
  +/- 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 the 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 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, 2022, to September 30, 2022, performance adjustments were $35, $1, and less than $(1) for Fund Shares, Institutional Shares, and Class A, in thousands, respectively. Performance adjustments were 0.05%, 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.

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, 2022, the Fund had no subadvisers.

 


19

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

Administration and Servicing Fees:

VCM also 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, 2022, 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, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, 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. The 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, 2022, 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 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, 2022, 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.

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, 2022, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions in connection with sales of Class A. For the six months ended September 30, 2022, the Distributor did not receive any commissions.

 


20

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 2022, 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 July 31, 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 limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Performance adjustments, 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, 2022, the expense limits (excluding voluntary waivers) were 0.65%, 0.61%, and 0.90% for Fund Shares, Institutional Shares, and Class A, respectively.

Under the terms of the expense limitation agreement, as amended June 29, 2022, 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.

As of September 30, 2022, 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 repayments are not probable at September 30, 2022.

Expires
2024		   Expires
2025		   Expires
2026		  

Total

  
$

7

    

$

5

    

$

34

    

$

46

    

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, 2022.

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.

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 and elevated global inflation may exacerbate some or all of these risks.

 


21

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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.

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.

Decisions by the U.S. Federal Reserve 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.

Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

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 27, 2022, with a termination date of June 26, 2023. 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.

 


22

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

For the six months ended September 30, 2022, 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 paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from April 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through September 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the 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, 2022.

Interfund Lending:

The Trust and the 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 reflected on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2022.

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.

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 (loss) will be determined at the end of the current tax year ending March 31, 2023.

At the tax year ended March 31, 2022, the Fund had net capital loss carryforwards as summarized in the table below (amounts in thousands). It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used.

Short-Term
Amount		   Long-Term
Amount		  

Total

  
$

1,586

    

$

2,260

    

$

3,846

    
 


23

 

USAA Mutual Funds Trust

   Supplemental Information
September 30, 2022		  

  (Unaudited)

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, 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, 2022, through September 30, 2022.

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. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

    Beginning
Account
Value
4/1/22		   Actual
Ending
Account
Value
9/30/22		   Hypothetical
Ending
Account
Value
9/30/22		   Actual
Expenses Paid
During Period
4/1/22-
9/30/22*		   Hypothetical
Expenses Paid
During Period
4/1/22-
9/30/22*		   Annualized
Expense Ratio
During Period
4/1/22-
9/30/22		  

Fund Shares

  

$

1,000.00

    

$

904.20

    

$

1,021.61

    

$

3.29

    

$

3.50

      

0.69

%

  

Institutional Shares

    

1,000.00

      

904.50

      

1,022.01

      

2.91

      

3.09

      

0.61

%

  

Class A

    

1,000.00

      

903.10

      

1,020.66

      

4.20

      

4.46

      

0.88

%

  

*  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).

 


24

 

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

  

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:

  

Call

  

www.vcm.com

   (800) 235-8396  

39608-1122

 

September 30, 2022

Semi Annual Report

USAA Virginia Bond Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

 

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.

 

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings

    

2

    

Schedule of Portfolio Investments

    

3

    

Financial Statements

      

Statement of Assets and Liabilities

     10    

Statement of Operations

     11    

Statements of Changes in Net Assets

     12    

Financial Highlights

     14    

Notes to Financial Statements

    

16

    

Supplemental Information

    

24

    

Proxy Voting and Portfolio Holdings Information

     24    

Expense Examples

     24    

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

 


1

 
USAA Mutual Funds Trust
USAA Virginia Bond Fund 		 

September 30, 2022

  

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund provides Virginia investors with a high level of current interest income that is exempt from federal and Virginia state income taxes.

Top 10 Industries

September 30, 2022

(% of Net Assets)

General

    

22.8

%

  

Medical

    

18.5

%

  

Nursing Homes

    

11.7

%

  

Higher Education

    

8.8

%

  

Transportation

    

7.4

%

  

Water

    

6.1

%

  

Development

    

4.3

%

  

Facilities

    

3.8

%

  

Multifamily Housing

    

3.2

%

  

Utilities

    

3.0

%

  

Refer to the Schedule of Portfolio Investments for a complete list of securities.

 


2

 
USAA Mutual Funds Trust
USAA Virginia Bond Fund		   Schedule of Portfolio Investments
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Municipal Bonds (99.7%)

  

Virginia (91.5%):

  
Alexandria IDA Revenue, Series C, 4.00%, 1/1/46,
Continuously Callable @100		  

$

2,400

    

$

2,025

    
Amherst IDA Revenue
5.00%, 9/1/26, Continuously Callable @100		    

1,105

      

1,101

    

4.75%, 9/1/30, Continuously Callable @100

    

2,000

      

1,921

    
Arlington County IDA Revenue
5.00%, 2/15/43, Continuously Callable @100		    

1,775

      

1,842

    

4.00%, 7/1/45, Continuously Callable @100

    

1,585

      

1,375

    
Bristol Industrial Development Authority Revenue, 5.00%, 11/1/53,
Continuously Callable @100		    

8,030

      

7,892

    

Campbell County IDA Revenue, 4.00%, 6/1/44, Continuously Callable @100

    

4,600

      

4,084

    
Capital Region Airport Commission Revenue
Series A, 4.00%, 7/1/36, Continuously Callable @100		    

700

      

652

    

Series A, 4.00%, 7/1/38, Continuously Callable @100

    

750

      

682

    
Charles City County Economic Development Authority Revenue,
Series A, 2.88%, 2/1/29, Continuously Callable @101		    

10,000

      

9,050

    
Chesapeake Bay Bridge & Tunnel District Revenue
5.50%, 7/1/25		    

5,000

      

5,168

    

5.00%, 7/1/46, Continuously Callable @100

    

5,805

      

5,861

    

5.00%, 7/1/51, Continuously Callable @100

    

3,435

      

3,470

    
Chesapeake Bay Bridge & Tunnel District Revenue (INS — Assured
Guaranty Municipal Corp.), 5.00%, 7/1/41, Continuously Callable @100		    

5,000

      

5,079

    
Chesapeake Hospital Authority Revenue
4.00%, 7/1/39, Continuously Callable @100		    

1,000

      

884

    

4.00%, 7/1/43, Continuously Callable @100

    

4,000

      

3,465

    
City of Chesapeake Expressway Toll Road Revenue
7/15/32, Continuously Callable @100 (a)		    

6,520

      

6,235

    

7/15/40, Continuously Callable @100 (h)

    

3,000

      

2,871

    

City of Lynchburg, GO, 4.00%, 6/1/44, Continuously Callable @100

    

5,000

      

4,686

    
City of Norfolk, GO
Series A, 4.00%, 9/1/37, Continuously Callable @100		    

2,040

      

1,986

    

Series A, 4.00%, 9/1/39, Continuously Callable @100

    

1,535

      

1,469

    
City of Portsmouth, GO
5.00%, 2/1/33, Pre-refunded 2/1/23 @ 100		    

880

      

885

    

5.00%, 2/1/33, Pre-refunded 2/1/23 @ 100

    

120

      

121

    
City of Richmond Public Utility Revenue
4.00%, 1/15/40, Continuously Callable @100		    

6,000

      

5,730

    

Series A, 5.00%, 1/15/38, Pre-refunded 1/15/23 @ 100

    

6,000

      

6,031

    

Series A, 4.00%, 1/15/50, Continuously Callable @100

    

1,730

      

1,518

    
City of Richmond, GO
Series D, 5.00%, 3/1/32		    

800

      

905

    

Series D, 5.00%, 3/1/33

    

1,000

      

1,135

    
County of Fairfax VA Sewer Revenue
Series A, 5.00%, 7/15/46, Continuously Callable @100		    

10,000

      

10,603

    

Series A, 4.00%, 7/15/51, Continuously Callable @100

    

10,000

      

8,909

    
Fairfax County Economic Development Authority Revenue
5.00%, 4/1/47, Continuously Callable @100		    

4,000

      

4,158

    

Series A, 5.00%, 10/1/29, Pre-refunded 10/1/24 @ 100

    

2,000

      

2,069

    

See notes to financial statements.

 


3

 
USAA Mutual Funds Trust
USAA Virginia Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Series A, 5.00%, 10/1/30, Pre-refunded 10/1/24 @ 100

  

$

2,000

    

$

2,069

    

Series A, 5.00%, 10/1/31, Pre-refunded 10/1/24 @ 100

    

2,000

      

2,069

    

Series A, 5.00%, 10/1/32, Pre-refunded 10/1/24 @ 100

    

1,500

      

1,552

    

Series A, 5.00%, 12/1/32, Pre-refunded 12/1/23 @ 100

    

1,500

      

1,530

    

Series A, 5.00%, 10/1/33, Pre-refunded 10/1/24 @ 100

    

2,200

      

2,276

    

Series A, 5.00%, 10/1/34, Pre-refunded 10/1/24 @ 100

    

2,000

      

2,069

    

Series A, 5.00%, 10/1/42, Pre-refunded 10/1/24 @ 102

    

2,250

      

2,370

    

Series A, 4.00%, 10/1/42, Pre-refunded 10/1/24 @ 102

    

2,750

      

2,844

    

Series A, 5.00%, 12/1/42, Pre-refunded 12/1/23 @ 100

    

2,800

      

2,855

    

Series B, 5.00%, 10/1/35, Pre-refunded 10/1/27 @ 100

    

2,620

      

2,835

    

Series B, 5.00%, 10/1/36, Pre-refunded 10/1/27 @ 100

    

2,000

      

2,164

    
Fairfax County IDA Revenue
Series A, 4.00%, 5/15/44, Continuously Callable @100		    

6,900

      

6,278

    

Series A, 4.00%, 5/15/48, Continuously Callable @100

    

1,500

      

1,325

    
Farmville Industrial Development Authority Revenue,
5.38%, 7/1/53, (Put Date 7/1/43), Continuously Callable @103 (c)		    

6,000

      

6,160

    
Front Royal & Warren County IDA Revenue, 4.00%, 1/1/50,
Continuously Callable @103		    

7,000

      

5,934

    
Greater Richmond Convention Center Authority Revenue,
5.00%, 6/15/32, Pre-refunded 6/15/25 @ 100		    

1,500

      

1,569

    
Hampton Roads Sanitation District Revenue, Series A,
5.00%, 8/1/43, Pre-refunded 8/1/26 @ 100		    

4,700

      

5,003

    
Hampton Roads Transportation Accountability Commission Revenue
Series A, 5.00%, 7/1/52, Pre-refunded 1/1/28 @ 100		    

15,000

      

16,295

    

Series A, 4.00%, 7/1/52, Continuously Callable @100

    

5,000

      

4,534

    
Henrico County Economic Development Authority Revenue
5.00%, 6/1/24, Continuously Callable @100		    

1,200

      

1,200

    

4.25%, 6/1/26, Continuously Callable @100

    

140

      

136

    

5.00%, 10/1/37, Continuously Callable @103

    

2,500

      

2,525

    

4.00%, 10/1/40, Continuously Callable @103

    

500

      

448

    

4.00%, 10/1/45, Continuously Callable @103

    

725

      

620

    

4.00%, 10/1/50, Continuously Callable @103

    

1,500

      

1,246

    

5.00%, 10/1/52, Continuously Callable @103

    

2,200

      

2,144

    
James City County Economic Development Authority Revenue
4.00%, 6/1/47, Continuously Callable @103		    

1,000

      

735

    

Series A, 4.00%, 12/1/50, Continuously Callable @103

    

9,905

      

7,110

    
Lewistown Commerce Center Community Development Authority Tax Allocation
6.05%, 3/1/44, Continuously Callable @103 (d)		    

1,053

      

695

    

6.05%, 3/1/44, Continuously Callable @103

    

665

      

534

    

Series C, 0.50%, 3/1/54, Continuously Callable @100

    

2,599

      

390

    
Lexington IDA Revenue
4.00%, 1/1/31, Continuously Callable @102		    

750

      

681

    

4.00%, 1/1/37, Continuously Callable @102

    

1,000

      

842

    

5.00%, 1/1/48, Continuously Callable @100

    

1,000

      

1,025

    

Series A, 5.00%, 1/1/42, Continuously Callable @103

    

1,000

      

1,034

    

Series A, 5.00%, 1/1/48, Continuously Callable @103

    

1,250

      

1,293

    
Loudoun County Economic Development Authority Revenue
5.00%, 12/1/31, Continuously Callable @100		    

1,135

      

1,177

    

5.00%, 12/1/32, Continuously Callable @100

    

800

      

829

    

5.00%, 12/1/33, Continuously Callable @100

    

775

      

802

    

See notes to financial statements.

 


4

 
USAA Mutual Funds Trust
USAA Virginia Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

5.00%, 12/1/34, Continuously Callable @100

  

$

805

    

$

831

    

Series A, 4.00%, 10/1/52, Continuously Callable @100

    

2,250

      

1,959

    
Lynchburg Economic Development Authority Revenue, 4.00%, 1/1/40,
Continuously Callable @100		    

1,100

      

955

    
Lynchburg Economic Development Authority Revenue
4.00%, 1/1/39, Continuously Callable @100		    

1,320

      

1,155

    

5.00%, 9/1/43, Continuously Callable @100

    

3,000

      

3,007

    

4.00%, 1/1/55, Continuously Callable @100

    

12,920

      

10,376

    

Series A, 5.00%, 1/1/47, Continuously Callable @100

    

2,250

      

2,264

    
Lynchburg Economic Development Authority Revenue
(LIQ — JPMorgan Chase & Co.), Series 2018-XL0075, 2.70%, 1/1/47 (e) (f)		    

3,400

      

3,400

    
Lynchburg Economic Development Authority Revenue
(LOC — Branch Banking & Trust Co.),
Series A-3, 2.30%, 1/1/47, Continuously Callable @100 (f)		    

500

      

500

    
Manassas Park Economic Development Authority Revenue,
4.00%, 12/15/52, Continuously Callable @100		    

4,500

      

3,730

    
Marquis Community Development Authority of York County Virginia Tax
Allocation, Series B, 2.81%, 9/1/41 (d) (g)		    

3,532

      

1,699

    

Marquis Community Development Authority Revenue, 3.75%, 9/1/45 (d) (e) (g)

    

1,093

      

526

    
Marquis Community Development Authority Tax Allocation,
Series C, 9/1/41 (b) (g)		    

5,389

      

248

    
Montgomery County Economic Development Authority Revenue
Series A, 4.00%, 6/1/36, Continuously Callable @100		    

1,125

      

1,083

    

Series A, 4.00%, 6/1/39, Continuously Callable @100

    

1,750

      

1,630

    

Norfolk Airport Authority Revenue, 5.00%, 7/1/43, Continuously Callable @100

    

2,800

      

2,830

    
Norfolk Economic Development Authority Revenue
5.00%, 11/1/30, Pre-refunded 11/1/22 @ 100		    

1,000

      

1,001

    

Series A, 2.46%, 11/1/34, Continuously Callable @100 (f)

    

1,100

      

1,100

    

Series B, 5.00%, 11/1/43, Continuously Callable @100

    

3,500

      

3,502

    

Series B, 5.00%, 11/1/48, (Put Date 11/1/28) (c)

    

1,600

      

1,712

    

Series B, 4.00%, 11/1/48, Continuously Callable @100

    

1,100

      

942

    
Prince Edward County IDA Revenue
4.00%, 9/1/43, Continuously Callable @100		    

2,250

      

1,974

    

5.00%, 9/1/48, Continuously Callable @100

    

2,055

      

2,086

    
Prince Edward County Industrial Development Authority Revenue,
5.25%, 9/1/57, Continuously Callable @100		    

3,000

      

3,117

    
Prince William County IDA Revenue
5.00%, 1/1/37, Continuously Callable @102		    

1,000

      

889

    

5.00%, 1/1/46, Continuously Callable @102

    

4,000

      

3,324

    

5.00%, 11/1/46, Pre-refunded 11/1/22 @ 100

    

10,000

      

10,015

    
Radford IDA Revenue (NBGA — Fannie Mae), 3.50%, 9/15/29,
Continuously Callable @100		    

4,000

      

3,864

    
Rappahannock Regional Jail Authority Revenue
5.00%, 10/1/34, Pre-refunded 10/1/25 @ 100		    

2,340

      

2,460

    

5.00%, 10/1/35, Pre-refunded 10/1/25 @ 100

    

1,165

      

1,224

    
Roanoke Economic Development Authority Revenue
5.00%, 7/1/47		    

6,250

      

6,276

    

4.00%, 7/1/51, Continuously Callable @100

    

5,000

      

4,190

    

Series A, 5.00%, 9/1/36, Continuously Callable @100

    

1,640

      

1,680

    

Series A, 5.00%, 9/1/43, Continuously Callable @100

    

4,060

      

4,114

    

See notes to financial statements.

 


5

 
USAA Mutual Funds Trust
USAA Virginia Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Rockingham County Economic Development Authority Revenue
4.00%, 12/1/33, Continuously Callable @100		  

$

1,000

    

$

908

    

5.00%, 12/1/39, Continuously Callable @100

    

4,180

      

4,017

    
Salem Economic Development Authority Revenue
4.00%, 4/1/38, Continuously Callable @100		    

250

      

224

    

4.00%, 4/1/39, Continuously Callable @100

    

225

      

200

    

4.00%, 4/1/40, Continuously Callable @100

    

250

      

221

    

4.00%, 4/1/45, Continuously Callable @100

    

750

      

631

    

5.00%, 4/1/49, Continuously Callable @100

    

910

      

916

    
Stafford County Economic Development Authority Revenue
5.00%, 6/15/36, Continuously Callable @100		    

5,900

      

5,974

    

4.00%, 6/15/37, Continuously Callable @100

    

6,495

      

5,821

    
Tobacco Settlement Financing Corp. Revenue, Series B-1, 5.00%, 6/1/47,
Continuously Callable @100		    

10,000

      

9,165

    
University of Virginia Revenue
Series A, 5.00%, 6/1/37, Pre-refunded 6/1/23 @ 100		    

4,405

      

4,458

    

Series A, 5.00%, 4/1/42, Continuously Callable @100

    

4,000

      

4,161

    

Series A, 5.00%, 4/1/47, Continuously Callable @100

    

5,000

      

5,150

    

Series A-1, 4.00%, 4/1/45, Continuously Callable @100

    

5,000

      

4,623

    

Series B, 5.00%, 4/1/46, Continuously Callable @100

    

5,000

      

5,154

    
Upper Occoquan Sewage Authority Revenue, 4.00%, 7/1/39,
Pre-refunded 7/1/25 @ 100		    

2,000

      

2,042

    
Virginia Beach Development Authority Revenue
5.00%, 9/1/40, Continuously Callable @103		    

3,250

      

3,066

    

5.00%, 9/1/44, Continuously Callable @103

    

4,865

      

4,465

    

4.00%, 9/1/48, Continuously Callable @103

    

3,755

      

2,861

    

Series A, 5.00%, 5/1/29, Continuously Callable @100

    

1,795

      

1,845

    
Virginia College Building Authority Revenue
5.00%, 6/1/23		    

125

      

126

    

5.00%, 6/1/24

    

225

      

229

    

5.00%, 6/1/25

    

250

      

256

    

5.00%, 6/1/26

    

250

      

256

    

5.00%, 6/1/27

    

275

      

281

    

5.00%, 6/1/28

    

295

      

302

    

5.00%, 6/1/29

    

300

      

307

    

5.00%, 6/1/30

    

325

      

333

    

5.00%, 2/1/31, Continuously Callable @100

    

10,000

      

10,778

    

5.00%, 6/1/31

    

300

      

307

    

5.00%, 2/1/32, Continuously Callable @100

    

4,000

      

4,292

    

4.00%, 1/15/33, Continuously Callable @100

    

965

      

950

    

4.00%, 1/15/35, Continuously Callable @100

    

545

      

521

    

4.00%, 1/15/36, Continuously Callable @100

    

650

      

613

    

4.00%, 6/1/36, Continuously Callable @100

    

925

      

808

    

4.00%, 1/15/43, Continuously Callable @100

    

1,285

      

1,133

    

4.00%, 6/1/46, Continuously Callable @100

    

1,000

      

757

    

Series A, 4.00%, 2/1/35, Continuously Callable @100

    

8,000

      

7,871

    

Series A, 3.00%, 1/15/46, Continuously Callable @100

    

1,000

      

693

    

Series A, 3.00%, 1/15/51, Continuously Callable @100

    

1,175

      

768

    
Virginia Commonwealth Transportation Board Regional Fuels Tax Revenue,
4.00%, 5/15/46, Continuously Callable @100		    

5,195

      

4,715

    

See notes to financial statements.

 


6

 
USAA Mutual Funds Trust
USAA Virginia Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Virginia Commonwealth Transportation Board Revenue
5.00%, 3/15/32, Continuously Callable @100		  

$

3,350

    

$

3,582

    

5.00%, 9/15/32, Continuously Callable @100

    

9,190

      

9,808

    

4.00%, 5/15/42, Continuously Callable @100

    

10,000

      

9,262

    

Series A, 4.00%, 5/15/36, Continuously Callable @100

    

2,000

      

1,939

    
Virginia Commonwealth University Health System Authority Revenue,
5.00%, 7/1/46, Continuously Callable @100		    

5,500

      

5,549

    
Virginia Commonwealth University Revenue
Series A, 4.00%, 11/1/37, Continuously Callable @100		    

750

      

712

    

Series A, 5.00%, 11/1/38, Continuously Callable @100

    

350

      

366

    

Series A, 4.00%, 5/1/48, Continuously Callable @100

    

2,475

      

2,140

    
Virginia Housing Development Authority Revenue
Series B, 3.60%, 5/1/46, Continuously Callable @100		    

7,000

      

5,513

    

Series E, 2.65%, 7/1/50, Continuously Callable @100

    

1,640

      

1,037

    

Series I, 2.45%, 11/1/45, Continuously Callable @100

    

1,500

      

971

    

Series K, 1.95%, 12/1/32, Continuously Callable @100

    

1,500

      

1,203

    

Series K, 2.05%, 12/1/33, Continuously Callable @100

    

665

      

522

    
Virginia Public Building Authority Revenue, Series A, 4.00%, 8/1/30,
Continuously Callable @100		    

4,000

      

4,080

    

Virginia Public School Authority Revenue, 5.00%, 8/1/24

    

10,000

      

10,330

    
Virginia Resources Authority Revenue
5.00%, 11/1/32, Continuously Callable @100		    

15

      

15

    

4.00%, 11/1/49, Continuously Callable @100

    

6,700

      

6,124

    

Series A, 4.00%, 11/1/43, Continuously Callable @100

    

1,445

      

1,362

    

Series A, 4.00%, 11/1/47, Continuously Callable @100

    

1,040

      

959

    
Virginia Small Business Financing Authority Revenue
5.00%, 10/1/42, Continuously Callable @100		    

5,000

      

5,108

    

4.00%, 12/1/49, Continuously Callable @100

    

12,800

      

10,785

    

4.00%, 12/1/51, Continuously Callable @103

    

4,000

      

3,129

    

Series A, 4.00%, 1/1/45, Continuously Callable @103

    

2,800

      

2,360

    

Series A, 4.00%, 1/1/51, Continuously Callable @103

    

16,265

      

13,361

    
Virginia St Housing Development Auth Revenue, Series F, 5.00%, 10/1/52,
Continuously Callable @100		    

5,000

      

5,028

    
Western Regional Jail Authority Revenue
5.00%, 12/1/35, Continuously Callable @100		    

1,540

      

1,629

    

5.00%, 12/1/35, Pre-refunded 12/1/26 @ 100

    

1,545

      

1,654

    

5.00%, 12/1/38, Continuously Callable @100

    

1,000

      

1,050

    

5.00%, 12/1/38, Pre-refunded 12/1/26 @ 100

    

1,000

      

1,071

    
Winchester Economic Development Authority Revenue
5.00%, 1/1/44, Continuously Callable @100		    

3,250

      

3,272

    

Series S, 5.00%, 1/1/44, Pre-refunded 1/1/24 @ 100

    

3,250

      

3,320

    

Wise County IDA Revenue, Series A, 0.75%, 10/1/40, (Put Date 9/2/25) (c)

    

2,500

      

2,274

    
     

522,435

    

District of Columbia (2.4%):

  
Metropolitan Washington Airports Authority Dulles Toll Road Revenue
4.00%, 10/1/53, Continuously Callable @100		    

1,500

      

1,247

    

Series A, 5.00%, 10/1/44, Continuously Callable @100

    

1,500

      

1,516

    
Metropolitan Washington Airports Authority Dulles Toll Road Revenue
(INS — Assured Guaranty Municipal Corp.), Series B, 10/1/30 (b)		    

5,500

      

3,933

    

See notes to financial statements.

 


7

 
USAA Mutual Funds Trust
USAA Virginia Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Washington Metropolitan Area Transit Authority Revenue
5.00%, 7/1/43, Continuously Callable @100		  

$

5,000

    

$

5,178

    

Series A, 4.00%, 7/15/45, Continuously Callable @100

    

2,500

      

2,223

    
     

14,097

    

Guam (5.8%):

  
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

      

1,282

    
Guam Government Waterworks Authority Revenue
5.00%, 7/1/37, Continuously Callable @100		    

1,000

      

1,018

    

5.00%, 7/1/40, Continuously Callable @100

    

3,250

      

3,291

    

5.50%, 7/1/43, Pre-refunded 7/1/23 @ 100

    

4,000

      

4,059

    

Series A, 5.00%, 7/1/35, Continuously Callable @100

    

2,850

      

2,877

    

Series A, 5.00%, 1/1/50, Continuously Callable @100

    

1,000

      

996

    
Guam Power Authority Revenue
Series A, 5.00%, 10/1/31, Continuously Callable @100		    

500

      

505

    

Series A, 5.00%, 10/1/34, Continuously Callable @100

    

1,000

      

1,000

    

Series A, 5.00%, 10/1/40, Continuously Callable @100

    

4,000

      

3,973

    

Series A, 5.00%, 10/1/44, Continuously Callable @100

    

1,500

      

1,459

    
Guam Power Authority Revenue (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 10/1/39, Continuously Callable @100		    

750

      

761

    

Series A, 5.00%, 10/1/44, Continuously Callable @100

    

1,000

      

1,010

    
Port Authority of Guam Revenue, Series A, 5.00%, 7/1/48,
Continuously Callable @100		    

1,500

      

1,467

    
Territory of Guam Revenue
Series A, 5.00%, 11/1/27		    

200

      

201

    

Series A, 5.00%, 11/1/28

    

250

      

251

    

Series A, 5.00%, 11/1/29

    

250

      

250

    

Series A, 5.00%, 11/1/30

    

250

      

249

    

Series A, 5.00%, 11/1/35, Continuously Callable @100

    

1,000

      

972

    

Series A, 5.00%, 11/1/40, Continuously Callable @100

    

1,000

      

934

    

Series A, 5.00%, 12/1/46, Continuously Callable @100

    

1,250

      

1,142

    

Series D, 5.00%, 11/15/39, Continuously Callable @100

    

2,000

      

1,860

    

Series F, 5.00%, 1/1/31

    

500

      

494

    

Series F, 4.00%, 1/1/42, Continuously Callable @100

    

1,000

      

816

    
Territory of Guam Revenue (LOC — Barclays Bank PLC),
Series 2017-XF2510, 2.57%, 12/1/46, Callable 12/1/26 @ 100 (e) (f)		    

2,170

      

2,170

    
     

33,037

    

Total Municipal Bonds (Cost $636,520)

    

569,569

    

Total Investments (Cost $636,520) — 99.7%

    

569,569

    

Other assets in excess of liabilities — 0.3%

    

1,594

    

NET ASSETS — 100.00%

  

$

571,163

    

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

(b)  Zero-coupon bond.

(c)  Put Bond.

See notes to financial statements.

 


8

 
USAA Mutual Funds Trust
USAA Virginia Bond Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

  (Unaudited)

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

(e)  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, 2022, the fair value of these securities was $6,096 thousands and amounted to 1.1% of net assets.

(f)  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.

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

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

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

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.

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.

See notes to financial statements.

 


9

 

USAA Mutual Funds Trust

   Statement of Assets and Liabilities
September 30, 2022		  

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

    USAA Virginia
Bond Fund		  

Assets:

  

Investments, at value (Cost $636,520)

  

$

569,569

    

Cash

    

481

    

Receivables:

  

Interest

    

7,366

    

Capital shares issued

    

200

    

From Adviser

    

11

    

Prepaid expenses

    

2

    

Total Assets

    

577,629

    

Liabilities:

  

Payables:

  

Distributions

    

183

    

Investments purchased

    

4,977

    

Capital shares redeemed

    

998

    

Accrued expenses and other payables:

  

Investment advisory fees

    

158

    

Administration fees

    

73

    

Custodian fees

    

5

    

Transfer agent fees

    

19

    

Compliance fees

    

—

(a)

  

Trustees' fees

    

3

    
12b-1 fees    

1

    

Other accrued expenses

    

49

    

Total Liabilities

    

6,466

    

Net Assets:

  

Capital

    

649,029

    

Total accumulated earnings/(loss)

    

(77,866

)

  

Net Assets

  

$

571,163

    

Net Assets

  

Fund Shares

  

$

548,204

    

Institutional Shares

    

8,987

    

Class A

    

13,972

    

Total

  

$

571,163

    

Shares (unlimited number of shares authorized with no par value):

  

Fund Shares

    

55,287

    

Institutional Shares

    

906

    

Class A

    

1,410

    

Total

    

57,603

    

Net asset value, offering and redemption price per share: (b)

  

Fund Shares

  

$

9.92

    

Institutional Shares

    

9.92

    

Class A

    

9.91

    

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		  

$

10.14

    

(a)  Rounds to less than $1 thousand.

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

See notes to financial statements.

 


10

 

USAA Mutual Funds Trust

   Statement of Operations
For the Six Months Ended September 30, 2022		  

(Amounts in Thousands)  (Unaudited)

    USAA Virginia
Bond Fund		  

Investment Income:

  

Interest

  

$

10,106

    

Total Income

    

10,106

    

Expenses:

  

Investment advisory fees

    

1,055

    

Administration fees — Fund Shares

    

448

    

Administration fees — Institutional Shares

    

5

    

Administration fees — Class A

    

11

    

Sub-Administration fees

    

12

    
12b-1 fees — Class A    

19

    

Custodian fees

    

12

    

Transfer agent fees — Fund Shares

    

85

    

Transfer agent fees — Institutional Shares

    

5

    

Transfer agent fees — Class A

    

8

    

Trustees' fees

    

25

    

Compliance fees

    

3

    

Legal and audit fees

    

36

    

State registration and filing fees

    

—

(a)

  

Other expenses

    

41

    

Total Expenses

    

1,765

    

Expenses waived/reimbursed by Adviser

    

(21

)

  

Net Expenses

    

1,744

    

Net Investment Income (Loss)

    

8,362

    

Realized/Unrealized Gains (Losses) from Investments:

  

Net realized gains (losses) from investment securities

    

(1,294

)

  

Net change in unrealized appreciation/depreciation on investment securities

    

(59,409

)

  

Net realized/unrealized gains (losses) on investments

    

(60,703

)

  

Change in net assets resulting from operations

  

$

(52,341

)

  

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

 


11

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)

   

USAA Virginia Bond Fund

  
    Six
Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

From Investments:

  

Operations:

  

Net Investment Income (Loss)

  

$

8,362

    

$

16,415

    

Net realized gains (losses)

    

(1,294

)

    

(241

)

  

Net change in unrealized appreciation/depreciation

    

(59,409

)

    

(41,154

)

  

Change in net assets resulting from operations

    

(52,341

)

    

(24,980

)

  

Distributions to Shareholders:

  

Fund Shares

    

(8,064

)

    

(15,740

)

  

Institutional Shares

    

(125

)

    

(288

)

  

Class A

    

(187

)

    

(375

)

  

Change in net assets resulting from distributions to shareholders

    

(8,376

)

    

(16,403

)

  

Change in net assets resulting from capital transactions

    

(34,434

)

    

(36,515

)

  

Change in net assets

    

(95,151

)

    

(77,898

)

  

Net Assets:

  

Beginning of period

    

666,314

      

744,212

    

End of period

  

$

571,163

    

$

666,314

    

(continues on next page)

See notes to financial statements.

 


12

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)  (continued)

   

USAA Virginia Bond Fund

  
    Six
Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

Capital Transactions:

  

Fund Shares

  

Proceeds from shares issued

  

$

32,210

    

$

43,169

    

Distributions reinvested

    

7,004

      

13,583

    

Cost of shares redeemed

    

(72,027

)

    

(90,975

)

  

Total Fund Shares

  

$

(32,813

)

  

$

(34,223

)

  

Institutional Shares

  

Proceeds from shares issued

  

$

5,109

    

$

2,693

    

Distributions reinvested

    

55

      

102

    

Cost of shares redeemed

    

(5,629

)

    

(3,719

)

  

Total Institutional Shares

  

$

(465

)

  

$

(924

)

  

Class A

  

Proceeds from shares issued

  

$

887

    

$

2,422

    

Distributions reinvested

    

177

      

356

    

Cost of shares redeemed

    

(2,220

)

    

(4,146

)

  

Total Class A

  

$

(1,156

)

  

$

(1,368

)

  

Change in net assets resulting from capital transactions

  

$

(34,434

)

  

$

(36,515

)

  

Share Transactions:

  

Fund Shares

  

Issued

    

3,064

      

3,716

    

Reinvested

    

670

      

1,175

    

Redeemed

    

(6,861

)

    

(7,905

)

  

Total Fund Shares

    

(3,127

)

    

(3,014

)

  

Institutional Shares

  

Issued

    

482

      

231

    

Reinvested

    

5

      

9

    

Redeemed

    

(538

)

    

(326

)

  

Total Institutional Shares

    

(51

)

    

(86

)

  

Class A

  

Issued

    

84

      

209

    

Reinvested

    

17

      

31

    

Redeemed

    

(210

)

    

(361

)

  

Total Class A

    

(109

)

    

(121

)

  

Change in Shares

    

(3,287

)

    

(3,221

)

  

See notes to financial statements.

 


13

 

USAA Mutual Funds Trust

  

Financial Highlights

  

For a Share Outstanding Throughout Each Period  

 

      

Investment Activities

   Distributions to
Shareholders From		  
    Net Asset
Value,
Beginning of
Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gains (Losses)		   Total from
Investment
Activities		   Net
Investment
Income		   Total
Distributions		  

USAA Virginia Bond Fund

      

Fund Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.94

      

0.14

(h)

    

(1.02

)

    

(0.88

)

    

(0.14

)

    

(0.14

)

  
Year Ended March 31:
2022		  

$

11.61

      

0.26

(h)

    

(0.67

)

    

(0.41

)

    

(0.26

)

    

(0.26

)

  

2021

  

$

11.26

      

0.27

(h)

    

0.35

      

0.62

      

(0.27

)

    

(0.27

)

  

2020

  

$

11.30

      

0.31

(h)

    

(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

)

  

Institutional Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.94

      

0.14

(h)

    

(1.02

)

    

(0.88

)

    

(0.14

)

    

(0.14

)

  
Year Ended
March 31, 2022		  

$

11.61

      

0.26

(h)

    

(0.67

)

    

(0.41

)

    

(0.26

)

    

(0.26

)

  
June 29, 2020 (i)
through
March 31, 2021		  

$

11.46

      

0.20

(h)

    

0.15

      

0.35

      

(0.20

)

    

(0.20

)

  

Class A

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.94

      

0.13

(h)

    

(1.03

)

    

(0.90

)

    

(0.13

)

    

(0.13

)

  
Year Ended March 31:
2022		  

$

11.60

      

0.23

(h)

    

(0.66

)

    

(0.43

)

    

(0.23

)

    

(0.23

)

  

2021

  

$

11.25

      

0.24

(h)

    

0.35

      

0.59

      

(0.24

)

    

(0.24

)

  

2020

  

$

11.29

      

0.28

(h)

    

(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

)

  

(a)  Not annualized for periods less than one year.

(b)  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c)  Annualized for periods less than one year.

(d)  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019, for Fund Shares and Class A, and June 29, 2020, for Institutional Shares, and in effect through July 31, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(e)  For the period beginning July 1, 2019, the amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund's management fee.

(f)  Does not include acquired fund fees and expenses, if any.

See notes to financial statements.

 


14

 

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)(b)		   Net
Expenses(c)(d)(e)(f)		   Net
Investment
Income
(Loss)(c)		   Gross
Expenses(c)(f)		   Net Assets,
End of
Period
(000's)		   Portfolio
Turnover(a)(g)		  

USAA Virginia Bond Fund

  

Fund Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		    

—

    

$

9.92

      

(8.08

)%

    

0.56

%

    

2.70

%

    

0.56

%

  

$

548,204

      

10

%

  
Year Ended March 31:
2022		    

—

    

$

10.94

      

(3.64

)%

    

0.53

%

    

2.23

%

    

0.53

%

  

$

639,231

      

8

%

  

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

%

  

Institutional Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		    

—

    

$

9.92

      

(8.06

)%

    

0.51

%

    

2.74

%

    

0.58

%

  

$

8,987

      

10

%

  
Year Ended
March 31, 2022		    

—

    

$

10.94

      

(3.61

)%

    

0.50

%

    

2.25

%

    

0.56

%

  

$

10,469

      

8

%

  
June 29, 2020 (i)
through
March 31, 2021		    

—

    

$

11.61

      

3.04

%

    

0.49

%

    

2.26

%

    

0.58

%

  

$

12,105

      

28

%

  

Class A

  
Six Months Ended
September 30, 2022
(Unaudited)		    

—

    

$

9.91

      

(8.28

)%

    

0.79

%

    

2.46

%

    

0.86

%

  

$

13,972

      

10

%

  
Year Ended March 31:
2022		    

—

    

$

10.94

      

(3.78

)%

    

0.77

%

    

1.99

%

    

0.82

%

  

$

16,614

      

8

%

  

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

    

—

(j)

  

$

11.16

      

2.42

%

    

0.79

%(k)

    

2.76

%

    

0.81

%

  

$

19,894

      

11

%

  

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

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

(i)  Commencement of operations.

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

(k)  Effective October 12, 2017, USAA Asset Management Company voluntarily agreed to limit the annual expenses of Class A to 0.80% of Class A average daily net assets.

See notes to financial statements.

 


15

 

USAA Mutual Funds Trust

   Notes to Financial Statements
September 30, 2022		  

  (Unaudited)

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 45 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 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.

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.

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 U.S. Generally Accepted Accounting Principles ("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"), acting as the valuation designee 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 designee as described in the Fund's valuation policies and procedures, which are approved by the Board.

 


16

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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 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.

A summary of the valuations as of September 30, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

   

Level 1

  

Level 2

  

Level 3

  

Total

  

Municipal Bonds

  

$

—

    

$

567,096

    

$

2,473

    

$

569,569

    

Total

  

$

—

    

$

567,096

    

$

2,473

    

$

569,569

    

For the six months ended September 30, 2022, there were no transfers into/out of Level 3.

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 and recorded daily using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Interest income is recorded daily on the accrual basis. Gains or losses realized on sales of securities are recorded on the identified cost basis. Paydown gains or losses on applicable securities, if any, are recorded as components of Interest income on the Statement of Operations.

Federal Income Taxes:

The Fund intends 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.

For the six months ended September 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

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.

 


17

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 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 the security's last sale price on an exchange. For the six months ended September 30, 2022, 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)		  
$

20,000

    

$

27,500

    

$

—

    

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 Custodian fees.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended September 30, 2022, were as follows for the Fund (amounts in thousands):

  Excluding
U.S. Government Securities

  

Purchases

  

Sales

  

$

59,140

    

$

69,993

    

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, 2022, are reflected on the Statement of Operations as Investment advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing the respective class' performance to that of the Lipper Virginia Municipal Debt Funds Index. The Lipper

 


18

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

Virginia Municipal Debt Funds Index tracks the total return performance of the largest funds within the Lipper Virginia Municipal Debt Funds category.

The performance period for each share class consists of the current month plus the previous 35 months. 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)		  
  +/- 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 the 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 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, 2022, to September 30, 2022, performance adjustments were $47, $1, and less than ($1) for Fund Shares, Institutional Shares, and Class A, in thousands, respectively. Performance adjustments were 0.02%, 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.

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, 2022, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM also 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, 2022, 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, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, 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

 


19

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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. The 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, 2022, 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 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, 2022, 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.

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, 2022, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions in connection with sales of Class A. For the six months ended September 30, 2022, the Distributor did not receive any commissions.

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, 2022, 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 July 31, 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 limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Performance adjustments, 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, 2022, 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, as amended June 29, 2022, 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.

 


20

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

As of September 30, 2022, 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 repayments are not probable at September 30, 2022.

Expires
2023		   Expires
2024		   Expires
2025		   Expires
2026		  

Total

  
$

1

    

$

15

    

$

17

    

$

21

    

$

54

    

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, 2022.

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.

State-Specific Risk — Because the Fund invests 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 and elevated global inflation 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.

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.

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.

Decisions by the U.S. Federal Reserve 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

 


21

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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.

Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

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 27, 2022, with a termination date of June 26, 2023. 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, 2022, 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 paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from April 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through September 30, 2022, interest was based on the one-month Secured Overnight Financing Rate ("SOFR") plus 1.10 percent. Interest charged to the 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, 2022.

Interfund Lending:

The Trust and the 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 reflected on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2022.

 


22

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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.

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 (loss) will be determined at the end of the current tax year ending March 31, 2023.

At the tax year ended March 31, 2022, the Fund had net capital loss carryforwards as summarized in the table below (amounts in thousands). It is unlikely that the Board will authorize a distribution of capital gains realized in the future until the capital loss carryforwards have been used.

Short-Term
Amount		   Long-Term
Amount		  

Total

  
$

1,175

    

$

8,620

    

$

9,795

    
 


23

 

USAA Mutual Funds Trust

   Supplemental Information
September 30, 2022		  

  (Unaudited)

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, 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, 2022, through September 30, 2022.

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. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

    Beginning
Account
Value
4/1/22		   Actual
Ending
Account
Value
9/30/22		   Hypothetical
Ending
Account
Value
9/30/22		   Actual
Expenses
Paid
During
Period
4/1/22-
9/30/22*		   Hypothetical
Expenses
Paid
During
Period
4/1/22-
9/30/22*		   Annualized
Expense
Ratio
During
Period
4/1/22-
9/30/22		  

Fund Shares

  

$

1,000.00

    

$

919.20

    

$

1,022.26

    

$

2.69

    

$

2.84

      

0.56

%

  

Institutional Shares

    

1,000.00

      

919.40

      

1,022.51

      

2.45

      

2.59

      

0.51

%

  

Class A

    

1,000.00

      

917.20

      

1,021.11

      

3.80

      

4.00

      

0.79

%

  

*  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).

 


24

 

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

  

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:

  

Call

  

www.vcm.com

   (800) 235-8396  

39604-1122

 

September 30, 2022

Semi Annual Report

USAA Tax Exempt Money Market Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

 

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.

 

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings

    

2

    

Schedule of Portfolio Investments

    

3

    

Financial Statements

  

Statement of Assets and Liabilities

    

8

    

Statement of Operations

    

9

    

Statements of Changes in Net Assets

    

10

    

Financial Highlights

    

12

    

Notes to Financial Statements

    

14

    

Supplemental Information

    

20

    

Proxy Voting and Portfolio Holdings Information

    

20

    

Expense Example

    

20

    

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

 


1

 
USAA Mutual Funds Trust
USAA Tax Exempt Money Market Fund		  

September 30, 2022

  

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund provides investors with interest income that is exempt from federal income tax and has a further objective of preserving capital and maintaining liquidity.

Top 10 Industries:

September 30, 2022

(% of Net Assets)

Development

    

31.2

%

  

Medical

    

15.5

%

  

Pollution

    

10.2

%

  

Higher Education

    

9.0

%

  

Power

    

6.0

%

  

Nursing Homes

    

4.4

%

  

Facilities

    

4.2

%

  

Transportation

    

4.2

%

  

Multifamily Housing

    

3.6

%

  

Education

    

2.1

%

  

Refer to the Schedule of Portfolio Investments for a complete list of securities.

 


2

 
USAA Mutual Funds Trust
USAA Tax Exempt Money Market Fund		   Schedule of Portfolio Investments
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Municipal Bonds (93.0%)

  

Alabama (3.8%):

  
Mobile County IDA (LOC — Swedbank AB), Series B, 2.53%, 7/1/40,
Continuously Callable @100 (a)		  

$

15,000

    

$

15,000

    
West Jefferson Industrial Development Board Revenue, 2.57%, 6/1/28,
Continuously Callable @100 (a)		    

3,190

      

3,190

    
     

18,190

    

Florida (2.2%):

  

County of Escambia Revenue, 2.35%, 4/1/39, Continuously Callable @100 (a)

    

9,000

      

9,000

    

County of St. Lucie Revenue, 2.25%, 9/1/28, Continuously Callable @100 (a)

    

1,400

      

1,400

    
     

10,400

    

Georgia (3.2%):

  
Development Authority of Appling County Revenue,
2.55%, 9/1/29, Continuously Callable @100 (a)		    

9,500

      

9,500

    
The Development Authority of Burke County Revenue, Series 1, 2.40%, 7/1/49,
Continuously Callable @100 (a)		    

5,775

      

5,775

    
     

15,275

    

Illinois (6.7%):

  
Illinois Educational Facilities Authority (LOC — Huntington National Bank),
Series A, 2.53%, 10/1/32, Continuously Callable @100 (a)		    

13,890

      

13,890

    
Illinois Finance Authority (LOC — PNC Financial Services Group), 2.44%, 4/1/37,
Continuously Callable @100 (a)		    

10,000

      

10,000

    
Metropolitan Pier & Exposition Authority Revenue (LIQ — Barclays Bank PLC),
Series 2015-XF1045, 2.49%, 6/15/53, Callable 11/14/22 @ 100 (a) (b)		    

4,355

      

4,355

    
Village of Channahon (LOC — U.S. Bancorp), 2.45%, 12/1/34,
Continuously Callable @100 (a)		    

4,540

      

4,540

    
     

32,785

    

Indiana (2.4%):

  
City of Berne (LOC — Federal Home Loan Bank of Indianapolis),
2.61%, 10/1/33, Continuously Callable @100 (a)		    

4,240

      

4,240

    
City of Evansville (LOC — Fifth Third Bank),
2.58%, 1/1/25, Callable 10/14/22 @ 100 (a)		    

1,460

      

1,460

    
Indiana Finance Authority (LOC — Federal Home Loan Bank of Indianapolis),
2.61%, 7/1/29, Continuously Callable @100 (a)		    

5,550

      

5,550

    
     

11,250

    

Iowa (4.2%):

  
Iowa Finance Authority Revenue
2.51%, 6/1/39, Continuously Callable @100 (a)		    

13,600

      

13,600

    

Series B, 2.50%, 9/1/36, Continuously Callable @100 (a)

    

6,763

      

6,763

    
     

20,363

    

See notes to financial statements.

 


3

 
USAA Mutual Funds Trust
USAA Tax Exempt Money Market Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Kansas (4.8%):

  
City of Burlington Revenue
2.58%, 9/1/35, Continuously Callable @100 (a)		  

$

8,250

    

$

8,250

    

Series B, 2.58%, 9/1/35, Continuously Callable @100 (a)

    

4,200

      

4,200

    

City of St. Marys Revenue, 2.55%, 4/15/32, Continuously Callable @100 (a)

    

10,500

      

10,500

    
     

22,950

    

Kentucky (4.4%):

  
City of Georgetown (LOC — Fifth Third Bank), 2.58%, 11/15/29,
Callable 10/15/22 @ 100 (a)		    

10,735

      

10,735

    
Kentucky Economic Development Finance Authority Revenue, Series C,
2.60%, 5/1/34, Continuously Callable @100 (a)		    

9,200

      

9,200

    
Lexington-Fayette Urban County Government (LOC — Federal Home Loan
Bank of Cincinnati), 2.73%, 12/1/27, Callable 10/13/22 @ 100 (a)		    

1,495

      

1,495

    
     

21,430

    

Louisiana (6.1%):

  
City of New Orleans (LOC — Capital One, N.A.), 2.63%, 8/1/24, Continuously
Callable @100 (a)		    

1,690

      

1,690

    
Parish of St. James Revenue, Series B-1, 2.85%, 11/1/40, Continuously
Callable @100 (a)		    

22,650

      

22,650

    
St. Tammany Corp. (LOC — Federal Home Loan Bank of Dallas), 2.60%, 3/1/33,
Continuously Callable @100 (a)		    

4,575

      

4,575

    
     

28,915

    

Maryland (1.6%):

  

Town of Williamsport Revenue, 2.52%, 11/1/37 (a)

    

7,810

      

7,810

    

Michigan (0.4%):

  
Michigan Strategic Fund (LOC — Fifth Third Bank), 2.60%, 3/1/37, Continuously
Callable @100 (a)		    

1,800

      

1,800

    

Mississippi (0.7%):

  
Mississippi Business Finance Corp. (LOC — Federal Home Loan Bank of Dallas),
2.60%, 3/1/33, Continuously Callable @100 (a)		    

3,230

      

3,230

    

Missouri (4.2%):

  
Jackson County IDA (LOC — Commerce Bank, N.A.), 2.55%, 7/1/25, Continuously
Callable @100 (a)		    

20,000

      

20,000

    

New Hampshire (4.2%):

  
New Hampshire Business Finance Authority (LOC — Landesbank
Hessen-Thuringen), 2.52%, 9/1/30, Continuously Callable @100 (a)		    

19,990

      

19,990

    

New Mexico (1.0%):

  
New Mexico Hospital Equipment Loan Council (LOC — Fifth Third Bank),
2.54%, 7/1/25, Continuously Callable @100 (a)		    

5,000

      

5,000

    

New York (12.1%):

  

Binghamton City School District, GO, 1.00%, 1/20/23

    

4,000

      

4,006

    
Build NYC Resource Corp. (LOC — Toronto-Dominion Bank), 2.62%,
12/1/45, Continuously Callable @100 (a)		    

5,185

      

5,185

    
Guilderland Industrial Development Agency (LOC — Key Bank, N.A.),
Series A, 2.57%, 7/1/32, Continuously Callable @100 (a)		    

2,480

      

2,480

    

See notes to financial statements.

