Fund Shares |
|
|
|
USMIX |
|
|
|
Member Shares |
Reward Shares |
|
|
USSPX |
USPRX |
|
|
Fund Shares |
Institutional
Shares |
Class A |
Class C |
R6 Shares |
USNQX |
UINQX |
UANQX |
UCNQX |
URNQX |
1 | |
1 | |
2 | |
2 | |
4 | |
6 | |
6 | |
6 | |
7 | |
8 | |
8 | |
9 | |
10 | |
12 | |
14 | |
15 | |
15 | |
15 | |
16 | |
16 | |
18 | |
19 | |
21 | |
23 | |
24 | |
25 |
|
|
Management Fee |
|
Distribution and/or Service (12b-1) Fees |
|
Other Expenses |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses |
|
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
1 Year |
5 Years |
10 Years |
Fund Shares |
|
|
|
Return Before Taxes |
|
|
|
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
Index | |||
Wilshire 4500 Completion Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
|
|
Title |
Tenure with
the Fund |
Mannik S. Dhillon,
CFA, CAIA |
President, VictoryShares and Solutions |
Since 2019 |
|
Member
Shares |
Reward
Shares |
Account Maintenance Fee (for Fund account balances
below $10,000) |
$ |
|
|
Member
Shares |
Reward
Shares |
Management Fee |
|
|
Distribution and/or Service (12b-1) Fees |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
Fee Waiver/Reimbursement from Adviser |
|
( |
Total Annual Fund Operating Expenses after
Reimbursement |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Member Shares |
$ |
$ |
$ |
$ |
Reward Shares |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
1 Year |
5 Years
(or Life
of Class) |
10 Years
(or Life
of Class) |
Member Shares |
|
|
|
Return Before Taxes |
|
|
|
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
Reward Shares |
|
|
|
Return Before Taxes |
|
|
|
Indexes | |||
Victory US Large Cap 500 Index (reflects no deduction
for fees, expenses, or taxes) |
|
|
|
S&P 500® Index (reflects no deduction for fees,
expenses, or taxes) |
|
|
|
|
Title |
Tenure with
the Fund |
Mannik S. Dhillon,
CFA, CAIA |
President, VictoryShares and Solutions |
Since 2019 |
|
Fund
Shares |
Inst.
Shares |
Class A |
Class C |
R6
Shares |
Maximum Sales Charge
(load) Imposed on
Purchases (as a percentage
of offering price) |
|
|
|
|
|
Maximum Deferred Sales
Charge (load)
(as a percentage of the
lower of purchase or sales
price) |
|
|
|
|
|
|
Fund
Shares |
Inst.
Shares |
Class A |
Class C |
R6
Shares |
Management Fee |
|
|
|
|
|
Distribution and/or Service
(12b-1) Fees |
|
|
|
|
|
Other Expenses |
|
|
|
|
|
Total Annual Fund
Operating Expenses |
|
|
|
|
|
Fee
Waiver/Reimbursement
from Adviser |
|
|
( |
( |
|
Total Annual Fund
Operating Expenses after
Reimbursement |
|
|
|
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Fund Shares |
$ |
$ |
$ |
$ |
Inst. Shares |
$ |
$ |
$ |
$ |
Class A |
$ |
$ |
$ |
$ |
Class C
(If you sell your shares at the
end of the period.) |
$ |
$ |
$ |
$ |
Class C
(If you do not sell your shares at
the end of the period.) |
$148 |
$621 |
$1,135 |
$2,549 |
R6 Shares |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
1 Year |
5 Years
(or Life
of Class) |
10 Years
(or Life
of Class) |
Fund Shares |
|
|
|
Return Before Taxes |
|
|
|
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
Institutional Shares |
|
|
|
Return Before Taxes |
|
|
|
Class A |
|
|
|
Return Before Taxes |
|
|
|
Class C |
|
|
|
Return Before Taxes |
|
|
|
R6 Shares |
|
|
|
Return Before Taxes |
|
|
|
Indexes | |||
Nasdaq-100 Index (reflects no deduction for fees,
expenses, or taxes) |
|
|
|
Russell 1000® Growth Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
|
|
Title |
Tenure with
the Fund |
Mannik S. Dhillon,
CFA, CAIA |
President, VictoryShares and Solutions |
Since 2019 |
Investment
Minimums |
Fund
Shares |
Inst.
Shares |
Class A |
Class C |
R6
Shares |
Minimum Initial Investment |
$3,000 |
$1,000,000 |
$2,500 |
$2,500 |
None |
Minimum Subsequent
Investments |
$50 |
None |
$50 |
$50 |
None |
Your Investment in the Fund |
Sales
Charge
as a % of
Offering
Price |
Sales
Charge
as a % of
Your
Investment |
Less than $100,000 |
2.25% |
2.30% |
$100,000 up to $249,999 |
1.75% |
1.78% |
Over $250,000 |
0.00% |
0.00% |
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$25.40 |
$20.01 |
$16.14 |
$18.98 |
$17.34 |
Investment Activities |
|
|
|
|
|
Net Investment Income (Loss) |
0.22(a)
|
0.18(a)
|
0.20(a)
|
0.17 |
0.18 |
Net Realized and Unrealized
Gains (Losses) on Investments |
3.58 |
6.05 |
4.31 |
(1.96) |
2.88 |
Total from Investment Activities |
3.80 |
6.23 |
4.51 |
(1.79) |
3.06 |
Distributions to Shareholders From |
|
|
|
|
|
Net Investment Income |
(0.23) |
(0.21) |
(0.26) |
(0.17) |
(0.18) |
Net Realized Gains from
Investments |
(4.22) |
(0.63) |
(0.38) |
(0.88) |
(1.24) |
Total Distributions |
(4.45) |
(0.84) |
(0.64) |
(1.05) |
(1.42) |
Net Asset Value, End of Period |
$24.75 |
$25.40 |
$20.01 |
$16.14 |
$18.98 |
Total Return* |
15.61% |
31.20% |
27.94% |
(9.70)% |
17.72% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Expenses† |
0.34% |
0.38% |
0.41% |
0.43%(b)
|
0.44% |
Net Investment Income (Loss) |
0.77% |
0.91% |
1.06% |
0.90%(b)
|
0.93% |
Gross Expenses |
0.34% |
0.38% |
0.41% |
0.43%(b)
|
0.44% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$969,905 |
$906,111 |
$788,664 |
$656,406 |
$765,211 |
Portfolio Turnover |
24% |
31% |
24% |
12%(c)
|
11%(d)
|
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$51.33 |
$43.93 |
$35.22 |
$38.00 |
$31.81 |
Investment Activities: |
|
|
|
|
|
Net Investment Income (Loss) |
0.63(a)
|
0.65(a)
|
0.71(a)
|
0.68 |
0.59 |
Net Realized and Unrealized
Gains (Losses) on Investments |
13.37 |
8.48 |
10.19 |
(2.40) |
6.21 |
Total from Investment Activities |
14.00 |
9.13 |
10.90 |
(1.72) |
6.80 |
Distributions to Shareholders From |
|
|
|
|
|
Net Investment Income |
(0.63) |
(0.66) |
(0.72) |
(0.66) |
(0.59) |
Net Realized Gains from
Investments |
(2.47) |
(1.07) |
(1.47) |
(0.40) |
(0.02) |
Total Distributions |
(3.10) |
(1.73) |
(2.19) |
(1.06) |
(0.61) |
Net Asset Value, End of Period |
$62.23 |
$51.33 |
$43.93 |
$35.22 |
$38.00 |
Total Return* |
27.50% |
21.22% |
31.19% |
(4.65)% |
21.53% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Expenses† |
0.24% |
0.25% |
0.25% |
0.25% |
0.25% |
Net Investment Income (Loss) |
1.09% |
1.47% |
1.73% |
1.75% |
1.71% |
Gross Expenses |
0.24% |
0.25% |
0.26% |
0.26% |
0.27% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$4,410,258 |
$3,997,663 |
$3,603,465 |
$2,957,995 |
$3,285,829 |
Portfolio Turnover(b)
|
8% |
5% |
13% |
4% |
3% |
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$51.36 |
$43.95 |
$35.24 |
$38.01 |
$31.82 |
Investment Activities: |
|
|
|
|
|
Net Investment Income (Loss) |
0.68(a)
|
0.70(a)
|
0.75(a)
|
0.71 |
0.61 |
Net Realized and Unrealized
Gains (Losses) on Investments |
13.38 |
8.49 |
10.19 |
(2.38) |
6.22 |
Total from Investment Activities |
14.06 |
9.19 |
10.94 |
(1.67) |
6.83 |
Distributions to Shareholders From |
|
|
|
|
|
Net Investment Income |
(0.68) |
(0.71) |
(0.76) |
(0.70) |
(0.62) |
Net Realized Gains from
Investments |
(2.47) |
(1.07) |
(1.47) |
(0.40) |
(0.02) |
Total Distributions |
(3.15) |
(1.78) |
(2.23) |
(1.10) |
(0.64) |
Net Asset Value, End of Period |
$62.27 |
$51.36 |
$43.95 |
$35.24 |
$38.01 |
Total Return* |
27.62% |
21.35% |
31.29% |
(4.53)% |
21.64% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Assets† |
0.15% |
0.15% |
0.15% |
0.15% |
0.15% |
Investment Income (Loss) |
1.17% |
1.58% |
1.83% |
1.85% |
1.81% |
Gross Expenses |
0.18% |
0.18% |
0.18% |
0.18% |
0.18% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$6,638,059 |
$5,010,367 |
$4,546,094 |
$3,606,745 |
$3,636,257 |
Portfolio Turnover(b)
|
8% |
5% |
13% |
4% |
3% |
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$35.56 |
$24.35 |
$17.69 |
$17.89 |
$13.79 |
Investment Activities |
|
|
|
|
|
Net Investment Income (Loss) |
0.11(a)
|
0.13(a)
|
0.13(a)
|
0.11 |
0.07 |
Net Realized and Unrealized
Gains (Losses) on Investments |
9.43 |
11.62 |
6.74 |
(0.18) |
4.38 |
Total from Investment Activities |
9.54 |
11.75 |
6.87 |
(0.07) |
4.45 |
Distributions to Shareholders From |
|
|
|
|
|
Net Investment Income |
(0.11) |
(0.13) |
(0.13) |
(0.12) |
(0.08) |
Net Realized Gains from
Investments |
(1.83) |
(0.41) |
(0.08) |
(0.01) |
(0.27) |
Total Distributions |
(1.94) |
(0.54) |
(0.21) |
(0.13) |
(0.35) |
Net Asset Value, End of Period |
$43.16 |
$35.56 |
$24.35 |
$17.69 |
$17.89 |
Total Return* |
26.96% |
48.30% |
38.86% |
(0.44)% |
32.29% |
Ratios/Supplemental Data: |
|
|
|
|
|
Net Expenses† |
0.42% |
0.44% |
0.48% |
0.48% |
0.51% |
Net Investment Income (Loss) |
0.27% |
0.46% |
0.63% |
0.64% |
0.60% |
Gross Expenses |
0.42% |
0.44% |
0.48% |
0.48% |
0.51% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$4,436,357 |
$3,583,838 |
$2,442,662 |
$1,750,674 |
$1,623,579 |
Portfolio Turnover(b)
|
10% |
17% |
9% |
5% |
5% |
|
|
Year Ended
December 31, |
Period Ended
December 31, |
|
|
2021 |
2020(a)
|
Net Asset Value, Beginning of Period |
|
$35.64 |
$27.86 |
Investment Activities |
|
|
|
Net Investment Income (Loss) |
|
0.10(b)
|
0.07(b)
|
Net Realized and Unrealized
Gains (Losses) on Investments |
|
9.45 |
8.17 |
Total from Investment Activities |
|
9.55 |
8.24 |
Distributions to Shareholders From |
|
|
|
Net Investment Income |
|
(0.10) |
(0.05) |
Net Realized Gains From
Investments |
|
(1.83) |
(0.41) |
Total Distributions |
|
(1.93) |
(0.46) |
Net Asset Value, End of Period |
|
$43.26 |
$35.64 |
Total Return*(c)
|
|
26.93% |
29.60% |
Ratios to Average Net Assets |
|
|
|
Net Expenses†(d)
|
|
0.44% |
0.44% |
Net Investment Income (Loss)(d)
|
|
0.25% |
0.42% |
Gross Expenses(d)
|
|
0.44% |
0.47% |
Supplemental Data |
|
|
|
Net Assets, End of Period (000’s) |
|
$82,846 |
$57,240 |
Portfolio Turnover(c)(e)
|
|
10% |
17% |
|
|
Year Ended
December 31, |
Period Ended
December 31, |
|
|
2021 |
2020(a)
|
Net Asset Value, Beginning of Period |
|
$35.64 |
$27.86 |
Investment Activities |
|
|
|
Net Investment Income (Loss) |
|
(0.01)(b)(f)
|
0.02(b)
|
Net Realized and Unrealized
Gains (Losses) on Investments |
|
9.44 |
8.18 |
Total from Investment Activities |
|
9.43 |
8.20 |
Distributions to Shareholders From |
|
|
|
Net Investment Income |
|
(0.13) |
(0.01) |
Net Realized Gains from
Investments |
|
(1.83) |
(0.41) |
Total Distributions |
|
(1.96) |
(0.42) |
Net Asset Value, End of Period |
|
$43.11 |
$35.64 |
Total Return (Excludes Sales
Charges)*(c)
|
|
26.60% |
29.46% |
Ratios to Average Net Assets |
|
|
|
Net Expenses†(d)
|
|
0.70% |
0.70% |
Net Investment Income (Loss)(d)
|
|
(0.02)% |
0.11% |
Gross Expenses(d)
|
|
1.03% |
46.74% |
Supplemental Data |
|
|
|
Net Assets, End of Period (000’s) |
|
$14,070 |
$167 |
Portfolio Turnover(c)(e)
|
|
10% |
17% |
|
|
Year Ended
December 31, |
Period Ended
December 31, |
|
|
2021 |
2020(a)
|
Net Asset Value, Beginning of Period |
|
$35.51 |
$27.86 |
Investment Activities |
|
|
|
Net Investment Income (Loss) |
|
(0.33)(b)(f)
|
(0.10)(b)
|
Net Realized and Unrealized
Gains (Losses) on Investments |
|
9.39 |
8.16 |
Total from Investment Activities |
|
9.06 |
8.06 |
Distributions to Shareholders From |
|
|
|
Net Investment Income |
|
— |
— |
Net Realized Gains From
Investments |
|
(1.83) |
(0.41) |
Total Distributions |
|
(1.83) |
(0.41) |
Net Asset Value, End of Period |
|
$42.74 |
$35.51 |
Total Return (Excludes Sales
Charges)*(c)
|
|
25.67% |
28.95% |
Ratios to Average Net Assets |
|
|
|
Net Expenses†(d)
|
|
1.45% |
1.45% |
Net Investment Income (Loss)(d)
|
|
(0.79)% |
(0.61)% |
Gross Expenses(b)
|
|
2.29% |
19.93% |
Supplemental Data |
|
|
|
Net Assets, End of Period (000’s) |
|
$3,205 |
$194 |
Portfolio Turnover(c)(e)
|
|
10% |
17% |
|
|
Year Ended December 31, |
Period
Ended
December 31, | ||
|
2021 |
2020 |
2019 |
2018 |
2017(a)
|
Net Asset Value, Beginning of Period |
$35.57 |
$24.35 |
$17.68 |
$17.89 |
$15.31 |
Investment Activities |
|
|
|
|
|
Net Investment Income (Loss) |
0.15(b)
|
0.17(b)
|
0.15(b)
|
0.12 |
0.08 |
Net Realized and Unrealized
Gains (Losses) on Investments |
9.45 |
11.63 |
6.74 |
(0.18) |
2.87 |
Total from Investment Activities |
9.60 |
11.80 |
6.89 |
(0.06) |
2.95 |
Distributions to Shareholders From: |
|
|
|
|
|
Net Investment Income |
(0.15) |
(0.17) |
(0.14) |
(0.14) |
(0.10) |
Net Realized Gains from
Investments |
(1.83) |
(0.41) |
(0.08) |
(0.01) |
(0.27) |
Total Distributions |
(1.98) |
(0.58) |
(0.22) |
(0.15) |
(0.37) |
Net Asset Value, End of Period |
$43.19 |
$35.57 |
$24.35 |
$17.68 |
$17.89 |
Total Return*(c)
|
27.14% |
48.51% |
38.99% |
(0.38%) |
19.27% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Expenses†(d)
|
0.30% |
0.31% |
0.39% |
0.40% |
0.40% |
Net Investment Income (Loss)(d)
|
0.38% |
0.59% |
0.71% |
0.72% |
0.66% |
Gross Expenes(d)
|
0.30% |
0.31% |
0.42% |
0.45% |
1.01% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$42,391 |
$35,511 |
$18,877 |
$12,667 |
$5,860 |
Portfolio Turnover(c)(e) |
10% |
17% |
9% |
5% |
5% |
By mail:
USAA Mutual Funds
P.O. Box 182593
Columbus, OH 43218-2593 |
By telephone:
Call USAA Mutual Funds at
(800) 235-8396 |
Fund
Shares |
Institutional
Shares |
Class A |
Class C |
R6 Shares |
|
UGMVX |
UGOFX |
— |
— |
— |
|
|
Fund
Shares |
Inst.
