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

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

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

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

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

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

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

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

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

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

	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.

	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.

	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.

			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	)

									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.

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.

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.

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

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

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

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.

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

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.

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).

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)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

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

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

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

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

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

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

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

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.

(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.

	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.

	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.

	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)

	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.

			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	)

						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.

1. Organization:

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

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

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

Debt securities are valued each business day by a pricing service approved by the Board. The approved pricing service uses the evaluated bid or the last sale price to value securities. Debt obligations maturing within 60 days may be valued at amortized cost, provided that the amortized cost represents the fair value of such securities. These valuations are typically categorized as Level 2 in the fair value hierarchy.

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

	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	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.

Federal Income Taxes:

Allocations:

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

Cross-Trade Transactions:

Pursuant to Rule 17a-7 under the 1940 Act, the Fund may engage in cross-trades, which are securities transactions with affiliated investment companies and advisory accounts managed by the Adviser and any applicable sub-adviser. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is 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

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.

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.

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.

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.

Distributor/Underwriting Services:

Pursuant to the Distribution and Service Plans adopted in accordance with Rule 12b-1 under the 1940 Act, the Distributor may receive a monthly distribution and service fee, at an annual rate of up to 0.25% of the average daily net assets of Class A. The distribution and service fees paid to the Distributor may be used by the Distributor to pay for activity primarily intended to result in the sale of Class A. Amounts incurred and paid to the Distributor for the six months ended September 30, 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:

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.

Expires 2024				Expires 2025				Expires 2026				Total
$	7			$	2			$	7			$	16

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

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.

6. Borrowing and Interfund Lending:

Line of Credit:

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2022.

Interfund Lending:

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

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

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

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2022, through September 30, 2022.

	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	%

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)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

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

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

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

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

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

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

	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.

	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.

	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)

	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	)

			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	)

						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.

1. Organization:

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

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

	Level 1		Level 2		Level 3		Total
Other Equity Interests	$	—	$	—	$	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:

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:

Allocations:

Cross-Trade Transactions:

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

4. Fees and Transactions with Affiliates and Related Parties:

Investment Advisory Fees:

Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive a base fee and a performance adjustment. The Fund's base fee is accrued daily and paid monthly at an annualized rate of 0.50% of the first $50 million of the Fund's average daily net assets, 0.40% of that portion of the Fund's average daily net assets over $50 million but not over $100 million, and 0.30% of that portion of the Fund's average daily net assets over $100 million. Amounts incurred and paid to VCM for the six months ended September 30, 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.

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.

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.

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.

Distributor/Underwriting Services:

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:

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.

Expires 2024				Expires 2025				Expires 2026				Total
$	7			$	5			$	34			$	46

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.

6. Borrowing and Interfund Lending:

Line of Credit:

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

7. Federal Income Tax Information:

Short-Term Amount				Long-Term Amount				Total
$	1,586			$	2,260			$	3,846

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2022, through September 30, 2022.

	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	%

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)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

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

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

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

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

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

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

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.

(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.

	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.

	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.

	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)

	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	)

			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	)

									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.

1. Organization:

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

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

	Level 1		Level 2		Level 3		Total
Municipal Bonds	$	—	$	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:

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:

Allocations:

Cross-Trade Transactions:

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:

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

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.

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.

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.

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.

Distributor/Underwriting Services:

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:

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.

Expires 2023				Expires 2024				Expires 2025				Expires 2026				Total
$	1			$	15			$	17			$	21			$	54

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.

U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. As a result, the value of fixed-income securities may vary widely under certain market conditions.

6. Borrowing and Interfund Lending:

Line of Credit:

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

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2022, through September 30, 2022.

	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	%

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)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

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

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

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

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

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

	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.

	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.

	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.

			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	)		—

									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.

1. Organization:

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

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

The Fund has adopted policies and procedures permitting the 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.

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

Victory Capital Management Inc. ("VCM" or the "Adviser"), 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:

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:

Allocations:

Cross-Trade Transactions:

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

any applicable sub-adviser. Any such purchase or sale transaction must be effected without brokerage commission or other remuneration, except for customary transfer fees. The transaction must be effected at the current market price, which is 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:

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.

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.

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.

Distributor/Underwriting Services:

Other Fees:

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

The Adviser has entered into an expense limitation agreement with the Fund until at least 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.

Expires 2023				Expires 2024				Expires 2025				Expires 2026				Total
$	17			$	1,557			$	2,216			$	94			$	3,884

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.

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.

5. Borrowing:

Line of Credit:

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

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

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2022, through September 30, 2022.

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	%

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)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

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

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.

(d) Rate disclosed is the daily yield on September 30, 2022.

ETF — Exchange-Traded Fund

LP — Limited Partnership

REIT — Real Estate Investment Trust

Futures Contracts Purchased
(Amounts not in thousands)
	Number of Contracts		Expiration Date	Notional Amount		Value		Unrealized Appreciation/ (Depreciation)
E-Mini 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	)

	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.