 


4

 
USAA Mutual Funds Trust
USAA Tax Exempt Money Market Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Metropolitan Transportation Authority (LOC — Barclays Bank PLC),
Series E-1, 2.47%, 11/1/35, Callable 11/1/22 @ 100 (a)		  

$

20,000

    

$

20,000

    
New York City Capital Resources Corp. (LOC — Manufacturers & Traders
Trust Co.), 2.67%, 12/1/40, Continuously Callable @100 (a)		    

7,500

      

7,500

    
New York State Energy Research & Development Authority (LOC — Mizuho
Corporate Bank Ltd.), Series A-3, 2.31%, 5/1/39, Continuously
Callable @100 (a)		    

4,500

      

4,500

    
Onondaga County Industrial Development Agency (LOC — Manufacturers &
Traders Trust Co.), 2.52%, 12/1/31, Continuously Callable @100 (a)		    

4,790

      

4,790

    
Ramapo Housing Authority (LOC — Manufacturers & Traders Trust Co.),
2.52%, 12/1/29, Continuously Callable @100 (a)		    

8,285

      

8,285

    
St. Lawrence County Industrial Development Agency (LOC — Citizens
Financial Group), 2.65%, 7/1/37 (a)		    

1,720

      

1,720

    
     

58,466

    

Ohio (0.3%):

  

County of Hamilton (LOC — Fifth Third Bank), 2.58%, 12/1/24 (a)

    

1,550

      

1,550

    

Oklahoma (5.6%):

  
Edmond Economic Development Authority (LOC — Bank of Oklahoma,
N.A.), Series A, 2.49%, 6/1/31, Callable 11/1/22 @ 100 (a)		    

4,520

      

4,520

    
Garfield County Industrial Authority Revenue, Series A, 2.60%,
1/1/25, Callable 11/2/22 @ 100 (a)		    

20,900

      

20,900

    
Muskogee Industrial Trust Revenue, Series A, 2.60%, 6/1/27,
Continuously Callable @100 (a)		    

2,000

      

2,000

    
     

27,420

    

Rhode Island (1.2%):

  
Rhode Island Commerce Corp. (LOC — Citizens Financial Group),
2.48%, 3/1/38, Callable 11/1/22 @ 100 (a)		    

3,210

      

3,210

    
Rhode Island Health and Educational Building Corp. (LOC — Citizens
Financial Group), 2.18%, 6/1/35, Callable 11/1/22 @ 100 (a)		    

2,500

      

2,500

    
     

5,710

    

South Carolina (3.6%):

  
South Carolina Jobs-Economic Development Authority (LOC — Federal Home
Loan Bank of Indianapolis), 2.48%, 5/1/61, Continuously Callable @100 (a)		    

17,400

      

17,400

    

Tennessee (4.4%):

  
Chattanooga Health Educational & Housing Facility Board Revenue,
Series C, 2.60%, 5/1/39, Continuously Callable @100 (a)		    

14,000

      

14,000

    
Metropolitan Government Nashville & Davidson County Health & Educational
Facilities Board (LOC — Fifth Third Bank), 2.58%, 12/1/24,
Callable 10/14/22 @ 100 (a)		    

6,535

      

6,535

    
     

20,535

    

Texas (8.1%):

  
Port of Arthur Navigation District Industrial Development Corp. Revenue,
Series A, 2.52%, 12/1/40, Callable 11/1/22 @ 100 (a)		    

16,000

      

16,000

    

See notes to financial statements.

 


5

 
USAA Mutual Funds Trust
USAA Tax Exempt Money Market Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Port of Port Arthur Navigation District Revenue
2.82%, 11/1/40, Continuously Callable @100 (a)		  

$

4,000

    

$

4,000

    

Series A, 3.00%, 4/1/40, Continuously Callable @100 (a)

    

9,850

      

9,850

    

Series B, 3.00%, 4/1/40, Continuously Callable @100 (a)

    

9,000

      

9,000

    
     

38,850

    

Virginia (4.2%):

  
Loudoun County Economic Development Authority Revenue
Series A, 2.45%, 2/15/38, Callable 11/1/22 @ 100 (a)		    

10,000

      

10,000

    

Series E-1, 2.45%, 2/15/38, Callable 11/1/22 @ 100 (a)

    

10,000

      

10,000

    
     

20,000

    

Washington (1.6%):

  
Washington Higher Education Facilities Authority Revenue, 2.50%, 10/1/31,
Callable 11/2/22 @ 100 (a)		    

7,485

      

7,485

    

West Virginia (2.0%):

  
West Virginia Hospital Finance Authority (LOC — PNC Financial Services Group),
Series D, 2.44%, 6/1/41, Continuously Callable @100 (a)		    

9,700

      

9,700

    

Total Municipal Bonds (Cost $446,504)

    

446,504

    

Municipal Commercial Paper (6.3%)

  

Houston Texas, 1.95%, 11/3/22

    

15,000

      

15,000

    

University of Texas, 2.23%, 1/9/23

    

15,000

      

15,000

    

Total Municipal Commercial Paper (Cost $30,000)

    

30,000

    

Total Investments (Cost $476,504) — 99.3%

    

476,504

    

Other assets in excess of liabilities — 0.7%

    

3,385

    

NET ASSETS — 100.00%

  

$

479,889

    

(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, 2022, the fair value of these securities was $4,355 thousands and amounted to 0.9% 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

See notes to financial statements.

 


6

 
USAA Mutual Funds Trust
USAA Tax Exempt Money Market Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

  (Unaudited)

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.

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.

See notes to financial statements.

 


7

 

USAA Mutual Funds Trust

   Statement of Assets and Liabilities
September 30, 2022		  

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

    USAA Tax Exempt
Money Market Fund		  

Assets:

  

Investments, at value (Cost $476,504)

  

$

476,504

    

Cash

    

2,003

    

Receivables:

  

Interest

    

756

    

Capital shares issued

    

1,372

    

From Adviser

    

26

    

Prepaid expenses

    

19

    

Total Assets

    

480,680

    

Liabilities:

  

Payables:

  

Distributions

    

9

    

Capital shares redeemed

    

515

    

Accrued expenses and other payables:

  

Investment advisory fees

    

111

    

Administration fees

    

40

    

Custodian fees

    

5

    

Transfer agent fees

    

60

    

Compliance fees

    

—

(a)

  

Trustees' fees

    

3

    

Other accrued expenses

    

48

    

Total Liabilities

    

791

    

Net Assets:

  

Capital

    

479,866

    

Total accumulated earnings

    

23

    

Net Assets

  

$

479,889

    

Shares (unlimited number of shares authorized with no par value):

    

479,858

    

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.

See notes to financial statements.

 


8

 

USAA Mutual Funds Trust

   Statement of Operations
For the Six Months Ended September 30, 2022		  

(Amounts in Thousands)  (Unaudited)

    USAA Tax Exempt
Money Market Fund		  

Investment Income:

  

Interest

  

$

2,639

    

Total Income

    

2,639

    

Expenses:

  

Investment advisory fees

    

691

    

Administration fees

    

247

    

Sub-Administration fees

    

9

    

Custodian fees

    

12

    

Transfer agent fees

    

370

    

Trustees' fees

    

25

    

Compliance fees

    

2

    

Legal and audit fees

    

35

    

State registration and filing fees

    

25

    

Other expenses

    

31

    

Total Expenses

    

1,447

    

Expenses waived/reimbursed by Adviser

    

(94

)

  

Net Expenses

    

1,353

    

Net Investment Income

    

1,286

    

Realized Gains (Losses) from Investments:

  

Net realized gains (losses) from investment securities

    

—

(a)

  

Net realized gains (losses) on investments

    

—

(a)

  

Change in net assets resulting from operations

  

$

1,286

    

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

 


9

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)  

    USAA Tax Exempt
Money Market Fund		  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

From Investments:

  

Operations:

  

Net Investment Income

  

$

1,286

    

$

52

    

Net realized gains (losses)

    

—

(a)

    

24

    

Change in net assets resulting from operations

    

1,286

      

76

    

Change in net assets resulting from distributions to shareholders

    

(1,286

)

    

(52

)

  

Change in net assets resulting from capital transactions

    

(22,461

)

    

(59,689

)

  

Change in net assets

    

(22,461

)

    

(59,665

)

  

Net Assets:

  

Beginning of period

    

502,350

      

562,015

    

End of period

  

$

479,889

    

$

502,350

    

Capital Transactions:

  

Proceeds from shares issued

  

$

62,986

    

$

109,591

    

Distributions reinvested

    

1,253

      

51

    

Cost of shares redeemed

    

(86,700

)

    

(169,331

)

  

Change in net assets resulting from capital transactions

  

$

(22,461

)

  

$

(59,689

)

  

Share Transactions:

  

Issued

    

62,986

      

109,591

    

Reinvested

    

1,253

      

51

    

Redeemed

    

(86,700

)

    

(169,331

)

  

Change in Shares

    

(22,461

)

    

(59,689

)

  

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

 


10

 

This page is intentionally left blank.

 


11

 

USAA Mutual Funds Trust

  

Financial Highlights

  

For a Share Outstanding Throughout Each Period

 

      

Investment Activities

   Distributions to
Shareholders From		  
    Net Asset
Value,
Beginning of
Period		   Net
Investment
Income		   Net Realized
and Unrealized
Gains
(Losses)		   Total from
Investment
Activities		   Net
Investment
Income		   Net Realized
Gains From
Investments		  

USAA Tax Exempt Money Market Fund

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

1.00

      

—

(f)(g)

    

—

(g)

    

—

(g)

    

—

(g)

    

—

    
Year Ended March 31:
2022		  

$

1.00

      

—

(f)(g)

    

—

(g)

    

—

(g)

    

—

(g)

    

—

    

2021

  

$

1.00

      

—

(f)(g)

    

—

      

—

(g)

    

—

(g)

    

—

(g)

  

2020

  

$

1.00

      

0.01

(f)

    

—

(g)

    

0.01

      

(0.01

)

    

—

    

2019

  

$

1.00

      

0.01

      

—

(g)

    

0.01

      

(0.01

)

    

—

    

2018

  

$

1.00

      

0.01

      

—

(g)

    

0.01

      

(0.01

)

    

—

    

(a)  Not annualized for periods less than one year.

(b)  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c)  Annualized for periods less than one year.

(d)  The net expense ratio may not correlate to the applicable expense limit in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019 and in effect through July 31, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 3 of the accompanying Notes to Financial Statements.

(e)  Does not include acquired fund fees and expenses, if any.

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

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

(h)  Includes impact of voluntary waiver. Without this voluntary waiver, the net expense ratio would have been 0.01% higher.

(i)  Includes impact of voluntary waiver. Without this voluntary waiver, the net expense ratio would have been 0.40% higher.

(j)  Prior to August 1, 2017, USAA Asset Management Company (previous Investment Adviser) voluntarily agreed, on a temporary basis, to reimburse management, administrative, or other fees to limit the Fund's expenses and attempt to prevent a negative yield.

See notes to financial statements.

 


12

 

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)(b)		   Net
Expenses(c)(d)(e)		   Net
Investment
Income(c)		   Gross
Expenses(c)(e)		   Net Assets,
End of
Period
(000's)		  

USAA Tax Exempt Money Market Fund

  
Six Months Ended
September 30, 2022
(Unaudited)		    

—

(g)

  

$

1.00

      

0.27

%

    

0.55

%(h)

    

0.52

%

    

0.59

%

  

$

479,889

    
Year Ended March 31:
2022		    

—

(g)

  

$

1.00

      

0.01

%

    

0.16

%(i)

    

0.01

%

    

0.58

%

  

$

502,350

    

2021

    

—

(g)

  

$

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

%(j)

    

0.56

%(j)

    

0.50

%

    

0.56

%

  

$

1,761,649

    

See notes to financial statements.

 


13

 

USAA Mutual Funds Trust

   Notes to Financial Statements
September 30, 2022		  

  (Unaudited)

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 45 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 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 Trust's Board of Trustees (the "Board") to impose a liquidity fee or to temporarily suspend redemptions from the Fund (impose 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.

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 U.S. Generally Accepted Accounting Principles ("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 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.

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.)

 


14

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

• 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"), acting as the valuation designee 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 designee as described in 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 and the Money Market Funds: Procedures to Stabilize Net Asset Value ("the Procedures"). This method values a security at its purchase price, and thereafter, assumes a constant amortization to maturity of any premiums or discounts. Securities for which amortized cost valuations are considered unreliable or whose values have been materially affected by a significant event are valued in good faith, at fair value, using methods determined by the Committee, under the Procedures approved by the Board.

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 and recorded daily using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Interest income is recorded daily on the accrual basis. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Federal Income Taxes:

The Fund intends 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.

For the six months ended September 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

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.

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

 


15

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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 the security's last sale price on an exchange. For the six months ended September 30, 2022, 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)		  
$

10,000

    

$

10,500

    

$

—

    

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 Custodian fees.

3. 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.

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, 2022, are reflected on the Statement of Operations as Investment advisory fees.

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, 2022, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM also 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, 2022, 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, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, 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. The funds in the Trust, Victory Variable Insurance Funds, Victory Portfolios, and Victory Portfolios II (collectively, the "Victory Funds

 


16

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

Complex") in the aggregate, compensate the Adviser for these services. Amounts incurred for the six months ended September 30, 2022, 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. Transfer agent 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. VCTA pays a portion of these fees to certain intermediaries for the administration and servicing of accounts that are held with such intermediaries. Amounts incurred and paid to VCTA for the six months ended September 30, 2022, 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, 2022, 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 July 31, 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 limit. As of September 30, 2022, the expense limit (excluding voluntary waivers) was 0.56%.

Under the terms of the expense limitation agreement, as amended June 29, 2022, 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 limit in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.

In addition, the Adviser agreed to further reimburse fees in excess of the Fund's expense limit 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 of up to three years after the fiscal year in which the waiver or reimbursement took place, to the extent any repayments would not cause the Fund's net yield to fall below the Fund's minimum yield at the time of: (a) the original waiver or expense reimbursement; or (b) the expense limit in effect at the time of the extra waiver.

As of September 30, 2022, 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 repayments are not probable at September 30, 2022.

Expires
2023

  

Expires
2024

  

Expires
2025

  

Expires
2026

  

Total

  

$

17

    

$

1,557

    

$

2,216

    

$

94

    

$

3,884

    
 


17

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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.

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 certain market conditions or other factors. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

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

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

Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

5. Borrowing:

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 27, 2022, with a termination date of June 26, 2023. 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

 


18

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

ended September 30, 2022, 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 paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from April 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through September 30, 2022, interest was based on the one-month Secured Overnight Financing Rate ("SOFR") plus 1.10 percent. Interest charged to the 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, 2022.

6. 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.

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 (loss) will be determined at the end of the current tax year ending March 31, 2023.

At the tax year ended March 31, 2022, the Fund had no capital loss carryforwards for federal income tax purposes.

 


19

 

USAA Mutual Funds Trust

   Supplemental Information
September 30, 2022		  

  (Unaudited)

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 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

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, 2022, through September 30, 2022.

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. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
4/1/22		   Actual
Ending
Account Value
9/30/22		   Hypothetical
Ending
Account Value
9/30/22		   Actual
Expenses Paid
During Period
4/1/22-9/30/22*		   Hypothetical
Expenses Paid
During Period
4/1/22-9/30/22*		   Annualized
Expense Ratio
During Period
4/1/22-9/30/22		  
$

1,000.00

    

$

1,002.70

    

$

1,022.31

    

$

2.76

    

$

2.79

      

0.55

%

  

*  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).

 


20

 

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

  

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:

  

Call

  

www.vcm.com

   (800) 235-8396  

39598-1122

 

September 30, 2022

Semi Annual Report

USAA Target Managed Allocation Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

 

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.

 

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings

    

2

    

Schedule of Portfolio Investments

    

3

    

Financial Statements

  

Statement of Assets and Liabilities

    

5

    

Statement of Operations

    

6

    

Statements of Changes in Net Assets

    

7

    

Financial Highlights

    

8

    

Notes to Financial Statements

    

10

    

Supplemental Information

    

19

    

Proxy Voting and Portfolio Holdings Information

    

19

    

Expense Example

    

19

    

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

 


1

 
USAA Mutual Funds Trust
USAA Target Managed Allocation Fund		  

September 30, 2022

  

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund seeks to maximize total return primarily through capital appreciation.

Asset Allocation*:

September 30, 2022

(% of Net Assets)

*  Does not include futures contracts, money market instruments, and short-term investments purchased with cash collateral from securities loaned.

Percentages are of the net assets of the Fund and may not equal 100%.

 


2

 
USAA Mutual Funds Trust
USAA Target Managed Allocation Fund		   Schedule of Portfolio Investments
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

  

Shares

  

Value

  

Exchange-Traded Funds (98.5%)

  

iShares iBoxx High Yield Corporate Bond ETF (a)

    

520,514

    

$

37,160

    

JPMorgan BetaBuilders MSCI U.S. REIT ETF

    

124,347

      

9,744

    

SPDR Gold Shares (b)

    

33,077

      

5,116

    

U.S. Oil Fund LP (a) (b)

    

190,801

      

12,455

    

Vanguard FTSE All-World ex-U.S. ETF (a)

    

1,864,425

      

82,706

    

Vanguard Real Estate ETF

    

223,793

      

17,941

    

Vanguard S&P 500 ETF

    

256,682

      

84,269

    

Vanguard Short-Term Bond ETF (a)

    

447,567

      

33,487

    

Vanguard Total Stock Market ETF (c)

    

624,713

      

112,117

    

Total Exchange-Traded Funds (Cost $430,584)

    

394,995

    

Collateral for Securities Loaned (17.8%)^

  

HSBC U.S. Government Money Market Fund I Shares, 2.91% (d)

    

17,977,920

      

17,978

    

Invesco Government & Agency Portfolio, Institutional Shares, 2.95% (d)

    

53,308,876

      

53,309

    

Total Collateral for Securities Loaned (Cost $71,287)

    

71,287

    

Total Investments (Cost $501,871) — 116.3%

    

466,282

    

Liabilities in excess of other assets — (16.3)%

    

(65,230

)

  

NET ASSETS — 100.00%

  

$

401,052

    

At September 30, 2022, the Fund's investments in foreign securities were 20.6% of net assets.

^  Purchased with cash collateral from securities on loan.

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

(b)  Non-income producing security.

(c)  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, 2022.

ETF — Exchange-Traded Fund

LP — Limited Partnership

REIT — Real Estate Investment Trust

See notes to financial statements.

 


3

 
USAA Mutual Funds Trust
USAA Target Managed Allocation Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

  (Unaudited)

Futures Contracts Purchased

  

(Amounts not in thousands)

  
    Number of
Contracts		   Expiration
Date		   Notional
Amount		  

Value

   Unrealized
Appreciation/
(Depreciation)		  

E-Mini Russell 2000 Index Futures

    

486

    

12/16/22

  

$

46,454,644

    

$

40,576,140

    

$

(5,878,504

)

  

FTSE 100 Index Futures

    

580

    

12/16/22

    

47,926,440

      

44,768,034

      

(3,158,406

)

  
S&P/Toronto Stock Exchange
60 Index Futures		    

313

    

12/15/22

    

54,826,029

      

50,580,365

      

(4,245,664

)

  
   

$

(13,282,574

)

  

Futures Contracts Sold

  

(Amounts not in thousands)

  
    Number of
Contracts		   Expiration
Date		   Notional
Amount		  

Value

   Unrealized
Appreciation/
(Depreciation)		  

ASX SPI 200 Index Futures

    

345

    

12/15/22

  

$

38,171,250

    

$

35,664,473

    

$

2,506,777

    

Hang Seng Index Futures

    

121

    

10/28/22

    

13,749,894

      

13,264,772

      

485,122

    

Swiss Market Index Futures

    

471

    

12/16/22

    

52,110,023

      

48,981,135

      

3,128,888

    

Tokyo Price Index Futures

    

293

    

12/08/22

    

39,630,895

      

37,174,210

      

2,456,685

    
   

$

8,577,472

    

Total unrealized appreciation

  

$

8,577,472

    

Total unrealized depreciation

    

(13,282,574

)

  

Total net unrealized appreciation (depreciation)

  

$

(4,705,102

)

  

See notes to financial statements.

 


4

 

USAA Mutual Funds Trust

   Statement of Assets and Liabilities
September 30, 2022		  

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

    USAA Target Managed
Allocation Fund		  

Assets:

  

Investments, at value (Cost $501,871)

  

$

466,282

(a)

  

Cash

    

1,046

    

Deposit with broker for futures contracts

    

4,646

    

Receivables:

  

Interest and dividends

    

445

    

Variation margin on open futures contracts

    

1,216

    

Prepaid expenses

    

2

    

Total Assets

    

473,637

    

Liabilities:

  

Payables:

  

Collateral received on loaned securities

    

71,287

    

Variation margin on open futures contracts

    

1,043

    

Accrued expenses and other payables:

  

Investment advisory fees

    

176

    

Administration fees

    

18

    

Custodian fees

    

3

    

Transfer agent fees

    

18

    

Compliance fees

    

—

(b)

  

Trustees' fees

    

3

    

Other accrued expenses

    

37

    

Total Liabilities

    

72,585

    

Net Assets:

  

Capital

    

470,331

    

Total accumulated earnings/(loss)

    

(69,279

)

  

Net Assets

  

$

401,052

    

Shares (unlimited number of shares authorized with no par value):

    

48,548

    

Net asset value, offering and redemption price per share: (c)

  

$

8.26

    

(a)  Includes $69,251 thousand of securities on loan.

(b)  Rounds to less than $1 thousand.

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

See notes to financial statements.

 


5

 

USAA Mutual Funds Trust

   Statement of Operations
For the Six Months Ended September 30, 2022		  

(Amounts in Thousands)  (Unaudited)

    USAA Target Managed
Allocation Fund		  

Investment Income:

  

Dividends

  

$

4,628

    

Securities lending (net of fees)

    

177

    

Total Income

    

4,805

    

Expenses:

  

Investment advisory fees

    

1,147

    

Administration fees

    

115

    

Sub-Administration fees

    

10

    

Custodian fees

    

9

    

Transfer agent fees

    

115

    

Trustees' fees

    

25

    

Compliance fees

    

2

    

Legal and audit fees

    

33

    

State registration and filing fees

    

—

(a)

  

Interfund lending fees

    

1

    

Interest fees

    

120

    

Other expenses

    

21

    

Total Expenses

    

1,598

    

Net Investment Income (Loss)

    

3,207

    

Realized/Unrealized Gains (Losses) from Investments:

  

Net realized gains (losses) from investment securities

    

(29,693

)

  

Net realized gains (losses) from foreign currency transactions

    

—

(a)

  

Net realized gains (losses) from futures contracts

    

(7,446

)

  

Net change in unrealized appreciation/depreciation on investment securities

    

(82,248

)

  
Net change in unrealized appreciation/depreciation on foreign currency
translations		    

(260

)

  

Net change in unrealized appreciation/depreciation on futures contracts

    

(4,369

)

  

Net realized/unrealized gains (losses) on investments

    

(124,016

)

  

Change in net assets resulting from operations

  

$

(120,809

)

  

(a)  Rounds to less than $1 thousand.

See notes to financial statements.

 


6

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)  

    USAA Target Managed
Allocation Fund		  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

From Investments:

  

Operations:

  

Net Investment Income (Loss)

  

$

3,207

    

$

5,767

    

Net realized gains (losses)

    

(37,139

)

    

79,424

    

Net change in unrealized appreciation/depreciation

    

(86,877

)

    

(18,969

)

  

Change in net assets resulting from operations

    

(120,809

)

    

66,222

    

Change in net assets resulting from distributions to shareholders

    

—

      

(121,136

)

  

Change in net assets resulting from capital transactions

    

1,500

      

45,662

    

Change in net assets

    

(119,309

)

    

(9,252

)

  

Net Assets:

  

Beginning of period

    

520,361

      

529,613

    

End of period

  

$

401,052

    

$

520,361

    

Capital Transactions:

  

Proceeds from shares issued

  

$

1,500

    

$

—

    

Distributions reinvested

    

—

      

121,136

    

Cost of shares redeemed

    

—

      

(75,474

)

  

Change in net assets resulting from capital transactions

  

$

1,500

    

$

45,662

    

Share Transactions:

  

Issued

    

166

      

—

    

Reinvested

    

—

      

11,133

    

Redeemed

    

—

      

(6,061

)

  

Change in Shares

    

166

      

5,072

    

See notes to financial statements.

 


7

 

USAA Mutual Funds Trust

  

Financial Highlights

  

For a Share Outstanding Throughout Each Period

       

Investment Activities

   Distributions to
Shareholders From		  
    Net Asset
Value,
Beginning
of Period		   Net
Investment
Income
(Loss)		   Net
Realized
and
Unrealized
Gains
(Losses)		   Total from
Investment
Activities		   Net
Investment
Income		   Net
Realized
Gains from
Investments		  

USAA Target Managed Allocation Fund

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.76

      

0.07

(f)

    

(2.57

)

    

(2.50

)

    

—

      

—

    
Year Ended March 31:
2022		  

$

12.23

      

0.13

(f)

    

1.44

      

1.57

      

(0.13

)

    

(2.91

)

  

2021

  

$

8.98

      

0.11

(f)

    

3.84

      

3.95

      

(0.09

)

    

(0.61

)

  

2020

  

$

10.26

      

0.20

(f)

    

(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

)

    

—

(j)

  

(a)  Not annualized for periods less than one year.

(b)  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c)  Annualized for periods less than one year.

(d)  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019 and in effect through July 31, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 5 of the accompanying Notes to Financial Statements.

(e)  Does not include acquired fund fees and expenses, if any.

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

(g)  Includes impact of Interfund lending fees and Interest fees. Without these fees, the net expense ratio would have been lower by 0.05%.

(h)  Reflects overall decrease in purchases and sales of securities.

(i)  Reflects an increase in trading activity due to asset allocation shifts.

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

See notes to financial statements.

 


8

 

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)(b)		   Net
Expenses(c)(d)(e)		   Net
Investment
Income
(Loss)(c)		   Gross
Expenses(c)(e)		   Net
Assets,
End of
Period
(000's)		   Portfolio
Turnover(a)		  

USAA Target Managed Allocation Fund

  
Six Months Ended
September 30, 2022
(Unaudited)		    

—

    

$

8.26

      

(23.23

)%

    

0.70

%(g)

    

1.40

%

    

0.70

%

  

$

401,052

      

106

%

  
Year Ended March 31:
2022		    

(3.04

)

  

$

10.76

      

12.85

%

    

0.65

%

    

1.06

%

    

0.65

%

  

$

520,361

      

152

%(h)

  

2021

    

(0.70

)

  

$

12.23

      

44.39

%

    

0.64

%

    

0.96

%

    

0.64

%

  

$

529,613

      

202

%(h)

  

2020

    

(0.52

)

  

$

8.98

      

(8.20

)%

    

0.64

%

    

1.88

%

    

0.64

%

  

$

446,616

      

298

%(i)

  

2019

    

(1.03

)

  

$

10.26

      

1.32

%

    

0.65

%

    

1.83

%

    

0.65

%

  

$

512,207

      

195

%(i)

  

2018

    

(0.13

)

  

$

11.22

      

8.48

%

    

0.65

%

    

1.50

%

    

0.65

%

  

$

487,599

      

75

%

  

See notes to financial statements.

 


9

 

USAA Mutual Funds Trust

   Notes to Financial Statements
September 30, 2022		  

  (Unaudited)

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 45 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 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 to other persons or legal entities that the Fund may approve from time to time.

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 U.S. Generally Accepted Accounting Principles ("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"), acting as the valuation designee 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 designee as described in 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"), 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

 


10

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, other than ETFs, are valued at their net asset value ("NAV"). These valuations are typically categorized as Level 1 in the fair value hierarchy.

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 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.

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

In the event that price quotations or valuations are not readily available, 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.

A summary of the valuations as of September 30, 2022, 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

  

Exchange-Traded Funds

  

$

394,995

    

$

—

    

$

—

    

$

394,995

    

Collateral for Securities Loaned

    

71,287

      

—

      

—

      

71,287

    

Total

  

$

466,282

    

$

—

    

$

—

    

$

466,282

    

Other Financial Investments*

  

Assets:

  

Futures Contracts

  

$

8,577

    

$

—

    

$

—

    

$

8,577

    

Liabilities:

  

Futures Contracts

  

$

(13,282

)

  

$

—

    

$

—

    

$

(13,282

)

  

Total

  

$

(4,705

)

  

$

—

    

$

—

    

$

(4,705

)

  

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

For the six months ended September 30, 2022, there were no transfers into/out of Level 3.

Real Estate Investment Trusts ("REITs"):

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

Investment Companies:

Exchange-Traded Funds:

The Fund may invest in ETFs, the shares of which are bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities 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

 


11

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities the ETF is designed to track, although the lack of liquidity of an ETF could result in it being more volatile. Additionally, ETFs have fees and expenses that reduce their value.

Open-End Funds:

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

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 reflected on the Statement of Assets and Liabilities under Deposit with broker for futures contracts.

Management has determined that no offsetting requirements exist as a result of their conclusion that the Fund is not subject to master netting agreements for futures contracts. During the six months ended September 30, 2022, 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, 2022 (amounts in thousands):

   

Assets

  

Liabilities

  
    Variation Margin
Receivable on Open
Futures Contracts*		   Variation Margin
Payable on Open
Futures Contracts*		  

Equity Risk Exposure

  

$

8,577

    

$

13,282

    

*  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.

 


12

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 2022 (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

  

$

(7,446

)

  

$

(4,369

)

  

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:

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.

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 and banks, to earn additional income, net of income retained by Citibank. Borrowers are required to initially 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 generally cured the next business day. The collateral can be received in the form of cash collateral and/or non-cash collateral. Non-cash collateral can include U.S. Government Securities and other securities as permitted by Securities and Exchange Commission ("SEC") guidelines. The cash collateral is invested in short-term instruments or cash equivalents, primarily open-end investment companies, as noted on the Fund's Schedule of Portfolio Investments. The Fund effectively does not have control of the non-cash collateral and therefore it is not disclosed on the Fund's Schedule of Portfolio Investments. 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. Although risk is mitigated by the collateral, the Fund could experience a delay in recovering its securities and possible loss of income or value if the borrower fails to return them. In addition, there is a risk 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 repledged, except to satisfy borrower default.

The following table (amounts in thousands) is a summary of the Fund's securities lending transactions as of September 30, 2022.

Value of
Securities on Loan		   Non-Cash
Collateral		   Cash
Collateral		  
$

69,251

    

$

—

    

$

71,287

    
 


13

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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 foreign currency translations on the Statement of Operations. Any realized gains or losses from these fluctuations are disclosed as Net realized gains (losses) from foreign currency transactions 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:

The Fund intends 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.

For the six months ended September 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

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.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended September 30, 2022, were as follows for the Fund (amounts in thousands):

  Excluding
U.S. Government Securities

  

Purchases

  

Sales

  

$

480,864

    

$

490,159

    

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

 


14

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

fund-of-funds' annual and semi-annual reports may be viewed at www.vcm.com. As of September 30, 2022, certain fund-of-funds owned a percentage of total outstanding shares of the Fund as follows:

Affiliated USAA Mutual Funds

  

Ownership %

  

USAA Cornerstone Conservative Fund

    

1.2

    

USAA Cornerstone Equity Fund

    

2.9

    

USAA Target Retirement Income Fund

    

7.9

    

USAA Target Retirement 2030 Fund

    

23.7

    

USAA Target Retirement 2040 Fund

    

36.2

    

USAA Target Retirement 2050 Fund

    

24.6

    

USAA Target Retirement 2060 Fund

    

3.6

    

5. 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 fees 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, 2022, are reflected on the Statement of Operations as Investment advisory fees.

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, 2022, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM also 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, 2022, 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, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, 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. The 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, 2022, are reflected on the Statement of Operations as Compliance fees.

 


15

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

Transfer Agency Fees:

Victory Capital Transfer Agency, Inc. ("VCTA"), an affiliate of the Adviser, provides transfer agency services to the Fund. Transfer agent fees for the Fund 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, 2022, 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, 2022, 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 July 31, 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, 2022, the expense limit (excluding voluntary waivers) was 0.65%.

Under the terms of the expense limitation agreement, as amended June 29, 2022, 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 limit in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.

As of September 30, 2022, there are no amounts available to be repaid to the Adviser.

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, 2022.

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.

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

 


16

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

Derivatives Risk — The Fund may invest in futures, options, and other types of derivatives. Risks associated with derivatives include the risk that the derivative is not well-correlated with the security, index, ETFs, or currency to which it relates; the risk that the use of derivatives may not have the intended effects and may result in losses, underperformance, or missed opportunities; the risk that the Fund will be unable to sell the derivative because of an illiquid secondary market; the risk that a counterparty is unwilling or unable to meet its obligation; the risk of interest rate movements; and the risk that the derivatives transaction could expose the Fund to the effects of leverage, which could increase the Fund's market exposure, magnify investment risks and losses, and cause losses to be realized more quickly. There is no guarantee that derivative techniques will be employed or that they will work as intended, and their use could lower returns or even result in losses to the Fund. In addition, proposed and current regulations may limit the Fund's ability to invest in derivatives.

7. 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 27, 2022, with a termination date of June 26, 2023. 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, 2022, 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 paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from April 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through September 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the 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, 2022.

 


17

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

Interfund Lending:

The Trust and the 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 reflected on the Statement of Operations under Interfund lending.

The average borrowing or lending for the days outstanding and average interest rate for the Fund during the six months ended September 30, 2022, were as follows (amounts in thousands):

Borrower
or Lender		   Amount
Outstanding at
September 30, 2022		   Average
Borrowing*		   Days
Borrowing
Outstanding		   Average
Interest
Rate*		   Maximum
Borrowing
During
the Period		  
Borrower  

$

—

    

$

11,382

      

1

      

3.54

%

  

$

11,382

    

*  Based on the number of days borrowings were outstanding for the six months ended September 30, 2022.

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.

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 (loss) will be determined at the end of the current tax year ending March 31, 2023.

At the tax year ended March 31, 2022, the Fund had no capital loss carryforwards for federal income tax purposes.

 


18

 

USAA Mutual Funds Trust

   Supplemental Information
September 30, 2022		  

  (Unaudited)

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 Example

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, 2022, through September 30, 2022.

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. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account Value
4/1/22		   Actual
Ending
Account Value
9/30/22		   Hypothetical
Ending
Account Value
9/30/22		   Actual
Expenses Paid
During Period
4/1/22-9/30/22*		   Hypothetical
Expenses Paid
During Period
4/1/22-9/30/22*		   Annualized
Expense Ratio
During Period
4/1/22-9/30/22		  
$

1,000.00

    

$

767.70

    

$

1,021.56

    

$

3.10

    

$

3.55

      

0.70

%

  

*  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).

 


19

 

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

  

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:

  

Call

  

www.vcm.com

   (800) 235-8396  

98356-1122

 

September 30, 2022

Semi Annual Report

USAA Tax Exempt Long-Term Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

 

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.

 

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings

    

2

    

Schedule of Portfolio Investments

    

3

    

Financial Statements

  

Statement of Assets and Liabilities

    

24

    

Statement of Operations

    

25

    

Statements of Changes in Net Assets

    

26

    

Financial Highlights

    

28

    

Notes to Financial Statements

    

30

    

Supplemental Information

    

38

    

Proxy Voting and Portfolio Holdings Information

    

38

    

Expense Examples

    

38

    

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

 


1

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		  

September 30, 2022

  

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund provides investors with interest income that is exempt from federal income tax.

Top 10 Industries:

September 30, 2022

(% of Net Assets)

Medical

    

19.5

%

  

General

    

15.8

%

  

Nursing Homes

    

10.4

%

  

Transportation

    

8.5

%

  

School District

    

7.7

%

  

Higher Education

    

7.2

%

  

Education

    

6.7

%

  

General Obligation

    

6.2

%

  

Development

    

3.3

%

  

Water

    

3.2

%

  

Refer to the Schedule of Portfolio Investments for a complete list of securities.

 


2

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Corporate Bonds (0.1%)

  

Industrials (0.1%):

  
Northwest Senior Housing Corp. — Edgemere Project, Promissory Note,
DIP Loan, 10.00%, 12/31/23 (a) (b)		  

$

992

    

$

992

    

Total Corporate Bonds (Cost $992)

    

992

    

Municipal Bonds (98.9%)

  

Alabama (0.5%):

  
DCH Healthcare Authority Revenue, Series A, 4.00%, 6/1/51,
Continuously Callable @100		    

4,000

      

3,298

    
Homewood Educational Building Authority Revenue
5.00%, 12/1/47, Continuously Callable @100		    

4,500

      

4,523

    

Series A, 4.00%, 12/1/51, Continuously Callable @100

    

3,000

      

2,395

    
     

10,216

    

Alaska (0.0%): (c)

  
Northern Tobacco Securitization Corp. Revenue, Series A, 4.00%, 6/1/50,
Continuously Callable @100		    

1,000

      

803

    

Arizona (1.8%):

  
Arizona IDA Revenue
5.00%, 7/1/52, Continuously Callable @100		    

1,725

      

1,729

    

Series A, 5.00%, 7/1/47, Continuously Callable @100

    

600

      

564

    

Series A, 4.00%, 7/1/51, Continuously Callable @100

    

1,000

      

747

    
City of Phoenix Civic Improvement Corp. Revenue (INS — National Public Finance
Guarantee Corp.)
Series B, 5.50%, 7/1/29		    

1,000

      

1,124

    

Series B, 5.50%, 7/1/30

    

1,500

      

1,706

    
Maricopa County IDA Revenue
5.00%, 7/1/47, Continuously Callable @100		    

1,600

      

1,456

    

Series A, 4.00%, 7/1/56, Continuously Callable @100

    

1,000

      

789

    
Pinal County Electric District No. 3 Revenue, 4.00%, 7/1/41, Continuously
Callable @100		    

10,000

      

9,077

    

Tempe IDA Revenue, 4.00%, 12/1/46, Continuously Callable @102

    

2,500

      

1,797

    
The City of Phoenix IDA Revenue
5.00%, 7/1/41, Continuously Callable @100		    

1,200

      

1,124

    

5.00%, 7/1/42, Continuously Callable @100

    

1,250

      

1,161

    

5.00%, 7/1/44, Continuously Callable @100

    

6,000

      

5,537

    
The IDA of the County of Pima Revenue, 4.00%, 6/15/51, Continuously
Callable @100 (d)		    

2,500

      

1,911

    
The Pima County IDA Revenue, 4.00%, 9/1/29, Continuously
Callable @100		    

3,000

      

2,926

    
The Yavapai County IDA Revenue, 4.00%, 8/1/43, Continuously
Callable @100		    

1,725

      

1,487

    
     

33,135

    

Arkansas (0.2%):

  
Arkansas Development Finance Authority Revenue (INS — AMBAC
Assurance Corp.)
7/1/28 (e)		    

1,000

      

791

    

See notes to financial statements.

 


3

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

7/1/29 (e)

  

$

1,165

    

$

883

    

7/1/30 (e)

    

1,150

      

832

    

7/1/36 (e)

    

2,500

      

1,319

    
     

3,825

    

California (5.9%):

  
California Educational Facilities Authority Revenue, Series A, 5.00%, 10/1/52,
Continuously Callable @100		    

3,000

      

2,846

    
California Health Facilities Financing Authority Revenue, 5.00%, 11/15/56,
Continuously Callable @100		    

1,000

      

996

    
California State Public Works Board Revenue
5.00%, 6/1/31, Continuously Callable @100		    

2,950

      

2,986

    

Series B, 5.00%, 10/1/39, Continuously Callable @100

    

3,500

      

3,558

    
California Statewide Communities Development Authority Revenue
(LIQ — Deutsche Bank A.G.), Series DBE-8065, 2.85%, 11/1/52, Callable
12/12/22 @100 (d) (f)		    

10,000

      

10,000

    
Cerritos Community College District, GO
Series D, 8/1/31 (e)		    

1,000

      

722

    

Series D, 8/1/32 (e)

    

2,500

      

1,725

    

Series D, 8/1/33 (e)

    

2,175

      

1,425

    

Series D, 8/1/34 (e)

    

1,000

      

622

    

Series D, 8/1/35 (e)

    

1,500

      

883

    

Series D, 8/1/36 (e)

    

2,200

      

1,231

    
City & County of San Francisco Revenue (LIQ — Deutsche Bank A.G.),
Series DBE-8059, 2.85%, 12/1/52, Callable 11/14/22 @100 (d) (f)		    

10,000

      

10,000

    
Coachella Valley Unified School District, GO (INS — Assured Guaranty
Municipal Corp.), Series D, 8/1/41 (e)		    

8,500

      

3,371

    
El Camino Community College District, GO
Series C, 8/1/34 (e)		    

3,000

      

1,850

    

Series C, 8/1/38 (e)

    

3,000

      

1,467

    
El Monte Union High School District, GO (INS — Assured Guaranty
Municipal Corp.), 6/1/42 (e)		    

10,000

      

3,876

    
Golden State Tobacco Securitization Corp. Revenue, Series A, 5.00%, 6/1/30,
Pre-refunded 6/1/23 @100		    

2,000

      

2,026

    
Indio Redevelopment Agency Successor Agency Tax Allocation, Series A, 5.25%,
8/15/35, Continuously Callable @100		    

1,440

      

1,442

    
Los Alamitos Unified School District Certificate of Participation
8/1/34, Continuously Callable @100 (g)		    

1,200

      

1,240

    

8/1/42, Continuously Callable @100 (h)

    

4,500

      

4,398

    
Paramount Unified School District, GO
8/1/34 (e)		    

1,860

      

1,133

    

8/1/35 (e)

    

2,000

      

1,147

    

8/1/36 (e)

    

2,750

      

1,483

    

8/1/37 (e)

    

2,750

      

1,336

    
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

      

2,614

    

Series A, 5.00%, 3/1/40, Continuously Callable @100

    

2,000

      

2,039

    
San Diego Public Facilities Financing Authority Revenue, Series A, 5.00%,
10/15/44, Continuously Callable @100		    

2,500

      

2,551

    

See notes to financial statements.

 


4

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
San Ysidro School District, GO (INS — Assured Guaranty Municipal Corp.)
Series G, 8/1/36 (e)		  

$

13,605

    

$

7,159

    

Series G, 8/1/37 (e)

    

14,285

      

7,083

    
Santa Ana Unified School District Certificate of Participation (INS — Assured
Guaranty Municipal Corp.), 4/1/29 (e)		    

15,000

      

11,120

    
State of California, GO
5.00%, 2/1/38, Continuously Callable @100		    

6,750

      

6,787

    

5.00%, 10/1/47, Continuously Callable @100

    

5,000

      

5,125

    
Stockton Unified School District, GO (INS — Assured Guaranty Municipal Corp.),
Series D, 8/1/34 (e)		    

8,885

      

5,368

    
     

111,609

    

Colorado (2.3%):

  
Colorado Educational & Cultural Facilities Authority Revenue
4.00%, 12/1/48, Continuously Callable @100		    

2,500

      

2,058

    

4.00%, 1/1/52, Continuously Callable @100

    

675

      

499

    

5.00%, 4/1/53, Continuously Callable @100

    

750

      

753

    

4.00%, 1/1/62, Continuously Callable @100

    

795

      

551

    

Series A, 5.25%, 4/1/43, Pre-refunded 4/1/23 @100

    

2,500

      

2,524

    
Colorado Health Facilities Authority Revenue
5.00%, 6/1/45, Pre-refunded 6/1/25 @100		    

6,000

      

6,261

    

5.00%, 6/1/47, Pre-refunded 6/1/27 @100

    

1,250

      

1,335

    

Series A, 4.00%, 8/1/44, Continuously Callable @100

    

2,070

      

1,715

    

Series A, 4.00%, 9/1/50, Continuously Callable @100

    

1,500

      

1,179

    

Series A, 4.00%, 12/1/50, Continuously Callable @103

    

7,250

      

5,557

    
Denver Health & Hospital Authority Revenue, Series A, 4.00%, 12/1/40,
Continuously Callable @100		    

750

      

636

    
E-470 Public Highway Authority Revenue (INS — National Public Finance
Guarantee Corp.), Series B, 9/1/35, Continuously Callable @64 (e)		    

10,000

      

5,333

    
Park Creek Metropolitan District Revenue
5.00%, 12/1/45, Continuously Callable @100		    

1,000

      

1,010

    

5.00%, 12/1/46, Continuously Callable @100

    

2,500

      

2,525

    

5.00%, 12/1/51, Continuously Callable @100

    

2,000

      

2,015

    
Rampart Range Metropolitan District No. 1 Revenue (INS — Assured Guaranty
Municipal Corp.), 5.00%, 12/1/47, Continuously Callable @100		    

4,000

      

4,091

    
Regional Transportation District Certificate of Participation, Series A, 5.00%,
6/1/44, Pre-refunded 6/1/23 @100		    

5,000

      

5,063

    
Southlands Metropolitan District No. 1, GO, Series A-1, 5.00%, 12/1/47,
Continuously Callable @100		    

1,000

      

858

    
     

43,963

    

Connecticut (0.7%):

  
Connecticut State Health & Educational Facilities Authority Revenue
Series A, 4.00%, 7/1/49, Continuously Callable @100		    

3,000

      

2,345

    

Series U, 4.00%, 7/1/52, Continuously Callable @100

    

3,000

      

2,464

    
State of Connecticut, GO
Series A, 5.00%, 4/15/38, Continuously Callable @100		    

5,500

      

5,733

    

Series A, 5.00%, 4/15/39, Continuously Callable @100

    

1,550

      

1,622

    
     

12,164

    

See notes to financial statements.

 


5

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

District of Columbia (0.7%):

  
District of Columbia Housing Finance Agency Revenue (LIQ — Deutsche Bank A.G.),
Series DBE-8070, 2.85%, 8/1/40, Callable 1/1/32 @105 (d) (f)		  

$

7,500

    

$

7,500

    
District of Columbia Revenue
6.00%, 7/1/43, Pre-refunded 7/1/23 @100		    

1,700

      

1,735

    

6.00%, 7/1/48, Pre-refunded 7/1/23 @100

    

1,450

      

1,481

    

5.00%, 7/1/49, Continuously Callable @100

    

1,275

      

1,167

    

5.00%, 7/1/54, Continuously Callable @100

    

1,140

      

1,020

    
     

12,903

    

Florida (7.5%):

  
Alachua County Health Facilities Authority Revenue, 4.00%, 10/1/46, Continuously
Callable @103		    

700

      

556

    
City of Atlantic Beach Revenue
Series A, 5.00%, 11/15/53, Continuously Callable @103		    

2,000

      

1,865

    

Series B, 5.63%, 11/15/43, Continuously Callable @100

    

7,000

      

7,027

    
City of Jacksonville Revenue
5.00%, 10/1/29, Continuously Callable @100		    

2,270

      

2,270

    

4.00%, 11/1/45, Continuously Callable @100

    

2,500

      

2,079

    
City of Pompano Beach Revenue
4.00%, 9/1/50, Continuously Callable @103		    

8,000

      

6,207

    

Series A, 4.00%, 9/1/51, Continuously Callable @103

    

2,895

      

2,192

    
County of Miami-Dade Florida Water & Sewer System Revenue
4.00%, 10/1/46, Continuously Callable @100		    

3,000

      

2,650

    

Serie B, 4.00%, 10/1/44, Continuously Callable @100

    

21,500

      

19,179

    
County of Miami-Dade Rickenbacker Causeway Revenue, 5.00%, 10/1/43,
Continuously Callable @100		    

1,750

      

1,756

    
County of Miami-Dade Seaport Department Revenue, Series A-2, 4.00%, 10/1/49,
Continuously Callable @100		    

4,000

      

3,422

    
County of Polk Florida Utility System Revenue, 4.00%, 10/1/43, Continuously
Callable @100		    

2,000

      

1,786

    
Escambia County Health Facilities Authority Revenue
4.00%, 8/15/45, Continuously Callable @100		    

6,265

      

5,068

    

4.00%, 8/15/50, Continuously Callable @100

    

5,050

      

3,998

    
Florida Development Finance Corp. Revenue
4.00%, 7/1/45, Continuously Callable @100		    

600

      

460

    

4.00%, 2/1/52, Continuously Callable @100

    

4,000

      

3,041

    

4.00%, 7/1/55, Continuously Callable @100

    

500

      

361

    

Series A, 5.00%, 6/15/55, Continuously Callable @100

    

1,500

      

1,410

    
Florida Higher Educational Facilities Financial Authority Revenue
5.00%, 3/1/44, Continuously Callable @100		    

4,280

      

3,890

    

4.00%, 10/1/44, Continuously Callable @100

    

1,400

      

1,118

    

5.00%, 3/1/49, Continuously Callable @100

    

1,250

      

1,107

    

4.00%, 10/1/49, Continuously Callable @100

    

1,150

      

865

    
Halifax Hospital Medical Center Revenue, 5.00%, 6/1/46, Pre-refunded
6/1/25 @100		    

3,000

      

3,128

    
Lee County IDA Revenue
5.75%, 10/1/42, Pre-refunded 10/1/22 @100		    

4,000

      

4,000

    

5.50%, 10/1/47, Pre-refunded 10/1/22 @102

    

5,000

      

5,100

    

5.00%, 11/15/49, Continuously Callable @103

    

12,350

      

11,596

    

Series A, 5.25%, 10/1/52, Continuously Callable @103

    

1,000

      

869

    

See notes to financial statements.