Shares |
|
|
|
|
Fund
Shares |
Inst.
Shares |
Management Fee |
|
|
Distribution and/or Service (12b-1) Fees |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
Fee Waiver/Reimbursement from Adviser |
( |
( |
Total Annual Fund Operating Expenses after
Reimbursement |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Fund Shares |
$ |
$ |
$ |
$ |
Inst. Shares |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
1 Year |
5 Years |
10 Years
(or Life
of Class) |
Institutional Shares |
|
|
|
Return Before Taxes |
|
|
|
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
Fund Shares |
|
|
|
Return Before Taxes |
|
|
|
Indexes |
|
|
|
MSCI All-Country World Index (reflects no deduction for
fees, expenses, or taxes excluding foreign withholding
taxes) |
|
|
|
Global Managed Volatility Composite Index* (reflects no
deduction for fees, expenses, or taxes) |
|
|
|
|
Title |
Tenure with
the Fund |
Mannik S. Dhillon,
CFA, CAIA |
President, VictoryShares and Solutions |
Since 2019 |
Lance Humphrey,
CFA |
Portfolio Manager, VictoryShares and Solutions |
Since 2016 |
Investment Minimums |
Fund Shares |
Inst. Shares |
Minimum Initial Investment |
$3,000 |
$1,000,000 |
Minimum Subsequent Investments |
$50 |
None |
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$11.20 |
$10.97 |
$9.39 |
$10.73 |
$9.03 |
Investment Activities |
|
|
|
|
|
Net Investment Income (Loss) |
0.15(a)
|
0.12(a)
|
0.19(a)
|
0.25 |
0.13(a)
|
Net Realized and Unrealized
Gains (Losses) on Investments |
2.15 |
0.56 |
1.85 |
(1.18) |
1.76 |
Total from Investment Activities |
2.30 |
0.68 |
2.04 |
(0.93) |
1.89 |
Distributions to Shareholders From |
|
|
|
|
|
Net Investment Income |
(0.11) |
(0.15) |
(0.22) |
(0.15) |
(0.14) |
Net Realized Gains from
Investments |
(2.61) |
(0.30) |
(0.24) |
(0.26) |
(0.05) |
Total Distributions |
(2.72) |
(0.45) |
(0.46) |
(0.41) |
(0.19) |
Net Asset Value, End of Period |
$10.78 |
$11.20 |
$10.97 |
$9.39 |
$10.73 |
Total Return* |
21.00% |
6.25% |
21.69% |
(8.78)% |
20.95% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Expenses†(b)
|
0.90% |
0.90% |
0.90% |
0.90% |
0.90% |
Net Investment Income (Loss) |
1.26% |
1.14% |
1.81% |
1.57% |
1.30% |
Gross Expenses(b)
|
1.05% |
1.15% |
1.09% |
1.18% |
1.09% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$12,183 |
$10,414 |
$11,921 |
$10,229 |
$11,284 |
Portfolio Turnover(c)
|
40% |
86% |
53% |
35% |
48% |
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$11.35 |
$11.11 |
$9.49 |
$10.84 |
$9.12 |
Investment Activities: |
|
|
|
|
|
Net Investment Income (Loss) |
0.18(a)
|
0.14(a)
|
0.21(a)
|
0.16 |
0.18(a)
|
Net Realized and Unrealized
Gains (Losses) on Investments |
2.19 |
0.57 |
1.88 |
(1.08) |
1.76 |
Total from Investment Activities |
2.37 |
0.71 |
2.09 |
(0.92) |
1.94 |
Distributions to Shareholders From |
|
|
|
|
|
Net Investment Income |
(0.13) |
(0.17) |
(0.23) |
(0.17) |
(0.17) |
Net Realized Gains from
Investments |
(2.61) |
(0.30) |
(0.24) |
(0.26) |
(0.05) |
Total Distributions |
(2.74) |
(0.47) |
(0.47) |
(0.43) |
(0.22) |
Net Asset Value, End of Period |
$10.98 |
$11.35 |
$11.11 |
$9.49 |
$10.84 |
Total Return* |
21.34% |
6.44% |
21.97% |
(8.61)% |
21.24% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Expenses†(b)
|
0.70% |
0.70% |
0.70% |
0.70% |
0.72%(c)
|
Net Investment Income (Loss) |
1.45% |
1.34% |
1.97% |
1.87% |
1.79% |
Gross Expenses(b)
|
0.77% |
0.74% |
0.75% |
0.74% |
0.76% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$594,164 |
$725,204 |
$1,005,270 |
$922,210 |
$824,189 |
Portfolio Turnover(d)
|
40% |
86% |
53% |
35% |
48% |
By mail:
USAA Mutual Funds
P.O. Box 182593
Columbus, OH 43218-2593 |
By telephone:
Call USAA Mutual Funds at
(800) 235-8396 |
Fund
Shares |
Institutional
Shares |
Class A |
Class C |
R6 Shares |
|
UUSTX |
UUSIX |
USBAX |
— |
URUSX |
|
|
Fund
Shares |
Inst.
Shares |
Class A |
R6
Shares |
Maximum Sales Charge (load)
Imposed on Purchases (as a
percentage of offering price) |
|
|
|
|
|
Fund
Shares |
Inst.
Shares |
Class A |
R6
Shares |
Management Fee |
|
|
|
|
Distribution and/or Service (12b-1)
Fees |
|
|
|
|
Other Expenses |
|
|
|
|
Total Annual Fund Operating
Expenses |
|
|
|
|
Fee Waiver/Reimbursement from
Adviser |
|
|
( |
( |
Total Annual Fund Operating
Expenses after Reimbursement |
|
|
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Fund Shares |
$ |
$ |
$ |
$ |
Inst. Shares |
$ |
$ |
$ |
$ |
Class A |
$ |
$ |
$ |
$ |
R6 Shares |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
1 Year |
5 Years
(or Life
of Class) |
10 Years
(or Life
of Class) |
Fund Shares |
|
|
|
Return Before Taxes |
|
|
|
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
Institutional Shares |
|
|
|
Return Before Taxes |
|
|
|
Class A |
|
|
|
Return Before Taxes |
|
|
|
R6 Shares |
|
|
|
Return Before Taxes |
|
|
|
Indexes | |||
Bloomberg U.S. Treasury Bellwethers 3 Month Index
(reflects no deduction for fees, expenses, or taxes) |
|
|
|
Lipper Ultra Short Obligations Funds Index (reflects no
deduction for taxes) |
|
|
|
|
Title |
Tenure with
the Fund |
Douglas J. Rollwitz,
CFA, CPA |
Portfolio Manager |
Since 2018 |
Brian W. Smith,
CFA, CPA |
Senior Portfolio Manager |
Since 2018 |
James F. Jackson Jr. |
Senior Portfolio Manager |
Since 2019 |
R. Neal Graves |
Senior Portfolio Manager |
Since 2019 |
Investment
Minimums |
Fund
Shares |
Inst.
Shares |
Class A |
R6
Shares |
Minimum Initial Investment |
$3,000 |
$1,000,000 |
$2,500 |
None |
Minimum Subsequent Investments |
$50 |
None |
$50 |
None |
Rating Agency |
Long-Term
Debt Securities |
Short-Term
Debt Securities |
Moody’s Investors Service,
Inc. |
At least Baa3 |
At least Prime–3 or
MIG 3/VMIG 3 |
S&P Global Ratings |
At least BBB – |
At least A–3 or SP–2 |
Over/Under Performance
Relative to Index
(in basis points)1
|
Annual Adjustment Rate
(in basis points as a percentage
of the Fund’s average daily net assets) |
+/– 20 to 50 |
+/– 4 |
+/– 51 to 100 |
+/– 5 |
+/– 101 and greater |
+/– 6 |
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.13 |
$10.05 |
$9.89 |
$9.97 |
$9.98 |
Investment Activities |
|
|
|
|
|
Net Investment Income (Loss) |
0.09(a)
|
0.20(a)
|
0.27(a)
|
0.22 |
0.16 |
Net Realized and Unrealized
Gains (Losses) on Investments |
(0.01) |
0.08(b)
|
0.16 |
(0.08) |
(0.01) |
Total from Investment Activities |
0.08 |
0.28 |
0.43 |
0.14 |
0.15 |
Distributions to Shareholders From |
|
|
|
|
|
Net Investment Income |
(0.09) |
(0.20) |
(0.27) |
(0.22) |
(0.16) |
Total Distributions |
(0.09) |
(0.20) |
(0.27) |
(0.22) |
(0.16) |
Net Asset Value, End of Period |
$10.12 |
$10.13 |
$10.05 |
$9.89 |
$9.97 |
Total Return* |
0.80% |
2.81% |
4.37% |
1.40% |
1.51% |
Ratios t Average Net Assets |
|
|
|
|
|
Net Expenses†
|
0.62% |
0.60% |
0.61% |
0.60% |
0.58% |
Net Investment Income (Loss) |
0.89% |
2.01% |
2.69% |
2.19% |
1.60% |
Gross Expenses |
0.62% |
0.60% |
0.61% |
0.60% |
0.58% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$210,831 |
$212,503 |
$275,168 |
$283,769 |
$330,442 |
Portfolio Turnover(c)
|
57% |
39% |
59% |
48% |
58% |
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.13 |
$10.05 |
$9.89 |
$9.97 |
$9.98 |
Investment Activities: |
|
|
|
|
|
Net Investment Income (Loss) |
0.10(a)
|
0.19(a)
|
0.27(a)
|
0.22 |
0.15 |
Net Realized and Unrealized
Gains (Losses) on Investments |
(0.01) |
0.09(b)
|
0.16 |
(0.08) |
(0.01) |
Total from Investment Activities |
0.09 |
0.28 |
0.43 |
0.14 |
0.14 |
Distributions to Shareholders From: |
|
|
|
|
|
Net Investment Income |
(0.10) |
(0.20) |
(0.27) |
(0.22) |
(0.15) |
Total Distributions |
(0.10) |
(0.20) |
(0.27) |
(0.22) |
(0.15) |
Net Asset Value, End of Period |
$10.12 |
$10.13 |
$10.05 |
$9.89 |
$9.97 |
Total Return* |
0.87% |
2.87% |
4.43% |
1.45% |
1.44% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Expense†
|
0.55% |
0.56% |
0.55% |
0.55% |
0.64%(c)
|
Net Investment Income (Loss) |
0.96% |
1.86% |
2.75% |
2.25% |
1.51% |
Gross Expenses |
0.55% |
0.63% |
0.64% |
0.77% |
0.75% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$79,662 |
$56,042 |
$9,842 |
$8,433 |
$7,115 |
Portfolio Turnover(d)
|
57% |
39% |
59% |
48% |
58% |
|
|
Year Ended
December 31, |
Period Ended
December 31, |
|
|
2021 |
2020(a)
|
Net Asset Value, Beginning of Period |
|
$10.13 |
$9.90 |
Investment Activities |
|
|
|
Net Investment Income (Loss) |
|
0.07(b)
|
0.07(b)
|
Net Realized and Unrealized
Gains (Losses) on Investments |
|
(0.01) |
0.23(c)
|
Total from Investment Activities |
|
0.06 |
0.30 |
Distributions to Shareholders From |
|
|
|
Net Investment Income |
|
(0.07) |
(0.07) |
Total Distributions |
|
(0.07) |
(0.07) |
Net Asset Value, End of Period |
|
$10.12 |
$10.13 |
Total Return*(d)
|
|
0.57% |
3.02% |
Ratios to Average Net Assets |
|
|
|
Net Expenses†(e)
|
|
0.85% |
0.84% |
Net Investment Income (Loss)(e)
|
|
0.65% |
1.32% |
Gross Expenses(e)
|
|
14.86% |
108.95% |
Supplemental Data |
|
|
|
Net Assets, End of Period (000’s) |
|
$59 |
$19 |
Portfolio Turnover(d)(f)
|
|
57% |
39% |
|
|
Year Ended December 31, |
Period
Ended
December 31, | ||
|
2021 |
2020 |
2019 |
2018 |
2017(a)
|
Net Asset Value, Beginning of Period |
$10.13 |
$10.05 |
$9.88 |
$9.97 |
$9.98 |
Investment Activities: |
|
|
|
|
|
Net Investment Income (Loss) |
0.11(b)
|
0.21(b)
|
0.29(b)
|
0.24 |
0.15 |
Net Realized and Unrealized
Gains (Losses) on Investments |
(0.02) |
0.09(c)
|
0.17 |
(0.09) |
(0.01) |
Total from Investment Activities |
0.09 |
0.30 |
0.46 |
0.15 |
0.14 |
Distributions to Shareholders: |
|
|
|
|
|
Net Investment Income |
(0.10) |
(0.22) |
(0.29) |
(0.24) |
(0.15) |
Total Distributions to Shareholders |
(0.10) |
(0.22) |
(0.29) |
(0.24) |
(0.15) |
Net Asset Value, End of Period |
$10.12 |
$10.13 |
$10.05 |
$9.88 |
$9.97 |
Total Return*(d)
|
0.91% |
3.02% |
4.70% |
1.51% |
1.42% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Expenses† (e) |
0.48% |
0.41% |
0.39% |
0.39% |
0.39% |
Net Investment Income (Loss) (e)
|
1.09% |
2.15% |
2.92% |
2.41% |
1.81% |
Gross Expenses(e)
|
0.49% |
0.51% |
0.80% |
0.69% |
1.05% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000) |
$2,223 |
$7,648 |
$6,518 |
$4,980 |
$5,091 |
Portfolio Turnover(d)(f)
|
57% |
39% |
59% |
48% |
58% |
By mail:
USAA Mutual Funds
P.O. Box 182593
Columbus, OH 43218-2593 |
By telephone:
Call USAA Mutual Funds at
(800) 235-8396 |
|
|
Management Fee |
|
Distribution and/or Service (12b-1) Fees |
|
Other Expenses |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses |
|
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
1 Year |
5 Years |
10 Years |
Fund Shares |
|
|
|
Return Before Taxes |
|
|
|
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
Index | |||
S&P Target Date Retirement Income Index (reflects no
deduction for fees, expenses, or taxes) |
|
|
|
|
Title |
Tenure with
the Fund |
Mannik S. Dhillon,
CFA, CAIA |
President, VictoryShares and Solutions |
Since 2019 |
Lance Humphrey,
CFA |
Portfolio Manager, VictoryShares and Solutions |
Since 2018 |
Lela Dunlap, CFA |
Associate Portfolio Manager, VictoryShares and
Solutions |
Since October
2021 |
|
|
Management Fee |
|
Distribution and/or Service (12b-1) Fees |
|
Other Expenses |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses |
|
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
1 Year |
5 Years |
10 Years |
Fund Shares |
|
|
|
Return Before Taxes |
|
|
|
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
Index | |||
S&P Target Date 2030 Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
|
|
Title |
Tenure with
the Fund |
Mannik S. Dhillon,
CFA, CAIA |
President, VictoryShares and Solutions |
Since 2019 |
Lance Humphrey,
CFA |
Portfolio Manager, VictoryShares and Solutions |
Since 2018 |
Lela Dunlap, CFA |
Associate Portfolio Manager, VictoryShares and
Solutions |
Since October
2021 |
|
|
Management Fee |
|
Distribution and/or Service (12b-1) Fees |
|
Other Expenses |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses |
|
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
1 Year |
5 Years |
10 Years |
Fund Shares |
|
|
|
Return Before Taxes |
|
|
|
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
Index | |||
S&P Target Date 2040 Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
|
|
Title |
Tenure with
the Fund |
Mannik S. Dhillon,
CFA, CAIA |
President, VictoryShares and Solutions |
Since 2019 |
Lance Humphrey,
CFA |
Portfolio Manager, VictoryShares and Solutions |
Since 2018 |
Lela Dunlap, CFA |
Associate Portfolio Manager, VictoryShares and
Solutions |
Since October
2021 |
|
|
Management Fee |
|
Distribution and/or Service (12b-1) Fees |
|
Other Expenses |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses |
|
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
1 Year |
5 Years |
10 Years |
Fund Shares |
|
|
|
Return Before Taxes |
|
|
|
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
Indexes | |||
S&P Target Date 2050 Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