	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.

	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

			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)

									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.

1. Organization:

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

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

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

Portfolio securities listed or traded on securities exchanges, including Exchange-Traded Funds ("ETFs"), are valued at the closing price on the exchange or system where the security is principally traded, if available, or at the Nasdaq Official Closing Price. If there have been no sales for that day on the exchange or system, then a security is valued at the last available bid quotation on the exchange or system where

the security is principally traded. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy.

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.

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

	Level 1			Level 2		Level 3		Total
Exchange-Traded Funds	$	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"):

Investment Companies:

Exchange-Traded Funds:

The Fund may invest in ETFs, the shares of which are bought and sold on a securities exchange. An ETF trades like common stock and represents a fixed portfolio of securities often designed to track the performance and dividend yield of a particular domestic or foreign market index. The Fund may purchase shares of an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market

while awaiting purchase of underlying securities. The risks of owning an ETF generally reflect the risks of owning the underlying securities 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:

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.

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:

Securities Lending:

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

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:

Federal Income Taxes:

Allocations:

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

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:

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.

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.

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.

Distributor/Underwriting Services:

Other Fees:

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

The Adviser has entered into an expense limitation agreement with the Fund until at least 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.

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.

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.

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 Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2022.

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.

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

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Example

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2022, through September 30, 2022.

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	%

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)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

(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.

(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

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

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

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

	USAA Tax Exempt 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.

	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	)

	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)

	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	)

			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	)

						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.

1. Organization:

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

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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.

	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:

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:

Allocations:

Cross-Trade Transactions:

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:

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.

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.

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.

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.

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.

Distributor/Underwriting Services:

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:

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

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.

Expires 2023				Expires 2024				Expires 2025				Expires 2026				Total
$	10			$	62			$	35			$	95			$	202

5. Risks:

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

have a significant effect on the value of fixed-income securities as well as the overall strength of the U.S. economy. Precise interest rate predictions are difficult to make, and interest rates may change unexpectedly and dramatically in response to extreme changes in market or economic conditions. As a result, the value of fixed-income securities may vary widely under certain market conditions.

6. Borrowing and Interfund Lending:

Line of Credit:

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2022.

Interfund Lending:

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

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2022, through September 30, 2022.

	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	%

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)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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)

(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

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.

	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.

	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	)

	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)

	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.

			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	)

						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%.

1. Organization:

The accompanying financial statements are those of the USAA Tax Exempt Intermediate-Term Fund (the "Fund"). The Fund offers three classes of shares: Fund Shares, Institutional Shares, and Class A. Class Z was liquidated on March 18, 2022. The Fund is classified as diversified under the 1940 Act.

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

	Level 1		Level 2		Level 3		Total
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:

Below-Investment-Grade Securities:

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued 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:

Allocations:

Cross-Trade Transactions:

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:

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.

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.

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.

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.

Distributor/Underwriting Services:

Other Fees:

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

The Adviser has entered into an expense limitation agreement with the Fund until at least 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.

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.

Expires 2023				Expires 2024				Expires 2025				Expires 2026				Total
$	12			$	171			$	1,039			$	342			$	1,564

5. Risks:

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

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.

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.

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.

The Fund had no borrowings under the Line of Credit agreement during the six months ended September 30, 2022.

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:

Short-Term Amount				Long-Term Amount				Total
$	45,360			$	65,052			$	110,412

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2022, through September 30, 2022.

	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	%

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)

IRA DISTRIBUTION WITHHOLDING DISCLOSURE

For more specific information, please consult your tax adviser.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

	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.

	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	)

	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)

	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	)

			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	)

						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.

1. Organization:

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

2. Significant Accounting Policies:

Investment Valuation:

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

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

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

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

	Level 1		Level 2		Level 3		Total
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:

Below-Investment-Grade Securities:

Investment Transactions and Related Income:

Changes in holdings of investments are accounted for no later than one business day following the trade date. For financial reporting purposes, however, investment transactions are accounted for on trade date or the last business day of the reporting period. Interest income is determined on the basis of coupon interest accrued 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:

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.

Allocations:

Cross-Trade Transactions:

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:

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.

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.

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 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.

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.

Distributor/Underwriting Services:

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:

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

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.

Expires 2023				Expires 2024				Expires 2025				Expires 2026				Total
$	7			$	68			$	50			$	70			$	195

6. Risks:

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

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.

6. Borrowing and Interfund Lending:

Line of Credit:

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

7. Federal Income Tax Information:

Short-Term Amount				Long-Term Amount				Total
$	2,144			$	24,904			$	27,048

Proxy Voting and Portfolio Holdings Information

Proxy Voting:

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

Availability of Schedules of Portfolio Investments:

Expense Examples

These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2022, through September 30, 2022.

	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	%

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

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

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

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

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

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

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

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

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	%

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	%

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	%

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	%

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	%

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	%

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	%

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

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