 


6

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Lee Memorial Health System Revenue, Series A-1, 4.00%, 4/1/49, Continuously
Callable @100		  

$

4,500

    

$

3,776

    
Miami Beach Health Facilities Authority Revenue, 4.00%, 11/15/51, Continuously
Callable @100		    

2,500

      

1,910

    
Miami-Dade County Expressway Authority Revenue
Series A, 5.00%, 7/1/39, Continuously Callable @100		    

5,000

      

5,032

    

Series A, 5.00%, 7/1/40, Continuously Callable @100

    

5,000

      

5,001

    
Miami-Dade County Health Facilities Authority Revenue, 4.00%, 8/1/47,
Continuously Callable @100		    

2,000

      

1,661

    
Orange County Health Facilities Authority Revenue, Series B, 4.00%, 10/1/45,
Continuously Callable @100		    

1,500

      

1,264

    
Palm Beach County Educational Facilities Authority Revenue, 4.00%, 10/1/51,
Continuously Callable @100		    

2,070

      

1,626

    
Palm Beach County Health Facilities Authority Revenue
5.00%, 11/15/45, Continuously Callable @103		    

150

      

149

    

5.00%, 5/15/47, Continuously Callable @100

    

5,000

      

4,343

    

Series A, 5.00%, 11/1/52, Continuously Callable @100

    

250

      

230

    

Series B, 5.00%, 11/15/42, Continuously Callable @103

    

1,000

      

1,003

    
Pinellas County Educational Facilities Authority Revenue
5.00%, 10/1/27, Continuously Callable @100		    

1,000

      

1,000

    

5.25%, 10/1/30, Continuously Callable @100

    

1,000

      

1,000

    
Polk County IDA Revenue
5.00%, 1/1/49, Continuously Callable @103		    

1,000

      

880

    

5.00%, 1/1/55, Continuously Callable @103

    

1,000

      

865

    
Sarasota County Health Facilities Authority Revenue, 5.00%, 5/15/48,
Continuously Callable @103		    

1,835

      

1,685

    
Sarasota County Public Hospital District Revenue, 4.00%, 7/1/52, Continuously
Callable @100		    

5,000

      

4,152

    

St. Johns County IDA Revenue, 4.00%, 8/1/55, Continuously Callable @103

    

6,000

      

4,671

    

Tampa Housing Authority Revenue, 4.85%, 7/1/36, Callable 11/1/22 @100

    

2,200

      

2,200

    
Volusia County Educational Facility Authority Revenue, Series B, 5.00%,
10/15/45, Pre-refunded 4/15/25 @100		    

2,000

      

2,082

    
     

141,530

    

Georgia (1.2%):

  
Crisp County Hospital Authority Revenue, 4.00%, 7/1/51, Continuously
Callable @100		    

3,000

      

2,439

    
Gainesville & Hall County Hospital Authority Revenue, 4.00%, 2/15/45,
Continuously Callable @100		    

15,000

      

12,700

    
Glynn-Brunswick Memorial Hospital Authority Revenue, 5.00%, 8/1/43,
Continuously Callable @100		    

1,500

      

1,445

    

Main Street Natural Gas, Inc. Revenue, Series A, 5.00%, 5/15/49

    

3,000

      

2,872

    
Municipal Electric Authority of Georgia Revenue, 4.00%, 1/1/51,
Continuously Callable @100		    

1,100

      

898

    
Private Colleges & Universities Authority Revenue, 4.00%, 6/1/45, Continuously
Callable @100		    

1,700

      

1,464

    
     

21,818

    

See notes to financial statements.

 


7

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Illinois (14.5%):

  
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

    

$

1,647

    

Series A, 5.00%, 12/1/38, Pre-refunded 12/1/27 @100

    

1,555

      

1,674

    

Series A, 5.00%, 12/1/39, Pre-refunded 12/1/27 @100

    

1,400

      

1,507

    
Chicago Board of Education, GO
Series A, 5.00%, 12/1/47, Continuously Callable @100		    

1,800

      

1,687

    

Series A, 4.00%, 12/1/47, Continuously Callable @100

    

8,220

      

6,482

    

Series H, 5.00%, 12/1/36, Continuously Callable @100

    

5,000

      

4,911

    
Chicago Midway International Airport Revenue
Series B, 5.00%, 1/1/41, Continuously Callable @100		    

2,500

      

2,525

    

Series B, 5.00%, 1/1/46, Continuously Callable @100

    

3,500

      

3,514

    
Chicago O'Hare International Airport Revenue
5.75%, 1/1/43, Continuously Callable @100		    

5,000

      

5,013

    

Series C, 4.00%, 1/1/38, Continuously Callable @100

    

1,000

      

916

    

Series C, 5.00%, 1/1/41, Continuously Callable @100

    

5,000

      

5,081

    
Chicago Park District, GO
Series A, 5.00%, 1/1/40, Continuously Callable @100		    

3,000

      

3,025

    

Series F-2, 5.00%, 1/1/40, Continuously Callable @100

    

1,125

      

1,144

    
City of Chicago Wastewater Transmission Revenue
5.00%, 1/1/44, Continuously Callable @100		    

4,000

      

3,866

    

Series A, 5.00%, 1/1/47, Continuously Callable @100

    

3,000

      

3,018

    

Series C, 5.00%, 1/1/39, Continuously Callable @100

    

3,000

      

3,030

    
City of Chicago Waterworks Revenue, 5.00%, 11/1/44, Continuously
Callable @100		    

3,000

      

2,993

    
City of Galesburg Revenue, Series A, 4.00%, 10/1/46, Continuously
Callable @100		    

4,000

      

3,298

    
City of Springfield Electric Revenue (INS — Assured Guaranty Municipal Corp.),
5.00%, 3/1/40, Continuously Callable @100		    

3,000

      

3,052

    
Cook County Community College District No. 508, GO (INS — Build America
Mutual Assurance Co.), 5.00%, 12/1/47, Continuously Callable @100		    

9,500

      

9,617

    
County of Cook Sales Tax Revenue, 5.00%, 11/15/38, Continuously
Callable @100		    

7,750

      

7,948

    

County of Will, GO, 4.00%, 11/15/47, Continuously Callable @100

    

2,000

      

1,763

    
Illinois Finance Authority Revenue
3.90%, 3/1/30, Continuously Callable @100		    

14,000

      

14,016

    

5.50%, 4/1/32, Continuously Callable @100

    

7,065

      

6,801

    

4.00%, 2/1/33, Continuously Callable @100

    

6,000

      

5,933

    

5.00%, 5/15/37, Continuously Callable @100

    

700

      

691

    

4.00%, 3/1/38, Continuously Callable @100

    

2,000

      

1,864

    

4.00%, 2/15/41, Pre-refunded 2/15/27 @100

    

20

      

21

    

5.00%, 8/1/42, Continuously Callable @100

    

750

      

745

    

5.00%, 1/1/44, Pre-refunded 1/1/28 @100

    

10,000

      

10,777

    

5.00%, 8/15/44, Continuously Callable @100

    

2,000

      

1,996

    

4.00%, 12/1/46, Continuously Callable @100

    

4,500

      

3,679

    

5.00%, 2/15/47, Continuously Callable @100

    

1,000

      

857

    

5.00%, 5/15/47, Continuously Callable @100

    

1,155

      

1,096

    

5.00%, 8/1/47, Continuously Callable @100

    

750

      

729

    

5.00%, 12/1/47, Continuously Callable @100

    

2,000

      

1,960

    

See notes to financial statements.

 


8

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

5.00%, 10/1/49, Continuously Callable @100

  

$

1,250

    

$

1,312

    

5.00%, 2/15/50, Continuously Callable @100

    

500

      

421

    

5.00%, 10/1/51, Continuously Callable @100

    

1,000

      

1,049

    

5.00%, 3/1/52, Continuously Callable @100

    

1,075

      

914

    

4.00%, 10/1/55, Continuously Callable @100

    

2,000

      

1,524

    

Series A, 4.00%, 7/1/38, Pre-refunded 7/1/26 @100

    

5,000

      

5,113

    

Series A, 4.00%, 10/1/40, Continuously Callable @100

    

12,395

      

11,088

    

Series A, 6.00%, 7/1/43, Continuously Callable @100

    

5,000

      

5,102

    

Series A, 4.00%, 8/1/51, Continuously Callable @100

    

3,500

      

2,701

    

Series C, 4.00%, 2/15/41, Pre-refunded 2/15/27 @100

    

485

      

497

    

Series C, 4.00%, 2/15/41, Continuously Callable @100

    

10,495

      

9,259

    
Illinois State Toll Highway Authority Revenue, Series A, 4.00%, 1/1/46,
Continuously Callable @100		    

4,000

      

3,529

    
Metropolitan Pier & Exposition Authority Revenue
5.00%, 6/15/42, Continuously Callable @100		    

2,000

      

1,864

    

5.00%, 6/15/50, Continuously Callable @100

    

7,500

      

6,793

    
Northern Illinois Municipal Power Agency Revenue, Series A, 4.00%, 12/1/41,
Continuously Callable @100		    

9,000

      

7,716

    
Northern Illinois University Revenue (INS — Build America Mutual Assurance Co.),
Series B, 4.00%, 4/1/41, Continuously Callable @100		    

600

      

521

    
Regional Transportation Authority Revenue (INS — National Public Finance
Guarantee Corp.), 6.50%, 7/1/30		    

37,550

      

43,483

    
Sangamon County Water Reclamation District, GO
Series A, 4.00%, 1/1/49, Continuously Callable @100		    

15,000

      

13,058

    

Series A, 5.75%, 1/1/53, Continuously Callable @100

    

2,000

      

2,066

    
State of Illinois, GO
5.50%, 5/1/39, Continuously Callable @100		    

2,275

      

2,310

    

Series A, 5.00%, 10/1/33, Continuously Callable @100

    

2,000

      

1,997

    
State of Illinois, GO (INS — Assured Guaranty Municipal Corp.)
4.00%, 2/1/31, Continuously Callable @100		    

1,000

      

969

    

4.00%, 2/1/32, Continuously Callable @100

    

1,000

      

961

    

Series A, 5.00%, 4/1/29, Continuously Callable @100

    

8,000

      

8,038

    
Village of Rosemont, GO (INS — Assured Guaranty Municipal Corp.), Series A,
5.00%, 12/1/46, Continuously Callable @100		    

10,000

      

10,261

    
     

271,422

    

Indiana (2.0%):

  
Evansville Redevelopment Authority Revenue (INS — Build America Mutual
Assurance Co.)
4.00%, 2/1/38, Continuously Callable @100		    

5,540

      

5,173

    

4.00%, 2/1/39, Continuously Callable @100

    

3,605

      

3,341

    
Indiana Finance Authority Revenue
5.00%, 2/1/40, Continuously Callable @100		    

1,495

      

1,502

    

5.00%, 11/15/43, Continuously Callable @103

    

1,970

      

1,885

    

5.00%, 10/1/44, Pre-refunded 10/1/23 @100

    

4,000

      

4,061

    

5.00%, 11/15/48, Continuously Callable @103

    

3,895

      

3,659

    

4.00%, 11/15/51, Continuously Callable @100

    

1,030

      

757

    

Series A, 5.50%, 4/1/46, Continuously Callable @100

    

5,000

      

5,008

    

Series A, 5.50%, 7/1/52, Continuously Callable @100

    

4,500

      

4,628

    

See notes to financial statements.

 


9

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Richmond Hospital Authority Revenue, Series A, 5.00%, 1/1/39, Continuously
Callable @100		  

$

7,000

    

$

7,022

    
     

37,036

    

Iowa (0.6%):

  
Iowa Finance Authority Revenue
Series A, 5.00%, 5/15/43, Continuously Callable @100		    

6,235

      

5,545

    

Series B, 5.00%, 2/15/48, Continuously Callable @100

    

4,000

      

4,041

    
Iowa Higher Education Loan Authority Revenue, 5.38%, 10/1/52, Continuously
Callable @100		    

1,000

      

1,006

    
Iowa Tobacco Settlement Authority Revenue, Series A-2, 4.00%, 6/1/49,
Continuously Callable @100		    

1,000

      

812

    
     

11,404

    

Kansas (1.0%):

  
City of Coffeyville Electric System Revenue (INS — National Public Finance
Guarantee Corp.), Series B, 5.00%, 6/1/42, Pre-refunded 6/1/25 @100 (d)		    

2,500

      

2,616

    

City of Lawrence Revenue, Series A, 5.00%, 7/1/48, Continuously Callable @100

    

5,000

      

4,941

    
City of Manhattan Revenue
Series A, 4.00%, 6/1/46, Continuously Callable @103		    

1,000

      

761

    

Series A, 4.00%, 6/1/52, Continuously Callable @103

    

1,500

      

1,095

    
Wyandotte County-Kansas City Unified Government Tax Allocation, 5.75%, 3/1/41,
Continuously Callable @103 (d)		    

7,600

      

6,936

    
Wyandotte County-Kansas City Unified Government Utility System Revenue,
Series A, 5.00%, 9/1/45, Continuously Callable @100		    

2,000

      

2,028

    
     

18,377

    

Kentucky (1.1%):

  

City of Ashland Revenue, 5.00%, 2/1/40, Continuously Callable @100

    

1,000

      

1,001

    

City of Hazard Revenue, 4.00%, 7/1/51, Continuously Callable @100

    

3,000

      

2,427

    
Kentucky Bond Development Corp. Revenue, 4.00%, 6/1/51, Continuously
Callable @100		    

1,070

      

853

    
Kentucky Economic Development Finance Authority Revenue
5.00%, 5/15/46, Continuously Callable @100		    

5,500

      

4,434

    

Series B, 5.00%, 8/15/41, Continuously Callable @100

    

3,000

      

2,965

    
Kentucky Economic Development Finance Authority Revenue (INS — Assured
Guaranty Municipal Corp.)
4.00%, 12/1/41, Continuously Callable @100		    

500

      

437

    

Series A, 5.00%, 12/1/45, Continuously Callable @100

    

2,000

      

1,990

    
Louisville Jefferson County Metropolitan Government Revenue, Series A, 5.00%,
5/15/52, Continuously Callable @100		    

6,000

      

5,908

    
     

20,015

    

Louisiana (3.8%):

  
City of Shreveport Water & Sewer Revenue
5.00%, 12/1/40, Continuously Callable @100		    

1,000

      

1,015

    

Series B, 5.00%, 12/1/41, Continuously Callable @100

    

5,500

      

5,600

    
City of Shreveport Water & Sewer Revenue (INS — Assured Guaranty
Municipal Corp.), Series B, 5.00%, 12/1/41, Continuously Callable @100		    

2,100

      

2,158

    
City of Shreveport Water & Sewer Revenue (INS — Build America Mutual
Assurance Co.), Series B, 4.00%, 12/1/37, Continuously Callable @100		    

1,100

      

1,027

    

See notes to financial statements.

 


10

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
City of Shreveport Water & Sewer Revenue (INS — Assured Guaranty Corp.),
Series B, 4.00%, 12/1/49, Continuously Callable @100		  

$

1,000

    

$

843

    
Jefferson Sales Tax District Revenue, Series B, 4.00%, 12/1/42, Continuously
Callable @100		    

7,000

      

6,305

    
Louisiana Local Government Environmental Facilities & Community Development
Authority Revenue, 3.50%, 11/1/32, Continuously Callable @100		    

6,250

      

5,569

    
Louisiana Local Government Environmental Facilities & Community Development
Authority Revenue (INS — Assured Guaranty Municipal Corp.)
5.00%, 10/1/39, Continuously Callable @100		    

1,685

      

1,736

    

4.00%, 10/1/46, Continuously Callable @100

    

8,210

      

7,223

    

5.00%, 10/1/48, Continuously Callable @100

    

5,000

      

4,930

    
Louisiana Public Facilities Authority Revenue
4.00%, 5/15/41, Pre-refunded 5/15/26 @100		    

15

      

15

    

4.00%, 5/15/41, Continuously Callable @100

    

1,235

      

1,035

    

5.00%, 11/1/45, Pre-refunded 11/1/25 @100

    

6,000

      

6,308

    

5.00%, 5/15/46, Continuously Callable @100

    

5,000

      

4,912

    

5.00%, 7/1/52, Continuously Callable @100

    

400

      

398

    

4.00%, 1/1/56, Continuously Callable @100

    

9,000

      

7,046

    

5.00%, 7/1/57, Continuously Callable @100

    

2,000

      

1,966

    

Series A, 4.00%, 12/15/50, Pre-refunded 12/15/27 @100

    

30

      

31

    

Series A, 4.00%, 12/15/50, Continuously Callable @100

    

970

      

813

    
Louisiana Public Facilities Authority Revenue (INS — Build America Mutual
Assurance Co.), 5.25%, 6/1/51, Pre-refunded 6/1/25 @100		    

5,000

      

5,256

    
State of Louisiana Gasoline & Fuels Tax Revenue, Series C, 5.00%, 5/1/45,
Continuously Callable @100		    

6,000

      

6,297

    
Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 5/15/35,
Continuously Callable @100		    

1,500

      

1,509

    
     

71,992

    

Maine (0.4%):

  
Maine Health & Higher Educational Facilities Authority Revenue, Series A,
4.00%, 7/1/46, Continuously Callable @100		    

9,000

      

7,256

    

Massachusetts (1.6%):

  
Massachusetts Development Finance Agency Revenue
5.00%, 4/15/40, Continuously Callable @100		    

1,000

      

967

    

5.00%, 7/1/46, Continuously Callable @100

    

4,000

      

3,894

    

5.00%, 7/1/47, Continuously Callable @100

    

2,280

      

2,280

    

4.00%, 7/1/51, Continuously Callable @100

    

1,000

      

789

    

Series A, 5.50%, 7/1/44, Continuously Callable @100

    

2,000

      

1,716

    

Series A, 4.00%, 10/1/46, Continuously Callable @100

    

3,370

      

2,732

    

Series A, 4.00%, 6/1/49, Pre-refunded 6/1/29 @100

    

1,000

      

1,037

    

Series B, 4.00%, 6/1/50, Continuously Callable @100

    

1,700

      

1,334

    

Series B, 4.00%, 7/1/50, Continuously Callable @100

    

975

      

760

    

Series C, 4.00%, 10/1/45, Continuously Callable @100

    

1,250

      

1,053

    

Series D, 5.00%, 7/1/44, Continuously Callable @100

    

3,000

      

2,981

    

Series E, 4.00%, 7/1/38, Continuously Callable @100

    

1,000

      

871

    

Series J2, 5.00%, 7/1/53, Continuously Callable @100

    

10,000

      

9,883

    
     

30,297

    

See notes to financial statements.

 


11

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Michigan (2.3%):

  

County of Genesee, GO, Series B, 4.00%, 2/1/41, Continuously Callable @100

  

$

2,000

    

$

1,789

    
County of Genesee, GO (INS — Build America Mutual Assurance Co.),
Series B, 5.00%, 2/1/46, Continuously Callable @100		    

2,900

      

2,926

    
Downriver Utility Wastewater Authority Revenue (INS — Assured Guaranty
Municipal Corp.), 5.00%, 4/1/43, Continuously Callable @100		    

2,500

      

2,580

    
Flint Hospital Building Authority Revenue, 4.00%, 7/1/38, Continuously
Callable @100		    

2,500

      

2,162

    
Jackson Public Schools, GO (NBGA — Michigan School Bond Qualification and
Loan Program)
5.00%, 5/1/45, Continuously Callable @100		    

6,000

      

6,167

    

5.00%, 5/1/48, Continuously Callable @100

    

3,000

      

3,077

    
Karegnondi Water Authority Revenue, 5.00%, 11/1/45, Continuously
Callable @100		    

2,750

      

2,788

    
Livonia Public Schools, GO (INS — Assured Guaranty Municipal Corp.), 5.00%,
5/1/45, Continuously Callable @100		    

4,000

      

4,068

    
Michigan Finance Authority Revenue
5.00%, 11/1/43, Continuously Callable @100		    

1,000

      

1,029

    

4.00%, 2/15/44, Continuously Callable @100

    

5,000

      

4,394

    

4.00%, 2/15/47, Continuously Callable @100

    

1,000

      

847

    

4.00%, 2/15/50, Continuously Callable @100

    

2,000

      

1,673

    

4.00%, 9/1/50, Continuously Callable @100

    

1,000

      

812

    

4.00%, 11/1/55, Continuously Callable @100

    

4,000

      

3,302

    

Series A, 4.00%, 11/15/50, Continuously Callable @100

    

3,000

      

2,554

    
Michigan State Building Authority Revenue, 4.00%, 10/15/49, Continuously
Callable @100		    

2,500

      

2,189

    
     

42,357

    

Missouri (3.1%):

  
Cape Girardeau County IDA Revenue
5.00%, 3/1/36, Continuously Callable @100		    

750

      

750

    

Series A, 6.00%, 3/1/33, Continuously Callable @103

    

2,080

      

2,150

    

Hannibal IDA Revenue, 5.00%, 10/1/47, Continuously Callable @100

    

3,000

      

2,949

    
Health & Educational Facilities Authority of the State of Missouri Revenue
4.00%, 8/1/36, Continuously Callable @100		    

440

      

380

    

5.00%, 5/15/40, Continuously Callable @103

    

5,510

      

4,969

    

4.00%, 8/1/41, Continuously Callable @100

    

410

      

332

    

4.00%, 2/1/48, Continuously Callable @100

    

10,000

      

7,951

    

4.00%, 2/15/51, Continuously Callable @100

    

1,000

      

772

    

Series A, 5.00%, 2/1/42, Continuously Callable @104

    

3,500

      

3,356

    

Series A, 5.00%, 11/15/43, Continuously Callable @100

    

1,000

      

1,007

    

Series A, 4.00%, 2/15/54, Continuously Callable @100

    

2,500

      

2,071

    
Missouri Development Finance Board Revenue
4.00%, 6/1/46, Continuously Callable @100		    

17,775

      

14,783

    

4.00%, 3/1/51, Continuously Callable @100

    

2,000

      

1,619

    
St. Louis County IDA Revenue
5.88%, 9/1/43, Continuously Callable @100		    

5,000

      

4,971

    

5.00%, 9/1/48, Continuously Callable @100

    

2,000

      

1,678

    
St. Louis Municipal Finance Corp. Revenue (INS — Assured Guaranty
Municipal Corp.), 5.00%, 10/1/38, Continuously Callable @100		    

3,065

      

3,118

    

See notes to financial statements.

 


12

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
St. Louis Municipal Finance Corp. Revenue (INS — Assured Guaranty Corp.),
5.00%, 10/1/45, Continuously Callable @100		  

$

3,000

    

$

3,040

    
Stoddard County IDA Revenue, Series B, 6.00%, 3/1/37, Continuously
Callable @103		    

1,875

      

1,932

    
     

57,828

    

Montana (0.3%):

  

City of Forsyth Revenue, 3.90%, 3/1/31, Callable 3/1/23 @100

    

4,000

      

3,832

    
Montana Facility Finance Authority Revenue, Series A, 4.00%, 6/1/45, Continuously
Callable @100		    

1,000

      

849

    
     

4,681

    

Nebraska (1.2%):

  

Central Plains Energy Project Revenue, Series A, 5.00%, 9/1/42

    

13,665

      

13,234

    
Douglas County Hospital Authority No. 3 Revenue, 5.00%, 11/1/48, Continuously
Callable @100		    

3,400

      

3,370

    
Nebraska Educational Health Cultural & Social Services Finance Authority
Revenue, 4.00%, 1/1/49, Continuously Callable @102		    

7,500

      

6,255

    
     

22,859

    

Nevada (0.9%):

  

City of Carson City Revenue, 5.00%, 9/1/47, Continuously Callable @100

    

2,775

      

2,728

    
Las Vegas Convention & Visitors Authority Revenue
Series C, 4.00%, 7/1/41, Continuously Callable @100		    

4,400

      

3,923

    

Series C, 4.00%, 7/1/46, Continuously Callable @100

    

12,140

      

10,460

    
     

17,111

    

New Hampshire (0.1%):

  
New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/51, Continuously
Callable @103		    

3,000

      

2,242

    

New Jersey (4.9%):

  
New Jersey Economic Development Authority Revenue
4.05% (MUNIPSA+160bps), 3/1/28, Callable 3/1/23 @100 (i)		    

20,000

      

19,658

    

5.00%, 6/15/40, Continuously Callable @100

    

8,125

      

8,033

    

5.00%, 6/15/40, Pre-refunded 6/15/24 @100

    

1,875

      

1,929

    

4.00%, 11/1/44, Continuously Callable @100

    

3,000

      

2,536

    

4.00%, 6/15/49, Continuously Callable @100

    

4,000

      

3,296

    

Series A, 5.00%, 6/15/47, Continuously Callable @100

    

3,000

      

2,970

    

Series AAA, 5.00%, 6/15/41, Continuously Callable @100

    

4,000

      

4,004

    

Series B, 5.00%, 6/15/43, Continuously Callable @100

    

3,500

      

3,484

    

Series WW, 5.25%, 6/15/40, Continuously Callable @100

    

2,835

      

2,855

    

Series WW, 5.25%, 6/15/40, Pre-refunded 6/15/25 @100

    

165

      

174

    
New Jersey Economic Development Authority Revenue (INS — Assured Guaranty
Municipal Corp.), 5.00%, 6/1/42, Continuously Callable @100		    

1,200

      

1,183

    
New Jersey Educational Facilities Authority Revenue
Series B, 5.00%, 9/1/36, Continuously Callable @100		    

5,000

      

5,024

    

Series F, 5.00%, 7/1/47, Continuously Callable @100

    

3,000

      

2,591

    
New Jersey Health Care Facilities Financing Authority Revenue, 5.00%, 10/1/38,
Continuously Callable @100		    

2,250

      

2,259

    

See notes to financial statements.

 


13

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
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

    

$

1,233

    
New Jersey Transportation Trust Fund Authority Revenue
5.25%, 6/15/43, Continuously Callable @100		    

4,000

      

4,038

    

Series A, 5.00%, 12/15/36, Continuously Callable @100

    

2,125

      

2,140

    

Series AA, 5.25%, 6/15/41, Continuously Callable @100

    

2,000

      

2,013

    

Series AA, 4.00%, 6/15/50, Continuously Callable @100

    

3,000

      

2,472

    

Series BB, 4.00%, 6/15/50, Continuously Callable @100

    

15,000

      

12,321

    
South Jersey Transportation Authority Revenue, Series A, 4.00%, 11/1/50,
Continuously Callable @100		    

7,000

      

5,723

    
Tobacco Settlement Financing Corp. Revenue, Series A, 5.25%, 6/1/46, Continuously
Callable @100		    

3,000

      

2,944

    
     

92,880

    

New Mexico (0.4%):

  
New Mexico Hospital Equipment Loan Council Revenue, Series LA, 5.00%, 7/1/49,
Continuously Callable @102		    

8,625

      

7,028

    
Winrock Town Center Tax Increment Development District Tax Allocation, 4.25%,
5/1/40, Continuously Callable @103 (d)		    

670

      

546

    
     

7,574

    

New York (2.8%):

  
Allegany County Capital Resource Corp. Revenue, Series A, 5.00%, 12/1/52,
Continuously Callable @100		    

4,000

      

3,649

    

Build Nyc Resource Corp. Revenue, 5.00%, 7/1/52, Continuously Callable @100

    

700

      

637

    

City of New York, GO, Series B, 2.85%, 10/1/46, Continuously Callable @100 (f)

    

5,000

      

5,000

    
Metropolitan Transportation Authority Revenue
Series A, 11/15/32 (e)		    

5,000

      

3,297

    

Series A-2, 5.00%, 11/15/45

    

5,490

      

5,671

    
New York Liberty Development Corp. Revenue
5.25%, 10/1/35		    

16,130

      

16,712

    

2.80%, 9/15/69, Continuously Callable @100

    

1,500

      

1,223

    
New York State Dormitory Authority Revenue, Series A, 4.00%, 9/1/50, Continuously
Callable @100		    

3,000

      

2,206

    
New York State Thruway Authority Renenue, Series A, 5.00%, 1/1/46, Continuously
Callable @100		    

2,000

      

2,024

    
New York State Urban Development Corp. Revenue, Series A, 4.00%, 3/15/45,
Continuously Callable @100		    

5,000

      

4,308

    
Triborough Bridge & Tunnel Authority Revenue
Series A, 11/15/31 (e)		    

5,000

      

3,277

    

Series A, 11/15/32 (e)

    

3,000

      

1,905

    

Series B, 11/15/32 (e)

    

2,500

      

1,654

    

TSASC, Inc. Revenue, Series A, 5.00%, 6/1/41, Continuously Callable @100

    

1,000

      

1,006

    
     

52,569

    

North Carolina (0.2%):

  
North Carolina Medical Care Commission Revenue
5.00%, 1/1/49, Continuously Callable @104		    

2,725

      

2,755

    

Series A, 4.00%, 10/1/50, Continuously Callable @103

    

1,000

      

773

    
     

3,528

    

See notes to financial statements.

 


14

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

North Dakota (0.5%):

  

City of Grand Forks Revenue, 4.00%, 12/1/51, Continuously Callable @100

  

$

2,375

    

$

1,840

    

County of Ward Revenue, Series C, 5.00%, 6/1/43, Continuously Callable @100

    

7,500

      

6,604

    
University of North Dakota Certificate of Participation (INS — Assured Guaranty
Corp.), Series A, 4.00%, 6/1/51, Continuously Callable @100		    

1,500

      

1,308

    
     

9,752

    

Ohio (2.3%):

  

City of Centerville Revenue, 5.25%, 11/1/47, Continuously Callable @100

    

2,700

      

2,393

    
City of Middleburg Heights Revenue, Series A, 4.00%, 8/1/47, Continuously
Callable @100		    

2,000

      

1,654

    

County of Cuyahoga Revenue, 4.75%, 2/15/47, Continuously Callable @100

    

9,000

      

8,201

    
County of Franklin Revenue, Series B, 5.00%, 7/1/45, Continuously
Callable @103		    

5,000

      

5,037

    

County of Hamilton Revenue, 5.00%, 1/1/51, Continuously Callable @100

    

2,500

      

2,205

    

County of Lucas Revenue, 5.25%, 11/15/48, Continuously Callable @100

    

6,000

      

4,358

    
County of Montgomery Revenue
4.00%, 11/15/42, Continuously Callable @100		    

2,500

      

2,106

    

4.00%, 11/15/45, Continuously Callable @100

    

2,000

      

1,629

    

County of Ross Revenue, 5.00%, 12/1/49, Continuously Callable @100

    

9,100

      

9,024

    
Ohio Higher Educational Facility Commission Revenue, 5.25%, 1/1/48,
Continuously Callable @104		    

1,000

      

762

    
Ohio Turnpike & Infrastructure Commission Revenue, 5.25%, 2/15/33,
Continuously Callable @100		    

2,000

      

2,016

    
State of Ohio Revenue
4.00%, 11/15/40, Continuously Callable @100		    

655

      

559

    

Series A, 4.00%, 1/15/50, Continuously Callable @100

    

5,000

      

4,135

    
     

44,079

    

Oklahoma (0.9%):

  
Norman Regional Hospital Authority Revenue, 4.00%, 9/1/45, Continuously
Callable @100		    

4,250

      

3,400

    
Oklahoma Development Finance Authority Revenue, Series B, 5.50%, 8/15/57,
Continuously Callable @100		    

4,250

      

3,606

    
Oklahoma Municipal Power Authority Revenue, Series A, 4.00%, 1/1/47,
Continuously Callable @100		    

10,000

      

8,708

    
Tulsa County Industrial Authority Revenue, 5.25%, 11/15/45, Continuously
Callable @102		    

2,000

      

1,932

    
     

17,646

    

Oregon (0.6%):

  

City of Keizer Special Assessment, 5.20%, 6/1/31, Continuously Callable @100

    

735

      

736

    
Deschutes County Hospital Facilities Authority Revenue, 4.00%, 1/1/46,
Continuously Callable @100		    

2,000

      

1,652

    
Medford Hospital Facilities Authority Revenue, Series A, 4.00%, 8/15/50,
Continuously Callable @100		    

3,800

      

3,267

    
Oregon State Facilities Authority Revenue, Series A, 4.00%, 10/1/51, Continuously
Callable @100		    

1,000

      

794

    
Salem Hospital Facility Authority Revenue, 5.00%, 5/15/53, Continuously
Callable @102		    

1,000

      

908

    

See notes to financial statements.

 


15

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Union County Hospital Facility Authority Revenue
5.00%, 7/1/47, Continuously Callable @100		  

$

450

    

$

424

    

5.00%, 7/1/52, Continuously Callable @100

    

1,325

      

1,229

    
Yamhill County Hospital Authority Revenue
5.00%, 11/15/51, Continuously Callable @102		    

1,180

      

922

    

Series B-2, 2.13%, 11/15/27, Continuously Callable @100

    

1,000

      

882

    

Series B-3, 1.75%, 11/15/26, Continuously Callable @100

    

680

      

607

    
     

11,421

    

Pennsylvania (9.2%):

  
Adams County General Authority Revenue, 4.00%, 8/15/45, Continuously
Callable @100		    

7,400

      

6,276

    
Allegheny County Hospital Development Authority Revenue, 5.00%, 4/1/47,
Continuously Callable @100		    

6,500

      

6,341

    
Allegheny County Sanitary Authority Revenue, 5.00%, 6/1/43, Continuously
Callable @100		    

3,170

      

3,252

    
Allentown Commercial & IDA Revenue, 6.25%, 7/1/47, Continuously
Callable @100 (d)		    

5,000

      

4,583

    
Altoona Area School District, GO (INS — Build America Mutual Assurance Co.)
5.00%, 12/1/45, Pre-refunded 12/1/25 @100		    

1,000

      

1,052

    

5.00%, 12/1/48, Pre-refunded 12/1/25 @100

    

300

      

316

    
Armstrong School District, GO
Series A, 4.00%, 3/15/38, Continuously Callable @100		    

1,000

      

949

    

Series A, 4.00%, 3/15/41, Continuously Callable @100

    

2,250

      

2,078

    
Berks County IDA Revenue
5.00%, 5/15/48, Continuously Callable @102		    

1,000

      

945

    

5.00%, 11/1/50, Continuously Callable @100

    

8,500

      

5,682

    

Bucks County IDA Revenue, 4.00%, 8/15/50, Continuously Callable @100

    

3,000

      

2,448

    
Canon Mcmillan School District, GO
4.00%, 6/1/44, Continuously Callable @100		    

3,500

      

3,080

    

4.00%, 6/1/48, Continuously Callable @100

    

1,105

      

954

    

4.00%, 6/1/50, Continuously Callable @100

    

6,065

      

5,206

    
Chester County IDA Revenue, Series A, 5.25%, 10/15/47, Continuously
Callable @100		    

3,250

      

2,851

    
Chester County Industrial Development Authority Revenue, 6.00%, 10/15/52,
Continuously Callable @100 (d)		    

1,775

      

1,703

    
Commonwealth Financing Authority Revenue, 5.00%, 6/1/35, Continuously
Callable @100		    

500

      

517

    
Commonwealth of Pennsylvania Certificate of Participation, Series A, 5.00%,
7/1/43, Continuously Callable @100		    

1,000

      

1,026

    

County of Lehigh Revenue, 4.00%, 7/1/49, Continuously Callable @100

    

15,000

      

12,308

    
Delaware County Authority Revenue, 5.00%, 10/1/39, Continuously
Callable @100		    

2,250

      

2,135

    
Delaware River Joint Toll Bridge Commission Revenue, 5.00%, 7/1/47,
Continuously Callable @100		    

5,000

      

5,084

    

Lancaster IDA Revenue, 4.00%, 7/1/51, Continuously Callable @103

    

1,000

      

743

    
Montgomery County Higher Education & Health Authority Revenue
4.00%, 9/1/49, Continuously Callable @100		    

2,500

      

2,012

    

4.00%, 9/1/51, Continuously Callable @100

    

3,500

      

2,783

    
Montgomery County IDA Revenue
5.00%, 12/1/48, Continuously Callable @102		    

2,000

      

1,886

    

See notes to financial statements.

 


16

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

5.00%, 12/1/49, Continuously Callable @103

  

$

2,000

    

$

2,056

    
Northampton County General Purpose Authority Revenue
4.00%, 8/15/40, Continuously Callable @100		    

4,000

      

3,416

    

5.00%, 8/15/48, Continuously Callable @100

    

2,440

      

2,375

    
Northeastern Pennsylvania Hospital & Education Authority Revenue
5.00%, 5/1/44, Continuously Callable @100		    

1,000

      

945

    

5.00%, 5/1/49, Continuously Callable @100

    

1,350

      

1,235

    
Pennsylvania Economic Development Financing Authority Revenue
4.00%, 7/1/46, Continuously Callable @103		    

1,000

      

779

    

Series A, 4.00%, 10/15/51, Continuously Callable @100

    

2,320

      

1,931

    
Pennsylvania Higher Educational Facilities Authority Revenue
Series A, 5.25%, 7/15/33, Pre-refunded 7/15/23 @100		    

1,970

      

2,001

    

Series A, 5.50%, 7/15/38, Pre-refunded 7/15/23 @100

    

2,750

      

2,799

    

Series A, 4.00%, 7/15/46, Continuously Callable @100

    

2,025

      

1,673

    
Pennsylvania Turnpike Commission Revenue
5.00%, 12/1/37, Continuously Callable @100		    

1,000

      

1,025

    

Series A, 4.00%, 12/1/49, Continuously Callable @100

    

5,000

      

4,197

    

Series A-1, 5.00%, 12/1/46, Continuously Callable @100

    

3,000

      

3,014

    

Series A-1, 5.00%, 12/1/47, Continuously Callable @100

    

4,000

      

4,057

    

Series A-2, 5.00%, 12/1/33, Continuously Callable @100

    

1,250

      

1,308

    

Series B, 5.00%, 6/1/39, Continuously Callable @100

    

8,000

      

8,118

    

Series B, 5.00%, 12/1/43, Continuously Callable @100

    

5,000

      

5,037

    

Series B, 5.25%, 12/1/44, Continuously Callable @100

    

10,000

      

10,084

    

Series B, 4.00%, 12/1/51, Continuously Callable @100

    

1,500

      

1,253

    

Series B, 4.00%, 12/1/51, Continuously Callable @100

    

8,990

      

7,870

    

Series B-1, 5.00%, 6/1/42, Continuously Callable @100

    

4,000

      

3,982

    
Philadelphia School District, GO, Series A, 5.00%, 9/1/44, Continuously
Callable @100		    

10,000

      

10,144

    
Pittsburgh Water & Sewer Authority Revenue (INS — Assured Guaranty
Municipal Corp.), Series A, 5.00%, 9/1/44, Continuously Callable @100		    

5,000

      

5,151

    
Reading School District, GO (INS — Build America Mutual Assurance Co.),
Series A, 4.00%, 4/1/44, Continuously Callable @100		    

1,055

      

945

    
School District of Philadelphia, GO
Series B, 5.00%, 9/1/43, Continuously Callable @100		    

2,500

      

2,532

    

Series F, 5.00%, 9/1/37, Continuously Callable @100

    

1,000

      

1,015

    
Scranton School District, GO (INS — Build America Mutual Assurance Co.),
Series E, 4.00%, 12/1/37, Continuously Callable @100		    

1,025

      

968

    
The School District of Philadelphia, GO
Series F, 5.00%, 9/1/38, Pre-refunded 9/1/26 @100		    

10

      

10

    

Series F, 5.00%, 9/1/38, Continuously Callable @100

    

1,990

      

2,018

    
Wilkes-Barre Area School District, GO (INS — Build America Mutual Assurance Co.)
4.00%, 4/15/49, Continuously Callable @100		    

750

      

645

    

5.00%, 4/15/59, Continuously Callable @100

    

3,000

      

3,066

    
     

171,859

    

Rhode Island (0.1%):

  
Rhode Island Health & Educational Building Corp. Revenue, 6.00%, 9/1/33,
Pre-refunded 9/1/23 @100		    

2,000

      

2,050

    

See notes to financial statements.

 


17

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Rhode Island Housing & Mortgage Finance Corp. Revenue, Series 15-A, 6.85%,
10/1/24, Continuously Callable @100		  

$

180

    

$

180

    
     

2,230

    

South Carolina (0.4%):

  
City of Rock Hill Combined Utility System Revenue, Series A, 4.00%, 1/1/49,
Continuously Callable @100		    

2,500

      

2,157

    
Patriots Energy Group Revenue, Series A, 4.00%, 6/1/51, Continuously
Callable @100		    

2,000

      

1,657

    
South Carolina Jobs-Economic Development Authority Revenue
5.00%, 11/15/47, Continuously Callable @103		    

1,850

      

1,822

    

5.00%, 4/1/54, Continuously Callable @103

    

1,000

      

874

    

4.00%, 4/1/54, Continuously Callable @103

    

1,165

      

853

    
     

7,363

    

South Dakota (0.0%): (c)

  
Educational Enhancement Funding Corp. Revenue, Series B, 5.00%, 6/1/27,
Pre-refunded 6/1/23 @100		    

500

      

506

    

Tennessee (0.5%):

  
Greeneville Health & Educational Facilities Board Revenue, 5.00%, 7/1/44,
Continuously Callable @100		    

2,000

      

2,013

    
Metropolitan Government Nashville & Davidson Country Health & Educational
Facilities Board Revenue, 4.00%, 10/1/51, Continuously Callable @100		    

1,000

      

739

    
Metropolitan Government Nashville & Davidson County Health & Educational
Facilities Board Revenue
5.00%, 10/1/45, Continuously Callable @100		    

1,500

      

1,453

    

5.00%, 7/1/46, Continuously Callable @100

    

4,000

      

4,007

    
Metropolitan Nashville Airport Authority Revenue, Series A, 4.00%, 7/1/54,
Continuously Callable @100		    

2,000

      

1,678

    
     

9,890

    

Texas (16.7%):

  
Arlington Higher Education Finance Corp. Revenue (NBGA — Texas Permanent
School Fund)
4.00%, 8/15/43, Continuously Callable @100		    

10,000

      

9,041

    

4.00%, 8/15/44, Continuously Callable @100

    

2,170

      

1,935

    

Series A, 5.00%, 2/15/41, Continuously Callable @100

    

3,000

      

3,055

    

Series A, 5.00%, 12/1/53, Continuously Callable @100

    

7,200

      

7,308

    
Bexar County Health Facilities Development Corp. Revenue
5.00%, 7/15/42, Continuously Callable @105		    

600

      

545

    

4.00%, 7/15/45, Continuously Callable @100

    

8,450

      

6,438

    
Capital Area Housing Finance Corp. Revenue (LOC — Deutsche Bank A.G.), Series
2021-XF1131, 2.70%, 12/1/61, Callable 12/1/38 @100 (d) (f)		    

4,600

      

4,600

    
Central Texas Regional Mobility Authority Revenue
4.00%, 1/1/41, Continuously Callable @100		    

5,000

      

4,430

    

5.00%, 1/1/42, Pre-refunded 1/1/23 @100

    

2,500

      

2,512

    

Series A, 5.00%, 1/1/45, Pre-refunded 7/1/25 @100

    

3,500

      

3,654

    
Central Texas Turnpike System Revenue, Series C, 5.00%, 8/15/42, Continuously
Callable @100		    

6,500

      

6,516

    
Central Texas Turnpike System Revenue (INS — AMBAC Assurance Corp.),
Series A, 8/15/30 (e)		    

18,530

      

13,374

    

See notes to financial statements.

 


18

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
City of Arlington Special Tax (INS — Assured Guaranty Municipal Corp.),
Series A, 5.00%, 2/15/48, Continuously Callable @100		  

$

7,500

    

$

7,659

    
City of Corpus Christi Utility System Revenue, 4.00%, 7/15/39, Continuously
Callable @100		    

5,900

      

5,405

    
City of Garland Texas Electric Utility System Revenue, Series A, 4.00%, 3/1/51,
Continuously Callable @100		    

1,000

      

830

    
City of Houston Hotel Occupancy Tax & Special Revenue, 5.00%, 9/1/40,
Continuously Callable @100		    

3,715

      

3,735

    
City of Laredo Waterworks & Sewer System Revenue, 4.00%, 3/1/41,
Continuously Callable @100		    

700

      

638

    
Clifton Higher Education Finance Corp. Revenue, 4.25%, 8/15/52, Continuously
Callable @100		    

1,500

      

1,304

    
Clifton Higher Education Finance Corp. Revenue
6.00%, 8/15/33, Continuously Callable @100		    

1,000

      

1,019

    

6.00%, 8/15/43, Continuously Callable @100

    

2,750

      

2,798

    
Clifton Higher Education Finance Corp. Revenue (NBGA — Texas Permanent
School Fund)
5.00%, 8/15/39, Continuously Callable @100		    

4,250

      

4,324

    

4.00%, 8/15/44, Continuously Callable @100

    

11,000

      

10,063

    

5.00%, 8/15/48, Continuously Callable @100

    

10,000

      

10,362

    
County of Bexar Revenue
4.00%, 8/15/44, Continuously Callable @100		    

500

      

424

    

4.00%, 8/15/49, Continuously Callable @100

    

1,700

      

1,399

    
Del Mar College District, GO, Series A, 5.00%, 8/15/48, Continuously
Callable @100		    

6,500

      

6,628

    
Everman Independent School District, GO (NBGA — Texas Permanent School Fund),
4.00%, 2/15/50, Continuously Callable @100		    

4,500

      

3,991

    
Grand Parkway Transportation Corp. Revenue, 4.00%, 10/1/49, Continuously
Callable @100		    

2,000

      

1,717

    
Greater Texas Cultural Education Facilities Finance Corp. Revenue, 4.00%, 3/1/50,
Continuously Callable @100		    

2,000

      

1,651

    
Harris County Cultural Education Facilities Finance Corp. Revenue, Series A,
5.00%, 6/1/38, Continuously Callable @100		    

6,100

      

5,510

    
Harris County Hospital District Revenue, 4.00%, 2/15/42, Continuously
Callable @100		    

15,000

      

13,165

    
Karnes County Hospital District Revenue, 5.00%, 2/1/44, Continuously
Callable @100		    

6,000

      

5,947

    
Kerrville Health Facilities Development Corp. Revenue, 5.00%, 8/15/35,
Continuously Callable @100		    

1,900

      

1,911

    
Matagorda County Navigation District No. 1 Revenue
4.00%, 6/1/30, Continuously Callable @100		    

6,000

      

5,688

    

4.00%, 6/1/30, Continuously Callable @100

    

9,615

      

9,115

    
Midlothian Independent School District, GO (NBGA — Texas Permanent School
Fund), 5.00%, 2/15/47, Continuously Callable @100		    

15,000

      

15,570

    
New Hope Cultural Education Facilities Finance Corp. Revenue
4.75%, 7/1/47 (j)		    

6,000

      

4,800

    

5.00%, 4/1/48, Pre-refunded 4/1/26 @100

    

1,250

      

1,318

    

4.00%, 11/1/55, Continuously Callable @103

    

1,250

      

929

    
2.00% (PIK), 11/15/61, Callable 11/15/26 @105, Continuously
Callable @105 (k)		    

10,410

      

3,946

    

See notes to financial statements.

 


19

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Series A-1, 7.50%, 11/15/37

  

$

410

    

$

317

    

Series A-2, 7.50%, 11/15/36

    

2,565

      

2,171

    
New Hope Cultural Education Facilities Finance Corp. Revenue (INS — Assured
Guaranty Municipal Corp.), 5.00%, 7/1/48, Continuously Callable @100		    

1,000

      

1,016

    
North Texas Tollway Authority Revenue
5.00%, 1/1/48, Continuously Callable @100		    

2,000

      

2,010

    

5.00%, 1/1/50, Continuously Callable @100

    

1,750

      

1,755

    

Series B, 9/1/37, Pre-refunded 9/1/31 @64.1040 (e)

    

3,000

      

1,329

    

Series B, 5.00%, 1/1/45, Continuously Callable @100

    

5,000

      

5,049

    
North Texas Tollway Authority Revenue (INS — National Public Finance
Guarantee Corp.), Series B, 5.00%, 1/1/48, Continuously Callable @100		    

5,000

      

4,996

    
Port of Port Arthur Navigation District Revenue
2.82%, 11/1/40, Continuously Callable @100 (f)		    

5,000

      

5,000

    

Series A, 3.00%, 4/1/40, Continuously Callable @100 (f)

    

5,500

      

5,500

    

Series B, 3.00%, 4/1/40, Continuously Callable @100 (f)

    

1,900

      

1,900

    

Series C, 3.07%, 4/1/40, Continuously Callable @100 (f)

    

10,470

      

10,470

    
Princeton Independent School District, GO (NBGA — Texas Permanent School
Fund), 5.00%, 2/15/48, Continuously Callable @100		    

7,000

      

7,221

    
Prosper Independent School District, GO (NBGA — Texas Permanent School Fund),
5.00%, 2/15/48, Continuously Callable @100		    

15,000

      

15,482

    
Red River Education Finance Corp. Revenue
4.00%, 6/1/41, Continuously Callable @100		    

2,000

      

1,742

    

5.50%, 10/1/46, Continuously Callable @100

    

3,000

      

3,024

    
San Antonio Education Facilities Corp. Revenue, 4.00%, 4/1/54, Continuously
Callable @100		    

1,000

      

728

    
Tarrant County Cultural Education Facilities Finance Corp. Revenue
5.00%, 11/15/46, Continuously Callable @100		    

1,000

      

990

    

Series A, 11/15/45 (j) (l)

    

4,500

      

1,800

    

Series B, 11/15/36 (j) (l)

    

3,600

      

1,440

    

Series B, 5.00%, 11/15/46, Continuously Callable @100

    

7,000

      

6,929

    

Series B, 5.00%, 7/1/48, Continuously Callable @100

    

10,000

      

9,935

    

Texas Municipal Gas Acquisition & Supply Corp. III Revenue, 5.00%, 12/15/32

    

2,000

      

2,050

    
Texas Transportation Commission Revenue, 5.00%, 8/1/57, Continuously
Callable @100		    

5,000

      

4,866

    
Uptown Development Authority Tax Allocation
5.00%, 9/1/37, Continuously Callable @100		    

4,365

      

4,375

    

5.00%, 9/1/40, Continuously Callable @100

    

2,490

      

2,484

    

Series A, 5.00%, 9/1/39, Continuously Callable @100

    

1,645

      

1,646

    
Waco Educational Finance Corp. Revenue, 4.00%, 3/1/51, Continuously
Callable @100		    

4,000

      

3,329

    
West Harris County Regional Water Authority Revenue
4.00%, 12/15/45, Continuously Callable @100		    

1,600

      

1,432

    

4.00%, 12/15/49, Continuously Callable @100

    

3,945

      

3,460

    
Ysleta Independent School District, GO (NBGA — Texas Permanent School Fund),
4.00%, 8/15/52, Continuously Callable @100		    

5,000

      

4,362

    
     

314,062

    

Utah (0.2%):

  
Military Installation Development Authority Revenue
Series A-1, 4.00%, 6/1/41, Continuously Callable @103		    

1,500

      

1,121

    

Series A-1, 4.00%, 6/1/52, Continuously Callable @103

    

1,000

      

665

    

See notes to financial statements.