|
MSCI All-Country World Index (reflects no deduction for
fees, expenses, or taxes excluding foreign withholding
taxes) |
|
|
|
|
Title |
Tenure with
the Fund |
Mannik S. Dhillon,
CFA, CAIA |
President, VictoryShares and Solutions |
Since 2019 |
Lance Humphrey,
CFA |
Portfolio Manager, VictoryShares and Solutions |
Since 2018 |
Lela Dunlap, CFA |
Associate Portfolio Manager, VictoryShares and
Solutions |
Since October
2021 |
|
|
Management Fee |
|
Distribution and/or Service (12b-1) Fees |
|
Other Expenses |
|
Acquired Fund Fees and Expenses |
|
Total Annual Fund Operating Expenses |
|
Fee Waiver/Reimbursement from Adviser |
( |
Total Annual Fund Operating Expenses after Reimbursement |
|
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
|
|
|
|
|
|
|
|
|
1 Year |
5 Years |
10 Years
(or Life
of Class) |
Fund Shares |
|
|
|
Return Before Taxes |
|
|
|
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund
Shares |
|
|
|
Indexes | |||
S&P Target Date 2060+ Index (reflects no deduction for
fees, expenses, or taxes) |
|
|
|
MSCI All-Country World Index (reflects no deduction for
fees, expenses, or taxes excluding foreign withholding
taxes) |
|
|
|
|
Title |
Tenure with
the Fund |
Mannik S. Dhillon,
CFA, CAIA |
President, VictoryShares and Solutions |
Since 2019 |
Lance Humphrey,
CFA |
Portfolio Manager, VictoryShares and Solutions |
Since 2018 |
Lela Dunlap, CFA |
Associate Portfolio Manager, VictoryShares and
Solutions |
Since October
2021 |
Funds |
Objective/Strategy |
USAA Aggressive Growth
Fund |
seeks capital appreciation/primarily invests in
equity securities of large companies selected
for their growth potential |
Funds |
Objective/Strategy |
USAA Capital Growth Fund |
seeks capital appreciation/primarily invests in
U.S. and foreign equity securities that are
believed to be the most attractive in the
global marketplace |
VictoryShares USAA Core
Intermediate-Term Bond ETF |
seeks high current income without undue risk
to principal/invests primarily in
investment-grade corporate debt and U.S.
government securities |
VictoryShares USAA Core
Short-Term Bond ETF |
seeks high current income consistent with
preservation of principal/invest primarily in
corporate bonds and U.S. Treasury bonds |
USAA Emerging Markets
Fund |
seeks capital appreciation/80% in equity
securities of emerging market companies |
USAA Global Managed
Volatility Fund |
seeks to attain long-term capital appreciation
while attempting to reduce volatility during
unfavorable market conditions/combines a
portfolio of domestic and foreign equity
securities (including emerging market
companies) |
USAA Government Securities
Fund |
provides investors a high level of current
income consistent with preservation of
principal/80% in government securities |
USAA Growth Fund |
seeks long-term growth of capital/invests in a
diversified portfolio of equity securities
selected for their growth potential |
USAA Growth & Income
Fund |
seeks capital growth with a secondary
investment objective of current income/invests
primarily in equity securities that show the
best potential for total return through a
combination of capital growth and income |
Funds |
Objective/Strategy |
USAA High Income Fund |
seeks attractive total return primarily through
high current income and secondarily through
capital appreciation/primarily invests in a
broad-range of U.S. dollar denominated
high-yield securities |
USAA Income Fund |
seeks maximum current income without
undue risk to principal/primarily invests in
U.S. dollar-denominated debt securities that
have been selected for their high yields
relative to the risk involved |
USAA Income Stock Fund |
seeks current income with prospect of
increasing dividend income and potential for
capital appreciation/80% in common stocks
with at least 65% normally invested in
companies that pay dividends |
USAA Intermediate-Term
Bond Fund |
seeks high current income without undue risk
to principal/80% in debt securities with a
dollar weighted average portfolio maturity
between three to 10 years |
USAA International Fund |
seeks capital appreciation/80% in equity
securities of foreign companies (including
emerging market companies) |
VictoryShares USAA MSCI
Emerging Markets Value
Momentum Blend Index ETF |
seeks to provide investment results that
closely correspond, before fees and expenses,
to the performance of the MSCI Emerging
Markets Select Value Momentum Blend
Index/at least 80% in securities in this index,
depositary receipts on securities in this index,
and securities underlying depositary receipts
in this index |
Funds |
Objective/Strategy |
VictoryShares USAA MSCI
International Value
Momentum Blend Index ETF |
seeks to provide investment results that
closely correspond, before fees and expenses,
to the performance of the MSCI World ex
USA Select Value Momentum Blend Index/at
least 80% in securities in this index,
depositary receipts on securities in this index,
and securities underlying depositary receipts
in this index |
VictoryShares USAA MSCI
USA Small Cap Value
Momentum Blend Index ETF |
seeks to provide investment results that
closely correspond, before fees and expenses,
to the performance of the MSCI USA Small
Cap Select Value Momentum Blend Index/at
least 80% in securities in this index |
VictoryShares USAA MSCI
USA Value Momentum Blend
Index ETF |
seeks to provide investment results that
closely correspond, before fees and expenses,
to the performance of the MSCI USA Select
Value Momentum Blend Index/at least 80% in
securities in this index |
USAA Precious Metals and
Minerals Fund |
seeks long-term capital appreciation and
protect the purchasing power of your capital
against inflation/80% in equity securities of
domestic and foreign companies principally
engaged in the exploration, mining, or
processing of gold and other precious metals
and minerals |
USAA Small Cap Stock Fund |
seeks long-term growth of capital/80% in
equity securities of companies with small
market capitalizations |
USAA 500 Index Fund |
seeks to match, before fees and expenses, the
performance of the stocks composing the
Victory US Large Cap 500 Index |
Funds |
Objective/Strategy |
USAA Short-Term Bond Fund |
seeks high current income consistent with
preservation of principal/80% in a broad
range of investment-grade debt securities with
a dollar weighted average portfolio maturity
of three years or less |
USAA Sustainable World
Fund |
seeks capital appreciation/invests primarily in
equity securities of both foreign (including
emerging markets) and domestic issuers |
USAA Target Managed
Allocation Fund |
seeks to maximize total return, primarily
through capital appreciation/invests primarily
in U.S. and/or foreign (to include emerging
markets) equity securities and fixed-income
securities through investments in shares of
other investment companies, including
exchange-traded funds and hedge funds, and
real estate securities, including real estate
investment trusts |
USAA Ultra Short-Term Bond
Fund |
seeks to provide high current income
consistent with preservation of principal/80%
in investment-grade debt securities that have a
dollar-weighted average portfolio maturity of
18 months (one and a half years) or less |
USAA Value Fund |
seeks long-term growth of capital/primarily
invests in equity securities of companies
considered to be undervalued |
Victory Integrity Mid-Cap
Value Fund |
seeks to provide capital appreciation/80% in
equity securities of mid-capitalization
companies |
Victory Market Neutral
Income Fund |
high current income/a proprietary, “market
neutral” investment strategy designed to seek
income from its investments while
maintaining a low correlation to the foreign
and domestic equity and bond markets |
Funds |
Objective/Strategy |
Victory RS International Fund |
seeks to provide long-term capital
appreciation/80% in common stocks and
convertible securities issued by companies (1)
organized, domiciled, or with a principal
office outside of the United States, (2) the
securities of which primarily trade in a
market located outside of the United States,
or (3) that do a substantial amount of
business outside of the United States, which
the Adviser considers to be companies that
derive at least 50% of their revenue or profits
from business outside the United States or
have at least 50% of their sales or assets
outside the United States |
Victory Sophus Emerging
Markets Fund |
seeks to provide long-term capital
appreciation/80% in securities of emerging
market companies |
Victory Trivalent International
Fund – Core Equity |
seeks to provide long-term growth of
capital/80% in equity securities of companies
primarily in securities of companies in
countries represented in the MSCI ACWI ex
USA Index |
VictoryShares Dividend
Accelerator ETF |
seeks to provide investment results that track
the performance of the Nasdaq Victory
Dividend Accelerator Index before fees and
expenses/80% in securities included in the
Nasdaq Victory Dividend Accelerator Index |
VictoryShares International
Volatility Wtd ETF |
seeks to provide investment results that track
the performance of the Nasdaq Victory
International 500 Volatility Weighted Index
before fees and expenses/80% directly or
indirectly in the securities included in the
Nasdaq Victory International 500 Volatility
Weighted Index |
Funds |
Objective/Strategy |
VictoryShares Nasdaq Next
50 ETF |
seeks to provide investment results that track
the performance of the Nasdaq Q-50 Index
before fees and expenses/80% in securities
included in the Nasdaq Q-50 Index |
VictoryShares US 500
Volatility Wtd ETF |
seeks to provide investment results that track
the performance of the Nasdaq Victory US
Large Cap 500 Volatility Weighted Index
before fees and expenses/80% directly or
indirectly in the securities included in the
Nasdaq Victory US Large Cap 500 Volatility
Weighted Index |
VictoryShares US
Multi-Factor Minimum
Volatility ETF |
seeks to provide investment results that track
the performance of the Nasdaq Victory US
Multi-Factor Minimum Volatility Index before
fees and expenses/80% in securities included
in the Nasdaq Victory US Multi-Factor
Minimum Volatility Index |
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$11.71 |
$11.22 |
$10.69 |
$11.69 |
$11.41 |
Investment Activities: |
|
|
|
|
|
Net Investment Income (Loss) |
0.38(a)
|
0.38(a)
|
0.31(a)
|
0.29 |
0.28 |
Net Realized and Unrealized
Gains (Losses) on Investments |
0.37 |
0.58 |
0.93 |
(0.64) |
0.70 |
Total from Investment Activities |
0.75 |
0.96 |
1.24 |
(0.35) |
0.98 |
Distributions to Shareholders From |
|
|
|
|
|
Net Investment Income |
(0.38) |
(0.30) |
(0.31) |
(0.29) |
(0.28) |
Net Realized Gains from
Investments |
(0.40) |
(0.17) |
(0.40) |
(0.36) |
(0.42) |
Total Distributions |
(0.78) |
(0.47) |
(0.71) |
(0.65) |
(0.70) |
Net Asset Value, End of Period |
$11.68 |
$11.71 |
$11.22 |
$10.69 |
$11.69 |
Total Return* |
6.48% |
8.73% |
11.72% |
(3.01)% |
8.66% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Expenses†(b)
|
0.03% |
0.06% |
0.07% |
0.07% |
0.07% |
Net Investment Income (Loss) |
3.13% |
3.40% |
2.75% |
2.53% |
2.44% |
Gross Expenses(b)
|
0.03% |
0.06% |
0.07% |
0.07% |
0.07% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$807,636 |
$827,247 |
$337,633 |
$318,796 |
$349,866 |
Portfolio Turnover |
16% |
15%(c)
|
16% |
29% |
41% |
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$13.03 |
$12.47 |
$11.87 |
$13.84 |
$12.89 |
Investment Activities: |
|
|
|
|
|
Net Investment Income (Loss) |
0.53(a)
|
0.29(a)
|
0.33(a)
|
0.30 |
0.30 |
Net Realized and Unrealized
Gains (Losses) on Investments |
1.05 |
0.86 |
1.70 |
(1.25) |
1.77 |
Total from Investment Activities |
1.58 |
1.15 |
2.03 |
(0.95) |
2.07 |
Distributions to Shareholders From |
|
|
|
|
|
Net Investment Income |
(0.59) |
(0.25) |
(0.31) |
(0.30) |
(0.32) |
Net Realized Gains from
Investments |
(0.45) |
(0.34) |
(1.12) |
(0.72) |
(0.80) |
Total Distributions |
(1.04) |
(0.59) |
(1.43) |
(1.02) |
(1.12) |
Net Asset Value, End of Period |
$13.57 |
$13.03 |
$12.47 |
$11.87 |
$13.84 |
Total Return* |
12.24% |
9.25% |
17.13% |
(6.99)% |
16.12% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Expenses†(b)
|
0.02% |
0.02% |
0.03% |
0.03% |
0.03% |
Net Investment Income (Loss) |
3.79% |
2.41% |
2.53% |
2.25% |
2.29% |
Gross Expenses(b)
|
0.02% |
0.02% |
0.03% |
0.03% |
0.03% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$1,387,522 |
$1,330,701 |
$1,368,343 |
$1,183,564 |
$1,286,393 |
Portfolio Turnover |
18% |
19% |
24% |
36% |
32% |
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$13.02 |
$12.58 |
$11.87 |
$14.25 |
$12.82 |
Investment Activities: |
|
|
|
|
|
Net Investment Income (Loss) |
0.60(a)
|
0.28(a)
|
0.32(a)
|
0.27 |
0.29 |
Net Realized and Unrealized
Gains (Losses) on Investments |
1.45 |
0.88 |
1.99 |
(1.46) |
2.07 |
Total from Investment Activities |
2.05 |
1.16 |
2.31 |
(1.19) |
2.36 |
Distributions to Shareholders from |
|
|
|
|
|
Net Investment Income |
(0.67) |
(0.22) |
(0.29) |
(0.28) |
(0.29) |
Net Realized Gains from
Investments |
(0.42) |
(0.50) |
(1.31) |
(0.91) |
(0.64) |
Total Distributions |
(1.09) |
(0.72) |
(1.60) |
(1.19) |
(0.93) |
Net Asset Value, End of Period |
$13.98 |
$13.02 |
$12.58 |
$11.87 |
$14.25 |
Total Return* |
15.88% |
9.22% |
19.57% |
(8.53)% |
18.46% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Expenses†(b)
|
0.02% |
0.02% |
0.02% |
0.02% |
0.03% |
Net Investment Income (Loss) |
4.18% |
2.30% |
2.41% |
2.08% |
2.15% |
Gross Expenses(b)
|
0.02% |
0.02% |
0.02% |
0.02% |
0.03% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$1,644,252 |
$1,531,320 |
$1,551,552 |
$1,310,328 |
$1,424,068 |
Portfolio Turnover |
16% |
20% |
29% |
35% |
32% |
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$13.35 |
$12.84 |
$11.95 |
$14.45 |
$12.78 |
Investment Activities: |
|
|
|
|
|
Net Investment Income (Loss) |
0.65(a)
|
0.28(a)
|
0.31(a)
|
0.26 |
0.27 |
Net Realized and Unrealized
Gains (Losses) on Investments |
1.69 |
1.07 |
2.09 |
(1.54) |
2.20 |
Total from Investment Activities |
2.34 |
1.35 |
2.40 |
(1.28) |
2.47 |
Distributions to Shareholders From |
|
|
|
|
|
Net Investment Income |
(0.69) |
(0.24) |
(0.28) |
(0.26) |
(0.28) |
Net Realized Gains from
Investments |
(0.49) |
(0.60) |
(1.23) |
(0.96) |
(0.52) |
Total Distributions |
(1.18) |
(0.84) |
(1.51) |
(1.22) |
(0.80) |
Net Asset Value, End of Period |
$14.51 |
$13.35 |
$12.84 |
$11.95 |
$14.45 |
Total Return* |
17.71% |
10.52% |
20.16% |
(9.02)% |
19.39% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Expenses†(b)
|
0.03% |
0.03% |
0.04% |
0.04% |
0.04% |
Net Investment Income (Loss) |
4.43% |
2.26% |
2.32% |
1.96% |
2.00% |
Gross Expenses(b)
|
0.03% |
0.03% |
0.04% |
0.04% |
0.04% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$986,077 |
$893,934 |
$893,030 |
$741,449 |
$804,921 |
Portfolio Turnover |
17% |
21% |
30% |
36% |
30% |
|
Year Ended December 31, | ||||
|
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$13.17 |
$12.53 |
$11.05 |
$12.74 |
$11.07 |
Investment Activities |
|
|
|
|
|
Net Investment Income (Loss) |
0.64(a)
|
0.26(a)
|
0.28(a)
|
0.23 |
0.22 |
Net Realized and Unrealized
Gains (Losses) on Investments |
1.67 |
1.01 |
1.94 |
(1.39) |
1.93 |
Total from Investment Activities |
2.31 |
1.27 |
2.22 |
(1.16) |
2.15 |
Distributions to Shareholders From |
|
|
|
|
|
Net Investment Income |
(0.69) |
(0.20) |
(0.27) |
(0.23) |
(0.22) |
Net Realized Gains from
Investments |
(0.33) |
(0.43) |
(0.47) |
(0.30) |
(0.26) |
Total Distributions |
(1.02) |
(0.63) |
(0.74) |
(0.53) |
(0.48) |
Net Asset Value, End of Period |
$14.46 |
$13.17 |
$12.53 |
$11.05 |
$12.74 |
Total Return* |
17.69% |
10.17% |
20.09% |
(9.18)% |
19.51% |
Ratios to Average Net Assets |
|
|
|
|
|
Net Expenses†(b)
|
0.10% |
0.10% |
0.10% |
0.10% |
0.10% |
Net Investment Income (Loss) |
4.41% |
2.17% |
2.30% |
2.00% |
1.95% |
Gross Expenses(b)
|
0.13% |
0.16% |
0.22% |
0.23% |
0.29% |
Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (000’s) |
$138,050 |
$121,007 |
$116,493 |
$87,403 |
$77,599 |
Portfolio Turnover |
18% |
28% |
29% |
36% |
37% |
By mail:
USAA Mutual Funds
P.O. Box 182593
Columbus, OH 43218-2593 |
By telephone:
Call USAA Mutual Funds at
(800) 235-8396 |
| |
2 |
|
3 |
|
3 |
|
7 |
|
8 |
|
43 |
|
45 |
|
48 |
|
50 |
|
53 |
|
60 |
|
63 |
|
71 |
|
73 |
|
76 |
|
78 |
|
79 |
|
80 |
Amount of Purchase |
Initial Sales Charge:
% of Offering Price |
Concession to Dealers:
% of Offering Price |
Less than $100,000 |
2.25% |
2.00% |
$100,000 to $249,999 |
1.75% |
1.50% |
Over $250,000 |
0.00% |
0.00% |
NAV per share |
$ 10.00 |
Per Share Sales Charge—2.25% of public offering price (2.30% of net asset value per share) for each Fund |
$0.23 |
Per Share Offering Price to the Public |
$10.23 |
Regular Broker-Dealer |
Type of Security
(Debt or Equity) |
Value of
Securities
($000s) |
USAA 500 Index Fund |
| |
Bank of America Corp. |
Equity |
$93,434 |
Citigroup, Inc. |
Equity |
$32,497 |
Morgan Stanley |
Equity |
$40,576 |
Wells Fargo & Co. |
Equity |
$52,438 |
USAA Extended Market Index Fund |
| |
Jefferies Financial Group, Inc. |
Equity |
$1,081 |
RBC Bearings, Inc. |
Equity |
$679 |
USAA Ultra Short-Term Bond Fund |
| |
Bank of America Corp. |
Debt |
$1,507 |
Barclays PLC |
Debt |
$1,001 |
Citigroup, Inc. |
Debt |
$1,390 |
UBS Group Funding Switzerland A |
Debt |
$2,003 |
Fund |
2021 |
2020 |
2019 |
USAA Extended Market Index Fund |
$137,265 |
$155,687 |
$205,509 |
USAA 500 Index Fund |
$166,862 |
$239,971 |
$293,604 |
USAA Nasdaq-100 Index Fund |
$41,184 |
$76,677 |
$36,083 |
USAA Global Managed Volatility Fund |
$328,171 |
$687,404 |
$294,531 |
USAA Ultra Short-Term Bond Fund |
$- |
$ - |
$109 |
Fund |
Total Amount of
Transactions |
Total Brokerage Commissions Paid to
Brokers that Provided Research |
USAA Global Managed Volatility Fund |
$136,590,409 |
$69,523 |
Fund |
2021 |
2020 |
USAA Extended Market Index Fund |
24% |
31% |
USAA 500 Index Fund |
8% |
5% |
USAA Nasdaq-100 Index Fund |
10% |
17% |
USAA Global Managed Volatility Fund |
40% |
86% |
USAA Ultra Short-Term Bond Fund |
57% |
39% |
Fund |
Short-Term Amount (000s) |
Long-Term Amount (000s) |
USAA Ultra Short-Term Bond Fund |
$1,926 |
$363 |
Name and
Date of Birth |
Position(s)
Held with
Funds |
Term of Office
and Length of
Time Served |
Principal Occupation(s)
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
Trustee |
Other
Directorships
Held During
the Past Five
Years |
Jefferson C.
Boyce
(September
1957) |
Independent
Chair |
Trustee since
September
2013,
Independent
Chair since
January 2021 |
Retired. |
45 |
Westhab, Inc.,
New York
Theological
Seminary,
American
Filtration Corp. |
Dawn M.
Hawley
(February
1954) |
Trustee |
Trustee since
April 2014 |
Retired. |
45 |
None |
Name and
Date of Birth |
Position(s)
Held with
Funds |
Term of Office
and Length of
Time Served |
Principal Occupation(s)
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
Trustee |
Other
Directorships
Held During
the Past Five
Years |
Daniel S.
McNamara
(June 1966) |
Trustee |
Trustee since
January 2012 |
Trustee, President, and Vice Chairman of
USAA ETF Trust (6/17-6/19); President of
Financial Advice & Solutions Group
(FASG), USAA (02/13-03/21); Director of
USAA Asset Management Company
(AMCO), (08/11-06/19); Chairman of Board
of AMCO (04/13/-06/19); Director of USAA
Investment Services Company (ISCO)
(formerly USAA Investment Management
Company) (09/09-03/21); Chairman of
Board of ISCO (04/13-12/20); President and
Director of USAA Shareholder Account
Services (SAS) (10/09-06/19); Chairman of
Board of SAS (04/13/-06/19); Senior Vice
President of USAA Financial Planning
Services Insurance Agency, Inc. (FPS)
(04/11-03/21); Director and Vice Chairman
of FPS (12/13-03/21); President and Director
of USAA Investment Corporation (ICORP)
(03/10-03/21); Chairman of Board of ICORP
(12/13-03/21); Director of USAA Financial
Advisors, Inc. (FAI) (12/13-03/21);
Chairman of Board of FAI (3/15-03/21). |
45 |
None |
Paul L.
McNamara
(July 1948) |
Trustee |
Trustee since
January 2012 |
Retired. |
45 |
None |
Richard Y.
Newton, III
(January 1956) |
Trustee |
Trustee since
March 2017 |
Director, Elta North America (01/18-08/19),
which is a global leader in the design,
manufacture, and support of innovative
electronic systems in the ground, maritime,
airborne, and security domains for the
nation’s warfighters, security personnel, and
first responders; Managing Partner, Pioneer
Partnership Development Group
(12/15-present). |
45 |
Terran Orbital
Corp.,
American Made
Filtration Corp. |
Barbara B.
Ostdiek, Ph.D.
(March 1964) |
Trustee |
Trustee since
January 2008 |
Senior Associate Dean of Degree programs
at Jesse H. Jones Graduate School of
Business at Rice University (07/13-present);
Associate Professor of Finance at Jesse H.
Jones Graduate School of Business at Rice
University (07/01-07/21); Professor of
Finance at Jesse H. Jones Graduate School
of Business at Rice University
(07/21-present). |
45 |
None |
Name and
Date of Birth |
Position(s)
Held with
Funds |
Term of Office
and Length of
Time Served |
Principal Occupation(s)
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
Trustee |
Other
Directorships
Held During
the Past Five
Years |
John C.
Walters
(February
1962) |
Trustee |
Trustee since
July 2019 |
Retired. |
45 |
Guardian
Variable
Products Trust
(16 series) |
Name and
Date of Birth |
Position(s)
Held with
Fund |
Term of Office
and Length of
Time Served |
Principal Occupation(s) Held
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
Trustee |
Other
Directorships
Held During
the Past Five
Years |
David C.
Brown
(May 1972) |
Trustee |
Trustee since
July 2019 |
Chairman and Chief Executive Officer
(2013-present), Victory Capital
Management Inc.; Chief Executive Officer
and Chairman (2013-present), Victory
Capital Holdings, Inc.; Director, Victory
Capital Services, Inc. (2013-present);
Director, Victory Capital Transfer Agency,
Inc. (2019-present). |
45 portfolios
within the
Trust;
40 portfolios
within the
Victory
Portfolios, 25
series within
the Victory
Portfolios II,
and 6 series
within the
Victory
Variable
Insurance
Funds |
None |
Name
and Date
of Birth |
Position(s)
Held with
Fund |
Term of
Office and
Length of
Time Served |
Principal Occupation(s) Held
During the Past Five Years |
Christopher K. Dyer
(February 1962) |
President |
July 2019 |
Director of Mutual Fund Administration,
Victory Capital Management Inc.
(2004-present). Chief Operating Officer,
Victory Capital Services, Inc. (2020-present).
Vice President, Victory Capital Transfer
Agency, Inc. (2019-present). |
Scott Stahorsky
(July 1969) |
Vice President |
July 2019 |
Manager, Fund Administration, Victory
Capital Management Inc. (2015-present). |
James K. De Vries
(April 1969) |
Treasurer |
March 2018 |
Executive Director, Victory Capital
Management Inc. (7/1/19-present); Executive
Director, Investment and Financial
Administration, USAA (2012-6/30/19);
Assistant Treasurer, USAA Mutual Funds
Trust (2013-2018). Mr. De Vries also serves
as the Funds’ Principal Financial Officer. |
Allan Shaer
(March 1965) |
Assistant Treasurer |
July 2019 |
Senior Vice President, Financial
Administration, Citi Fund Services Ohio,
Inc. (2016-present); Vice President, Mutual
Fund Administration, JP Morgan Chase Bank
(2011-2016). |
Name
and Date
of Birth |
Position(s)
Held with
Fund |
Term of
Office and
Length of
Time Served |
Principal Occupation(s) Held
During the Past Five Years |
Carol D. Trevino
(October 1965) |
Assistant Treasurer |
September 2018 |
Director, Accounting and Finance, Victory
Capital Management Inc. (7/1/19-present);
Accounting/ Financial Director, USAA
(12/13-6/30/19). |
Charles Booth
(April 1960) |
Anti-Money Laundering
Compliance Officer and
Identity Theft Officer |
July 2019 |
Director, Regulatory Administration and
CCO Support Services, City Fund Services
Ohio, Inc. (2007-present). |
Colin Kinney
(October 1973) |
Chief Compliance Officer |
July 2021 |
Chief Compliance Officer, the Adviser (since
2013), Chief Compliance Officer, Victory
Funds (since 2017), and Chief Risk Officer,
the Adviser (2009-2017). |
Sean Fox
(September 1976) |
Deputy Chief Compliance
Officer |
July 2021 |
Senior Compliance Officer, the Adviser
(2019-2021), Compliance Officer, the
Adviser (2015-2019). |
Trustee |
Dollar Range of Beneficial
Ownership of Fund Shares |
Aggregate Dollar Range
of Beneficial Ownership
of Shares of All Series
of the USAA Mutual
Fund Complex |
Independent Trustees |
|
|
Jefferson C. Boyce |
None |
$50,001-$100,000 |
Dawn Hawley |
USAA Ultra Short-Term Bond Fund: $10,000-$50,000 |
Over $100,000 |
Daniel S. McNamara |
USAA Ultra Short-Term Bond Fund: Over $100,000 |
Over $100,000 |
Paul L. McNamara |
None |
Over $100,000 |
Richard Y. Newton, III |
None |
None |
Barbara B. Ostdiek, Ph.D. |
USAA 500 Index Fund: $10,001-$50,000
USAA Nasdaq-100 Index Fund: $10,001-$50,000 |
Over $100,000 |
John C. Walters |
None |
Over $100,000 |
Interested Trustee |
|
|
David C. Brown |
None |
None |
Name of Trustee |
Aggregate
Compensation from
Funds Listed in this SAI |
Total Compensation
from the USAA Mutual Funds (b)
|
Interested Trustee |
|
|
David C. Brown |
None (a)
|
None (a)
|
Independent Trustees |
|
|
Jefferson C. Boyce |
$36,685 |
$337,500 |
Dawn Hawley |
$31,359 |
$288,500 |
Daniel S. McNamara |
$14,674 |
$135,000 |
Paul L. McNamara |
$30,924 |
$284,500 |
Richard Y. Newton, III |
$29,620 |
$272,500 |
Barbara B. Ostdiek, Ph.D. |
$30,924 |
$284,500 |
John C. Walters |
$30,924 |
$284,500 |
Title of Class |
Name of Address of Beneficial Owner |
Percent of Class |
Nature of Ownership1
|
USAA Extended Market Index
Fund |
Charles Schwab & Co., Inc.