 


20

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Utah Charter School Finance Authority Revenue
Series A, 5.63%, 6/15/42, Continuously Callable @100 (d)		  

$

500

    

$

484

    

Series A, 4.00%, 10/15/51, Continuously Callable @100

    

1,550

      

1,270

    
     

3,540

    

Vermont (0.2%):

  
Vermont Economic Development Authority Revenue, 4.00%, 5/1/45, Continuously
Callable @103		    

1,350

      

1,035

    
Vermont Educational & Health Buildings Financing Agency Revenue, 5.00%,
10/15/46, Continuously Callable @100		    

3,000

      

2,796

    
     

3,831

    

Virginia (0.5%):

  
Alexandria IDA Revenue
5.00%, 10/1/45, Pre-refunded 10/1/25 @100		    

2,600

      

2,733

    

5.00%, 10/1/50, Pre-refunded 10/1/25 @100

    

2,400

      

2,523

    
Lewistown Commerce Center Community Development Authority Tax Allocation
6.05%, 3/1/44, Continuously Callable @103 (j)		    

2,654

      

1,752

    

6.05%, 3/1/44, Continuously Callable @103

    

1,623

      

1,303

    

Series C, 6.05%, 3/1/54, Continuously Callable @100

    

6,327

      

949

    
     

9,260

    

Washington (1.2%):

  
King County Public Hospital District No. 1, GO, 5.00%, 12/1/43, Continuously
Callable @100		    

9,000

      

9,219

    
King County Public Hospital District No. 2, GO, Series A, 4.00%, 12/1/45,
Continuously Callable @100		    

4,000

      

3,560

    
Washington Health Care Facilities Authority Revenue, 4.00%, 7/1/42, Continuously
Callable @100		    

5,500

      

4,682

    
Washington Higher Education Facilities Authority Revenue, 4.00%, 5/1/50,
Continuously Callable @100		    

1,250

      

1,040

    
Washington State Housing Finance Commission Revenue
5.00%, 1/1/43, Continuously Callable @102 (d)		    

3,055

      

2,900

    

Series A-1, 3.50%, 12/20/35

    

981

      

828

    
     

22,229

    

West Virginia (0.1%):

  
West Virginia Hospital Finance Authority Revenue, 5.00%, 1/1/43, Continuously
Callable @100		    

2,000

      

1,926

    

Wisconsin (3.5%):

  
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

      

7,829

    
Public Finance Authority Revenue
5.25%, 5/15/42, Continuously Callable @102 (d)		    

2,200

      

1,944

    

5.00%, 7/1/44, Continuously Callable @100

    

6,000

      

6,177

    

5.00%, 11/15/44, Continuously Callable @103

    

460

      

440

    

4.00%, 1/1/45, Continuously Callable @100

    

1,500

      

1,249

    

5.00%, 7/1/47, Continuously Callable @100

    

1,000

      

919

    

5.00%, 6/15/49, Continuously Callable @100 (d)

    

520

      

433

    

5.00%, 6/15/49, Continuously Callable @100

    

1,480

      

1,348

    

5.00%, 11/15/49, Continuously Callable @103

    

2,400

      

2,256

    

See notes to financial statements.

 


21

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

4.00%, 2/1/51, Continuously Callable @100

  

$

1,500

    

$

1,175

    

4.00%, 10/1/51, Continuously Callable @103

    

2,185

      

1,634

    

4.00%, 1/1/52, Continuously Callable @103

    

2,350

      

1,884

    

5.13%, 4/1/52, Continuously Callable @100

    

3,000

      

2,680

    

5.00%, 7/1/52, Continuously Callable @100

    

1,000

      

901

    

5.00%, 6/15/53, Continuously Callable @100

    

1,000

      

897

    

5.00%, 6/15/54, Continuously Callable @100 (d)

    

455

      

371

    

Series A, 5.25%, 10/1/43, Continuously Callable @100

    

3,090

      

3,002

    

Series A, 4.00%, 10/1/47, Continuously Callable @100

    

4,740

      

3,794

    

Series A, 4.00%, 10/1/49, Continuously Callable @100

    

11,000

      

8,632

    

Series A, 4.00%, 7/1/51, Continuously Callable @100

    

1,000

      

731

    

Series A, 4.00%, 7/1/56, Continuously Callable @100

    

2,250

      

1,688

    

Series A-1, 4.00%, 7/1/51, Continuously Callable @100 (d)

    

2,870

      

2,041

    
Public Finance Authority Revenue (INS — Assured Guaranty Municipal Corp.)
5.00%, 7/1/54, Continuously Callable @100		    

1,285

      

1,308

    

5.00%, 7/1/58, Continuously Callable @100

    

1,500

      

1,524

    
Wisconsin Health & Educational Facilities Authority Revenue
4.00%, 1/1/47, Continuously Callable @103		    

120

      

92

    

5.00%, 7/1/49, Continuously Callable @100

    

1,000

      

977

    

5.00%, 3/15/50, Continuously Callable @100

    

1,175

      

1,091

    

4.00%, 12/1/51, Continuously Callable @100

    

500

      

360

    

4.00%, 1/1/57, Continuously Callable @103

    

3,000

      

2,114

    

Series A, 5.00%, 9/15/50, Pre-refunded 9/15/23 @100

    

5,000

      

5,084

    

Series B, 4.00%, 9/15/45, Continuously Callable @103

    

475

      

371

    
     

64,946

    

Total Municipal Bonds (Cost $2,060,945)

    

1,857,934

    

Total Investments (Cost $2,061,937) — 99.0%

    

1,858,926

    

Other assets in excess of liabilities — 1.0%

    

18,899

    

NET ASSETS — 100.00%

  

$

1,877,825

    

(a)  Security was fair valued based upon procedures approved by the Board of Trustees and represents 0.1% of net assets as of September 30, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements)

(b)  The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At September 30, 2022, illiquid securities were 0.1% of net assets.

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

(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, 2022, the fair value of these securities was $58,568 thousands and amounted to 3.1% of net assets.

(e)  Zero-coupon bond.

(f)  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.

See notes to financial statements.

 


22

 
USAA Mutual Funds Trust
USAA Tax Exempt Long-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

  (Unaudited)

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

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

(i)  Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022.

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

(k)  Stepped-coupon security coupon converts from 2% to 5% on 11/15/26.

(l)  Issuer filed for 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.

DIP — Debtor-In-Possession

GO — General Obligation

IDA — Industrial Development Authority

LOC — Letter of Credit

MUNIPSA — Municipal Swap Index

PIK — Payment in-kind

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.

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.

See notes to financial statements.

 


23

 

USAA Mutual Funds Trust

   Statement of Assets and Liabilities
September 30, 2022		  

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

    USAA Tax Exempt
Long-Term Fund		  

Assets:

  

Investments, at value (Cost $2,061,937)

  

$

1,858,926

    

Cash

    

120

    

Receivables:

  

Interest

    

24,216

    

Capital shares issued

    

130

    

Investments sold

    

3,245

    

From Adviser

    

42

    

Prepaid expenses

    

54

    

Total Assets

    

1,886,733

    

Liabilities:

  

Payables:

  

Distributions

    

889

    

Investments purchased

    

5,000

    

Capital shares redeemed

    

2,256

    

Accrued expenses and other payables:

  

Investment advisory fees

    

370

    

Administration fees

    

237

    

Custodian fees

    

16

    

Transfer agent fees

    

59

    

Compliance fees

    

1

    

Trustees' fees

    

3

    
12b-1 fees    

—

(a)

  

Other accrued expenses

    

77

    

Total Liabilities

    

8,908

    

Net Assets:

  

Capital

    

2,188,293

    

Total accumulated earnings/(loss)

    

(310,468

)

  

Net Assets

  

$

1,877,825

    

Net Assets

  

Fund Shares

  

$

1,815,765

    

Institutional Shares

    

57,504

    

Class A

    

4,556

    

Total

  

$

1,877,825

    

Shares (unlimited number of shares authorized with no par value):

  

Fund Shares

    

158,696

    

Institutional Shares

    

5,027

    

Class A

    

399

    

Total

    

164,122

    

Net asset value, offering and redemption price per share: (b)

  

Fund Shares

  

$

11.44

    

Institutional Shares

    

11.44

    

Class A

    

11.43

    

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		  

$

11.69

    

(a)  Rounds to less than $1 thousand.

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

See notes to financial statements.

 


24

 

USAA Mutual Funds Trust

   Statement of Operations
For the Six Months Ended September 30, 2022		  

(Amounts in Thousands)  (Unaudited)

    USAA Tax Exempt
Long-Term Fund		  

Investment Income:

  

Interest

  

$

38,751

    

Total Income

    

38,751

    

Expenses:

  

Investment advisory fees

    

2,868

    

Administration fees — Fund Shares

    

1,488

    

Administration fees — Institutional Shares

    

30

    

Administration fees — Class A

    

3

    

Sub-Administration fees

    

14

    
12b-1 fees — Class A    

5

    

Custodian fees

    

39

    

Transfer agent fees — Fund Shares

    

293

    

Transfer agent fees — Institutional Shares

    

30

    

Transfer agent fees — Class A

    

2

    

Trustees' fees

    

26

    

Compliance fees

    

9

    

Legal and audit fees

    

39

    

State registration and filing fees

    

49

    

Other expenses

    

104

    

Total Expenses

    

4,999

    

Expenses waived/reimbursed by Adviser

    

(95

)

  

Net Expenses

    

4,904

    

Net Investment Income (Loss)

    

33,847

    

Realized/Unrealized Gains (Losses) from Investments:

  

Net realized gains (losses) from investment securities

    

(12,207

)

  

Net change in unrealized appreciation/depreciation on investment securities

    

(233,369

)

  

Net realized/unrealized gains (losses) on investments

    

(245,576

)

  

Change in net assets resulting from operations

  

$

(211,729

)

  

See notes to financial statements.

 


25

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)

   

USAA Tax Exempt Long-Term Fund

  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

From Investments:

  

Operations:

  

Net Investment Income (Loss)

  

$

33,847

    

$

65,699

    

Net realized gains (losses)

    

(12,207

)

    

(33,056

)

  

Net change in unrealized appreciation/depreciation

    

(233,369

)

    

(102,892

)

  

Change in net assets resulting from operations

    

(211,729

)

    

(70,249

)

  

Distributions to Shareholders:

  

Fund Shares

    

(32,699

)

    

(65,256

)

  

Institutional Shares

    

(994

)

    

(271

)

  

Class A

    

(68

)

    

(96

)

  

Change in net assets resulting from distributions to shareholders

    

(33,761

)

    

(65,623

)

  

Change in net assets resulting from capital transactions

    

(72,755

)

    

(86,235

)

  

Change in net assets

    

(318,245

)

    

(222,107

)

  

Net Assets:

  

Beginning of period

    

2,196,070

      

2,418,177

    

End of period

  

$

1,877,825

    

$

2,196,070

    

(continues on next page)

See notes to financial statements.

 


26

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)  (continued)

   

USAA Tax Exempt Long-Term Fund

  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

Capital Transactions:

  

Fund Shares

  

Proceeds from shares issued

  

$

49,367

    

$

139,630

    

Distributions reinvested

    

27,447

      

55,245

    

Cost of shares redeemed

    

(151,162

)

    

(337,291

)

  

Total Fund Shares

  

$

(74,348

)

  

$

(142,416

)

  

Institutional Shares

  

Proceeds from shares issued

  

$

32,691

    

$

65,362

    

Distributions reinvested

    

955

      

242

    

Cost of shares redeemed

    

(33,349

)

    

(4,889

)

  

Total Institutional Shares

  

$

297

    

$

60,715

    

Class A

  

Proceeds from shares issued

  

$

1,557

    

$

836

    

Distributions reinvested

    

62

      

83

    

Cost of shares redeemed

    

(323

)

    

(5,453

)

  

Total Class A

  

$

1,296

    

$

(4,534

)

  

Change in net assets resulting from capital transactions

  

$

(72,755

)

  

$

(86,235

)

  

Share Transactions:

  

Fund Shares

  

Issued

    

4,024

      

10,107

    

Reinvested

    

2,254

      

4,019

    

Redeemed

    

(12,313

)

    

(24,748

)

  

Total Fund Shares

    

(6,035

)

    

(10,622

)

  

Institutional Shares

  

Issued

    

2,671

      

4,939

    

Reinvested

    

79

      

18

    

Redeemed

    

(2,718

)

    

(366

)

  

Total Institutional Shares

    

32

      

4,591

    

Class A

  

Issued

    

126

      

63

    

Reinvested

    

5

      

6

    

Redeemed

    

(26

)

    

(393

)

  

Total Class A

    

105

      

(324

)

  

Change in Shares

    

(5,898

)

    

(6,355

)

  

See notes to financial statements.

 


27

 

USAA Mutual Funds Trust

  

Financial Highlights

  

For a Share Outstanding Throughout Each Period

       

Investment Activities

   Distributions to
Shareholders From		  
    Net Asset
Value,
Beginning of
Period		   Net
Investment
Income
(Loss)		   Net Realized
and Unrealized
Gains (Losses)		   Total from
Investment
Activities		   Net
Investment
Income		   Total
Distributions		  

USAA Tax Exempt Long-Term Fund

      

Fund Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

12.92

      

0.20

(h)

    

(1.48

)

    

(1.28

)

    

(0.20

)

    

(0.20

)

  
Year Ended March 31:
2022		  

$

13.71

      

0.38

(h)

    

(0.79

)

    

(0.41

)

    

(0.38

)

    

(0.38

)

  

2021

  

$

13.21

      

0.42

(h)

    

0.50

      

0.92

      

(0.42

)

    

(0.42

)

  

2020

  

$

13.28

      

0.45

(h)

    

(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

)

  

Institutional Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

12.91

      

0.21

(h)

    

(1.47

)

    

(1.26

)

    

(0.21

)

    

(0.21

)

  
Year Ended March 31:
2022		  

$

13.71

      

0.39

(h)

    

(0.81

)

    

(0.42

)

    

(0.38

)

    

(0.38

)

  
June 29, 2020 (i)
through
March 31, 2021		  

$

13.40

      

0.31

(h)

    

0.32

      

0.63

      

(0.32

)

    

(0.32

)

  

Class A

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

12.90

      

0.19

(h)

    

(1.47

)

    

(1.28

)

    

(0.19

)

    

(0.19

)

  
Year Ended March 31:
2022		  

$

13.69

      

0.35

(h)

    

(0.79

)

    

(0.44

)

    

(0.35

)

    

(0.35

)

  

2021

  

$

13.19

      

0.40

(h)

    

0.50

      

0.90

      

(0.40

)

    

(0.40

)

  

2020

  

$

13.26

      

0.43

(h)

    

(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

)

  

(a)  Not annualized for periods less than one year.

(b)  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c)  Annualized for periods less than one year.

(d)  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019, for Fund Shares and Class A, and June 29, 2020, for Institutional Shares, and in effect through July 31, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(e)  For the period beginning July 1, 2019, the amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund's management fee.

(f)  Does not include acquired fund fees and expenses, if any.

See notes to financial statements.

 


28

 

USAA Mutual Funds Trust

   Financial Highlights — continued  

For a Share Outstanding Throughout Each Period

       

Ratios to Average Net Assets

  

Supplemental Data

  
    Net Asset
Value,
End of
Period		   Total
Return
(Excludes
Sales
Charge)(a)(b)		   Net
Expenses(c)(d)(e)(f)		   Net
Investment
Income
(Loss)(c)		   Gross
Expenses(c)(f)		   Net Assets,
End of
Period
(000's)		   Portfolio
Turnover(a)(g)		  

USAA Tax Exempt Long-Term Fund

  

Fund Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

11.44

      

(9.97

)%

    

0.48

%

    

3.31

%

    

0.48

%

  

$

1,815,765

      

7

%

  
Year Ended March 31:
2022		  

$

12.92

      

(3.15

)%

    

0.50

%

    

2.73

%

    

0.50

%

  

$

2,127,775

      

10

%

  

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

%

  

Institutional Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

11.44

      

(9.88

)%

    

0.44

%

    

3.35

%

    

0.57

%

  

$

57,504

      

7

%

  
Year Ended March 31:
2022		  

$

12.91

      

(3.16

)%

    

0.44

%

    

2.92

%

    

0.65

%

  

$

64,506

      

10

%

  
June 29, 2020 (i)
through
March 31, 2021		  

$

13.71

      

4.71

%

    

0.44

%

    

3.03

%

    

0.98

%

  

$

5,533

      

21

%

  

Class A

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

11.43

      

(10.00

)%

    

0.68

%

    

3.12

%

    

1.21

%

  

$

4,556

      

7

%

  
Year Ended March 31:
2022		  

$

12.90

      

(3.33

)%

    

0.69

%

    

2.56

%

    

1.11

%

  

$

3,789

      

10

%

  

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

%(j)

    

3.57

%

    

0.92

%

  

$

8,577

      

14

%

  

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

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

(i)  Commencement of operations.

(j)  Prior to August 1, 2017, USAA Asset Management Company (previous Investment Adviser) had voluntarily agreed to limit the annual expenses of Class A to 0.80% of Class A average daily net assets.

See notes to financial statements.

 


29

 

USAA Mutual Funds Trust

   Notes to Financial Statements
September 30, 2022		  

  (Unaudited)

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 45 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 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.

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.

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 U.S. Generally Accepted Accounting Principles ("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"), acting as the valuation designee 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 designee as described in the Fund's valuation policies and procedures, which are approved by the Board.

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

 


30

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

within 60 days may be valued at 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.

A summary of the valuations as of September 30, 2022, 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

  

Corporate Bonds

  

$

—

    

$

—

    

$

992

    

$

992

    

Municipal Bonds

    

—

      

1,857,934

      

—

      

1,857,934

    

Total

  

$

—

    

$

1,857,934

    

$

992

    

$

1,858,926

    

For the six months ended September 30, 2022, there were no transfers into/out of Level 3.

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.

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 and recorded daily using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Interest income is recorded daily on the accrual basis. Gains or losses realized on sales of securities are recorded on the identified cost basis. Paydown gains or losses on applicable securities, if any, are recorded as components of Interest income on the Statement of Operations.

Federal Income Taxes:

The Fund intends 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.

 


31

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

For the six months ended September 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

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, 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 the security's last sale price on an exchange. For the six months ended September 30, 2022, 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)		  
$

52,800

    

$

31,000

    

$

—

    

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 Custodian fees.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended September 30, 2022, were as follows for the Fund (amounts in thousands):

  Excluding
U.S. Government Securities

  

Purchases

  

Sales

  

$

134,761

    

$

191,292

    

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.

 


32

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 2022, are reflected on the Statement of Operations as Investment advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing the respective 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.

The performance period for each share class consists of the current month plus the previous 35 months. 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)		  
  +/- 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 the 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 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, 2022, to September 30, 2022, performance adjustments were $2, 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 (0.02)% 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.

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, 2022, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM also 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, 2022, 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

 


33

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, 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. The 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, 2022, 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 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, 2022, 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.

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, 2022, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions in connection with sales of Class A. For the six months ended September 30, 2022, the Distributor did not receive any commissions.

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, 2022, 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 July 31, 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 limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Performance adjustments, acquired fund fees and expenses, interest, taxes,

 


34

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 2022, the expense limits (excluding voluntary waivers) were 0.48%, 0.44%, and 0.70% for Fund Shares, Institutional Shares, and Class A, respectively.

Under the terms of the expense limitation agreement, as amended June 29, 2022, 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.

As of September 30, 2022, 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 repayments are not probable at September 30, 2022.

Expires
2023		   Expires
2024		   Expires
2025		   Expires
2026		  

Total

  
$

10

    

$

62

    

$

35

    

$

95

    

$

202

    

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, 2022.

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.

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.

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.

Decisions by the U.S. Federal Reserve 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

 


35

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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.

Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

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 27, 2022, with a termination date of June 26, 2023. 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, 2022, 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 paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from April 1, 2022, through June 27, 2022, interest was based on the one-month London Interbank Offered Rate ("LIBOR") plus one percent. Effective with the renewal, for the period June 28, 2022, through September 30, 2022, interest was based on the one-month Secured Overnight Financing Rate (SOFR) plus 1.10 percent. Interest charged to the 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, 2022.

Interfund Lending:

The Trust and the 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 reflected on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2022.

 


36

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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.

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 (loss) will be determined at the end of the current tax year ending March 31, 2023.

At the tax year ended March 31, 2022, the Fund had net capital loss carryforwards as summarized 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

  
$

15,382

    

$

81,767

    

$

97,149

    
 


37

 

USAA Mutual Funds Trust

   Supplemental Information
September 30, 2022		  

  (Unaudited)

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, 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, 2022, through September 30, 2022.

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. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

    Beginning
Account
Value
4/1/22		   Actual
Ending
Account
Value
9/30/22		   Hypothetical
Ending
Account
Value
9/30/22		   Actual
Expenses Paid
During Period
4/1/22-
9/30/22*		   Hypothetical
Expenses Paid
During Period
4/1/22-
9/30/22*		   Annualized
Expense Ratio
During Period
4/1/22-
9/30/22		  

Fund Shares

  

$

1,000.00

    

$

900.30

    

$

1,022.66

    

$

2.29

    

$

2.43

      

0.48

%

  

Institutional Shares

    

1,000.00

      

901.20

      

1,022.86

      

2.10

      

2.23

      

0.44

%

  

Class A

    

1,000.00

      

900.00

      

1,021.66

      

3.24

      

3.45

      

0.68

%

  

*  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).

 


38

 

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

  

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:

  

Call

  

www.vcm.com

   (800) 235-8396  

39596-1122

 

September 30, 2022

Semi Annual Report

USAA Tax Exempt Intermediate-Term Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

 

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.

 

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings

    

2

    

Schedule of Portfolio Investments

    

3

    

Financial Statements

  

Statement of Assets and Liabilities

     39    

Statement of Operations

     40    

Statements of Changes in Net Assets

     41    

Financial Highlights

     44    

Notes to Financial Statements

    

46

    

Supplemental Information

    

54

    

Proxy Voting and Portfolio Holdings Information

     54    

Expense Examples

     54    

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

 


1

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		  

September 30, 2022

  

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund provides investors with interest income that is exempt from federal income tax.

Top 10 Industries:

September 30, 2022

(% of Net Assets)

General

    

21.4

%

  

Medical

    

19.0

%

  

Transportation

    

11.7

%

  

General Obligation

    

7.4

%

  

Higher Education

    

6.9

%

  

Nursing Homes

    

5.5

%

  

School District

    

4.4

%

  

Education

    

4.3

%

  

Airport

    

3.7

%

  

Development

    

3.4

%

  

Refer to the Schedule of Portfolio Investments for a complete list of securities.

 


2

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Corporate Bonds (0.0%) (a)

  

Health Care (0.0%):

  

Christian Care Centers, Inc., DIP Loan, 12.00%, 11/30/22 (b) (c)

  

$

1,235

    

$

1,235

    

Total Corporate Bonds (Cost $1,225)

    

1,235

    

Municipal Bonds (99.4%)

  

Alabama (0.9%):

  
Infirmary Health System Special Care Facilities Financing Authority of Mobile
Revenue, 5.00%, 2/1/36, Continuously Callable @100		    

8,000

      

8,079

    

Lower Alabama Gas District Revenue

  

Series A, 5.00%, 9/1/28

    

7,000

      

7,075

    

Series A, 5.00%, 9/1/34

    

15,000

      

15,081

    
Southeast Energy Authority A Cooperative District Revenue,
Series B, 4.00%, 12/1/51, (Put Date 12/1/31) (d)		    

2,000

      

1,851

    

The Health Care Authority of the City of Huntsville Revenue

  

Series B1, 4.00%, 6/1/39, Continuously Callable @100

    

2,000

      

1,778

    

Series B1, 4.00%, 6/1/40, Continuously Callable @100

    

2,555

      

2,248

    
     

36,112

    

Arizona (1.0%):

  

Arizona IDA Revenue, 4.00%, 12/15/41, Continuously Callable @100 (e)

    

955

      

794

    
City of Phoenix Civic Improvement Corp. Revenue (INS — National Public
Finance Guarantee Corp.)		  

5.50%, 7/1/24

    

3,270

      

3,391

    

5.50%, 7/1/25

    

2,115

      

2,235

    

Maricopa County IDA Revenue

  

5.00%, 7/1/39, Continuously Callable @100 (e)

    

2,000

      

1,889

    

4.00%, 7/1/41, Continuously Callable @100 (e)

    

1,250

      

1,037

    

Series C, 3.02% (MUNIPSA+57bps), 1/1/35, (Put Date 10/18/24) (d) (f)

    

2,280

      

2,265

    

Tempe IDA Revenue, Series A, 4.00%, 12/1/38, Continuously Callable @102

    

2,690

      

2,141

    

The City of Phoenix IDA Revenue

  

3.75%, 7/1/24

    

2,350

      

2,329

    

5.00%, 7/1/34, Continuously Callable @100

    

11,100

      

10,885

    

5.00%, 7/1/36, Continuously Callable @100

    

1,675

      

1,617

    

5.00%, 10/1/36, Continuously Callable @100

    

4,250

      

4,328

    

The County of Pima IDA Revenue, 4.00%, 6/15/41, Continuously Callable @100 (e)

    

3,500

      

2,862

    

The Pima County IDA Revenue

  

4.00%, 4/1/40, Continuously Callable @100

    

1,350

      

1,206

    

4.00%, 4/1/41, Continuously Callable @100

    

1,690

      

1,491

    

The Yavapai County IDA Revenue, 4.00%, 8/1/38, Continuously Callable @100

    

1,000

      

895

    
     

39,365

    

Arkansas (0.2%):

  

Arkansas Development Finance Authority Revenue

  

5.00%, 9/1/37, Continuously Callable @100

    

1,000

      

1,006

    

5.00%, 9/1/38, Continuously Callable @100

    

1,000

      

1,004

    

5.00%, 9/1/39, Continuously Callable @100

    

1,000

      

1,003

    

5.00%, 9/1/40, Continuously Callable @100

    

1,045

      

1,046

    

See notes to financial statements.

 


3

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
University of Arkansas — Pulaski Technical College Revenue (INS — Build
America Mutual Assurance Co.), 5.00%, 9/1/30, Continuously Callable @100		  

$

4,290

    

$

4,464

    
     

8,523

    

California (3.7%):

  

Anaheim Public Financing Authority Revenue

  

Series A, 5.00%, 5/1/28, Pre-refunded 5/1/24 @ 100

    

500

      

514

    

Series A, 5.00%, 5/1/29, Pre-refunded 5/1/24 @ 100

    

500

      

515

    

Series A, 5.00%, 5/1/30, Pre-refunded 5/1/24 @ 100

    

1,000

      

1,029

    

California School Finance Authority Revenue

  

5.00%, 8/1/31, Continuously Callable @100 (e)

    

450

      

458

    

5.00%, 8/1/31, Pre-refunded 8/1/25 @ 100 (e)

    

50

      

52

    

5.00%, 8/1/36, Continuously Callable @100 (e)

    

1,450

      

1,461

    

5.00%, 8/1/36, Pre-refunded 8/1/25 @ 100 (e)

    

150

      

158

    

California State Public Works Board Revenue

  

Series A, 5.00%, 3/1/25, Continuously Callable @100

    

1,250

      

1,260

    

Series A, 5.00%, 3/1/26, Continuously Callable @100

    

1,365

      

1,376

    

Series B, 5.00%, 10/1/31, Continuously Callable @100

    

11,465

      

11,869

    

Series G, 5.00%, 11/1/28, Continuously Callable @100

    

7,000

      

7,010

    

California State University Revenue

  

5.00%, 11/1/29, Pre-refunded 11/1/24 @ 100

    

165

      

171

    

Series A, 5.00%, 11/1/33, Continuously Callable @100

    

10,000

      

10,522

    

California Statewide Communities Development Authority Revenue

  

5.00%, 5/15/32, Continuously Callable @100

    

1,250

      

1,268

    

5.00%, 5/15/33, Continuously Callable @100

    

2,000

      

2,024

    

5.00%, 5/15/34, Continuously Callable @100

    

1,250

      

1,262

    

5.00%, 5/15/35, Continuously Callable @100

    

2,000

      

2,014

    

Cerritos Community College District, GO

  

Series D, 8/1/25 (g)

    

1,510

      

1,374

    

Series D, 8/1/27 (g)

    

1,000

      

844

    

Series D, 8/1/28 (g)

    

1,000

      

813

    

Chula Vista Municipal Financing Authority Special Tax

  

Series B, 5.00%, 9/1/27, Continuously Callable @100

    

1,520

      

1,578

    

Series B, 5.00%, 9/1/28, Continuously Callable @100

    

1,700

      

1,764

    

Series B, 5.00%, 9/1/29, Continuously Callable @100

    

1,785

      

1,851

    

Series B, 5.00%, 9/1/30, Continuously Callable @100

    

2,635

      

2,731

    

Series B, 5.00%, 9/1/31, Continuously Callable @100

    

2,095

      

2,169

    

City of Irvine Special Assessment, 5.00%, 9/2/29, Callable 9/2/23 @ 100

    

1,000

      

1,014

    
City of San Diego Tobacco Settlement Revenue Funding Corp. Revenue,
Series C, 4.00%, 6/1/32, Continuously Callable @100		    

565

      

540

    

City of Tulare Sewer Revenue (INS — Assured Guaranty Municipal Corp.)

  

5.00%, 11/15/32, Continuously Callable @100

    

1,605

      

1,675

    

5.00%, 11/15/33, Continuously Callable @100

    

1,570

      

1,635

    

5.00%, 11/15/34, Continuously Callable @100

    

3,655

      

3,791

    

5.00%, 11/15/35, Continuously Callable @100

    

2,340

      

2,418

    

County of Los Angeles Certificate of Participation, 5.00%, 3/1/23

    

1,300

      

1,311

    

El Camino Community College District, GO

  

Series C, 8/1/26 (g)

    

6,810

      

5,956

    

Series C, 8/1/27 (g)

    

7,665

      

6,447

    

Series C, 8/1/28 (g)

    

5,500

      

4,457

    

See notes to financial statements.

 


4

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Foothill-Eastern Transportation Corridor Agency Revenue (INS — Assured
Guaranty Municipal Corp.), 1/15/35 (g)		  

$

5,500

    

$

3,136

    
Fresno Joint Powers Financing Authority Revenue (INS — Assured Guaranty
Municipal Corp.)		  

Series A, 5.00%, 4/1/32, Continuously Callable @100

    

1,000

      

1,063

    

Series A, 5.00%, 4/1/35, Continuously Callable @100

    

1,000

      

1,052

    

Series A, 5.00%, 4/1/36, Continuously Callable @100

    

420

      

440

    
Golden State Tobacco Securitization Corp. Revenue (INS — Assured Guaranty
Municipal Corp.), Series A, 6/1/25 (g)		    

46,605

      

42,628

    
Pittsburg Successor Agency Redevelopment Agency Tax Allocation
(INS — Assured Guaranty Municipal Corp.)		  

Series A, 5.00%, 9/1/27, Continuously Callable @100

    

3,500

      

3,684

    

Series A, 5.00%, 9/1/28, Continuously Callable @100

    

2,640

      

2,781

    

San Diego Public Facilities Financing Authority Revenue

  

Series A, 5.00%, 10/15/33, Continuously Callable @100

    

1,635

      

1,715

    

Series A, 5.00%, 10/15/34, Continuously Callable @100

    

1,000

      

1,044

    

Series A, 5.00%, 10/15/35, Continuously Callable @100

    

1,250

      

1,298

    

Series B, 5.00%, 10/15/30, Continuously Callable @100

    

775

      

816

    

Series B, 5.00%, 10/15/31, Continuously Callable @100

    

1,000

      

1,052

    

Series B, 5.00%, 10/15/32, Continuously Callable @100

    

1,000

      

1,052

    
     

147,092

    

Colorado (2.5%):

  

Adams & Arapahoe Joint School District 28J Aurora, GO, 12/1/22 (g)

    

5,000

      

4,975

    

Colorado Health Facilities Authority Revenue

  

5.00%, 6/1/28, Pre-refunded 6/1/23 @ 100

    

2,750

      

2,781

    

5.00%, 12/1/28, Continuously Callable @100

    

1,000

      

1,005

    

5.00%, 12/1/29, Continuously Callable @100

    

1,500

      

1,506

    

5.00%, 6/1/31, Pre-refunded 6/1/25 @ 100

    

2,310

      

2,410

    

5.00%, 6/1/32, Pre-refunded 6/1/25 @ 100

    

2,000

      

2,087

    

5.00%, 6/1/33, Pre-refunded 6/1/25 @ 100

    

2,470

      

2,577

    

5.00%, 6/1/34, Pre-refunded 6/1/27 @ 100

    

4,455

      

4,760

    

5.00%, 6/1/34, Pre-refunded 6/1/25 @ 100

    

6,385

      

6,663

    

5.00%, 6/1/35, Pre-refunded 6/1/25 @ 100

    

3,385

      

3,532

    

5.00%, 6/1/35, Pre-refunded 6/1/27 @ 100

    

2,000

      

2,137

    

5.00%, 12/1/35, Continuously Callable @100

    

4,000

      

3,930

    

5.00%, 6/1/36, Pre-refunded 6/1/27 @ 100

    

4,000

      

4,274

    

Series A, 4.00%, 8/1/38, Continuously Callable @100

    

1,000

      

870

    

Series A, 4.00%, 8/1/39, Continuously Callable @100

    

1,250

      

1,096

    

Series A, 4.00%, 11/1/39, Continuously Callable @100

    

3,500

      

3,060

    

Series A, 4.00%, 12/1/40, Continuously Callable @103

    

2,000

      

1,624

    

Denver Health & Hospital Authority Revenue

  

Series A, 5.00%, 12/1/34, Continuously Callable @100 (e)

    

7,355

      

7,395

    

Series A, 4.00%, 12/1/37, Continuously Callable @100

    

1,250

      

1,091

    

Series A, 4.00%, 12/1/38, Continuously Callable @100

    

1,250

      

1,080

    

Series A, 4.00%, 12/1/39, Continuously Callable @100

    

1,000

      

858

    

Park Creek Metropolitan District Revenue

  

5.00%, 12/1/32, Continuously Callable @100

    

1,250

      

1,283

    

5.00%, 12/1/34, Continuously Callable @100

    

1,000

      

1,021

    

Regional Transportation District Certificate of Participation

  

Series A, 5.00%, 6/1/29, Pre-refunded 6/1/23 @ 100

    

7,585

      

7,681

    

See notes to financial statements.

 


5

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Series A, 5.00%, 6/1/30, Pre-refunded 6/1/23 @ 100

  

$

14,175

    

$

14,353

    

Series A, 5.00%, 6/1/31, Pre-refunded 6/1/23 @ 100

    

15,005

      

15,194

    
     

99,243

    

Connecticut (4.3%):

  

City of Bridgeport, GO

  

Series B, 5.00%, 8/15/27

    

335

      

363

    

Series B, 5.00%, 8/15/27

    

4,485

      

4,767

    

Series B, 5.00%, 8/15/27

    

180

      

195

    

City of New Haven, GO

  

Series A, 5.00%, 8/1/28

    

1,000

      

1,073

    

Series A, 5.50%, 8/1/30, Continuously Callable @100

    

1,000

      

1,098

    

Series A, 5.50%, 8/1/32, Continuously Callable @100

    

1,200

      

1,312

    

Series A, 5.50%, 8/1/36, Continuously Callable @100

    

1,810

      

1,946

    

City of New Haven, GO (INS — Assured Guaranty Municipal Corp.)

  

Series A, 5.00%, 8/15/30, Continuously Callable @100

    

1,000

      

1,047

    

Series A, 5.00%, 8/15/32, Continuously Callable @100

    

1,000

      

1,042

    

Series A, 5.00%, 8/15/33, Continuously Callable @100

    

1,000

      

1,038

    

Series A, 5.00%, 8/15/34, Continuously Callable @100

    

1,350

      

1,395

    

City of West Haven, GO

  

4.00%, 9/15/36, Continuously Callable @100

    

1,500

      

1,378

    

Series B, 5.00%, 11/1/32, Continuously Callable @100

    

400

      

412

    

Series B, 5.00%, 11/1/37, Continuously Callable @100

    

350

      

358

    

Connecticut State Health & Educational Facilities Authority Revenue

  

5.00%, 7/1/32, Continuously Callable @100

    

1,950

      

2,004

    

5.00%, 7/1/34, Continuously Callable @100

    

725

      

740

    

5.00%, 7/1/35, Continuously Callable @100

    

1,170

      

1,190

    

5.00%, 7/1/36, Continuously Callable @100

    

1,125

      

1,142

    

5.00%, 7/1/37, Continuously Callable @100

    

1,275

      

1,290

    

Series A, 5.00%, 7/1/33, Continuously Callable @100

    

2,000

      

2,045

    

Series A, 4.00%, 7/1/38, Continuously Callable @100

    

7,000

      

6,011

    

Series A, 4.00%, 7/1/38, Continuously Callable @100

    

2,000

      

1,790

    

Series A, 4.00%, 7/1/39, Continuously Callable @100

    

2,000

      

1,774

    

Series E, 5.00%, 7/1/34, Continuously Callable @100

    

10,000

      

10,128

    
Harbor Point Infrastructure Improvement District Tax Allocation, 5.00%, 4/1/30,
Continuously Callable @100 (e)		    

10,000

      

10,126

    

Metropolitan District, GO

  

5.00%, 7/15/33, Continuously Callable @100

    

750

      

807

    

5.00%, 7/15/34, Continuously Callable @100

    

1,000

      

1,068

    

5.00%, 7/15/35, Continuously Callable @100

    

750

      

797

    

5.00%, 7/15/36, Continuously Callable @100

    

1,000

      

1,057

    

4.00%, 7/15/37, Continuously Callable @100

    

1,000

      

964

    

State of Connecticut Special Tax Revenue

  

5.00%, 1/1/34, Continuously Callable @100

    

20,000

      

21,181

    

5.00%, 1/1/35, Continuously Callable @100

    

20,000

      

21,065

    

Series B, 5.00%, 10/1/37, Continuously Callable @100

    

6,000

      

6,282

    

Series B, 5.00%, 10/1/38, Continuously Callable @100

    

4,000

      

4,176

    

State of Connecticut, GO

  

Series A, 5.00%, 4/15/33, Continuously Callable @100

    

5,000

      

5,323

    

Series A, 5.00%, 4/15/34, Continuously Callable @100

    

5,575

      

5,904

    

Series A, 5.00%, 4/15/35, Continuously Callable @100

    

5,000

      

5,270

    

See notes to financial statements.

 


6

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Series A, 4.00%, 4/15/37, Continuously Callable @100

  

$

1,825

    

$

1,735

    

Series C, 5.00%, 6/15/33, Continuously Callable @100

    

1,100

      

1,171

    

Series C, 5.00%, 6/15/34, Continuously Callable @100

    

2,625

      

2,782

    

Series C, 5.00%, 6/15/35, Continuously Callable @100

    

2,500

      

2,638

    

Series E, 5.00%, 9/15/35, Continuously Callable @100

    

2,000

      

2,112

    

Series E, 5.00%, 9/15/37, Continuously Callable @100

    

2,000

      

2,094

    
Town of Hamden, GO (INS — Build America Mutual Assurance Co.),
Series A, 5.00%, 8/15/30, Continuously Callable @100		    

1,200

      

1,261

    

University of Connecticut Revenue

  

Series A, 5.00%, 4/15/34, Continuously Callable @100

    

6,805

      

7,193

    

Series A, 5.00%, 4/15/35, Continuously Callable @100

    

6,500

      

6,837

    

Series A, 5.00%, 4/15/36, Continuously Callable @100

    

11,175

      

11,701

    
     

169,082

    

District of Columbia (0.2%):

  

District of Columbia Revenue

  

5.00%, 7/1/23

    

105

      

107

    

6.00%, 7/1/33, Pre-refunded 7/1/23 @ 100

    

1,280

      

1,307

    

5.00%, 7/1/39, Continuously Callable @100

    

800

      

762

    

4.00%, 7/1/39, Continuously Callable @100

    

1,000

      

913

    

Metropolitan Washington Airports Authority Dulles Toll Road Revenue

  

4.00%, 10/1/35, Continuously Callable @100

    

1,000

      

919

    

4.00%, 10/1/36, Continuously Callable @100

    

1,250

      

1,139

    

4.00%, 10/1/38, Continuously Callable @100

    

1,000

      

894

    

Washington Convention & Sports Authority Revenue

  

Series A, 4.00%, 10/1/38, Continuously Callable @100

    

1,250

      

1,172

    

Series A, 4.00%, 10/1/39, Continuously Callable @100

    

500

      

466

    

Series A, 4.00%, 10/1/40, Continuously Callable @100

    

750

      

686

    
     

8,365

    

Florida (6.4%):

  
Alachua County Health Facilities Authority Revenue, 4.00%, 10/1/40,
Continuously Callable @103		    

700

      

585

    

City of Cape Coral Water & Sewer Revenue

  

4.00%, 10/1/35, Continuously Callable @100

    

1,485

      

1,441

    

4.00%, 10/1/36, Continuously Callable @100

    

1,400

      

1,342

    

4.00%, 10/1/37, Continuously Callable @100

    

3,000

      

2,844

    

City of Jacksonville Revenue, 5.00%, 10/1/28, Continuously Callable @100

    

3,500

      

3,500

    

City of Pompano Beach Revenue

  

3.50%, 9/1/35, Continuously Callable @103

    

3,345

      

2,797

    

4.00%, 9/1/40, Continuously Callable @103

    

2,500

      

2,106

    

Series A, 4.00%, 9/1/36, Continuously Callable @103

    

1,050

      

914

    

Series A, 4.00%, 9/1/41, Continuously Callable @103

    

1,215

      

1,008

    

Series B-1, 2.00%, 1/1/29

    

3,300

      

2,826

    

City of Port St. Lucie Special Assessment

  

4.00%, 7/1/31, Continuously Callable @100

    

3,195

      

3,182

    

4.00%, 7/1/32, Continuously Callable @100

    

2,000

      

1,979

    

4.00%, 7/1/33, Continuously Callable @100

    

2,785

      

2,725

    
City of Port St. Lucie Utility System Revenue, 4.00%, 9/1/31,
Continuously Callable @100		    

1,000

      

1,007

    

See notes to financial statements.

 


7

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

City of Tampa Revenue

  

Series B, 4.00%, 7/1/38, Continuously Callable @100

  

$

350

    

$

311

    

Series B, 4.00%, 7/1/39, Continuously Callable @100

    

700

      

619

    

City of Tampa Revenue

  

Series A, 9/1/36, Continuously Callable @80 (g)

    

700

      

340

    

Series A, 9/1/37, Continuously Callable @77 (g)

    

700

      

325

    

Series A, 9/1/38, Continuously Callable @74 (g)

    

850

      

365

    

Series A, 9/1/39, Continuously Callable @71 (g)

    

700

      

282

    

Series A, 9/1/40, Continuously Callable @67 (g)

    

850

      

321

    
Cityplace Community Development District Special Assessment
(INS — Assured Guaranty Municipal Corp.)		  

5/1/33 (h)

    

3,470

      

3,099

    

5/1/38, Continuously Callable @100 (i)

    

7,900

      

6,836

    

County of Broward FL Tourist Development Tax Revenue

  

4.00%, 9/1/39, Continuously Callable @100

    

8,535

      

7,949

    

4.00%, 9/1/40, Continuously Callable @100

    

14,740

      

13,617

    

County of Lee Airport Revenue, 5.00%, 10/1/33, Continuously Callable @100

    

4,000

      

4,098

    

County of Lee Revenue

  

5.00%, 10/1/23

    

2,500

      

2,545

    

5.00%, 10/1/24

    

2,700

      

2,794

    

County of Lee Tourist Development Tax Revenue

  

Series B, 4.00%, 10/1/36, Continuously Callable @100

    

4,685

      

4,468

    

Series B, 4.00%, 10/1/37, Continuously Callable @100

    

4,970

      

4,687

    

Series B, 4.00%, 10/1/38, Continuously Callable @100

    

5,230

      

4,896

    
County of Miami-Dade Florida Water & Sewer System Revenue, 4.00%, 10/1/41,
Continuously Callable @100		    

1,500

      

1,363

    
County of St Lucie Sales Tax Revenue (INS — Assured Guaranty Municipal Corp.),
Series A, 5.00%, 10/1/28, Pre-refunded 10/1/23 @ 100		    

7,370

      

7,491

    

Escambia County Health Facilities Authority Revenue

  

5.00%, 8/15/33, Continuously Callable @100

    

1,400

      

1,419

    

5.00%, 8/15/34, Continuously Callable @100

    

1,240

      

1,252

    

5.00%, 8/15/40, Continuously Callable @100

    

2,900

      

2,907

    

Florida Development Finance Corp. Revenue

  

4.00%, 11/15/39, Continuously Callable @100

    

5,260

      

4,509

    

Series A, 5.00%, 6/15/35, Continuously Callable @100

    

1,000

      

1,005

    

Series A, 5.00%, 6/15/40, Continuously Callable @100

    

1,650

      

1,648

    

Series A, 5.00%, 6/15/42, Continuously Callable @100

    

2,250

      

2,236

    

Florida Higher Educational Facilities Financial Authority Revenue

  

5.00%, 10/1/35, Continuously Callable @100

    

1,250

      

1,258

    

5.00%, 10/1/36, Continuously Callable @100

    

1,000

      

1,004

    

4.00%, 10/1/37, Continuously Callable @100

    

1,000

      

865

    

4.00%, 10/1/38, Continuously Callable @100

    

750

      

640

    

5.00%, 3/1/39, Continuously Callable @100

    

7,055

      

6,618

    

4.00%, 10/1/39, Continuously Callable @100

    

800

      

678

    

Halifax Hospital Medical Center Revenue

  

5.00%, 6/1/35, Pre-refunded 6/1/25 @ 100

    

2,325

      

2,423

    

5.00%, 6/1/36, Continuously Callable @100

    

2,750

      

2,776

    
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

      

1,284

    

Series A, 5.00%, 6/1/30, Pre-refunded 6/1/24 @ 100

    

2,225

      

2,285

    

See notes to financial statements.

 


8

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Lee County IDA Revenue

  

5.00%, 10/1/28, Pre-refunded 10/1/22 @ 100

  

$

7,245

    

$

7,245

    

5.00%, 11/15/39, Continuously Callable @103

    

1,500

      

1,454

    
Lee County School Board Certificate of Participation, Series A, 5.00%, 8/1/28,
Continuously Callable @100		    

3,750

      

3,840

    
Lee Memorial Health System Revenue, Series A-1, 4.00%, 4/1/37,
Continuously Callable @100		    

5,000

      

4,579

    
Miami Beach Health Facilities Authority Revenue, 5.00%, 11/15/29,
Pre-refunded 11/15/22 @ 100		    

6,560

      

6,573

    

Miami-Dade County Expressway Authority Revenue

  

Series A, 5.00%, 7/1/28, Continuously Callable @100

    

10,000

      

10,009

    

Series A, 5.00%, 7/1/29, Continuously Callable @100

    

7,000

      

7,007

    

Series A, 5.00%, 7/1/29, Continuously Callable @100

    

1,000

      

1,022

    

Series A, 5.00%, 7/1/30, Continuously Callable @100

    

1,610

      

1,646

    

Series A, 5.00%, 7/1/31, Continuously Callable @100

    

1,255

      

1,282

    

Series A, 5.00%, 7/1/32, Continuously Callable @100

    

2,000

      

2,040

    

Series A, 5.00%, 7/1/33, Continuously Callable @100

    

2,000

      

2,035

    

Series A, 5.00%, 7/1/34, Continuously Callable @100

    

2,000

      

2,025

    

Series B, 5.00%, 7/1/30, Continuously Callable @100

    

2,000

      

2,044

    

Series B, 5.00%, 7/1/31, Continuously Callable @100

    

2,000

      

2,043

    

Miami-Dade County Health Facilities Authority Revenue

  

5.00%, 8/1/27, Pre-refunded 8/1/23 @ 100

    

4,750

      

4,816

    

5.00%, 8/1/28, Pre-refunded 8/1/23 @ 100

    

4,950

      

5,019

    

5.00%, 8/1/29, Pre-refunded 8/1/23 @ 100

    

5,250

      

5,323

    

5.00%, 8/1/30, Pre-refunded 8/1/23 @ 100

    

3,500

      

3,548

    

5.00%, 8/1/31, Pre-refunded 8/1/23 @ 100

    

5,780

      

5,860

    
Orange County Health Facilities Authority Revenue, Series A, 5.00%, 10/1/35,
Continuously Callable @100		    

4,000

      

4,055

    
Osceola County School Board Certificate of Participation, Series A, 5.00%, 6/1/28,
Pre-refunded 6/1/23 @ 100		    

3,055

      

3,090

    
Palm Beach County Educational Facilities Authority Revenue, 4.00%, 10/1/41,
Continuously Callable @100		    

3,695

      

3,135

    

Palm Beach County Health Facilities Authority Revenue

  

5.00%, 11/15/23, Continuously Callable @100

    

7,595

      

7,600

    

5.00%, 11/1/39, Continuously Callable @100

    

1,150

      

1,096

    

5.00%, 11/1/42, Continuously Callable @100

    

850

      

810

    

Series B, 4.00%, 11/15/41, Continuously Callable @103

    

250

      

211

    

Pinellas County Educational Facilities Authority Revenue

  

4.00%, 10/1/22

    

1,080

      

1,080

    

4.00%, 10/1/23, Continuously Callable @100

    

1,415

      

1,415

    

5.00%, 10/1/27, Continuously Callable @100

    

1,895

      

1,895

    

Pinellas County IDA Revenue, 5.00%, 7/1/29

    

900

      

914

    

School District of Broward County Certificate of Participation

  

Series A, 5.00%, 7/1/29, Continuously Callable @100

    

2,000

      

2,081

    

Series A, 5.00%, 7/1/30, Continuously Callable @100

    

2,000

      

2,080

    
Southeast Overtown Park West Community Redevelopment Agency Tax Allocation,
Series A-1, 5.00%, 3/1/30, Continuously Callable @100 (e)		    

3,195

      

3,230

    

St. Lucie County School Board Certificate of Participation

  

Series A, 5.00%, 7/1/25, Continuously Callable @100

    

2,045

      

2,069

    

Series A, 5.00%, 7/1/26, Continuously Callable @100

    

1,500

      

1,517

    

See notes to financial statements.