211 Mail Street
San Francisco, CA 94105 |
32.13% |
Record |
USAA 500 Index Fund Reward
Shares |
Charles Schwab & Co., Inc.
211 Mail Street
San Francisco, CA 94105 |
27.21% |
Record |
USAA 500 Index Fund Reward
Shares |
Gerlach & CO, LLC/
Citibank Open WE1
3800 Citigroup Ctr Building B3 14 Tampa,
FL 33610 |
5.13% |
Record |
USAA 500 Index Fund
Member Shares |
Charles Schwab & Co., Inc.
211 Mail Street
San Francisco, CA 94105 |
33.53% |
Record |
USAA 500 Index Fund
Member Shares |
National Financial Services LLC
Newport Office Center III
5th Floor
499 Washington Blvd
Jersey City, NJ 07310 |
5.45% |
Record |
USAA Nasdaq-100 Index Fund
Shares |
Charles Schwab
211 Mail Street
San Francisco, CA 94105 |
37.82% |
Record |
USAA Nasdaq-100 Index Fund
Shares |
National Financial Services LLC
Newport Office Center III
5th Floor 499 Washington Blvd
Jersey City, NJ 07310 |
11.46% |
Record |
USAA Nasdaq-100 Index Fund
Shares |
TD Ameritrade Clearing, Inc.
200 South 108th Avenue
Omaha, NE 68154 |
5.16% |
Record |
USAA Nasdaq-100 Index Fund
Institutional Shares |
UBS Financial Services Inc.
C/O Central Deposit/Mutual Funds
1000 Harbor Blvd 7th FL
A/C YY011410610
Weehawken, NJ 07086-6727 |
25.20% |
Record |
USAA Nasdaq-100 Index Fund
Institutional Shares |
Charles Schwab & Co., Inc.
211 Mail Street
San Francisco, CA 94105 |
13.16% |
Record |
USAA Nasdaq-100 Index Fund
Institutional Shares |
Pershing LLC
One Pershing Plaza
Product Support, 14th Floor
Jersey City, NJ 07399 |
6.40% |
Record |
Title of Class |
Name of Address of Beneficial Owner |
Percent of Class |
Nature of Ownership1 |
USAA Nasdaq-100 Index Fund
Class A |
National Financial Services LLC
Newport Office Center III
5th Floor 499 Washington Blvd
Jersey City, NJ 07310 |
90.93% |
Record |
USAA Nasdaq-100 Index Fund
Class A |
TD Ameritrade Clearing, Inc.
200 South 108th Avenue
Omaha, NE 68154 |
6.71% |
Record |
USAA Nasdaq-100 Index Fund
Class C |
National Financial Services LLC
Newport Office Center III
5th Floor 499 Washington Blvd
Jersey City, NJ 07310 |
60.79% |
Record |
USAA Nasdaq-100 Index Fund
Class C |
Pershing LLC
One Pershing Plaza
Product Support, 14th Floor
Jersey City, NJ 07399 |
13.31% |
Record |
USAA Nasdaq-100 Index Fund
Class C |
Raymond James & Associates, Inc.
880 Carillon Parkway
St. Petersburg, FL 337332449 |
6.43% |
Record |
USAA Nasdaq-100 Index Fund
R6 Shares |
National Financial Services LLC
Newport Office Center III
5th Floor 499 Washington Blvd
Jersey City, NJ 07310 |
37.89% |
Record |
USAA Nasdaq-100 Index Fund
R6 Shares |
Nationwide Investment Services Corp
CO IPO Portfolio Accounting
PO Box 182029
Columbus, Oh 43218 |
16.67% |
Record |
USAA Nasdaq-100 Index Fund
R6 Shares |
Great-West Trust Company LLC
FBO Employee Benefits Clients 401k
8515 E Orchard Rd 2T2
Greenwood Village, CO 80111 |
11.92% |
Record |
USAA Nasdaq-100 Index Fund
R6 Shares |
Matrix Trust Company Cust
Scioto County CTC OH 403 B
717 17th Street
Suite 1300
Denver, CO 80202 |
11.03% |
Record |
USAA Nasdaq-100 Index Fund
R6 Shares |
Ascensus Trust Company
Mercury International Trading Corp
238042
PO Box 10758
Fargo, ND 58106 |
6.25% |
Record |
USAA Global Managed
Volatility Fund Shares |
Charles Schwab & Co., Inc.
211 Mail Street
San Francisco, CA 94105 |
59.97% |
Record |
USAA Global Managed
Volatility Fund Institutional
Shares |
Gerlach & CO, LLC/
Citibank Open WE1
3800 Citigroup Ctr Building B3 14 Tampa,
FL 33610 |
99.99% |
Record |
Title of Class |
Name of Address of Beneficial Owner |
Percent of Class |
Nature of Ownership1 |
USAA Ultra Short-Term Bond
Fund Shares |
Charles Schwab & Co., Inc.
211 Mail Street
San Francisco, CA 94105 |
40.23% |
Record |
USAA Ultra Short-Term Bond
Fund Shares |
National Financial
for the exclusive benefits
of its customers
499 Washington Blvd
Jersey City, NJ 07310 |
5.33% |
Record |
USAA Ultra Short-Term Bond
Fund Institutional Shares |
National Financial
for the exclusive benefits
of its customers
499 Washington Blvd
Jersey City, NJ 07310 |
62.03% |
Record |
USAA Ultra Short-Term Bond
Fund Institutional Shares |
UBS Financial Services Inc.
C/O Central Deposit/Mutual Funds
1000 Harbor Blvd 7th FL
A/C YY011410610
Weehawken, NJ 07086-6727 |
28.24% |
Record |
USAA Ultra Short-Term Bond
Fund Class A |
Edward D. Jones & Co., LP
12555 Manchester Road
St Louis, MO 63131-3729 |
50.88% |
Record |
USAA Ultra Short-Term Bond
Fund Class A |
Victory Capital Management Inc.
4900 Tiedeman Road 4th Floor
C/O Cathy Savvas Controller
Brooklyn, OH 44144 |
32.16% |
Beneficial |
USAA Ultra Short-Term Bond
Fund Class A |
Pershing LLC
One Pershing Plaza
Product Support, 14th Floor
Jersey City, NJ 07399 |
16.96% |
Record |
USAA Ultra Short-Term Bond
Fund R6 Shares |
Matrix Trust Company as Custodian
PO Box 52129
Phoenix, AZ 85072-2129 |
87.95% |
Record |
USAA Ultra Short-Term Bond
Fund R6 Shares |
Nationwide Investment Services Corp
CO IPO Portfolio Accounting
PO Box 182029
Columbus, OH 43218 |
11.36% |
Record |
Fund |
2019* |
USAA Extended Market Index Fund |
$369,018 |
USAA 500 Index Fund |
$3,637,103 |
USAA Nasdaq-100 Index Fund |
$2,015,765 |
USAA Global Managed Volatility Fund |
$3,032,607 |
Fund |
2019* |
USAA Ultra Short-Term Bond Fund |
$357,499 |
Fund |
2021 |
2020 |
2019 |
USAA Extended Market Index Fund |
$994,383 |
$725,660 |
$381,835 |
USAA 500 Index Fund |
$10,021,720 |
$7,926,789 |
$3,901,852 |
USAA Nasdaq-100 Index Fund |
$8,104,460 |
$5,880,928 |
$2,262,736 |
USAA Global Managed Volatility Fund |
$3,711,458 |
$5,309,537 |
$3,083,960 |
USAA Ultra Short-Term Bond Fund |
$836,692 |
$629,860 |
$357,114 |
USAA Ultra Short-Term Bond Fund |
Over/Under Performance
Relative to Index
(in basis points) 1
|
Annual Adjustment Rate
(in basis points as a percentage
of a Fund’s average daily net assets) |
+/- 20 to 50 |
+/– 4 |
+/– 51 to 100 |
+/– 5 |
+/– 101 and greater |
+/– 6 |
|
Examples | |||||
|
1 |
2 |
3 |
4 |
5 |
6 |
Fund Performance (a) |
6.80% |
5.30% |
4.30% |
-7.55% |
-5.20% |
-3.65% |
Index Performance (a) |
4.75% |
5.15% |
4.70% |
-8.50% |
-3.75% |
-3.50% |
Over/Under Performance (b) |
205 |
15 |
-40 |
95 |
-145 |
-15 |
Annual Adjustment Rate (b) |
6 |
- |
-4 |
5 |
-6 |
- |
Monthly Adjustment Rate (c) |
0.00% |
n/a |
0.00% |
0.00% |
0.00% |
n/a |
Base Fee for Month |
$221,918 |
$221,918 |
$221,918 |
$221,918 |
$221,918 |
$221,918 |
Performance Adjustment |
41,650 |
- |
-28,050 |
34,850 |
-41,650 |
- |
Monthly Fee |
$263,568 |
$221,918 |
$193,868 |
$256,768 |
$180,268 |
$221,918 |
Fund |
2019 |
USAA 500 Index Fund - Member Shares |
$207,940 |
USAA 500 Index Fund - Reward Shares |
$576,871 |
USAA Nasdaq-100 Index Fund R6 Shares |
$2,285 |
USAA Global Managed Volatility Fund Shares |
$21,641 |
USAA Global Managed Volatility Fund Institutional Shares |
$213,162 |
USAA Ultra Short-Term Bond Fund Institutional Shares |
$12,598 |
USAA Ultra Short-Term Bond Fund R6 Shares |
$11,083 |
Fund |
2021 |
2020 |
2019 |
USAA 500 Index Fund - Member Shares |
$1,849,281 |
$65,838 |
$163,790 |
USAA 500 Index Fund - Reward Shares |
$- |
$1,427,262 |
$698,530 |
USAA Nasdaq-100 Index Fund Shares |
$11,000 |
$- |
$- |
USAA Nasdaq-100 Index Fund Institutional Shares |
$- |
$4,867 |
$1,639 |
USAA Nasdaq-100 Index Fund Class A |
$7,740 |
$8,629 |
$- |
USAA Nasdaq-100 Index Fund Class C |
$2,319 |
$8,716 |
$- |
USAA Global Managed Volatility Fund Shares |
$16,279 |
$25,447 |
$- |
USAA Global Managed Volatility Fund Institutional Shares |
$407,471 |
$378,032 |
$236,264 |
USAA Ultra Short-Term Bond Fund Shares |
$- |
$- |
$16,250 |
USAA Ultra Short-Term Bond Fund Institutional Shares |
$- |
$9,883 |
$- |
USAA Ultra Short-Term Bond Fund Class A |
$11,401 |
$10,148 |
$- |
USAA Ultra Short-Term Bond Fund R6 Shares |
$97 |
$6,964 |
$10,290 |
Fund |
2019 |
USAA Global Managed Volatility Fund Shares |
$56 |
USAA Global Managed Volatility Fund Institutional Shares |
$5,095 |
Fund |
2021 |
2020 |
2019 |
USAA Global Managed Volatility Fund Shares |
$– |
$404 |
$142 |
USAA Global Managed Volatility Fund Institutional Shares |
$– |
$34,223 |
$12,507 |
Fund |
2019 |
USAA Extended Market Index Fund Shares |
$553,527 |
USAA 500 Index Fund Member Shares |
$981,002 |
USAA 500 Index Fund Reward Shares |
$1,201,514 |
USAA Nasdaq-100 Index Fund Shares |
$1,500,975 |
USAA Nasdaq-100 Index Fund R6 Shares |
$3,616 |
USAA Global Managed Volatility Fund Shares |
$8,174 |
USAA Global Managed Volatility Fund Institutional Shares |
$249,992 |
USAA Ultra Short-Term Bond Fund Shares |
$210,672 |
USAA Ultra Short-Term Bond Fund Institutional Shares |
$6,024 |
USAA Ultra Short-Term Bond Fund R6 Shares |
$1,243 |
Fund |
2021 |
2020 |
2019 |
USAA Extended Market Index Fund Shares |
$1,491,593 |
$1,088,516 |
$572,757 |
USAA 500 Index Fund Member Shares |
$2,521,694 |
$2,097,868 |
$1,048,889 |
USAA 500 Index Fund Reward Shares |
$3,491,265 |
$2,658,147 |
$1,292,128 |
USAA Nasdaq-100 Index Fund Shares |
$5,901,071 |
$4,343,992 |
$1,684,179 |
USAA Nasdaq-100 Index Fund Institutional Shares |
$75,957 |
$18,491 |
$- |
USAA Nasdaq-100 Index Fund Class A |
$5,753 |
$28 |
$- |
USAA Nasdaq-100 Index Fund Class C |
$1,728 |
$70 |
$- |
USAA Nasdaq-100 Index Fund R6 Shares |
$18,607 |
$12,965 |
$4,228 |
USAA Global Managed Volatility Fund Shares |
$17,023 |
$15,211 |
$8,587 |
USAA Global Managed Volatility Fund Institutional Shares |
$303,621 |
$437,386 |
$254,139 |
USAA Ultra Short-Term Bond Fund Shares |
$323,323 |
$343,517 |
$209,423 |
USAA Ultra Short-Term Bond Fund Institutional Shares |
$66,962 |
$13,650 |
$6,412 |
USAA Ultra Short-Term Bond Fund Class A |
$119 |
$15 |
$- |
USAA Ultra Short-Term Bond Fund R6 Shares |
$1,960 |
$3,399 |
$1,386 |
Fund |
2019 |
USAA Extended Market Index Fund |
$2,942 |
USAA 500 Index Fund |
$28,832 |
USAA Nasdaq-100 Index Fund |
$7,981 |
USAA Global Managed Volatility Fund |
$4,017 |
USAA Ultra Short-Term Bond Fund |
$1,191 |
Fund |
2021 |
2020 |
2019 |
USAA Extended Market Index Fund |
$6,336 |
$4,582 |
$1,850 |
USAA 500 Index Fund |
$64,194 |
$49,912 |
$18,764 |
USAA Nasdaq-100 Index Fund |
$26,033 |
$17,141 |
$5,358 |
USAA Global Managed Volatility Fund |
$4,153 |
$5,701 |
$2,535 |
USAA Ultra Short-Term Bond Fund |
$1,862 |
$1,591 |
$734 |
Fund |
Gross
income from
securities
lending
securities |
Fees paid to
securities
lending agent
from a
revenue
split |
Rebate
(paid to
borrower) |
Aggregate
fees/
compensation
for securities
lending
activities |
Net income
from
securities
lending
activities |
USAA Extended Market Index
Fund |
$1,150,714 |
$115,087 |
$8 |
$115,095 |
$1,035,619 |
USAA 500 Index Fund |
$242,420 |
$24,285 |
$- |
$24,285 |
$218,135 |
USAA Nasdaq-100 Index Fund |
$53,196 |
$5,583 |
$2 |
$5,585 |
$47,611 |
USAA Global Managed Volatility
Fund |
$13,974 |
$1,402 |
$8 |
$1,410 |
$12,564 |
USAA Ultra Short-Term Bond
Fund |
$3,149 |
$315 |
$1 |
$316 |
$2,833 |
Fund |
2021 |
2020 |
USAA Nasdaq-100 Index Fund Class A |
$9,588 |
$46 |
USAA Nasdaq-100 Index Fund Class C |
$11,520 |
$467 |
USAA Ultra Short-Term Bond Fund Class A |
$198 |
$24 |
|
Number of Other Accounts Managed
and Assets by Account Type |
Number of Accounts and Assets for Which
Advisory Fee is Performance-Based | ||||
Portfolio Manager |
Registered
Investment
Companies
# of Accts
Total Assets
(millions) |
Other Pooled
Investment
Vehicles
# of Accts
Total Assets
(millions) |
Other Accounts
# of Accts
Total Assets
(millions) |
Registered
Investment
Companies
# of Accts
Total Assets
(millions) |
Other Pooled
Investment
Vehicles
# of Accts
Total Assets
(millions) |
Other Accounts
# of Accts
Total Assets
(millions) |
Brian W. Smith |
6 / $15,124 |
--
|
--
|
4 / $13,532 |
--
|
--
|
Douglas J. Rollwitz |
2 / $3,154 |
--
|
--
|
2 / $3,154 |
--
|
--
|
R. Neal Graves |
14 / $22,774 |
--
|
--
|
6 / $15,935 |
--
|
--
|
James F. Jackson Jr. |
14 / $22,774 |
--
|
--
|
6 / $15,935 |
--
|
--
|
Portfolio Manager |
Fund |
Benchmark(s) |
Brian W. Smith |
USAA Ultra Short-Term Bond |
Lipper Ultra Short Obligation Funds Index |
Douglas J. Rollwitz |
USAA Ultra Short-Term Bond |
Lipper Ultra Short Obligation Funds Index |
R. Neal Graves |
USAA Ultra Short-Term Bond |
Lipper Ultra Short Obligation Funds Index |
James F. Jackson Jr. |
USAA Ultra Short-Term Bond |
Lipper Ultra Short Obligation Funds Index |
Portfolio Manager |
Fund |
Dollar Range |
Brian W. Smith |
USAA Ultra Short-Term Bond Fund |
$10,001-$50,000 |
Douglas J. Rollwitz |
USAA Ultra Short-Term Bond Fund |
$50,001-$100,000 |
R. Neal Graves |
USAA Ultra Short-Term Bond Fund |
$500,001-$1,000,000 |
James F. Jackson Jr. |
USAA Ultra Short-Term Bond Fund |
$10,001-$50,000 |
|
Number of Other Accounts Managed
and Assets by Account Type |
Number of Accounts and Assets for Which
Advisory Fee is Performance-Based | ||||
Portfolio Manager |
Registered
Investment
Companies
# of Accts
Total Assets
(millions) |
Other Pooled
Investment
Vehicles
# of Accts
Total Assets
(millions) |
Other Accounts
# of Accts
Total Assets
(millions) |
Registered
Investment
Companies
# of Accts
Total Assets
(millions) |
Other Pooled
Investment
Vehicles
# of Accts
Total Assets
(millions) |
Other Accounts
# of Accts
Total Assets
(millions) |
Mannik Dhillon |
60 / $60,280 |
4 / $64 |
3 / $144 |
15 / $23,633 |
--
|
--
|
Lance Humphrey |
19 / $13,531 |
--
|
--
|
2 / $673 |
--
|
--
|
Portfolio Manager |
Fund |
Benchmark(s) |