 


9

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Volusia County Educational Facility Authority Revenue

  

Series B, 5.00%, 10/15/28, Continuously Callable @100

  

$

1,000

    

$

1,037

    

Series B, 5.00%, 10/15/29, Continuously Callable @100

    

1,000

      

1,036

    

Series B, 5.00%, 10/15/30, Continuously Callable @100

    

1,500

      

1,553

    

Series B, 5.00%, 10/15/32, Continuously Callable @100

    

1,560

      

1,610

    
     

250,393

    

Georgia (1.7%):

  
Cobb County Development Authority Revenue, Series A, 2.25%, 4/1/33,
(Put Date 10/1/29) (d)		    

4,975

      

4,435

    
George L Smith II Congress Center Authority Revenue, 4.00%, 1/1/36,
Continuously Callable @100		    

1,000

      

875

    

Glynn-Brunswick Memorial Hospital Authority Revenue

  

4.00%, 8/1/36, Continuously Callable @100

    

1,840

      

1,633

    

4.00%, 8/1/37, Continuously Callable @100

    

1,500

      

1,314

    

Main Street Natural Gas, Inc. Revenue

  

Series A, 5.00%, 5/15/36

    

2,000

      

2,002

    

Series A, 5.00%, 5/15/37

    

1,500

      

1,494

    

Series A, 5.00%, 5/15/38

    

2,500

      

2,478

    

Series B, 5.00%, 12/1/52, (Put Date 6/1/29) (d)

    

12,000

      

12,156

    

Series C, 4.00%, 8/1/48, (Put Date 12/1/23) (d)

    

15,000

      

15,027

    

Series C, 4.00%, 5/1/52, (Put Date 12/1/28) (d)

    

12,750

      

12,092

    
Private Colleges & Universities Authority Revenue, Series C, 5.25%, 10/1/27,
Continuously Callable @100		    

2,000

      

2,000

    

Savannah Hospital Authority Revenue, 4.00%, 7/1/39, Continuously Callable @100

    

2,500

      

2,201

    

The Burke County Development Authority Revenue

  

2.20%, 10/1/32, Continuously Callable @100

    

1,850

      

1,489

    

Series A, 1.50%, 1/1/40, (Put Date 2/3/25) (d)

    

6,500

      

6,156

    
     

65,352

    

Guam (0.6%):

  

Guam Government Waterworks Authority Revenue

  

5.00%, 7/1/28, Continuously Callable @100

    

1,000

      

1,007

    

5.25%, 7/1/33, Pre-refunded 7/1/23 @ 100

    

3,000

      

3,038

    

5.00%, 7/1/36, Continuously Callable @100

    

1,250

      

1,271

    

5.00%, 7/1/36, Continuously Callable @100

    

1,000

      

1,021

    

Series A, 5.00%, 7/1/23

    

750

      

756

    

Series A, 5.00%, 7/1/24

    

600

      

610

    

Series A, 5.00%, 7/1/25, Continuously Callable @100

    

750

      

763

    

Series A, 5.00%, 7/1/29, Continuously Callable @100

    

1,000

      

1,017

    

Guam Power Authority Revenue

  

Series A, 5.00%, 10/1/29, Continuously Callable @100

    

1,000

      

1,013

    

Series A, 5.00%, 10/1/30, Continuously Callable @100

    

1,000

      

1,012

    

Series A, 5.00%, 10/1/31, Continuously Callable @100

    

695

      

702

    

Series A, 5.00%, 10/1/34, Continuously Callable @100

    

3,500

      

3,585

    

Series A, 5.00%, 10/1/35, Continuously Callable @100

    

2,000

      

2,034

    

Guam Power Authority Revenue (INS — Assured Guaranty Municipal Corp.)

  

Series A, 5.00%, 10/1/27, Continuously Callable @100

    

1,000

      

1,000

    

Series A, 5.00%, 10/1/30, Continuously Callable @100

    

1,000

      

1,000

    

Series A, 5.00%, 10/1/32, Continuously Callable @100

    

1,000

      

1,024

    

See notes to financial statements.

 


10

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Territory of Guam Revenue

  

Series A, 5.00%, 12/1/30, Continuously Callable @100

  

$

1,500

    

$

1,492

    

Series A, 5.00%, 12/1/31, Continuously Callable @100

    

2,000

      

1,983

    
     

24,328

    

Idaho (0.4%):

  

Idaho Health Facilities Authority Revenue

  

5.00%, 3/1/35, Continuously Callable @100

    

5,805

      

6,010

    

5.00%, 3/1/36, Continuously Callable @100

    

4,085

      

4,211

    

5.00%, 3/1/37, Continuously Callable @100

    

3,000

      

3,081

    
Idaho Housing & Finance Association Revenue, Series A, 4.00%, 7/15/38,
Continuously Callable @100		    

3,000

      

2,746

    
     

16,048

    

Illinois (17.0%):

  

Champaign County Community Unit School District No. 4 Champaign, GO

  

4.00%, 6/1/34, Continuously Callable @100

    

1,000

      

988

    

4.00%, 6/1/35, Continuously Callable @100

    

1,290

      

1,262

    

4.00%, 6/1/36, Continuously Callable @100

    

1,575

      

1,524

    

Chicago Board of Education, GO

  

5.00%, 12/1/39, Continuously Callable @100

    

1,700

      

1,671

    

Series A, 12/1/25 (g)

    

1,600

      

1,396

    

Series A, 12/1/26 (g)

    

3,700

      

3,080

    

Series A, 5.00%, 12/1/36, Continuously Callable @100

    

2,750

      

2,699

    

Series A, 5.00%, 12/1/43, Continuously Callable @100

    

7,965

      

7,594

    

Series B, 4.00%, 12/1/40, Continuously Callable @100

    

21,900

      

18,416

    

Series B, 4.00%, 12/1/41, Continuously Callable @100

    

8,710

      

7,243

    

Chicago Midway International Airport Revenue

  

Series B, 5.00%, 1/1/27, Continuously Callable @100

    

6,525

      

6,550

    

Series B, 5.00%, 1/1/29, Continuously Callable @100

    

11,750

      

11,973

    

Series B, 5.00%, 1/1/30, Continuously Callable @100

    

5,175

      

5,273

    

Series B, 5.00%, 1/1/31, Continuously Callable @100

    

8,910

      

9,078

    

Series B, 5.00%, 1/1/32, Continuously Callable @100

    

6,000

      

6,112

    

Series B, 5.25%, 1/1/33, Continuously Callable @100

    

1,635

      

1,642

    

Series B, 4.00%, 1/1/34, Continuously Callable @100

    

3,500

      

3,388

    

Series B, 4.00%, 1/1/35, Continuously Callable @100

    

3,000

      

2,859

    
Chicago O'Hare International Airport, Series A, 4.00%, 1/1/36,
Continuously Callable @100		    

2,000

      

1,878

    

Chicago O'Hare International Airport Revenue

  

5.00%, 1/1/33, Continuously Callable @100

    

11,560

      

11,823

    

5.00%, 1/1/34, Continuously Callable @100

    

5,675

      

5,813

    

Series A, 4.00%, 1/1/38, Continuously Callable @100

    

1,000

      

915

    

Series B, 5.25%, 1/1/29, Continuously Callable @100

    

13,480

      

13,538

    
Chicago O'Hare International Airport Revenue (INS — Assured Guaranty
Municipal Corp.)		  

5.00%, 1/1/28, Continuously Callable @100

    

3,620

      

3,628

    

5.00%, 1/1/29, Continuously Callable @100

    

1,500

      

1,503

    

5.13%, 1/1/30, Continuously Callable @100

    

2,150

      

2,156

    

Chicago Park District, GO

  

Series F-2, 4.00%, 1/1/34, Continuously Callable @100

    

1,200

      

1,120

    

Series F-2, 4.00%, 1/1/36, Continuously Callable @100

    

1,300

      

1,174

    

See notes to financial statements.

 


11

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Series F-2, 5.00%, 1/1/37, Continuously Callable @100

  

$

2,000

    

$

2,044

    

Series F-2, 4.00%, 1/1/38, Continuously Callable @100

    

1,750

      

1,556

    

Series F-2, 5.00%, 1/1/39, Continuously Callable @100

    

1,500

      

1,527

    

Series F-2, 5.00%, 1/1/40, Continuously Callable @100

    

1,125

      

1,144

    

City of Chicago Special Assessment

  

3.04%, 12/1/28 (e)

    

270

      

238

    

3.20%, 12/1/29 (e)

    

325

      

284

    

3.29%, 12/1/30 (e)

    

350

      

302

    

3.38%, 12/1/31 (e)

    

375

      

319

    

3.45%, 12/1/32 (e)

    

300

      

252

    

City of Chicago Wastewater Transmission Revenue

  

5.00%, 1/1/31, Continuously Callable @100

    

1,000

      

1,008

    

5.00%, 1/1/32, Continuously Callable @100

    

1,000

      

1,008

    

Series B, 5.00%, 1/1/35, Continuously Callable @100

    

8,000

      

8,245

    

Series C, 5.00%, 1/1/33, Continuously Callable @100

    

3,500

      

3,597

    

Series C, 5.00%, 1/1/34, Continuously Callable @100

    

1,000

      

1,020

    

Series C, 5.00%, 1/1/35, Continuously Callable @100

    

1,250

      

1,273

    

City of Chicago Waterworks Revenue

  

5.00%, 11/1/28, Continuously Callable @100

    

1,500

      

1,549

    

5.00%, 11/1/29, Continuously Callable @100

    

725

      

748

    

5.00%, 11/1/30, Continuously Callable @100

    

2,000

      

2,062

    

5.00%, 11/1/31, Continuously Callable @100

    

2,000

      

2,033

    

5.00%, 11/1/33, Continuously Callable @100

    

2,000

      

2,023

    

5.00%, 11/1/36, Continuously Callable @100

    

2,665

      

2,710

    

Series A-1, 5.00%, 11/1/29, Continuously Callable @100

    

1,000

      

1,032

    

Series A-1, 5.00%, 11/1/31, Continuously Callable @100

    

1,000

      

1,029

    

City of Chicago Waterworks Revenue (INS — Assured Guaranty Municipal Corp.)

  

5.25%, 11/1/34, Continuously Callable @100

    

2,105

      

2,241

    

5.25%, 11/1/35, Continuously Callable @100

    

1,635

      

1,734

    

Series 2017-2, 5.00%, 11/1/36, Continuously Callable @100

    

3,145

      

3,289

    

Series 2017-2, 5.00%, 11/1/37, Continuously Callable @100

    

2,500

      

2,608

    

City of Chicago, GO (INS — National Public Finance Guarantee Corp.), 1/1/23 (g)

    

30,000

      

29,672

    

City of Galesburg IL Revenue

  

Series A, 4.00%, 10/1/36, Continuously Callable @100

    

1,125

      

1,029

    

Series A, 4.00%, 10/1/41, Continuously Callable @100

    

1,475

      

1,272

    
City of Springfield Electric Revenue (INS — Assured Guaranty Municipal Corp.),
5.00%, 3/1/34, Continuously Callable @100		    

3,000

      

3,093

    

City of Springfield, GO, 5.00%, 12/1/30, Continuously Callable @100

    

8,500

      

8,899

    

County of Cook Sales Tax Revenue

  

4.00%, 11/15/34, Continuously Callable @100

    

3,750

      

3,592

    

5.00%, 11/15/35, Continuously Callable @100

    

7,000

      

7,242

    

5.00%, 11/15/36, Continuously Callable @100

    

5,000

      

5,157

    

County of Cook, GO

  

5.00%, 11/15/34, Continuously Callable @100

    

2,000

      

2,066

    

5.00%, 11/15/35, Continuously Callable @100

    

2,000

      

2,056

    

Series A, 5.00%, 11/15/31, Continuously Callable @100

    

2,500

      

2,607

    

Illinois Educational Facilities Authority Revenue

  

4.45%, 11/1/36, Continuously Callable @102

    

4,500

      

4,452

    

3.90%, 11/1/36, Continuously Callable @102

    

2,220

      

2,044

    

4.00%, 11/1/36, Continuously Callable @102

    

9,750

      

9,094

    

See notes to financial statements.

 


12

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Illinois Finance Authority Revenue

  

2/15/27 (c) (k)

  

$

7,650

    

$

4,117

    

5.40%, 4/1/27, Continuously Callable @100

    

1,435

      

1,413

    

4.00%, 5/15/27

    

3,065

      

3,014

    

5.50%, 7/1/28, Continuously Callable @100

    

8,250

      

8,388

    

3.90%, 3/1/30, Continuously Callable @100

    

20,000

      

20,024

    

5.00%, 5/15/30, Continuously Callable @100

    

1,000

      

976

    

5.00%, 5/15/31, Continuously Callable @100

    

1,875

      

1,756

    

5.00%, 8/15/32, Pre-refunded 8/15/26 @ 100

    

1,500

      

1,590

    

5.00%, 8/15/33, Pre-refunded 8/15/26 @ 100

    

1,155

      

1,224

    

5.00%, 8/15/34, Pre-refunded 8/15/26 @ 100

    

1,000

      

1,060

    

5.00%, 12/1/34, Continuously Callable @100

    

3,500

      

3,554

    

5.00%, 5/15/35, Continuously Callable @100

    

1,100

      

1,035

    

5.00%, 8/15/35, Continuously Callable @100

    

4,000

      

4,038

    

5.00%, 10/1/35, Continuously Callable @100

    

600

      

647

    

4.00%, 12/1/35, Continuously Callable @100

    

5,000

      

4,560

    

5.00%, 5/15/36, Continuously Callable @100

    

1,400

      

1,266

    

4.00%, 12/1/36, Continuously Callable @100

    

3,000

      

2,691

    

5.00%, 2/15/37, Continuously Callable @100

    

1,000

      

918

    

5.00%, 10/1/37, Continuously Callable @100

    

700

      

749

    

2.45%, 10/1/39, (Put Date 10/1/29) (d)

    

14,000

      

12,443

    

5.00%, 10/1/39, Continuously Callable @100

    

700

      

746

    

4.00%, 10/1/40, Continuously Callable @100

    

1,000

      

845

    

Series A, 4.00%, 10/1/31, Continuously Callable @100

    

1,000

      

1,002

    

Series A, 4.00%, 10/1/32, Continuously Callable @100

    

1,000

      

995

    

Series A, 5.00%, 9/1/34, Pre-refunded 9/1/24 @ 100

    

3,385

      

3,491

    

Series A, 4.00%, 10/1/34, Continuously Callable @100

    

1,000

      

982

    

Series A, 5.00%, 11/15/34, Continuously Callable @100

    

3,700

      

3,742

    

Series A, 5.00%, 11/15/35, Continuously Callable @100

    

3,000

      

3,029

    

Series A, 4.00%, 8/1/39, Continuously Callable @100

    

1,850

      

1,579

    

Series A, 4.00%, 8/1/40, Continuously Callable @100

    

3,780

      

3,207

    

Series A, 4.00%, 8/1/41, Continuously Callable @100

    

1,935

      

1,632

    

Series A, 4.00%, 8/1/43, Continuously Callable @100

    

2,105

      

1,733

    

Series C, 4.00%, 2/15/36, Continuously Callable @100

    

18,000

      

16,620

    
Illinois Municipal Electric Agency Revenue, Series A, 4.00%, 2/1/33,
Continuously Callable @100		    

14,650

      

14,325

    
Illinois Sports Facilities Authority Revenue, 5.00%, 6/15/30,
Continuously Callable @100		    

1,025

      

1,025

    

Illinois Sports Facilities Authority Revenue (INS — Assured Guaranty Corp.)

  

5.25%, 6/15/30, Continuously Callable @100

    

3,000

      

3,071

    

5.25%, 6/15/31, Continuously Callable @100

    

5,000

      

5,118

    

5.25%, 6/15/32, Continuously Callable @100

    

5,000

      

5,118

    

Illinois State Toll Highway Authority Revenue

  

Series A, 5.00%, 12/1/32, Continuously Callable @100

    

5,000

      

5,217

    

Series A, 5.00%, 1/1/34, Continuously Callable @100

    

5,870

      

6,072

    

Series A, 5.00%, 1/1/35, Continuously Callable @100

    

5,600

      

5,749

    

Series A, 5.00%, 1/1/36, Continuously Callable @100

    

7,000

      

7,145

    

Kane Cook & DuPage Counties School District No. U-46 Elgin, GO

  

Series D, 5.00%, 1/1/32, Continuously Callable @100

    

2,800

      

2,850

    

Series D, 5.00%, 1/1/33, Continuously Callable @100

    

4,000

      

4,070

    

See notes to financial statements.

 


13

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

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

    

$

5,164

    

5.00%, 2/1/36, Continuously Callable @100

    

6,000

      

6,170

    
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

      

1,257

    

5.00%, 12/1/29, Continuously Callable @100

    

1,250

      

1,296

    
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

      

1,050

    

Series A, 5.00%, 11/1/32, Continuously Callable @100

    

2,000

      

2,096

    

Series A, 5.00%, 11/1/33, Continuously Callable @100

    

750

      

782

    

Metropolitan Pier & Exposition Authority Revenue

  

5.00%, 6/15/42, Continuously Callable @100

    

2,000

      

1,865

    

4.00%, 12/15/42, Continuously Callable @100

    

8,000

      

6,436

    
Metropolitan Pier & Exposition Authority Revenue (INS — Assured Guaranty
Municipal Corp.), 6/15/26 (g)		    

5,000

      

4,294

    

Northern Illinois Municipal Power Agency Revenue

  

Series A, 4.00%, 12/1/31, Continuously Callable @100

    

1,800

      

1,750

    

Series A, 4.00%, 12/1/32, Continuously Callable @100

    

2,100

      

2,017

    

Series A, 4.00%, 12/1/33, Continuously Callable @100

    

4,000

      

3,785

    

Series A, 4.00%, 12/1/35, Continuously Callable @100

    

5,000

      

4,590

    
Northern Illinois University Revenue (INS — Build America Mutual Assurance Co.),
Series B, 4.00%, 4/1/39, Continuously Callable @100		    

1,375

      

1,235

    

Northern Illinois University Revenue (INS — Build America Mutual Assurance Co.)

  

4.00%, 10/1/43, Continuously Callable @100

    

1,300

      

1,119

    

Series B, 4.00%, 4/1/35, Continuously Callable @100

    

1,200

      

1,098

    

Regional Transportation Authority Revenue

  

Series A, 4.00%, 7/1/34, Continuously Callable @100

    

23,160

      

22,769

    

Series A, 4.00%, 7/1/35, Continuously Callable @100

    

11,650

      

11,300

    

Sales Tax Securitization Corp. Revenue

  

Series A, 4.00%, 1/1/38, Continuously Callable @100

    

5,060

      

4,486

    

Series A, 4.00%, 1/1/39, Continuously Callable @100

    

1,750

      

1,541

    

Sangamon County School District No. 186 Springfield, GO

  

Series B, 5.00%, 2/1/24

    

1,040

      

1,063

    

Series B, 5.00%, 2/1/25, Pre-refunded 2/1/24 @ 100

    

1,435

      

1,467

    
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

      

4,302

    
Sangamon County School District No. 186 Springfield, GO (INS — Build America
Mutual Assurance Co.)		  

Series B, 5.00%, 2/1/24

    

2,660

      

2,715

    

Series B, 5.00%, 2/1/25, Continuously Callable @100

    

5,765

      

5,885

    

State of Illinois, GO

  

5.25%, 2/1/31, Continuously Callable @100

    

9,000

      

9,083

    

Series A, 5.00%, 11/1/25

    

11,000

      

11,256

    

Series B, 5.00%, 10/1/28

    

3,000

      

3,074

    

Series B, 5.00%, 11/1/32, Continuously Callable @100

    

10,000

      

10,092

    

Series C, 5.00%, 11/1/29, Continuously Callable @100

    

6,705

      

6,854

    

Series D, 5.00%, 11/1/28, Continuously Callable @100

    

5,795

      

5,917

    

See notes to financial statements.

 


14

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

State of Illinois, GO (INS — Assured Guaranty Municipal Corp.)

  

4.00%, 2/1/30, Continuously Callable @100

  

$

7,000

    

$

6,832

    

Series A, 5.00%, 4/1/29, Continuously Callable @100

    

10,000

      

10,048

    
State of Illinois, GO (INS — Build America Mutual Assurance Co.),
Series D, 5.00%, 11/1/25		    

10,000

      

10,251

    
University of Illinois Revenue, Series A, 4.00%, 4/1/33, Continuously
Callable @100		    

12,475

      

12,286

    

Village of Bolingbrook, GO (INS — Assured Guaranty Municipal Corp.)

  

Series A, 5.00%, 1/1/29, Continuously Callable @100

    

1,750

      

1,864

    

Series A, 5.00%, 1/1/30, Continuously Callable @100

    

1,500

      

1,595

    

Series A, 5.00%, 1/1/31, Continuously Callable @100

    

2,400

      

2,547

    

Series A, 5.00%, 1/1/32, Continuously Callable @100

    

2,350

      

2,486

    

Series A, 5.00%, 1/1/33, Continuously Callable @100

    

1,450

      

1,526

    

Series A, 5.00%, 1/1/38, Continuously Callable @100

    

1,500

      

1,549

    
Village of Gilberts Special Tax (INS — Build America Mutual Assurance Co.),
5.00%, 3/1/30, Continuously Callable @100		    

5,221

      

5,356

    

Village of Rosemont, GO (INS — Assured Guaranty Municipal Corp.)

  

Series A, 5.00%, 12/1/25

    

2,010

      

2,092

    

Series A, 5.00%, 12/1/26

    

2,110

      

2,216

    
Volo Village Special Service Area No. 3 & 6 Special Tax (INS — Assured Guaranty
Municipal Corp.)		  

5.00%, 3/1/34, Continuously Callable @100

    

2,992

      

3,122

    

4.00%, 3/1/36, Continuously Callable @100

    

1,250

      

1,222

    
Will County Community High School District No. 210 Lincoln-Way, GO, 4.00%,
1/1/34, Continuously Callable @100		    

650

      

622

    
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

      

1,913

    

5.00%, 12/1/29, Continuously Callable @100

    

1,925

      

2,006

    

5.00%, 12/1/30, Continuously Callable @100

    

2,025

      

2,109

    

5.00%, 12/1/34, Continuously Callable @100

    

6,000

      

6,190

    
     

665,912

    

Indiana (2.2%):

  

City of Rockport Revenue, Series A, 3.05%, 6/1/25

    

5,750

      

5,646

    

Hammond Multi-School Building Corp. Revenue

  

5.00%, 7/15/33, Continuously Callable @100

    

1,165

      

1,228

    

5.00%, 7/15/34, Continuously Callable @100

    

1,000

      

1,049

    

5.00%, 7/15/35, Continuously Callable @100

    

1,250

      

1,305

    

5.00%, 7/15/38, Continuously Callable @100

    

3,000

      

3,096

    

Indiana Bond Bank Revenue

  

1/15/30, Continuously Callable @97 (g)

    

740

      

534

    

7/15/30, Continuously Callable @96 (g)

    

750

      

528

    

7/15/31, Continuously Callable @93 (g)

    

1,490

      

998

    

7/15/32, Continuously Callable @91 (g)

    

1,400

      

890

    

Indiana Finance Authority Revenue

  

3.13%, 12/1/24

    

6,000

      

5,959

    

1.40%, 8/1/29, Continuously Callable @100

    

7,000

      

5,821

    

5.00%, 9/1/30, Continuously Callable @100

    

1,250

      

1,303

    

5.00%, 9/1/31, Continuously Callable @100

    

1,500

      

1,560

    

5.00%, 11/15/33, Continuously Callable @103

    

2,000

      

2,001

    

See notes to financial statements.

 


15

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

4.00%, 4/1/35, Continuously Callable @100

  

$

1,210

    

$

1,036

    

4.00%, 4/1/36, Continuously Callable @100

    

1,255

      

1,061

    

4.00%, 7/1/36, Continuously Callable @100

    

3,660

      

3,298

    

4.00%, 4/1/37, Continuously Callable @100

    

1,310

      

1,094

    

4.00%, 4/1/38, Continuously Callable @100

    

2,045

      

1,692

    

4.00%, 7/1/38, Continuously Callable @100

    

4,030

      

3,544

    

5.00%, 11/15/38, Continuously Callable @103

    

3,000

      

2,923

    

4.00%, 4/1/39, Continuously Callable @100

    

1,625

      

1,334

    

4.00%, 7/1/39, Continuously Callable @100

    

3,605

      

3,142

    

4.00%, 4/1/40, Continuously Callable @100

    

2,215

      

1,804

    

4.00%, 4/1/41, Continuously Callable @100

    

2,305

      

1,861

    

4.00%, 4/1/42, Continuously Callable @100

    

2,400

      

1,920

    

4.00%, 11/15/43, Continuously Callable @100

    

1,505

      

1,175

    

Series A, 5.00%, 5/1/24, Pre-refunded 5/1/23 @ 100

    

1,470

      

1,484

    

Series A, 5.00%, 5/1/27, Pre-refunded 5/1/23 @ 100

    

1,200

      

1,211

    

Series A, 5.00%, 7/1/40, Continuously Callable @100

    

6,240

      

6,327

    

Series A, 4.00%, 11/15/41, Continuously Callable @103

    

8,400

      

6,698

    

Series A, 5.00%, 7/1/42, Continuously Callable @100

    

7,240

      

7,297

    

Richmond Hospital Authority Revenue, 5.00%, 1/1/35, Continuously Callable @100

    

6,500

      

6,557

    
     

87,376

    

Iowa (0.6%):

  

City of Waverly Revenue, 2.50%, 12/31/22, Continuously Callable @100

    

2,000

      

2,000

    

Iowa Finance Authority Revenue

  

Series E, 4.00%, 8/15/35, Continuously Callable @100

    

5,425

      

5,108

    

Series E, 4.00%, 8/15/36, Continuously Callable @100

    

15,105

      

14,059

    
Iowa Higher Education Loan Authority Revenue, 4.75%, 10/1/42,
Continuously Callable @100		    

1,500

      

1,388

    

Iowa Tobacco Settlement Authority Revenue

  

Series A-2, 4.00%, 6/1/38, Continuously Callable @100

    

270

      

241

    

Series A-2, 4.00%, 6/1/39, Continuously Callable @100

    

300

      

265

    

Series A-2, 4.00%, 6/1/40, Continuously Callable @100

    

200

      

174

    
     

23,235

    

Kansas (0.8%):

  

City of Manhattan Revenue, Series A, 4.00%, 6/1/36, Continuously Callable @103

    

1,640

      

1,386

    

City of Wichita Revenue

  

4.20%, 9/1/27, Continuously Callable @100

    

125

      

120

    

4.63%, 9/1/33, Continuously Callable @100

    

10,000

      

9,351

    

Wyandotte County-Kansas City Unified Government Tax Allocation

  

5.25%, 9/1/35, Continuously Callable @103 (e)

    

15,000

      

13,406

    

5.75%, 3/1/41, Continuously Callable @103 (e)

    

10,000

      

9,126

    
     

33,389

    

Kentucky (3.9%):

  

City of Ashland Revenue

  

4.00%, 2/1/35, Continuously Callable @100

    

470

      

425

    

4.00%, 2/1/36, Continuously Callable @100

    

2,410

      

2,159

    

4.00%, 2/1/37, Continuously Callable @100

    

1,115

      

979

    

County of Trimble Revenue, 3.75%, 6/1/33, Continuously Callable @100

    

15,000

      

14,142

    

See notes to financial statements.

 


16

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Kentucky Economic Development Finance Authority Revenue

  

5.00%, 5/15/26

  

$

5,530

    

$

5,418

    

5.00%, 5/15/31, Continuously Callable @100

    

7,205

      

6,646

    

5.00%, 5/15/36, Continuously Callable @100

    

2,500

      

2,207

    

Series B, 10/1/24 (g)

    

6,130

      

5,686

    

Series B-3, 3.85% (MUNIPSA+140bps), 2/1/46, (Put Date 2/1/25) (d) (f)

    

20,000

      

19,820

    
Kentucky Municipal Power Agency Revenue, Series A, 3.45%, 9/1/42,
(Put Date 3/1/26) (d)		    

7,000

      

6,835

    

Kentucky Public Energy Authority Revenue

  

Series A-1, 4.00%, 8/1/52, (Put Date 8/1/30) (d)

    

13,000

      

12,401

    

Series A-2, 3.24% (SOFR+120bps), 8/1/52, (Put Date 8/1/30) (d) (f)

    

7,500

      

6,664

    

Series B, 4.00%, 1/1/49, (Put Date 1/1/25) (d)

    

14,285

      

14,195

    

Series C-1, 4.00%, 12/1/49, (Put Date 6/1/25) (d)

    

20,000

      

19,780

    

Series C-3, 3.50% (MUNIPSA+105bps), 12/1/49, (Put Date 6/1/25) (d) (f)

    

20,000

      

19,539

    

Kentucky State Property & Building Commission Revenue

  

5.00%, 5/1/35, Continuously Callable @100

    

1,000

      

1,049

    

5.00%, 5/1/36, Continuously Callable @100

    

1,000

      

1,045

    

5.00%, 5/1/37, Continuously Callable @100

    

3,000

      

3,127

    

Series A, 5.00%, 2/1/32, Continuously Callable @100

    

2,000

      

2,086

    

Series A, 5.00%, 2/1/33, Continuously Callable @100

    

2,250

      

2,341

    

Series A, 4.00%, 11/1/35, Continuously Callable @100

    

565

      

544

    

Series A, 4.00%, 11/1/36, Continuously Callable @100

    

750

      

715

    

Series A, 4.00%, 11/1/37, Continuously Callable @100

    

750

      

707

    

Series A, 4.00%, 11/1/38, Continuously Callable @100

    

500

      

468

    
Louisville/Jefferson County Metropolitan Government Revenue, 1.75%, 2/1/35,
(Put Date 7/1/26) (d)		    

5,000

      

4,673

    
     

153,651

    

Louisiana (3.0%):

  

City of New Orleans Sewerage Service Revenue

  

5.00%, 6/1/31, Pre-refunded 6/1/25 @ 100

    

700

      

732

    

5.00%, 6/1/32, Pre-refunded 6/1/25 @ 100

    

1,150

      

1,202

    

5.00%, 6/1/34, Pre-refunded 6/1/25 @ 100

    

1,500

      

1,567

    

City of New Orleans Water System Revenue

  

5.00%, 12/1/33, Pre-refunded 12/1/25 @ 100

    

1,500

      

1,579

    

5.00%, 12/1/35, Pre-refunded 12/1/25 @ 100

    

1,500

      

1,579

    
City of Shreveport Water & Sewer Revenue (INS — Assured Guaranty
Municipal Corp.)		  

5.00%, 12/1/33, Continuously Callable @100

    

1,515

      

1,565

    

5.00%, 12/1/34, Continuously Callable @100

    

1,500

      

1,542

    

5.00%, 12/1/35, Continuously Callable @100

    

1,510

      

1,547

    
City of Shreveport Water & Sewer Revenue (INS — Build America Mutual
Assurance Co.)		  

Series C, 5.00%, 12/1/30, Continuously Callable @100

    

1,000

      

1,088

    

Series C, 5.00%, 12/1/31, Continuously Callable @100

    

2,000

      

2,163

    
City of Shreveport Water & Sewer Revenue (INS — Build America Mutual
Assurance Co.)		  

Series B, 5.00%, 12/1/31, Continuously Callable @100

    

5,330

      

5,498

    

Series B, 5.00%, 12/1/32, Continuously Callable @100

    

5,125

      

5,276

    
Louisiana Local Government Environmental Facilities & Community
Development Authority Revenue, 3.50%, 11/1/32, Continuously Callable @100		    

18,750

      

16,706

    

See notes to financial statements.

 


17

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Louisiana Public Facilities Authority Revenue

  

4.00%, 12/15/32, Continuously Callable @100

  

$

2,430

    

$

2,427

    

4.00%, 12/15/32, Pre-refunded 12/15/26 @ 100

    

305

      

314

    

5.00%, 7/1/33, Pre-refunded 7/1/25 @ 100

    

55

      

58

    

5.00%, 7/1/33, Continuously Callable @100

    

8,940

      

9,093

    

5.00%, 5/15/34, Continuously Callable @100

    

2,975

      

3,048

    

5.00%, 5/15/34, Pre-refunded 5/15/26 @ 100

    

25

      

26

    

5.00%, 5/15/34, Continuously Callable @100

    

2,225

      

2,270

    

5.00%, 7/1/34, Pre-refunded 7/1/25 @ 100

    

85

      

89

    

5.00%, 7/1/34, Continuously Callable @100

    

13,465

      

13,655

    

5.00%, 5/15/35, Continuously Callable @100

    

2,000

      

2,037

    

4.00%, 5/15/35, Pre-refunded 5/15/26 @ 100

    

35

      

36

    

4.00%, 5/15/35, Continuously Callable @100

    

3,465

      

3,197

    

4.00%, 5/15/36, Continuously Callable @100

    

1,485

      

1,345

    

5.00%, 5/15/36, Continuously Callable @100

    

1,560

      

1,581

    

4.00%, 5/15/36, Pre-refunded 5/15/26 @ 100

    

15

      

15

    

Series A, 4.00%, 12/15/33, Continuously Callable @100

    

3,095

      

2,962

    
Louisiana Public Facilities Authority Revenue (INS — Assured Guaranty
Municipal Corp.), 5.00%, 6/1/36, Pre-refunded 6/1/25 @ 100		    

2,000

      

2,090

    

Louisiana State University & Agricultural & Mechanical College Revenue

  

Series A, 4.00%, 7/1/31, Continuously Callable @100

    

1,000

      

988

    

Series A, 4.00%, 7/1/32, Continuously Callable @100

    

1,000

      

977

    

Series A, 4.00%, 7/1/33, Continuously Callable @100

    

1,000

      

964

    

New Orleans Aviation Board Revenue (INS — Assured Guaranty Municipal Corp.)

  

5.00%, 1/1/35, Continuously Callable @100

    

1,840

      

1,898

    

5.00%, 1/1/36, Continuously Callable @100

    

1,250

      

1,287

    

5.00%, 1/1/37, Continuously Callable @100

    

1,500

      

1,543

    

5.00%, 10/1/37, Continuously Callable @100

    

2,000

      

2,066

    

5.00%, 1/1/38, Continuously Callable @100

    

1,300

      

1,335

    

Parish of St. John the Baptist Revenue, 2.20%, 6/1/37, (Put Date 7/1/26) (d)

    

6,750

      

6,284

    

Tangipahoa Parish Hospital Service District No. 1 Revenue

  

4.00%, 2/1/38, Continuously Callable @100

    

2,375

      

2,054

    

4.00%, 2/1/39, Continuously Callable @100

    

2,330

      

1,994

    

4.00%, 2/1/41, Continuously Callable @100

    

1,500

      

1,258

    

4.00%, 2/1/42, Continuously Callable @100

    

1,500

      

1,244

    

Tobacco Settlement Financing Corp. Revenue, Series A, 5.00%, 5/15/23

    

5,000

      

5,036

    

 

    

115,215

    

Maine (0.1%):

  

Maine Health & Higher Educational Facilities Authority Revenue

  

5.00%, 7/1/24, Pre-refunded 7/1/23 @ 100

    

1,635

      

1,656

    

5.00%, 7/1/26, Pre-refunded 7/1/23 @ 100

    

1,000

      

1,013

    

5.00%, 7/1/27, Pre-refunded 7/1/23 @ 100

    

1,000

      

1,013

    
     

3,682

    

Maryland (1.3%):

  

City of Gaithersburg Revenue

  

5.00%, 1/1/33, Continuously Callable @104

    

3,000

      

3,021

    

5.00%, 1/1/36, Continuously Callable @104

    

1,000

      

994

    

See notes to financial statements.

 


18

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Howard County Housing Commission Revenue, Series A, 1.60%, 6/1/29,
Continuously Callable @100		  

$

3,000

    

$

2,580

    

Maryland Economic Development Corp. Revenue

  

Series A, 5.00%, 6/1/30, Continuously Callable @100

    

1,250

      

1,320

    

Series A, 5.00%, 6/1/31, Continuously Callable @100

    

1,000

      

1,053

    

Series A, 5.00%, 6/1/32, Continuously Callable @100

    

1,000

      

1,049

    

Series A, 5.00%, 6/1/35, Continuously Callable @100

    

2,000

      

2,072

    

Maryland Health & Higher Educational Facilities Authority Revenue

  

5.50%, 1/1/29, Continuously Callable @100

    

1,415

      

1,490

    

5.50%, 1/1/30, Continuously Callable @100

    

1,750

      

1,838

    

5.50%, 1/1/31, Continuously Callable @100

    

1,585

      

1,662

    

5.00%, 7/1/31, Continuously Callable @100

    

3,190

      

3,306

    

5.00%, 7/1/32, Continuously Callable @100

    

6,505

      

6,705

    

5.00%, 7/1/33, Continuously Callable @100

    

1,000

      

1,012

    

5.00%, 7/1/33, Continuously Callable @100

    

3,600

      

3,691

    

5.00%, 7/1/34, Continuously Callable @100

    

2,500

      

2,549

    

5.00%, 7/1/34, Continuously Callable @100

    

2,200

      

2,226

    

5.50%, 1/1/36, Continuously Callable @100

    

5,000

      

5,192

    

4.00%, 1/1/38, Continuously Callable @100

    

865

      

794

    

4.00%, 7/1/38, Continuously Callable @100

    

1,500

      

1,325

    

4.00%, 7/1/39, Continuously Callable @100

    

1,585

      

1,385

    

4.00%, 7/1/40, Continuously Callable @100

    

1,645

      

1,423

    

Series A, 5.00%, 7/1/33, Continuously Callable @100

    

1,000

      

1,014

    

Series A, 5.00%, 7/1/34, Continuously Callable @100

    

1,000

      

1,011

    

Series A, 5.00%, 7/1/35, Continuously Callable @100

    

1,310

      

1,321

    

Series A, 5.00%, 7/1/36, Continuously Callable @100

    

1,000

      

1,006

    
     

51,039

    

Massachusetts (1.7%):

  
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

      

2,036

    

5.00%, 7/1/31, Continuously Callable @100

    

1,675

      

1,703

    

5.00%, 7/1/32, Continuously Callable @100

    

1,250

      

1,292

    

4.00%, 10/1/32, Continuously Callable @105 (e)

    

3,600

      

3,553

    

5.00%, 4/15/33, Continuously Callable @100

    

2,155

      

2,155

    

5.00%, 7/1/33, Continuously Callable @100

    

1,250

      

1,287

    

5.00%, 7/1/34, Continuously Callable @100

    

1,000

      

1,025

    

5.00%, 7/1/36, Continuously Callable @100

    

1,000

      

1,018

    

5.00%, 7/1/36, Continuously Callable @100

    

2,000

      

2,006

    

5.00%, 7/1/36, Continuously Callable @100

    

895

      

917

    

5.00%, 7/1/37, Continuously Callable @100

    

800

      

810

    

5.00%, 7/1/37, Continuously Callable @100

    

1,215

      

1,240

    

5.00%, 10/1/37, Continuously Callable @105 (e)

    

1,000

      

1,040

    

5.00%, 7/1/38, Continuously Callable @100

    

335

      

341

    

5.00%, 7/1/38, Continuously Callable @100

    

600

      

606

    

4.00%, 9/1/41, Continuously Callable @100

    

1,010

      

872

    

5.00%, 10/1/42, Continuously Callable @100

    

3,500

      

3,630

    

See notes to financial statements.

 


19

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

3.05% (MUNIPSA+60bps), 7/1/49, (Put Date 1/29/26) (d) (e) (f)

  

$

2,500

    

$

2,480

    

Series A, 5.00%, 1/1/31, Continuously Callable @100

    

450

      

465

    

Series A, 5.00%, 1/1/32, Continuously Callable @100

    

645

      

664

    

Series A, 5.00%, 1/1/33, Continuously Callable @100

    

535

      

550

    

Series A, 5.00%, 1/1/34, Continuously Callable @100

    

700

      

716

    

Series A, 5.00%, 1/1/35, Continuously Callable @100

    

735

      

750

    

Series A, 5.00%, 1/1/36, Continuously Callable @100

    

1,000

      

1,017

    

Series A, 5.00%, 7/1/36, Continuously Callable @100

    

2,000

      

2,005

    

Series A, 5.00%, 7/1/38, Continuously Callable @100

    

1,000

      

988

    

Series A, 5.00%, 7/1/39, Continuously Callable @100

    

2,250

      

2,209

    

Series B, 4.00%, 6/1/35, Continuously Callable @100

    

2,300

      

2,124

    

Series B, 4.00%, 6/1/41, Continuously Callable @100

    

2,750

      

2,358

    

Series E, 5.00%, 7/1/35, Continuously Callable @100

    

1,500

      

1,515

    

Series E, 5.00%, 7/1/36, Continuously Callable @100

    

1,000

      

1,006

    

Series J2, 5.00%, 7/1/35, Continuously Callable @100

    

5,375

      

5,485

    

Series J2, 5.00%, 7/1/36, Continuously Callable @100

    

4,415

      

4,483

    

Series J2, 5.00%, 7/1/37, Continuously Callable @100

    

5,285

      

5,344

    

Series J2, 5.00%, 7/1/38, Continuously Callable @100

    

5,000

      

5,040

    
     

64,840

    

Michigan (1.6%):

  
Detroit Downtown Development Authority Tax Allocation (INS — Assured
Guaranty Municipal Corp.)		  

Series A, 5.00%, 7/1/36, Continuously Callable @100

    

1,000

      

1,005

    

Series A, 5.00%, 7/1/37, Continuously Callable @100

    

2,000

      

2,009

    

Flint Hospital Building Authority Revenue

  

4.00%, 7/1/32, Continuously Callable @100

    

2,525

      

2,328

    

4.00%, 7/1/33, Continuously Callable @100

    

2,620

      

2,393

    

4.00%, 7/1/34, Continuously Callable @100

    

2,730

      

2,468

    

4.00%, 7/1/35, Continuously Callable @100

    

1,635

      

1,463

    

4.00%, 7/1/38, Continuously Callable @100

    

1,855

      

1,604

    
Great Lakes Water Authority Water Supply System Revenue, Series D,
4.00%, 7/1/32, Continuously Callable @100		    

13,560

      

13,444

    

Livonia Public Schools, GO (INS — Assured Guaranty Municipal Corp.)

  

5.00%, 5/1/32, Continuously Callable @100

    

2,775

      

2,893

    

5.00%, 5/1/33, Continuously Callable @100

    

2,875

      

2,988

    

5.00%, 5/1/34, Continuously Callable @100

    

2,965

      

3,068

    

5.00%, 5/1/35, Continuously Callable @100

    

3,065

      

3,160

    

5.00%, 5/1/36, Continuously Callable @100

    

2,770

      

2,849

    

Michigan Finance Authority Revenue

  

5.00%, 11/1/34, Continuously Callable @100

    

1,000

      

1,061

    

5.00%, 11/1/35, Continuously Callable @100

    

1,000

      

1,056

    

4.00%, 11/15/35, Continuously Callable @100

    

6,000

      

5,396

    

5.00%, 11/1/36, Continuously Callable @100

    

1,000

      

1,052

    

4.00%, 11/15/36, Continuously Callable @100

    

1,000

      

889

    

5.00%, 11/1/37, Continuously Callable @100

    

1,250

      

1,309

    

4.00%, 12/1/41, Continuously Callable @100

    

2,375

      

2,055

    

See notes to financial statements.

 


20

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Michigan Finance Authority Revenue (NBGA — Michigan School Bond
Qualification and Loan Program)		  

Series A, 5.00%, 5/1/24

  

$

2,000

    

$

2,052

    

Series A, 5.00%, 5/1/25

    

1,700

      

1,770

    
Michigan State Building Authority Revenue, Series I-A, 5.00%, 10/15/29,
Continuously Callable @100		    

3,000

      

3,053

    

Summit Academy North Revenue, 4.00%, 11/1/41, Continuously Callable @103

    

2,870

      

2,372

    
     

63,737

    

Minnesota (0.2%):

  
City of Minneapolis Revenue, Series A, 5.00%, 11/15/36, Continuously
Callable @100		    

5,000

      

5,084

    

Housing & Redevelopment Authority of The City of St Paul Minnesota Revenue

  

5.00%, 11/15/29, Pre-refunded 11/15/25 @ 100

    

1,750

      

1,842

    

5.00%, 11/15/30, Pre-refunded 11/15/25 @ 100

    

1,275

      

1,342

    
     

8,268

    

Mississippi (0.5%):

  
Mississippi Business Finance Corp. Revenue, 3.20%, 9/1/28,
Continuously Callable @100		    

6,000

      

5,658

    

Mississippi Development Bank Revenue

  

Series A, 5.00%, 4/1/28, Continuously Callable @100

    

390

      

393

    

Series A, 5.00%, 4/1/28, Pre-refunded 4/1/23 @ 100

    

920

      

929

    
Mississippi Development Bank Revenue (INS — Assured Guaranty
Municipal Corp.), 5.00%, 9/1/30, Continuously Callable @100		    

5,860

      

5,867

    

Mississippi Hospital Equipment & Facilities Authority Revenue

  

4.00%, 1/1/36, Continuously Callable @100

    

2,240

      

2,059

    

4.00%, 1/1/37, Continuously Callable @100

    

2,260

      

2,053

    

4.00%, 1/1/39, Continuously Callable @100

    

1,850

      

1,649

    

4.00%, 1/1/40, Continuously Callable @100

    

2,675

      

2,372

    
     

20,980

    

Missouri (1.3%):

  

Cape Girardeau County IDA Revenue

  

5.00%, 3/1/32, Continuously Callable @100

    

500

      

503

    

5.00%, 3/1/36, Continuously Callable @100

    

750

      

750

    

4.00%, 3/1/41, Continuously Callable @100

    

750

      

619

    

Series A, 6.00%, 3/1/33, Continuously Callable @103

    

2,075

      

2,144

    

Health & Educational Facilities Authority of the State of Missouri Revenue

  

5.00%, 2/1/29, Continuously Callable @104

    

1,000

      

1,014

    

5.00%, 5/1/30, Continuously Callable @100

    

2,310

      

2,334

    

5.00%, 5/15/32, Continuously Callable @103

    

1,555

      

1,460

    

5.25%, 5/1/33, Continuously Callable @100

    

2,350

      

2,378

    

5.00%, 2/1/34, Continuously Callable @104

    

2,000

      

2,003

    

5.00%, 5/15/36, Continuously Callable @103

    

4,565

      

4,194

    

Missouri Development Finance Board Revenue

  

Series A, 5.00%, 6/1/30, Continuously Callable @100

    

1,000

      

1,011

    

Series A, 5.00%, 6/1/31, Continuously Callable @100

    

4,215

      

4,260

    
Missouri State Environmental Improvement & Energy Resources Authority
Revenue, Series A-R, 2.90%, 9/1/33, Continuously Callable @102		    

25,000

      

22,360

    

See notes to financial statements.

 


21

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

St. Louis County IDA Revenue

  

5.00%, 9/1/23

  

$

305

    

$

305

    

5.50%, 9/1/33, Continuously Callable @100

    

2,750

      

2,712

    
Stoddard County IDA Revenue, Series B, 6.00%, 3/1/37,
Continuously Callable @103		    

1,865

      

1,922

    
     

49,969

    

Montana (0.2%):

  

City of Forsyth Revenue, 3.90%, 3/1/31, Callable 3/1/23 @ 100

    

8,500

      

8,141

    

Nebraska (0.8%):

  

Central Plains Energy Project Revenue

  

5.00%, 5/1/53, (Put Date 10/1/29) (d)

    

17,000

      

16,990

    

Series A, 5.00%, 9/1/36

    

3,550

      

3,506

    

Douglas County Hospital Authority No. 3 Revenue

  

5.00%, 11/1/28, Continuously Callable @100

    

1,250

      

1,289

    

5.00%, 11/1/30, Continuously Callable @100

    

1,600

      

1,641

    
Nebraska Educational Health Cultural & Social Services Finance
Authority Revenue		  

4.00%, 1/1/35, Continuously Callable @102

    

795

      

748

    

4.00%, 1/1/36, Continuously Callable @102

    

1,240

      

1,152

    

4.00%, 1/1/37, Continuously Callable @102

    

1,000

      

918

    

4.00%, 1/1/38, Continuously Callable @102

    

1,295

      

1,176

    

4.00%, 1/1/39, Continuously Callable @102

    

1,800

      

1,620

    
Public Power Generation Agency Revenue, 5.00%, 1/1/37,
Continuously Callable @100		    

2,400

      

2,453

    
     

31,493

    

Nevada (1.8%):

  

City of Carson City Revenue

  

5.00%, 9/1/29, Continuously Callable @100

    

620

      

637

    

5.00%, 9/1/31, Continuously Callable @100

    

1,000

      

1,025

    

5.00%, 9/1/33, Continuously Callable @100

    

1,000

      

1,017

    

5.00%, 9/1/37, Continuously Callable @100

    

1,950

      

1,958

    

City of North Las Vegas, GO (INS — Assured Guaranty Municipal Corp.)

  

4.00%, 6/1/35, Continuously Callable @100

    

1,870

      

1,808

    

4.00%, 6/1/37, Continuously Callable @100

    

7,345

      

6,930

    

4.00%, 6/1/38, Continuously Callable @100

    

6,135

      

5,734

    

City of Sparks Revenue

  

Series A, 2.50%, 6/15/24 (e)

    

475

      

459

    

Series A, 2.75%, 6/15/28 (e)

    

1,500

      

1,328

    

County of Clark Department of Aviation Revenue

  

5.00%, 7/1/26

    

3,660

      

3,854

    

5.00%, 7/1/27

    

2,220

      

2,363

    

Series A-2, 5.00%, 7/1/32, Continuously Callable @100

    

20,470

      

20,975

    

Series A-2, 5.00%, 7/1/33, Continuously Callable @100

    

10,845

      

11,101

    

Las Vegas Convention & Visitors Authority Revenue

  

Series C, 4.00%, 7/1/33, Continuously Callable @100

    

2,000

      

1,967

    

Series C, 4.00%, 7/1/34, Continuously Callable @100

    

4,560

      

4,415

    

Series C, 4.00%, 7/1/35, Continuously Callable @100

    

5,075

      

4,838

    
     

70,409

    

See notes to financial statements.

 


22

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

New Hampshire (0.3%):

  
New Hampshire Business Finance Authority Revenue, 4.00%, 1/1/41,
Continuously Callable @103		  

$

5,100

    

$

4,130

    

New Hampshire Health and Education Facilities Authority Act Revenue

  

5.00%, 8/1/34, Continuously Callable @100

    

2,880

      

2,943

    

5.00%, 8/1/35, Continuously Callable @100

    

2,700

      

2,747

    

5.00%, 8/1/36, Continuously Callable @100

    

2,000

      

2,028

    

5.00%, 8/1/37, Continuously Callable @100

    

1,500

      

1,517

    
     

13,365

    

New Jersey (6.8%):

  
Casino Reinvestment Development Authority Revenue (INS — Assured Guaranty
Municipal Corp.)		  

5.00%, 11/1/29, Continuously Callable @100

    

1,000

      

1,025

    

5.00%, 11/1/30, Continuously Callable @100

    

1,000

      

1,025

    

City of Atlantic City, GO (INS — Assured Guaranty Municipal Corp.)

  

Series B, 5.00%, 3/1/32, Continuously Callable @100

    

1,660

      

1,753

    

Series B, 5.00%, 3/1/37, Continuously Callable @100

    

1,250

      

1,298

    

City of Atlantic City, GO (INS — Build America Mutual Assurance Co.)

  

Series A, 5.00%, 3/1/32, Continuously Callable @100

    

630

      

665

    

Series A, 5.00%, 3/1/37, Continuously Callable @100

    

750

      

779

    

City of Bayonne, GO (INS — Build America Mutual Assurance Co.)

  

5.00%, 7/1/34, Pre-refunded 7/1/26 @ 100

    

1,135

      

1,204

    

5.00%, 7/1/35, Pre-refunded 7/1/26 @ 100

    

1,000

      

1,060

    
Essex County Improvement Authority Revenue, 4.00%, 6/15/38, Continuously
Callable @100		    

550

      

476

    
New Brunswick Parking Authority Revenue (INS — Build America Mutual
Assurance Co.)		  

Series A, 5.00%, 9/1/35, Continuously Callable @100

    

1,455

      

1,524

    

Series A, 5.00%, 9/1/36, Continuously Callable @100

    

2,000

      

2,086

    

New Jersey Building Authority Revenue

  

Series A, 4.00%, 6/15/30, Pre-refunded 6/15/26 @ 100

    

400

      

410

    

Series A, 4.00%, 6/15/30, Pre-refunded 6/15/26 @ 100

    

600

      

615

    

New Jersey Economic Development Authority Revenue

  

5.00%, 3/1/25, Continuously Callable @100

    

18,410

      

18,490

    

4.00% (MUNIPSA+155bps), 9/1/27, Callable 3/1/23 @ 100 (f)

    

10,000

      

10,188

    

4.05% (MUNIPSA+160bps), 3/1/28, Callable 3/1/23 @ 100 (f)

    

10,000

      

9,829

    

5.00%, 11/1/36, Continuously Callable @100

    

2,000

      

2,016

    

4.00%, 11/1/38, Continuously Callable @100

    

1,500

      

1,326

    

4.00%, 11/1/39, Continuously Callable @100

    

2,000

      

1,751

    

Series A, 5.00%, 6/15/25

    

5,125

      

5,260

    

Series A, 3.13%, 7/1/29, Continuously Callable @100

    

665

      

611

    

Series A, 3.38%, 7/1/30, Continuously Callable @100

    

1,000

      

920

    

Series B, 5.00%, 6/15/36, Continuously Callable @100

    

16,455

      

16,581

    

Series B, 5.00%, 6/15/37, Continuously Callable @100

    

16,280

      

16,380

    

Series WW, 5.25%, 6/15/33, Continuously Callable @100

    

9,000

      

9,141

    
New Jersey Economic Development Authority Revenue (INS — Assured Guaranty
Municipal Corp.), 5.00%, 6/15/25, Continuously Callable @100		    

10,000

      

10,257

    

New Jersey Educational Facilities Authority Revenue

  

Series B, 5.50%, 9/1/28, Continuously Callable @100

    

5,740

      

6,029

    

Series B, 5.50%, 9/1/29, Continuously Callable @100

    

4,000

      

4,196

    

See notes to financial statements.

 


23

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Series B, 5.50%, 9/1/30, Continuously Callable @100

  

$

3,000

    

$

3,142

    

Series B, 5.50%, 9/1/31, Continuously Callable @100

    

4,590

      

4,789

    

Series B, 5.50%, 9/1/32, Continuously Callable @100

    

8,075

      

8,379

    

Series F, 4.00%, 7/1/33, Continuously Callable @100

    

150

      

144

    

Series F, 4.00%, 7/1/33, Pre-refunded 7/1/26 @ 100

    

350

      

359

    

Series F, 4.00%, 7/1/34, Continuously Callable @100

    

260

      

246

    

Series F, 4.00%, 7/1/34, Pre-refunded 7/1/26 @ 100

    

490

      

503

    

Series F, 4.00%, 7/1/35, Pre-refunded 7/1/26 @ 100

    

275

      

282

    

Series F, 4.00%, 7/1/35, Continuously Callable @100

    

975

      

909

    
New Jersey Educational Facilities Authority Revenue (INS — Assured Guaranty
Municipal Corp.)		  

Series A, 5.00%, 7/1/34, Continuously Callable @100

    

3,000

      

3,132

    

Series A, 5.00%, 7/1/35, Continuously Callable @100

    

3,350

      

3,483

    

Series A, 4.00%, 7/1/36, Continuously Callable @100

    

1,800

      

1,724

    

New Jersey Health Care Facilities Financing Authority Revenue

  

5.00%, 10/1/33, Continuously Callable @100

    

2,000

      

2,030

    

5.00%, 10/1/34, Continuously Callable @100

    

2,000

      

2,022

    

5.00%, 10/1/35, Continuously Callable @100

    

2,620

      

2,641

    
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

      

2,045

    

Series A, 5.00%, 7/1/30, Continuously Callable @100

    

1,500

      

1,523

    

New Jersey Transportation Trust Fund Authority Revenue

  

5.00%, 6/15/30, Continuously Callable @100

    

3,000

      

3,118

    

5.00%, 6/15/31, Continuously Callable @100

    

3,000

      

3,080

    

Series A, 12/15/25 (g)

    

20,000

      

17,586

    

Series A, 5.00%, 12/15/33, Continuously Callable @100

    

2,000

      

2,032

    

Series A, 5.00%, 12/15/35, Continuously Callable @100

    

1,050

      

1,059

    

Series AA, 5.25%, 6/15/33, Continuously Callable @100

    

2,000

      

2,031

    

Series AA, 5.25%, 6/15/34, Continuously Callable @100

    

3,000

      

3,039

    

Series AA, 4.00%, 6/15/36, Continuously Callable @100

    

2,500

      

2,253

    

Series AA, 4.00%, 6/15/37, Continuously Callable @100

    

2,250

      

2,028

    

Series BB, 5.00%, 6/15/31, Continuously Callable @100

    

2,500

      

2,583

    

Series BB, 5.00%, 6/15/34, Continuously Callable @100

    

10,000

      

10,135

    
New Jersey Transportation Trust Fund Authority Revenue (INS — AMBAC
Assurance Corp.), Series B, 5.25%, 12/15/22		    

5,000

      

5,014

    

New Jersey Transportation Trust Fund Authority Revenue, 12/15/38 (g)

    

11,405

      

4,820

    
New Jersey Turnpike Authority Revenue
Series A, 5.00%, 1/1/34, Continuously Callable @100		    

10,000

      

10,223

    

Series A, 5.00%, 1/1/34, Continuously Callable @100

    

7,675

      

7,975

    

Series A, 5.00%, 1/1/35, Continuously Callable @100

    

4,725

      

4,896

    

Series B, 4.00%, 1/1/35, Continuously Callable @100

    

3,500

      

3,420

    

Newark Housing Authority Revenue (INS — Assured Guaranty Municipal Corp.)

  

4.00%, 12/1/29, Continuously Callable @100

    

500

      

499

    

4.00%, 12/1/30, Continuously Callable @100

    

750

      

746

    

4.00%, 12/1/31, Continuously Callable @100

    

500

      

495

    

South Jersey Transportation Authority Revenue

  

4.50%, 11/1/42, Continuously Callable @100

    

1,000

      

929

    

Series A, 5.00%, 11/1/30, Continuously Callable @100

    

500

      

507

    

Series A, 5.00%, 11/1/31, Continuously Callable @100

    

750

      

759

    

See notes to financial statements.

 


24

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Series A, 5.00%, 11/1/34, Continuously Callable @100

  

$

1,085

    

$

1,092

    

Series A, 4.00%, 11/1/40, Continuously Callable @100

    

4,300

      

3,695

    

State of New Jersey, GO, Series A, 4.00%, 6/1/31

    

3,570

      

3,613

    
Tobacco Settlement Financing Corp. Revenue, Series A, 5.00%, 6/1/36,
Continuously Callable @100		    

5,000

      

5,101

    
     

266,976

    

New Mexico (0.3%):

  

City of Farmington Revenue, Series B, 2.15%, 4/1/33, Continuously Callable @101

    

10,000

      

7,263

    

City of Santa Revenue

  

5.00%, 5/15/34, Continuously Callable @103

    

625

      

573

    

5.00%, 5/15/39, Continuously Callable @103

    

480

      

424

    
New Mexico Hospital Equipment Loan Council Revenue, 5.00%, 7/1/39,
Continuously Callable @102		    

1,075

      

942

    

Village of Los Ranchos de Albuquerque Revenue

  

4.00%, 9/1/35, Continuously Callable @100

    

300

      

285

    

4.00%, 9/1/40, Continuously Callable @100

    

1,200

      

1,079

    
Winrock Town Center Tax Increment Development District No. 1 Tax Allocation,
4.00%, 5/1/33, Continuously Callable @103 (e)		    

600

      

518

    
Winrock Town Center Tax Increment Development District Tax Allocation,
4.25%, 5/1/40, Continuously Callable @103 (e)		    

1,000

      

815

    
     

11,899

    

New York (5.9%):

  

Allegany County Capital Resource Corp. Revenue

  

Series A, 5.00%, 12/1/32, Continuously Callable @100

    

1,390

      

1,435

    

Series A, 5.00%, 12/1/37, Continuously Callable @100

    

1,500

      

1,507

    

Series A, 5.00%, 12/1/42, Continuously Callable @100

    

1,925

      

1,885

    
Build NYC Resource Corp. Revenue, Series A, 5.00%, 7/1/42, Continuously
Callable @100		    

500

      

475

    

City of New York, GO, Series B, 2.85%, 10/1/46, Continuously Callable @100 (l)

    

15,750

      

15,750

    

City of Newburgh, GO, Series B, 5.00%, 6/15/23, Continuously Callable @100

    

575

      

576

    

County of Nassau, GO, Series A, 5.00%, 1/1/36, Continuously Callable @100

    

1,150

      

1,188

    
Erie County Industrial Development Agency Revenue, 5.00%, 5/1/28,
Continuously Callable @100		    

2,000

      

2,022

    
Hudson Yards Infrastructure Corp. Revenue, Series A, 5.00%, 2/15/38,
Continuously Callable @100		    

2,500

      

2,578

    

Metropolitan Transportation Authority Revenue

  

4.00%, 11/15/35, Continuously Callable @100

    

9,040

      

8,025

    

Series 2, 2.84% (SOFR+80bps), 11/1/32, (Put Date 4/1/26) (d) (f)

    

3,000

      

2,713

    

Series A, 11/15/32 (g)

    

10,000

      

6,593

    

Series A-1, 5.00%, 2/1/23

    

4,000

      

4,022

    

Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (d)

    

7,315

      

7,557

    

Series C-1, 5.00%, 11/15/29, Continuously Callable @100

    

7,030

      

7,268

    

Series C-1, 4.00%, 11/15/32, Continuously Callable @100

    

9,300

      

8,813

    

Series C-1, 5.00%, 11/15/34, Continuously Callable @100

    

6,295

      

6,306

    

Series C-1, 5.00%, 11/15/36, Continuously Callable @100

    

3,705

      

3,684

    

Series D-1, 5.00%, 11/15/34, Continuously Callable @100

    

2,000

      

2,003

    

Series F, 5.00%, 11/15/34, Continuously Callable @100

    

2,000

      

2,003

    

Series F, 5.00%, 11/15/35, Continuously Callable @100

    

3,000

      

2,997

    

See notes to financial statements.

 


25

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Metropolitan Transportation Authority Revenue (INS — Assured Guaranty
Municipal Corp.), Series A-1, 4.00%, 11/15/41, Continuously Callable @100		  

$

9,820

    

$

8,668

    

Monroe County Industrial Development Corp. Revenue

  

4.00%, 12/1/38, Continuously Callable @100

    

1,200

      

1,024

    

4.00%, 12/1/39, Continuously Callable @100

    

1,200

      

1,011

    
New York City Transitional Finance Authority Future Tax Secured Revenue,
4.00%, 11/1/38, Continuously Callable @100		    

1,250

      

1,152

    
New York City Trust for Cultural Resources Revenue, Series A, 4.00%, 12/1/34,
Continuously Callable @100		    

2,000

      

1,909

    

New York Liberty Development Corp. Revenue

  

2.63%, 9/15/69, Continuously Callable @100

    

3,350

      

2,921

    

2.80%, 9/15/69, Continuously Callable @100

    

15,500

      

12,636

    

Series A, 2.10%, 11/15/32, Continuously Callable @100

    

6,730

      

5,151

    

Series A, 2.20%, 11/15/33, Continuously Callable @100

    

9,000

      

6,728

    

New York State Dormitory Authority Revenue

  

5.00%, 12/1/35, Continuously Callable @100 (e)

    

600

      

566

    

6.00%, 7/1/40, Continuously Callable @100 (c) (e)

    

3,480

      

2,841

    

Series A, 5.00%, 5/1/23

    

15

      

15

    

Series A, 5.00%, 5/1/23

    

735

      

740

    

Series A, 5.00%, 5/1/24, Continuously Callable @100

    

735

      

740

    

Series A, 5.00%, 5/1/24, Pre-refunded 5/1/23 @ 100

    

15

      

15

    

Series A, 5.00%, 5/1/25, Continuously Callable @100

    

1,175

      

1,183

    

Series A, 5.00%, 5/1/25, Pre-refunded 5/1/23 @ 100

    

25

      

25

    

Series A, 5.00%, 5/1/26, Continuously Callable @100

    

980

      

987

    

Series A, 5.00%, 5/1/26, Pre-refunded 5/1/23 @ 100

    

20

      

20

    

Series A, 4.00%, 9/1/36, Continuously Callable @100

    

500

      

433

    

Series A, 4.00%, 9/1/37, Continuously Callable @100

    

350

      

300

    

Series A, 4.00%, 9/1/38, Continuously Callable @100

    

1,250

      

1,065

    

Series A, 4.00%, 9/1/40, Continuously Callable @100

    

750

      

628

    

Series A, 4.00%, 3/15/41, Continuously Callable @100

    

21,605

      

19,347

    

Series A, 4.00%, 3/15/42, Continuously Callable @100

    

9,250

      

8,258

    

Series A-1, 4.00%, 7/1/40, Continuously Callable @100

    

4,535

      

4,161

    

Series B, 5.00%, 2/15/32, Pre-refunded 2/15/25 @ 100

    

5

      

5

    

Series B, 5.00%, 2/15/32, Continuously Callable @100

    

19,995

      

20,653

    
New York State Dormitory Authority Revenue (INS — Assured Guaranty
Municipal Corp.)		  

Series A, 5.00%, 10/1/27, Continuously Callable @100

    

1,000

      

1,036

    

Series A, 5.00%, 10/1/28, Continuously Callable @100

    

1,000

      

1,036

    

Series A, 5.00%, 10/1/29, Continuously Callable @100

    

1,300

      

1,347

    
New York State Housing Finance Agency Revenue (LIQ — Deutsche Bank A.G.),
Series DBE-DBE-8073, 2.85%, 8/1/50, Continuously Callable @100 (e) (l)		    

1,895

      

1,895

    

New York State Urban Development Corp. Revenue

  

Series A, 4.00%, 3/15/39, Continuously Callable @100

    

5,000

      

4,613

    

Series E, 4.00%, 3/15/39, Continuously Callable @100

    

5,785

      

5,385

    
Niagara Falls City School District Certificate of Participation (INS — Assured
Guaranty Municipal Corp.)		  

5.00%, 6/15/23

    

1,670

      

1,692

    

5.00%, 6/15/24

    

1,450

      

1,492

    

5.00%, 6/15/25, Continuously Callable @100

    

1,670

      

1,719

    

See notes to financial statements.

 


26

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Saratoga County Capital Resource Corp. Revenue, Series A, 5.00%, 12/1/28,
Continuously Callable @100		  

$

790

    

$

803

    

Town of Oyster Bay, GO

  

4.00%, 2/15/24

    

5,415

      

5,471

    

4.00%, 2/15/25

    

9,750

      

9,893

    

4.00%, 2/15/26

    

3,000

      

3,056

    
Westchester County Local Development Corp. Revenue, 5.00%, 1/1/28,
Continuously Callable @100		    

1,350

      

1,356

    
     

233,376

    

North Carolina (0.3%):

  

North Carolina Medical Care Commission Revenue

  

5.00%, 10/1/25

    

1,225

      

1,239

    

5.00%, 10/1/30, Continuously Callable @100

    

1,850

      

1,858

    

5.00%, 10/1/40, Continuously Callable @103

    

1,050

      

1,040

    

5.00%, 10/1/45, Continuously Callable @103

    

1,000

      

964

    

Series A, 4.00%, 9/1/40, Continuously Callable @100

    

3,050

      

2,473

    

Series A, 4.00%, 10/1/40, Continuously Callable @103

    

600

      

496

    

Series A, 5.00%, 10/1/40, Continuously Callable @103

    

1,800

      

1,761

    
     

9,831

    

North Dakota (0.3%):

  

City of Grand Forks Revenue

  

4.00%, 12/1/36, Continuously Callable @100

    

2,475

      

2,177

    

4.00%, 12/1/38, Continuously Callable @100

    

1,100

      

946

    

4.00%, 12/1/40, Continuously Callable @100

    

1,700

      

1,437

    

4.00%, 12/1/41, Continuously Callable @100

    

1,750

      

1,459

    

County of Ward Revenue, Series C, 5.00%, 6/1/43, Continuously Callable @100

    

4,500

      

3,962

    
     

9,981

    

Ohio (2.9%):

  

Akron Bath Copley Joint Township Hospital District Revenue

  

4.00%, 11/15/36, Continuously Callable @100

    

1,000

      

862

    

4.00%, 11/15/37, Continuously Callable @100

    

800

      

682

    

4.00%, 11/15/38, Continuously Callable @100

    

500

      

419

    

City of Centerville Revenue, 5.25%, 11/1/37, Continuously Callable @100

    

2,250

      

2,127

    

County of Allen Hospital Facilities Revenue

  

4.00%, 12/1/40, Continuously Callable @100

    

7,500

      

6,670

    

Series A, 4.00%, 8/1/36, Continuously Callable @100

    

5,000

      

4,597

    

Series A, 4.00%, 8/1/37, Continuously Callable @100

    

10,800

      

9,899

    

County of Cuyahoga Revenue

  

4.00%, 2/15/29, Continuously Callable @100

    

7,430

      

7,189

    

5.00%, 2/15/37, Continuously Callable @100

    

4,000

      

4,020

    

County of Hamilton Revenue

  

5.00%, 1/1/31, Continuously Callable @100

    

1,350

      

1,314

    

5.00%, 1/1/36, Continuously Callable @100

    

1,400

      

1,324

    

5.00%, 9/15/39, Continuously Callable @100

    

1,375

      

1,391

    

5.00%, 9/15/40, Continuously Callable @100

    

1,100

      

1,109

    
County of Hamilton Sales Tax Revenue (INS — AMBAC Assurance Corp.),
Series B, 12/1/25 (g)		    

4,365

      

3,919

    

County of Hardi Revenue, 5.25%, 5/1/40, Continuously Callable @103

    

2,000

      

1,789

    

See notes to financial statements.

 


27

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

County of Montgomery Revenue

  

3.00%, 11/15/36, Continuously Callable @100

  

$

7,000

    

$

5,408

    

5.00%, 11/15/37, Continuously Callable @100

    

2,200

      

2,231

    

County of Ross Revenue, 5.00%, 12/1/39, Continuously Callable @100

    

2,405

      

2,443

    

Dayton City School District, GO

  

5.00%, 11/1/28

    

2,805

      

3,068

    

5.00%, 11/1/29

    

3,655

      

4,044

    

5.00%, 11/1/30

    

3,160

      

3,531

    

5.00%, 11/1/31

    

2,000

      

2,249

    

Ohio Higher Educational Facility Commission Revenue

  

5.00%, 5/1/31, Continuously Callable @100

    

1,000

      

1,033

    

5.00%, 5/1/33, Continuously Callable @100

    

500

      

513

    
Ohio Turnpike & Infrastructure Commission Revenue, 5.25%, 2/15/29,
Continuously Callable @100		    

2,000

      

2,016

    
Port of Greater Cincinnati Development Authority Revenue, Series A, 3.00%,
5/1/23, Continuously Callable @100		    

9,535

      

9,533

    

Southeastern Ohio Port Authority Revenue

  

5.50%, 12/1/29, Continuously Callable @100

    

750

      

703

    

5.00%, 12/1/35, Continuously Callable @100

    

750

      

633

    

State of Ohio Revenue

  

5.00%, 1/15/34, Continuously Callable @100

    

7,210

      

7,362

    

5.00%, 1/15/35, Continuously Callable @100

    

6,000

      

6,108

    

5.00%, 1/15/36, Continuously Callable @100

    

3,070

      

3,119

    

4.00%, 11/15/36, Continuously Callable @100

    

1,260

      

1,125

    

4.00%, 11/15/38, Continuously Callable @100

    

1,270

      

1,108

    

4.00%, 11/15/40, Continuously Callable @100

    

655

      

559

    

Series A, 4.00%, 1/15/38, Continuously Callable @100

    

1,000

      

941

    

Series A, 4.00%, 1/15/40, Continuously Callable @100

    

1,800

      

1,673

    

Village of Bluffton Revenue

  

5.00%, 12/1/31, Continuously Callable @100

    

1,500

      

1,568

    

4.00%, 12/1/32, Continuously Callable @100

    

1,500

      

1,448

    

4.00%, 12/1/33, Continuously Callable @100

    

1,600

      

1,523

    

4.00%, 12/1/34, Continuously Callable @100

    

1,795

      

1,683

    
     

112,933

    

Oklahoma (0.2%):

  
Oklahoma Development Finance Authority Revenue, Series B, 5.00%, 8/15/33,
Continuously Callable @100		    

4,100

      

3,751

    
Pontotoc County Educational Facilities Authority Revenue, 4.00%, 9/1/40,
Continuously Callable @100		    

2,000

      

1,819

    

Tulsa County Industrial Authority Revenue

  

5.00%, 11/15/28, Continuously Callable @102

    

940

      

933

    

5.00%, 11/15/30, Continuously Callable @102

    

1,780

      

1,762

    
     

8,265

    

Oregon (0.1%):

  

Clackamas County Hospital Facility Authority Revenue

  

5.00%, 11/15/32, Continuously Callable @102

    

500

      

492

    

5.00%, 11/15/37, Continuously Callable @102

    

500

      

482

    

See notes to financial statements.

 


28

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Oregon State Facilities Authority Revenue

  

Series A, 5.00%, 10/1/35, Continuously Callable @100

  

$

275

    

$

279

    

Series A, 5.00%, 10/1/40, Continuously Callable @100

    

1,750

      

1,751

    
Salem Hospital Facility Authority Revenue, 4.00%, 5/15/40,
Continuously Callable @103		    

800

      

641

    
     

3,645

    

Pennsylvania (7.8%):

  

Allegheny County Hospital Development Authority Revenue

  

5.00%, 4/1/35, Continuously Callable @100

    

7,315

      

7,441

    

5.00%, 4/1/36, Continuously Callable @100

    

8,000

      

8,108

    

4.00%, 7/15/38, Continuously Callable @100

    

1,500

      

1,358

    

4.00%, 7/15/39, Continuously Callable @100

    

3,495

      

3,138

    
Allegheny County Sanitary Authority Revenue (INS — Assured Guaranty
Municipal Corp.)		  

4.00%, 12/1/33, Continuously Callable @100

    

1,500

      

1,501

    

4.00%, 12/1/34, Continuously Callable @100

    

1,475

      

1,461

    

Berks County IDA Revenue

  

4.00%, 11/1/33, Continuously Callable @100

    

1,300

      

962

    

5.00%, 11/1/34, Continuously Callable @100

    

2,000

      

1,606

    

5.00%, 11/1/35, Continuously Callable @100

    

3,000

      

2,376

    

Bethlehem Authority Revenue, 5.00%, 11/15/30, Continuously Callable @100

    

3,000

      

3,007

    

Bucks County IDA Revenue

  

5.00%, 10/1/30, Continuously Callable @103

    

325

      

323

    

5.00%, 10/1/31, Continuously Callable @103

    

450

      

448

    

5.00%, 10/1/37, Continuously Callable @103

    

2,260

      

2,192

    
Butler County Hospital Authority Revenue, 5.00%, 7/1/35, Continuously
Callable @100		    

1,885

      

1,888

    

Chester County IDA Revenue

  

5.00%, 10/1/34, Continuously Callable @100

    

1,000

      

992

    

5.63%, 10/15/42, Continuously Callable @100 (e)

    

8,875

      

8,380

    

Series A, 5.13%, 10/15/37, Continuously Callable @100

    

2,750

      

2,523

    

Commonwealth Financing Authority Revenue

  

5.00%, 6/1/33, Continuously Callable @100

    

1,250

      

1,299

    

5.00%, 6/1/34, Continuously Callable @100

    

2,000

      

2,077

    

Series A, 5.00%, 6/1/34, Continuously Callable @100

    

5,000

      

5,134

    

Commonwealth of Pennsylvania Certificate of Participation

  

Series A, 5.00%, 7/1/34, Continuously Callable @100

    

1,350

      

1,441

    

Series A, 5.00%, 7/1/35, Continuously Callable @100

    

750

      

795

    

Series A, 5.00%, 7/1/37, Continuously Callable @100

    

800

      

840

    

County of Beaver, GO

  

4.00%, 4/15/28

    

695

      

726

    

4.00%, 4/15/29, Pre-refunded 4/15/28 @ 100

    

600

      

623

    

4.00%, 4/15/30, Pre-refunded 4/15/28 @ 100

    

510

      

529

    

County of Beaver, GO (INS — Build America Mutual Assurance Co.)

  

4.00%, 4/15/28

    

2,195

      

2,238

    

4.00%, 4/15/29, Continuously Callable @100

    

1,900

      

1,916

    

4.00%, 4/15/30, Continuously Callable @100

    

4,490

      

4,521

    

County of Lehigh Revenue

  

4.00%, 7/1/37, Continuously Callable @100

    

2,000

      

1,791

    

4.00%, 7/1/38, Continuously Callable @100

    

2,000

      

1,774

    

4.00%, 7/1/39, Continuously Callable @100

    

2,000

      

1,759

    

See notes to financial statements.

 


29

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
County of Luzerne, GO (INS — Assured Guaranty Municipal Corp.),
Series A, 5.00%, 11/15/29, Continuously Callable @100		  

$

5,000

    

$

5,217

    

Cumberland County Municipal Authority Revenue

  

4.00%, 11/1/36, Continuously Callable @100

    

1,250

      

1,169

    

4.00%, 11/1/37, Continuously Callable @100

    

2,130

      

1,977

    

Dauphin County General Authority Revenue

  

4.00%, 6/1/30, Continuously Callable @100

    

2,000

      

1,943

    

4.00%, 6/1/31, Continuously Callable @100

    

1,000

      

979

    

Delaware County Authority Revenue

  

5.00%, 10/1/30

    

1,200

      

1,212

    

5.00%, 10/1/35, Continuously Callable @100

    

2,220

      

2,169

    

5.00%, 10/1/39, Continuously Callable @100

    

2,250

      

2,135

    
Delaware River Joint Toll Bridge Commission Revenue, 5.00%, 7/1/34,
Continuously Callable @100		    

3,000

      

3,141

    
Delaware River Port Authority Revenue, 5.00%, 1/1/25, Continuously
Callable @100		    

2,720

      

2,730

    
Lancaster Higher Education Authority Revenue, 5.00%, 10/1/42, Continuously
Callable @100		    

3,360

      

3,133

    

Latrobe IDA Revenue

  

4.00%, 3/1/40, Continuously Callable @100

    

250

      

203

    

4.00%, 3/1/41, Continuously Callable @100

    

250

      

200

    

4.00%, 3/1/46, Continuously Callable @100

    

750

      

554

    

Montgomery County Higher Education & Health Authority Revenue

  

5.00%, 9/1/34, Continuously Callable @100

    

1,750

      

1,779

    

5.00%, 9/1/35, Continuously Callable @100

    

1,850

      

1,874

    

4.00%, 9/1/36, Continuously Callable @100

    

1,100

      

994

    

5.00%, 9/1/37, Continuously Callable @100

    

1,750

      

1,765

    

4.00%, 9/1/37, Continuously Callable @100

    

1,000

      

895

    

4.00%, 9/1/38, Continuously Callable @100

    

900

      

797

    

4.00%, 9/1/39, Continuously Callable @100

    

1,000

      

879

    

Montour School District, GO (INS — Assured Guaranty Municipal Corp.)

  

Series B, 5.00%, 4/1/33, Continuously Callable @100

    

1,000

      

1,038

    

Series B, 5.00%, 4/1/34, Continuously Callable @100

    

1,500

      

1,553

    

Series B, 5.00%, 4/1/35, Continuously Callable @100

    

1,500

      

1,551

    
Northampton County General Purpose Authority Revenue, 3.23%
(LIBOR01M+104bps), 8/15/48, (Put Date 8/15/24) (d) (f)		    

4,645

      

4,613

    
Northeastern Pennsylvania Hospital & Education Authority Revenue,
Series A, 5.00%, 3/1/37, Continuously Callable @100		    

1,525

      

1,456

    

Pennsylvania Economic Development Financing Authority Revenue

  

4.00%, 7/1/33, Continuously Callable @103

    

1,750

      

1,569

    

4.00%, 7/1/41, Continuously Callable @103

    

1,050

      

855

    

Pennsylvania Higher Educational Facilities Authority Revenue

  

Series A, 5.25%, 7/15/25, Continuously Callable @100

    

1,730

      

1,756

    

Series A, 5.25%, 7/15/26, Pre-refunded 7/15/23 @ 100

    

2,020

      

2,052

    

Series A, 5.25%, 7/15/27, Pre-refunded 7/15/23 @ 100

    

2,125

      

2,159

    

Series A, 5.25%, 7/15/28, Pre-refunded 7/15/23 @ 100

    

2,245

      

2,280

    

Series A, 5.00%, 7/15/30, Pre-refunded 7/15/23 @ 100

    

2,415

      

2,449

    

Series A, 5.25%, 7/15/33, Pre-refunded 7/15/23 @ 100

    

1,965

      

1,996

    

See notes to financial statements.

 


30

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Pennsylvania Turnpike Commission Revenue

  

5.00%, 6/1/35, Continuously Callable @100

  

$

10,655

    

$

10,879

    

5.00%, 6/1/36, Continuously Callable @100

    

8,255

      

8,410

    

4.00%, 12/1/36, Continuously Callable @100

    

1,000

      

934

    

4.00%, 12/1/37, Continuously Callable @100

    

1,500

      

1,386

    

4.00%, 12/1/38, Continuously Callable @100

    

1,000

      

914

    

Series A-1, 5.00%, 12/1/32, Continuously Callable @100

    

1,500

      

1,536

    

Series A-1, 5.00%, 12/1/33, Continuously Callable @100

    

4,345

      

4,433

    

Series A-1, 5.00%, 12/1/34, Continuously Callable @100

    

3,000

      

3,067

    

Series A-1, 5.00%, 12/1/35, Continuously Callable @100

    

3,320

      

3,386

    

Series A-1, 5.00%, 12/1/36, Continuously Callable @100

    

3,690

      

3,755

    

Series B, 5.00%, 12/1/32, Continuously Callable @100

    

3,500

      

3,611

    

Series B, 5.00%, 12/1/33, Continuously Callable @100

    

7,145

      

7,332

    

Series B, 4.00%, 6/1/34, Continuously Callable @100

    

20,000

      

19,184

    

Series B, 5.00%, 12/1/34, Continuously Callable @100

    

6,250

      

6,389

    

Series B, 5.00%, 12/1/34, Continuously Callable @100

    

2,000

      

2,059

    

Series B, 5.00%, 12/1/35, Continuously Callable @100

    

5,700

      

5,813

    

Series B, 5.00%, 12/1/35, Continuously Callable @100

    

2,000

      

2,049

    

Philadelphia IDA Revenue

  

5.00%, 5/1/35, Continuously Callable @100

    

750

      

775

    

5.00%, 5/1/36, Continuously Callable @100

    

1,500

      

1,542

    

5.00%, 5/1/38, Continuously Callable @100

    

1,000

      

1,019

    

5.00%, 6/15/40, Continuously Callable @100 (e)

    

900

      

835

    
Pittsburgh Water & Sewer Authority Revenue (INS — Assured Guaranty
Municipal Corp.)		  

Series B, 4.00%, 9/1/34, Continuously Callable @100

    

1,750

      

1,692

    

Series B, 4.00%, 9/1/35, Continuously Callable @100

    

300

      

286

    

Reading School District, GO (INS — Assured Guaranty Municipal Corp.)

  

5.00%, 3/1/36, Continuously Callable @100

    

2,000

      

2,075

    

5.00%, 3/1/37, Continuously Callable @100

    

1,500

      

1,555

    

School District of Philadelphia, GO

  

Series A, 5.00%, 9/1/34, Continuously Callable @100

    

1,000

      

1,030

    

Series A, 5.00%, 9/1/35, Continuously Callable @100

    

1,000

      

1,027

    

Series A, 5.00%, 9/1/36, Continuously Callable @100

    

1,000

      

1,024

    

Series A, 5.00%, 9/1/37, Continuously Callable @100

    

1,000

      

1,021

    

Series A, 4.00%, 9/1/38, Continuously Callable @100

    

1,700

      

1,520

    

Series A, 4.00%, 9/1/39, Continuously Callable @100

    

1,600

      

1,420

    

Series F, 5.00%, 9/1/31, Continuously Callable @100

    

9,895

      

10,193

    

Series F, 5.00%, 9/1/32, Continuously Callable @100

    

5,000

      

5,136

    

Series F, 5.00%, 9/1/33, Continuously Callable @100

    

4,000

      

4,094

    

Series F, 5.00%, 9/1/34, Continuously Callable @100

    

5,100

      

5,207

    
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

      

1,143

    

Scranton School District, GO (INS — Build America Mutual Assurance Co.)

  

Series E, 5.00%, 12/1/32, Continuously Callable @100

    

1,000

      

1,059

    

Series E, 5.00%, 12/1/33, Continuously Callable @100

    

1,600

      

1,684

    

Series E, 5.00%, 12/1/35, Continuously Callable @100

    

750

      

783

    
State Public School Building Authority Revenue, 5.00%, 6/1/29, Continuously
Callable @100		    

10,000

      

10,544

    

See notes to financial statements.

 


31

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
State Public School Building Authority Revenue (INS — Assured Guaranty
Municipal Corp.)		  

5.00%, 6/1/31, Continuously Callable @100

  

$

6,100

    

$

6,375

    

4.00%, 12/1/31, Continuously Callable @100

    

13,085

      

12,928

    

4.00%, 12/1/31, Pre-refunded 12/1/26 @ 100

    

2,295

      

2,361

    
The Berks County Municipal Authority Revenue, Series B, 5.00%, 2/1/40,
(Put Date 2/1/30) (d)		    

3,300

      

2,848

    
Westmoreland County IDA Revenue, Series A, 4.00%, 7/1/37, Continuously
Callable @100		    

1,400

      

1,200

    
Wilkes-Barre Finance Authority Revenue, 4.00%, 3/1/42, Continuously
Callable @100		    

2,600

      

1,975

    
     

305,727

    

Rhode Island (0.4%):

  
Rhode Island Health & Educational Building Corp. Revenue, 6.00%, 9/1/33,
Pre-refunded 9/1/23 @ 100		    

2,000

      

2,050

    

Rhode Island Turnpike & Bridge Authority Revenue

  

Series A, 5.00%, 10/1/33, Continuously Callable @100

    

1,350

      

1,430

    

Series A, 5.00%, 10/1/35, Continuously Callable @100

    

4,345

      

4,564

    

Tobacco Settlement Financing Corp. Revenue

  

Series A, 5.00%, 6/1/28, Continuously Callable @100

    

2,000

      

2,017

    

Series A, 5.00%, 6/1/29, Continuously Callable @100

    

2,000

      

2,016

    

Series A, 5.00%, 6/1/30, Continuously Callable @100

    

2,500

      

2,521

    
     

14,598

    

South Carolina (1.0%):

  

Lexington County Health Services District, Inc. Revenue

  

4.00%, 11/1/31, Continuously Callable @100

    

1,000

      

1,009

    

4.00%, 11/1/32, Continuously Callable @100

    

1,000

      

1,003

    
Patriots Energy Group Financing Agency Revenue, Series B, 2.97%
(LIBOR01M+86bps), 10/1/48, (Put Date 2/1/24) (d) (f)		    

20,000

      

20,004

    

South Carolina Public Service Authority Revenue

  

Series A, 5.00%, 12/1/34, Continuously Callable @100

    

9,835

      

9,978

    

Series A, 5.00%, 12/1/35, Continuously Callable @100

    

7,000

      

7,079

    
     

39,073

    

Tennessee (0.5%):

  

Greeneville Health & Educational Facilities Board Revenue

  

5.00%, 7/1/35, Continuously Callable @100

    

2,710

      

2,764

    

5.00%, 7/1/36, Continuously Callable @100

    

3,000

      

3,052

    

5.00%, 7/1/37, Continuously Callable @100

    

3,500

      

3,555

    
Metropolitan Government Nashville & Davidson County Health & Educational
Facilities Board Revenue, 5.00%, 7/1/40, Continuously Callable @100		    

5,500

      

5,393

    

New Memphis Arena Public Building Authority Revenue

  

4/1/32, Continuously Callable @98 (g)

    

875

      

577

    

4/1/33, Continuously Callable @96 (g)

    

875

      

545

    

4/1/34, Continuously Callable @94 (g)

    

875

      

514

    

4/1/35, Continuously Callable @92 (g)

    

875

      

484

    
Tennessee Energy Acquisition Corp. Revenue, Series A, 5.00%, 5/1/52,
(Put Date 11/1/31) (d)		    

3,500

      

3,495

    
     

20,379

    

See notes to financial statements.

 


32

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Texas (10.3%):

  
Austin Convention Enterprises, Inc. Revenue, 5.00%, 1/1/34, Continuously
Callable @100		  

$

1,105

    

$

1,116

    

Board of Managers Joint Guadalupe County-City of Seguin Hospital Revenue

  

5.00%, 12/1/25

    

2,740

      

2,734

    

5.00%, 12/1/27, Continuously Callable @100

    

2,990

      

2,956

    

5.00%, 12/1/28, Continuously Callable @100

    

1,640

      

1,613

    

5.00%, 12/1/29, Continuously Callable @100

    

1,600

      

1,564

    

5.00%, 12/1/30, Continuously Callable @100

    

1,700

      

1,655

    

5.25%, 12/1/35, Continuously Callable @100

    

5,150

      

5,021

    

Central Texas Regional Mobility Authority Revenue

  

5.00%, 1/1/23

    

500

      

502

    

1/1/24 (g)

    

7,000

      

6,670

    

1/1/26 (g)

    

2,535

      

2,217

    

5.00%, 1/1/33, Pre-refunded 1/1/23 @ 100

    

3,500

      

3,516

    

Series A, 5.00%, 1/1/34, Pre-refunded 7/1/25 @ 100

    

1,250

      

1,305

    

Series A, 5.00%, 1/1/35, Pre-refunded 7/1/25 @ 100

    

1,100

      

1,149

    

Central Texas Turnpike System Revenue

  

Series C, 5.00%, 8/15/33, Continuously Callable @100

    

10,000

      

10,148

    

Series C, 5.00%, 8/15/34, Continuously Callable @100

    

8,500

      

8,556

    

City of Arlington Special Tax (INS — Build America Mutual Assurance Co.)

  

Series C, 5.00%, 2/15/34, Continuously Callable @100

    

1,500

      

1,573

    

Series C, 5.00%, 2/15/35, Continuously Callable @100

    

1,500

      

1,566

    

Series C, 5.00%, 2/15/36, Continuously Callable @100

    

3,100

      

3,223

    

Series C, 5.00%, 2/15/37, Continuously Callable @100

    

3,305

      

3,424

    

Series C, 5.00%, 2/15/38, Continuously Callable @100

    

4,380

      

4,525

    

City of Corpus Christi Utility System Revenue

  

4.00%, 7/15/32, Continuously Callable @100

    

1,800

      

1,800

    

4.00%, 7/15/33, Continuously Callable @100

    

1,100

      

1,086

    

4.00%, 7/15/34, Continuously Callable @100

    

1,050

      

1,023

    

4.00%, 7/15/35, Continuously Callable @100

    

1,000

      

960

    

City of Houston Hotel Occupancy Tax & Special Revenue

  

5.00%, 9/1/29, Continuously Callable @100

    

2,300

      

2,363

    

5.00%, 9/1/30, Continuously Callable @100

    

1,000

      

1,027

    

5.00%, 9/1/32, Continuously Callable @100

    

5,615

      

5,748

    

5.00%, 9/1/33, Continuously Callable @100

    

5,345

      

5,449

    

5.00%, 9/1/34, Continuously Callable @100

    

2,150

      

2,178

    

5.00%, 9/1/35, Continuously Callable @100

    

1,575

      

1,592

    

City of Laredo Waterworks & Sewer System Revenue

  

4.00%, 3/1/32, Continuously Callable @100

    

740

      

741

    

4.00%, 3/1/33, Continuously Callable @100

    

1,000

      

995

    

4.00%, 3/1/34, Continuously Callable @100

    

1,000

      

982

    

4.00%, 3/1/36, Continuously Callable @100

    

1,500

      

1,435

    

Clifton Higher Education Finance Corp. Revenue

  

Series A, 4.00%, 8/15/38, Continuously Callable @100

    

1,085

      

961

    

Series A, 4.00%, 8/15/39, Continuously Callable @100

    

1,130

      

990

    

Series A, 4.00%, 8/15/40, Continuously Callable @100

    

1,180

      

1,023

    

Series A, 4.00%, 8/15/41, Continuously Callable @100

    

1,225

      

1,050

    

Series A, 4.00%, 8/15/42, Continuously Callable @100

    

1,035

      

877

    

See notes to financial statements.

 


33

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Clifton Higher Education Finance Corp. Revenue (NBGA — Texas Permanent
School Fund)		  

4.00%, 8/15/33, Continuously Callable @100

  

$

2,130

    

$

2,121

    

4.00%, 8/15/34, Continuously Callable @100

    

2,275

      

2,246

    

4.00%, 8/15/35, Continuously Callable @100

    

2,375

      

2,323

    

4.00%, 8/15/36, Continuously Callable @100

    

3,710

      

3,599

    

4.00%, 8/15/37, Continuously Callable @100

    

3,860

      

3,714

    

4.00%, 8/15/38, Continuously Callable @100

    

4,015

      

3,843

    

4.00%, 8/15/39, Continuously Callable @100

    

4,305

      

4,104

    

Series A, 4.00%, 8/15/32, Continuously Callable @100

    

1,300

      

1,305

    

Dallas/Fort Worth International Airport Revenue

  

Series D, 5.25%, 11/1/28, Continuously Callable @100

    

2,000

      

2,042

    

Series D, 5.25%, 11/1/29, Continuously Callable @100

    

7,500

      

7,657

    

Harris County Cultural Education Facilities Finance Corp. Revenue

  

5.00%, 6/1/28, Continuously Callable @100

    

1,400

      

1,364

    

Series C-2, 3.02% (MUNIPSA+57bps), 12/1/49, (Put Date 12/4/24) (d) (f)

    

3,330

      

3,325

    
Harris County Municipal Utility District No. 165, GO (INS — Build America
Mutual Assurance Co.)		  

5.00%, 3/1/30, Continuously Callable @100

    

750

      

774

    

5.00%, 3/1/31, Continuously Callable @100

    

2,030

      

2,092

    

5.00%, 3/1/32, Continuously Callable @100

    

2,500

      

2,574

    

Karnes County Hospital District Revenue

  

5.00%, 2/1/29, Continuously Callable @100

    

4,000

      

4,079

    

5.00%, 2/1/34, Continuously Callable @100

    

4,000

      

4,055

    
Main Street Market Square Redevelopment Authority Tax Allocation
(INS — Build America Mutual Assurance Co.)		  

5.00%, 9/1/29, Continuously Callable @100

    

1,215

      

1,257

    

5.00%, 9/1/30, Continuously Callable @100

    

1,380

      

1,425

    

5.00%, 9/1/31, Continuously Callable @100

    

2,000

      

2,061

    

5.00%, 9/1/32, Continuously Callable @100

    

1,500

      

1,543

    

5.00%, 9/1/33, Continuously Callable @100

    

2,680

      

2,747

    
Matagorda County Navigation District No. 1 Revenue, 4.00%, 6/1/30,
Continuously Callable @100		    

5,405

      

5,124

    

Mesquite Health Facilities Development Corp. Revenue

  

2/15/26 (j) (k)

    

3,100

      

2,458

    

2/15/35, Continuously Callable @100 (j) (k)

    

1,075

      

852

    

New Hope Cultural Education Facilities Finance Corp. Revenue

  

5.00%, 11/1/31, Continuously Callable @102

    

1,000

      

1,006

    

4.00%, 11/1/36, Continuously Callable @102

    

1,475

      

1,271

    

Series A, 4.75%, 7/1/30 (k)

    

7,500

      

6,000

    

Series A, 4.75%, 7/1/35 (k)

    

9,000

      

7,200

    

Newark Higher Education Finance Corp. Revenue

  

4.00%, 4/1/32, Continuously Callable @100

    

1,635

      

1,604

    

4.00%, 4/1/33, Continuously Callable @100

    

2,000

      

1,937

    

4.00%, 4/1/34, Continuously Callable @100

    

4,470

      

4,265

    

4.00%, 4/1/35, Continuously Callable @100

    

1,650

      

1,551

    

4.00%, 4/1/36, Continuously Callable @100

    

2,150

      

1,992

    

North East Texas Regional Mobility Authority Revenue

  

5.00%, 1/1/36, Continuously Callable @100

    

7,000

      

7,036

    

Series B, 5.00%, 1/1/36, Continuously Callable @100

    

5,485

      

5,440

    

See notes to financial statements.

 


34

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

North Texas Tollway Authority Revenue

  

4.00%, 1/1/44, Continuously Callable @100

  

$

1,085

    

$

947

    

Series A, 5.00%, 1/1/32, Continuously Callable @100

    

8,000

      

8,242

    

Series A, 5.00%, 1/1/34, Continuously Callable @100

    

1,515

      

1,570

    

Series A, 4.00%, 1/1/39, Continuously Callable @100

    

13,535

      

12,354

    

Series B, 5.00%, 1/1/31, Continuously Callable @100

    

1,500

      

1,530

    

Series B, 5.00%, 1/1/34, Continuously Callable @100

    

7,500

      

7,716

    

North Texas Tollway Authority Revenue (INS — Assured Guaranty Corp.), 1/1/29 (g)

    

20,000

      

15,874

    

North Texas Tollway Authority Revenue (INS — Assured Guaranty Municipal Corp.)