Mannik Dhillon |
USAA Global Managed Volatility Bond Fund |
Global Managed Volatility Composite Index |
|
USAA Extended Market Index Fund |
Dow Jones U.S. Completion Total Stock Market
Index |
|
USAA 500 Index Fund |
Victory US Large 500 Cap Index |
Lance Humphrey |
USAA Global Managed Volatility Bond Fund |
Global Managed Volatility Composite Index |
Portfolio Manager |
Fund |
Dollar Range |
Mannik Dhillon |
USAA Global Managed Volatility Fund |
None |
|
USAA 500 Index Fund |
None |
|
USAA Extended Market Index Fund |
None |
|
USAA Nasdaq-100 Fund |
None |
Lance Humphrey |
USAA Global Managed Volatility Fund |
None |
Aaa |
Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |
Aa |
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. |
A |
Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. |
Baa |
Obligations rated Baa are subject to moderate credit risk. They are judged to be medium-grade and as such may possess
certain speculative characteristics. |
Ba |
Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |
B |
Obligations rated B are considered speculative and are subject to high credit risk. |
Caa |
Obligations rated Caa are judged to be speculative, of poor standing, and are subject to very high credit risk. |
Ca |
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of
principal and interest. |
C |
Obligations rated C are the lowest rated and typically are in default, with little prospect for recovery of principal and interest. |
AAA |
An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its financial commitment
on the obligation is extremely strong. |
AA |
An obligation rated ‘AA’ differs from the highest-rated obligation only to a small degree. The obligor’s capacity to meet
its financial commitment on the obligation is very strong. |
A |
An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic
conditions than obligations in higher rated categories. However, the obligor’s capacity to meet its financial commitment
on the obligation is still strong. |
BBB |
An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing
circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the
obligation. |
|
Obligations rated ‘BB,’ ‘B,’ ‘CCC,’ ‘CC,’ and ‘C’ are regarded as having significant speculative characteristics. ‘BB’
indicates the least degree of speculation and ‘C’ the highest. While such obligations will likely have some quality and
protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions. |
BB |
An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor’s
inadequate capacity to meet its financial commitment on the obligation. |
B |
An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the
capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely
impair the obligor’s capacity or willingness to meet its financial commitment on the obligation. |
CCC |
An obligation rated ‘CCC’ is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and
economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business,
financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the
obligation. |
CC |
An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when a default has not yet
occurred, but S&P expects default to be a virtual certainty, regardless of the anticipated time to default. |
C |
An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative
seniority or lower ultimate recovery compared to obligations that are rated higher. |
D |
An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the ‘D’ rating
category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments
will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period
or 30 calendar days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar action
and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's
rating is lowered to ‘D’ if it is subject to a distressed exchange offer. |
NR |
This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that
S&P does not rate a particular obligation as a matter of policy. |
AAA |
Highest credit quality. “AAA” ratings denote the lowest expectation of credit risk. They are assigned only in case of
exceptionally strong capacity for timely payment of financial commitments. This capacity is highly unlikely to be adversely
affected by foreseeable events. |
AA |
Very high credit quality. “AA” ratings denote a very low expectation of credit risk. They indicate very strong capacity for
timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. |
A |
High credit quality. “A” ratings denote a low expectation of credit risk. The capacity for timely payment of financial
commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse or economic conditions
than is the case for higher ratings. |
BBB |
Good credit quality. “BBB” ratings indicate that expectations of default are currently low. The capacity for payment of
financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this
capacity. |
BB |
Speculative. “BB” ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse economic
conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments. |
B |
Highly speculative. “B” ratings indicate that material default risk is present, but a limited margin of safety remains.
Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in
the business and economic environment. |
CCC |
Substantial credit risk. Default is a real possibility. |
CC |
Very high levels of credit risk. Default of some kind appears probable. |
C |
Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle,
payment capacity is irrevocably impaired. Conditions that are indicative of a ‘C’ category rating for an issuer include: |
|
a. the issuer has entered into a grace or cure period following non-payment of a material financial obligation; |
|
b. the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a
material financial obligation; |
|
c. the formal announcement by the issuer or its agent of a distressed debt exchange; |
|
d. a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest
and/or principal in full during the life of the transaction, but where no payment default is imminent. |
RD |
Restricted Default. 'RD' ratings indicate an issuer that in Fitch’s opinion has experienced: |
|
a. an uncured payment default on a bond, loan or other material financial obligation, but |
|
b. has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure,
and |
|
c. has not otherwise ceased operating. |
|
This would include: |
|
i. the selective payment default on a specific class or currency of debt; |
|
ii. the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default
on a bank loan, capital markets security or other material financial obligation; |
|
iii. the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial
obligations, either in series or in parallel; and |
|
iv. ordinary execution of a distressed debt exchange on one or more material financial obligations. |
D |
Default. “D” ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings, administration,
receivership, liquidation, or other formal winding-up procedure or that has otherwise ceased business. |
MIG 1 |
This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, high reliable
liquidity support, or demonstrated broad-based access to the market for refinancing. |
MIG 2 |
This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding
group. |
MIG 3 |
This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access
for refinancing is likely to be less well-established. |
SG |
This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins
of protection. |
VMIG 1 |
This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit
strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price
upon demand. |
VMIG 2 |
This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of
the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon
demand. |
VMIG 3 |
This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit
strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price
upon demand. |
SG |
This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by
a liquidity provider that does not have an investment grade short-term rating or may lack the structural and/or legal
protections necessary to ensure the timely payment of purchase price upon demand. |
Prime-1 |
Issuers rated Prime-1 (or supporting institutions) have a superior ability to repay short-term debt obligations. |
Prime-2 |
Issuers rated Prime-2 (or supporting institutions) have a strong ability to repay short-term debt obligations. |
Prime-3 |
Issuers rated Prime-3 (or supporting institutions) have an acceptable ability to repay short-term obligations. |
NP |
Not Prime. Issues do not fall within any of the Prime rating categories. |
SP-1 |
Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is
given a plus (+) designation. |
SP-2 |
Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over
the term of the notes. |
SP-3 |
Speculative capacity to pay principal and interest. |
A-1 |
A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to meet its financial
commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This
indicates that the obligor’s capacity to meet its financial commitment on these obligations is extremely strong. |
A-2 |
A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes in circumstances and
economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial
commitment on the obligation is satisfactory. |
A-3 |
A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse economic conditions or
changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on
the obligation. |
B |
A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative characteristics. The obligor
currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead
to the obligor’s inadequate capacity to meet its financial commitments. |
C |
A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon favorable business, financial,
and economic conditions for the obligor to meet its financial commitment on the obligation. |
D |
A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the
‘D’ rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such
payments will be made within any stated grace period. However, any stated grace period longer than five business days will
be treated as five business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of
a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An
obligation's rating is lowered to ‘D’ if it is subject to a distressed exchange offer. |
F1 |
Highest credit quality. Indicates the strongest capacity for timely payment of financial commitments; may have an added “+”
to denote any exceptionally strong credit feature. |
F2 |
Good credit quality. A satisfactory capacity for timely payment of financial commitments, but the margin of safety is not as
great as in the case of the higher ratings. |
F3 |
Fair credit quality. The capacity for timely payment of financial commitments is adequate; however, near-term adverse
changes could result in a reduction to non-investment grade. |
B |
Speculative. Minimal capacity for timely payment of financial commitments, plus vulnerability to near-term adverse changes
in financial and economic conditions. |
C |
High default risk. Default is a real possibility. Capacity for meeting financial commitments is solely reliant upon a sustained,
favorable business and economic environment. |
D |
Default. Denotes actual or imminent payment default |
| |
2 |
|
3 |
|
3 |
|
6 |
|
7 |
|
29 |
|
30 |
|
32 |
|
33 |
|
37 |
|
43 |
|
44 |
|
49 |
|
51 |
|
52 |
|
54 |
|
55 |
|
56 |
Fund |
2021 |
2020 |
2019 |
USAA Target Retirement Income Fund |
$25,273 |
$11,300 |
$3,838 |
USAA Target Retirement 2030 Fund |
$49,055 |
$54,197 |
$32,139 |
USAA Target Retirement 2040 Fund |
$36,833 |
$71,342 |
$49,440 |
USAA Target Retirement 2050 Fund |
$20,560 |
$39,001 |
$31,737 |
USAA Target Retirement 2060 Fund |
$3,089 |
$6,171 |
$4,648 |
Fund |
Total Amount of
Transactions |
Total Brokerage Commissions Paid to
Brokers that Provided Research |
USAA Target Retirement Income Fund |
$19,927,399 |
$5,715 |
USAA Target Retirement 2030 Fund |
$72,273,799 |
$21,526 |
USAA Target Retirement 2040 Fund |
$65,729,135 |
$19,047 |
USAA Target Retirement 2050 Fund |
$39,575,881 |
$11,520 |
USAA Target Retirement 2060 Fund |
$6,588,422 |
$1,979 |
Fund |
2021 |
2020 |
USAA Target Retirement Income Fund |
16% |
15% |
USAA Target Retirement 2030 Fund |
18% |
19% |
USAA Target Retirement 2040 Fund |
16% |
20% |
USAA Target Retirement 2050 Fund |
17% |
21% |
USAA Target Retirement 2060 Fund |
18% |
28% |
Name and
Date of Birth |
Position(s)
Held with
Funds |
Term of Office
and Length of
Time Served |
Principal Occupation(s)
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
Trustee |
Other
Directorships
Held During
the Past Five
Years |
Jefferson C.
Boyce
(September
1957) |
Independent
Chair |
Trustee since
September
2013,
Independent
Chair since
January 2021 |
Retired. |
45 |
Westhab, Inc.,
New York
Theological
Seminary,
American
Filtration Corp. |
Dawn M.
Hawley
(February
1954) |
Trustee |
Trustee since
April 2014 |
Retired. |
45 |
None |
Name and
Date of Birth |
Position(s)
Held with
Funds |
Term of Office
and Length of
Time Served |
Principal Occupation(s)
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
Trustee |
Other
Directorships
Held During
the Past Five
Years |
Daniel S.