  

Series B, 4.00%, 1/1/35, Continuously Callable @100

    

2,000

      

1,925

    

Series B, 4.00%, 1/1/36, Continuously Callable @100

    

1,695

      

1,612

    

Permanent University Fund — University of Texas System Revenue

  

5.00%, 7/1/32, Continuously Callable @100

    

2,230

      

2,336

    

5.00%, 7/1/33, Continuously Callable @100

    

3,250

      

3,400

    

5.00%, 7/1/34, Continuously Callable @100

    

2,500

      

2,607

    

Port of Port Arthur Navigation District Revenue

  

2.82%, 11/1/40, Continuously Callable @100 (l)

    

15,000

      

15,000

    

Series B, 3.00%, 4/1/40, Continuously Callable @100 (l)

    

2,670

      

2,670

    

Series C, 3.07%, 4/1/40, Continuously Callable @100 (l)

    

32,610

      

32,610

    

San Antonio Education Facilities Corp. Revenue

  

4.00%, 4/1/38, Continuously Callable @100

    

850

      

722

    

4.00%, 4/1/39, Continuously Callable @100

    

1,000

      

843

    

4.00%, 4/1/40, Continuously Callable @100

    

1,000

      

837

    

4.00%, 4/1/41, Continuously Callable @100

    

895

      

704

    
San Antonio Housing Trust Finance Corp. Revenue (NBGA — Federal Home Loan
Mortgage Corp.), 3.50%, 4/1/43, (Put Date 10/1/28) (d)		    

14,935

      

14,840

    

Tarrant County Cultural Education Facilities Finance Corp. Revenue

  

5.00%, 11/15/30, Continuously Callable @100

    

2,145

      

2,214

    

5.00%, 11/15/31, Continuously Callable @100

    

2,250

      

2,316

    

5.00%, 11/15/32, Continuously Callable @100

    

2,365

      

2,426

    

5.00%, 11/15/37, Continuously Callable @100

    

2,175

      

2,193

    

Series B, 5.00%, 7/1/37, Continuously Callable @100

    

18,225

      

18,656

    

Series B, 5.00%, 7/1/38, Continuously Callable @100

    

19,115

      

19,515

    

Texas Municipal Gas Acquisition & Supply Corp. III Revenue, 5.00%, 12/15/30

    

9,835

      

10,115

    

Texas Private Activity Bond Surface Transportation Corp. Revenue

  

4.00%, 6/30/38, Continuously Callable @100

    

3,300

      

2,854

    

4.00%, 12/31/38, Continuously Callable @100

    

3,850

      

3,319

    

4.00%, 6/30/39, Continuously Callable @100

    

2,150

      

1,848

    
Trophy Club Public Improvement District No. 1 Special Assessment (INS — Assured
Guaranty Municipal Corp.), 5.00%, 6/1/33, Continuously Callable @100		    

6,960

      

7,178

    
     

406,272

    

Utah (0.2%):

  

Jordanelle Special Service District Special Assessment

  

Series A, 12.00%, 8/1/30, Continuously Callable @100 (e)

    

2,784

      

2,788

    

Series B, 12.00%, 8/1/30, Continuously Callable @100 (e)

    

1,524

      

1,527

    

Military Installation Development Authority Revenue

  

Series A-1, 4.00%, 6/1/36, Continuously Callable @103

    

1,045

      

842

    

Series A-1, 4.00%, 6/1/41, Continuously Callable @103

    

1,000

      

747

    
     

5,904

    

See notes to financial statements.

 


35

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Vermont (0.2%):

  

Vermont Economic Development Authority Revenue

  

4.00%, 5/1/33, Continuously Callable @103

  

$

3,950

    

$

3,348

    

4.00%, 5/1/37, Continuously Callable @103

    

4,190

      

3,503

    
Vermont Educational & Health Buildings Financing Agency Revenue, Series A,
5.00%, 12/1/36, Continuously Callable @100		    

2,500

      

2,524

    
     

9,375

    

Virgin Islands (0.2%):

  
Virgin Islands Public Finance Authority Revenue, 5.00%, 9/1/30,
Continuously Callable @100 (e)		    

6,500

      

6,731

    

Virginia (0.6%):

  

Chesapeake Hospital Authority Revenue

  

4.00%, 7/1/36, Continuously Callable @100

    

1,175

      

1,068

    

4.00%, 7/1/37, Continuously Callable @100

    

1,205

      

1,083

    
Fairfax County Economic Development Authority Revenue, Series A,
5.00%, 10/1/36, Pre-refunded 10/1/24 @ 102		    

2,150

      

2,264

    

Stafford County Economic Development Authority Revenue

  

5.00%, 6/15/33, Continuously Callable @100

    

750

      

767

    

5.00%, 6/15/34, Continuously Callable @100

    

2,620

      

2,678

    

5.00%, 6/15/35, Continuously Callable @100

    

1,930

      

1,960

    
Virginia College Building Authority Revenue, 4.00%, 2/1/36,
Continuously Callable @100		    

3,000

      

2,910

    

Virginia Small Business Financing Authority Revenue

  

Series A, 4.00%, 1/1/37, Continuously Callable @103

    

500

      

455

    

Series A, 4.00%, 1/1/38, Continuously Callable @103

    

6,000

      

5,418

    

Series A, 4.00%, 1/1/39, Continuously Callable @103

    

7,000

      

6,267

    
     

24,870

    

Washington (0.4%):

  

Washington Health Care Facilities Authority Revenue

  

5.00%, 8/15/33, Continuously Callable @100

    

3,090

      

3,115

    

5.00%, 8/15/34, Continuously Callable @100

    

3,470

      

3,487

    

5.00%, 7/1/35, Continuously Callable @100

    

2,355

      

2,409

    

5.00%, 7/1/36, Continuously Callable @100

    

2,250

      

2,293

    

4.00%, 7/1/37, Continuously Callable @100

    

3,125

      

2,803

    
Washington State Housing Finance Commission Revenue, Series A-1,
3.50%, 12/20/35		    

2,648

      

2,237

    
     

16,344

    

West Virginia (0.4%):

  

West Virginia Hospital Finance Authority Revenue

  

5.00%, 6/1/33, Continuously Callable @100

    

1,850

      

1,906

    

5.00%, 6/1/34, Continuously Callable @100

    

2,970

      

3,042

    

5.00%, 1/1/35, Continuously Callable @100

    

2,920

      

2,928

    

5.00%, 6/1/35, Continuously Callable @100

    

2,405

      

2,452

    

5.00%, 1/1/36, Continuously Callable @100

    

2,065

      

2,057

    

5.00%, 9/1/38, Continuously Callable @100

    

1,000

      

1,007

    

5.00%, 9/1/39, Continuously Callable @100

    

1,000

      

1,007

    
     

14,399

    

See notes to financial statements.

 


36

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Wisconsin (1.4%):

  

Public Finance Authority Revenue

  

3.00%, 4/1/25 (e)

  

$

230

    

$

224

    

4.00%, 3/1/29 (e)

    

890

      

823

    

4.00%, 6/15/29, Continuously Callable @100 (e)

    

260

      

234

    

4.00%, 9/1/29, Continuously Callable @103 (e)

    

1,250

      

1,147

    

4.00%, 3/1/30 (e)

    

950

      

866

    

4.00%, 3/1/34, Continuously Callable @100 (e)

    

3,520

      

3,050

    

5.25%, 5/15/37, Continuously Callable @102 (e)

    

1,000

      

911

    

5.00%, 6/15/39, Continuously Callable @100 (e)

    

410

      

363

    

5.00%, 9/1/39, Continuously Callable @103 (e)

    

2,230

      

2,066

    

5.00%, 1/1/40, Continuously Callable @100

    

3,500

      

3,388

    

5.00%, 4/1/40, Continuously Callable @100 (e)

    

1,175

      

1,086

    

4.00%, 7/1/41, Continuously Callable @100 (e)

    

675

      

542

    

4.00%, 1/1/42, Continuously Callable @103

    

1,150

      

997

    

4.00%, 4/1/42, Continuously Callable @100 (e)

    

900

      

717

    

5.00%, 4/1/43, Continuously Callable @100

    

4,185

      

3,827

    

5.00%, 1/1/45, Continuously Callable @100

    

3,275

      

3,105

    

Series A, 5.25%, 10/1/38, Continuously Callable @100

    

3,250

      

3,253

    

Series A, 4.00%, 7/1/41, Continuously Callable @100

    

770

      

617

    

Series A, 5.00%, 11/15/41, Continuously Callable @103

    

4,480

      

4,498

    

Series D, 4.05%, 11/1/30, Continuously Callable @100

    

1,500

      

1,477

    

Wisconsin Health & Educational Facilities Authority Revenue

  

4.00%, 1/1/27

    

360

      

344

    

4.00%, 1/1/28, Continuously Callable @103

    

370

      

347

    

4.00%, 1/1/29, Continuously Callable @103

    

390

      

359

    

4.00%, 1/1/30, Continuously Callable @103

    

405

      

366

    

5.00%, 8/15/34, Continuously Callable @100

    

1,000

      

1,012

    

4.00%, 9/15/36, Continuously Callable @103

    

530

      

452

    

4.00%, 11/15/36, Continuously Callable @100

    

9,830

      

9,191

    

4.00%, 1/1/37, Continuously Callable @103

    

1,460

      

1,234

    

4.00%, 3/15/40, Continuously Callable @100

    

750

      

613

    

4.00%, 9/15/41, Continuously Callable @103

    

510

      

413

    

4.00%, 12/1/41, Continuously Callable @100

    

850

      

670

    

Series A, 5.13%, 4/15/31, Pre-refunded 4/15/23 @ 100

    

5,000

      

5,049

    
Wisconsin Health & Educational Facilities Authority Revenue (INS — Assured
Guaranty Corp.)		  

4.00%, 2/15/35, Continuously Callable @100

    

500

      

470

    

4.00%, 2/15/37, Continuously Callable @100

    

1,000

      

918

    
     

54,629

    

Total Municipal Bonds (Cost $4,131,146)

    

3,903,811

    

Total Investments (Cost $4,132,371) — 99.4%

    

3,905,046

    

Other assets in excess of liabilities — 0.6%

    

23,271

    

NET ASSETS — 100.00%

  

$

3,928,317

    

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

(b)  Security was fair valued based upon procedures approved by the Board of Trustees and represents less than 0.05% of net assets as of September 30, 2022. This security is classified as Level 3 within the fair value hierarchy. (See Note 2 in the Notes to Financial Statements)

See notes to financial statements.

 


37

 
USAA Mutual Funds Trust
USAA Tax Exempt Intermediate-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

  (Unaudited)

(c)  The Fund's Adviser has deemed this security to be illiquid based upon procedures approved by the Board of Trustees. At September 30, 2022, illiquid securities were 0.2% of the Fund's net assets.

(d)  Put Bond.

(e)  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, 2022, the fair value of these securities was $101,176 thousands and amounted to 2.6% of net assets.

(f)  Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022.

(g)  Zero-coupon bond.

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

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

(j)  Issuer filed for bankruptcy.

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

(l)  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.

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.

DIP — Debtor-In-Possession

GO — General Obligation

IDA — Industrial Development Authority

LIBOR — London Interbank Offered Rate

LIBOR01M — 1 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security

MUNIPSA — Municipal Swap Index

SOFR — Secured Overnight Financing Rate

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.

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

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

See notes to financial statements.

 


38

 

USAA Mutual Funds Trust

   Statement of Assets and Liabilities
September 30, 2022		  

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

    USAA Tax Exempt
Intermediate-Term Fund		  

Assets:

  

Investments, at value (Cost $4,132,371)

  

$

3,905,046

    

Cash

    

17

    

Receivables:

  

Interest

    

46,574

    

Capital shares issued

    

3,946

    

Investments sold

    

5,012

    

From Adviser

    

112

    

Prepaid expenses

    

60

    

Total Assets

    

3,960,767

    

Liabilities:

  

Payables:

  

Distributions

    

1,051

    

Investments purchased

    

21,136

    

Capital shares redeemed

    

8,536

    

Accrued expenses and other payables:

  

Investment advisory fees

    

939

    

Administration fees

    

465

    

Custodian fees

    

35

    

Transfer agent fees

    

170

    

Compliance fees

    

3

    

Trustees' fees

    

2

    
12b-1 fees    

3

    

Other accrued expenses

    

110

    

Total Liabilities

    

32,450

    

Net Assets:

  

Capital

    

4,312,954

    

Total accumulated earnings/(loss)

    

(384,637

)

  

Net Assets

  

$

3,928,317

    

Net Assets

  

Fund Shares

  

$

3,124,769

    

Institutional Shares

    

779,184

    

Class A

    

24,364

    

Total

  

$

3,928,317

    

Shares (unlimited number of shares authorized with no par value):

  

Fund Shares

    

259,129

    

Institutional Shares

    

64,633

    

Class A

    

2,021

    

Total

    

325,783

    

Net asset value, offering and redemption price per share: (a)

  

Fund Shares

  

$

12.06

    

Institutional Shares

    

12.06

    

Class A

    

12.06

    

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		  

$

12.34

    

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

See notes to financial statements.

 


39

 

USAA Mutual Funds Trust

   Statement of Operations
For the Six Months Ended September 30, 2022		  

(Amounts in Thousands)  (Unaudited)

    USAA Tax Exempt
Intermediate-Term Fund		  

Investment Income:

  

Interest

  

$

73,757

    

Total Income

    

73,757

    

Expenses:

  

Investment advisory fees

    

6,320

    

Administration fees — Fund Shares

    

2,525

    

Administration fees — Institutional Shares

    

439

    

Administration fees — Class A

    

20

    

Sub-Administration fees

    

14

    
12b-1 fees — Class A    

33

    

Custodian fees

    

86

    

Transfer agent fees — Fund Shares

    

525

    

Transfer agent fees — Institutional Shares

    

439

    

Transfer agent fees — Class A

    

13

    

Trustees' fees

    

26

    

Compliance fees

    

18

    

Legal and audit fees

    

39

    

State registration and filing fees

    

77

    

Other expenses

    

209

    

Total Expenses

    

10,783

    

Expenses waived/reimbursed by Adviser

    

(342

)

  

Net Expenses

    

10,441

    

Net Investment Income (Loss)

    

63,316

    

Realized/Unrealized Gains (Losses) from Investments:

  

Net realized gains (losses) from investment securities

    

(47,579

)

  

Net change in unrealized appreciation/depreciation on investment securities

    

(274,672

)

  

Net realized/unrealized gains (losses) on investments

    

(322,251

)

  

Change in net assets resulting from operations

  

$

(258,935

)

  

See notes to financial statements.

 


40

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)  

    USAA Tax Exempt
Intermediate-Term Fund		  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

From Investments:

  

Operations:

  

Net Investment Income (Loss)

  

$

63,316

    

$

123,637

    

Net realized gains (losses)

    

(47,579

)

    

(15,775

)

  

Net change in unrealized appreciation/depreciation

    

(274,672

)

    

(298,709

)

  

Change in net assets resulting from operations

    

(258,935

)

    

(190,847

)

  

Distributions to Shareholders:

  

Fund Shares

    

(49,799

)

    

(96,083

)

  

Institutional Shares

    

(13,182

)

    

(26,918

)

  

Class A

    

(356

)

    

(612

)

  

Class Z

    

—

      

(1

)(a)

  

Change in net assets resulting from distributions to shareholders

    

(63,337

)

    

(123,614

)

  

Change in net assets resulting from capital transactions

    

(469,044

)

    

(46,240

)

  

Change in net assets

    

(791,316

)

    

(360,701

)

  

Net Assets:

  

Beginning of period

    

4,719,633

      

5,080,334

    

End of period

  

$

3,928,317

    

$

4,719,633

    

(a)  Class Z activity is for the period April 1, 2021 to March 18, 2022 (date of termination).

(continues on next page)

See notes to financial statements.

 


41

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)  (continued)

    USAA Tax Exempt
Intermediate-Term Fund		  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

Capital Transactions:

  

Fund Shares

  

Proceeds from shares issued

  

$

252,914

    

$

446,931

    

Distributions reinvested

    

44,119

      

84,850

    

Cost of shares redeemed

    

(588,919

)

    

(677,978

)

  

Total Fund Shares

  

$

(291,886

)

  

$

(146,197

)

  

Institutional Shares

  

Proceeds from shares issued

  

$

236,955

    

$

329,541

    

Distributions reinvested

    

12,425

      

25,822

    

Cost of shares redeemed

    

(424,304

)

    

(262,003

)

  

Total Institutional Shares

  

$

(174,924

)

  

$

93,360

    

Class A

  

Proceeds from shares issued

  

$

2,409

    

$

11,889

    

Distributions reinvested

    

322

      

547

    

Cost of shares redeemed

    

(4,965

)

    

(5,821

)

  

Total Class A

  

$

(2,234

)

  

$

6,615

    

Class Z

  

Distributions reinvested

  

$

—

    

$

1

(a)

  

Cost of shares redeemed

    

—

      

(19

)(a)

  

Total Class Z

  

$

—

    

$

(18

)

  

Change in net assets resulting from capital transactions

  

$

(469,044

)

  

$

(46,240

)

  

Share Transactions:

  

Fund Shares

  

Issued

    

20,054

      

32,329

    

Reinvested

    

3,521

      

6,168

    

Redeemed

    

(46,681

)

    

(49,376

)

  

Total Fund Shares

    

(23,106

)

    

(10,879

)

  

Institutional Shares

  

Issued

    

18,834

      

23,925

    

Reinvested

    

991

      

1,878

    

Redeemed

    

(33,714

)

    

(19,254

)

  

Total Institutional Shares

    

(13,889

)

    

6,549

    

Class A

  

Issued

    

193

      

857

    

Reinvested

    

26

      

40

    

Redeemed

    

(396

)

    

(427

)

  

Total Class A

    

(177

)

    

470

    

Class Z

  

Reinvested

    

—

      

—

(a)(b)

  

Redeemed

    

—

      

(1

)(a)

  

Total Class Z

    

—

      

(1

)

  

Change in Shares

    

(37,172

)

    

(3,861

)

  

(a)  Class Z activity is for the period April 1, 2021 to March 18, 2022 (date of termination).

(b)  Rounds to less than 1 thousand shares.

See notes to financial statements.

 


42

 

This page is intentionally left blank.

 


43

 

USAA Mutual Funds Trust

  

Financial Highlights

  

For a Share Outstanding Throughout Each Period

       

Investment Activities

   Distributions to
Shareholders From		  
    Net Asset
Value,
Beginning of
Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gains (Losses)		   Total from
Investment
Activities		   Net
Investment
Income		   Total
Distributions		  

USAA Tax Exempt Intermediate-Term Fund

      

Fund Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

13.00

      

0.19

(h)

    

(0.94

)

    

(0.75

)

    

(0.19

)

    

(0.19

)

  

Year Ended March 31:

  

2022

  

$

13.85

      

0.33

(h)

    

(0.85

)

    

(0.52

)

    

(0.33

)

    

(0.33

)

  

2021

  

$

13.33

      

0.37

(h)

    

0.52

      

0.89

      

(0.37

)

    

(0.37

)

  

2020

  

$

13.37

      

0.38

(h)

    

(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

)

  

Institutional Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

13.00

      

0.19

(h)

    

(0.94

)

    

(0.75

)

    

(0.19

)

    

(0.19

)

  
Year Ended March 31:
2022		  

$

13.85

      

0.34

(h)

    

(0.85

)

    

(0.51

)

    

(0.34

)

    

(0.34

)

  
June 29, 2020 (i)
through
March 31, 2021		  

$

13.57

      

0.27

(h)

    

0.29

      

0.56

      

(0.28

)

    

(0.28

)

  

Class A

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

13.00

      

0.17

(h)

    

(0.94

)

    

(0.77

)

    

(0.17

)

    

(0.17

)

  

Year Ended March 31:

  

2022

  

$

13.85

      

0.30

(h)

    

(0.86

)

    

(0.56

)

    

(0.29

)

    

(0.29

)

  

2021

  

$

13.33

      

0.33

(h)

    

0.52

      

0.85

      

(0.33

)

    

(0.33

)

  

2020

  

$

13.36

      

0.35

(h)

    

(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

)

  

(a)  Not annualized for periods less than one year.

(b)  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c)  Annualized for periods less than one year.

(d)  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019, for Fund Shares and Class A, and June 29, 2020, for Institutional Shares, and in effect through July 31, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(e)  For the period beginning July 1, 2019, the amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund's management fee.

See notes to financial statements.

 


44

 

USAA Mutual Funds Trust

   Financial Highlights — continued  

For a Share Outstanding Throughout Each Period

       

Ratios to Average Net Assets

  

Supplemental Data

  
    Net Asset
Value,
End of
Period		   Total
Return
(Excludes
Sales
Charge)(a)(b)		   Net
Expenses(c)(d)(e)(f)		   Net
Investment
Income
(Loss)(c)		   Gross
Expenses(c)(f)		   Net Assets,
End of
Period
(000's)		   Portfolio
Turnover(a)(g)		  

USAA Tax Exempt Intermediate-Term Fund

  

Fund Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

12.06

      

(5.84

)%

    

0.50

%

    

2.96

%

    

0.50

%

  

$

3,124,769

      

7

%

  

Year Ended March 31:

  

2022

  

$

13.00

      

(3.86

)%

    

0.53

%

    

2.39

%

    

0.53

%

  

$

3,670,223

      

13

%

  

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

%

  

Institutional Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

12.06

      

(5.82

)%

    

0.45

%

    

3.00

%

    

0.52

%

  

$

779,184

      

7

%

  
Year Ended March 31:
2022		  

$

13.00

      

(3.78

)%

    

0.44

%

    

2.47

%

    

0.54

%

  

$

1,020,822

      

13

%

  
June 29, 2020 (i)
through
March 31, 2021		  

$

13.85

      

4.15

%

    

0.44

%

    

2.61

%

    

0.51

%

  

$

996,601

      

23

%

  

Class A

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

12.06

      

(5.95

)%

    

0.75

%

    

2.71

%

    

0.86

%

  

$

24,364

      

7

%

  

Year Ended March 31:

  

2022

  

$

13.00

      

(4.10

)%

    

0.78

%

    

2.14

%

    

0.87

%

  

$

28,588

      

13

%

  

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

%(j)

    

2.83

%

    

0.85

%

  

$

26,397

      

11

%

  

(f)  Does not include acquired fund fees and expenses, if any.

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

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

(i)  Commencement of operations.

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

See notes to financial statements.

 


45

 

USAA Mutual Funds Trust

   Notes to Financial Statements
September 30, 2022		  

  (Unaudited)

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 45 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 Tax Exempt Intermediate-Term Fund (the "Fund"). The Fund offers three classes of shares: Fund Shares, Institutional Shares, and Class A. Class Z was liquidated on March 18, 2022. 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.

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 U.S. Generally Accepted Accounting Principles ("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"), acting as the valuation designee 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 designee as described in the Fund's valuation policies and procedures, which are approved by the Board.

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

 


46

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

within 60 days may be valued at 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.

A summary of the valuations as of September 30, 2022, 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

  

Corporate Bonds

  

$

—

    

$

—

    

$

1,235

    

$

1,235

    

Municipal Bonds

    

—

      

3,903,811

      

—

      

3,903,811

    

Total

  

$

—

    

$

3,903,811

    

$

1,235

    

$

3,905,046

    

For the six months ended September 30, 2022, there were no transfers into/out of Level 3.

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.

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 and recorded daily using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Interest income is recorded daily on the accrual basis. Gains or losses realized on sales of securities are recorded on the identified cost basis. Paydown gains or losses on applicable securities, if any, are recorded as components of Interest income on the Statement of Operations.

Federal Income Taxes:

The Fund intends 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.

 


47

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

For the six months ended September 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

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, 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 the security's last sale price on an exchange. For the six months ended September 30, 2022, 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)		  
$

91,765

    

$

90,480

    

$

—

    

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 Custodian fees.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended September 30, 2022, were as follows for the Fund (amounts in thousands):

  Excluding
U.S. Government Securities

  

Purchases

  

Sales

  

$

304,136

    

$

622,005

    

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 0.28% of the Fund's average daily net assets. Amounts incurred and paid to VCM for the

 


48

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

six months ended September 30, 2022, are reflected on the Statement of Operations as Investment advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing the respective 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.

The performance period for each share class consists of the current month plus the previous 35 months. 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)		  
  +/- 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 the 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 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, 2022, to September 30, 2022, performance adjustments were $294, $46, and $0 for Fund Shares, Institutional Shares, and Class A, in thousands, respectively. Performance adjustments were 0.02%, 0.01%, and 0.00% 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.

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, 2022, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM also 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, 2022, 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, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, pursuant to which the Adviser furnishes its compliance personnel, including the services of the

 


49

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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. The 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, 2022, 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 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, 2022, 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.

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, 2022, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions in connection with sales of Class A. For the six months ended September 30, 2022, the Distributor received less than $1 thousand from commissions earned in connection with sales of Class A.

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, 2022, 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 July 31, 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 limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Performance adjustments, 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, 2022, the expense limits (excluding voluntary waivers) were 0.48%, 0.44%, and 0.75% for Fund Shares, Institutional Shares, and Class A, respectively.

Under the terms of the expense limitation agreement, as amended June 29, 2022, 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

 


50

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

of any operating expense limits in effect at the time of: (a) the original waiver or expense reimbursement; or (b) the recoupment, after giving effect to the recoupment amount.

As of September 30, 2022, 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 repayments are not probable at September 30, 2022.

Expires
2023		   Expires
2024		   Expires
2025		   Expires
2026		  

Total

  
$

12

    

$

171

    

$

1,039

    

$

342

    

$

1,564

    

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, 2022.

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.

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 held 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.

Decisions by the U.S. Federal Reserve 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 — The London Interbank Offered Rate ("LIBOR") discontinuation may adversely affect the financial markets generally and the Fund's operations, finances and investments specifically. LIBOR has been the principal floating-rate benchmark in the financial markets. However, LIBOR has been or will be discontinued as a floating rate benchmark. The date of discontinuation

 


51

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

depends on the LIBOR currency and tenor. With limited exceptions, no new LIBOR obligations will be entered into after December 31, 2021. Existing LIBOR obligations have transitioned or will transition to another benchmark, depending on the LIBOR currency and tenor. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear.

Non-LIBOR floating-rate obligations, including Secured Overnight Financing Rate ("SOFR")-based obligations, may have returns and values that fluctuate more than those of floating-rate debt obligations that are based on LIBOR or other rates. Also, because SOFR and some alternative floating rates are relatively new market indexes, markets for certain non-LIBOR obligations may never develop or may not be liquid. Market terms for non-LIBOR floating rate obligations, such as the spread over the index reflected in interest-rate provisions, may evolve over time, and prices of non-LIBOR floating rate obligations may be different depending on when they are issued and changing views about correct spread levels.

Various SOFR-based rates, including SOFR-based term rates, and various non-SOFR-based rates are expected to develop in response to the discontinuation of U.S. dollar LIBOR, which may create various risks for the Fund and the financial markets more generally. There are non-LIBOR forward-looking floating rates that are not based on SOFR and that may be considered by participants in the financial markets as LIBOR alternatives. Such rates include AMERIBOR (American Interbank Offered Rate), BSBY (Bloomberg Short-Term Bank Yield Index) and BYI (Bank Yield Index). Unlike forward-looking SOFR-based term rates, such rates are intended to reflect a bank credit spread component.

It is not clear how replacement rates for LIBOR — including SOFR-based rates and non-SOFR-based rates — will develop and to what extent they will be used. There is no assurance that these replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect on the Fund and the financial markets more generally. Concerns about market depth and stability could affect the development of non-SOFR-based term rates, and such rates may create various risks, which may or may not be similar to the risks relating to SOFR.

Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

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 27, 2022, with a termination date of June 26, 2023. 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, 2022, 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 paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from April 1, 2022, through June 27, 2022, interest was based on the one-month LIBOR plus one percent. Effective with the renewal, for the period June 28, 2022, through September 30, 2022, interest was based on the one-month SOFR plus 1.10 percent. Interest charged to the Fund during the period, if applicable, is reflected on the Statement of Operations under Line of credit fees.

 


52

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2022.

Interfund Lending:

The Trust and the 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 reflected on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2022.

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.

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 (loss) will be determined at the end of the current tax year ending March 31, 2023.

At the tax year ended March 31, 2022, the Fund had net capital loss carryforwards as summarized 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

  
$

45,360

    

$

65,052

    

$

110,412

    
 


53

 

USAA Mutual Funds Trust

   Supplemental Information
September 30, 2022		  

  (Unaudited)

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, 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, 2022, through September 30, 2022.

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. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

    Beginning
Account
Value
4/1/22		   Actual
Ending
Account
Value
9/30/22		   Hypothetical
Ending
Account
Value
9/30/22		   Actual
Expenses
Paid During
Period
4/1/22-
9/30/22*		   Hypothetical
Expenses Paid
During Period
4/1/22-
9/30/22*		   Annualized
Expense Ratio
During Period
4/1/22-
9/30/22		  

Fund Shares

  

$

1,000.00

    

$

941.60

    

$

1,022.56

    

$

2.43

    

$

2.54

      

0.50

%

  

Institutional Shares

    

1,000.00

      

941.80

      

1,022.81

      

2.19

      

2.28

      

0.45

%

  

Class A

    

1,000.00

      

940.50

      

1,021.31

      

3.65

      

3.80

      

0.75

%

  

*  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).

 


54

 

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

  

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:

  

Call

  

www.vcm.com

   (800) 235-8396  

39594-1122

 

September 30, 2022

Semi Annual Report

USAA Tax Exempt Short-Term Fund

Victory Capital means Victory Capital Management Inc., the investment adviser of the USAA Mutual Funds. USAA Mutual Funds are distributed by Victory Capital Services, Inc., member FINRA, an affiliate of Victory Capital. Victory Capital and its affiliates are not affiliated with United Services Automobile Association or its affiliates. USAA and the USAA logos are registered trademarks and the USAA Mutual Funds and USAA Investments logos are trademarks of United Services Automobile Association and are being used by Victory Capital and its affiliates under license.

 

www.vcm.com

News, Information And Education 24 Hours A Day, 7 Days A Week

The Victory Capital website gives fund shareholders, prospective shareholders, and investment professionals a convenient way to access fund information, get guidance, and track fund performance anywhere they can access the Internet. The site includes:

•  Detailed performance records

•  Daily share prices

•  The latest fund news

•  Investment resources to help you become a better investor

•  A section dedicated to investment professionals

Whether you're a potential investor searching for the fund that matches your investment philosophy, a seasoned investor interested in planning tools, or an investment professional, www.vcm.com has what you seek. Visit us anytime. We're always open.

 

USAA Mutual Funds Trust

TABLE OF CONTENTS

Investment Objective & Portfolio Holdings

    

2

    

Schedule of Portfolio Investments

    

3

    

Financial Statements

  

Statement of Assets and Liabilities

     18    

Statement of Operations

     19    

Statements of Changes in Net Assets

     20    

Financial Highlights

     22    

Notes to Financial Statements

    

24

    

Supplemental Information

    

32

    

Proxy Voting and Portfolio Holdings Information

     32    

Expense Examples

     32    

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

 


1

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		  

September 30, 2022

  

  (Unaudited)

Investment Objective and Portfolio Holdings:

The Fund provides investors with interest income that is exempt from federal income tax.

Top 10 Industries:

September 30, 2022

(% of Net Assets)

Medical

    

18.4

%

  

General

    

17.4

%

  

General Obligation

    

13.8

%

  

Development

    

8.0

%

  

Transportation

    

5.7

%

  

Nursing Homes

    

4.9

%

  

Pollution

    

4.5

%

  

Higher Education

    

3.7

%

  

Education

    

3.5

%

  

Water

    

3.4

%

  

Refer to the Schedule of Portfolio Investments for a complete list of securities.

 


2

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Municipal Bonds (97.4%)

  

Alabama (3.2%):

  

Birmingham Airport Authority Revenue, 5.00%, 7/1/30

  

$

1,200

    

$

1,272

    
Black Belt Energy Gas District Revenue
3.44% (SOFR+140bps), 7/1/52, (Put Date 6/1/27) (a) (b)		    

3,300

      

3,119

    

4.00%, 10/1/52, (Put Date 12/1/26) (b)

    

3,000

      

2,911

    

Series B-1, 3.00% (LIBOR01M+90bps), 12/1/48, (Put Date 12/1/23) (a) (b)

    

10,000

      

9,904

    

Chatom Industrial Development Board Revenue, 5.00%, 8/1/30

    

1,275

      

1,398

    
Prattville Industrial Development Board Revenue
2.00%, 11/1/33, (Put Date 10/1/24) (b)		    

450

      

433

    

2.00%, 11/1/33, (Put Date 10/1/24) (b)

    

425

      

409

    
Selma Industrial Development Board Revenue
2.00%, 11/1/33, (Put Date 10/1/24) (b)		    

3,650

      

3,513

    

1.37%, 5/1/34, (Put Date 6/16/25) (b)

    

5,875

      

5,477

    
     

28,436

    

Arizona (2.5%):

  
Arizona IDA Revenue
Series A-3, 3.00%, 12/15/31, Continuously Callable @100 (c)		    

525

      

452

    

Series B, 4.00%, 7/1/31

    

315

      

302

    
Maricopa County IDA Revenue
4.00%, 7/1/29 (c)		    

750

      

707

    

3.00%, 7/1/31 (c)

    

500

      

439

    

Series C, 3.02% (MUNIPSA+57bps), 1/1/35, (Put Date 10/18/24) (a) (b)

    

2,290

      

2,275

    

Series C, 3.25% (MUNIPSA+80bps), 9/1/48, (Put Date 9/1/24) (a) (b)

    

7,735

      

7,619

    

Pinal County IDA Revenue, 4.00%, 10/1/22

    

3,600

      

3,600

    
Tempe IDA Revenue
Series A, 4.00%, 12/1/26		    

240

      

226

    

Series A, 4.00%, 12/1/27

    

355

      

329

    

Series A, 4.00%, 12/1/28

    

365

      

333

    

Series A, 4.00%, 12/1/29

    

380

      

342

    

Series A, 4.00%, 12/1/30, Continuously Callable @102

    

495

      

432

    

Series A, 4.00%, 12/1/31, Continuously Callable @102

    

465

      

406

    

Series C-1, 1.50%, 12/1/27, Continuously Callable @100

    

1,965

      

1,605

    

The Yavapai County IDA Revenue, 2.75%, 4/1/29, (Put Date 12/01/22) (b)

    

3,000

      

3,000

    
     

22,067

    

Arkansas (0.7%):

  
Arkansas Development Finance Authority Revenue
5.00%, 9/1/30		    

1,180

      

1,228

    

5.00%, 9/1/31, Continuously Callable @100

    

1,200

      

1,247

    

5.00%, 9/1/44, (Put Date 9/1/27) (b)

    

4,000

      

4,106

    
     

6,581

    

California (3.6%):

  

Anaheim Public Financing Authority Revenue, Series A, 5.00%, 5/1/24

    

250

      

257

    

California County Tobacco Securitization Agency Revenue, Series A, 5.00%, 6/1/30

    

200

      

212

    
California Infrastructure & Economic Development Bank Revenue,
2.80% (MUNIPSA+35bps), 8/1/47, (Put Date 8/1/24) (a) (b)		    

2,000

      

1,959

    

See notes to financial statements.

 


3

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
California Municipal Finance Authority Revenue
2.75%, 11/15/27, Continuously Callable @100		  

$

785

    

$

711

    

Series B-2, 2.13%, 11/15/26, Continuously Callable @100

    

820

      

736

    

California Public Finance Authority Revenue, Series A, 4.00%, 10/15/22

    

245

      

245

    
California Statewide Communities Development Authority Revenue
(LIQ — Deutsche Bank A.G.), Series DBE-8066, 2.85%, 4/1/60,
Callable 10/1/32 @ 100 (c) (d)		    

5,000

      

5,000

    
City & County of San Francisco Revenue (LIQ — Deutsche Bank A.G.),
Series DBE-8059, 2.85%, 12/1/52, Callable 11/14/22 @ 100 (c) (d)		    

15,600

      

15,600

    

Newman Crows Landing Unified School District, GO, 8/1/25 (e)

    

1,000

      

911

    
Sierra View Local Health Care District Revenue
5.00%, 7/1/27		    

315

      

329

    

5.00%, 7/1/28

    

330

      

348

    

5.00%, 7/1/29

    

315

      

334

    

5.00%, 7/1/30

    

310

      

330

    
Western Placer Unified School District Special Tax, 2.00%, 6/1/25,
Continuously Callable @100		    

4,750

      

4,565

    
     

31,537

    

Colorado (0.9%):

  
Colorado Health Facilities Authority Revenue
5.00%, 11/1/32, Continuously Callable @100		    

1,950

      

2,064

    

Series A, 5.00%, 8/1/29

    

500

      

516

    
E-470 Public Highway Authority Revenue, Series B, 2.39% (SOFR+35bps), 9/1/39,
(Put Date 9/1/24) (a) (b)		    

4,000

      

3,961

    
Southlands Metropolitan District No. 1, GO
Series A-1, 3.00%, 12/1/22		    

100

      

100

    

Series A-1, 3.50%, 12/1/27

    

1,000

      

934

    
     

7,575

    

Connecticut (1.6%):

  

City of Bridgeport, GO, Series B, 5.00%, 8/15/26

    

3,450

      

3,635

    
City of New Haven, GO
Series A, 5.00%, 8/1/24		    

1,000

      

1,026

    

Series A, 5.00%, 8/1/25

    

580

      

602

    

Series A, 5.00%, 8/1/26

    

580

      

609

    

Series A, 5.00%, 8/1/27

    

1,000

      

1,062

    
City of New Haven, GO (INS — Assured Guaranty Municipal Corp.)
Series B, 5.00%, 2/1/27		    

600

      

634

    

Series B, 5.00%, 2/1/28

    

525

      

559

    

Series B, 5.00%, 2/1/29

    

550

      

590

    
City of West Haven, GO
Series A, 5.00%, 11/1/23		    

800

      

809

    

Series A, 5.00%, 11/1/24

    

815

      

833

    

Series A, 5.00%, 11/1/27

    

650

      

680

    
Connecticut State Health & Educational Facilities Authority Revenue,
Series B-2, 5.00%, 7/1/53, (Put Date 1/1/27) (b)		    

3,000

      

3,163

    
     

14,202

    

See notes to financial statements.

 


4

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Florida (1.6%):

  
Alachua County Health Facilities Authority Revenue
4.00%, 12/1/23		  

$

1,100

    

$

1,107

    

5.00%, 12/1/37, (Put Date 12/1/26) (b)

    

3,000

      

3,120

    

Capital Trust Agency, Inc. Revenue, 4.00%, 8/1/30

    

200

      

193

    
City of Pompano Beach Revenue
3.50%, 9/1/30, Continuously Callable @103		    

3,590

      

3,256

    

Series B-1, 2.00%, 1/1/29

    

1,000

      

857

    

County of Escambia Revenue, 2.00%, 11/1/33, (Put Date 10/1/24) (b)

    

775

      

744

    
Florida Development Finance Corp. Revenue
Series A, 5.00%, 6/15/26		    

370

      

375

    

Series A, 5.00%, 6/15/27

    

390

      

396

    

Series A, 5.00%, 6/15/28, Continuously Callable @100

    

410

      

416

    

Series A, 5.00%, 6/15/29, Continuously Callable @100

    

360

      

365

    

Series A, 5.00%, 6/15/30, Continuously Callable @100

    

475

      

481

    
Florida Higher Educational Facilities Financial Authority Revenue
5.00%, 10/1/22		    

500

      

500

    

5.00%, 10/1/24

    

500

      

511

    

5.00%, 10/1/25

    

445

      

456

    

Lee County IDA Revenue, 4.75%, 10/1/22

    

690

      

690

    
Southeast Overtown Park West Community Redevelopment Agency Tax Allocation,
Series A-1, 5.00%, 3/1/23 (c)		    

1,000

      

1,004

    
     

14,471

    

Georgia (5.3%):

  
Appling County Development Authority Revenue, Series A, 1.50%, 1/1/38,
(Put Date 2/3/25) (b)		    

2,000

      

1,857

    
Burke County Development Authority Revenue, 1.70%, 12/1/49,
(Put Date 8/22/24) (b)		    

7,500

      

7,205

    
Cobb County Development Authority Revenue, Series A, 2.25%, 4/1/33,
(Put Date 10/1/29) (b)		    

5,000

      

4,458

    
Development Authority of Floyd County Revenue, 2.55%, 9/1/26, Continuously
Callable @100 (d)		    

880

      

880

    

George L Smith II Congress Center Authority Revenue, 2.38%, 1/1/31

    

1,000

      

863

    
Main Street Natural Gas, Inc. Revenue
Series A, 5.00%, 5/15/28		    

1,000

      

1,013

    

Series A, 5.00%, 5/15/29

    

1,775

      

1,799

    

Series B, 5.00%, 12/1/52, (Put Date 6/1/29) (b)

    

6,000

      

6,078

    

Series C, 4.00%, 8/1/48, (Put Date 12/1/23) (b)

    

5,000

      

5,009

    

Series C, 4.00%, 5/1/52, (Put Date 12/1/28) (b)

    

10,000

      

9,484

    
Savannah Economic Development Authority Revenue, 2.00%, 11/1/33,
(Put Date 10/1/24) (b)		    

815

      

782

    
The Burke County Development Authority (NBGA — Southern Co.), 2.55%, 11/1/52,
Continuously Callable @100 (d)		    

750

      

750

    
The Development Authority of Burke County Revenue
2.87%, 12/1/49, (Put Date 8/19/25) (b)		    

1,775

      

1,725

    

Series 1, 2.40%, 7/1/49, Continuously Callable @100 (d)

    

1,700

      

1,700

    
The Monroe County Development Authority Revenue, Series A, 1.50%, 1/1/39,
(Put Date 2/3/25) (b)		    

3,500

      

3,315

    
     

46,918

    

See notes to financial statements.

 


5

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Guam (0.4%):

  
Territory of Guam Revenue
Series A, 5.00%, 12/1/23		  

$

1,500

    

$

1,508

    

Series A, 5.00%, 12/1/24

    

2,000

      

2,016

    
     

3,524

    

Idaho (0.6%):

  

County of Nez Perce Revenue, 2.75%, 10/1/24

    

5,000

      

4,880

    

Illinois (10.5%):

  
Chicago Board of Education, GO
Series A, 4.00%, 12/1/27		    

1,400

      

1,355

    

Series B, 5.00%, 12/1/22

    

1,500

      

1,501

    

Series B, 5.00%, 12/1/22

    

400

      

400

    

Series B, 4.00%, 12/1/22

    

2,920

      

2,918

    

Series B, 5.00%, 12/1/31, Continuously Callable @100

    

1,000

      

1,005

    
Chicago Park District, GO
Series A, 4.00%, 1/1/31, Continuously Callable @100		    

750

      

721

    

Series F-2, 5.00%, 1/1/27

    

600

      

618

    

Series F-2, 5.00%, 1/1/28

    

1,000

      

1,035

    

Series F-2, 5.00%, 1/1/29

    

1,000

      

1,041

    

Series F-2, 5.00%, 1/1/30

    

1,305

      

1,364

    

Series F-2, 5.00%, 1/1/31, Continuously Callable @100

    

2,115

      

2,211

    

Series F-2, 5.00%, 1/1/32, Continuously Callable @100

    

1,750

      

1,825

    
Chicago Transit Authority Revenue
5.00%, 6/1/25		    

1,720

      

1,779

    

5.00%, 6/1/26

    

1,000

      

1,044

    
City of Chicago Special Assessment Revenue
1.57%, 12/1/22 (c)		    

270

      

269

    

1.99%, 12/1/23 (c)

    

274

      

264

    

2.27%, 12/1/24 (c)

    

315

      

297

    

2.53%, 12/1/25 (c)

    

335

      

309

    

2.69%, 12/1/26 (c)

    

305

      

276

    

2.87%, 12/1/27 (c)

    

255

      

227

    
City of Chicago Waterworks Revenue
5.00%, 11/1/25		    

4,000

      

4,110

    

5.00%, 11/1/26

    

1,000

      

1,033

    

Series A-1, 5.00%, 11/1/25

    

2,000

      

2,055

    

Series A-1, 4.00%, 11/1/26

    

2,500

      

2,491

    
Illinois Finance Authority Revenue
5.00%, 10/1/29		    

500

      

521

    

5.00%, 10/1/30

    

250

      

262

    

Series B, 3.15% (MUNIPSA+70bps), 5/1/42, (Put Date 5/1/26) (a) (b)

    

2,250

      

2,140

    

Series C, 4.00%, 2/15/25

    

10,000

      

10,096

    
Northern Illinois University Revenue
5.00%, 10/1/30		    

325

      

333

    

5.00%, 10/1/31, Continuously Callable @100

    

450

      

460

    
Northern Illinois University Revenue (INS — Build America Mutual Assurance Co.),
Series B, 5.00%, 4/1/30		    

250

      

264

    

See notes to financial statements.

 


6

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Sales Tax Securitization Corp. Revenue
Series A, 5.00%, 1/1/28		  

$

1,000

    

$

1,048

    

Series A, 5.00%, 1/1/29

    

2,500

      

2,625

    

Series A, 5.00%, 1/1/30

    

2,000

      

2,106

    
State of Illinois, GO
Series A, 5.00%, 10/1/23		    

3,000

      

3,034

    

Series A, 5.00%, 11/1/25

    

5,000

      

5,116

    

Series C, 5.00%, 11/1/29, Continuously Callable @100

    

8,985

      

9,184

    
State of Illinois, GO (INS — Build America Mutual Assurance Co.),
Series D, 5.00%, 11/1/25		    

15,000

      

15,377

    
The Illinois Sports Facilities Authority Revenue
5.00%, 6/15/28		    

1,000

      

998

    

5.00%, 6/15/30

    

1,500

      

1,495

    

5.00%, 6/15/31

    

575

      

573

    

5.00%, 6/15/32, Continuously Callable @100

    

480

      

480

    
Village of Rosemont, GO (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 12/1/22		    

1,735

      

1,739

    

Series A, 5.00%, 12/1/23

    

1,825

      

1,856

    

Series A, 5.00%, 12/1/24

    

1,915

      

1,972

    
Western Illinois University Revenue (INS — Build America Mutual Assurance Co.)
4.00%, 4/1/29		    

750

      

755

    

4.00%, 4/1/30

    

750

      

755

    
     

93,337

    

Indiana (1.7%):

  

City of Rockport Revenue, 3.13%, 7/1/25

    

1,500

      

1,460

    
Indiana Bond Bank Revenue
1/15/27 (e)		    

1,280

      

1,091

    

1/15/28 (e)

    

1,100

      

899

    

1/15/29 (e)

    

565

      

444

    

7/15/29, Continuously Callable @99 (e)

    

730

      

539

    
Indiana Finance Authority Revenue
2.95%, 10/1/22, Continuously Callable @100		    

5,000

      

5,000

    

5.00%, 4/1/23

    

650

      

653

    

5.00%, 4/1/24

    

715

      

723

    

5.00%, 4/1/25

    

750

      

760

    

5.00%, 4/1/26

    

790

      

798

    

5.00%, 4/1/27

    

830

      

834

    

5.00%, 4/1/28

    

870

      

872

    

5.00%, 4/1/29

    

1,180

      

1,179

    
     

15,252

    

Iowa (0.2%):

  

City of Waverly Revenue, 2.50%, 12/31/22, Continuously Callable @100

    

2,000

      

2,000

    

Kansas (0.8%):

  

City of Burlington Revenue, Series B, 2.58%, 9/1/35, Continuously Callable @100 (d)

    

4,050

      

4,050

    
City of Manhattan Revenue
Series B-1, 2.88%, 6/1/28, Continuously Callable @100		    

375

      

328

    

Series B2, 2.38%, 6/1/27, Continuously Callable @100

    

430

      

377

    

City of St. Marys Revenue, 2.55%, 4/15/32, Continuously Callable @100 (d)

    

2,700

      

2,700

    
     

7,455

    

See notes to financial statements.

 


7

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Kentucky (7.6%):

  
City of Ashland Revenue
5.00%, 2/1/28		  

$

1,775

    

$

1,830

    

5.00%, 2/1/30

    

740

      

769

    

County of Carroll Revenue, 1.55%, 9/1/42, (Put Date 9/1/26) (b)

    

5,000

      

4,391

    
County of Owen Revenue
Series A, 2.45%, 6/1/39, (Put Date 10/1/29) (b)		    

10,000

      

8,691

    

Series B, 2.45%, 9/1/39, (Put Date 10/1/29) (b)

    

5,000

      

4,345

    
Kentucky Economic Development Finance Authority Revenue
4.50%, 10/1/27, Continuously Callable @100		    

5,000

      

4,947

    

Series B-3, 3.85% (MUNIPSA+140bps), 2/1/46, (Put Date 2/1/25) (a) (b)

    

10,000

      

9,910

    
Kentucky Public Energy Authority Revenue
4.00%, 2/1/50, (Put Date 2/1/28) (b)		    

3,370

      

3,257

    

Series B, 4.00%, 1/1/49, (Put Date 1/1/25) (b)

    

5,715

      

5,679

    

Series C-1, 4.00%, 12/1/49, (Put Date 6/1/25) (b)

    

10,000

      

9,890

    

Series C-3, 3.50% (MUNIPSA+105bps), 12/1/49, (Put Date 6/1/25) (a) (b)

    

10,000

      

9,769

    
Louisville/Jefferson County Metropolitan Government Revenue, 5.00%, 10/1/47,
(Put Date 10/1/29) (b)		    

4,000

      

4,186

    
     

67,664

    

Louisiana (2.4%):

  
Louisiana Local Government Environmental Facilities & Community Development
Authority Revenue, Series A, 2.00%, 6/1/30, Continuously Callable @100		    

1,000

      

830

    
Louisiana Public Facilities Authority Revenue, 3.10% (MUNIPSA+65bps), 9/1/57,
(Put Date 9/1/23) (a) (b)		    

10,000

      

9,989

    
Louisiana Stadium & Exposition District Revenue, 4.00%, 7/3/23, Continuously
Callable @100		    

3,325

      

3,322

    
Parish of St. John the Baptist Revenue
2.20%, 6/1/37, (Put Date 7/1/26) (b)		    

1,750

      

1,629

    

Series B1, 2.13%, 6/1/37, (Put Date 7/1/24) (b)

    

2,000

      

1,942

    
Tangipahoa Parish Hospital Service District No. 1 Revenue, 5.00%, 2/1/32,
Continuously Callable @100		    

3,470

      

3,604

    
     

21,316

    

Maryland (1.4%):

  
Maryland Economic Development Corp. Revenue
Series A, 5.00%, 6/1/25		    

1,500

      

1,555

    

Series A, 5.00%, 6/1/26

    

2,000

      

2,091

    

Series A, 5.00%, 6/1/27

    

1,340

      

1,410

    
Maryland Health & Higher Educational Facilities Authority Revenue
5.00%, 7/1/28		    

1,910

      

2,027

    

5.00%, 7/1/29

    

1,130

      

1,204

    

5.00%, 7/1/30

    

1,000

      

1,069

    
Town of Chestertown Revenue
Series A, 5.00%, 3/1/31		    

1,475

      

1,585

    

Series A, 5.00%, 3/1/32, Continuously Callable @100

    

1,550

      

1,665

    
     

12,606

    

See notes to financial statements.