McNamara
(June 1966) |
Trustee |
Trustee since
January 2012 |
Trustee, President, and Vice Chairman of
USAA ETF Trust (6/17-6/19); President of
Financial Advice & Solutions Group
(FASG), USAA (02/13-03/21); Director of
USAA Asset Management Company
(AMCO), (08/11-06/19); Chairman of Board
of AMCO (04/13/-06/19); Director of USAA
Investment Services Company (ISCO)
(formerly USAA Investment Management
Company) (09/09-03/21); Chairman of
Board of ISCO (04/13-12/20); President and
Director of USAA Shareholder Account
Services (SAS) (10/09-06/19); Chairman of
Board of SAS (04/13/-06/19); Senior Vice
President of USAA Financial Planning
Services Insurance Agency, Inc. (FPS)
(04/11-03/21); Director and Vice Chairman
of FPS (12/13-03/21); President and Director
of USAA Investment Corporation (ICORP)
(03/10-03/21); Chairman of Board of ICORP
(12/13-03/21); Director of USAA Financial
Advisors, Inc. (FAI) (12/13-03/21);
Chairman of Board of FAI (3/15-03/21). |
45 |
None |
Paul L.
McNamara
(July 1948) |
Trustee |
Trustee since
January 2012 |
Retired. |
45 |
None |
Richard Y.
Newton, III
(January 1956) |
Trustee |
Trustee since
March 2017 |
Director, Elta North America (01/18-08/19),
which is a global leader in the design,
manufacture, and support of innovative
electronic systems in the ground, maritime,
airborne, and security domains for the
nation’s warfighters, security personnel, and
first responders; Managing Partner, Pioneer
Partnership Development Group
(12/15-present). |
45 |
Terran Orbital
Corp.,
American Made
Filtration Corp. |
Barbara B.
Ostdiek, Ph.D.
(March 1964) |
Trustee |
Trustee since
January 2008 |
Senior Associate Dean of Degree programs
at Jesse H. Jones Graduate School of
Business at Rice University (07/13-present);
Associate Professor of Finance at Jesse H.
Jones Graduate School of Business at Rice
University (07/01-07/21); Professor of
Finance at Jesse H. Jones Graduate School
of Business at Rice University
(07/21-present). |
45 |
None |
Name and
Date of Birth |
Position(s)
Held with
Funds |
Term of Office
and Length of
Time Served |
Principal Occupation(s)
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
Trustee |
Other
Directorships
Held During
the Past Five
Years |
John C.
Walters
(February
1962) |
Trustee |
Trustee since
July 2019 |
Retired. |
45 |
Guardian
Variable
Products Trust
(16 series) |
Name and
Date of Birth |
Position(s)
Held with
Fund |
Term of Office
and Length of
Time Served |
Principal Occupation(s) Held
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
Trustee |
Other
Directorships
Held During
the Past Five
Years |
David C.
Brown
(May 1972) |
Trustee |
Trustee since
July 2019 |
Chairman and Chief Executive Officer
(2013-present), Victory Capital
Management Inc.; Chief Executive Officer
and Chairman (2013-present), Victory
Capital Holdings, Inc.; Director, Victory
Capital Services, Inc. (2013-present);
Director, Victory Capital Transfer Agency,
Inc. (2019-present). |
45 portfolios
within the
Trust;
40 portfolios
within the
Victory
Portfolios, 25
series within
the Victory
Portfolios II,
and 6 series
within the
Victory
Variable
Insurance
Funds |
None |
Name
and Date
of Birth |
Position(s)
Held with
Fund |
Term of
Office and
Length of
Time Served |
Principal Occupation(s) Held
During the Past Five Years |
Christopher K. Dyer
(February 1962) |
President |
July 2019 |
Director of Mutual Fund Administration,
Victory Capital Management Inc.
(2004-present). Chief Operating Officer,
Victory Capital Services, Inc. (2020-present).
Vice President, Victory Capital Transfer
Agency, Inc. (2019-present). |
Scott Stahorsky
(July 1969) |
Vice President |
July 2019 |
Manager, Fund Administration, Victory
Capital Management Inc. (2015-present). |
James K. De Vries
(April 1969) |
Treasurer |
March 2018 |
Executive Director, Victory Capital
Management Inc. (7/1/19-present); Executive
Director, Investment and Financial
Administration, USAA (2012-6/30/19);
Assistant Treasurer, USAA Mutual Funds
Trust (2013-2018). Mr. De Vries also serves
as the Funds’ Principal Financial Officer. |
Allan Shaer
(March 1965) |
Assistant Treasurer |
July 2019 |
Senior Vice President, Financial
Administration, Citi Fund Services Ohio,
Inc. (2016-present); Vice President, Mutual
Fund Administration, JP Morgan Chase Bank
(2011-2016). |
Name
and Date
of Birth |
Position(s)
Held with
Fund |
Term of
Office and
Length of
Time Served |
Principal Occupation(s) Held
During the Past Five Years |
Carol D. Trevino
(October 1965) |
Assistant Treasurer |
September 2018 |
Director, Accounting and Finance, Victory
Capital Management Inc. (7/1/19-present);
Accounting/ Financial Director, USAA
(12/13-6/30/19). |
Charles Booth
(April 1960) |
Anti-Money Laundering
Compliance Officer and
Identity Theft Officer |
July 2019 |
Director, Regulatory Administration and
CCO Support Services, City Fund Services
Ohio, Inc. (2007-present). |
Colin Kinney
(October 1973) |
Chief Compliance Officer |
July 2021 |
Chief Compliance Officer, the Adviser (since
2013), Chief Compliance Officer, Victory
Funds (since 2017), and Chief Risk Officer,
the Adviser (2009-2017). |
Sean Fox
(September 1976) |
Deputy Chief Compliance
Officer |
July 2021 |
Senior Compliance Officer, the Adviser
(2019-2021), Compliance Officer, the
Adviser (2015-2019). |
Trustee |
Dollar Range of Beneficial
Ownership of Fund Shares |
Aggregate Dollar Range
of Beneficial Ownership
of Shares of All Series
of the USAA Mutual
Fund Complex |
Independent Trustees |
|
|
Jefferson C. Boyce |
None |
$50,001-$100,000 |
Dawn Hawley |
None |
Over $100,000 |
Daniel S. McNamara |
None |
Over $100,000 |
Paul L. McNamara |
USAA Target Retirement 2030 Fund: $10,001-$50,000 |
Over $100,000 |
Richard Y. Newton, III |
None |
None |
Barbara B. Ostdiek, Ph.D. |
None |
Over $100,000 |
John C. Walters |
None |
Over $100,000 |
Interested Trustee |
|
|
David C. Brown |
None |
None |
Name of Trustee |
Aggregate
Compensation from
Funds Listed in this SAI |
Total Compensation
from the USAA Family of Funds (b)
|
Interested Trustee |
|
|
David C. Brown |
None (a)
|
None (a)
|
Independent Trustees |
|
|
Jefferson C. Boyce |
$36,685 |
$337,500 |
Dawn Hawley |
$31,359 |
$288,500 |
Daniel S. McNamara |
$14,674 |
$135,000 |
Paul L. McNamara |
$30,924 |
$284,500 |
Richard Y. Newton, III |
$29,620 |
$272,500 |
Barbara B. Ostdiek, Ph.D. |
$30,924 |
$284,500 |
John C. Walters |
$30,924 |
$284,500 |
Title of Class |
Name of Address of Beneficial Owner |
Percent of Class |
Nature of Ownership1
|
USAA Target Retirement
Income Fund |
Charles Schwab & Co., Inc.
211 Main Street
San Francisco, CA 94105 |
23.21% |
Record |
USAA Target Retirement 2030
Fund |
Charles Schwab & Co., Inc.
211 Main Street
San Francisco, CA 94105 |
21.30% |
Record |
USAA Target Retirement 2040
Fund |
Charles Schwab & Co., Inc.
211 Main Street
San Francisco, CA 94105 |
21.42% |
Record |
USAA Target Retirement 2050
Fund |
Charles Schwab & Co., Inc.
211 Main Street
San Francisco, CA 94105 |
24.87% |
Record |
USAA Target Retirement 2060
Fund |
Charles Schwab & Co., Inc.
211 Main Street
San Francisco, CA 94105 |
47.35% |
Record |
Fund |
2021 |
2020 |
2019 |
USAA Target Retirement Income Fund |
$– |
$– |
$– |
USAA Target Retirement 2030 Fund |
$– |
$– |
$602 |
USAA Target Retirement 2040 Fund |
$– |
$– |
$1,482 |
USAA Target Retirement 2050 Fund |
$– |
$– |
$– |
USAA Target Retirement 2060 Fund |
$43,275 |
$68,784 |
$53,768 |
Fund |
2019 |
USAA Target Retirement Income Fund |
$1,270 |
USAA Target Retirement 2030 Fund |
$4,947 |
USAA Target Retirement 2040 Fund |
$5,546 |
USAA Target Retirement 2050 Fund |
$3,160 |
USAA Target Retirement 2060 Fund |
$400 |
Fund |
2021 |
2020 |
2019 |
USAA Target Retirement Income Fund |
$4,609 |
$2,548 |
$828 |
USAA Target Retirement 2030 Fund |
$8,871 |
$8,064 |
$3,235 |
USAA Target Retirement 2040 Fund |
$10,347 |
$9,056 |
$3,678 |
USAA Target Retirement 2050 Fund |
$6,096 |
$5,233 |
$2,080 |
USAA Target Retirement 2060 Fund |
$844 |
$704 |
$734 |
Fund |
Gross
income from
securities
lending
securities |
Fees paid to
securities
lending agent
from a
revenue
split |
Rebate
(paid to
borrower) |
Aggregate
fees/
compensation
for securities
lending
activities |
Net income
from
securities
lending
activities |
USAA Target Retirement Income
Fund |
$1,173 |
$119 |
$- |
$119 |
$1,054 |
USAA Target Retirement 2030
Fund |
$12,323 |
$1,232 |
$- |
$1,232 |
$11,091 |
USAA Target Retirement 2040
Fund |
$1,150 |
$115 |
$- |
$115 |
$1,035 |
USAA Target Retirement 2050
Fund |
$935 |
$94 |
$1 |
$95 |
$840 |
USAA Target Retirement 2060
Fund |
$161 |
$16 |
$- |
$16 |
$145 |
|
Number of Other Accounts Managed
and Assets by Account Type |
Number of Accounts and Assets for Which
Advisory Fee is Performance-Based | ||||
Portfolio Manager |
Registered
Investment
Companies
# of Accts
Total Assets
(millions) |
Other Pooled
Investment
Vehicles
# of Accts
Total Assets
(millions) |
Other Accounts
# of Accts
Total Assets
(millions) |
Registered
Investment
Companies
# of Accts
Total Assets
(millions) |
Other Pooled
Investment
Vehicles
# of Accts
Total Assets
(millions) |
Other Accounts
# of Accts
Total Assets
(millions) |
Mannik Dhillon |
60 / $60,280 |
4 / $64 |
3 / $144 |
15 / $23,633 |
--
|
--
|
Lance Humphrey |
19 / $13,531 |
--
|
--
|
2 / $673 |
--
|
--
|
Lela Dunlap |
12 / $10,960 |
--
|
--
|
--
|
--
|
--
|
Portfolio Manager |
Fund |
Benchmark(s) |
Mannik Dhillon |
Target Retirement Income |
Lipper Mixed Asset Target Allocation Index |
|
Target 2030 |
Lipper Mixed Asset Target 2030 Funds Index |
|
Target 2040 |
Lipper Mixed Asset Target 2040 Funds Index |
|
Target 2050 |
Lipper Mixed Asset Target 2050 Funds Index |
|
Target 2060 |
Lipper Mixed Asset Target 2055+ Funds Index |
|
Target Retirement Income |
Lipper Mixed Asset Target Allocation Index |
Portfolio Manager |
Fund |
Benchmark(s) |
Lance Humphrey |
Target Retirement Income |
Lipper Mixed Asset Target Allocation Index |
|
Target 2030 |
Lipper Mixed Asset Target 2030 Funds Index |
|
Target 2040 |
Lipper Mixed Asset Target 2040 Funds Index |
|
Target 2050 |
Lipper Mixed Asset Target 2050 Funds Index |
|
Target 2060 |
Lipper Mixed Asset Target 2055+ Funds Index |
Lela Dunlap |
Target Retirement Income |
Lipper Mixed Asset Target Allocation Index |
|
Target 2030 |
Lipper Mixed Asset Target 2030 Funds Index |
|
Target 2040 |
Lipper Mixed Asset Target 2040 Funds Index |
|
Target 2050 |
Lipper Mixed Asset Target 2050 Funds Index |
|
Target 2060 |
Lipper Mixed Asset Target 2055+ Funds Index |
Aaa |
Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |
Aa |
Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. |
A |
Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. |
Baa |
Obligations rated Baa are subject to moderate credit risk. They are judged to be medium-grade and as such may possess
certain speculative characteristics. |
Ba |
Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |
B |
Obligations rated B are considered speculative and are subject to high credit risk. |
Caa |
Obligations rated Caa are judged to be speculative, of poor standing, and are subject to very high credit risk. |
Ca |
Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of
principal and interest. |
C |
Obligations rated C are the lowest rated and typically are in default, with little prospect for recovery of principal and interest. |
AAA |
An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its financial commitment
on the obligation is extremely strong. |
AA |
An obligation rated ‘AA’ differs from the highest-rated obligation only to a small degree. The obligor’s capacity to meet
its financial commitment on the obligation is very strong. |
A |
An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in circumstances and economic
conditions than obligations in higher rated categories. However, the obligor’s capacity to meet its financial commitment
on the obligation is still strong. |
BBB |
An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic conditions or changing
circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the
obligation. |
|
Obligations rated ‘BB,’ ‘B,’ ‘CCC,’ ‘CC,’ and ‘C’ are regarded as having significant speculative characteristics. ‘BB’
indicates the least degree of speculation and ‘C’ the highest. While such obligations will likely have some quality and
protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions. |
BB |
An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor’s
inadequate capacity to meet its financial commitment on the obligation. |
B |
An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated BB, but the obligor currently has the
capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely
impair the obligor’s capacity or willingness to meet its financial commitment on the obligation. |
CCC |
An obligation rated ‘CCC’ is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and
economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business,
financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the
obligation. |
CC |
An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when a default has not yet
occurred, but S&P expects default to be a virtual certainty, regardless of the anticipated time to default. |
C |
An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative
seniority or lower ultimate recovery compared to obligations that are rated higher. |
D |
An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the ‘D’ rating
category is used when payments on an obligation are not made on the date due, unless S&P believes that such payments
will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period
or 30 calendar days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar action
and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's
rating is lowered to ‘D’ if it is subject to a distressed exchange offer. |
NR |
This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that
S&P does not rate a particular obligation as a matter of policy. |
AAA |
Highest credit quality. “AAA” ratings denote the lowest expectation of credit risk. They are assigned only in case of
exceptionally strong capacity for timely payment of financial commitments. This capacity is highly unlikely to be adversely
affected by foreseeable events. |
AA |
Very high credit quality. “AA” ratings denote a very low expectation of credit risk. They indicate very strong capacity for
timely payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. |
A |
High credit quality. “A” ratings denote a low expectation of credit risk. The capacity for timely payment of financial
commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse or economic conditions
than is the case for higher ratings. |
BBB |
Good credit quality. “BBB” ratings indicate that expectations of default are currently low. The capacity for payment of
financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this
capacity. |
BB |
Speculative. “BB” ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse economic
conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments. |
B |
Highly speculative. “B” ratings indicate that material default risk is present, but a limited margin of safety remains.
Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in
the business and economic environment. |
CCC |
Substantial credit risk. Default is a real possibility. |
CC |
Very high levels of credit risk. Default of some kind appears probable. |
C |
Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle,
payment capacity is irrevocably impaired. Conditions that are indicative of a ‘C’ category rating for an issuer include: |
|
a. the issuer has entered into a grace or cure period following non-payment of a material financial obligation; |
|
b. the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a
material financial obligation; |
|
c. the formal announcement by the issuer or its agent of a distressed debt exchange; |
|
d. a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest
and/or principal in full during the life of the transaction, but where no payment default is imminent. |
RD |
Restricted Default. 'RD' ratings indicate an issuer that in Fitch’s opinion has experienced: |
|
a. an uncured payment default on a bond, loan or other material financial obligation, but |
|
b. has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure,
and |
|
c. has not otherwise ceased operating. |
|
This would include: |
|
i. the selective payment default on a specific class or currency of debt; |
|
ii. the uncured expiry of any applicable grace period, cure period or default forbearance period following a payment default
on a bank loan, capital markets security or other material financial obligation; |
|
iii. the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial
obligations, either in series or in parallel; and |
|
iv. ordinary execution of a distressed debt exchange on one or more material financial obligations. |
D |
Default. “D” ratings indicate an issuer that in Fitch’s opinion has entered into bankruptcy filings, administration,
receivership, liquidation, or other formal winding-up procedure or that has otherwise ceased business. |
MIG 1 |
This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, high reliable
liquidity support, or demonstrated broad-based access to the market for refinancing. |
MIG 2 |
This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding
group. |
MIG 3 |
This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be narrow, and market access
for refinancing is likely to be less well-established. |
SG |
This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins
of protection. |
VMIG 1 |
This designation denotes superior credit quality. Excellent protection is afforded by the superior short-term credit
strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price
upon demand. |
VMIG 2 |
This designation denotes strong credit quality. Good protection is afforded by the strong short-term credit strength of
the liquidity provider and structural and legal protections that ensure the timely payment of purchase price upon
demand. |
VMIG 3 |
This designation denotes acceptable credit quality. Adequate protection is afforded by the satisfactory short-term credit
strength of the liquidity provider and structural and legal protections that ensure the timely payment of purchase price
upon demand. |
SG |
This designation denotes speculative-grade credit quality. Demand features rated in this category may be supported by
a liquidity provider that does not have an investment grade short-term rating or may lack the structural and/or legal
protections necessary to ensure the timely payment of purchase price upon demand. |
Prime-1 |
Issuers rated Prime-1 (or supporting institutions) have a superior ability to repay short-term debt obligations. |
Prime-2 |
Issuers rated Prime-2 (or supporting institutions) have a strong ability to repay short-term debt obligations. |
Prime-3 |
Issuers rated Prime-3 (or supporting institutions) have an acceptable ability to repay short-term obligations. |
NP |
Not Prime. Issues do not fall within any of the Prime rating categories. |
SP-1 |
Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is
given a plus (+) designation. |
SP-2 |
Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and economic changes over
the term of the notes. |
SP-3 |
Speculative capacity to pay principal and interest. |
A-1 |
A short-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to meet its financial
commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This
indicates that the obligor’s capacity to meet its financial commitment on these obligations is extremely strong. |
A-2 |
A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes in circumstances and
economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial
commitment on the obligation is satisfactory. |
A-3 |
A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse economic conditions or
changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on
the obligation. |
B |
A short-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative characteristics. The obligor
currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties which could lead
to the obligor’s inadequate capacity to meet its financial commitments. |
C |
A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon favorable business, financial,
and economic conditions for the obligor to meet its financial commitment on the obligation. |
D |
A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital instruments, the
‘D’ rating category is used when payments on an obligation are not made on the date due, unless S&P believes that such
payments will be made within any stated grace period. However, any stated grace period longer than five business days will
be treated as five business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of
a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An
obligation's rating is lowered to ‘D’ if it is subject to a distressed exchange offer. |
F1 |
Highest credit quality. Indicates the strongest capacity for timely payment of financial commitments; may have an added “+”
to denote any exceptionally strong credit feature. |
F2 |
Good credit quality. A satisfactory capacity for timely payment of financial commitments, but the margin of safety is not as
great as in the case of the higher ratings. |
F3 |
Fair credit quality. The capacity for timely payment of financial commitments is adequate; however, near-term adverse
changes could result in a reduction to non-investment grade. |
B |
Speculative. Minimal capacity for timely payment of financial commitments, plus vulnerability to near-term adverse changes
in financial and economic conditions. |
C |
High default risk. Default is a real possibility. Capacity for meeting financial commitments is solely reliant upon a sustained,
favorable business and economic environment. |
D |
Default. Denotes actual or imminent payment default |
|
|
Exhibits |
(a) |
(i) |
|
(a) |
(ii) |
|
(b) |
(i) |
|
(c) |
|
None other than provisions contained in Exhibits (a)(i), (a)(ii), and (b)(i) above. |
(d) |
(i) |
|
(d) |
(ii) |
|
(d) |
(iii) |
|
(d) |
(iv) |
|
(d) |
(v) |
|
(d) |
(vi) |
|
(d) |
(vii) |
|
(e) |
(i) |
|
(f) |
|
Not Applicable |
(g) |
(i) |
|
(h) |
(i) |
|
(h) |
(ii) |
Amendment No. 1 to Transfer Agency Agreement is incorporated herein by reference to Exhibit (H) of Post-
Effective Amendment No. 181 to Registrant’s Registration on Form N-1A (File No. 811-7852), electronically filed
with the SEC on June 29, 2020 (hereinafter referred to as PEA 181). |
(h) |
(iii) |
|
(h) |
(iv) |
Amendment No. 1 to Fund Administration, Servicing and Accounting Agreement is incorporated herein by reference
to Exhibit (H) of PEA 181. |
(h) |
(v) |
|
(h) |
(vi) |
|
(h) |
(vii) |
|
(h) |
(viii) |
|
(h) |
(ix) |
|
(h) |
(x) |
|
(h) |
(xi) |
December 11, 2020, is incorporated herein by reference to Exhibit (h)(xi) of Post-Effective Amendment No. 189 to
Registrant's Registration Statement on Form N-1A (File No. 811-7852), electronically filed with the SEC on
July 28, 2021, (hereinafter referred to as PEA 189). |
(h) |
(xii) |
Amendment No. 2 to Transfer Agency Agreement is incorporated herein by reference to Exhibit (H)(XV) of PEA
188. |
(h) |
(xiii) |
Amendment No. 2 to Fund Administration, Servicing and Accounting Agreement is incorporated herein by reference
to Exhibit (H)(XVI) of PEA 188. |
(h) |
(xiv) |
Expense Limitation Agreement for Class Z shares is incorporated herein by reference to Exhibit (h) of Post-Effective
Amendment No. 187 to Registrant's Registration Statement on Form N-1A (File No. 811-7852), electronically filed
with the SEC on February 28, 2021 (hereinafter referred to as PEA 187). |
(h) |
(xv) |
Amendment No. 3 to Transfer Agency Agreement (filed herewith) |
(i) |
(i) |
all relevant share classes is incorporated herein by reference to Exhibit (I) of Post-Effective Amendment No. 190 to
Registrant’s Registration Statement on Form N-1A (File No. 811-7852), electronically filed with the SEC on Sep-
tember 28, 2021 (hereinafter referred to as PEA 190). |
(i) |
(ii) |
|
(i) |
(iii) |
|
(i) |
(iv) |
all relevant share classes is incorporated herein by reference to Exhibit (i) (iv) of PEA 189. |
(j) |
(i) |
fiscal year end funds is incorporated herein by reference to Exhibit (j)(i) of PEA 190. |
(j) |
(ii) |
|
(j) |
(iii) |
|
(j) |
(iv) |
fiscal year end funds is incorporate herein by reference to Exhibit (j)(iv) of PEA 189. |
(j) |
(v) |
Tax Exempt Long-Term Fund, Tax Exempt Intermediate-Term Fund, and Tax Exempt Short-Term Fund is incorpo-
rate herein by reference to Exhibit (J) of PEA187. |
|
|
Subscriptions and Investment Letters |
(l) |
(i) |
|
(l) |
(ii) |
|
(l) |
(iii) |
|
(l) |
(iv) |
|
(l) |
(v) |
|
(l) |
(vi) |
|
(l) |
(vii) |
|
(m) |
(i) |
|
(m) |
(ii) |
|
(m) |
(iii) |
Amended and Restated Distribution and Service Plan Class A Shares is incorporated herein by reference to Exhibit
(M) of PEA 181. |
(m) |
(iv) |
Distribution and Service Plan Class C Shares is incorporated herein by reference to Exhibit (M) of PEA 181. |
|
|
18f-3 Plans |
(n) |
(i) |
is incorporated herein by reference to Exhibit (n)(i) of PEA 189. |
|
|
Code of Ethics |
(p) |
(i) |
|
(p) |
(ii) |
USAA Mutual Funds Trust dated July 1, 2019, is incorporated herein by reference to Exhibit (p)(ii) of PEA 187. |
(p) |
(iii) |
Northern Trust Investments dated March 31, 2021, is incorporated herein by reference to Exhibit (p)(iii) of PEA
189. |
(p) |
(iv) |
|
(p) |
(v) |
|
(p) |
(vi) |
|
(p) |
(vii) |
|
|
|
Powers of Attorney |
(q) |
(i) |
|
(q) |
(ii) |
|
(q) |
(iii) |
|
Name |
Position |
David C. Brown |
Director, Chairman and Chief Executive Officer of Adviser and VCH |
Kelly S. Cliff |
President, Investment Franchises of Adviser and VCH, Director of Adviser |
Michael D. Policarpo, II |
President, Chief Financial Officer and Chief Administrative Officer of
Adviser and VCH, Director of Adviser |
Nina Gupta |
Chief Legal Officer and Secretary of Adviser and VCH, Director of
Adviser. |
|
|
|
(a) |
Wellington Management Company LLP (“Wellington Management”), located at 75 State Street, Boston, Massachusetts
02109, serves as a subadviser to the USAA Science & Technology Fund and USAA International Fund. The information
required by this Item 31 with respect to each director and officer of Wellington Management is incorporated herein by
reference to Wellington Management’s current Form ADV as amended and filed with the SEC. |
|
(b) |
Loomis, Sayles & Company, L.P. (“Loomis Sayles”), located at One Financial Center, Boston, Massachusetts 02111,
serves as a subadviser to the USAA Growth Fund. The information required by this Item 31 with respect to each director
and officer of Loomis Sayles is incorporated herein by reference to Loomis Sayles’ current Form ADV as amended and
filed with the SEC. |
|
(c) |
Granahan Investment Management, Inc. (“Granahan”), located at 404 Wyman St. Suite 270, Waltham, Massachusetts
02451, serves as a subadviser to the USAA Small Cap Stock Fund. The information required by this Item 31 with respect
to each director and officer of Granahan is incorporated herein by reference to Granahan’s current Form ADV as amended
and filed with the SEC. |
|
(d) |
Lazard Asset Management (“Lazard”), located at 30 Rockefeller Plaza, New York, New York 10112-6300, serves as a
subadviser to the USAA Emerging Markets Fund. The information required by this Item 31 with respect to each director
and officer of Lazard is incorporated herein by reference to Lazard’s current Form ADV as amended and filed with the
SEC. |
|
(e) |
Northern Trust Investments, N.A. (“NTI”), located at 50 S. LaSalle Street, Chicago, Illinois 60603, serves as a subadviser
to the USAA Growth and Tax Strategy Fund. The information required by this Item 31 with respect to each director and
officer of NTI is incorporated herein by reference to NTI’s current Form ADV as amended and filed with the SEC. |
Name and Principal |
Position and Offices
with VCS |
Position and Offices
with Registrant |
David C. Brown |
Director |
Trustee |
Michael D. Policarpo, II |
Director |
None |
Peter Scharich |
Director, Chief Compliance
Officer, and AML Officer |
None |
Nina Gupta |
Director, Chief Legal Officer,
and Secretary |
None |
Name and Principal |
Position and Offices
with VCS |
Position and Offices
with Registrant |
Donald Inks |
Principal Operations Officer
and President |
None |
Christopher Dyer |
Chief Operations Officer |
President |
Christopher Ponte |
Chief Financial Officer |
None |
Victory Capital Management Inc., 15935 La Cantera Pkwy, San Antonio, Texas 78256 (records relating to its functions
as investment adviser and administrator). |
Citibank, N.A., 388 Greenwich St., New York, NY 10013 (records relating to its function as custodian). |
Citi Fund Services Ohio, Inc., 4400 Easton Commons, Suite 200, Columbus, Ohio 43219 (records relating to its functions
as sub-administrator and sub-fund accountant). |
Victory Capital Transfer Agency, 15935 La Cantera Pkwy, San Antonio, Texas 78256 (records relating to its function as the
transfer agent). |
FIS Investor Services LLC, 4249 Easton Way, Suite 400, Columbus, Ohio 43219 (records relating to its functions as transfer
agent and dividend disbursing agent). |
Victory Capital Services, Inc., 4900 Tiedeman Road, 4th Floor, Brooklyn, Ohio 44144 (records relating to its function
as distributor). |
Wellington Management Company LLP, 75 State Street, Boston, Massachusetts 02109 (records relating to its functions as a
subadviser with respect to the USAA Science & Technology Fund and USAA International Fund) |
Loomis, Sayles & Company, L.P., One Financial Center, Boston, Massachusetts 02111 (records relating to its functions as a
subadviser with respect to the USAA Growth Fund) |
Granahan Investment Management, Inc., 275 Wyman St. Suite 270, Waltham, MA 02451 (records relating to its functions as a
subadviser with respect to the USAA Small Cap Stock Fund) |
Lazard Asset Management, 30 Rockefeller Plaza, New York, NY 10112-6300 (records relating to its functions as a subadviser with
respect to the USAA Emerging Markets Fund) |
Northern Trust Investments, Inc., 50 S. LaSalle Street, Chicago, Illinois 60603 (records relating to its functions as a subadviser
with respect to the USAA Growth and Tax Strategy Fund) |
(Signature) |
(Title) |
(Date) |
/s/ Christopher K. Dyer
Christopher K. Dyer |
President
(Principal Executive Officer) |
April 29, 2022 |
/s/ James K. De Vries
James K. De Vries |
Treasurer (Principal Financial and Accounting Officer) |
April 29, 2022 |
*
Jefferson C. Boyce |
Chairman of the Board of Trustees |
April 29, 2022 |
*
David C. Brown |
Trustee |
April 29, 2022 |
*
Dawn M. Hawley |
Trustee |
April 29, 2022 |
*
Daniel S. McNamara |
Trustee |
April 29, 2022 |
*
Paul L. McNamara |
Trustee |
April 29, 2022 |
*
Richard Y. Newton III |
Trustee |
April 29, 2022 |
*
Barbara B. Ostdiek |
Trustee |
April 29, 2022 |
*
John C. Walters |
Trustee |
April 29, 2022 |