 


8

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Massachusetts (1.0%):

  
Massachusetts Development Finance Agency Revenue
5.00%, 7/1/25		  

$

1,250

    

$

1,294

    

5.00%, 7/1/26

    

1,500

      

1,560

    

5.00%, 7/15/26 (c)

    

310

      

311

    

5.00%, 7/15/28 (c)

    

340

      

339

    

5.00%, 7/15/30 (c)

    

640

      

635

    

3.05% (MUNIPSA+60bps), 7/1/49, (Put Date 1/29/26) (a) (b) (c)

    

2,500

      

2,480

    

Series A, 5.00%, 7/1/29, Continuously Callable @100

    

1,425

      

1,469

    

Series C, 5.00%, 10/1/30

    

975

      

1,048

    
     

9,136

    

Michigan (0.8%):

  
Flint Hospital Building Authority Revenue
5.00%, 7/1/29		    

1,995

      

2,035

    

5.00%, 7/1/30

    

2,290

      

2,334

    
Michigan Finance Authority Revenue
4.00%, 2/1/27		    

185

      

182

    

4.00%, 2/1/32

    

285

      

267

    
Summit Academy North Revenue
2.25%, 11/1/26		    

1,335

      

1,258

    

4.00%, 11/1/31, Continuously Callable @103

    

1,565

      

1,430

    
     

7,506

    

Minnesota (0.1%):

  
Sanford Canby Community Hospital District No. 1 Revenue, 2.95%, 11/1/26,
Continuously Callable @100 (d)		    

1,105

      

1,105

    

Mississippi (1.8%):

  

County of Warren Revenue, 2.90%, 9/1/32, (Put Date 9/1/23) (b)

    

2,000

      

1,979

    
Mississippi Business Finance Corp. Revenue, 3.20%, 9/1/28, Continuously
Callable @100		    

4,000

      

3,772

    

Mississippi Hospital Equipment & Facilities Authority Revenue, 5.00%, 9/1/24

    

10,000

      

10,192

    
     

15,943

    

Missouri (0.2%):

  
Health & Educational Facilities Authority of the State of Missouri Revenue
4.00%, 8/1/24		    

155

      

153

    

4.00%, 8/1/26

    

205

      

200

    

4.00%, 8/1/28

    

415

      

400

    

4.00%, 8/1/30

    

295

      

282

    
Missouri Development Finance Board Revenue
5.00%, 3/1/23		    

200

      

201

    

5.00%, 3/1/24

    

300

      

303

    
     

1,539

    

Montana (1.0%):

  

City of Forsyth Revenue, 2.00%, 8/1/23

    

6,000

      

5,901

    
Montana State Board of Regents Revenue, Series F, 2.90% (MUNIPSA+45bps),
11/15/35, (Put Date 9/1/23) (a) (b)		    

2,880

      

2,875

    
     

8,776

    

See notes to financial statements.

 


9

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Nebraska (1.6%):

  

Central Plains Energy Project Revenue, 5.00%, 5/1/53, (Put Date 10/1/29) (b)

  

$

6,000

    

$

5,996

    
County of Douglas Revenue, 2.98% (MUNIPSA+53bps), 7/1/35,
(Put Date 9/1/26) (a) (b)		    

7,925

      

7,730

    
     

13,726

    

New Hampshire (0.1%):

  
New Hampshire Business Finance Authority Revenue
4.00%, 1/1/30, Continuously Callable @103		    

280

      

262

    

4.00%, 1/1/31, Continuously Callable @103

    

295

      

274

    
     

536

    

New Jersey (4.3%):

  
Casino Reinvestment Development Authority Revenue (INS — Assured Guaranty
Municipal Corp.), 5.00%, 11/1/24		    

1,000

      

1,027

    
City of Newark, GO
3.75%, 2/17/23		    

5,000

      

4,989

    

Series B, 2.00%, 2/17/23

    

2,375

      

2,355

    
New Jersey Building Authority Revenue
Series A, 3.00%, 6/15/23		    

400

      

399

    

Series A, 3.00%, 6/15/23

    

600

      

596

    

Series A, 5.00%, 6/15/24

    

1,595

      

1,639

    

Series A, 5.00%, 6/15/24

    

2,405

      

2,445

    

New Jersey Economic Development Authority Revenue, Series BBB, 5.00%, 6/15/23

    

7,000

      

7,053

    
New Jersey Educational Facilities Authority Revenue
Series B, 5.00%, 9/1/23		    

4,000

      

4,037

    

Series B, 4.00%, 9/1/24

    

4,730

      

4,732

    
New Jersey Transportation Trust Fund Authority Revenue
5.00%, 6/15/24		    

5,095

      

5,202

    

Series AA, 5.00%, 6/15/23

    

3,835

      

3,864

    

Tobacco Settlement Financing Corp. Revenue, Series B, 3.20%, 6/1/27

    

5

      

5

    
     

38,343

    

New Mexico (1.1%):

  

City of Farmington Revenue, Series A, 2.15%, 4/1/33, Continuously Callable @101

    

5,000

      

3,624

    
New Mexico Hospital Equipment Loan Council Revenue
5.00%, 6/1/27		    

770

      

792

    

5.00%, 6/1/28

    

780

      

805

    

5.00%, 6/1/29

    

835

      

865

    

5.00%, 6/1/30

    

525

      

546

    

5.00%, 6/1/31, Continuously Callable @100

    

690

      

717

    
Village of Los Ranchos de Albuquerque Revenue
5.00%, 9/1/28		    

840

      

906

    

5.00%, 9/1/31, Continuously Callable @100

    

300

      

327

    
Winrock Town Center Tax Increment Development District Tax Allocation,
3.75%, 5/1/28 (c)		    

750

      

714

    
     

9,296

    

New York (15.6%):

  

Build NYC Resource Corp. Revenue, Series A, 3.40%, 7/1/27

    

300

      

291

    

City of Long Beach, GO, Series A, 2.00%, 2/17/23

    

10,000

      

9,936

    

City of New York, GO, Series 3, 2.74%, 4/1/42, Continuously Callable @100 (d)

    

2,000

      

2,000

    

See notes to financial statements.

 


10

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
City of Poughkeepsie, GO
4.00%, 4/15/23		  

$

135

    

$

135

    

4.00%, 4/15/24

    

140

      

141

    

4.00%, 4/15/25

    

215

      

217

    

4.00%, 4/15/26

    

230

      

231

    
County of Rockland, GO (INS — Assured Guaranty Municipal Corp.)
Series A, 5.00%, 3/1/23		    

2,500

      

2,521

    

Series A, 5.00%, 3/1/24

    

1,600

      

1,642

    
Long Island Power Authority Revenue
2.94% (US0001M+75bps), 5/1/33 (a)		    

2,900

      

2,900

    

2.94% (US0001M+75bps), 5/1/33, (Put Date 10/1/23) (a) (b)

    

1,100

      

1,107

    

2.90% (MUNIPSA+45bps), 9/1/38, (Put Date 9/1/25) (a) (b)

    

10,500

      

10,519

    

Series B, 1.65%, 9/1/49, (Put Date 9/1/24) (b)

    

4,500

      

4,367

    

Series C, 2.94% (LIBOR01M+75bps), 5/1/33, (Put Date 10/1/23) (a) (b)

    

5,000

      

4,978

    
Metropolitan Transportation Authority Revenue
Series 2, 2.84% (SOFR+80bps), 11/1/32, (Put Date 4/1/26) (a) (b)		    

2,000

      

1,809

    

Series A-1, 5.00%, 2/1/23

    

8,050

      

8,095

    

Series A-2, 5.00%, 11/15/45, (Put Date 5/15/30) (b)

    

1,830

      

1,890

    

Series A3, 2.69% (SOFR+65bps), 11/15/42, (Put Date 4/1/26) (a) (b)

    

10,000

      

9,316

    

Series D-2, 2.90% (MUNIPSA+45bps), 11/15/44, (Put Date 11/15/22) (a) (b)

    

8,000

      

7,964

    

Mohawk Town Fire District, GO, 1.50%, 11/4/22

    

4,825

      

4,816

    
New York Liberty Development Corp. Revenue
2.80%, 9/15/69, Continuously Callable @100		    

14,950

      

12,188

    

2.63%, 9/15/69, Continuously Callable @100

    

1,650

      

1,439

    

Series A, 1.90%, 11/15/31, Continuously Callable @100

    

2,000

      

1,552

    
New York State Dormitory Authority Revenue
5.00%, 12/1/24 (c)		    

1,200

      

1,213

    

5.00%, 12/1/25 (c)

    

1,200

      

1,207

    
New York State Housing Finance Agency Revenue (LIQ — Deutsche Bank A.G.),
Series DBE-DBE-8073, 2.85%, 8/1/50, Continuously Callable @100 (c) (d)		    

9,064

      

9,064

    
Niagara Area Development Corp. Revenue, Series B, 3.50%, 11/1/24, Continuously
Callable @100 (c)		    

500

      

486

    

Town of Bergen, GO, 2.00%, 12/22/22

    

4,745

      

4,734

    
Troy Capital Resource Corp. Revenue
5.00%, 8/1/26, Continuously Callable @100		    

1,050

      

1,092

    

5.00%, 9/1/27

    

1,250

      

1,319

    

Village of Clayton, GO, 0.60%, 10/20/22, Continuously Callable @100

    

4,855

      

4,849

    

Village of Johnson City, GO, Series BA, 4.00%, 9/29/23

    

12,559

      

12,557

    

Village of Malone, GO, 1.75%, 3/10/23, Continuously Callable @100

    

4,210

      

4,179

    

Village of Valley Stream NY, GO, Series A, 3.50%, 5/11/23

    

7,295

      

7,277

    
     

138,031

    

North Carolina (0.9%):

  
Columbus County Industrial Facilities & Pollution Control Financing Authority
Revenue
2.00%, 11/1/33, (Put Date 10/1/24) (b)		    

825

      

792

    

2.00%, 11/1/33, (Put Date 10/1/24) (b)

    

825

      

791

    

Series A, 1.37%, 5/1/34, (Put Date 6/16/25) (b)

    

2,000

      

1,856

    
North Carolina Medical Care Commission Revenue
2.50%, 10/1/24, Continuously Callable @100		    

745

      

718

    

2.30%, 9/1/25, Continuously Callable @100

    

1,250

      

1,125

    

See notes to financial statements.

 


11

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

2.88%, 10/1/26, Continuously Callable @100

  

$

650

    

$

610

    

Series A, 4.00%, 10/1/27

    

600

      

583

    

Series B-1, 2.55%, 9/1/26, Continuously Callable @100

    

1,575

      

1,455

    
     

7,930

    

North Dakota (0.3%):

  
City of Grand Forks Revenue
5.00%, 12/1/31		    

1,200

      

1,246

    

5.00%, 12/1/32, Continuously Callable @100

    

1,300

      

1,346

    
     

2,592

    

Ohio (2.3%):

  
Akron Bath Copley Joint Township Hospital District Revenue
5.00%, 11/15/29		    

275

      

283

    

5.00%, 11/15/30

    

350

      

361

    

5.00%, 11/15/31, Continuously Callable @100

    

300

      

309

    
County of Allen Hospital Facilities Revenue, 5.00%, 12/1/30, Continuously
Callable @100		    

2,000

      

2,132

    

County of Hamilton Revenue, 5.00%, 9/15/29

    

1,345

      

1,407

    
Ohio Air Quality Development Authority Revenue
2.40%, 12/1/38, (Put Date 10/1/29) (b)		    

3,250

      

2,854

    

Series D, 1.90%, 5/1/26, (Put Date 10/1/24) (b)

    

3,500

      

3,362

    
Ohio Higher Educational Facility Commission Revenue
Series C, 5.00%, 5/1/23		    

550

      

555

    

Series C, 5.00%, 5/1/24

    

1,000

      

1,023

    
Port of Greater Cincinnati Development Authority Revenue, Series A, 3.00%,
5/1/23, Continuously Callable @100		    

4,765

      

4,764

    
Southeastern Ohio Port Authority Revenue, 5.00%, 12/1/25, Continuously
Callable @100		    

1,000

      

964

    
State of Ohio Revenue
5.00%, 11/15/27		    

425

      

440

    

5.00%, 11/15/30

    

710

      

746

    

5.00%, 11/15/31, Continuously Callable @100

    

465

      

488

    

Series A, 5.00%, 1/15/30

    

1,000

      

1,068

    
     

20,756

    

Oklahoma (1.1%):

  
Garfield County Industrial Authority Revenue, Series A, 2.60%, 1/1/25,
Callable 11/2/22 @ 100 (d)		    

1,000

      

1,000

    
Muskogee Industrial Trust Revenue
4.00%, 9/1/28		    

2,500

      

2,473

    

4.00%, 9/1/29

    

3,010

      

2,972

    
Oklahoma Development Finance Authority Revenue
Series B, 5.00%, 8/15/23		    

500

      

498

    

Series B, 5.00%, 8/15/24

    

600

      

594

    

Series B, 5.00%, 8/15/25

    

550

      

540

    
Oklahoma Municipal Power Authority Revenue, Series A, 2.84%
(MUNIPSA+39bps), 1/1/23 (a)		    

1,610

      

1,604

    
     

9,681

    

See notes to financial statements.

 


12

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Oregon (0.2%):

  
County of Yamhill Revenue
4.00%, 10/1/22		  

$

555

    

$

555

    

Series A, 4.00%, 10/1/23

    

425

      

427

    

Series A, 4.00%, 10/1/24

    

425

      

429

    
Oregon State Facilities Authority Revenue
Series A, 5.00%, 10/1/28		    

150

      

155

    

Series A, 5.00%, 10/1/29

    

300

      

311

    

Series A, 5.00%, 10/1/30

    

300

      

313

    
     

2,190

    

Pennsylvania (5.9%):

  
Bethlehem Area School District Authority Revenue, Series A, 2.39% (SOFR+35bps),
1/1/30, (Put Date 11/1/25) (a) (b)		    

1,000

      

911

    

Chester County IDA Revenue, 3.75%, 10/1/24

    

370

      

366

    

Coatesville School District, GO, 5.00%, 6/30/23

    

4,250

      

4,259

    
Coatesville School District, GO (INS — Assured Guaranty Municipal Corp.)
5.00%, 8/1/24		    

1,000

      

1,028

    

5.00%, 8/1/25

    

800

      

834

    

Commonwealth Financing Authority Revenue, 5.00%, 6/1/26

    

2,000

      

2,088

    
County of Lehigh Revenue
5.00%, 7/1/28		    

1,750

      

1,851

    

5.00%, 7/1/29

    

2,000

      

2,124

    
Delaware County Authority Revenue
4.00%, 10/1/22		    

200

      

200

    

5.00%, 10/1/23

    

235

      

237

    

5.00%, 10/1/24

    

505

      

512

    

5.00%, 10/1/25

    

525

      

533

    

5.00%, 10/1/30

    

1,200

      

1,212

    
Geisinger Authority Revenue, 3.28% (LIBOR01M+107bps), 6/1/28,
(Put Date 6/1/24) (a) (b)		    

7,000

      

6,978

    
General Authority of Southcentral Pennsylvania Revenue, Series B, 3.05%
(MUNIPSA+60bps), 6/1/49, (Put Date 6/1/24) (a) (b)		    

6,000

      

5,930

    
Latrobe IDA Revenue
5.00%, 3/1/28		    

135

      

137

    

5.00%, 3/1/29

    

175

      

178

    

5.00%, 3/1/30

    

150

      

153

    

5.00%, 3/1/31

    

175

      

178

    
Luzerne County IDA Revenue (INS — Assured Guaranty Municipal Corp.)
5.00%, 12/15/25		    

550

      

575

    

5.00%, 12/15/26, Continuously Callable @100

    

500

      

522

    

5.00%, 12/15/27, Continuously Callable @100

    

1,000

      

1,043

    
Northampton County General Purpose Authority Revenue, 3.23%
(LIBOR01M+104bps), 8/15/48, (Put Date 8/15/24) (a) (b)		    

1,855

      

1,842

    
Philadelphia IDA Revenue
5.00%, 6/15/28 (c)		    

210

      

206

    

5.00%, 6/15/29, Continuously Callable @100 (c)

    

220

      

216

    

5.00%, 6/15/30, Continuously Callable @100 (c)

    

145

      

142

    
Pittsburgh Water & Sewer Authority Revenue, Series C, 3.10% (MUNIPSA+65bps),
9/1/40, (Put Date 12/1/23) (a) (b)		    

7,500

      

7,506

    

See notes to financial statements.

 


13

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  
Scranton School District, GO
2.98% (LIBOR01M+85bps), 4/1/31, (Put Date 6/1/23) (a) (b)		  

$

6,165

    

$

6,163

    

Series A, 5.00%, 6/1/23

    

2,435

      

2,465

    
The Berks County Municipal Authority Revenue, Series B, 5.00%, 2/1/40,
(Put Date 2/1/30) (b)		    

1,700

      

1,467

    
     

51,856

    

South Carolina (1.4%):

  
Patriots Energy Group Financing Agency Revenue, Series B, 2.97%
(LIBOR01M+86bps), 10/1/48, (Put Date 2/1/24) (a) (b)		    

10,000

      

10,002

    
Piedmont Municipal Power Agency Revenue, Series D, 4.00%, 1/1/32,
Continuously Callable @100		    

2,220

      

2,172

    
     

12,174

    

South Dakota (0.4%):

  
South Dakota Health & Educational Facilities Authority Revenue
2.95%, 11/1/25, Continuously Callable @100 (d)		    

1,230

      

1,230

    

2.95%, 11/1/27, Continuously Callable @100 (d)

    

2,375

      

2,375

    
     

3,605

    

Tennessee (0.5%):

  

Tennergy Corp. Revenue, Series A, 4.00%, 12/1/51, (Put Date 9/1/28) (b)

    

4,130

      

3,978

    

Texas (5.7%):

  
County of Wise Revenue
5.00%, 8/15/23		    

500

      

503

    

5.00%, 8/15/29

    

880

      

910

    

5.00%, 8/15/31

    

680

      

713

    

5.00%, 8/15/32, Continuously Callable @100

    

450

      

471

    

5.00%, 8/15/33, Continuously Callable @100

    

930

      

969

    

Decatur Hospital Authority Revenue, Series A, 5.00%, 9/1/24

    

780

      

791

    
Harris County Cultural Education Facilities Finance Corp. Revenue
5.00%, 7/1/49, (Put Date 12/1/26) (b)		    

1,400

      

1,474

    

Series C-2, 3.02% (MUNIPSA+57bps), 12/1/49, (Put Date 12/4/24) (a) (b)

    

1,670

      

1,667

    
Harris County Municipal Utility District No. 165, GO (INS — Build America
Mutual Assurance Co.), 3.00%, 3/1/23		    

520

      

519

    
Irving Hospital Authority Revenue, 3.55% (MUNIPSA+110bps), 10/15/44,
(Put Date 10/15/23) (a) (b)		    

1,575

      

1,575

    

Karnes County Hospital District Revenue, 5.00%, 2/1/24

    

1,290

      

1,307

    
Martin County Hospital District, GO
4.00%, 4/1/23		    

250

      

251

    

4.00%, 4/1/27

    

300

      

303

    

4.00%, 4/1/29

    

405

      

410

    

4.00%, 4/1/32, Continuously Callable @100

    

350

      

346

    
New Hope Cultural Education Facilities Finance Corp. Revenue
Series A, 4.75%, 7/1/23 (f)		    

1,250

      

1,000

    

Series A, 4.75%, 7/1/24 (f)

    

2,300

      

1,840

    

Series A, 4.75%, 7/1/25 (f)

    

2,135

      

1,708

    
Port of Port Arthur Navigation District Revenue
2.82%, 11/1/40, Continuously Callable @100 (d)		    

10,000

      

10,000

    

Series A, 3.00%, 4/1/40, Continuously Callable @100 (d)

    

17,415

      

17,415

    

Series B, 3.00%, 4/1/40, Continuously Callable @100 (d)

    

3,300

      

3,300

    

See notes to financial statements.

 


14

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

Texas Municipal Gas Acquisition & Supply Corp. III Revenue, 5.00%, 12/15/31

  

$

1,000

    

$

1,027

    
Texas Private Activity Bond Surface Transportation Corp. Revenue, 4.00%,
6/30/31, Continuously Callable @100		    

2,355

      

2,245

    
     

50,744

    

Vermont (0.1%):

  
Vermont Economic Development Authority Revenue
4.00%, 5/1/29, Continuously Callable @103		    

445

      

407

    

4.00%, 5/1/30, Continuously Callable @103

    

230

      

207

    
     

614

    

Virginia (2.2%):

  

Chesapeake Bay Bridge & Tunnel District Revenue, 5.00%, 11/1/23

    

10,140

      

10,247

    

Halifax County IDA Revenue, 1.65%, 12/1/41, (Put Date 5/31/24) (b)

    

1,500

      

1,452

    
James City County Economic Development Authority Revenue, 4.00%, 12/1/30,
Continuously Callable @103		    

220

      

198

    

Marquis Community Development Authority Revenue, 3.75%, 9/1/45 (c) (f) (g)

    

1,074

      

517

    
Marquis Community Development Authority Tax Allocation
Series A, 2.55%, 9/1/36 (f) (g)		    

3,506

      

1,686

    

Series C, 9/1/41 (e) (g)

    

5,111

      

236

    

Peninsula Ports Authority Revenue, 3.80%, 10/1/33, (Put Date 10/1/24) (b)

    

1,810

      

1,799

    

Prince William County IDA Revenue, 5.00%, 1/1/31, Continuously Callable @102

    

1,700

      

1,578

    
Virginia Small Business Financing Authority Revenue, Series A, 5.00%, 1/1/31,
Continuously Callable @103		    

1,250

      

1,329

    
     

19,042

    

Washington (1.7%):

  
Washington Health Care Facilities Authority Revenue
5.00%, 8/15/26		    

2,000

      

2,040

    

5.00%, 8/15/27

    

2,175

      

2,218

    

Series B-2, 3.85% (MUNIPSA+140bps), 1/1/35, (Put Date 1/1/25) (a) (b)

    

10,000

      

9,966

    

Series B-3, 5.00%, 8/1/49, Callable 2/1/26 @ 100

    

1,000

      

1,024

    
     

15,248

    

Wisconsin (2.1%):

  
Public Finance Authority Revenue
4.00%, 3/1/23 (c)		    

955

      

952

    

4.00%, 3/1/24 (c)

    

1,010

      

998

    

4.00%, 9/1/24 (c)

    

635

      

619

    

4.00%, 3/1/25 (c)

    

1,075

      

1,051

    

4.00%, 3/1/26 (c)

    

1,510

      

1,457

    

4.00%, 3/1/27 (c)

    

795

      

757

    

4.00%, 3/1/28 (c)

    

840

      

788

    

3.25%, 1/1/30

    

1,795

      

1,626

    

5.00%, 4/1/30 (c)

    

500

      

493

    

Wisconsin Center District Revenue, 5.00%, 12/15/22 (c)

    

1,500

      

1,501

    
Wisconsin Health & Educational Facilities Authority Revenue
4.00%, 1/1/23		    

130

      

130

    

4.00%, 1/1/24

    

160

      

159

    

4.00%, 1/1/25

    

205

      

202

    

4.00%, 1/1/26

    

345

      

335

    

4.00%, 3/15/30

    

400

      

382

    

See notes to financial statements.

 


15

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

(Amounts in Thousands, Except for Shares)  (Unaudited)

Security Description

   Principal
Amount		  

Value

  

3.10% (MUNIPSA+65bps), 8/15/54, (Put Date 7/31/24) (a) (b)

  

$

1,700

    

$

1,688

    

Series B, 3.00%, 9/15/23

    

160

      

157

    

Series B, 4.00%, 9/15/24

    

100

      

98

    

Series B, 4.00%, 9/15/26

    

110

      

105

    

Series B, 4.00%, 9/15/27

    

140

      

132

    

Series B, 4.00%, 9/15/28, Continuously Callable @103

    

200

      

186

    

Series B, 4.00%, 9/15/29, Continuously Callable @103

    

305

      

281

    

Series B, 4.00%, 9/15/30, Continuously Callable @103

    

320

      

293

    

Series B, 4.00%, 9/15/31, Continuously Callable @103

    

315

      

286

    

Series B-2, 2.55%, 11/1/27, Continuously Callable @100

    

1,500

      

1,372

    

Series B-2, 5.00%, 2/15/51, (Put Date 2/15/27) (b)

    

2,000

      

2,081

    

Series B-3, 2.25%, 11/1/26, Continuously Callable @100

    

450

      

418

    
     

18,547

    

Total Municipal Bonds (Cost $907,748)

    

862,715

    

Total Investments (Cost $907,748) — 97.4%

    

862,715

    

Other assets in excess of liabilities — 2.6%

    

23,337

    

NET ASSETS — 100.00%

  

$

886,052

    

(a)  Variable or Floating-Rate Security. Rate disclosed is as of September 30, 2022.

(b)  Put Bond.

(c)  Rule 144A security or other security that is restricted as to resale to institutional investors. The Fund's Adviser has deemed this security to be liquid (unless otherwise noted as illiquid) based upon procedures approved by the Board of Trustees. As of September 30, 2022, the fair value of these securities was $50,990 thousands and amounted to 5.8% of net assets.

(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)  Zero-coupon bond.

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

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

bps — Basis points delayed-delivery and/or when-issued basis- Confirm if any

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, 2022, based on the last reset date of the security

MUNIPSA — Municipal Swap Index

See notes to financial statements.

 


16

 
USAA Mutual Funds Trust
USAA Tax Exempt Short-Term Fund		   Schedule of Portfolio Investments — continued
September 30, 2022		  

  (Unaudited)

SOFR — Secured Overnight Financing Rate

US0001M — 1 Month US Dollar LIBOR, rate disclosed as of September 30, 2022, based on the last reset date of the security

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.

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

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

See notes to financial statements.

 


17

 

USAA Mutual Funds Trust

   Statement of Assets and Liabilities
September 30, 2022		  

(Amounts in Thousands, Except Per Share Amounts)  (Unaudited)

    USAA Tax Exempt
Short-Term Fund		  

Assets:

  

Investments, at value (Cost $907,748)

  

$

862,715

    

Cash

    

224

    

Receivables:

  

Interest

    

7,208

    

Capital shares issued

    

910

    

Investments sold

    

18,250

    

From Adviser

    

30

    

Prepaid expenses

    

69

    

Total Assets

    

889,406

    

Liabilities:

  

Payables:

  

Distributions

    

176

    

Investments purchased

    

1,810

    

Capital shares redeemed

    

978

    

Accrued expenses and other payables:

  

Investment advisory fees

    

169

    

Administration fees

    

110

    

Custodian fees

    

8

    

Transfer agent fees

    

46

    

Compliance fees

    

1

    

Trustees' fees

    

3

    
12b-1 fees    

1

    

Other accrued expenses

    

52

    

Total Liabilities

    

3,354

    

Net Assets:

  

Capital

    

960,770

    

Total accumulated earnings/(loss)

    

(74,718

)

  

Net Assets

  

$

886,052

    

Net Assets

  

Fund Shares

  

$

849,175

    

Institutional Shares

    

29,656

    

Class A

    

7,221

    

Total

  

$

886,052

    

Shares (unlimited number of shares authorized with no par value):

  

Fund Shares

    

86,148

    

Institutional Shares

    

3,006

    

Class A

    

732

    

Total

    

89,886

    

Net asset value, offering and redemption price per share: (a)

  

Fund Shares

  

$

9.86

    

Institutional Shares

    

9.86

    

Class A

    

9.87

    

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		  

$

10.10

    

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

See notes to financial statements.

 


18

 

USAA Mutual Funds Trust

   Statement of Operations
For the Six Months Ended September 30, 2022		  

(Amounts in Thousands)  (Unaudited)

    USAA Tax Exempt
Short-Term Fund		  

Investment Income:

  

Interest

  

$

10,963

    

Total Income

    

10,963

    

Expenses:

  

Investment advisory fees

    

1,276

    

Administration fees — Fund Shares

    

675

    

Administration fees — Institutional Shares

    

16

    

Administration fees — Class A

    

6

    

Sub-Administration fees

    

12

    
12b-1 fees — Class A    

11

    

Custodian fees

    

18

    

Transfer agent fees — Fund Shares

    

213

    

Transfer agent fees — Institutional Shares

    

16

    

Transfer agent fees — Class A

    

4

    

Trustees' fees

    

25

    

Compliance fees

    

4

    

Legal and audit fees

    

36

    

State registration and filing fees

    

53

    

Other expenses

    

65

    

Total Expenses

    

2,430

    

Expenses waived/reimbursed by Adviser

    

(70

)

  

Net Expenses

    

2,360

    

Net Investment Income (Loss)

    

8,603

    

Realized/Unrealized Gains (Losses) from Investments:

  

Net realized gains (losses) from investment securities

    

(2,652

)

  

Net change in unrealized appreciation/depreciation on investment securities

    

(33,593

)

  

Net realized/unrealized gains (losses) on investments

    

(36,245

)

  

Change in net assets resulting from operations

  

$

(27,642

)

  

See notes to financial statements.

 


19

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)  

    USAA Tax Exempt
Short-Term Fund		  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

From Investments:

  

Operations:

  

Net Investment Income (Loss)

  

$

8,603

    

$

13,566

    

Net realized gains (losses)

    

(2,652

)

    

(628

)

  

Net change in unrealized appreciation/depreciation

    

(33,593

)

    

(39,486

)

  

Change in net assets resulting from operations

    

(27,642

)

    

(26,548

)

  

Distributions to Shareholders:

  

Fund Shares

    

(8,232

)

    

(12,863

)

  

Institutional Shares

    

(303

)

    

(529

)

  

Class A

    

(68

)

    

(132

)

  

Change in net assets resulting from distributions to shareholders

    

(8,603

)

    

(13,524

)

  

Change in net assets resulting from capital transactions

    

(115,917

)

    

(144,353

)

  

Change in net assets

    

(152,162

)

    

(184,425

)

  

Net Assets:

  

Beginning of period

    

1,038,214

      

1,222,639

    

End of period

  

$

886,052

    

$

1,038,214

    

(continues on next page)

See notes to financial statements.

 


20

 

USAA Mutual Funds Trust

  

Statements of Changes in Net Assets

  

(Amounts in Thousands)  (continued)

    USAA Tax Exempt
Short-Term Fund		  
    Six Months
Ended
September 30,
2022
(Unaudited)		   Year
Ended
March 31,
2022		  

Capital Transactions:

  

Fund Shares

  

Proceeds from shares issued

  

$

60,272

    

$

139,075

    

Distributions reinvested

    

7,272

      

11,199

    

Cost of shares redeemed

    

(167,201

)

    

(310,220

)

  

Total Fund Shares

  

$

(99,657

)

  

$

(159,946

)

  

Institutional Shares

  

Proceeds from shares issued

  

$

6,938

    

$

49,482

    

Distributions reinvested

    

213

      

350

    

Cost of shares redeemed

    

(18,194

)

    

(30,926

)

  

Total Institutional Shares

  

$

(11,043

)

  

$

18,906

    

Class A

  

Proceeds from shares issued

  

$

1,017

    

$

5,669

    

Distributions reinvested

    

65

      

107

    

Cost of shares redeemed

    

(6,299

)

    

(9,089

)

  

Total Class A

  

$

(5,217

)

  

$

(3,313

)

  

Change in net assets resulting from capital transactions

  

$

(115,917

)

  

$

(144,353

)

  

Share Transactions:

  

Fund Shares

  

Issued

    

5,952

      

13,117

    

Reinvested

    

723

      

1,058

    

Redeemed

    

(16,530

)

    

(29,257

)

  

Total Fund Shares

    

(9,855

)

    

(15,082

)

  

Institutional Shares

  

Issued

    

687

      

4,646

    

Reinvested

    

21

      

33

    

Redeemed

    

(1,796

)

    

(2,939

)

  

Total Institutional Shares

    

(1,088

)

    

1,740

    

Class A

  

Issued

    

101

      

532

    

Reinvested

    

6

      

10

    

Redeemed

    

(622

)

    

(854

)

  

Total Class A

    

(515

)

    

(312

)

  

Change in Shares

    

(11,458

)

    

(13,654

)

  

See notes to financial statements.

 


21

 

USAA Mutual Funds Trust

  

Financial Highlights

  

For a Share Outstanding Throughout Each Period

       

Investment Activities

   Distributions to
Shareholders From		  
    Net Asset
Value,
Beginning of
Period		   Net
Investment
Income (Loss)		   Net Realized
and Unrealized
Gains (Losses)		   Total from
Investment
Activities		   Net
Investment
Income		   Total
Distributions		  

USAA Tax Exempt Short-Term Fund

      

Fund Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.24

      

0.09

(h)

    

(0.38

)

    

(0.29

)

    

(0.09

)

    

(0.09

)

  

Year Ended March 31:

  

2022

  

$

10.63

      

0.13

(h)

    

(0.39

)

    

(0.26

)

    

(0.13

)

    

(0.13

)

  

2021

  

$

10.32

      

0.14

(h)

    

0.31

      

0.45

      

(0.14

)

    

(0.14

)

  

2020

  

$

10.48

      

0.19

(h)

    

(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

)

  

Institutional Shares

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.25

      

0.09

(h)

    

(0.39

)

    

(0.30

)

    

(0.09

)

    

(0.09

)

  
Year Ended March 31:
2022		  

$

10.64

      

0.14

(h)

    

(0.40

)

    

(0.26

)

    

(0.13

)

    

(0.13

)

  
June 29, 2020 (j)
through
March 31, 2021		  

$

10.50

      

0.11

(h)

    

0.14

      

0.25

      

(0.11

)

    

(0.11

)

  

Class A

      
Six Months Ended
September 30, 2022
(Unaudited)		  

$

10.26

      

0.08

(h)

    

(0.39

)

    

(0.31

)

    

(0.08

)

    

(0.08

)

  

Year Ended March 31:

  

2022

  

$

10.64

      

0.10

(h)

    

(0.38

)

    

(0.28

)

    

(0.10

)

    

(0.10

)

  

2021

  

$

10.34

      

0.12

(h)

    

0.30

      

0.42

      

(0.12

)

    

(0.12

)

  

2020

  

$

10.49

      

0.16

(h)

    

(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

)

  

(a)  Not annualized for periods less than one year.

(b)  Assumes reinvestment of all net investment income and realized capital gain distributions, if any, during the period. Includes adjustments in accordance with U.S. Generally Accepted Accounting Principles and could differ from the Lipper reported return.

(c)  Annualized for periods less than one year.

(d)  The net expense ratio may not correlate to the applicable expense limits in place during the period since the current contractual expense limitation is applied for a period beginning July 1, 2019, for Fund Shares and Class A, and June 29, 2020, for Institutional Shares, and in effect through June 30, 2023, instead of coinciding with the Fund's fiscal year end. Details of the current contractual expense limitation in effect can be found in Note 4 of the accompanying Notes to Financial Statements.

(e)  For the period beginning July 1, 2019, the amount of any waivers or reimbursements and the amount of any recoupment is calculated without regard to the impact of any performance adjustment to the Fund's management fee.

(f)  Does not include acquired fund fees and expenses, if any.

See notes to financial statements.

 


22

 

USAA Mutual Funds Trust

   Financial Highlights — continued  

For a Share Outstanding Throughout Each Period

       

Ratios to Average Net Assets

  

Supplemental Data

  
    Net Asset
Value,
End of
Period		   Total
Return
(Excludes
Sales
Charge)(a)(b)		   Net
Expenses(c)(d)(e)(f)		   Net
Investment
Income
(Loss)(c)		   Gross
Expenses(c)(f)		   Net Assets,
End of
Period
(000's)		   Portfolio
Turnover(a)(g)		  

USAA Tax Exempt Short-Term Fund

  

Fund Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

9.86

      

(2.82

)%

    

0.50

%

    

1.83

%

    

0.51

%

  

$

849,175

      

12

%

  

Year Ended March 31:

  

2022

  

$

10.24

      

(2.52

)%

    

0.56

%

    

1.18

%

    

0.56

%

  

$

983,453

      

16

%

  

2021

  

$

10.63

      

4.42

%

    

0.53

%

    

1.37

%

    

0.54

%

  

$

1,181,011

      

66

%(i)

  

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

%

  

Institutional Shares

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

9.86

      

(2.90

)%

    

0.47

%

    

1.86

%

    

0.58

%

  

$

29,656

      

12

%

  
Year Ended March 31:
2022		  

$

10.25

      

(2.43

)%

    

0.48

%

    

1.28

%

    

0.55

%

  

$

41,969

      

16

%

  
June 29, 2020 (j)
through
March 31, 2021		  

$

10.64

      

2.39

%

    

0.47

%

    

1.33

%

    

0.69

%

  

$

25,038

      

66

%(i)

  

Class A

  
Six Months Ended
September 30, 2022
(Unaudited)		  

$

9.87

      

(3.00

)%

    

0.68

%

    

1.63

%

    

0.94

%

  

$

7,221

      

12

%

  

Year Ended March 31:

  

2022

  

$

10.26

      

(2.64

)%

    

0.78

%

    

0.96

%

    

0.93

%

  

$

12,792

      

16

%

  

2021

  

$

10.64

      

4.07

%

    

0.76

%

    

1.12

%

    

0.88

%

  

$

16,590

      

66

%(i)

  

2020

  

$

10.34

      

0.09

%

    

0.75

%

    

1.54

%

    

0.93

%

  

$

10,144

      

54

%

  

2019

  

$

10.49

      

2.27

%

    

0.77

%(k)

    

1.56

%

    

0.92

%

  

$

10,707

      

31

%

  

2018

  

$

10.42

      

0.91

%

    

0.80

%

    

1.27

%

    

0.83

%

  

$

11,349

      

25

%

  

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

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

(i)  The portfolio turnover would be 32% of the average value of its portfolio with the exclusion of variable-rate demand notes with long-term maturities and one- or seven-day demand feature, or put options.

(j)  Commencement of operations.

(k)  Prior to August 1, 2018, USAA Asset Management Company (previous Investment Adviser) had voluntarily agreed to limit the annual expenses of Class A to 0.80% of Class A average daily net assets.

See notes to financial statements.

 


23

 

USAA Mutual Funds Trust

   Notes to Financial Statements
September 30, 2022		  

  (Unaudited)

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 45 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 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.

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.

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 U.S. Generally Accepted Accounting Principles ("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"), acting as the valuation designee 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 designee as described in the Fund's valuation policies and procedures, which are approved by the Board.

 


24

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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 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.

A summary of the valuations as of September 30, 2022, based upon the three levels defined above, is included in the table below while the breakdown, by category, of investments is disclosed on the Schedule of Portfolio Investments (amounts in thousands):

   

Level 1

  

Level 2

  

Level 3

  

Total

  

Municipal Bonds

  

$

—

    

$

860,276

    

$

2,439

    

$

862,715

    

Total

  

$

—

    

$

860,276

    

$

2,439

    

$

862,715

    

For the six months ended September 30, 2022, there were no transfers into/out of Level 3.

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.

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 and recorded daily using the effective interest method which adjusts, where applicable, the amortization of premiums or accretion of discounts. Interest income is recorded daily on the accrual basis. Gains or losses realized on sales of securities are recorded on the identified cost basis.

Federal Income Taxes:

The Fund intends 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

 


25

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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.

For the six months ended September 30, 2022, the Fund did not incur any income tax, interest, or penalties, and has recorded no liability for net unrecognized tax benefits relating to uncertain tax positions.

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, 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 the security's last sale price on an exchange. For the six months ended September 30, 2022, 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)		  
$

80,724

    

$

57,500

    

$

—

    

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 Custodian fees.

3. Purchases and Sales:

Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the six months ended September 30, 2022, were as follows for the Fund (amounts in thousands):

  Excluding
U.S. Government Securities

  

Purchases

  

Sales

  

$94,137

  

$159,685

  

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.

 


26

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 2022, are reflected on the Statement of Operations as Investment advisory fees.

The performance adjustment for each share class is accrued daily and calculated monthly by comparing the respective 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.

The performance period for each share class consists of the current month plus the previous 35 months. 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)		  
  +/- 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 the 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 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, 2022, to September 30, 2022, performance adjustments were $(38), $(1), and $(3) for Fund Shares, Institutional Shares, and Class A, in thousands, respectively. Performance adjustments were (0.01)%, less than (0.01)%, and (0.07)% 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.

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, 2022, the Fund had no subadvisers.

Administration and Servicing Fees:

VCM also 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, 2022, 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

 


27

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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, 2022, are reflected on the Statement of Operations as Sub-Administration fees.

The Fund (as part of the Trust) has entered into an agreement with the Adviser to provide compliance services, 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. The 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, 2022, 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 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, 2022, 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.

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, 2022, are reflected on the Statement of Operations as 12b-1 fees.

In addition, the Distributor is entitled to receive commissions in connection with sales of Class A. For the six months ended September 30, 2022, the Distributor did not receive any commissions.

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, 2022, 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 July 31, 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 limits for such classes of the Fund. Such excess amounts will be the liability of the Adviser. Performance adjustments, 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

 


28

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

the expense limits. As of September 30, 2022, the expense limits (excluding voluntary waivers) were 0.51%, 0.47%, and 0.75% for Fund Shares, Institutional Shares, and Class A, respectively.

Under the terms of the expense limitation agreement, as amended June 29, 2022, 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.

As of September 30, 2022, 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 repayments are not probable at September 30, 2022.

Expires
2023		   Expires
2024		   Expires
2025		   Expires
2026		  

Total

  
$

7

    

$

68

    

$

50

    

$

70

    

$

195

    

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, 2022.

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.

6. Risks:

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

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 held 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.

Decisions by the U.S. Federal Reserve 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

 


29

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

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 — The London Interbank Offered Rate ("LIBOR") discontinuation may adversely affect the financial markets generally and the Fund's operations, finances and investments specifically. LIBOR has been the principal floating-rate benchmark in the financial markets. However, LIBOR has been or will be discontinued as a floating rate benchmark. The date of discontinuation depends on the LIBOR currency and tenor. With limited exceptions, no new LIBOR obligations will be entered into after December 31, 2021. Existing LIBOR obligations have transitioned or will transition to another benchmark, depending on the LIBOR currency and tenor. For some existing LIBOR-based obligations, the contractual consequences of the discontinuation of LIBOR may not be clear.

Non-LIBOR floating-rate obligations, including Secured Overnight Financing Rate ("SOFR")-based obligations, may have returns and values that fluctuate more than those of floating-rate debt obligations that are based on LIBOR or other rates. Also, because SOFR and some alternative floating rates are relatively new market indexes, markets for certain non-LIBOR obligations may never develop or may not be liquid. Market terms for non-LIBOR floating rate obligations, such as the spread over the index reflected in interest-rate provisions, may evolve over time, and prices of non-LIBOR floating rate obligations may be different depending on when they are issued and changing views about correct spread levels.

Various SOFR-based rates, including SOFR-based term rates, and various non-SOFR-based rates are expected to develop in response to the discontinuation of U.S. dollar LIBOR, which may create various risks for the Fund and the financial markets more generally. There are non-LIBOR forward-looking floating rates that are not based on SOFR and that may be considered by participants in the financial markets as LIBOR alternatives. Such rates include AMERIBOR (American Interbank Offered Rate), BSBY (Bloomberg Short-Term Bank Yield Index) and BYI (Bank Yield Index). Unlike forward-looking SOFR-based term rates, such rates are intended to reflect a bank credit spread component.

It is not clear how replacement rates for LIBOR — including SOFR-based rates and non-SOFR-based rates — will develop and to what extent they will be used. There is no assurance that these replacement rates will be suitable substitutes for LIBOR, and thus the substitution of such rates for LIBOR could have an adverse effect on the Fund and the financial markets more generally. Concerns about market depth and stability could affect the development of non-SOFR-based term rates, and such rates may create various risks, which may or may not be similar to the risks relating to SOFR.

Market Risk — Overall market risks may affect the value of the Fund. Domestic and international factors such as political events, war, terrorism, trade disputes, inflation rates, interest rate levels and other fiscal and monetary policy changes, cybersecurity incidents, pandemics and other public health crises, sanctions against a particular foreign country, its nationals, businesses or industries and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, or other catastrophes, may add to instability in global economies and markets generally, and may lead to increased market volatility. Global economies and financial markets are highly interconnected, which increases the possibility that conditions in one country or region might adversely affect issuers in another country or region. The impact of these and other factors may be short-term or may last for extended periods.

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 27, 2022, with a termination date of June 26, 2023. 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.

 


30

 

USAA Mutual Funds Trust

   Notes to Financial Statements — continued
September 30, 2022		  

  (Unaudited)

The purpose of the Line of Credit is to meet temporary or emergency cash needs. For the six months ended September 30, 2022, 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 paid a pro-rata portion of the commitment fees plus any interest on amounts borrowed. For the period from April 1, 2022, through June 27, 2022, interest was based on the one-month LIBOR plus one percent. Effective with the renewal, for the period June 28, 2022, through September 30, 2022, interest was based on the one-month SOFR plus 1.10 percent. Interest charged to the 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, 2022.

Interfund Lending:

The Trust and the 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 reflected on the Statement of Operations under Interfund lending.

The Fund did not utilize or participate in the Facility during the six months ended September 30, 2022.

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.

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 (loss) will be determined at the end of the current tax year ending March 31, 2023.

At the tax year ended March 31, 2022, the Fund had net capital loss carryforwards as summarized 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

  
$

2,144

    

$

24,904

    

$

27,048

    
 


31

 

USAA Mutual Funds Trust

   Supplemental Information
September 30, 2022		  

  (Unaudited)

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, 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, 2022, through September 30, 2022.

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. Therefore, the hypothetical expenses in the table are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

    Beginning
Account
Value
4/1/22		   Actual
Ending
Account
Value
9/30/22		   Hypothetical
Ending
Account
Value
9/30/22		   Actual
Expenses
Paid
During
Period
4/1/22-
9/30/22*		   Hypothetical
Expenses
Paid
During
Period
4/1/22-
9/30/22*		   Annualized
Expense
Ratio
During
Period
4/1/22-
9/30/22		  

Fund Shares

  

$

1,000.00

    

$

971.80

    

$

1,022.56

    

$

2.47

    

$

2.54

      

0.50

%

  

Institutional Shares

    

1,000.00

      

971.00

      

1,022.71

      

2.32

      

2.38

      

0.47

%

  

Class A

    

1,000.00

      

970.00

      

1,021.66

      

3.36

      

3.45

      

0.68

%

  

*  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).

 


32

 

Privacy Policy

Protecting the Privacy of Information

The Trust respects your right to privacy. We also know that you expect us to conduct and process your business in an accurate and efficient manner. To do so, we must collect and maintain certain personal information about you. This is the information we collect from you on applications or other forms, and from the transactions you make with us or third parties. It may include your name, address, social security number, account transactions and balances, and information about investment goals and risk tolerance.

We do not disclose any information about you or about former customers to anyone except as permitted or required by law. Specifically, we may disclose the information we collect to companies that perform services on our behalf, such as the transfer agent that processes shareholder accounts and printers and mailers that assist us in the distribution of investor materials. We may also disclose this information to companies that perform marketing services on our behalf. This allows us to continue to offer you Victory investment products and services that meet your investing needs, and to effect transactions that you request or authorize. These companies will use this information only in connection with the services for which we hired them. They are not permitted to use or share this information for any other purpose.

To protect your personal information internally, we permit access only by authorized employees and maintain physical, electronic, and procedural safeguards to guard your personal information.*

*  You may have received communications regarding information about privacy policies from other financial institutions which gave you the opportunity to "opt-out" of certain information sharing with companies which are not affiliated with that financial institution. The Trust does not share information with other companies for purposes of marketing solicitations for products other than the Trust. Therefore, the Trust does not provide opt-out options to their shareholders.

  

P.O. Box 182593
Columbus, Ohio 43218-2593

Visit our website at:

  

Call

  

www.vcm.com

   (800) 235-8396  

39592-1122

 

 

Item 2. Code of Ethics.

 

Not applicable – only for annual reports.

 

Item 3. Audit Committee Financial Expert.

 

Not applicable – only for annual reports.

 

Item 4. Principal Accountant Fees and Services.

 

Not applicable – only for annual reports.

 

Item 5. Audit Committee of Listed Registrants.

 

Not applicable.

 

Item 6. Investments.

 

(a)        Not applicable.

(b)       Not applicable.

 

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

 

Not applicable.

 

 

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

 

Not applicable.

 

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

 

Not applicable.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

Not applicable.

 

Item 11. Controls and Procedures.

 

(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.

 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b)      Not applicable.

 

Item 13. Exhibits.

 

(a)(1) Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b)     Certifications pursuant to Rule 30a-2(b) are furnished herewith.

 

 

 

SIGNATURES

 

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.

 

(Registrant) USAA Mutual Fund Trust  

 

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

 

Date December 1, 2022  

  

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.

 

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

 

Date December 1, 2022  

 

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

 

Date December 1, 2022  

 

 

 EX-99.CERT 2 tm2226527d1_ex99-cert.htm EXHIBIT 99.CERT

 

Exhibit 99.CERT

 

CERTIFICATIONS

 

I, Christopher K. Dyer, certify that:

 

1.I have reviewed this report on Form N-CSR of USAA Mutual Funds Trust (the “registrant”);

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
   
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

  

December 1, 2022   /s/ Christopher K. Dyer
Date   Christopher K. Dyer
    Principal Executive Officer

 

 

 

CERTIFICATIONS

 

I, James K. De Vries, certify that:

 

1.I have reviewed this report on Form N-CSR of USAA Mutual Funds Trust (the “registrant”);

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

December 1, 2022   /s/ James K. De Vries
Date   James K. De Vries
    Principal Financial Officer

 

 

 EX-99.906CERT 3 tm2226527d1_ex99-906cert.htm EXHIBIT 99.906CERT

 

Exhibit 99.906CERT

 

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2022 of USAA Mutual Funds Trust (the “Registrant”).

 

I, Christopher K. Dyer, the Principal Executive Officer of the Registrant, certify that, to the best of my knowledge:

 

1.the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

 

2.the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

December 1, 2022  

Date

  

/s/ Christopher K. Dyer  
Christopher K. Dyer  
Principal Executive Officer  

 

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

This certification is provided pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended September 30, 2022 of USAA Mutual Fund Trust (the “Registrant”).

 

I, James K. De Vries, the Principal Financial Officer of the Registrant, certify that, to the best of my knowledge:

 

1.the Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and

 

2.the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

 

December 1, 2022  

Date

 

/s/ James K. De Vries  
James K. De Vries  
Principal Financial Officer  

 

This certification is being furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and is not being filed as part of Form N-CSR or as a separate disclosure document. A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

 

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